WHO’S YOUR LENDER?

An institutional investor is calling on Bank of America CEO Brian Moynihan and the bank’s board to investigate allegations from former employees that they were encouraged to deny mortgage modifications to homeowners.

In a letter filed with the Securities and Exchange Commission, the shareholder, Houston-based Finger Interests Number One, blasts the board and the company’s management in light of the employees’ claims, saying “nothing has really changed” under Moynihan and the leadership of Chairman Charles Holliday.

“The case and, more importantly, the affidavits … say volumes about the failures of senior management and the board of directors to materially change the corporate culture that has long existed at Bank of America prior to Brian Moynihan’s ascendance or most of this board of directors’ inauguration,” says the letter, which the SEC posted on its website Monday.

“Each new headline chips away at the company’s image and damages its standing with customers and potential customers. In consumer perception of reputation among banking companies, Bank of America ranks dead last.”

Read more here: http://www.charlotteobserver.com/2013/06/25/4126140/shareholder-wants-bank-of-america.html#storylink=cpy

http://www.charlotteobserver.com/2013/06/25/4126140/shareholder-wants-bank-of-america.html

ABOVE POST IS AN ADVERTISEMENT FOR CFS’s “FLEXIBLE CREDIT PROGRAM” IN AZ & CA.

ROGER CAN YOU SPELL C O O K I E ?

I”M NOT SAYING THEY ARE BOTTOM FEEDERS. I WOULD HOPE THEY ARE NOT BOTTOM FEEDERS. I SIMPLY TAKE OFFENSE @ DECEPTIVE ADVERTISING.
THERE ARE MANY POSTS AND LINKS ON THIS BLOG REGARDING PREDATORY LENDING PRACTICES THAT I HIGHLY RECOMMEND THIS 28TH OF JUNE AS LIGHT WEEKEND READING.

BYE THE BYE FIVE 3 MILE SECTIONS WOULD BE 15 MILES. REMEMBER BANKSTERS ONLY TELL THE TRUTH…….WELL ACTUALLY NEVER.

Mary,
I just received notice from BOA that Everhome will be taking over service of my “mortgage”.

I have sent them correspondence in the past demanding the original wet-ink note, of course they refused, but they did admit they were just servicing the mortgage…Fannie Mae apparently owns the note and Mers is involved as well. The original servicer was COUNTRYWIDE, the mortgage was made in may 2005.

I have always suspected fraud, as BOA has always replied to my queries with evasive and slippery lawyer speak.

Please note that I live in a non-judicial state and have never been late on a payment.

I just know this is a deep rabbit hole…but how to proceed now? BOA has had the mortgage for what?…4 or 5 years? Can I still sue BOA for fraud for past payments made?

What , if any , suggestions do you have have to deal with the transfer to Everhome?

Funny thing is, my payment is due on the 1st. I tried to sign up with Everhome website and it kept denying me saying ” Loan number is invalid or can not be accessed at this time”….What? The 1st is Monday……something smells awful fishy.

Also, I had a HELOC with COUNTRYWIDE as well, I paid this off (when BOA took over) and never received a closing notice as you stated in a previous post.

Thanks in advance!

@Wizzer BOA is getting out of the Loan Servicing biz and turning over their files to unregulated companies like EverGreen, Green Tree, Nationstar.

The Global Settlement negotiated by the 50 Attorneys General DOES NOT APPLY to these new servicers.

A number of homeowners are reporting major issues such as payments not being properly to their accounts.

Here’s a document that chronicles the parade of horribles BOA is tracking:
http://msfraud.org/LAW/Lounge/Bank-of-America-Insider-Docs_6-13.pdf

A Massachusetts Law firm organized a class action against Green Tree. They closed the eligibility for new participants, but are sharing info all homeowners whose accounts have been transferred from BOA to Ever Green, Nationstar, GreenTree:
http://msfraud.org/victims-of-green-tree-servicing-and-bank-of-america_6-13.html

Keep careful records of all the infractions, errors and your complaints and submit the info to the Consumer Financial Protection Bureau, FTC, your state Attorney General

This is going to be a nightmare, I’m afraid.

