'A wolf in sheeps clothing'



   New York Times

      Foreclosure Machine Thrives on Woes

(Click for full article)

(Click for full article)


Really good article! I love Gretchen Morgenson's work! Below are a few things she missed and several things I would have mentioned to her that would have really added to her article.

1) Servicing companies (in present days) do represent mortgage lenders, but they are not the original lenders. The mortgage backed securities trusts (CMBS and RMBS) are the mortgage holders. The original bank has already deposited the loan, gotten their money, and left.

2) The bank and servicer have nothing to lose. All losses are borne by the MBS investors. When loans default, the first loss bonds are either junked, or the servicer must make advances to the trust to pay the first loss holder (which normally, would have already been junked). This leads to a whole new racket which I can explain over the phone.

3) Many other judges ruled similar to the judges she mentioned, some, whose rulings were even more critical to the defense of borrowers..

Here is a quote by Boyko that I think she would have loved to put in her article:

"The Court will illustrate in simple terms its decision: "Fluidity of the market" — "X" dollars, "contractual arrangements between institutions and counsel" — "X" dollars, "purchasing mortgages in bulk and securitizing" — "X" dollars, "rush to file, slow to record after judgment" — "X" dollars, "the jurisdictional integrity of United States District Court" — "Priceless."" -Honorable Judge Christopher A. Boyko

Judges are starting to wake up and see that the Servicers dont have standing, and the true party (the MBS trusts) cannot suffer damages as they are pass through entities. This is just a huge new racket, I refer to them as Toxic Bonds and the Toxic Bond King is Richard Kovacevich of Wells Fargo, the trustee of 90% of CMBS trusts. Wait and see what'll happen when everyone understands this..

Speaking of "repeatedly submitting erroneous affidavits" to steal property, here is an example of one, the Dot Peel affidavit, that was used by Wells Fargo and ORIX to steal the Arlington Apartments which were part of the MLMI 1999-C1 Trust. Check out the video, its pretty funny!

New York Times - Foreclosure Machine Thrives on Woes
Recent Federal Court Rulings Against Wells Fargo
How to Beat a Predatory Servicer: Part 1
The Toxic Bond King: Richard Kovacevich
Supreme Court of Virginia Ruling Against Wells Fargo
Southern District of Ohio Agreeing with Northern District of Ohio
Self-admittedly false affidavit of Dot Peel used by Wells Fargo and ORIX to steal property




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