Goldman Sachs Sued For $490M By Regulator Over Risky Mortgages

Another lawsuit for selling crap securities, this time Goldman Sachs sold them to credit unions, and lied about the crap they were selling -- we continue to note that the crap mortgages peddled onto unsuspecting home buyers / re-financers, is something the courts, for the most part, have yet to acknowledge or allow claims against the lenders by the homeowners.  TILA, RESPA and other federal consumer protection laws have a 1-2 year statute of limitations from the time you went to settlement on the loan (or discovered the fraud, but this argument goes nowhere in the courts).

However, 15 USC 1640(e) provides that you can raise TILA claims at any time that efforts are made to "collect the debt."  A foreclosure is an action to collect a debt (See Wilson v. Draper & Goldberg, from the 4th Circuit Court of Appeals), yet homeowners are being denied the opportunity to raise these defenses as the claims filed by our office have been repeatedly dismissed due to the statute of limitations; the court of appeals affirmed those decisions. 

Check out the Goldman story HERE

AIG Sues Bank Of America For More Than $10B Over Mortgage Securities

No surprise, was just a matter of time, and you can expect to see a lot more of this type of lawsuit.

Check out the story HERE

New York Attorney General Accuses Bank Of New York Mellon Of Fraud, Moves To Block Bank Of America's Mortgage Deal

As we have been saying, the more digging that is done, the more garbage we will find.

Kudos to the NY AG.

Check it out HERE

BofA Settles For $10 Million Over Allegations Of Mortgage Abuse

BoA settlement .. what does this mean for homeowners who were / will be unlawfully foreclosed on?  No one knows - probably nothing.  10 million dollar settlement.

Read all about it HERE

Side Deal With Bank Of America Would Cede Liability In Exchange For Homeowner Relief

BoA in talks with states to settle wrongful foreclosures - other banks in early talks as well. 

With all the major banks attempting to settle wrongful foreclosures, the courts cannot be far behind in forcing the banks to at least submit proper paperwork that is legally sufficient.  To date, it seems the banks are allowed to simply make up their documents, with no consideration of the language in them, the legal status of the entity acting, or the capacity in which they act (as agent, nominee, or in its own name).  These terms matter - one cannot act in his own name if he has no interest in the mortgage.  One cannot act as an agent for an entity that itself has no interest in the mortgage.  This has got to stop.

Check it out HERE

Lawyers, foreclosure fatigue and the dreaded FREE HOUSE

Excellent post on Mandelman's Blog about the status of foreclosure defense around the country - check it out HERE

Internal Doc Reveals GMAC Filed False Document in Bid to Foreclose

Wow.  I cannot remember the number of times we have been in court to challenge the fake documents executed by Jeffrey Stephan.  Perhaps now the outcome might go our way ..... this article reveals how Ms. Stephan, as an agent for GMAC, working with the foreclosing law firm, literally fabricates a document to create the appearance of authority to foreclose.

We have been saying it for years (literally).  The problems are going to continue to come out, and the truth will eventually find its way to the surface.

Do not miss this story at ProPublica.Org

Read all about it here

NY Times article - NY and Delaware AG's investigating whether the REMIC trusts actually own anything

While it looks like some courts will question the Wall Street Trusts, others have no desire to challenge the securitization trusts ownership of blank endorsed notes.  On the other hand, the NY and DE AGs are investigating whether these trusts actually own anything. 

We know what they will find.  Question is, what will they do about it given the ramifications?

Check the article out HERE

Protestors at JPMorgan Shareholder Meeting Demand action on Foreclosures, Human Rights Violations

We shall see what JPMorgan does.

Read about it HERE

Confidential Fed Audits Accuse Five Biggest Mortgage Firms of Defrauding Taxpayers

Read all the goodness HERE

Deutsche Bank accused of Massive Mortgage Fraud by the U.S. Government

All the goodness right HERE

ProPublica Story on Modification and Forbearance Agreements requiring homeowners' to waive rights

And, yes, we see this all the time.

Check it out HERE