Sunday, July 3, 2011

DEAREST FANNIE, WE WHO HAVE BEEN SCREWED ARE JUST FIGURING OUT A WAY TO GET SOME OF OUR MONEY BACK. DID YOU THINK HOMEOWNERS WOULD JUST SIT AROUND AND PUT UP WITH THE FRAUD YOU'VE DEALT US? I SHOULD THINK YOU WOULD BE GRATEFUL WE'VE REMAINED REASONABLE AND CALM AND NOT STORMED BUILDINGS, SHOWING A MORE SITUATION APPROPRIATE RESPONSE TO ALL THE LENDER LIES

FANNIE MAE DOES THE DIRTY WORK FOR BANKS: TRYING TO STEM THE RISING TIDE OF STRATEGIC DEFAULTS

Posted on June 30, 2011 by Neil Garfield

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Author: Donna Fasi
Comment:
This response is my reaction to the news on June 23 that Fannie Mae is going to punish borrowers for walking away from their homes. Do your homework. Millions of borrowers from every walk of life TRIED to work with their servicers for MONTHS and MONTHS prior to ultimately losing their homes to foreclosure, or walking away because they had no other choice.
This scenario happened thousands of times, people called the banks for a work out, repeatedly, and could not get help because bank servicers could not or would not implement policies and procedures for handling the volume of borrowers in trouble and assign caseworkers individually to borrowers. Servicers repeatedly lost paperwork, dragging the loan modification issue on far longer than it needed to be to help borrowers, and in 90% of the cases, waited so long to start the load modification process that the borrower was dragged into foreclosure proceedings. I am incensed that you and this agency feel it is necessary to punish borrowers who “have the ability to pay”.
Why should a borrower continue in a property that is upside down nearly 50% paying interest only for the next thirty years. Why can’t Fannie Mae write down the principal to the assessed value of the home and then work a loan modification, and do it in a timely manner, like 45 days? Your government agency is contributing to the problem by making things harder for unemployed and underwater homeowners, many of whom are the victims of mortgage fraud in the first place! Taxpayers bailed out banks and your agency and this is how they are repaid? The concept of punishing unemployed and underwater borrowers who have suffered the last three years because of Wall Street greed and gambling with their homes is sickening.
And to further the problem by initiating policies that keep a borrower from buying a home for seven years is unconstitutional. A person has a right to buy a home under any circumstances, it is not your agency’s right to decide when and where or under what circumstances an American citizen can purchase a home. You need to remember where you are, who pays you, and what your agency is there for. I will not stand by and watch this agency cripple the American people by creating rules and policies that ultimately will cause more challenges and lawsuits in the courts. This new decision your agency made against homeowners is a BAD policy.
It has not been capably researched and does not do anything to assist the underwater borrowers whose homes lost their value through no fault of their own. The best thing you can do is abandon this policy, and come up with something that writes down the principal in a speedy modification, and if the borrowers are unemployed with no prospects for employment in the near future, offer them some options to purchase the property at a fair price that enables them to buy another home free and clear somewhere else, or you make the payments so low they can continue to live in the house, this means principal write downs of 30-70%!
Since most of the servicers, banks and government agencies have already benefited from these mortgages going into default through mortgage insurance, securitization and other means, THERE IS NO HARM DONE TO FANNIE MAE OR THE SERVICERS. Everyone is well aware of this, nobody is losing anything by writing down the mortgages and slashing principals far below their current value. If you will stop trying to profit from this mess and start trying to make a concerted effort to help all borrowers (whether they can pay or not), the first thing to jump start the economy again is to get these borrowers paying at a level they can afford, and this means not paying 30% of their gross income to a mortgage, it means paying 15% or 10% of their gross income to their mortgage.
Increasing disposable income starts the economy again, you are all acting like greedy idiots that have no place in running any agencies. I could do your job with my hands tied behind my back and get further in twenty days then you have done in four years. This new policy is unconscionable and deserves to be trashed. I will do everything in my power to get this policy of punishing borrowers for walking away from their homes eliminated. YOUR AGENCY AND LOAN SERVICERS CAUSED STRATEGIC DEFAULTS! AND NOW YOU WANT TO PUNISH THE HOMEOWNER? I’ll spend the next ten years of my working life along with millions of other Americans fighting you and lobbying to eliminate your agency for behavior like this. Your agency was created to help homeowners, not punish them. I am forwarding this email to every blog and foreclosure defense website I can find, I hope they all get on board and raise the biggest stink you ever heard.
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62 Responses

  1. David C Breidenbach, on July 2, 2011 at 2:29 pm said:
    @ marie
    Let’s talk more about predictions. By now I’m sure everyone has read in the national papers NYT, Washington Post, WSJ that Treasury Secretary Tim Geithner’s family is moving back to NYC, and he is expected to commute for awhile before leaving his key post.
    What he will do is important—it bears upon the integrity that he did or did not bring to his high Office while he occupied it. A bit of history is needed to put things in perspective.
    He has long been a public servant. He was a low level administrator at Treasury beginning in 1988. Then in 1994, he was attached to the US embassy in Tokyo. Presumably, while there he had opportunity to observe the Japanese bank meltdown–also a real estate bubble burst. Then back to Treasury. He was then director of the Policy Development and Review Department (2001–2003) at the International Monetary Fund. He was figuring ot how to give money to foreign banks there.
