Wednesday, June 15, 2011

The Wizard of OZ (Wall Street Trusts) - REVEALED !!

Who are the N.Y. Banks & Trusts Foreclosing on Ohio Homeowners ?
"I am the Foreclosure Wizard - I own your Mortgage and Note - I'm taking your HOME"
Shortly thereafter when the courtroom is cleared of the smoke & MERS (Mortgage Electronic Registration System) the local OHIO civil court judge... shouts out in fear - YES - take the home - SUMMARY JUDGEMENT awarded to you oh great Wall Street Wizard

Anyone reading this blog knows this FORECLOSURE WIZARD of Wall Street.  This huge - scary - to big to fail entity - is best known as...."THE TRUSTEE"
   
The trustee is a legal administrator that is supposed to make sure the big bad Trust LEGALLY OWNS and HOLDS the homeowners NOTE and MORTGAGE ... BEFORE ... they come into a courtroom blowing smoke and making all kinds of scary threats to foreclose. The simple requirements (rules and guidelines) on how to transfer and hold the mortgages and notes - were actually set up by the Banks themselves. The Banks first made up the Mortgage Rule handbooks and then they filed them with the Securities and Exchange Commission (SEC). This legal handbook is known as a Pooling and Servicing Agreement (PSA). The self created document spelled out in very specific detail how each homeowner Mortgage was to be pooled (bundled together) and assigned. Thus, by following their own rules (in the PSA) the "Wall Street Wizards" could now sell ALL these bundled mortgages as investments. Rules were to be followed for the assignment and delivery of each and every mortgage purportedly being sold and transferred to the TRUST. The Trustees for the so called Mortgage Backed Securities (MBS) claimed they held thousands of mortgages that were worth BILLIONS of dollars (creating millions in commissions and corporate profits)

But then - something happened! While the Trusts were FRAUDulently scaring all the judges into awarding foreclosures - a couple "TOTO" attorneys  - decided to pull back the curtain on these great big scary fire-breathing "Wizards of Wall Street" and Guess what they found?
   The Wall Street Trusts - Have NO MORTGAGES - They CANNOT FORECLOSE !

The FRAUD has been exposed. The fire, smoke and loud noises are FAKE - The computer generated and Robo-Signed documents are outright FRAUD. The mortgages are NOT in the Trusts - They never were. The man behind the curtain is "Linda Green" - operating a giant LPS computer and trying to transfer all the mortgages and notes FRAUDulently.
Linda Green Robo-signing
"We have 60 million mortgages - we are too big to fail! I have to keep scaring people and illegally taking homes. I AM LINDA GREEN - I CANNOT BE STOPPED - I MUST FORECLOSE - I AM THE GREAT AND WONDERFUL...WIZARD of WALL STREET"

See below - N.Y. and Wall Street Trusts - GAME OVER !!
If you've been served a notice of default from one of these "Empty Trusts" or "Bogus Lenders" or Pretend Banks - Get a Lawyer!! and fight back!!
Below are some of the phony or false plaintiff suing parties being exposed:
Bank of America, Bank of New York, Deutsche Bank, U.S. Bank N.A.

 Article by Gretchen Morgenstern (Right click and open in new tab)
2 State Attorney Generals, from New York and Deleware, are investigating Wall Street’s bundling of loans into securities to determine whether they were properly documented and valid. The attorney general of New York (Eric Schneiderman) has teamed with his counterpart from Delaware ( Joseph R. Biden III) Their joint effort centers on the back end of the mortgage assembly lines - where big banks served as trustees overseeing the securities for investors....A complex process that produced hundreds of billions of dollars in securities during the lending boom, the issuance of mortgage securities began with home loans, which were then bundled into investments and sold to pension funds. mutual funds, big banks and other investors. The bundles were created as trusts overseen by institutions such as Bank of New York and Deutsche Bank; they were supposed to make sure (they didn't) the complete mortgage files for each loan were delivered within a specified time and with the proper documentation. (they failed)

HUFFINGTON POST: Article by Shahien Nasirpour (Right click and open in new tab)
New York Attorney General Eric Schneiderman has targeted Bank of America, the biggest U.S. bank by assets, in a new probe that questions the validity of potentially thousands of mortgage securities and their associated foreclosures. In some cases where trusts moved to seize borrowers' homes, judges have determined the trusts lacked legal standing due to faulty documentation. The inquiry could prove explosive: Wall Street's great mortgage securitization machine took millions of home loans and bundled them into securities for sale to investors. If the legal steps that guide securitization -- like taking mortgage documents from one party to another, a critical step under New York law -- were not undertaken, then the investors who bought the bundled loans could force the companies to buy them back, compelling them to eat enormous losses. While several investigations remain ongoing at the state and federal level, no agency has systematically examined loan-level documents to ensure the creation of mortgage securities complied with state laws or to examine the scope of sloppy paperwork in foreclosure proceedings, like the so-called "robo-signing" fiasco. In its November report, the bailout watchdog said that the "robo-signing of affidavits served to cover up the fact that loan servicers cannot demonstrate the facts required to conduct a lawful foreclosure." "In essence, banks may be unable to prove that they own the mortgage loans they claim to own," the panel said.

Wall Street Journal: Article by Nick Timiraos (Right click and open in new tab)
On Monday, a Michigan judge overturned a foreclosure after concluding that the foreclosing entity couldn’t have owned the mortgage after it failed to comply with certain mortgage securitization rules. Jeff Barnes, the lawyer for Hendricks, successfully argued that  U.S. Bank N.A. as trustee didn’t have the right to foreclose, in part because it hadn’t been assigned ownership of the loan in accordance with strict rules required to ensure the tax-exempt status of mortgage-bond investments. (Hendricks still lives in the house. Michigan gives borrowers a six-month “redemption period” and Barnes says the foreclosure challenge was filed during that time.) The decision is a possible setback for the securitization industry, which has argued that its transfers of mortgage loans are valid under the Uniform Commercial Code, which governs commerce across the nation. The Michigan court ruled that the specific securitization agreements didn’t comply with New York trust law, which superseded the UCC because it governs most so-called pooling and servicing agreements(PSA).

Yet in OHIO our Local courts are still systematically awarding Summary Judgements to Robo-Signed and "Empty Trusts" which hold No Note and No Mortgage. Do we really have to wait for Michigan, New York and Delaware to "figure it out" for us? Come on OHIO COURTS! Below are some guidelines for any OHIO Civil Judges:
You can't take-back ... something you've never owned !
You can't get a divorce settlement .... if you've never married !
You can't foreclose.... on a mortgage and note... you don't own !!

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