Next, you need too purchase the book, for about $20 on Amazon link on The Burning Platform for:
“Fighting the Foreclosure Machine”

This book is for all homeowners, not just people fighting foreclosure. It is a guide on how to approach your servicer and ask for information on how they obtained the rights to enforce your Note.

Under the Uniform Commercial Code, which governs negotiable instruments, including mortgage loan promissory Notes, there is only ONE person with the rights to enforce your note. We’ll call that person Pete.

Now, often Pete will give those rights to enforce the Note to another person. We’ll call that person Bob.

Bob is your servicer. In this book, there are a number of templates for letters you can mail to Bob and ask him how he obtained those rights to enforce your note.

If Bob refuses to answer your thoughtful questions, then you can sue Bob for standing between you and Pete.

You should also mail these letters to BOA, cuase you don’t know for sure if they are Pete – or Bob or not.

This is in addition to the Qualified Written Request, Debt Validation letter. Think of it as phase two.

You and everybody with a BOA/Countrywide mortgage need to do this NOW. BOA is about to go under – rumors are it will be taken over by JP Morgan Chase or Wells Fargo very soon.

If you do not get the info from BOA NOW, when they collapse the info will be gone forever. Then, good luck trying to sort this mess out.

Sorry the news is not cheerier. Unfortunately, you are being caught up in BOA sunami that hit many homeowners after the crash when they asked for modifications.

Many people have been struggling with BOA in the same way you have been with EverGreen. Now everybody is getting the same treatment.

@Rich Maybe Jamie Dimon can share a cell with Rana,. Heh

Also, Evergreen does not become my servicer until the 1st of July…Monday.

I am just trying to predict what will happen and from their poor customer service and ratings, I will not expect much. How are these “servicers” not held accountable? By design?

OH SHIT

LPS is one of the major players in document creation. Here’s a list of law firms and other orgs it contracts with. Check this out to see if any of the firms you have been in contact with are also LPS vendors.

LPS does a revenue share – which may, or may not be kosher.

http://interchange.lendingsvcs.com/providers.html

Mary
Agreed. I’ve been “working it” all along but time to ramp it up big time. Wondering how to structure for the position “Your Honor if BOA couldn’t or wouldn’t produce this documentation and whoever gets them can’t or won’t produce the documentation then just what exactly did they get that establishes any obligation to them?” Pretty much the position I’m taking with BOA redux.
However what SCARES me is the overall position. The central bank’s bank saying no more stimulus, the Chinese banks suspending loans, Bernucklehead tinkering with dynamite…………….. I’m not sure it will matter any more than rearranging deck chairs on that boat built by the arrogant experts………..At least when they hit the reset button whatever is still standing will clog whatever remains of the court system not to mention land records. Maybe its’ time to take the Preppers a bit more seriously……….
So this is where the term plunger comes from…Talk to ya soon

@Wizzer Gosh, this is a good example of what has been happening in land registries. So much fraud, confusion and back-tracking – really hard to keep everything straight.

Do you have a good local attorney with expertise in title? Maybe this would be a good next step..

afsobejana
Its quite a bit more complicated than that. But I like the way you think. Much closer to the heart of the matter is 1) Did BOA actually buy the loan or was it held off book for accounting purposes. 2) If Countrywide securitized your loan then BOA has no claim to the collateral without the express assignment and consideration from and to the trustee of the MBS. 3) If the acquisition was the servicing rights for the promissory note which was segregated from the security instrument by assignment to MERS than the only “asset” BOA could receive from Countrywide by way of an assignment from MERS is possession of the collateral which is worthless without the note which can ONLY be transferred by negotiation (physical delivery) and consideration (value for item received)
According to professor J.T.Newman JD “Unless there is a written assignment from the mortgage owner (Freddy or Fannie or other) to the servicer, the servicer cannot foreclose for the simple reason they are not part of the mortgage contract. Simply put, only the mortgage owner can foreclose on the mortgage contract. Moreover, if the assignment of the mortgage is invalid or fraudulent, then there is a “cloud on title” which should be identified by title and mortgage insurers.
Second, according to Powell on Real Property section 37.27 (quoted above),
It must be remembered that the mortgagee has two interests: (1) the debt or obligation which is owed to him, and (2) the security interest in land represented by the mortgage …. In fact, the primary interest is the personalty debt obligation. The interest in land which is available in case security is necessary because of the debtor’s default is considered a collateral interest. Much trouble has been caused by mortgagees attempting to transfer only one of these two interests. Where the mortgagee has “transferred” only the mortgage, the transaction is a nullity and his “assignee,” having received no interest in the underlying debt or obligation, has a worthless piece of paper.”

