Foreclosure Hamlet

Supporting, Informing & Connecting People in Foreclosure

Looking for info on third party payments covering missing (omitted ) mortgage payments-yes, Insurance claim payments

Hello, Folks:

I have been laboring under a sort of warning signal to stay quiet and under the radar, but I am emerging now and expect to be a pain in the you know what to a lot of people who are still winning this war of good and evil.  I see the mantra of the "deadbeat" property borrower as the final justification for grabbing the home and kicking out the family, with no compunctions because "they did not make the payments, did they"  This is in the minds of most judges, many spectators, all plaintiff counsel and a host of other uninformed voyeurs of this ongoing tragedy of a nation's wealth snatched out from under the eyes of a sleeping guard- our government.  Or, maybe the snatcher is the government.  Snatcher in the rye- has a nice ring to it!!

So, recognizing the enemy is the first clue to defeating it.  Let's look long and hard at insurance policies obtained by the trustees, servicers, brokers, etc. etc. to guarantee the quality of those RMBS sold to investors.  The insurance policies were not really meant to cover a risk of loss, they were to enhance the saleability of the certificates.  But, they did the job indeed!!

 

It is not easy to see clearly the maze of insurance jargon such as subrogation, subrogee, indemnify, and the like. I am reviewing some federal suits against B of A,JPMorgan, C-wide, etc. to see if I can get a handle on the basics.  Then I will increase the ammunition to find the answers to the smugness of the movers and shakers who don't seem in the least suffering from any of the mess which is killing the 99%.

 

More later but if anyone can add to the small pile of third party research, I will be most grateful. Thanks and hang in there!!  Deadbeats unite!!  I wish to show my support of the 99% who are so brave too!!

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Comment by Dina on November 3, 2011 at 10:03pm
Insurance industry has a master location, I.e. like DMV, where companies check how many claims have been filed (detailed) information. Search for errors and.omission insurance forbtitle companies. Ill research and see what I find
Comment by THOMAS on November 3, 2011 at 9:47pm
Jane thank you for your efforts.  We are all searching for information as if we were at war with a foreign nation.  Like breaking the Nazi's code.  These bankers, brokers and agents are all "licensed" by a government authority, which gives them the legal authority to practice their professionals.  All such licensure is created with the same mandate, to serve to protect the "health , safety and welfare " of the public ( us ).  When you visit you medical doctor they maintain a record.  it is your record.  You can see it and get a copy.  These banks a servicers are not just lenders, they are the custodians of our records.  /they can claim an insurable interest in the mortgage we gave them and collect on a CDS and we are not priviledged to this information.  We can not be informed of the chain of custody of the Note we gave them.  It is wrong on so many levels.  Sorry for rambling, but the information (is power) and it is out there and we will find it ( the truth ).  That is what 99 percents want, people to open their eyes.
Comment by Dina on November 3, 2011 at 5:57pm
You are an angel sent from heaven. We need eveything we can get to defend ourselves. Dont forget to add Wachovia/Wells Fargo.

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