How in the world do these cartels think they can get these lawsuits dismissed! Ridiculous!

REUTERS-

Deutsche Bank AG has failed to win the dismissal of four U.S. lawsuits seeking to force it to pay damages or buy back troubled home loans it had packaged into residential mortgage-backed securities prior to the 2008 financial crisis.

The cases concern securitization trusts backed by roughly $2.9 billion of home loans, and are among six lawsuits in New York accusing the German bank’s DB Structured Products Inc unit of reneging on its contractual duties to address problem loans, court papers show.

In a 35-page decision, U.S. District Judge Alison Nathan in Manhattan on Thursday said HSBC USA NA, acting as trustee for the four trusts, was entitled to pursue damages claims, and to determine the extent to which Deutsche Bank knew of problems in the underlying loans at the time of the securitizations.

[REUTERS]

“LINDA TIRELLI: Absolutely. The manual that I have, it’s actually entitled the “Wells Fargo Home Mortgage Foreclosure Attorney [Procedure] Manual, Version 1.” And it says on it that it’s last published 2/24/2012. Mind you, the national mortgage settlement agreement was announced a week prior, on 2/19/2012.

The way I obtained it, it was actually sitting right there on the Internet, of all things. A colleague of mine, through a Max Gardner’s Bankruptcy Boot Camp, which I am a member, an active member, gave it to me and said, “Hey, I found this online, and I know you’re doing a lot of Wells Fargo cases. Maybe you can use this.”

Reading it, my jaw just dropped. As I see it, it’s clearly outlining procedures, not just for the $12-an-hour robo-signers that we’ve heard about all these years, but for the lawyers, who need to be held accountable to a much higher degree. It’s the manual for the lawyers to actually fabricate documents, as I see it, and request that documents that are lacking be fabricated by Wells Fargo. It’s absolutely appalling.”

[DEMOCRACY NOW]

Filed 8/19/13 (ordered published by Supreme Ct. 3/19/14)

SUPERIOR COURT OF CALIFORNIA
COUNTY OF SANTA CLARA
APPELLATE DIVISION

THE BANK OF NEW YORK MELLON,
Plaintiff and Respondent,

v.

VIDAL A. PRECIADO et al.,
Defendants and Appellants.

THE BANK OF NEW YORK MELLON,
Plaintiff and Respondent,

v.

ROLAND LUKE et al.,
Defendants and Appellants.

EXCERPTS:

THE COURT*
The appeal by appellants Vidal Preciado (“Preciado”), Roland Luke (“Luke”), and Kenneth Henderson (“Henderson”) (collectively, “Appellants”) from the unlawful detainer judgments entered on March 16, 2012, came on regularly for hearing and was heard and submitted on August 16, 2013. We hereby hold as follows:

[…]

Conclusion
The judgments entered on March 16, 2012, are REVERSED and the trial court is instructed to entered judgments in favor of Appellants. Appellants are the prevailing party and are entitled to costs on appeal. (See Cal. Rules of Court, rule 8.891(a)(2).)

For Immediate Release

Contact: Stefanie Johnson (202) 649-3030

March 21, 2014

Corinne Russell (202) 649-3032

FHFA Announces $885 Million Settlement
With Credit Suisse

Washington, DC – The Federal Housing Finance Agency (FHFA), as conservator of Fannie
Mae and Freddie Mac, today announced it has reached a settlement with Credit Suisse, related
companies and specifically named individuals for $885 million. The settlement resolves all
claims in the lawsuit FHFA v. Credit Suisse, et al. as well as all claims against the Credit Suisse
defendant in FHFA v. Ally Financial Inc., et al. alleging violations of federal and state securities
laws in connection with private-label mortgage-backed securities (PLS) purchased by Fannie
Mae and Freddie Mac during 2005-2007.
Under the terms of the agreement, Credit Suisse will pay approximately $234 million to Fannie
Mae and approximately $651 million to Freddie Mac and certain claims against Credit Suisse
related to the securities involved will be released. This is the ninth settlement FHFA has
announced in relation to the 18 PLS lawsuits the agency filed in 2011.
Settlement agreement follows (confidential exhibit omitted).