    In October 2003, at age 42,he was named president of the Federal Reserve Bank of New York, presumably by the apparently senile Alan Greenspan who later admitted being unable to comprehend what the banks under his charge [and Geithner's] were doing in creating “designed to fail” home-loans, mortgage-backed securities, illusionary securitized trusts, Madoff etc. Gheitner stayed at the Fed of NY until he was formally appointed as Treasury Secretary in early 2009.
    For the benefit of readers, the New York Fed is the largest and most influential of regional federal reserve banks. The NY Fed is supposedly controlled by a Board of Governors that are appointed by member banks such as Chase etc, along with a few non-bank people thrown in to create the illusion that the reserve is not just run by the banks that it is supposed to regulate.
    Geithner was busy at the New York Fed. In May 2007, he worked to reduce the capital required to run a bank. In March 2008, he arranged the rescue and sale of Bear Stearns. In the same year, he played a supporting role to Henry Paulson, President Bush’s Treasury Secretary and former CEO of Goldman Sachs, in the decision to bail out AIG just two days after deciding not to rescue Lehman Brothers from bankruptcy. Some Wall Street CEOs subsequently expressed the opinion that decisions in which Geithner participated, especially the failure to rescue Lehman, contributed to worsening the global financial crisis. Paulson was grateful: he has described Geithner as a “very unusually talented young man…[who] understands government and understands markets” Geithner was so popular with bankers, that during the 2008 Presidential election, Geithner was one of three people tipped to be nominated for Treasury Secretary regardless of whether John McCain or Barack Obama won.
    He started as Treasury Secretary which is the IRS boss also with a mild problem that has sunk most other less deserving individuals. At the Senate confirmation hearings, it was revealed that Geithner had not paid $35,000 in self-employment taxes for the years 2001–2004.
    IRS waived penalty. On January 26, 2009, the U.S. Senate confirmed Geithner’s appointment by a vote of 60–34.
    Geithner had substantial power to help homeowners–largely unexercised, Geithner had the authority to decide what to do with the second tranche of $350 billion from the $700 billion banking bailout bill passed by Congress in October 2008. He is not mandated to seek Congressional approval. He is largely responsible for the HAMP terms and successes–or lack thereof.
    He had plenty of interraction with home-owner hepers like Wilbur L. Ross, a member of the Treasury-supported Public-Private Partnership. That operation is being suggested as a mechanism for buying interstate highways using securitized loans. Goldman Sachs has been suggested as the operator of that program which would raise a lot of money and generate huge fees for the investment banks that act as trustees.
    Basically Goldman, in concert with municpal bond issuers/trustees such as Bank of New York, the private one that is, etc. would issue bonds payable by a trust that represents the public private partnership. BONY is a likely player here because it is 1st in managing the mini bond issuance historically. Recent problems in that sector have resulted in diminished profits and a new business line would help to insure future bonuses.
    The bonds would be paid off out of proceeds received from tolls and EZ Passes. This would avoid raising fuel taxes and coincidentally create a new revenue stream for the investment bankers-including those that operate the toll booths–and control highway maintenance expenditures. For example, if there is a pothole on the highway, GS or an equally qualified bank would determine if, when, how and WHO would fix the hole. We can expect the same level of diligence in these maintenance operations as we have come to appreciate in bank supervision over foreclosed homes held in bank inventories. Goldman Sachs is also spoken of as a likely manager of the roads once privatized. This will be a key source of jobs once the construction workers’ pay is sufficiently reduced to sustainable levels—along the lines of Goldman’s strategy for saving the people of Greece.
    Today, insiders are betting that Geithner will be again at the helm of the borrowing and job creation in this newest injection of borrowed funds–aimed at helping the people of America–following HAMP successes. Whether at GS or BONY, Geithner will continue to display the tallents and iattention to the public interest that he has so well demonstrated in the past. We can all thank our lucky stars.
    Thus,
    On November 24, 2008, then-President-elect Barack Obama announced his intention to nominate Geithner to be Treasury Secretary.
  2. Abby in CA, on July 1, 2011 at 2:37 pm said:
    DEBT CEILING ANALYSIS -CHECK OUT THE CASH FLOW PAGES- IN PARTICULAR PROJECTION FOR AUGUST 15TH – 52 BILLION DEFICIT FOR THAT ONE SINGLE DAY!! OMG – HOW LONG CAN THIS GO ON FOR?
  3. Marie, on July 1, 2011 at 12:03 pm said:
    That Jefferson quote gives me goose bumps. Literally. How prescient. He must have beern a visitor from another dimension to have known how banks (w)could eventually terrorize the citizenry.
    Likely it will only get worse as we, the people, no longer have an independently functioning government: where corporatists go back and forth between the financial “sector” and the cabinet, or perhaps play “czar” of some made up federal fiefdom.
    Best to accept that the republic is finished. Nothing can bring it back at this point. Didn’t it sneak up on us though!
