From the AP: Robo-Signing Practices Older, More Pervasive Than First Thought

More pervasive and older than thought by whom?

Not by many in the legal community fighting the banks efforts.

Read about it HERE

One Way to Speed the Recovery? Help Households, Not Banks

It will be great when this begins to happen ... sure.

Check it out HERE

FDIC Objects To Bank Of America's $8.5 Billion Mortgage Settlement

Check it out HERE

Must read article by Gretchen Morgenson. Her voice is beyond important to this issue. All of her articles are must reads.

Check out her recent article about The Bailout that Missed Main Street HERE

Foreclosures on the rise

WARNING SIGN: via HuffPost

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Goldman Sachs is next. Sued by Allstate for toxic investments.

Allstate Sues Goldman Sachs Over Toxic Investments: via HuffPost

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Robo-Signing still Very Common - surprised?

Check it out on iWatch, a great site - read it HERE

Bank of America owns Recontrust, which was recently sued by Washington State

It is about time --- someone, somewhere, CARES that the banks OWN the entities that act as trustee to the homeowner on a Deed of Trust.

We have been complaining of breach of fiduciary duty for 3 years - and no one has listened.  It is amazing how the trustees act like the bank's attorneys during the foreclosure process and ARE the bank's attorneys in the eviction process in court - they should be helping the homeowner at least as much as the bank, if not more, as the bank usually is NOT a party to the Deed of Trust.

Recontrust often serves as trustee in VA as well - always alongside another firm (Sam White, or recently Atlantic Law Group is their co-trustee of choice).  This is necessary because non-resident entities may not serve as trustee to a deed of trust in VA.  They seem to think that by having a co-trustee that makes it ok.  It does not make it ok.

Check out the story HERE

Get ready for One World Govt conspiracy theorists to go crazy - "The Euro Zone"

Merkel and Sarkozy recommend a Euro Zone - one govt to set tax and budget policy for all 17 countries.

The concern - are sovereign nations (Euro members) ready to give up authority over tax and budget policy.

We shall see.

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