###

FULL 31 PAGE SETTLEMENT BELOW

Attorney General Bondi’s Statement on Final Crediting Reports Released by the Monitor of the National Mortgage Settlement

TALLAHASSEE, Fla. –Today, Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement, filed with the U.S. District Court for the District of Columbia final credit reports on Bank of America, Chase, Citi, Rescap, and Wells Fargo announcing over $20 Billion in creditable relief to distressed homeowners. These reports confirm that the banks have satisfied their consumer relief and refinancing obligations under the Settlement. A summary report can be downloaded here, and a fact sheet is available here.

“The reports released today demonstrate that over 600,000 financially strapped families from across the country have benefitted from the relief required under the National Mortgage Settlement and more than $50 billion has been expended to provide this relief” stated Attorney General Pam Bondi. “I am very encouraged by what we have accomplished so far but I realize that there are still many Floridians facing the loss of their family homes and struggling to get back on their feet. My office will continue to work closely with these families and the settling banks to ensure full compliance with the settlement and that all required steps are taken to assist the families under the servicing standards of the settlement.”

The Monitor reported relief of $50.46 billion in gross dollar amounts provided to borrowers, which amounts to $20.6 billion in credit under the NMS, because the NMS does not credit all relief as dollar for dollar. The settlement was designed to provide more credit for certain types of relief, such as first and second lien modifications for occupied residences, and to ensure that more beneficial types of relief account for a larger percentage of the relief provided. The final report shows the breakdown of relief as follows:

· 52% of total was provided as first and second lien principle forgiveness to homeowners in default or at risk of default—first lien forgiveness amounts to 37% and second lien to 15%.
· 17% of the relief was provided as refinancing relief in the form of rate reduction assistance to homeowners who did not qualify for bank’s generally available refinance programs.
· 31% was provided in other forms of relief such as forgiveness of amounts in forbearance, waivers of amounts due on balances of mortgages after short sales or deeds in lieu of foreclosure, payments to borrowers above $1500 to assist borrowers in transition after short sale or deed in lieu of foreclosure, and other relief.

Of the total $50 billion gross dollars, more than 120,000 Floridians received over $9.22 billion in relief under the Settlement, with an average of $77,000 in relief per borrower, according to a previously released report. The $9.22 billion in bank-reported relief for Floridians exceeded the original estimate of homeowner relief by $800 million and accounts for 18 percent of the total national relief, second only to California.

The $20 billion in credited relief ($50 billion in gross dollar relief) to distressed homeowners is one component of the more than $25 billion settlement announced in 2012, by Attorney General Pam Bondi, 48 states and the U.S. Department of Justice with the five largest mortgage servicers—Bank of America, JP Morgan Chase, Wells Fargo, Citibank, and Ally Bank, formerly GMAC (RESCAP) settlement, In addition, the Settlement provided relief to foreclosed borrowers through the approximately $1.5 billion borrower payment fund (under which approximately 73,000 Floridians received $107 million in payments) and approximately $3.5 billion in payments to the states and federal government in penalties and funds for housing crises related expenses, of which Florida received $334 million. The Settlement also requires the banks to adhere to enhanced servicing standards for a period of approximately 3.5 years. In total, Florida received over $9.6 billion in relief under the settlement.

Click here to access National Mortgage Settlement website.

Click here to access Monitor Joseph Smith’s statement to learn more about the final credited relief amounts.

1. Petition by

   Cynthia Ziemer

Remember the shuttering of the independent foreclosure review?

The OCC describes it on page 18 of their report as:

After more than a year of effort and no remediation to borrowers, the Comptroller recognized the need to change direction to focus on assisting homeowners more quickly.

Readers should read through this report and contact Congress.

An Overview of the Fannie and Freddie Conservatorship Litigation

David J. Reiss, Brooklyn Law School

Abstract

The fate of Fannie Mae and Freddie Mac are subject to the vagaries of politics, regulation, public opinion, the economy, and not least of all the numerous cases that have been filed in 2013 against various government entities arising from the placement of the two companies into conservatorship. This short article will provide an overview of the last of these. The litigation surrounding Fannie and Freddie’s conservatorship raises all sorts of issues about the federal government’s involvement in housing finance. These issues are worth setting forth as the proper role of these two companies in the housing finance system is still very much up in the air. The plaintiffs, in the main, argue that the federal government has breached its duties to preferred shareholders, common shareholders, and potential beneficiaries of a housing trust fund authorized by the same statute that authorized their conservatorships. At this early stage, it appears that the plaintiffs have a tough row to hoe.

