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Some may get a bit loss in the explanations of securitization of loans, the role of Goldman Sachs and the major trustee players like Deutsche Bank, U.S. Bank and others whose names seem to appear on many of the complaints we are seeing in foreclosure cases. Even most lawyers seem to have difficulty understanding the matrix of it all. I’m not Morpheus here to offer you the simplicity of the Red Pill or the Blue Pill, but I will keep this as layman as possible to help homeowners and attorneys understand what they are up against.
THE QUESTION: Who is really filing these foreclosure lawsuits?
THE ANSWER: The Servicers!
Here’s a theory that MANY will criticize but I’d like to toss around. Let’s say the big banks sold and re-sold YOUR loans over and over again, were paid over and over again and insured your loans with people like AIG who paid out on your loan AGAIN and were then reimbursed by YOU…the great american taxpayer! Now let’s suppose that when the music stopped on all these high level, BIG MONEY deals and the BIG BANKS & FAT CATS got up from the table with their bellies full and rich, there was still someone who was left holding the bag…the servicers!
Image this…imagine that while all of these “contract” deals had homeowners Promissory Notes being sold over and over again in packaged deals on wall street and the paper trail moved from shredder to shredder, one item remained…YOUR PROPERTY!
What if in all these big money transactions, the servicers cut was a bulk of, if not all of, the monthly payment a homeowner made on their loan (which would explain why in many of these foreclosure suits we’re not really seeing ANY accounting turned over establishing who payments were being allocated to). What if homeowners across the Nation STOPPED paying their mortgage loans (kind of what has happened)? The only party that would really be affected in the FAT CATS POSSE would be the servicer. In all of this let’s say the Servicer turned to the FAT CAT who has nothing for them and so the Servicer in turn says “oh yeah well we have paperwork in place that allows us to foreclose on the property so we’ll just foreclose in the FAT CATS name.” This may not be 100% accurate but what if this theory was basically on point?
One of the things the team of attorneys and I work on is Foreclosure Offense…attacking the banks before they file foreclosure. There is a very aggressive set of procedures and filings we follow that include a Qualified Written Request (QWR) and in answer to our request(s) which include a certified copy of Assignments of Mortgage and Note, they (on most occasions) do not produce one. This is one of the signs we look for to pin down what we know to be true…that Assignments are created in preparation to or during a foreclosure action and so the dates revealed on these assignments are predominantly fabricated.
Unfortunately while some judges are seeing this fact clearly in other states and even a few counties in Florida, most Florida judges as well as the D.C.A. are NOT grasping the severity of the fraud involved in these foreclosure actions. Think of it like this…When a homeowner applied for that home loan, they had to produce bank statements, tax returns, W-2′s, pay stubs, a tube of blood, references and a bunch of money all up front before they could get approved and receive the keys to their new home. Yet to lose their home, all Plaintiff brings is a copy of the mortgage, note and an Assignment and wha-la…you have just lost your home! So what does that say about Florida Juris who were elected to safeguard the LAW when Plaintiff’s produce nothing more than an Assignment?
FOOD FOR THOUGHT…
Maybe since Florida Judges are miserably failing to do their jobs WE THE PEOPLE should consider an initiative to create an ACTION PACK GROUP called FOR THE PEOPLE BY THE PEOPLE. Maybe we should create a voting group of Floridians whose votes will determine whether an elected official will make the grade. Because to do something, we must take action, otherwise we are simply deserving of the abuse we suffer from. So I’m putting it out there for the state of Florida and will take the first step to create a class of voters who will affect elected positions from the county and city level all the way through to the senate and congress. Let’s make it strong enough that if FOR THE PEOPLE BY THE PEOPLE are not supporting you, YOU WILL NOT BE ELECTED! If several million homeowners have lost their homes then we should have several million homeowners on our registered voters list. Maybe then we can effect the kind of change Florida deserves and needs!