JPMorgan Chase Bank Fines Do Nothing to Them

I was working on something today, and saw that I needed to add some references (footnotes) to support what I was saying. It had to do with JPMorgan Chase Bank, and the fines for violations concerning robo-signing, lying, cheating, stealing homes, and the like. All related to foreclosures of course.

When I began adding the references for my allegations, I almost fell off my chair. I could not believe the fines and the violations, and yet, they continue on, to this very day. The only thing that Chase has learned from all the fines for violations, is that they make enough money, that the fines don’t matter. If anything else had come of it, as in, it hurt them financially, they would have quit with all the violations.
As it turns out, attorneys for these banks have gotten worse. It is ruining the legal profession. If the courts would stand up and make those that should be held accountable, accountable, the foreclosures would have ended. So, it has also ruined the court system for their failure to the citizens of the states and country.
http://s25.postimg.org/ze1twuhu7/is_CDBx_Oy_Hkyno_GSsgx_Oz_TCmykgo7_D_Dsbu_N6nx_ELu_AK48_h.jpgForeclosure hell has only taught the people that have lost their homes. And what pray tell did those people learn other than they will never be able to purchase another home? That you cannot trust attorneys, you cannot trust the courts, and by God you had better never trust the lender. In other words, the world around you is corrupt as hell, and no one, except you, the borrower is accountable for anything.

Just a sampling of fines levied against JPMorgan Chase Bank:
2008: Unpacking the JPMorgan Chase scandals; $30 billion in fines and counting — and this monster bank still got off lightly!: http://www.socialism.com/drupal-6.8/articles/unpacking-jpmorgan-chase-scandals
June 2011: Misleading CDO Investments: http://www.dividend.com/dividend-education/a-brief-history-of-jp-morgans-massive-fines-jpm/;
July 7, 2011: Conduct in Municipal Bonds $228 Million: http://www.dividend.com/dividend-education/a-brief-history-of-jp-morgans-massive-fines-jpm/;
February 9, 2012: Foreclosure Abuses and “Robo-Signing” $5.29 Billion: http://www.dividend.com/dividend-education/a-brief-history-of-jp-morgans-massive-fines-jpm/;
November 16, 2012: $269.9 Million: More Mortgage Misrepresentations: http://www.dividend.com/dividend-education/a-brief-history-of-jp-morgans-massive-fines-jpm/;
January 2013: $1.8 Billion: Improper Foreclosures: http://www.dividend.com/dividend-education/a-brief-history-of-jp-morgans-massive-fines-jpm/;
October 25, 2013: $5.1 Billion: Fannie and Freddie Fines: http://www.dividend.com/dividend-education/a-brief-history-of-jp-morgans-massive-fines-jpm/;
Nov. 2013: JPMorgan agrees $13 billion settlement with U.S. over bad mortgages; http://www.reuters.com/article/us-jpmorgan-settlement-idUSBRE9AI0OA20131120;
November 15, 2013: $4.5 Billion: Mortgage Securities: http://www.dividend.com/dividend-education/a-brief-history-of-jp-morgans-massive-fines-jpm/;
January 2014: JPMorgan Chase Fines Exceed $2 Billion: http://www.bankinfosecurity.com/chase-a-6356;
January 06, 2014: Madoff Scandal: $1.7 Billion: http://www.dividend.com/dividend-education/a-brief-history-of-jp-morgans-massive-fines-jpm/;
November 11, 2014: Currency Manipulation (stock price): $1.34 Billion: http://www.dividend.com/dividend-education/a-brief-history-of-jp-morgans-massive-fines-jpm/;
March 2015: Chase has paid $38 Billion in 22 settlements from 2009 through March of 2015: http://www.dispatch.com/content/stories/business/2015/07/16/fine-despite-fines.html;
July 2015: JPMorgan Chase fined $136M over how it collects debts: http://www.npr.org/sections/thetwo-way/2015/07/08/421277881/jpmorgan-chase-fined-136m-over-how-it-collects-debt;
July 8, 2015: Chase fined $216M over debt collection: http://www.bankrate.com/financing/credit-cards/chase-fined-216m-over-debt-collection/;
December 2015: JPMorgan Admits It Didn’t Tell Clients About Conflicts $300M: http://www.bloomberg.com/news/articles/2015-12-18/jpmorgan-pays-267-million-to-settle-conflict-of-interest-claims;
January 2016: JPMorgan Chase Fined $48Million for Failing to Comply With Robosigning Settlement: https://consumerist.com/2016/01/05/jpmorgan-chase-fined-48-million-for-failing-to-comply-with-robosigning-settlement/;