  4. leapfrog, on July 1, 2011 at 10:15 am said:
    “The court’s ruling—that MERS did not have the authority to initiate a nonjudicial foreclosure because it is not the owner nor has an interest in the promissory note—could also impact the approximately 12,000 pending MERS-related foreclosures in the state and cause servicers to start the process over by assigning the mortgage out of MERS’ name and into the name of the servicer or investor. The actual number is likely less though, as many servicers are already filing new assignments prior to initiating the foreclosure.”
    “HUD barred the media from listening to a mortgagee conference call, originally scheduled for June 1 and later postponed to June 7. The HUD spokesperson would not provide any details about what mortgagees were told during the call, other than saying it “was routine and nothing new came out of it.”
    Here’s my question on all of this. If MERS never had the authority to assign anything and it clouded title with possible further assignments and most of the originators are DEFUNCT now here in 2011, how are the servicers now “filing new assignments”? I won’t even bother to ask about how, if the loans did not make it into the trusts within the appropriate timeframe, ANYTHING now can even be “assigned” or “transferred”. Makes no sense and the reek of FRAUD is permeating the air here. I would hope the judges in Michigan are ready and waiting (with knives out) for the new fraudulant assignments to be coming through.
  5. Jim, on July 1, 2011 at 9:16 am said:
    seniorauthor: yes it does seem to fit nicely. And I too like that Davic C quote. Here’s another, more recent quote, from Notre Dame professor G.Robert Blakely who is one of the principal architects of the RICO statute 40 years ago (the Mob was the primary, but not the only target at the time):
    “‘We don’t want one set of rules for people whose collars are blue or whose names end in vowels, and another set for those whose collars are white and have Ivy League diplomas.”
  6. seniorauthor, on July 1, 2011 at 8:13 am said:
    Thanks Jim – from that perspective it really does
    appreciate it.
  7. Jim, on July 1, 2011 at 7:31 am said:
    seniorauthor: 18 U.S.C. §§ 1961–1968. These foreclosure activities are prohibited under the civil provisions of this statute: the interstate collusion among the loan servicers, the original and successor trustees, the securitized trust trustees and the everyone assiciated with them for the purpose of collecting an unlawful debt. The shoe fits.
  8. seniorauthor, on July 1, 2011 at 2:57 am said:
    Jim:
    Could you tell me which rico statute you are talking about – Thanks.
    As you know several people on this site tried to get something done whereby the people could step us – it never happened – I just don’t get it. We still need that one Contract put on the table, along side the AG’s and the SEC’s and others – but no go so far.
    David C. – I love that quote – used it many a time myself and tried desperately to get others to pay attention.
  9. usjustice4all, on June 30, 2011 at 10:43 pm said:
    IRS is collecting more tax with less deductions. They have no motive to make a change!!!
  10. Jim, on June 30, 2011 at 9:43 pm said:
    Usedkarguy: Without a doubt “BLAMMO” is the probable outcome for anyone who chooses to fight these guys in federal court pro se. But we’re at war here, it’s necessary to fight and to hell with the risk. That needs to be the collective attitude and folks just need advice on legal procedure and protocol to help themselves. Federal court is the better venue because it’s more uniform and everybody with a post- 2006 securitized loan probably has a legitimate RICO case in one form or another. I doubt that anyone here who has read the statute would disagree.
  11. David C Breidenbach, on June 30, 2011 at 6:43 pm said:
    When it came to setting up our government, Thomas Jefferson had three concerns: tyranny of kings, tyranny of theocrats, and tyranny of the wealthy. For the time being we seem to be safe from kings and theocrats. We are not, however, safe from the super-rich.
    Here’s what Jefferson said: “I believe the banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered.”
  12. usedkarguy, on June 30, 2011 at 6:34 pm said:
    one of the problems creating a dispensary of legal advice is that laws vary greatly from state to state. discussions overlap where someone get confused thinking rescission can apply to a purchase money loan. The attorney risks malpractice where the attorney/client share a jurisdictional relationship. I;ve also had most attorneys tell me “I don’t know about that stuff, bub. I’m a bankruptcy attorney.” There is no substitute for competent, local legal advice, but certain attorneys (like Jeff Barnes) have created solid network of attorneys in many states. When you dance in the federal ballroom, I understand things change dramatically. A pro-se in Federal Court gets beat quickly.
    The pro-se falls victim to the procedural trap of practicing motion law with national defense-firms. You can’t win that one. Bank attorney calls asking for a settlement number, you give him one (now you think you won) and they file an MSJ. BLAMMO!
    But the need exists. Indubitably.
  13. tnharry, on June 30, 2011 at 6:21 pm said:
    I’m game Jim. But every few days the site gets highjacked by the fringe. How do we get Neil to assist? Or do we need to go elsewhere?
  14. Jim, on June 30, 2011 at 6:10 pm said:
    You, the lowly broke homeowner, can’t even afford a lawyer even though you know that your house is being stolen from you. Maybe
    the discussion in this forum should shift for a while from complaining about the common enemy, and focus on the practical logistics of filing a pro se complaint in a court. That seems to be what folks really need more than anything right now. It’s fight or flight. What’s it gonna be?
  15. seniorauthor, on June 30, 2011 at 5:11 pm said:
    Tn –
    All of my cases are pro se –
    Tn and Jim are correct in their posts.
