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Hi Jo , As long as you have the account numbers then the solicitors are able to process any claims that you may have with your provider or lender.

The fact that you have paid off these mortgages does not stop you from claiming compensation. We can actually go back to the early 1980's as long as you have the account number for the mortgage and the lenders name. The clock for claiming does not start until the solicitors start to make the claim advance to your ex-lender or provider.

I would like you to go to http://www.finance-claims-checker.com and send us your details. On receipt of your details we will call you to discuss the mortgages that you have and to see if you have any possible claims. If you do have any possible claims then we will send you an authorisation form for you to sign and complete with two copies of proof of your address and a cheque for £10 made payable to your lender.

At this stage we cannot say for sure until the solicitors are in receipt of the actual mortgage documents from your lender, whether or not you will have a claim for certain. Apart from the initial charge of £10 for the lenders to send their documents to the solicitor there is no other charges that you will incur.

The solicitors will ask your lenders to submit all your mortgage documents to them for auditing and they will then audit your mortgage account details to see if the Mortgage Statements and the Charges you have been charged are acurate and that the Contract, Terms & Conditions are valid and that there is a claim for at least £5,000. The solicitors are generally looking for about seven different errors in the legal documentation alone. If at this stage the Solicitors find that there is a claim for compensation of more than £5,000 then they will inform you by post and arrange to have their legal documents and contracts delivered to you for signing and approval.

The case for compensation can take from 6 month to 2 years for a claim to be completed. If the mortgage is found to be absolutely invalid then the solicitors will be looking for the total mortgage amount that was originally borrowed to be compensated back to you and any monies paid as well as any interest incurred during the term of the mortgage and since the mortgage was repaid. This can be substaintial in cases that go back some time.

Jo, I hope this answers your question and I should also say that the above procedure is for all Loans as well .(for example: car loans, caravan finance, homeowner loans, secured and unsecured loans) If you have any further questions then please do come back here or as I said earlier go to our website http://www.finance-claims-checker.com and submit your details.

Interesting article, thanks for the read. I think often the problem with capitalism is the "illusion" of easy money, where people rack up sky-high debts by companies misleading them into it. Basic economy principles dictate screwing over the consumer screws over everything, but some are too short-sighted, and as you said, "greedy", to anticipate this. This is probably reflective of the current American education system which provides little education on economics, even the most basic, unless they enter that specialized area of college. Without this education, many people easily fall into debt and loans are given out to people who obviously aren't likely to pay them back. This can easily happen in the Islamic system mentioned above, but can easily be avoided through simple, continued analysis of banking practices at the top and bottom (local banks to the federal reserve) to look for bad practices that are unfairly taking advantage of people. Otherwise known as more extensive bank regulation – try passing that through congress. Governments don't cause problems, its people that cause problems, its what government does the least terrible job at dealing with the problems people cause, and the Islamic system noted above somewhat touches on ideas that could help whip American economy back into shape. I don't think our current deficit spending will aid us in recovery, time will, though, we can only try to recover the damages in the meantime.

This looks interesting. I'll have to check it out.

Liss 313, come on now, we all know? you're really some white dude, posting here and trying to bring down the Black population and give the Detroit Blacks a bad name !!

lol the united states of kingdom

@theembracedofgod

Fantastic Post. Homeowner Loans are a popular way of borrowing larger sums of money by securing it against your property. Remember though, while the rate and monthly amounts look good, you will be paying back over a longer period of time and therefore will pay more money back in the long term. If you can try and overpay so your term will reduce and you won’t pay as much interest.

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You really think the $3.74 billion project is being privately financed??? If it was it would have been approved long ago. It is Wang's attempt to make his own real estate swindle using the state and counties money… IE.. YOUR money.Just move the team into Bruce Ratner's real estate swindle in Brooklyn, which is already being built.But no… greed is TOO much and Wang wants you to pay for his own boondoggle. Sharing one with Ratner isn't good enough.

atheist,
you are confusing cause and effect. if congress earmarks money for pet projects in their district and then funds the military, the military is just a conduit. we don't have any say over where the money goes. yes, the military has a tough time figuring out what future needs will be and tends to get wrapped around the "technology" axel. i fail to see how a belief in the "revolution in military afffairs" translates into "the military is a socialist organization". in fact, we are taking a hard look at the "cold warrior systems" and embracing a more COIN centric technology fielding. also, i've been in the Army 22 years and no.. i've never heard the phrase you mentioned. while we are a hierarchical organization, there are standards of behavior up and down the chain. our leaders can be relieved of command for creating a bad "command climate" and there are regulations that are designed to protect subordinates from abuses of poor leaders. you won't find anything like that in a communist system. i expect anyone that thinks as you do to have a complete misunderstanding of military culture and rules.