And it goes on. There are many that I missed, in my hurry to get this done.
And in the end, the buck stops with the Courts, U.S. Attorneys and District Attorneys for not throwing the lot of their asses in the clink!

Wells Fargo Agrees to pay $1.2 Billion (yes, with a B) to resolve claims by Justice Dept. & other federal agencies for the origination of “shoddy loans” insured by FHA


Compliance & Regulation
Why Wells Fargo Blinked in Its FHA Fight with the Government
Kate Berry
By Kate Berry
February 3, 2016
http://www.nationalmortgagenews.com/news/compliance-regulation/why-wells-fargo-blinked-in-its-fha-fight-with-the-government-1071213-1.html?utm_medium=email&ET=nationalmortgage:e4010451:a:&utm_source=newsletter&utm_campaign=-feb%205%202016&st=email

The long arm of the government is tough to elude, even if you are the nation’s largest home lender.

Wells Fargo stunned the mortgage industry Wednesday by tentatively agreeing to pay $1.2 billion to resolve civil claims by the Justice Department and other federal agencies that it originated shoddy loans insured by the Federal Housing Administration.

The proposed settlement could prove a bellwether for other banks that have outstanding investigations of FHA loans including PNC Financial Services Group, Regions Financial and BB&T.

Wells had been the lone big bank holdout willing to go to trial as a potential test of the government’s pursuit of banks for violations of the False Claims Act. That Civil War-era law allows the government to collect triple damages for fraud against the government. The law also has been a lightning rod for banks, causing some to pull out of FHA lending entirely.

Some observers said they were surprised at the size of the deal. Wells had put up a fight, claiming it has always been a prudent and responsible FHA lender. But some observers said the risk to its reputation and the cost of continuing the litigation was just too great.

“Nobody’s put [the government] to the test like Wells,” said Allen Jones, an independent mortgage consultant who managed Bank of America’s FHA business from 2005 to 2009. “They definitely made a run like no one else has. But there comes a point in time where you add it up and have to quantify the downside risk.”

The $1.8 trillion-asset bank reached an “agreement in principle” on Monday to resolve the FHA claims but could not provide any additional details until the deal is finalized, said Catherine Pulley, a Wells spokeswoman.

The agreement is forcing Wells to shave $134 million, or three cents a share, off its previously reported net income for 2015, the bank said in a Securities and Exchange Commission filing. Wells said its revised profit for 2015 is $22.9 billion, or $4.12 a share.

The San Francisco bank had to provide for an additional legal accrual because of the settlement, which increased its operating losses within noninterest expense by $200 million, the filing said.

The deal appears to provide Wells some future protections. It would resolve “other potential civil claims relating to the company’s FHA lending activities for other periods,” the filing said.

Prosecutors had alleged that Wells “engaged in a regular practice of reckless origination and underwriting of its retail FHA loans” from 2001 to 2010.

Theoretically lenders are required to indemnify FHA for loans that contain mistakes or are defective, essentially self-insuring the loan so taxpayers are not on the hook for potential losses. In this case, Wells not only failed to report material violations to the Department of Housing and Urban Development, but HUD also paid insurance claims on thousands of defaulted loans that it later found had significant violations, the lawsuit alleged.