    I have been in the business for 40 years Tn and others and believe me, I understand perfectly why some people simply cannot defend themselves as pro se – It would be great if they would set up a site as you described to help these people – but it won’t happen. We suggested it over a year ago when the first flood of cases began – this is the second or third tier. I like your suggestions by the way.
    To all: I do not believe that Fannie and Freddie are doing the dirty work for banks. Fannie and Freddie purchased the loans in the secondary and then securitized the loans; however, they have specific conditions which must be followed and to date, I have not dealt with Fannie and Freddie regarding the servicing of a loan, other than to write them up for not forcing the bank to to their job.
    Perhaps others are calling the banks and referring the people to F & F. I do not know because all of my clients , I have had to deal directly with the servicer and F & F was the benefactor of the ill begotten treatment by the SErvicer.
    I guess maybe it could work both ways – but F & F are not doing the dirty work of the banks – that is just my opinion for the majority of F & F loan.
    Thank you
  17. carie, on June 30, 2011 at 2:49 pm said:
    thx
  18. tnharry, on June 30, 2011 at 2:46 pm said:
    @carie – there is a lot of good stuff there to build on, but an appeal by necessity is very case and fact specific
  19. carie, on June 30, 2011 at 2:32 pm said:
    @tn—Have you read Brian Davies docs:
    His chap 7 situation and IndyMac/Deutsche situation is almost exactly the same as mine…only he has money to pay his lawyer…if I have to go to court pro se, can I just basically copy what this guy is doing?
    I know, I know, silly layperson question…
  20. AbsoluteMadness, on June 30, 2011 at 2:20 pm said:
    Bravo Donna Fasi, count me on. Finally someone had the “Cojones” to call it the way it is.
    I’m behind you 100%.
    Shame on the U.S. Government, Florida Governor RIck Scott, The FBI and other government agencies for allowing these immoral and illegal activities to continue.
  21. tnharry, on June 30, 2011 at 2:18 pm said:
    Here’s my two cents – Neil or someone else needs to create a site, maybe behind a username and password or maybe not, that allows a more free exchange of advice and theories. I’m thinking a real time, online legal aid type of atmosphere where the attorneys that hang around the site could review, critique, and otherwise coach the users in their pleadings. If I was more technologically inclined i would be happy to assist. How could we make this happen? I know Neil’s trying to make a living here via the luminarq stuff, so it may need to happen somewhere else. Anyone have any ideas how this could work?
  22. usedkarguy, on June 30, 2011 at 2:11 pm said:
    thank you, tn.
  23. tnharry, on June 30, 2011 at 1:56 pm said:
    @usedkar – Although it varies from jurisdiction to jurisdiction, generally the full name of an “order to show cause” is actually “order to show cause why XXX should not be held in contempt” and follows from a party’s failure to abide by a court order. it works as follows : you request document A during discovery, other side doesn’t produce, you file a motion to compel, order goes down requiring them to produce document A, they fail to do so, you file a motion to show cause and the order is issued. Does that help? You can’t skip steps, because they have to be afoul of a court order in order to show cause why they shouldn’t be held in contempt. and even if they purport to comply with your discovery, omission of documents is grounds for a motion to compel.
  24. Jim, on June 30, 2011 at 1:46 pm said:
    Joanne: Do you really believe that TARP was supposed to help homeowners? TARP was for saving the financial system pure and simple. And it saved the financial system status quo in the process. Your government did that, lobbied by those same institutions, not homeowners. So don’t expect or wait for the the government to charge in and help you, the homeowner. Won’t happen.
  25. carie, on June 30, 2011 at 1:43 pm said:
    “Worst deal they ever made”…and it’s going to get even worse…
  26. usedkarguy, on June 30, 2011 at 1:39 pm said:
    harry, could you explain the “order to show cause” as used in motion practice, say, to produce a driver’s license of an out-of-state affiant to botain an original signature, or to explain why assignments are made out to a dead registrant? or possible other uses to produce, say, a signature page from an application (loan level file)? thanks
    and I came in with 165 pages including affidavits, requests for admissions, the affidavits, exhibits (40), P and A’s., service list. WHEW!
    I heard that this judge IS a reader, methodical, takes the time. We’ll see.
  27. tnharry, on June 30, 2011 at 1:28 pm said:
    @Joanne – i couldn’t disagree more. The American public needs to help the American public. Too many have waited to be helped and are now homeless, penniless, or both. Take matters into your own hands and take action!!! I’ve been on a soapbox today but I honestly think it needs to be said. Too many “woe is me, who will help us” posts have come across my screen.
  28. Joanne, on June 30, 2011 at 1:10 pm said:
    The author is right on the money. Fannie and the other agencies need to help the American public; and, the federal government needs to step in. The lenders took TARP funds, and were directed to look at a borrower and help them save their home. Instead, they should have been compelled to keep them in their homes. The practices which have prevailed over the past few years are criminal and these lending institutions need to be looked at, fined, and made accountable.
  29. Jim, on June 30, 2011 at 12:55 pm said:
    tn is correct on that. Keep it brief. Stay to the point. No whining. Cite case law. Include that bogus robo-signed assignment recorded against your property as an exhibit. Send your “lender” a summons and put them on de-fense.