As noted above, it is important to understand that a mortgage contract is an interest in land and, as such, must be in writing to be enforceable per the Statute of Frauds (or fall within one of the exceptions such as an admission in court). Therefore admit NOTHING. It is your constitutional right to maintain a position requiring opposing consul to prove everything to the letter of the law inclusive of the money and paper trail which the absence of constitutes fraud.

To paraphrase UCC 3 – 106(d)
If a promise…at the time it is issued or first comes into possession of a holder contains a statement, required by …..law, to the effect that the rights of the holder or transferee are subject to claims or defenses that the issuer could assert against the original payee….. IF THE PROMISE OR ORDER IS AN INSTRUMENT, THERE CANNOT BE A HOLDER IN DUE COURSE OF THE INSTRUMENT.

TGINAL Thank God I’m Not A Lawyer … Just Mad as Hell

Mary…in reviewing the Texas Constitution regarding Texas Home Equity mortgages I discovered that there were a few notices that we did not get. According to section 50(a)(6) it states the loan must not close before 12 days after you submit a loan application to the lender or before 12 days after you receive the 12 day notice, whichever date is later. We never received a 12 day notice and the loan application was signed at closing. In addition it also states that the HUD settlement statement must be signed one day before closing. It was also signed at closing not one day before. In your opinion do you think we have an argument for standing?

Wizzer
Both good questions. Never stop asking them. You’ll be surprised – allot. MBS stands for Mortgage Backed Security. In its simplest form (and it is best to start there as it moves off simple very quickly) A mortgage-backed security (MBS) is an asset-backed security or debt obligation that represents a claim on the cash flow from mortgage loans, most commonly on residential property.
First, mortgage loans are “purchased” from banks, mortgage companies, and other originators. Then, these loans are assembled into pools. This is done by government agencies, government-sponsored enterprises, and private entities, which may guarantee (securitize) them against risk of default associated with these mortgages. Mortgage-backed securities represent claims on the principal and payments on the loans in the pool, through a process known as securitization. These securities are usually sold as bonds, but financial innovation has created a variety of securities that derive their ultimate value from mortgage pools. Again its simplest form and already a dumpster full of problems. First a mortgage loan has three parts (1) the note which evidences the amount loaned and the terms of repayment. (2) the mortgage or real property lien which lists the LENDERS alternatives for collecting repayment of the alleged money loaned and (3) an intangible payment stream created by and dependent on (1) & (2). Number (3) can be bought, sold and transferred by certificate. Initial and subsequent certificate transfers involving dividing the payment stream does not transfer ownership or rights evidenced by (1) & (2). A true sale of (1) & (2) to each and all of the owners of the MBS requires compliance with the laws on negotiation.
Enter Fannie Mae.
Ginnie Maes account for about 10 percent of the mortgage-backed securities market, says Dan Newhall, a principal with Vanguard Group.
Fannie and Freddie are much bigger and more diversified.
They buy mortgages from lenders that are not government insured but meet certain standards. Fannie and Freddie package loans into mortgage-backed bonds and sell them to investors. SEE ABOVE. Fannie and Freddie also guarantee bonds that are packaged and sold by others, as long as the mortgages meet their standards.
Unlike Ginnie, Fannie and Freddie keep some bonds on their own books. They also buy and hold some mortgage securities packaged by others.
Fannie and Freddie securities are found in a wide variety of bond funds including government-income funds, which are allowed to buy them even though they had no explicit government backing, at least until now.
Enter Countrywide.
Referencing Countrywide v. Kemp, and the sworn testimony of
Linda DeMartini, a top official at BofA. She acknowledged on the
record in a deposition that Countrywide never conveyed the mortgages
to the trusts, and that Countrywide notes “weren’t endorsed except on
a case-by-case basis generally long after securitization ostensibly
occurred.” This would mean that the mortgage-backed securities
composed of Countrywide loans are, in fact, non-mortgage-backed
securities and incidentally unsecured by virtue of fraud. Remember you own the note not the bank.
Fortune has examined dozens of court records that corroborate the
employee’s testimony. And if Countrywide’s mortgage securitizations
systematically failed as it appears they did, Bank of America’s
potential liability dwarfs its shareholder equity, as the
Congressional Oversight Panel points out.
Field did the grunt work of looking at the court
records, which back up DeMartini’s claim. None of the 104 Countrywide
notes she looked at in two New York counties were endorsed originally.