FM… i think many of us here await your post especially because you are going to bring us up to the "sophomore-level" of social science debate. so far, you have offered nothing in defense of your theory except snide remarks insulting your readers intelligence which says more about you than it does us.
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Fabius Maximus replies: First, perhaps I'm awaiting your acknowledgment of my factual corrections to your comments. As a stand-up person, I am sure you will do so. (Your many previous failures to do so must be oversights)

Second, my statement was precise and technically correct. That military organizations are organized along communist principles is a standard sophomore-level discussion in sociology and political science. There is nothing "snide" in pointing this out. (BTW, the distinction you misunderstood between equity (ownership) and debt (loans) is *freshman* level material in business courses. These things are of course rough aproximations, as curriculums are not standardized in US colleges)

Third, the similarities are so obvious they should not need listing for anyone familar with both communiist states and military organizations. Authoritarian organization, minimal internal use of market mechanisms, government provision of all essential services, bureaucratic decision-making — its a long list. What's interesting is that these things apprear invisible to you.

Fourth, even more interesting, is that you find this so offensive. These similarities mean nothing in themselves. The traditional family structure, inherited from our roots in both Israel and Greece, is a patriarchial tyranny. Just because our troops fought fascism in Europe, they did not return home to have the wife and kids vote on all decisions. "Organic" organizations — such as our bodies, tribes, families, armies — have characteristics different than capitalistic economies with democratic political regimes. So what?

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In the main body the following is stated:
"The only way we know that a loan has been allegedly securitized news if someone makes that representation in court, usually without the slightest presentation of evidence in support of the representation. We must believe the representation."

This statement must be temprered so as to remove any implication that it is "industry practice" to fail in respect of properly recording loan lists in connection with securitization.

The 1st point of foundational clarification is that securitization is designed to enable originating lenders to create an asset, then fund the asset acquisition with money obtained by issuing debt in the public markets. Under FAS 144, a lender was able to follow certain procedures to keep that debt off balance sheet, with some attendant income recognition/non-recognition features. The lender treated the asset as having been sold to a controlled trust in exchange for the trust creating and issuing its own debt instruments or trust "notes". The trust notes are then issued by the lender to the public at a significant markup. FAS 144 provided that the assets [homeowner promissory notes] are in effect offset by the public debt issued by the trust/lender. The lender was able to originate and retain the promissory notes and associated mortgages that are used to enforce those promissory notes–while issuing public debt. Both the asset and liability theoretically left the lender and neither was shown on the lender's balance sheet. This allowed new entrants to the marketplace to carry large amounts of substantially "non-recourse debt" without disclosing that debt to the shareholders. The design enabled the lender to avoid disclosing the over-leveraged position of the lender. It was a FASB endorsed device to minimize disclosure to the lender's shareholders.

These lenders retained servicing rights–the right to maintain collection accounts and benefit from the income received from holding the funds. The lender-servicer keeps the "float". Float is the balance in the account left after receiving current payments from homeowners and paying out current obligations to the public MBS holders. Float tends to increase if there are undistributed proceeds of foreclosure received by the servicer. the servicer usuallly is entitled to retain the income stream from the float.

This is a great deal for a lender-servicer. It does not show the homeowner promissory notes as assets nor the MBS liabilities on its balance sheet, but actually handles all the cash flows associated with these assets/liabilities. The lender retains income on the float–without having associated assets. This device enables the lender to show to its shareholders income from "servicing" without carrying assets on its books related to that income stream. The result is enhanced financial ratios such as return in invested capital, return on assets, etc.. this is the driver for FAS 144 treatment for "real" banks.

However, the securitization process must be followed with care to keep the assets and debt off balnce sheet. The securitization process is dependant upon tranfer of legal title to the homeowner promissory notes from the lender-group to the trust. this is accomlished by various securitization documents that purport to transfer batches of homeowner promissory notes. The documents typically refer to attached exhibits that are supposed to list the homeowner loans /notes that are conveyed. The lists are supposed to be filed with the SEC on the docket associated with the trust. SEC generally REQUIRES those lists to be filed electronically because the lists of one-liner descriptions of the homeowner note makers, property address, terms etc. can easily run to 200 pages of printout. That is not so large as one might consider given the sheer volume of documents associated with the filing. The loan list is referred to oftentimes as the "loan schedule" or "mortgage loan schedule" etc. The big banks typically filed these lists with their securitization documents in electronic format. The big banks tended to follow the securitization rules for trusts that were designed to keep debt off their balance sheets where the big bank was the lender and servicer. Failure to file loan lists useful in identifying predatory loans etc, was not an industry standard and was not legally permissable. these same loan lists should also be filed with the appropriate Secretary of State UCC division as the core document in "financing statements" used to convey from the trust a right to foreclose etc by the Indenture Trustee.