Last year the government added a Wells executive in charge of quality control, Kurt Lofrano, as a defendant to the lawsuit, which was originally filed in 2012. Lofrano was responsible for reporting loans with material defects to HUD, which oversees the FHA.

Prosecutors were preparing to use Wells’ own internal quality control reports to prove that executives knew some loans were of poor quality but did nothing about it. Wells failed to report the errors or change its practices because of pressure to fund more loans, the government claimed.

Patricia McCoy, a professor at Boston College Law School who specializes in banking law, said that because details of the settlement have not yet been released, there is no way to gauge the severity of Wells’ lending errors.

“Part of the problem is, there is a continuum of different types of conduct that would have led to a False Claims Act claim, and depending on the lender it could have been really bad, or a mixture with innocuous errors that slipped through,” McCoy said. “We don’t know where Wells Fargo fell along that continuum. At worst, it was a mix, some bad and probably a lot of innocuous errors.”

A bigger problem, McCoy said, is that the Justice Department has used the False Claims Act and its potential for treble damages for each violation as a tool to get banks to settle FHA violations. That threat has caused many to flee the program, she said.

“It’s a very heavy sledgehammer, and that’s not a constructive approach because in the course of underwriting innocent mistakes can happen and often they can be cured or fixed,” she said. “If the FHA is saying as a condition of a lender doing FHA loans, they have to be 100% perfect or else they are automatically going to face this threat of treble damages — that’s not a viable lending program.”

The Bank With the Most Homes in the End Wins!!!!!

Fukushima fallout: Throwing radioactive caution to the wind – and sea Cynthia McKinney

Fukushima fallout: Throwing radioactive caution to the wind – and sea
Cynthia McKinney
https://www.rt.com/op-edge/319053-fukushima-fallout-radioactive-japan/

After serving in the Georgia Legislature, in 1992, Cynthia McKinney won a seat in the US House of Representatives. She was the first African-American woman from Georgia in the US Congress. In 2005, McKinney was a vocal critic of the government’s response to Hurricane Katrina and was the first member of Congress to file articles of impeachment against George W. Bush. In 2008, Cynthia McKinney won the Green Party nomination for the US presidency.
Published time: 19 Oct, 2015 11:08


An aerial view shows No. 4 (front L), No. 3 (front R), No. 2 (rear L) and No. 1 reactor buildings at Kansai Electric Power Co.’s Takahama nuclear power plant in Takahama town, Fukui prefecture, in this photo taken by Kyodo November 27, 2014. © Kyodo
An aerial view shows No. 4 (front L), No. 3 (front R), No. 2 (rear L) and No. 1 reactor buildings at Kansai Electric Power Co.’s Takahama nuclear power plant in Takahama town, Fukui prefecture, in this photo taken by Kyodo November 27, 2014. © Kyodo / Reuters
In the aftermath of Japan’s Fukushima nuclear power meltdown following the tsunami of March 11, 2011, the international community has totally failed in keeping the public properly informed and protected from the fallout.

Scientists and environmental officials continue to express concern, even now, at the unusual events and wonder about the causes. At the same time, the media present the facts, but fail to make any connection whatsoever to the ongoing state of affairs stemming from the tragic 2011 events at Fukushima.

Here are a few recent examples:

Seabird die-off reported around Kodiak, Alaska: A September 2015 audio report from Robin Corcoran, biologist from the Kodiak Wildlife National Refuge, confirms local reports that “emaciated” bird carcasses are washing up on Kodiak Island shores. Corcoran states that the birds were “showing up in places where people don’t normally see them . . . foraging, trying to find forage fish.”

© Toru Hanai
© Toru Hanai / Reuters

The KMXT narrator quoted Corcoran as saying it was unclear what caused the deaths but “could be related to the birds’ inability to catch forage fish,” while it was evident “the birds have no fat on their bodies and they don’t have any food in their digestive systems which indicates that they starved.”