One by one…

PB POST-

Colony Capital, a real estate investment and finance company that owns 3,100 homes in Florida, has reportedly issued the second-ever securitization of single-family homes following the lead of Wall Street giant Blackstone.

Colony, which owns about 60 homes in Palm Beach County, buys and rents properties under a relatively new business model that emerged following the housing market crash. The company’s rental arm is Colony American Homes.

Reuters reported yesterday that Colony began marketing its first bond backed by rental income from its homes. The so-called REO-to-rental or single-family rental bond, first emerged in November when the Blackstone Group securitized 3,500 of its homes nationwide into a $479.1 million bond.

[PALM BEACH POST]

Related Articles:
150-page Wells Fargo Foreclosure Attorney Procedures Manual created November 9, 2011 and updated February 24, 2012.

Wells Fargo made up on-demand foreclosure papers plan: court filing charges

In Re: CYNTHIA CARRSOW-FRANKLIN | Wells Fargo made up on-demand foreclosure papers plan – Foreclosure Attorney Procedure Manual

Wells Fargo Home Mortgage Foreclosure Affidavit Processing Training Manual

local 10-

COCONUT CREEK, Fla. –

A Broward County couple wants answers from the bank that foreclosed on their home mistakenly.

The couple returned from New York to find their locks had been changed and some of their stuff was gone. But it turns out the whole thing was a mistake.

“I said, ‘Mel, we’ve been robbed.’ We couldn’t believe what had happened,” said homeowner Harriett.

Mel and Harriet said they still feel violated three weeks after realizing someone broke into their home. But it wasn’t burglars that broke in, it was the bank.

When they returned to their home a lock box was on the door, the power was turned of, stickers were all over their stuff and the kitchen was cleaned out.

[LOCAL 10]

Guaranteed to Fail
Fannie, Freddie, and the Debacle of Mortgage Finance

Forthcoming January 2011, Princeton University Press

Authors:
Viral V. Acharya, Professor of Finance, NYU Stern School of Business, NBER and CEPR

Matthew Richardson, Charles E. Simon Professor of Applied Financial Economics,
NYU Stern School of Business and NBER

Stijn Van Nieuwerburgh, Associate Professor Finance, NYU Stern School of
Business, NBER and CEPR

Lawrence J. White, Arthur E. Imperatore Professor of Economics, NYU Stern
School of Business

Acknowledgments
Many insights presented in this book were developed during the development of two earlier
books that the four of us contributed to at NYU-Stern: Restoring Financial Stability: How to
Repair a Failed System (Wiley, March 2009); and Regulating Wall Street: The Dodd-Frank Act
and the New Architecture of Global Finance (Wiley, October 2010). We owe much to all of our
colleagues who contributed to those books, especially those who contributed to the chapters on
the government-sponsored enterprises (GSEs): Dwight Jaffee (who was visiting Stern during
2008-09), T. Sabri Oncu (also visiting Stern during 2008-10), and Bob Wright. We received
valuable feedback on the first draft of the book from Heitor Almeida, Ralph Koijen, and Amit
Seru, useful expositional comments from Sanjay Agarwal, Les Levi and Manjiree Jog, and
excellent research assistance from Vikas Singh on how countries other than the United States
deal with home ownership and mortgage markets. We would like to thank Robert Collender,
principal policy analyst at the FHFA, for helping us better understand the FHFA data. We are
also grateful to the professionalism of staff at the Princeton University Press, especially Seth
Ditchik, who managed the process for us right from the book proposal to eventual publication.
Finally, we owe substantial gratitude to a number of economists, policy-makers, and
practitioners – some named in the book and others unnamed – who have over the past two
decades studied the GSEs, with prescience pointed out the flaws in their design and warned of
the likely adverse consequences due these flaws. Their collective wisdom has shaped our
understanding of the GSEs in significant measure and helped us provide original
recommendations for much-needed reform of mortgage finance in the United States.

