Daily Archives: February 9, 2014

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Big Bank FAIL: Judge Rules Foreclosure by BofA Unconstitutional

Big Bank FAIL: Judge Rules Foreclosure by BofA Unconstitutional

Judge George N. Bowden of the Superior Court in Washington State ruled against Bank of America (BoA) in a foreclosure battle that ended with the nonjudicial foreclosure sale under the Deed of Trust Act (DTA). The sale was deemed void, and the court is setting the foreclosure aside.

In this case defended by StafneTrumbull law firm in Washington State, the homeowner won his house from BoA which is another major victory against the unethical and illegal foreclosures industry that has left millions of Americans homeless.

Bowden acknowledged that this case was like most; “convoluted in the minefield” that is the Mortgage Electronic Registration System (MERS) system.

Bradburn, the homeowner, was told by BoA “that he should stop making his mortgage payments so that he could qualify for refinancing.”

BoA ensured that this homeowner was in default of the mortgage by promising to refinance; then initiated litigation against the homeowner to retrieve the property for failure by Bradburn to remain current on his payments.

Bowden pointed out that the DTA “seems to contemplate a borrower and a lender with an independent trustee having the power to foreclose on the deed of trust in the event of default by the borrower. The lender would normally hold the underlying note and be the beneficiary of it. Here matters have been complicated by the sale of the underlying note from HomeStar Lending to Countrywide, which was later acquired by [BoA].”

Interestingly, Bowden stated that “Fidelity Title was identified as the trustee but then MERS was characterized as the beneficiary ‘as the nominee’ of the lender and their assigns. At summary judgment it was claimed that the note was ‘owned’ by Fannie Mae although it was ‘held’ by [BoA], which was then described as the ‘servicer’ of the note at the behest of Fannie Mae.”
The evidence presented by the homeowner showed that “MERS was never the owner or holder of the note.”

 

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MERS GETS ITS ASS KICKED IN CALIFORNIA COURT! NOT A BENEFICIARY!

MERS GETS ITS ASS KICKED IN CALIFORNIA COURT! NOT A BENEFICIARY!

Download Case (PDF)

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Barclays Files ‘Sold On To Rogue City Traders’

Barclays Files ‘Sold On To Rogue City Traders’

An investigation is under way after confidential files relating to customers of Barclays Bank were allegedly stolen and sold on to rogue City traders.

The Mail on Sunday said highly sensitive information, including customers’ earnings, savings, mortgages, health issues and insurance policies, ended up in the hands of unscrupulous brokers.

The leak was exposed by an anonymous whistleblower who passed the newspaper a memory stick containing files on 2,000 of the bank’s customers, it said.

He claimed it was a sample from a stolen database of up to 27,000 files, which he said could be sold by shady salesmen for up to £50 per file.

He estimates up to 1,000 people could have been “scammed” and among the victims are doctors, businessmen, scientists, a musician and a cleaner.

All the customers had sought financial advice from the bank, and passed on their details during meetings with an adviser.

Select traders were given the ‘Barclays leads’, the newspaper said, and from December 2012 to September last year a number of victims were persuaded to buy rare earth metals that did not exist, it is claimed.

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Active-Duty Soldier Not Subject To Foreclosure, 9th Circ. Says

Active-Duty Soldier Not Subject To Foreclosure, 9th Circ. Says

The banks are still abusing the SCRA law that protect the active duty soldiers…

Law360, Los Angeles (February 07, 2014, 8:27 PM ET) — The Ninth Circuit on Friday defined how courts should apply a federal law to foreclosure proceedings brought against soldiers on active duty, finding that fees levied on a Marine lieutenant colonel while he was overseas were illegal.

The three-judge panel overturned a district court ruling that sided with SunTrust Banks Inc. and Nationstar Mortgage Inc. for trying to collect the fees they charged Christopher Ayden Brewster for defaulting on his mortgage while he was on active duty in the military, according to Friday’s ruling.