Corcoran confirms that the last major bird die-off experienced in the region was January through March of 2012. The program concluded by stating that multiple species of birds have declined in number in other Alaska regions, according to surveys taken by the Wildlife Refuge. The next day, KTOO reported that Corcoran speculated on several causes for the die-off: “flight feather molt,”“whale die-offs,” or “harmful algal blooms . . . related to warm ocean temperatures.”

A few days before the Kodiak reports, The Daily Astorian headlined: “Scientists Searching for Answers in Bird Die-Off.” Julia Parish, speaking on behalf of the University of Washington’s Coastal Observation and Seabird Survey Team, states that the spikes in deaths are two to three times higher than normal. Josh Saranpaa of the Wildlife Center of the North Coast was quoted as saying, “Every bird we’re seeing is starving to death. It’s pretty bad.” Saranpaa added, “When you see so many starving, something is not quite right out there.”

The warming ocean and the toxic algae bloom are offered as possible explanations for the die-offs. Warming oceans, it is explained, cause the fish to swim deeper than the birds can dive while the toxic algae bloom runs from California straight up to Alasak. Parish concludes that it has been a really “odd” year with multiple regional scale events. She says that there is not much that researchers can do except wait and watch.

Julia Reis of the Half Moon Bay Review writes with understatement, “There have been noticeable changes in the Pacific Ocean that have caused difficulties for marine life of late.”


© Shizuo Kambayashi
© Shizuo Kambayashi / Reuters

Gerry McChesney of the Farallon National Wildlife Refuge says that the die-off has him all the more “baffled” because of the strip of cold water in his area full of food for these birds. In my mind’s eye, I can see McChesney scratching his head as I read that he considers poisoning, starvation, and El Nino as possible causes for the die-off. The article ends with the following comment by McChesney, “We might have to see some other problem in the ocean before we understand what’s causing the die-off.”

ENENews.com points to the problem of the massive die-off happening from San Diego to Alaska—all along the West Coast of the U.S. It highlights in various reports words like “strange,” “unprecedented,” “crazy,” “worst,” with this iconic quote from The Sacramento Bee: “Our gut tells us there is something going on in the marine environment.”

Behrens [1] published an open access 2012 model simulation of cesium 137 (137Cs) released into the Pacific Ocean as a result of the Fukushima incident and found that after the first two to three years, tracer elements descended to depths of more than 400 meters, reached the Hawaiian Islands after about two years, and North American territorial waters after about five to six years.

Although in decreased rates of concentration from the initial injection, the entire northern Pacific basin becomes saturated with tracer fluids in this simulation. This study finds that the radioactivity remains at about twice pre-Fukushima levels until about Year Nine when radioactivity tapers to pre-Fukushima levels. This research specifically does not investigate the biological effects of increased radioactivity in the Pacific Ocean.

In 2011, Lozano [2] investigated reports of man-made cesium atmospheric detection as far away as the Iberian Peninsula. Mangano and Sherman [3] take their 2015 investigation of Fukushima radiation exactly into a potentially politically uncomfortable, but essential space: biological effects. They look at “congenital anomalies” that occurred in the U.S. western states after the arrival of radioactive Fukushima Fallout. And they found that while in the rest of the U.S., birth defects decreased by almost four percentage points, on the U.S. West Coast, defects increased by thirteen percent.

View Dr. Sherman’s interview by Russia Today’s Thom Hartman where she explains the research.

Even U.S. soldiers are now experiencing Fukushima Fallout with exposure hitting home in health effects and birth defects. The Woods Hole Oceanographic Institution explains how Fukushima radioactivity reaches ocean life from both air and sea discharges. These air, ground, or sea discharges, by the way, continue twenty-four hours a day, seven days a week. Arne Gundersen of Fairewinds.org estimates that by 2015 at least 23,000 tanker truckloads of radioactive water have been released into the Pacific Ocean “with no end in sight.”