1. MORTGAGE FRAUD
Years back the banks began to turn a mortgage into a commodity, with good paying mortgages, then they saw they were running out of this commodity, so the big banks, including Fannie & Freddie started approving loans to almost anyone and everyone, not so much to just give that person a home to have, but they were more concerned about creating more of the commodity. More securities to sell to investors. They even knew some home owners would not last several years or several months, as long as they could say to investors, “Hey, we have more mortgage backed securities to sell”.
Now, to sell all these securities, they would have to create a mortgage assignment which is normally recorded with the county land recorders office for a fee. Physically, that would take up too much time and money, so the big banks invented and created MERS,(Mortgage Electronic Registration System). This electronic service was only created to track mortgages sold and bought in the secondary securities market. MERS legally has no invested interest in the mortgage, so they truly are not able to transfer or assign the mortgage acting as a nominee of the loan. But they are! Wrong. The chain of title of the mortgage is broken right here at this very early stage. The mortgage/note has to be assigned from one owning entity to the next owning entity. MERS never owns the loan, but they are creating and are listed on assignments at the local land recorders office. Now that the mortgage was bundled, sold and bought back and forth with investors, no continuing assignments are recorded with the county recorders office. By not recording these documents, Fannie & Freddie & and all your Big Mortgage Servicing banks are saving millions-billions on recording fees, and possible taxes, etc.
What I have found was that the Servicer of the mortgage is listed with the county recorders office as if they own the mortgage, while Fannie & Freddie or other Big Banks are selling the bundled mortgages as securities. Kind of like a Pizza shop cooking pizza legitimately up front, and a mobster selling off investments in the back. (Racketeering). The Servicer up front really is not the owner of the loan, and they tell you this. They also admit that your loan is owned by Freddy or Fannie, or the Investors. So when the Servicer now tries to foreclose on a homeowner, they are not truly the owner of the loan, and you have to own the loan to foreclose!!! Many never even question the Servicer and walk away from their home. Now to foreclose as quick as they can, that’s where the robosigners come in. These people do not review anything in the foreclosure paperwork about the loan, but only sign a name on the affidavit page on thousands of mortgages to get the foreclosure going before any homeowners begin to catch on.
You see, its a matter of a quick process the Servicing banks want to achieve in order to get the property in their possession, only to sell it. The crazy thing is, when the originating bank gives the loan, then sells it to the 2nd bank which mostly ends up being the servicer, they again sell it to the 2 major players (Freddie & Fannie) and they sell the mortgage back securities to investors. So the servicing bank gets paid for the mortgage and still collects payments toward the mortgage and a percentage goes to the Servicer, Fannie & Freddie and the Investor. So they are all making money. Then the Servicing bank comes to foreclose and if they are allowed to foreclose they get the home without true ownership, even though the loan is actually sold off into bits and pieces to investors. I can go on further, but to conclude, if this were a murder case, I would call this act of the banks premeditated, not an accident. This was all planned out in order to reach the highest profit they could using the mortgage backed securities as a commodity, and have total disregard, deliberately, intentionally ruining the lives of millions of homeowners.
And this info may be very interesting to you

http://www.fanniemae.com/loanlookup/

NY Judge Schack destroys JP Morgan Chase and Fannie Mae.

The homeowner refinanced with WAMU – and JP Morgan Chase claims it purchased the mortgage and had the right to foreclosure.

That was in 2010.

As the case moved forward, evidence that JPM Chase ONLY bought the servicing rights – not the actual Note/mortgage from WAMU surfaced.

Still later, Fannie Mae reared her ugly head.

Who had the right to enforce the Note?

Read this decision – and use whatever you can from it if your alleged Note was “purchased” by Fannie, or, if your originator was WAMU.

