Posted on 01/19/2011 11:58:06 AM PST by FromLori
Well well well.... what do we have here?
JPMorgan Chase & Co.’s EMC Mortgage, facing homeowner lawsuits over foreclosures, was sued by the trustee of a mortgage portfolio for refusing to turn over documents detailing the quality of loans bought by the trust.
Who sued them? Wells Fargo!
The issue is that EMC is refusing to turn over loan files.
Wait a second.... where's EMC's role in this?
We're gonna have problems here I think. Shouldn't Wells have these documents already? Probably - unless they had a custodial agreement with EMC. And if they did, what's EMC's excuse? They don't have one in that instance - they're an agent of Wells, not a principal, which means that Wells is odds-on to have never received what was supposed to be transferred to them.
What else didn't they receive?
Like, for instance, conveyance of the notes themselves?
In the Aug. 31, 2010, letter to San Francisco-based Wells Fargo, Grais said he had investigated 1,317 of the loans held by the trust and determined that EMC appeared to have violated its representations with respect to 938 loans, according to the complaint.
That's a large percentage. Gee, you think that might have been standard practice to sell trash into these trusts? After all, we have Citi's former chief underwriter who testified to this under oath - why would it be different with this case?
As I have said since the beginning - the wheels of justice turn slowly, but they do turn.
And this year, I suspect, is the year when the flood gates break - if for no other reason than Statutes of Limitations are going to be coming up and it's either going to be "sue or shut up" time.
I think we're see lots of "sue"s, and once a few of these get cranking, and discovery gets going, the sharks are going to smell that first taste of blood.....
In fact, they may have already.
ping
I have a Chase that is fine a closer to being done with but I would love to ask Jamie Dimon to show me the paperwork.
Wells Fargo’s biggest shareholder is Warren Buffett aka slime.
Dear Santa,
I've been a good boy this year. Please bring me a new MP3 player, and a couple of 1TB drives, and a new charcoal grill.
And please help my brother find some new clients for his commercial art business.
And if it's not too much trouble, I would like a whole lot of bagholders to file big, nasty lawsuits against the crooks who sold them dodgy mortgage portfolios and against the corrupt rating agencies that endorsed them.
P.S. Please bring Tim Geithner a copy of the new edition of TurboTax, too.
Your friend,
Notary Sojac.
Looks like he might exist after all....
Did you lose money on MBS’s too?
#2 A new copy of Turbo Tax.
That is just brutal; who would ask for such a horror!?
Many are speculating (and some have apparently confirmed) that the mortgage holder, the company that is receiving the mortgage payments, is supposed be the holder of a particular document, or documents. If they cannot produce this/these document they cannot legally foreclose, or even demand payment.
There is also the risk that one could make payments over the life of a loan, and after the last payment the lender says "thank you so much, we do not have 'this document' to give you. Best of luck."
So then:
1) What is the document, or documents, the holder of my mortgage is required to have, and
2) How does one go about making sure they have it/them?
I'm not interested in discontinuing payment, but I damn sure want to verify that I'll own what is mine when I make the last one.
Thanks
Directly, no. I was out of anything mortgage related by autumn '05, and sold my house in the spring of '06.
Indirectly (as a taxpayer who now owns a chunk of toxic paper thanks to Paulson and Geithner) I expect to take quite a bath.
A court will only accept those of record in the court house. They are the only ones that cannot be altered are changed. The rest is a, I want a free ride pipe dream.
Do a web search on “quiet title action” for some ideas. It can be done, but you will need to fork over some legal fees.
I've been there longer than I've been on FR, and what I came to realize there about the bubble as it was forming profited me 300 large.
“A related issue I would like some help on:
Many are speculating (and some have apparently confirmed) that the mortgage holder, the company that is receiving the mortgage payments, is supposed be the holder of a particular document, or documents. If they cannot produce this/these document they cannot legally foreclose, or even demand payment.
There is also the risk that one could make payments over the life of a loan, and after the last payment the lender says “thank you so much, we do not have ‘this document’ to give you. Best of luck.”
So then:
1) What is the document, or documents, the holder of my mortgage is required to have, and
2) How does one go about making sure they have it/them?
I’m not interested in discontinuing payment, but I damn sure want to verify that I’ll own what is mine when I make the last one.
Thanks”
I think Chunga 85 can help you with that (I pinged him) I know what you are talking about but not how to go about it. I am sure he will be able to help and he knows a lot about it.
I certainly would want to know myself but we were so worried about the quality of the foreclosures in that regard we opted to buy from an Estate. The heir his son actually lives down the road from us.
Thank you for the invite I’ll check it out. I saw the bubble forming myself and talked my hubby into selling our home before it burst. I wanted to move out to the country anyway and I knew if we didn’t do it then we probably wouldn’t be able to. We had to rent for a while until we found this place but it was worth it.
Good for you!
It's amazing how some of us with common sense saw what Bush, Bernanke, all the talking heads, and 95% of Congress didn't - or wouldn't- see.
I think the Fed absolutely knew it they just didn’t care.
BUSTED: Unsealed Docs Show The Fed Was Fully Warned Of A Housing Crisis
Read more: http://www.businessinsider.com/federal-reserve-housing-bubble-2005-2011-1#ixzz1BWNatdCy
To me it was a matter of common sense incomes were not rising enough to keep pace with housing prices. Banks abandoned good lending practices when they developed ARM’s and Liar’s Loans I saw a crash as inevitable as a result.
How could they not see it coming is beyond me with the number of buyer’s financing that way there could only be two outcomes one housing perpetually increased in value (ridiculous given income)or a crash when the game was up and they all started to reset in waves.
Another thing those types of loans were sold all over the World and Wikileaks cables shows the Fed knew about a global bail out six months before we all heard about it. My guess is it took the Fed some time to figure out how to it stick onto the US taxpayers.
” King suggested that the U.S., UK, Switzerland, and perhaps Japan might form a temporary new group to jointly develop an effort to bring together sources of capital to recapitalize all major banks. END SUMMARY”
http://www.guardian.co.uk/world/us-embassy-cables-documents/146196
http://www.guardian.co.uk/business/2010/dec/13/wikileaks-mervyn-king-bank-bailout
The Fed Chuckled At Reports Of Show “Flip That House” In 2005
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