in response to :
Goldman, Morgan Stanley Near Settlements With Justice Department
It is very frustrating to watch the investor and government parties get relief by force of government but deny defrauded title owners any relief – Further insult is to allow same said loans originated in fraud be collected upon in a non-judicial foreclosure by the same parties that defrauded investors and government in the first place.
The first parties defrauded were the title owners – it is clear that CWHL and others defrauded title owners who had GSE loans to convert loans to their private label loans and securitization (without disclosure) in order for the parties to use said instruments (promissory notes) to defraud the new investors – I wonder if the new CWHL refinancing of GSE loans ever paid back the GSEs. Oh, but that is between those parties and remains secret if a settlement payment is made to the government. Then the same government to keep their retirements on track continues to allow the banking parties with unclean hands to use the extortion and abuse involved in the non-judicial foreclosure process. Extortion even using false documents and non-qualified trustees – RECONTRUST.
Beyond comprehension is for same parties that the government is accusing of originating “poor quality” mortgages is then allowed those parties the free legal use of non-judicial foreclosure to continue defrauding but I guess that is alright if they can get a piece of the action in the fraudulent collections.
And the reason for non-judicial foreclosure is the claim that it allows for a quick foreclosure process – currently that is not true for many title owners – the claimed owners and servicers abuse the process for YEARS! The parties with unclean hands are still allowed to abuse the non-judicial process without intervention!
And even worse the banks and servicers with unclean hands from origination to securitization – are still allowed to abuse the non-judicial process and claim federal power through FNMA even when the loan did not meet FNMA standards nor was it a FNMA loan nor could the loan type be securitized by FNMA. True that FNMA could have invested in Taylor Bean and Whitaker certificates and CWALT or CSWABS certificates but there would be a record of their said purchases and ownership – and an assignment to the real owners – the investors.
Side note: Seems obvious if the parties especially the parties with unclean hands – using the name of FNMA with federal power – if they can not foreclose in a timely manner using the non-judicial process – a judicial process should be required. The process currently is abuse of power and unconstitutional takings – thee parties claiming to be collecting / servicing for FNMA with absolutely no empirical proof of FNMA’s ownership – have armies of attorneys. And our local and federal authorities are okay with this …. otherwise – the world would collapse – this world is getting more and more corrupt. TOP DOWN.
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