Please tell me whatever happened to the Precautionary Principle in public policy? [4] Is profit more important than prudence? Finally, a 2015 study by Synolakis and Kanoglu [5] finds that the Fukushima tragedy was preventable. They conclude that due to design flaws, regulatory failures, and “arrogance and ignorance,” and concludes that Fukushima Daiichi was “a sitting duck waiting to be flooded.”

With all of this as background, the media provide coverage of marine anomalies mentioning global warming, even El Nino and toxic algae, while the elephant in the room is Fukushima radiation. It is this silence that is deafening! It makes me wonder who are the beneficiaries of the nuclear power business? Why is the nuclear power lobby so strong when the dangers are clearly so evident? Instead, we are told: “It is fossil fuels that are destroying the planet. Nuclear power is clean and safe.” I’m also told that nuclear power is a sign of modernity; it is the future. But solar, geothermal, and wind are rarely given a mention by these same individuals. I’m also told that by posing these questions, I’m fearmongering.

I do want to know why in the face of what appear to be Pacific Ocean die-offs, El Nino is mentioned and not the Fukushima-related elevated levels of radiation. As long as there is a palpable lack of transparency in the mainstream media’s ordinary coverage of extraordinary environmental events, that includes what one senses as a reticence to discuss the obvious, I predict that there will be a proliferation of citizen journalists and citizen scientists seizing upon each piece of new data trying to make sense out of a government-approved narrative that just doesn’t make sense—again.
US President Obama stated, “We do not expect harmful levels of radiation to reach the West Coast, Hawaii, Alaska, or U.S. territories in the Pacific.”

We should not rely on government officials to tell us the truth about the full extent of Fukushima’s fallout: Incredibly, Obama advised the people of the U.S. not to take precautionary measures beyond “staying informed.” Canada immediately suspended measurements of radiation around Vancouver. The government of Japan has not been trustworthy from the very beginning about the extent of the tragedy.

The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of RT.

“Disturbing new images from Pacific… looks like islands of plastic” 1,000 miles from coast — 7 tons and 80 ft. long, can walk on it as if

Researchers: Radioactive materials detected off California, levels spike to 400% normal — Crew then discovers ‘island’ of tsunami debris — Never seen so much garbage in ocean before — TV: “Disturbing new images from Pacific… looks like islands of plastic” 1,000 miles from coast — 7 tons and 80 ft. long, can walk on it as if land (VIDEO & PHOTOS)

Published: July 28th, 2014 at 4:09 pm ET
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http://enenews.com/researchers-radioactive-materials-detected-california-levels-spike-400-normal-crew-discovers-island-tsunami-debris-never-anything-like-tv-disturbing-new-images-pacific-looks-like-islands-plas

Algalita Marine Research Institute Blog, July 7, 2014: Radioactive Rope — Just after midday a piece of rope was pulled aboard. As part of our logging protocol, I brought out the Geiger counter and took a reading. The ambient reading that morning had been about 30 CPM so it was a surprise
when the reader climbed, and spiked at 120 CPM – our highest reading yet.

AMRF, July 13, 2014 at 5:57a: Charlie spotted a black spot on the horizon he thought looked to be something industrial […] By the time we were several hundred meters away, we could see a series of black buoys, maybe 70 of them, with a few orange floats mixed in as well. To be less conspicuous and not disturb whatever might be living in, on, or around it, Jesus rowed us in for final approach […] It was amazing to see the school of more than 50 mahi mahi […]

AMRF, July 13, 2014 at 8:12p: Alguita and Crew spent the night moored to the approximately 7 ton island [and] mapped the island this morning using […] a tape measure to get its size […] It would be capable of causing considerable damage to even large ships. […] The plastic debris the island has accumulated is substantial […] For years I have been telling people that there is no such thing as a “plastic island” in the Pacific Gyre. I now have a map of one that has
aspects of permanence, a metal anchor 40 feet deep, solid rope beaches, some of which you can walk on as if you were on land.

