Tag Archives: CFPB

FIFTH U.S. CIRCUIT RULES FHFA UNCONSTITUTIONAL!

BREAKING NEWS — OP-ED — This just received out of New Orleans … 

Collins et al v Mnuchin et al, 5th App Cir No 17-20364 (Jul 16, 2018)

The 5th Circuit Court of Appeals denied damage awards to three investors who claim they lost money as shareholders in Fannie Mae and Freddie Mac due to the toxicity of the 2008 mortgage markets and challenged the constitutionality of the Federal Housing Finance Agency.  The Fifth Circuit failed to award damages (as expected) to the investors but ruled that the FHFA, by its very structure was unconstitutional due to the way it was structured to act as a conservator for the two GSE’s and thus violating the Separation of Powers Clause.  You can bet that the FHFA will appeal this ruling to save its own ass.

As you recall, the CFPB met similar fate in a ruling issued by a federal judge in New York.  The ruling is here:

CFPB et al v RD Legal Funding et al, U.S. S.D. NY No 17-Civ-890 (Jun 21, 2018) 00890-Order

Why doesn’t any of this surprise me?  This is why we need public banking.  The U.S. Government has set up legislation to protect the banks under 12 U.S.C. but it shows a poor example of financial leadership when its own GSE’s operate without transparency, hiding behind a wall of assignments and secrecy in the land records.  Most people recognize that when you put money into an investment vehicle, you risk losing it, which is exactly what happened to the three investors who sued Fannie and Freddie through the FHFA.

Tough toodles on the investors, huh?  Why do people keep trusting that the U.S. Government is managed by sound financial policy when its own Congress is self-serving and bipolar in its very nature.  This is why we need public banking and to hell with the federal reserve.  We have one public bank (The Bank of North Dakota) that IS properly managed and is financially sound (which represents the interests of business and consumers in that State).   However, that being said, fiat currency is fiat currency and as long as we have Congress writing checks its body can’t cash, further driving us as a nation into debt, taxing its citizens into oblivion, using “Federal Reserve Notes” (promises to pay) as legal tender, this country is in trouble, because there’s nothing backing that debt.  We went off the Gold Standard in 1975 (thanks to Nixon).

Most people also do NOT recognize that Fannie Mae and Freddie Mac are administrators for their own REMIC trusts, despite the fact that when properties are converted by assignment and “alleged transfer” to a given GSE that it is likely that the actual REMIC it manages it never mentioned.  Thus, it raises suspicions that the quasi-government entities created to back the mortgage and housing markets are swindlers on paper!

MORE BREAKING NEWS — 

Tonight at 6:00 p.m. EDT, hear Dave Krieger and co-host R.J. Malloy on WKDW-FM Radio (listen live at kdwradio.com; click the LISTEN LIVE button and wait for the show to start) to discuss news of the day as well as what attendees are going to learn at this weekend’s Foreclosure Defense Workshop in Orlando, Florida.  What we’re teaching may shock you, but we’re talking “risk aversion” and this means something to state and local governments whose judges are ruling for banks using phony documents and making false misrepresentations through their legal counsel to steal property across America!  This is NOT for the pro se litigant, so don’t even try.  We have a “game plan” set into motion involving attorneys and specialized witnesses to do the “takedown” in open court!  This show is a MUST LISTEN!

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Filed under BREAKING NEWS, OP-ED, Securitization Issues, workshop

CFPB UPDATE ON OCWEN LOAN SERVICING LLC …

BREAKING NEWS —

For those of you who need clarification on Ocwen Loan Servicing’s “financial position” and “mortgage servicing rights”, please pay close attention to WHAT Ocwen acquired from ResCap and why ResCap had to file Chapter 11.  Here’s the 11-page update:

Update on The CFPBs Enforcement Case against Ocwen Financial Corporation

You can also read (in the last paragraph of the Report) what the status is on the lawsuit filed by the CFPB.

For those of you that have been following my blog posts, also understand that ALL SERVICERS have to comply with REMIC rules if a REMIC is involved in your mortgage loan … that includes ADVANCES!  Please refer to my other article on Ocwen in The Pooling & Servicing Agreement: Why Just Eat Half The Enchilada? 

For those of you that need “clarification” on the duties of the Servicer, please pay close attention to the attachments in the referenced article … especially under the area of ADVANCES.  This might explain more of servicer fraud, as the servicer, by omission, commits fraud on the court by NOT admitting that it has to make your mortgage payments if you fail to do so, under the 424(b)(5) Prospectus regulations (shown in the article, by Ocwen’s own admission), coming into court in a foreclosure proceeding claiming that the investors it represents (the REMIC’s certificate holders) suffered harm, when in fact (PLEASE PAY ATTENTION TO THE DISTRIBUTION DATES IN THE REMIC’S REGULATIONS), the investors have been getting paid all along, as long as the servicer is able to make the payments.  This is even more evident when you read the sentence in the Report issued by the CFPB (attached) which explains WHY ResCap filed bankruptcy!  Sorry, you actually should read the Report! 

You can learn to fight Servicer Fraud at our upcoming Foreclosure Defense Workshop … this weekend in Orlando, Florida!  Servicer Fraud is NOT just Ocwen … it’s all of them! 

FDW ORLANDO REGISTRATION FORM

There are still a few seats left!

We will be sharing information about the differences in “buying time” versus “full resolution” in your foreclosure case!

Learn to attack Assignments of Mortgage and Deeds of Trust the right way!

Learn to attack the other’s side’s Limited Power of Attorney!  … and so much more!

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Filed under BREAKING NEWS, Securitization Issues