Good white paper on Property Title posted on MSFraud.org:
“Failing to properly transfer ownership of loans and mortgages,
recording fraudulent documents and performing
unlawful foreclosures are some of the actions that created
title defects. Those actions evince a systemic failure to
comply with longstanding principles of real property law and
regulations governing
financial transactions. At the end of
the day it will be the title insurers who will have to resolve
the resulting plague of toxic titles.”
http://msfraud.org/LAW/lawarticles/THE-BUCK-STOPS-HERE_TOXIC-TITLES_summer-2013.pdf

Mary,
You are a delight!

Thanks for all you do

Mary…thanks for your response. Yes about 4 weeks ago I joined the afnetwork.org. I sent them a note today in hopes that I might get some feed back. Also I came across another item in one of the assignments that was done …. it only mentions my husbands name as trustor per the trust deed, it doesn’t mention mine…. however, the other two do. What do you think?

Also tried to read the Texas decision you posted but was not able to access the link. I will keep trying.

Again thank you for all you do!

@FML Gee, I think leaving your name off the Assignment may be something the attorney can give you advice on.

It could be considered a scrivener error, or be key. I just don’t know.

I think it is key, in any state, for homeowners to attack the core –
Is this a valid contract?
Is the debt owed to the entity who filed foreclosure complaint? Is there a default?
What is the amount of the debt?

Remember, many homeowners are fooled into thinking that a default occurs when they stop paying, or payments are smaller. Not true.

The Note is what needs to be in default – not the borrower. Big diff.

So, you need to find out, thru Discovery if there are payments advanced paying your alleged debt. If so, who has advanced the payments? What is the real amount due?

Quick question – did you buy the “Fighting the Foreclosure Machine” book yet? Be sure to send out letters to your servicer featured in the book. This is what attorneys call soft Discovery. A foreclosure complaint has been filed against you. You need to research the foreclosure law and court rules to find out the timeframe for answering the complaint – what kinds of answers are acceptable to the court and what they mean.

Please look up Discovery in your court rules too.

Not an attorney, not qualified to give legal advice. Just trying to point you in the right direction – towards resources and sources – so you can find what you need and do this Pro Se.

Also – there must be some attorneys doing this work in Texas. Have you had the chance to Google foreclosure cases in Texas, read case law – and find the attorneys who are winning the cases?

Remember – you can ask an attorney to write the pleadings for you – without being in the case. This is a project fee – not monthly retainer, so it’s much less expensive. And many attorneys have lower payment plans for clients in foreclosure defense. If this were me, I would keep searching for legal representation while I was keeping track of all the steps and the dates motions and answers are due simultaneously.

Time is running short – please be sure not to miss any important court deadlines for motions, answers or appearances, OK?

Wizzer
Here’s the link to the index (I’ll update soon) You can use the drop down menus @ the column descriptions to filter the search in multiple ways. Enjoy

http://sdrv.ms/11jSm0u

I’ve posted several news stories about homeowners who are filing liens on their properties in the county registry after a foreclosure and before Sheriff sale.

There is lots of really bad info on the Internet these days – I urge EVERYONE NOT to file liens on their properties.

Homeowners who stumble across this “advice” posted online from Sovereign groups and act on it – ARE GETTING ARRESTED. Homeowners are charged with FELONIES. Some cases, their bail is six figures because they are considered members of Sovereign group, who are considered terrorists by the FBI.

Several homeowners have mentioned the filing the lien on your property idea – and I have urged them NOT to do it. But it bears repeating for the rest of the class.

Homeowners who travel down that path are not just losing their homes – they are losing their freedom.

Don’t even think about doing this, OK?

We’re working to restore the rule of law – not break it.

I’m back. I decided to call Steve that you referred me in a previous note.
I think he is the ticket.
Thank you!

@Julie Boy you’ve been busy. I agree with your decision on Steve – think he’s much better choice than a securitization audit.

Since an alleged trust has filed a foreclosure complaint against you, one of the first things you need to do is:
-Perform an entity look-up for the EXACT name of the alleged trust:
The Bank of New York Mellon,
F/K/A The Bank of New York, As
Trustee for the Certificateholders of the CWMBS INC., CHL Mortgage Pass-Through Trust 2006-HYB4, By Its Servicer Bank of America, N.A.

