SEC Corroborates Livinglies Position on Third Party Payment While Texas BKR Judge Disallows Assignments After Cut-Off Date

SEC Corroborates Livinglies Position on Third Party Payment While Texas BKR Judge Disallows Assignments After Cut-Off Date

By Neil Garfield
Garfield Gwaltney Kelley and White | LivingLies

Maybe this should have been divided into three articles:

Saldivar: Texas BKR Judge finds Assignment Void not voidable. It never happened.
Erobobo: NY Judge rules ownership of note is burden of the banks. Not standing but rather capacity to sue without injury.
SEC Orders Credit Suisse to disgorge illegal profits back to investors. Principal balances of borrowers may be reduced. Defaults might not exist because notices contain demands that include money held by banks that should have been paid to investors.

But these decisions are so interrelated and their effect so far-reaching that it seems to me that if you read only one of them you might head off in the wrong direction. Pay careful attention to the Court’s admonition in Erobobo that these defenses can be waived unless timely raised. Use the logic of these decisions and you will find more and more judges listening with increasing care. The turning point is arriving and foreclosures — past, present and future — might finally get the review and remedies that are required in a nation of laws.

Continue reading “SEC Corroborates Livinglies Position on Third Party Payment While Texas BKR Judge Disallows Assignments After Cut-Off Date”

Full Day CLE Workshop Seminar: New Tools & Strategies for Distressed Homeowners

Full Day CLE Workshop Seminar: New Tools & Strategies for Distressed Homeowners

By Daniel Edstrom
DTC Systems, Inc.

8/25/2012 – Emeryville, CA – Full Day CLE Workshop Seminar: New Tools & Strategies for Distressed Homeowners

August 25th, 2012 – in San Francisco, California

Venue is the Hyatt House in Emeryville, CA http://emeryville.house.hyatt.com

This workshop has been approved for Minimum Continuing Legal Education (MCLE) by the State Bar of California. Total credit hours approved are 6.75 hours.

SECURE DOCUMENT RESEARCH<br>Auburn, CA 95603; ph: 530.888.9600

DTC Systems, Inc.

[email protected]

http://www.dtc-systems.net

Presented by:
Secure Document Research and DTC Systems, Inc.

http://www.dtc-systems.net

in Association with the Garfield Continuum and Neil F. Garfield, Esq. http://livinglies.wordpress.com

Visit us at http://www.dtc-systems.net

If you have any problems paying for this event, you can also pay by sending PayPal payments directly to [email protected]

Problems Registering? Call 530.888.9600

Presented by:
Secure Document Research and DTC Systems, Inc. in Association with the Garfield Continuum and Neil F. Garfield, Esq.
REGISTER EARLY, LIMITED SEATING IS AVAILABLE

Workshop Information
This is a comprehensive 1-day workshop CLE seminar for lawyers and paralegals: Deny and Discover: New Tools & Strategies for Distressed Homeowners

This workshop has been approved for Minimum Continuing Legal Education (MCLE) by the State Bar of California. Total credit hours approved are 6.75 hours.

Speakers:

1. James Macklin

Owner of Secure Document Research providing Securitization Research and Analysis. While working briefly within the securities industry, Mr Macklin has been focused on the study of economics and macro-economics for over fifteen years, gathering professional insight into Generally Accepted Accounting Principles, Financial Accounting Standards, business ethics, securitization and the effects of “Control Fraud” (William Black, Professor; U.M.K.C.,) on market analysis. Mr. Macklin is now committed to the education, en mass, of the legal industry as a tool for the protection of rights of the under-sophisticated investing and borrowing public at large. James Macklin has over 10,000 hours of research into Securitization, Title and Publicly Recorded Instruments.
[email protected]

2. Daniel Edstrom

President of DTC Systems, Inc, having been in Information Technology for the last 18 years as a Systems Architect and Software Architect.The transformation of complex business requirements to complex Wall Street Engineering was an easy one. Securitization Expert, Daniel Edstrom analyzes complex financial engineering securitization transactions as well as providing a failure analysis, with well over 10,000 hours of research into Securitization and Title. Besides working for his own company, Daniel is a Senior Securitization Analyst for the Garfield Firm (www.garfieldfirm.com). [email protected]

