
| 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: 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 ![]()