  30. tnharry, on June 30, 2011 at 12:44 pm said:
    Way to go Jim. My best advice to everyone going it pro se – keep it simple. Less is more. There’s no need for a 250 paragraph, 65 page complaint if you can say it in 4 pages.
  31. Jim, on June 30, 2011 at 12:39 pm said:
    I filed a RICO Complaint against the bastards in federal court pro se. Can’t afford a lawyer. Couldn’t even afford the filing fee so I got that waived by submitting a in forma paupreis request. Yeah, maybe I’ll get shot down eventually by the legal firepower on the other side. But maybe not. So what’s the alternative? Lay down? Complain in Neil’s forum on a regular basis? No. Just take what you learn here,
    fight back and don’t back down.
  32. usedkarguy, on June 30, 2011 at 12:37 pm said:
    here in Wisconsin we have two recent appellate court cases (Carlsen and Kolodziej) that hinge on unsubstantiated documents used to obtain foreclosure. These bogus assignments are created by f/c mill attorneys at the request of the servicer/custodian/sponsor regardless of the current status of the (assigned to) trust. No EX-99′s, no loans. No loans, no assets. No assets, no consideraton. No consideration, no contract. NO contract, no standing. As stated, the default is the condition precedent required to get the money machine turning. If there isn’t one, they will make one occur. ‘Nuff said.
  33. tnharry, on June 30, 2011 at 12:17 pm said:
    Good luck in the appeals court. I still say that passion (within reason) and facts can beat law school degrees any given day.
  34. seniorauthor, on June 30, 2011 at 12:11 pm said:
    Tn
    Oh yes, the judge listens and then shuts down. There have been some winners, but not many. As an advocate, unfortunately, most pro se cannot do what you say. I do have an example however, whereby the pro se was a highly knowledgable person regarding PSA’s, MLPA, documentation, etc., and even though there was substantial fraud presented and the lender did not have standing (arguments which I fought with the proper knowledge and strategy) unfortunately the Judge was not going to accept it. In fact we started in 2007 early on with what appears to be coming to light now in 2009-10-11.
    If they can get representation – they must. If they cannot, there are people like us (that do not charge them) to audit their loans which helps them a great deal. We do what we can for the pro se and even offered to help the legal aid groups, at no charge on behalf of homeowners, and that did not work out either.
    So try it as a pro se – not saying not to do it – but most people simply will not .
    Judges in the last l0 months are far much more knowledgeamount what is going on than those in the past 5 years and it is only because they are now facing up to the fact that just perhaps the banks did commit the fraud – Right.
    We are waiting on the appeals court as we speak.
    Thank you
  36. carie, on June 30, 2011 at 11:11 am said:
    WATCH THIS EVERYBODY: (it’s an hour lecture, but amazing…and it’s a year and a half old…)
    Bill Black for president!
  37. Bob, on June 30, 2011 at 10:55 am said:
    Finally someone understands the entire issue.
    “A nation of sheep begets and goververnment of wolves”, Edward R. Murrow.
    You go Donna.
  38. zurenarrh, on June 30, 2011 at 10:46 am said:
    @tnharry:
    Discovery is over. They moved for summary judgment. We are awaiting the ruling on the summary judgment.
  39. tnharry, on June 30, 2011 at 10:34 am said:
    @zur – are you in the discovery phase? have they answered?
  40. zurenarrh, on June 30, 2011 at 10:32 am said:
    Let’s face it–the ongoing government conservatorship of Fannie Mae and Freddie Mac is fascism, i.e., “the merger of state and corporate power.” Fannie Mae is now a government agency but is allowed to present itself and behave as if it is still a private company. Oh sure, Fannie Mae has not been officially declared a government agency, but it IS in all but name.
    This is the outrage of the “soft” fascism we are now living under–Fannie Mae’s losses are now covered by we the taxpayers. And there is no limit to this loss prevention. So whatever Fannie Mae does, i.e., try to make rules governing who can buy a house, try to take houses it doesn’t own, etc.–WE are supporting that. WE are running Fannie Mae (via the conservatorship) and it is that same WE who are being screwed by Fannie Mae. We are financing our own demise, our own ruin, our own nightmare.
    Since I am in a lawsuit with Fannie Mae, all of the above means that they are using MY (and YOUR) money and resources to try to defeat me. And when I beat them, any “losses” they incur will also be paid with MY and YOUR money and resources. There’s no risk for them! No wonder they won’t settle–what do they care? THEY CAN’T LOSE!
    Not only that, but they DO hide behind the servicers. Fannie Mae wasn’t mentioned anywhere in my foreclosure documents, but now they claim I owe them money because I refinanced with Countrywide. Well, we now know–thanks to LInda DeMartini–that Countrywide never transferred the promissory notes to ANYONE, including Fannie Mae. So how in hell’s bells does any “borrower” owe Fannie Mae anything?
