Archive | January, 2015

ARE BONDHOLDERS LOOKING TO FIRE OCWEN?

30 Jan

shut down Ocwen and put them in jail!

Livinglies's Weblog

For further information please call 954-495-9867 or 520-405-1688

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see Fund Manager’s Letter to Bondholders Detailing Sins of Ocwen

Chickens are coming home to roost. Just read the letter. Anyone who is litigating a case where Ocwen is involved in any way in the chain of title or ownership of the loan paperwork should read this in detail. This could be used as support for arguments that the books and records of the servicer or foreclosing party should not be given the luxury of certain legal presumptions. The presumption that there is in fact a servicing de fault called by the bondholders may enough to force the parties actually prove the nonexistent transactions about which their assignments and endorsements are written.

Why? That is the  question everyone should be asking. If Ocwen was not servicing for the benefit of the REMIC Trust (and the bondholders) then who are they really…

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Missouri Wrongful Foreclosure: Trial Court Awards over $3 Million Including Punitive Damages and Quiet Title

29 Jan

Livinglies's Weblog

For further information please call 954-495-9867 or 520-405-1688

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see Quiet title Wrongful foreclosure Punitive Damages Missouri judgment.1-26-15.pdf ocr

Missouri had been impenetrable. Things change. This case finds that neither the GSE nor anyone else in the chain had the power to enforce the paper because they did not really have ownership of the loan, that their title was false, that quiet title is granted to plaintiffs, that foreclosure was wrongful, that compensatory damages are awarded and that punitive damages would be awarded. Total Judgment $3 million +.

Important takeaways —

  1. The tide has turned. Courts are no longer looking the other way on intentionally sloppy foreclosures that cover up a larger fraud on investors. The courts are not clear on how that occurred, partially because nobody has been allowed to present  it, but they have enough of a feel of the situation to see that there is something fundamentally…

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MERS Assignments VOID

16 Jan

Livinglies's Weblog

For further information please call 954-495-9867 or 520-405-1688

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see http://www.msfraud.org/law/lounge/mers-auroraslammed.pdf
While there are a number of cases that discuss the role of Mortgage Electronic Registration Systems (MERS), this tells the story in the shortest amount of time. MERS was only a nominee to track the off-record claims from multiple parties participating in what we call the securitization of loans. It now appears that the securitization in most cases never took place but the banks and their affiliates are foreclosing in the name of REMIC trusts anyway, relying on “presumptions” to “prove” that the Trust actually purchased and took possession of the alleged loan. In every case I know of  where the homeowner was allowed to probe deeply into the issues of whether the Trust actually received the loan, it has either been determined that the Trust didn’t own the loan, or the case was settled before the court could…

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