Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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http://naybob.blogspot.com/2007/12/tila-exemption-rate-cuts-and.html

 
TILA Exemption - No Truth in Lending... If you are getting a mortgage workout you better read the fine print carefully.

This "crisis" based piece of pork gives safe harbor to all lenders from the Truth In Lending Act and all other laws.

In other words, you will have no recourse for lender errors, omissions or misrepresentations.

HR 4178:
Emergency Mortgage Loan Modification Act of 2007 (Introduced in House)
A creditor, assignee, servicer, securitizer, or other holder of a residential mortgage loan shall not be liable to any person under any law or regulation of the United States or any law or regulation of any State or political subdivision of any State, or under any contract, for entering into a qualified loan modification or workout plan on any residential mortgage loan, as provided by this subsection, that was consummated on or after January 1, 2004.

http://thomas.loc.gov/cgi-bin/query/z?c110:H.R.4178:


Emergency Mortgage Loan Modification Act of 2007 (Introduced in House)

HR 4178 IH

110th CONGRESS

1st Session

H. R. 4178

To amend the Truth in Lending Act to remove an impediment to troubled debt restructuring on the part of holders of residential mortgage loans, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

November 14, 2007

Mr. CASTLE introduced the following bill; which was referred to the Committee on Financial Services


A BILL

To amend the Truth in Lending Act to remove an impediment to troubled debt restructuring on the part of holders of residential mortgage loans, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the `Emergency Mortgage Loan Modification Act of 2007'.

SEC. 2. SAFE HARBOR FOR HOLDERS ENGAGED IN TROUBLED DEBT RESTRUCTURING WITH REGARD TO RESIDENTIAL MORTGAGE LOANS.

    (a) In General- Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is amended by inserting after section 129 the following new section:

`Sec. 129A. Safe harbor for holders engaged in troubled debt restructuring with regard to residential mortgage loans

    `(a) In General- A creditor, assignee, servicer, securitizer, or other holder of a residential mortgage loan shall not be liable to any person under any law or regulation of the United States or any law or regulation of any State or political subdivision of any State, or under any contract, for entering into a qualified loan modification or workout plan on any residential mortgage loan, as provided by this subsection, that was consummated on or after January 1, 2004.

    `(b) Definitions- For purposes of this section, the following definitions shall apply:

      `(1) QUALIFIED LOAN MODIFICATION OR WORKOUT PLAN- The term `qualified loan modification or workout plan' means a troubled debt restructuring that meets the following criteria with respect to a residential mortgage loan:

        `(A) The loan is in payment default under the loan agreements or payment default is imminent or reasonably foreseeable.

        `(B) The creditor, assignee, servicer, securitizer, or other holder reasonably believes that the net present value to be realized on the loan, as determined under the applicable contract, will be maximized by entering into the workout plan.

      `(2) QUALIFIED MORTGAGE-

        `(A) IN GENERAL- The term `qualified mortgage' means--

          `(i) any residential mortgage loan that constitutes a first lien on the dwelling or real property securing the loan and either--

            `(I) has an annual percentage rate that does not equal or exceed the yield on securities issued by the Secretary of the Treasury under chapter 31 of title 31, United States Code, that bear comparable periods of maturity by more than 3 percentage points; or

            `(II) has an annual percentage rate that does not equal or exceed the most recent conventional mortgage rate, or such other annual percentage rate as may be established by regulation under paragraph (6), by more than 175 basis points;

          `(ii) any residential mortgage loan that is not the first lien on the dwelling or real property securing the loan and either--

            `(I) has an annual percentage rate that does not equal or exceed the yield on securities issued by the Secretary of the Treasury under chapter 31 of title 31, United States Code, that bear comparable periods of maturity by more than 5 percentage points; or

            `(II) has an annual percentage rate that does not equal or exceed the most recent conventional mortgage rate, or such other annual percentage rate as may be established by regulation under paragraph (6), by more than 375 basis points; and

          `(iii) a loan made or guaranteed by the Secretary of Veterans Affairs.

        `(B) MOST RECENT CONVENTIONAL MORTGAGE RATE- The term `most recent conventional mortgage rate' means the contract interest rate on commitments for fixed-rate first mortgages most recently published in the Federal Reserve Statistical Release on selected interest rates (daily or weekly), and commonly referred to as the H.15 release (or any successor publication), in the week preceding a date of determination for purposes of applying this subsection.

      `(3) RESIDENTIAL MORTGAGE LOAN DEFINED- For purposes of this subsection, the term `residential mortgage loan' means a loan that is secured by a lien on an owner-occupied dwelling and is not a qualified mortgage.

      `(4) SECURITIZATION VEHICLE- The term `securitization vehicle' means a trust, corporation, partnership, limited liability entity, or special purpose entity that--

        `(A) is the issuer, or is created by the issuer, of mortgage pass-through certificates, participation certificates, mortgage-backed securities, or other similar securities backed by a pool of assets that includes residential mortgage loans; and

        `(B) holds such loans.