AMRF, July 27, 2014: [The] Lantern fish or ‘myctophids’ […] stomach contents were analyzed and no obvious plastic particles were found, which is interesting and a bit surprising. The liver size and color is significant as it indicates a response to pollutants – the lighter color liver likely suggesting more exposure to pollutants.

ABC 7, July 15, 2014: Disturbing new images from the Pacific Ocean, what looks like islands of plastic […] “They found a lot more plastic farther away from the area that’s called the ‘Great Pacific Garbage Patch’ than they’ve ever seen. So they ran across it sooner than they expected, and it was a lot of debris,” said Algalita Executive Director Marieta
Francis. […] They’re… taking samples to determine… whether the livers of fish… are riddled with toxins […]

89.3 KPCC, July 21 2014: Island of trash discovered in Pacific 1,000 miles off California coast […] The mass is made up of fishing gear, nets and buoys that are believed to have come from [Japan’s] 2011 tsunami […] it has […] become so  compact and large that researchers were able to stand on it in places. “It’s 80 feet long. It’s about 30 feet across in some places. If you were looking down from above, it would look like an island floating in the middle of the ocean,” said Marita Francis […] it’s the first time her organization has seen something like it. […] the researchers […] saw more instances of garbage on this trip than ever before. “On this expedition, they’ve seen more debris in the ocean than they’d ever seen before,” Francis said.

Watch the ABC broadcast here

Published: July 28th, 2014 at 4:09 pm ET
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Related Posts

  1. RTT: Japan alerts U.S. and Canada on possible clogging of shorelines — CNN: Tsunami debris makes its way into Hawaii wildlife… Plastic spilling out of stomach (VIDEO) March 15, 2013
  2. Photo: Masking tape, plastic bags, broomsticks used on leak at U.S. nuclear plant — “We are dealing with unknown territory here which has never been explored before” April 30, 2013
  3. New gap developing far from sinkhole? Officials appear focused on area in most of today’s hi-res images (VIDEO & PHOTOS) October 23, 2012
  4. Agency: Dead Conjoined Baby Gray Whales found on West Coast of N. America — Could be first ever recorded — 2 heads and 2 tails, joined in middle (PHOTOS & VIDEO) January 7, 2014
  5. Official: Breach at Fukushima reactor blamed on saltwater corrosion — Over 75 tons of highly radioactive liquid flowing out everyday (PHOTOS & VIDEO) May 29, 2014

Neil Garfield Telling It As It Is…”Bullying As An Acceptable Way of Life – Covered By A Corporate Shell Game!

Never Ending Foreclosures

      Foreclosure filings were reported on 124,419 U.S. properties in January 2014, an 8 percent increase from December but still down 18 percent from January 2013.  Foreclosure filings were reported on 1,361,795 U.S. properties in 2013, down 26 percent from 2012 and down 53 percent from the peak of 2.9 million properties with foreclosure filings in 2010.  But still, 9.3 million U.S. residential properties were deeply underwater representing 19 percent of all properties with a mortgage in December 2013, down from 10.7 million homes underwater in September 2013.[1] 

            In 2006 there were 1,215,304 foreclosures, 545,000 foreclosure filings and 268,532 Home Repossessions.  By 2007 foreclosures had almost doubled – up to 2,203,295 with 1,260,000 foreclosure filings and 489,000 Home Repossessions.  2008 saw an even further increase to 3,019,482 foreclosures, 2,350,000 Foreclosure filings and 679,000 Home Repossessions.  In 20093,457,643 foreclosures, 2,920,000 foreclosure filings, and 945,000 Home Repossessions.  2010:  3,843,548 foreclosures, 3,500,000 foreclosure filings, and 1,125,000 Home Repossessions.  2011:  3,920,418 foreclosures, 3,580,000 foreclosure filings, and 1,147,000 Home Repossessions.  Then January to September 20121,616,427 foreclosures 1,382,000 foreclosure filings and 572,844 Repossessions.  The remainder of 2012 – September through December saw an additional 2,300,000 foreclosures, 2,100,000 foreclosure filings and 700,000 Repossessions.  In other words, from 2006 through 2012, there were a total of  21,576,117 foreclosures; 17,637,000 foreclosure filings; 5,926,376 Home Repossessions.  The foreclosures added to the repossessions is equal to:  27,502,493[2].  The numbers are staggering.

