Tag: Federal Reserve

Perils of Pooling: OneWest

Neil_GarfieldPerils of Pooling: OneWest

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/2013/07/31/perils-of-pooling-onewest/

Apparently my article yesterday hit a nerve. NO I wasn’t saying that the only problems were with BofA and Chase. OneWest is another example. Keep in mind that the sole source of information to regulators and the courts are the ONLY people who understand mergers and acquisitions. So it is a little like one of those TV shows where the only way they can get an arrest and conviction is for the perpetrator or suspect to confess. In this case, they “confess” all kinds of things to gain credibility and then lead the agencies and judicial system down a rabbit hole which is now a well trodden path. So many people have gone down that hole that most people that is the way to get to the truth. It isn’t. It is part of a carefully constructed series of complex conflicting lies designed carefully by some very smart lawyers who understand not just the law but the way the law works. The latter is how they are getting away with it.

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Perils of Pooling

Neil_GarfieldPerils of Pooling

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/2013/07/30/perils-of-pooling/

Perils of Pooling

Posted on July 30, 2013 by Neil Garfield

We hold these truths to be self evident: that Chase never acquired any loans from Washington Mutual and that Bank of America never acquired any loans from Countrywide.  A review of the merger documents approved by the FDIC reveals that neither Chase nor Bank of America wanted to assume any liabilities in connection with the lending operations of Washington Mutual or Countrywide, respectively. The loans were expressly left out of the agreement which is available for everyone to see on the FDIC website in the reading room.

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Securitized Total Consumer Loans Chart from the St. Louis Federal Reserve

Securitized Total Consumer Loans Chart from the St. Louis Federal Reserve

By Daniel Edstrom
DTC Systems, Inc.

The tsunami wave that will be felt for  the next 30 years minimum.   Securitization rose dramatically and has fallen even more dramatically.

From: http://research.stlouisfed.org/fred2/series/TOTALSEC

Fed Attempts to Re-Align Rescission Rights

The Fed has announced it’s intention to change the 3 year right of rescission that all homeowners currently enjoy.

Fed Attempts to Re-Align Rescission Rights

Jim Macklin
Secure Document Research

The Fed has announced it’s intention to change the 3 year right of rescission that all homeowners currently enjoy. This rule was implemented as a foundational protection of rights for home buyers who have been the victims of any number of consumer lending violations. It’s pretty simple: if a homeowner finds a violation of certain laws as it relates to the loan process, i.e.; a lender fails to disclose material information that might sway a loan decision by a home buyer, then the consumer has an extended period of three years in which to cancel the transaction. Under this scenario, the lender must either bring an action in court for declaratory relief which proves they are innocent of the wrongdoing, or they must refund the consumers’ money and the consumer may re-purchase the property through a different source of financing, or give up the property as a matter of equity.

The Fed, in its’ infinite wisdom, has decided that what’s best for the American economy is to make foreclosures even more airtight by eliminating this fundamental right to cancel. Of course, it is for our own good and the Nations’ best interests…right? I mean, if you did receive a predatory or improperly disclosed loan, you probably shouldn’t have any rights anyway because you really weren’t going to be making the payment, at least that’s what the Fed is pushing on Congress.

This is not only a bad policy, it is the epitomy of the Feds’ brash, Holier Than Thou attitude toward the consuming American Public. Whenever something is touted as being good for policy, or a “necessary measure” for re-gaining economic balance in the housing market, you can rest assured that your rights are being dragged through the dirt by an out of control, under-fed horse named the “ABA” (American Bankers Association).

Call or write your Representatives in Congress and scream long and loud for your rights, lest they be trounced. That’s how you wanted it…right?

Jim Macklin
Secure Document Research

Quantitative Easing Explained

What the Federal Reserve is up to, and how we got here.