  41. tnharry, on June 30, 2011 at 10:19 am said:
    They will listen to pro se people. In fact, many of them will bend over backwards to make sure they get their chance. I’ve seen it many times myself. What they won’t do is tolerate grandstanding, off-topic diatribes, and the like. I’ve also seen pro se people launch into their manifestos about fraud, forgery, and freemen principles with no ability or effort to prove any of it. Those people do themselves more harm then good. The judge just shuts down and stops listening, even if they get around to saying something relevant.
    Go in there with a well-pled complaint with some knowledge of the rules and procedures. Sit in the gallery and watch attorneys conduct trials and advance arguments prior to your court date. Try to mimic them as much as possible. Going pro se isn’t a bad thing. As I’ve said before, no attorney will ever know the intricacies of your case the way that you do.
  42. seniorauthor, on June 30, 2011 at 9:47 am said:
    Tn –
    I agree to an extent – either do something or stop talking about it. But the truth of the matter is that 80% of those harmed cannot get representation to prove their case and the judges are just not going to pay attention to a pro se litigant except in rare occasions.
    But by continuing to press on with this information, it does so help those that have not been able to keep up with what is going on. So many now lsing their jobs, that the repeated addressing of the info is critical to their needs. As an advocate it happens continuously that they have read this site but are distressed about what to do. So many attorneys are not on the homeownrs side and it generally does not end well for the homeowner.
    In my prior post about the Commander In Chief, rest assured I realize that to make such a statement or even give the impression that this Country would limit their contributions, is a very delicate and sensitive situation and there of course would be circumstances whereby we would elect not to. But the spending goes on and we simply cannot give away money that we don’t have or won’t have and that being the case, a lot of thought needs to be given.
    I can see today however that most of the posts today are right on track. Thank goodness.
    Thank you
  43. leapfrog, on June 30, 2011 at 9:44 am said:
    Thank you, DNY. I read that article too and my blood was boiling. Its posted over on 4closurefraud too and one of the quotes there was:
    “In case of bankruptcy, allow the entity in possession of the notes to simply transfer to another entity to be decided or themselves the notes etc… so as to keep out of the bankruptcy estate of the bankrupt creditor.”
    Like American Broker’s Conduit who filed BK in 08/2007?
    Were I to transfer property during a bankruptcy proceeding while under purview of the trustee, I would be thrown in jail and fined heavily. I’m sick and tired of separate rules for the bankster scum.
  44. Mary Cochrane, on June 30, 2011 at 9:34 am said:
    Dear Louise,
    OMG Sadly your faith misplaced in O’bama!
    I’m praying that GOD WILL SPEAK LOUDER TOO …
    Dear God: I pray O’bama hears that we the people now know the truth and those who did not hear the words out of O’bamas’ lips -from his mouth to your ears was …O’bama clearly stated that he would only look forward!
    What he needs to do is tell the truth! O’bama knows the US Treasury is the Gatekeep of ‘real estate of the USA. Congress allowed all of the charters issued by FRB c/o US Treasury.
    The ‘national associations’ and ‘federal savings auditors of US governemnt include OCC & OTS & FTC & FRB & FCC govern ‘mortgage note owners’, processes and proceudres in the handling of the assets of US Treasury.
    Institutions were allowed to convert residential mortgage notes back in 1996/1997into securities period. The ‘mortgage note assets’ have been sliced and diced.
    LENDERS have been allowed to slice and dice ‘mortgage note loan IOU’s’ ….
    and your point of his new term would be ….
  45. dny, on June 30, 2011 at 9:29 am said:
    ““We hold people accountable in the judicial system when they don’t report a crime,” said Ken Donohue, former inspector general of the U.S. Department of Housing and Urban Development, who investigated another mortgage fraud matter involving First Beneficial Co. In that case, he said, Fannie Mae “literally knew about a crime” and didn’t report it.”
    For all those claiming that there is no evidence of double- or triple-selling mortgages, the TBW case should should put those denials to rest.
  46. tnharry, on June 30, 2011 at 9:17 am said:
    But BSE it’s so easy and convenient to throw around words like fraud and forgery when one gets behind and so much harder to actually prove them. I’ve been following this board for a while and am amazed at how many of the same people post every day about how badly their mortgage company has defrauded them and how they’ve been screwed by the system. My advice to them – poop or get off the pot!! Get out there and sue the bastards and make something happen. These guys expect to be sued and set aside budget funds for exactly that. Coming here each day reciting the same sad story may be therapeutic, but it won’t save your house in the long run.
    Let’s get this back to the legal resource for people seeking self-help that it once was and get away from the fluff pieces.
  47. bytheway, on June 30, 2011 at 9:15 am said:
    Since Fannie packaged everything and sold them in to Fannies “Strippped Mortgage-Back Securities” THEY OWN NOTHING.
    I have yet to see any Foreclosures brought in the name of Fannie Mae or its SMBS trusts they peddled as better than sliced bread. FANNIE HIDES BEHIND LOAN SERVICERS.
    When you are sued for foreclosure for a Fannie Mae loan we should all sue Fannie Mae back and get discovery.
  48. BSE, on June 30, 2011 at 9:08 am said:
    seniorauthor
    Good post ! Thank you !
  49. BSE, on June 30, 2011 at 9:04 am said:
    Mickey
    Homeowners want to pay the mortgage. But not if fraud induced signatures to execute the note and so the banksters could steal from the investors and the home owner. Nothing was real so why pay for fraud? The innocent continue to be punished.
