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MISSION
STATEMENT: To
enable and to empower the American Folk to network
amongst themselves at
their local political level; at the local geographical
venue so the American
People will have the kind of society they want;
so the American People will
have the kind of government they want.
“It USE
to be we would look forward to a time when your pains and sufferings over the
loss of your home
or the
imminent foreclosure of your home would be dealt with.
NOW, we
look BACK at it having been done.!”
The
Solution to our dilemma is a political response as well as a legal
response.
Below
is the legal response. ARA is the political response.
It
takes large numbers to make a political response and those numbers need to
co-ordinate.
Statewide
Communications provides that ability through ARA and its affiliate web
sites.
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there will be no America to turn to. Your choice.
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Know
this – we use to talk to potential clients for the law firm about ‘what should
come out of this’. Now, we can look back – even if it’s just a week
- and say ‘what has come out of this’.
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are 5 more law suits on the table for you to join PLUS a number more, I’m
confident, to follow.
Don’t
miss your opportunity to fight back! Have Satisfaction – your
satisfaction.
Wells
Fargo to Pay $125 Million to Settle Mortgage-Backed Securities
Case
www.HomeForeclosureRemedies.com
JOIN
THE PARTY!!!
IT’S
YOUR TURN!!!
Q
By
Karen Gullo - Jul
7, 2011 4:09 PM ET
·
July
7 (Bloomberg) -- Jeffrey Davis, chief investment officer at Lee Munder Capital
Group, talks about the outlook for the U.S. housing market and economy. Davis,
speaking with Lisa Murphy and Dominic Chu on Bloomberg Television's "In the Loop
with Betty Liu," also discusses the outlook for stocks. (Source:
Bloomberg)
Wells
Fargo & Co. (WFC) agreed to pay $125 million to settle
accusations by investors that the bank misled them about the risks of
mortgage-backed securities it sold.
The
plaintiffs in the consolidated group case, or class action, include the General
Retirement System of Detroit, New Orleans Employees’ Retirement System and other
public pensions, according to the proposed settlement filed yesterday in federal
court in San
Jose, California.
Wells
Fargo, the largest U.S. home lender, and several investment banks that
underwrote the securities were sued in 2009 over alleged violations of
securities laws in connection with sales of $36 billion in mortgage pass-through
certificates in 2005 and 2006.
The
securities were backed by pools of mortgage
loans that Wells Fargo
or its affiliates originated or purchased. In 28 offerings, the bank
misrepresented the quality of the loans, failing to disclose that it hadn’t
followed appropriate underwriting standards and loans were made based on
inflated appraisals, investors said in a complaint.
The
bank and the underwriters deny wrongdoing, according to the proposed accord,
which is subject to a judge’s approval.
“The
proposed settlement agreement is a negotiated resolution as to all named
defendants and is intended to avoid the distraction and expense of litigation,”
Ancel Martinez, a Wells Fargo spokesman, said in a telephone
interview.
State Court
Claims
The
bank still faces claims in state courts in California, Illinois and Indiana filed by individual investors and
federal home loan banks seeking to rescind billions of dollars of
mortgage-backed securities purchases.
“It’s a
very favorable outcome and will be significant for investors,” David Stickney, a
lawyer for the plaintiffs, said in a phone interview.
Bank
of America Corp. (BAC) agreed on June 29 to pay $8.5 billion
to resolve investor claims over sales of bonds backed by home loans by
Countrywide Financial Corp., which it had acquired in 2008. The settlement
covers 530 mortgage trusts with an original loan balance of $424 billion, the
bank said.
The
case is In Re Wells Fargo Mortgage-Backed Certificates Litigation, 09-1376, U.S.
District Court, Northern District of California (San Jose).
MAJOR
ANNOUNCEMENT:
Bank of
America in $8.5 billion settlement
From:
Timothy Haight
Date: Wed, Jun 29, 2011 at 1:17 PM
Subject: BOA
mortgage doc link
To: Martin Michael
https://money.cnn.com/2011/06/29/news/companies/b_of_a_settlement/index.htm?hpt=hp_t2
https://finance.fortune.cnn.com/2011/06/03/at-bank-of-america-more-incomplete-mortgage-docs-and-more-questions/?iid=EL
At Bank
of America, more incomplete mortgage docs raise more
questions
Fortune
examined hundreds of foreclosure documents to determine the validity of mortgage
securitizations after Bank of America debunked testimony about them last fall.
The results raise more questions than they answer.
By
Abigail Field, contributor
FORTUNE
-- Are Countrywide mortgage-backed securities really mortgage-backed? Do banks
even have the legal right to foreclose on certain homes?
These
are just a few of the questions raised since the foreclosure crisis revealed
shoddy mortgage servicing practices at many of the big banks – practices that
have led to countless investigations and lawsuits. Court testimony by a former
Countrywide employee added to the intrigue last fall, because she confessed that
many loans there weren't properly handled, bringing into doubt the validity of
Countrywide's securitization process. Bank of America, which owns Countrywide,
quickly silenced the discussion with firm denials.
But
Fortune has
examined dozens of court records that corroborate the employee's testimony. And
if Countrywide's mortgage securitizations systematically failed as it appears
they did, Bank of America's potential liability dwarfs its shareholder equity,
as the Congressional Oversight Panel points out.
Last
November, a decision in a New Jersey bankruptcy case brought to light the
testimony of Linda DeMartini, operational team leader for the litigation
management department for Bank of America, which intended to prove the bank had
the right to foreclose on a debtor's mortgage. Instead, her testimony was key to
the judge's ruling that Bank of America (BAC) couldn't foreclose, and along the
way DeMartini made two statements that called into question the securitization
of Countrywide loans. She testified that Countrywide didn't deliver the notes to
the securitization trustee, and that Countrywide notes weren't endorsed except
on a case-by-case basis generally long after securitization ostensibly occurred.
Both steps are required, in one form or another, under all securitization
contracts.
Only
the delivery issue was really scrutinized at the time, because without a doubt
the failure to deliver the notes would invalidate the securitization. The other
issue, failure to endorse the notes, sparked a debate: the American
Securitization Forum argues the notes would still have been securitized without
endorsement, while Adam Levitin, associate professor of law at Georgetown Law,
convincingly argues that they would not have been.
https://www.msnbc.msn.com/id/43579924/ns/business-eye_on_the_economy/
Bank of
America settlement could speed foreclosures
Investor
settlement includes promise to outsource 'high risk'
mortgages
Investors
who bought bonds backed by shaky loans scored a major victory Wednesday with the
announcement that Bank of America will pay more than $8 billion to make up for
some of their losses.
Homeowners
on the other end of those shaky mortgages — especially those most at risk of
foreclosure — may have less to cheer about.
In
the largest settlement to date related to the rogue mortgage lending wave, Bank
of America said Wednesday it would pay $8.5 billion to settle claims with
investors holding about $100 billion worth of mortgage-related securities sold
by its Countrywide unit. The winners include 22 large investors such as Pimco,
Metropolitan Life and BlackRock, as well as the Federal Reserve Bank of New
York.
Aside
from their claims that Countrywide sold them bonds backed by faulty loans, the
investors argued that by continuing to service bad loans rather than speeding up
foreclosures, the Bank of America unit ran up servicing fees, profiting at the
expense of investors.
As a
result the settlement includes a promise to hire additional “subservicers” to
speed up the foreclosure process for high-risk loans. That means Bank of America
borrowers whose foreclosure have been on hold may now see the process
accelerated.
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Please
Forward Far and Wide
Help
me Help others……