3. Neil Garfield

Neil F. Garfield, M.B.A., J.D., 61, is the winner of dozens of academic awards, a popular speaker, and author of technical treatises on law and economics. He has come out of retirement with a bang and financial institutions should take note. He knows them from the inside-out, who the deciders are, and how they arrived at a catastrophic scheme to defraud people, agencies, institutions and governments all over the world. For more information on Neil Garfield visit his website at www.livinglies.wordpress.com

4. Daniel Hanecak

Daniel Hanecak, B.A. J.D., will be speaking on motion practice and recent court experience. Mr. Hanecak is licensed in California and specializes in complex real property litigation. Mr. Hanecak is currently representing homeowners against banks and mortgage servicers for fraud and wrongful foreclosure.

*Both James Macklin and Daniel Edstrom are not attorneys.

THIS WORKSHOP AND/OR ANY MATERIALS DISTRIBUTED AT THE WORKSHOP IS NO SUBSTITUTE FOR LEGAL ADVICE FROM LOCAL COUNSEL LICENSED TO PRACTICE IN THE COUNTY AND STATE WHERE THE SUBJECT PROPERTY IS LOCATED. The information presented is for general information for you to understand the current context of foreclosures and to enable you to ask relevant questions of an attorney of your choosing. Any opinions presented here, along with facts, cases, examples or arguments, may not apply to your case. You should consult with local licensed counsel before employing them.

Venue:

Venue is the Hyatt House in Emeryville, CA

http://emeryville.house.hyatt.com

Registration:
Pre-Registration is required and can be done on this website or over the phone at 530.888.9600, with payment by PayPal to [email protected]. Tickets will be emailed after payment is completed.

Pricing:
$497.00 for the one day workshop.

This workshop has been approved for Minimum Continuing Legal Education (MCLE) by the State Bar of California. Total credit hours approved are 6.75 hours.

Workshop Agenda

8:30–9:15 Introduction: James Macklin / Daniel Edstrom

9:15–10:00 The Securitization Process and Chain of Title: James Macklin

10:00–10:15 Morning Break

10:15–11:00 Prospectus, Pooling/Servicing and Trust Agreements: James Macklin

11:00–11:45 Discovery / Procedure: Neil F. Garfield, J.D., M.B.A.

11:45 to 1:00 Lunch

1:00–1:45 Proprietary Currency, Appraisals and Ratings: Neil F. Garfield, J.D., M.B.A.

1:45–2:30 Law and Motion Practice / Recent Courtroom Experience: Daniel Hanecak, Esq.

2:30–2:45 Afternoon Break

2:45–3:30 Credit Enhancements in Action: Daniel Edstrom

3:30–4:15 Panel Q&A

** Schedule subject to change without notice **

In RE Miller – Colorado Bankruptcy Appeal – Deutsche Failed to Conform to UCC Requirements

In RE Miller – Colorado Bankruptcy Appeal – Deutsche Failed to Conform to UCC Requirements

By Daniel Edstrom
DTC Systems, Inc.

Thanks to Deontos for this bankruptcy appeals decision. In RE: Mark Stanley Miller vs. Deutsche Bank National Trust Company. Uniform Commercial Code (UCC) issues are addressed by the appeals court in this ruling.

Excerpt:

4. Deutsche Bank’s Status as “Party in Interest”

¶5 Deutsche Bank presented evidence that IndyMac had indorsed the Note in

blank. Is proof of this indorsement sufficient under the U.C.C. requirements to

establish Deutsche Bank as the successor holder of the note? As we shall see,

it is not, because Deutsche Bank must also prove it has possession of the

Note. Continue reading “In RE Miller – Colorado Bankruptcy Appeal – Deutsche Failed to Conform to UCC Requirements”

Title Crisis

Title Crisis

By Daniel Edstrom
DTC Systems, Inc.