  50. lisamarie, on June 30, 2011 at 8:55 am said:
    I wouldn’t take a house from these bastards if it WAS given to me!
  51. seniorauthor, on June 30, 2011 at 8:05 am said:
    lOUISE:
    By accepting the position as Commander in Chief, I would hope that he would not again, tell one story before he is elected and then change his position and stance for carrying it out. That is exactly what is wrong with the country as we speak as our Congress has so let us down in this regard as well.
    I am truly against playing games with the people as they have been harmed enough by the deception that has taken this country to its current depths. No where to turn.
    I do not wish to be political either, but there is clearly something wrong with politician after politician pulls this caper on the American people who live off of faith and hope – Now they need to get Real. Will it happen? I cannot say.
    And I am not just speaking of Obama and his administration –
    Thank you
  52. seniorauthor, on June 30, 2011 at 7:39 am said:
    Mark: You are probably right – we cannot know so that is a real tragedy in itself.
    It is my belief although I know it will not come to pass – that any President, as our Commander In Chief, should stand up and say to the rest of the world the following .
    America has given so much to so many countries as I am sure other countries have done, but the time has come now, that in order for us to continue to contribute and support those in need in our own country, America will have to do that which is necessary and vital to our country, that of meeting the needs of its own people, who have in turn made contributions to other countries possible. That means we will no longer be able to fund that which we have in the past, but will of course do what it can to maintain prior committments to the extent possible. America must take those steps that assure it remains strong during such times as the world is experiencing so much.
    This is not something that we want to do, but something that as America’s commander in Chief, this country must do and then, as America regains its financial strenth and has been able to support fully the needs of those in our Country, we can begin once again to reach out. We are not deserting those countries we have always reached out to, but we will, again, take a forward approach to protecting America, its people and the laws of the land.
    Countries to which we have contributed so much, must understand that this is a very important and critical need for America at this time, and when certain conditions have been met, then America can return once again to a large degree to assist other countries as they make their way. This is not an isolationist approach, but goes to the heart of preserving this country as well as others with the intent that all people will be able to live in a peace and prosperity.
    Thank you.
  53. Mickey, on June 30, 2011 at 7:34 am said:
    I’ve seen several articles along these lines and still don’t understand the outrage that the mortgage companies refuse to modify the loan terms or reduce the principal or otherwise alter the terms of the loan. Why should they? There’s an agreement outlining the terms of the deal. Now that it’s no longer convenient for the homeowner, many of them are raising a stink that they can’t be modified. At no other time in history has this concept that a contract may be renegotiated been as vehemently proposed by the masses.
    Try calling your electricity provider or your cell phone provider and offering to pay them 70% of your outstanding bill because you think they’re too high. Stop paying your car loan because it has a flat tire. Those aren’t assumed to work and the mortgage modifications shouldn’t be assumed either. Honor the contract or don’t, but stop expecting there to be no consequences.
    There’s a place for discussion of mortgage fraud, unlawful foreclosure and so on. But the failure of the modification system is such a given now that the continued reference to it just reeks of sour grapes.
  54. tnharry, on June 30, 2011 at 7:24 am said:
    @Louise – so he’s just been biding his time, waiting for his second term. I’m sorry to take this to a political place, but what flavor is your kool aid today?
  55. Louise, on June 30, 2011 at 7:20 am said:
    Obama has to be elected first, then he can do something. Once in a second term, he do all kinds of unpopular things to big banking, big pharma, big agriculture, big munitions manufacturing. We shall see.
  56. Mark, on June 30, 2011 at 6:48 am said:
    So much for the moronic idiot faith and “hope” that was given by myself and millions of others to the current resident of 1600 Pennsylvania Ave. whose solution was to give handouts to greedy corporations and greedy individuals (bailouts, cash for clunkers, rebates on purchases. etc.). The problem is that whoever would be next will be worse. What a country.
  57. Nancy Drewe, on June 30, 2011 at 6:35 am said:
    Paula Rush introduced a ‘real label’ used by ‘FDIC’ and ‘Fannie’ and ‘Freddie’ and FRB – syndicate -
    Investorpedia
    A Syndicated Loan group of lenders (called a syndicate) who work together to provide funds for a single borrower. The borrower could be a corporation, a large project, or a sovereignty (such as a government). The loan may involve fixed amounts, a credit line, or a combination of the two. Interest rates can be fixed for the term of the loan or floating based on a benchmark rate such as the London Interbank Offered Rate (LIBOR).
    Typically there is a lead bank or underwriter of the loan, known as the “arranger”, “agent”, or “lead lender”. This lender may be putting up a proportionally bigger share of the loan, or perform duties like dispersing cash flows amongst the other syndicate members and administrative tasks.
    Also known as a “syndicated bank facility”.
    Investopedia explains Syndicated Loan
    The main goal of syndicated lending is to spread the risk of a borrower default across multiple lenders (such as banks) or institutional investors like pensions funds and hedge funds. Because syndicated loans tend to be much larger than standard bank loans, the risk of even one borrower defaulting could cripple a single lender. Syndicated loans are also used in the leveraged buyout community to fund large corporate takeovers with primarily debt funding.