So if the loans were not transferred from the lender to the trust by listing and filing those loans, then the securitization was ineffective and the lender was not properly excluding the off balance sheet assets/liabilities and not properly reflecting income on the deemed sale to the trust. Similarly, the failure to make proper filings of the loan lists for UCC purposes failed the securitization. If the securitization failed, then the lendeoriginator-servicer continued to own the homeowner notes subject to the offsetting liability to MBS holders. The trust and the indenture trustee would not receive title to the homeowner notes.

The loan lists were legally required to be filed with SEC and at least one Secretary of State office. These lists are not confidential. Proof may be had by a review of a big bank filing, in respect of its own securitizations. In these cases the trust typically bears the name of the big bank. These are to be distinguished from securitizations where the big bank is merely the Indenture trustee or custodian. In these latter cases the now bankrupt fly-by-nites simply used the big banks' names but the securitization was undertaken in the name of the fly-by-nite. These often have no loan list filed–lack documentation of transfers of the notes etc. A significant practical difference is that the big banks were interested over the longer term in keeping the debt off-balance sheet in order to improve their financial ratios–upping their share prices. The fly-by-nites on the other hand were apparently not concerned about long term prospects–they weren't worried that the auditor would put the debt on their balance sheets. This could be that the fly-by-nite either was not public and so was unconcerned about balance sheet presentation or expected to be out of the game as soon as the truth of their origination activity became known to investors in MBS.

There are of course more insidious possibilities as to why the fly-by-nites were better off without properly filed loan lists. One possibility is that the fly-by-nite was salting "air loans" into its pools knowingly. Another possibility is that the filings would have readily disclosed entire "groups" of predatory loans. Another possibility was that the entity knowingly concealed the loan list to prevent today's foreclosure defense bar from establishing classes of defrauded predated homeowners. Of course the reasons may have been several or a combination of the foregoing.

Bottom line is that it was definitely NOT industry practice to leave loan lists out of filings..

If anyone has evidence as stated above that a servicer is retaining the proceeds of foreclosure–by having obtained access to internal records please contact me. generally the servicing agreements provide for retention of the collection account proceeds without distruibuting the balances—but the provisions generally state that the account balance will be held in the name of the Indenture trustee. Consequently, I would posit that there are some indep[endent servicers out there that have large balances that they are keeping in separate accounts under the names of multiple trusts/trustees –with the servicer named as the account owner as agent for the big banks. If there are any disgruntled former empleees of servicers out there reading that have knowledge of this sort of activity —please contact me.

In order to meet then FAS 144 off balance sheet treatment, the securitization steps must be followed–including properly filing exhibits represented as "filed" in the pertinant SEC docket in respect of the referenced trust.

Poor pitiful Minnesota, where "all the women are strong, all the men are good looking, all the children are above average, and at least two University of Minnesota law professors prove that common sense is very uncommon.Claire Hill is a professor of law and the Solly Robins Distinguished Research Fellow at the University of Minnesota Law School. Prentiss Cox is a professor of clinical law at the same school and is a former Minnesota assistant attorney general who led cases against subprime mortgage lenders.From their article, nothing is done, we could face continued sluggish and restricted investment in real estate and the broader economy if the titles to foreclosed properties are seen as tainted. We could even see a second financial implosion if the scope of the problem appears large enough and uncertain enough to potentially overwhelm fragile bank balance sheets.One solution is to stop foreclosures until ownership records can be sorted out. But while we may not know precisely who the homeowners being foreclosed on owe money to, we know that they owe it to someone. Distressed homeowners should not be able to avoid foreclosure simply because the right party to foreclose cannot easily prove that it is the right party.More important, we can find a better solution. We can provide an impetus for mutually beneficial loan modifications, thereby helping get the housing recovery back on track.Let's bail the banks out of their self-inflicted wounds one more time, but this time extract a serious price that helps address the underlying problems.~snip~The new rescue for the financial industry would involve simplifying the proof required to foreclose on a property. If a bank could certify ownership based on electronic records, and if the property were listed for a reasonable period of time (e.g., 60 days) on an easily accessed public Internet site to allow for objections, the mere fact that the bank could not provide the usually required evidence of its claims would not prevent it from being able to foreclose.The price banks would pay for these loosened procedures is that they would be required, in some cases, to modify homeowner loans.~snip~Actors in our current system face uncertainty that results in paralysis and resources spent fighting one another. Having clear rules swiftly administered is more fair and effective for everyone — homeowners and markets alike.It's the prudent thing to do, even if it means swallowing once again the bitter pill of saving banks from their own incompetence.No wonder the state's supreme court gave a big 10 thumbs up to Mers. With professors like this teaching our kids, we'll be lucky if civilization endures another decade. Just more insanity.

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