Supporting, Informing & Connecting People in Foreclosure

Florida Banker's Association Comments

They know that the notes are destroyed and therefore the parties bringing suit neither have standing to sue for foreclosure nor do they have the capacity to sue.

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09-1460_093009_Comments%20(FBA).pdf, 38 KB

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Permalink Reply by J# on January 30, 2010 at 9:36am

We have to expose them somehow. Never mind, I forgot they already exposed themselves and admitted they destroyed their documents. It obviously is a campaign to suggest it was a proper thing to do given the secularized process. Look how openly we admit it, it must be proper, we admitted we destroyed the notes.
How about a full page ad in the paper that says, "they are EVIL very, very, EVIL. They have no shame! Stealing people's homes for ill gotten profits. EVIL!!!! I suppose they feel they have the God given right to all the money, all the property!
Bankers hide-your day will come. Soon there will be no place for you to hide!

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Permalink Reply by L on January 30, 2010 at 1:29pm

We are formulating a plan and working on setting up a conference call for next week for all those who are interested.

This will not go unopposed!

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Permalink Reply by Alina on January 30, 2010 at 6:57pm

From Anonymous:

To Alina:

Yes – but also the reason for electronic file conversion was to accommodate the accounting conversion of loans into securities in off-balance sheet conduits. Since securitization converts on balance sheet loan receivables into a portfolio of securities which are concealed in the off-balance sheet conduits – there is no longer a place to account for individual loans. Would love to see a “portfolio” electronic file and exactly what data was compiled from the individual loans. But that accounting gimmick is over. Banks were given six extra months to start bringing these conduits back onto their balance sheets – some are already doing this. The SPVs/QSPEs/REMICs – and whatever else you want to call them – will be gone in its current form. Six months is over in July 2010. Isn’t that when they want to establish the non-judicial foreclosures in Florida?? It is amazing that the FBA, and others, still like to think that the “secondary market” for the conduits is still ongoing and functioning. The party is over – just have to let the courts know this. I remember the Enron scandal – and one attorney stated that they “banked” on the courts lack of knowledge in financial engineering. Guess when the courts start catching up – they have to change the system! All in Florida must fight – cannot let someone else do it – because none of this can be done alone. All states should be “judicial” because the securities were regulated – or supposed to regulated – by a federal agency – the SEC. Non-judicial states are antiquated to before the financial/securities FEDERAL crisis. I think some of these states are actually looking at this better than the judicial states. Why would Florida go backwards?

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Permalink Reply by L on January 30, 2010 at 10:14pm

It slays me that HERE these Florida Bankers grouse about all the judicial protections offered to the deadbeat borrowers, and then 3 months later, they are yanking a tug of rope war to rid said deadbeats of those very protections. If I had been smart, I would have foreseen that they were planning this frontal attack on those protections and were teasing us with hints of their detestable bill proposal. As it is, I have had the growing suspicion that the judicial process of foreclosures in Florida would be vulnerable, but I thought no bills would be on the legislature's agendas until after the elections (assuming it would be too risky for politicians campaigning for office).

I guess I should have paid much more attention back in October when I read their comment which vexed me to the point of writing and submitting a rebuttal comment to the Florida Supreme Court refuting the Banker's whining claims.

What is the most grievous, is that 85-90% of Florida foreclosure cases are uncontested allowing them to whiz right on through the system without requiring the Plaintiff banks to do anything but say, "We have the right to foreclose" before they are granted the property evicting yet another Florida family. It costs $1,900 to file the case and then another $1,200 to the foreclosure mill. Only 10-15% contest their foreclosures. So, they want a free ride to confiscate all homes including the ones of that minuscule 10-15% who stand up and say, "No".

In 2009, 516,711 Florida properties received foreclosure actions.....over a half a million in one state alone.....a half million.....a half million.....

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Permalink Reply by L on February 1, 2010 at 12:56pm

Florida Bankers admit to the Florida Supreme Court that all notes are purposefully destroyed! (top of page 4)

Guess that leaves us to question how their artists are coming up with these ORIGINAL "deliberately eliminated" notes in hundreds of thousands of foreclosure cases, presented as summary judgment evidence to Judges in every single one of Florida's circuit courts? Wonder if the answer lies here or here?

Can we say felony crime? Anyone? Anyone? Criminal mortgage fraud anyone?

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Permalink Reply by Incognito123 on March 5, 2010 at 4:36pm

Not only that, after the foreclosure, the attorney asks for the 'original' mortgage and note back. Hmmm, can you say put it back into the stream of commerce illegally. The attorneys and banks are just so honest aren't they. Yea right. Sad thing is, most people DO NOT see the dishonesty of the banks and attorneys, only the homeowner that is using 'tricks' and 'smoke and mirrors' and 'loop-holes' and yet, JUST HOW are these banks foreclosing? Also, your stat was probably incorrect, more like 95% just walk away, even though the bank does NOT have the legal grounds - if not in all cases, then certainly almost all cases!!!

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Permalink Reply by L on February 1, 2010 at 1:32pm

The gauntlet thrown down by the Florida Bankers Association.

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Permalink Reply by Alina on February 1, 2010 at 6:48pm

I also believe there is a connection to the UETA. There is no case law regarding converting paper notes to electronic transferable records. Section 16 of the UETA states that a transferable record is created electronically and the maker gives their permission for the record to be used as an electronic transferable record.

IMHO, since it is admitted that the notes were converted to electronic format then destroyed, whatever was negotiated/sold/transferred afterward is a nullity. Therefore all these trusts hold nothing. Wouldn't the investors love to know that what they've invested in was worthless from its inception?

Another interesting note, the trusts do not hold the mortgages but rather only the rights to the income stream. This is what they purchased.

Question again: Who holds/owns the loans? IMHO, since the notes are purposefully destroyed, we own our homes free and clear.

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Permalink Reply by Incognito123 on March 5, 2010 at 4:42pm

In all honesty, that is not only your opinion, but BASED ON LAWS, your statement is actually completely correct. Sad thing is, so many people are tricked and bullied into leaving their home without the courts, attorneys and banks following the laws that were established. But the courts are NOT following the constitution, or for that matter, they are not even following their own statutes. They are all an organized crime ring more powerful and organized than 'the mob.' Look into FLMIC & Florida Bar, and after you really do some digging there, you will see the racketeering aspect so you can't even file complaints against attorneys violating the laws - or more correctly, you can file a complaint, but it will be brushed under the carpet.

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Permalink Reply by L on February 1, 2010 at 8:19pm

FL BANKERS TO FL STATE CITIZENS“BEND OVER!! YOUR ASSETS ARE MINE!” FL CONSUMER PROTECTION & HOMEOWNER CREDIT REHAB ACT

http://ning.it/9vd158

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Permalink Reply by SD on February 1, 2010 at 9:30pm

Folks I strongly suggest that we organize ourselves and get on a buss trip to State Capital and meet with those legislators. Some press would be good. Floridians need to know the con games these people are playing.

The name of the Bill itself suggest that they are hiding behind something. Only a lawyer of which they have many could come up with something like that. We now need to go to plan B. that is meeting with state leaders and informing the public. This should be something on the ballot and not a hand down from state capital. To use "L's" word we need a frontal attack