      `(5) SECURITIZER- The term `securitizer' means the person that transfers, conveys, or assigns, or causes the transfer, conveyance, or assignment of, residential mortgage loans, including through a special purpose vehicle, to any securitization vehicle, excluding any trustee that holds such loans solely for the benefit of the securitization vehicle.

    `(c) Effective Period- This section shall apply only with respect to qualified loan modification or workout plans initiated during the 6-month period beginning on the date of the enactment of this section.'.

    (b) Clerical Amendment- The table of sections for chapter 2 of the Truth in Lending Act is amended by adding after the item relating to section 129 the following new item:

      `129A. Safe harbor for holders engaged in troubled debt restructuring with regard to residential mortgage loans.'.




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If this isn't fascism I don't know what is they get a get out of jail free card for looting trillions.

Why can't the government just come clean and admit there are no laws tough luck.

These are the most cowardly sneaky dictators I have ever heard of !!!

They don't have the courage to tell us to our faces?

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Section 9. The migration or importation of such persons as any of the states now existing shall think proper to admit, shall not be prohibited by the Congress prior to the year one thousand eight hundred and eight, but a tax or duty may be imposed on such importation, not exceeding ten dollars for each person.

The privilege of the writ of habeas corpus shall not be suspended, unless when in cases of rebellion or invasion the public safety may require it.

No bill of attainder or ex post facto Law shall be passed.

No capitation, or other direct, tax shall be laid, unless in proportion to the census or enumeration herein before directed to be taken.

No tax or duty shall be laid on articles exported from any state.

No preference shall be given by any regulation of commerce or revenue to the ports of one state over those of another: nor shall vessels bound to, or from, one state, be obliged to enter, clear or pay duties in another.

No money shall be drawn from the treasury, but in consequence of appropriations made by law; and a regular statement and account of receipts and expenditures of all public money shall be published from time to time.

No title of nobility shall be granted by the United States: and no person holding any office of profit or trust under them, shall, without the consent of the Congress, accept of any present, emolument, office, or title, of any kind whatever, from any king, prince, or foreign state.

Section 10. No state shall enter into any treaty, alliance, or confederation; grant letters of marque and reprisal; coin money; emit bills of credit; make anything but gold and silver coin a tender in payment of debts; pass any bill of attainder, ex post facto law, or law impairing the obligation of contracts, or grant any title of nobility.

No state shall, without the consent of the Congress, lay any imposts or duties on imports or exports, except what may be absolutely necessary for executing it's inspection laws: and the net produce of all duties and imposts, laid by any state on imports or exports, shall be for the use of the treasury of the United States; and all such laws shall be subject to the revision and control of the Congress.

No state shall, without the consent of Congress, lay any duty of tonnage, keep troops, or ships of war in time of peace, enter into any agreement or compact with another state, or with a foreign power, or engage in war, unless actually invaded, or in such imminent danger as will not admit of delay.

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Here's another article as well. So far so good. It hasn't passed yet.
 
http://www.businessspectator.com.au/bs.nsf/Article/Hope-Now-for-a-better-plan-9NSR6?OpenDocument?OpenDocument
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April
I went to this article, Kathy, and replied with some info. on MS fraud...hope it makes it past the "conversation editor"

I really think the tide is turning, that the story is about to break....I can feel momentum.
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Shaggy Rogers

http://globaleconomicanalysis.blogspot.com/2007/12/hillary-clinton-and-george-bush-two-of.html 

 

Hillary Clinton and George Bush: Two of a Kind

 

With Hillary's Letter to Treasury Secretary Henry Paulson calling for Immediate Action to End Foreclosure Crisis she proves she is no better than George Bush.

Here is the paragraph in question:

I will consider legislation that enables lenders to convert unworkable mortgages into stable, affordable loans without the permission of investors. Protection from lawsuits will remove the obstacle that keeps lenders, servicers and others from turning mortgages that were designed to fail into mortgages families can afford. Right now, servicers who process monthly loan payments and interface with homeowners have flexibility to modify loans. However, they are reluctant to fully exercise this discretion in part because they fear investor lawsuits. Investors who own the securities into which the mortgages have been packaged may assert that they are harmed when servicers help at-risk borrowers. Protection from lawsuits could enable the servicers to help homeowners avoid foreclosures, help investors avoid the losses they would otherwise suffer, and help the economy.
Her entire proposal is complete nonsense but the above is downright scary. Bush ignores the constitution from the oval office and Hillary obviously has no regard for constitutional issues either. Hillary Clinton has just proven she would be no better than President Bush.

This should be a wakeup call for America and I hope it is. The country cannot stand four more years of Bush in the White House and that is exactly what we will have if she is elected.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com

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