    Syndicated loans can be made on a “best efforts” basis, which means that if enough investors can’t be found, the amount the borrower receives will be lower than originally anticipated. These loans can also be split into dual tranches for banks (who fund standard revolvers or lines of credit) and institutional investors (who fund fixed-rate term loans).
  58. Ray Lopez, on June 30, 2011 at 6:00 am said:
    Right on Right on!
  59. spankieblue, on June 30, 2011 at 5:44 am said:
    “We’re taking these steps to highlight the importance of working with your servicer,” said Terence Edwards, executive vice president for credit portfolio management of Fannie Mae. WHAT? Most of us have TRIED to work with our “servicer” and found it impossible. With the amazing amount of paperwork that gets lost continuously nationwide, lack of training for servicer employees, particularly regarding hamp mods. Just how are we supposed to deal with the servicer Terence Edwards? At gunpoint? It’s no wonder people walk away in disgust or dispair. It’s people like you Terence Edwards that CAUSE the problem. And now you want to punish us. I for one will NEVER look to Fannie Mae for a loan
  60. debi p, on June 30, 2011 at 5:27 am said:
    Its time to go after the “execs” for fannie and freddie now. I am sure there is so much fraud WITHIN the agency itself it should be our primary goal to open up their books, their correspondences, their pay they received and all the pools they are associated with. Until they (freddie and fannie) are truly investigated this cover up policy will continue to undermine and bring a complete demise to the american people. I’m with u neil if u need help I am prime for the fight. Let me know– I want them brought to their knees. Thank u for being u and all u know and do. What in the world would we ever do without u?! Debra. 5613899339
  62. seniorauthor, on June 30, 2011 at 2:40 am said:
    Donna:
    Back in early 2009, a Fannie representative told a news reporter “they will feel the pain” for walking away from their homes without contacting the servicer – It appears that when I reported a few of the findings that none of the people seemed upset then. Your article might make a difference:
    Comments from the 2008 and 2009:
    Greenspan said when told of the dangerous loan programs “that he did not think it was significant”
    Citi Residential – to a homeowner’s advocate – “go ahead and call and report us to the OCC, they will just turn the call back to us”.
    One of the Presidents of the American Bankers Association appeared to put out his comment when asked about the housing demise – well, we couldn’t tell the banks what kinds of loans to make”. This one hacked me more than any of them – well they could have with all of the taxpayer money they receive at least done some public announcements in the media that the “homeonwers need to be aware of the dangerous loan programs” That would never have happened since the financial services is one of the keepers of the American Bankers Association -
    And then the great ones Fannie and Freddie – “you will feel the pain” if you walk away from your home – written in newspapers all over the nation, but no one cared. That is when I asked the question – but what about all those deficiences that will be filed against these homeowners whose homes are being stolen from them – I guess that is the pain – Well it doesn’t begin to describe the pain that Fannie and Freddie have caused this nation and its people. GSE’s that were bailed out by the taxpayer – no this is something that I could never get the American people to address and now they are making another in your face announcement – The tea party should have gotten involved because there could have been no other event in our history than this time to protect the “rule of law” and guess what, the government and the agencies have proven they are not doing it.
    In 2008 – I wrote about “Meet your servicer at the Gates of Hell” and that was back 3 years ago and as I said then, they would never be able to or intended to carry out the plans of Bush and Obama – It was all a ploy to make it look like the government was doing something for the housing demise as they forked over $150 billioin to Fannie and Freddie, 28 Billion to Bear Steans (Chase bought Bear for $287 million) – Guess what people – only history is going to confirm what the outcome will be – there is nothing but disappointment in the Congress, the AG’s and the Commander In Chief’s. Always remember, and I believe this to be true – the regulatory reports directly to the Congress – voting them out, all of them, and now – for it would be they, the Congress, that has brought this economy to its knees. And now they are going to make the right decisions for us – I don’t think so.
    Neither party is worth its salt and that is why “in the hands of a few” go the rewards of many – the American people pay up every day to such a very small sector that has literally taken us down this path.
    Thank you.

































































































































































































































































































































































































































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