If you thought this was a foreclosure crisis brought about by the Mortgage Meltdown, you would be wrong. If this were a foreclosure crisis only those in foreclosure would be the ones having problems. And only those loans in foreclosure would be the ones having title issues and “robo-signer” issues. I cannot say this loud enough: FORECLOSURE IS NOT THE PROBLEM. Homeowners not making payments is not the problem. “Freeing up” credit to stimulate lending is not the problem. If you didn’t get a subprime loan, and yours is a 30 year fixed, you are at risk of a clouded title almost as much as anyone in foreclosure. In fact, if you have refinanced or purchased your house from 2000 or later, you could easily have a defect in title. Since I am not a lawyer and can only give myself legal advice, I will only discuss my own case. And of course these are only my opinions based on my knowledge, education, training and research. Apparently my title company thinks my title is good. I know because somebody asked them and they said it was good. At the end of the article I will explain why they would say that. What they meant to say was “Everything is great because we, as a title company, are not at risk at all based on our review of your title”. Continue reading “Title Crisis”

LAWYERS CLE WORKSHOP ON FORECLOSURE DEFENSE AND OFFENSE

LAWYERS CLE WORKSHOP ON FORECLOSURE DEFENSE AND OFFENSE

April 30 to May 1, 2011 – in Phoenix, Arizona

Venue is to be determined

World Savings Bank, A Living Legacy of the Subprime Crisis

World Savings Bank, A Living Legacy of the Subprime Crisis

By Daniel Edstrom
DTC Systems, Inc.
http://www.dtc-systems.net
http://livinglies.wordpress.com

World Savings Bank loans were the worst of the worst loans that were packaged up and sold to homeowners from the 1990’s until 2008. These loans consisted of pick a pay loans with negative amortization. Typical predatory negative amortization loans allow for the original loan balance to increase to 110% maximum. Meaning if the loan was originally issued at $100,000.00, the loan balance can keep going negative until it reaches $110,000.00. World Savings Bank decided that this wasn’t enough and allowed their negative amortization loans to reach 125% of the original principal balance. This is the gift that keeps on giving. As home values have been decimated by the meltdown and continue to drop, properties with World Savings Bank loans have principal balances that keep going up and up and up. No underwriting was given on these loans, the value of the properties and the promise and belief they would ever rise was the only consideration given to support the loan. The other consideration used in “lending” the money had nothing to do with the homeowners. World Savings Bank wanted to entice investors into parting with their money. Lots of money. In fact BILLIONS and BILLIONS of dollars. It turns out that World Savings Bank had NO STAKE in the transaction, they were only the middleman. One big fat rich middleman. This was at the expense of both borrowers and investors who purchased certificates from the many REMICs setup by World Savings Bank. What REMICs? What securitizations? Didn’t Wells Fargo tell you that these loans were securitized? Why does the Office of the Comptroller of the Currency (the OCC) allow Wells Fargo Bank to foreclose in their own name on the tens of thousands of World Savings Bank foreclosures? The OCC knows much more than the American people what World Savings Bank, Wachovia and Wells Fargo Bank are doing to the American homeowners. Namely that Wells Fargo Bank is walking into court claiming to be the real party in interest, claiming that they own these loans and that they were never securitized. Of course this is nothing new for Wells Fargo Bank or Wachovia. Just look at the auto loans securitized by Wachovia Dealer Services. Wachovia Dealer Services did not loan the money as these were table funded automobile loans. The money used to fund the automobile loans came from various trusts that pooled the loans and sold them to investors. The trusts and/or the investors allegedly own the loans and not Wachovia Dealer Services or Wells Fargo Bank. But you would never know this by going to just about any state court in this country and looking at who the plaintiff is thats filing a judicial lawsuit on these automobile loans: Wachovia Dealer Services. Reading the Prospectus for these deals is a real eye opener: Title will remain in the name of Wachovia Dealer Services and even though the loans are sold, the abstract of title given to the DMV will not be updated to reflect the correct ownership. They go on to admit that title has not been perfected and that the certificateholders are at risk. It even goes on to say that the loan contracts will not be updated to reflect that ownership has changed (endorsement under state UCC laws). So you have no endorsement and no transfer (no perfection). The beneficial and equitable rights have been sold. The above all describes predatory banking, lending and servicing at its worst.

Continue reading “World Savings Bank, A Living Legacy of the Subprime Crisis”