BTW – Is this the exact, legal name of the trust? You will see the exact name in the PSA.

Check the following sources to determine if this alleged trust is registered as a corporation in:
-Michigan Secretary of State
-State it is incorporated in – that info is in the PSA. Usually it’s Delaware – but check carefully

Also check to see if the alleged trust is licensed in MI
-Michigan Department of Banking

A corporation is a piece of paper, and is governed by state and federal law. If a piece of paper stating the entity exists DOES NOT EXIST, then the corporation DOES NOT EXIST.

If an entity DOES NOT EXIST then it can’t file a lawsuit against you, or anybody else, can it?

And please know that NO Assignments of Mortgage are kosher. Assignments of Mortgage are a treasure trove of violations and homeowner defenses.

Question – who was the originator of your alleged mortgage?

Also – was your alleged mortgage purportedly in default when the Assignment was recorded? If so, it is a violation of NY Security Law for a defaulted mortgage to be assigned into a trust. No can do. And, when was the closing date for the trust? This info is in the PSA. If your Assignment was created and recorded AFTER the closing date of the trust, THEN IT IS NOT VALID. Violation of the PSA. Steve will tackle all these issues for you. But you need to tell your attorney that the Assignment is NOT OK. Sheesh…

MERS assignments are problematic for a number of reasons. There are a number of MI cases where MERS was discounted as legitimate foreclosing agent. Your attorney should do a Westlaw search – but I’ll dig thru my files and post the cases for you.

I’m a bit concerned your attorney does not appear to be up to speed. I think Steve should work closely with him to make sure he man’s up.

Please perform the entity look-ups, review the PSA for closing date, cut-off date, and legal name of the trust.

I think you may find meritorious defenses here. Heh.

If you need any help, please jump back on and we’ll be glad to help.

Wow Rich, I have a friend who was late on a payment and WELLS Fargo went into her bank account and somehow extracted money, BUT the checking account was with another bank, not WELLS. How can they do that? She previously had direct debit set up for the account, but had terminated it months ago.

@Dumontsgirl Very interesting. Countrywide Bank FSB no longer exists. If I were you, I would research the tortured corporate history of Countrywide FSB and determine how this entity was registered. I would also look to see if a piece of paper exists that proves Countrywide FSB was absorbed/purchased by Bank of America. BOA purchased Countrywide, but did they purchase Countrywide FSB? If so, did they ONLY purchase Countrywide FSB assets and liabilities? Is there an official document that proves BOA bought the loans/mortgages that were allegedly securitized and held off balance sheet?

This is where BOA and other banks like Chase and Wells Fargo claims of purchasing loans from banks they took over – comes off the rails.

Mozillo, the Chairman of Countrywide had a sweetheart deal with Fannie and Freddie. That’s why he invested so heavily in the “Friends of Angelo” program where Countrywide cultivated Washington DC contacts. Countrywide had a rating system where they actively recruited customers who knew somebody important on Capital Hill. These people were given low interest rates on fixed mortgages as a way of currying favor with Congress and regulators. I read the report and it is sickening.

Countrywide sold the MBS to pension funds, then sent its own staff and network of independent mortgage brokers out into the marketplace to write the loans. Then those mortgages were sold to Fannie and Freddie.

Countrywide write crappy loans from the start to anybody who could fog a mirror because they transferred all the risk to Fannie and Freddie.

Knowing this, I can say that your mortgage is probably “owned” by Fannie or Freddie.

Be sure to read the new decision from Judge Schack several days ago. It concerns a NY homeowner who was defending a foreclosure filed by JP Morgan Chase. Turns out the Note was actually “owned” by Fannie.

Very interesting decision. Lots of good info in it you can use.

Great job getting this version of the “original” Promissory Note.

Now’s the time to purchase the book, “Fighting the Foreclosure Machine.” You can buy the printed version on Amazon – link on this site. Or buy the ebook on http://www.fightingtheforeclosuremachine.com

This book is not just for homeowners in foreclosure. It is a guide on how to bring the alleged lender to the table by asking questions – in letters that are supplied in the Appendix – that ask for evidence that the entity claiming to hold your note – obtained those rights.

Opens up lots of new opportunities for homeowners.

I think that should be your next step.