restitution – DTC Systems Inc

Neil_Garfield Glaski Decision in California Appellate Court Turns the Corner on “Getting It”

By Daniel Edstrom
DTC Systems, Inc.

The following article was posted by Neil F. Garfield of livinglies.wordpress.com and comes from the following URL: http://livinglies.wordpress.com/2013/08/02/glaski-decision-in-california-appellate-court-turns-the-corner-on-getting-it/

On the other hand we should not assume that they have arrived nor that this decision will have pervasive effects throughout California or elsewhere in the United States or other countries.

J.P. Morgan did suffer a crushing defeat in this decision. And the borrower definitely receive the benefits of a judicial decision that will allow the borrower to sue for wrongful foreclosure including equitable and legal relief which in plain language means reversing the foreclosure and getting damages. Probably one of the most damaging conclusions by the appellate court is that an examination of whether the loan ever made it into the asset pool is proper in determining the proper party to initiate a foreclosure or to offer a credit bid at a foreclosure auction. The court said that alleged transfers into the trust after the cutoff date are void under New York State law which is the law that governs the common-law trusts created by the banks as part of the fraudulent securitization scheme.

Continue reading “Glaski Decision in California Appellate Court Turns the Corner on “Getting It””

Wells Fargo Fined $85,000,000.00 for Falsifying Information on Loan Applications

By Daniel Edstrom
DTC Systems, Inc.

On July 20, 2011, the Board of Governors of the Federal Reserve System issued an Order to Cease and Desist and Order of Assessment of a Civil Money Penalty Issued Upon Consent to Wells Fargo & Company and Wells Fargo Financial, Inc.

Here is an excerpt from this Order:

WHEREAS, this Order is issued with respect to the following allegations:

A. During the period from at least January 2004 to the Reorganization (the “Relevant Period”), Financial’s business model with respect to home mortgage lending was to sell debt consolidation, cash-out refinance loans at sub-prime rates (“nonprime loans”) to customers principally through a network of more than 800 offices located throughout the United States, called “stores.” The principal marketing method was salespersonnel making outbound, unsolicited telephone calls to individuals who had some existing customer relationship with Financial. Under Financial’s underwriting process, the salespersonnel were responsible for obtaining income-related documents (such as pay stubs and W-2 forms) and forwarding them to Financial’s centralized underwriting centers. Financial typically did not require that borrowers fill out and sign loan applications that included the borrower’s representation of his or her income. Continue reading “Wells Fargo Fined $85,000,000.00 for Falsifying Information on Loan Applications”