Mortgage FlimFlam-

Do an internet search on mortgage fraud and try to find even a single case of a prosecutor going after a mortgage broker or lender for defrauding a borrower. I dare you. If you find a case please let me know. There are plenty of cases involving straw buyers and others who have defrauded the lenders but no prosecutions where the borrower was defrauded. There have been no significant prosecutions for mortgage origination fraud, yet that is the precise crime that precipitated the Great Recession and the near total collapse of the economy. The prosecutors who claim to be so tough on mortgage fraud will not touch mortgage origination fraud including predatory lending. The only explanation has to be that there were agreements orchestrated by federal prosecutors all across the country, with the concurrence of state and local prosecutors, not to prosecute mortgage origination fraud and predatory lending.

On May 20, 2009 at the signing into law of both the Helping Families Save Their Homes Act and the Fraud Enforcement and Recovery Act, President Obama said, “[a]nd that’s why this bill nearly doubles the FBI’s mortgage and financial fraud program, allowing it to better target fraud in hard-hit areas. That’s why it provides the resources necessary for other law enforcement and federal agencies, from the Department of Justice to the SEC to the Secret Service, to pursue these criminals, bring them to justice, and protect hardworking Americans affected most by these crimes. It’s also why it expands DOJ’s authority to prosecute fraud that takes place in many of the private institutions not covered under current federal bank fraud criminal statutes — institutions where more than half of all subprime mortgages came from as recently as four years ago.”

[MORTGAGE FLIMFLAM]

Clouded Titles-

I have been saying for years that conveying your property into a trust to avoid foreclosure is about the most idiotic thing I’ve ever seen a homeowner do. Many homeowners however are duped into believing that this scheme will mess up the foreclosure proceedings because the homeowner fell on hard times, couldn’t make their mortgage payments and became desperate. This is false!

A Palm Beach County, Florida judge has just undone over 100 quit claim deeds assigned over to Fidelity Trust Company, who the Florida Attorney General is aggressively pursuing on civil claims. The scheme involves the homeowner quit claiming the properties to the trust, who then attempts to quiet the title using default judgment methods. Fidelity then would allegedly work out a payment plan with the homeowner to fund its scheme, resulting in a restructured mortgage payment plan in exchange for the attempted lien stripping.

Instead, the quit claim deed clouded the titles to everything from high-priced waterfront mansions to condominiums, all of which were under water in value anyway. This is akin to the well-meaning Patriot-type scams I’ve talked about before. You can’t take a square peg (your own brand of justice) and put it into a round hole (the pigeonhole of a justice system that focuses on rules of civil procedure and rules of evidence). If you’re going to fight the banks in a foreclosure proceeding, you have to take the issue to the venue responsible for handling the ruling of the matter … the county court system. This county court system (whether you like it or not) was set up by the people, for the people. Granted, this system is far from perfect, but this is the system that offers some relief if the judges will just be fair and honest about how they rule. With the foreclosure mess the way it is in the State of Florida, it seems like most of the time, the judges are siding with the banks because they pay mortgages too and giving the homeowner a “free house” just isn’t their cup of tea. So they ignore the facts and the law and rule based on emotion. This is why homeowners get frustrated and succumb to alternative measures like the scheme I described earlier.

[CLOUDED TITLES]

TRUTH SERUM VERSION-

Via- Capitalism Without Failure

Jaime Falcon

Lanny Breuer appearing on the PBS production of The Untouchables

.

I guess all those millions of forgeries, Robo-Signing, title defects isn’t good enough to have the same happen.

Palm Beach Post-

A judgment against the Boca Raton-based Fidelity Land Trust Co. clears the titles of hundreds of homes statewide that were signed over to the firm in what the Florida attorney general says was a foreclosure-rescue scheme.

The company had acquired about 100 homes in Palm Beach County before being shut down by the state in September 2012. It once boasted having more than 250 properties statewide.

While an attorney general’s civil case against multiple connected defendants continues in Broward County, the December judgment against Fidelity rescinds all deeds signed to the firm and declares them null and void. The judgment was filed in Palm Beach County official records last month.

[PALM BEACH POST]

March 17, 2014

Manual first posted on this site last week: Wells Fargo Home Mortgage Foreclosure Attorney Procedure Manual, Version 1 Status: Revision 3 Origination Date: 11/09/2011 Date Last Published: 02/24/2012

and just this week this affidavit manual: Wells Fargo Home Mortgage Foreclosure Affidavit Processing Training Manual

NY Post-

New York Attorney General Eric Schneiderman and three major regulators are investigating allegations made in a federal court case that Wells Fargo has set up detailed internal procedures to fabricate foreclosure papers on demand.

