Editor’s Comment: Only one Bank has failed in Louisiana since the financial crisis began. And only one bank in the United States has commenced operations in the year 2010 — this one in Louisiana. Despite an unofficial moratorium on new bank charters of 70-year-old retiree, Hartie Spence, managed to navigate the regulations and got the [...]
The press continues to serve their vital function of reporting on the flawed foreclosure process that has infected our courthouses.
We all need to do our jobs and continue to fight these abuses, continue to educate our elected and senior judges and work with the press to make sure the tragic story that is foreclosure is [...]
The Wall Street Banks and Shady Subprime Lenders were engaged in a massive, government sponsored ponzi scheme. No-one knows who actually lent the money when the subprime loans were were originated and no-one has any real idea who actually owns those loans today. Rather than admit that the failed business practices of these lenders and [...]
EDITOR’S COMMENT: Here is an interesting comment from Scott Baker — someone who “has no dog in the race.” They paid off their mortgage. The point here is that Lenders knew exactly who their customer was, but the borrowers never did. In a “free” marketplace, this choice was taken out of the hands of the [...]
Editor’s Comment: THIS IS WHY EVERYONE SHOULD BE ALARMED AT THE FAILURE OF THE COURTS AND GOVERNMENT AGENCIES TO GIVE THE STOLEN PURSE BACK TO INVESTORS AND BORROWERS. EVEN IF YOU ARE NOT UPSIDE DOWN, EVEN IF YOU DON’T HAVE A PREDATORY LOAN YOUR HOME, YOUR LIFE AND THE ECONOMIC HEALTH OF YOUR SOCIETY IS [...]
Just a few short weeks ago the Fifth Circuit Court of Appeals released its opinion in the case I had the privileged of arguing along with Greg Clark, Taylor v. Deutsche Bank. The trial court attorney and the attorney who prepared both the appellate briefs and this Motion for Rehearing was foreclosure defender George Gingo.
As [...]
EDITOR’S NOTE: Today’s editorial in the New York Times mirrors the outlook of most Americans. It’s time to pass some new rules. I agree but I think that puts the emphasis on the wrong place. Most of these “new rules” were already in the old rules. They were not enforced. So the first new rule [...]
SHELL GAME CONTINUES. WHO HAS THE BOND? WHO HAS THE RECEIVABLE? WHO HAS THE SECURITY INTEREST? WHO IS GETTING PAID? WHERE ARE THE MONTHLY PAYMENTS GOING? FANNIE MAE AND FREDDIE MAC ARE BIG PLAYERS, AS IS THE FEDERAL RESERVE. ARE THEY THE ONES REALLY FORECLOSING UNDER COVER OF SECURITIZATION? EDITOR’S NOTE: Another entry under the [...]
06norris.html?_r=1&ref=business&pagewanted=print Editor’s Note: Deep down in this article lies the heart of the matter of disclosure and fraud in the U.S. Marketplace. It is that there is a floor below which a financial company need not go in making disclosures. And it is under those floorboards where all the vermin and toxic waste is hidden. [...]
The simple truth was and is that I was excited about the prospect of making the REST Report available to homeowners. I’d worked for ten months to make it available, and it was ten months with a front row seat to the ongoing tragic scene that has become the foreclosure crisis. (And look… it’s working even better than I thought it would, so what would you do in my position, sit quietly?)
EDITOR’S NOTE: It wasn’t so long ago that I had to practically pulled teeth to get her attorneys to agree with the proposition that nearly all of the foreclosures were fake. Matt Wiedner seems to have his finger on the pulse of what is really happening. I think the most important feature of this article [...]
My goodness, I’ve been doing quite a few radio programs on the foreclosure crisis and loan modifications and the economy lately, have you noticed? I really like doing the radio show thing, it’s a lot easier than writing long, in-depth articles… LOL… just kidding… sort of. Anyway, this is a link to me on Danny Schechter the News Dissector’s show, which is out of New York.
sternclassaction Entered on the Court docket of the Southern District of Florida, a class action for damages has been filed against MERS, the Stern Law Firm and David Stern individually.The lawsuit alleges racketeering under the RICO (Racketeer Influenced and Corrupt Organization Act, 18 U.S.C. Sec. 1962 and 1964) statute, alleging that MERS was created “in [...]
From M. Solimon Editor’s Note: Pretty Good Entry From M. Solimon discussing aspects of fraud. I would add the following: FRAUD: A false statement wherein the speaker knows it is false, intends for it to be relied upon to the detriment of the receiver, who does reasonably rely on it to his/her financial detriment. FRAUD [...]
WHAT IS ABOUT TO HAPPEN: The appointment of the head of the Bureau of Consumer Financial Protection recently created by the new federal legislation on financial reform. Elizabeth Warren and Mary Schapiro essentially defined the job. Ms. Schapiro is already head of the SEC and is vigorously investigating and prosecuting the mortgage fraud business across [...]
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