            Many of the homes have been wrongfully foreclosed upon, where either the party had not been in default, or the foreclosing party lacked standing to foreclose.  It has become almost as lawless as the wildwest, or comparable to a shark feeding frenzy.


[1] All of the foreclosure figures came from RealtyTrac:  http://www.realtytrac.com/content/foreclosure-market-report

[2] http://www.statisticbrain.com/home-foreclosure-statistics/Statistic Verification  Source: RealtyTrac, Federal Reserve, Equifax

New Legal Issues – Jeff Barnes Esq., Foreclosure Defense Nationwide

NEW LEGAL ISSUES COMING UP IN TRIAL AND APPELLATE COURTS

DECEMBER 16, 2013

December 16, 2013

With the release of the US Bank admissions per our post of November 6, 2013; the issuance of the opinions from the Supreme Courts of Oregon and Montana holding that MERS is not the “beneficiary”; and recent opinions from various jurisdictions which are now, finally, holding that securitization-related issues are relevant in a foreclosure, a host of new legal issues are about to be litigated in the trial and appellate courts throughout the country. It has taken six (6) years and coast-to-coast work to get courts to realize that securitization of a mortgage loan raises issues as to standing, real party in interest, and the alleged authority to foreclose, and that the simplistic mantra of the “banks” and servicers of “we have the note, thus we win” is no longer to be blindly accepted.

One issue which we and others are litigating relates to mortgage loans originated by Option One, which changed its name to Sand Canyon Corporation and thereafter ceased all mortgage loan operations. Pursuant to the sworn testimony of the former President of Sand Canyon, it stopped owning mortgage loans as of 2008. However, even after this cessation of any involvement with servicing or ownership of mortgage loans, we see “Assignments” from Option One or Sand Canyon to a securitization trustee bank or other third party long after 2008.

The United States District Court for the District of New Hampshire concluded, with the admission of the President of Sand Canyon, that the homeowner’s challenge to the foreclosure based on a 2011 alleged transfer from Sand Canyon to Wells Fargo was not an “attack on the assignment” which certain jurisdictions have precluded on the alleged basis that the borrower is not a party to the assignment, but is a situation where no assignment occurred because it could not have as a matter of admitted fact, as Sand Canyon could not assign something it did not have. The case is Drouin v. American Home Mortgage Servicing, Inc. and Wells Fargo, etc., No. 11-cv-596-JL.

The Option One/Sand Canyon situation is not unique: there are many originating “lenders” which allegedly “assigned” mortgages or Deeds of Trust long after they went out of business or filed for Bankruptcy, with no evidence of post-closing assignment authority or that the Bankruptcy court having jurisdiction over a bankrupt lender ever granted permission for the alleged transfer of the loan (which is an asset of the Bankruptcy estate) out of the estate. Such a transfer without proof of authority to do so implicates bankruptcy fraud (which is a serious crime punishable under United States criminal statutes), and fraud on the court in a foreclosure case where such an alleged assignment is relied upon by the foreclosing party.

As we stated in our post of November 6, the admission of US Bank that a borrower is a party to any MBS transaction and that the loan is governed by the trust documents means that the borrower is, in fact, a party to any assignment of that borrower’s loan, and should thus be permitted to seek discovery as to any alleged assignment and all issues related to the securitization of the loan. We have put this issue out in many of our cases, and will be arguing this position at both the trial and appellate levels beginning early 2014.

Jeff Barnes, Esq., http://www.ForeclosureDefenseNationwide.com

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