A spokesman for Wells Fargo, the nation’s largest mortgage servicer, denied the allegations. He said the manual excludes details of the bank’s internal procedures and checkpoints, which would demonstrate that the bank has not engaged in any misconduct..

“Wells Fargo’s foreclosure processes — today and back in 2012 — are appropriate [and] legal. To allege otherwise is simply misrepresenting the facts,” said the spokesman.

[NEW YORK POST]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.

NOTE: Keep a lookout for WF home preservation guidelines which govern their loan mod practices.

WFHM Affidavit Processing Training

Module 1: Course Overview

Course Description

This training course is designed to meet the goals that Wells Fargo Home Mortgage has set forth to execute judgement affidavits for court filing in the state of New Jersey. This course is designed to train the Reviewers/Signer of judgement affidavits the process in which Wells Fargo will receive, review, sign and notarize the judgement affidavits. While there are currently seven main roles in the judgement affidavit process; document preparer, reviewer/signer, exceptions processor, notary, quality controller, shipping and imaging processor and tea lead, the focus of this training will be on the reviewer/signer role with a high-level overview of the roles in the process. Job aids have been provided for details on the document preparer, reviewer/signer, exception processor, notary, quality controller, shipping and imaging processor and team lead roles. Although this instructor-lead training module is focused on the reviewer/signer role, all individuals involved in the process are expected to attend this training regardless of role, to gain foundational knowledge of the judgment affidavit process, the importance of the reviewer/signer role and the responsibilities of the reviewer/signer role, as all other roles in the process are in support of the reviewer/signer.

It is important to note that a judgment affidavit is a legal document submitted to a court of law. The in depth details of a judgment affidavit will be explored in this course. When a Wells Fargo team member signs the document in the presence of a notary, the document is filed with the court and can be used in court proceedings relating to a foreclosure.

***NOTE: The signer (Affiant) may be asked to appear in a legal proceeding (deposition) if there are any disputes as to the accuracy or validity of the affidavit they have executed.

Click PDF Below for 93 Pg Manual

“The I.G. report confirmed what’s been clear for quite a while — that the D.O.J. has never taken mortgage fraud seriously,” Professor Levitin said. “There is going to be no comeuppance for crimes committed during the financial crisis. This sets a really bad precedent for future crises because we’re seeing that there is going to be no deterrent effect of criminal law.”

NYT-

In the years since the financial crisis of 2008, the Justice Department has been regularly questioned about a lack of criminal prosecutions related to the mortgage mess.

Its responses have just about always been the same, whether in public speeches by Eric H. Holder Jr., the attorney general, or in interviews with Lanny A. Breuer, its former criminal division chief. Believe us, they would say, we’ve been working overtime on these matters; if there had been cases to make, we would have made them.

Mr. Breuer was especially vocal with these talking points. But last week, a report from the inspector general of the Justice Department, Michael E. Horowitz, set the record straight. Sure enough, the report told us how hard the nation’s law enforcement officials had been investigating these cases. That is, hardly at all.

[NEW YORK TIMES]

image: Jason Reed for Reuters

This video describes the entire MBS manufacturing process and the important role Fannie Mae plays in the mortgage finance circle that connects borrowers, lenders, Fannie Mae, and investors.

.

Everything and Anything the banks have and will EVER touch is wrapped around fraud!!!

REUTERS-

The Federal Deposit Insurance Corporation sued 16 of the world’s largest banks on Friday, accusing them of collusively suppressing interest rates.

The lawsuit, filed in the federal district court in New York, was the latest to accuse financial institutions of conspiring to manipulate Libor, or the London Interbank Offered Rate.

The FDIC said the defendants’ conduct caused substantial losses to 38 banks that the U.S. regulator had taken into receivership since 2008, including Washington Mutual Bank and IndyMac Bank.

Among the banks named as defendants include Bank of America Corp, Barclays PLC, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings PLC, JPMorgan Chase & Co, the Royal Bank of Scotland Group PLC and UBS AG.

[REUTERS]