Foreclosure Defense Florida

THE SECURITIZATION / AUDIT DEBATE RAGES ON – MARKET TICKER REPORTS

I appreciate the feedback and debate on this most important topic.   Please understand, I am NOT disregarding the work of everyone….only those that are breaking the law and putting consumers in harm’s way!
I recently had very powerful results working with one researcher that translated into real results in three different cases.   I am happy to share my experiences with other attorneys about the value and quality of this work.   But no one who is attacking this discussion has provided credible evidence…or any evidence for that matter…of real results.
This discussion (and the challenge) was also recently picked up over at MarketTicker, another great site….
My position is simply this: If you have a track record then let’s see it.   If you don’t then stop leading people to believe you have something valuable to sell them, because on an objective basis you either can’t or won’t back up your claims.
I have long held that there’s plenty of fraud to go around in mortgage origination and securitization, from notes not transferred to loans sold more than once to various other irregularities, and that they probably include your mortgage.
But none of this  means a thing  as a matter of law unless you can get your claimed evidence into a courtroom, have it heard and get a judgment.   Whether the inability to do so is due to judges being stupid, obtuse or actively corrupt is immaterial to the outcome.   And what I keep hearing from real lawyers trying real cases is that judges will not permit this evidence into the record irrespective of what it suggests or even proves!     Without being able to get the evidence into the record its value is zero!
MARKET TICKER
 
 
 

15 Comments

  • Mario Kenny says:

    I wanted to make a comment to the post you did the other day but I decided I did not have the time. I did however unsubscribe from your list.

  • Rob Harrington says:

    “I have long held that there’s plenty of fraud to go around in mortgage origination and securitization, from notes not transferred to loans sold more than once to various other irregularities, and that they probably include your mortgage.”
    So how exactly HOW is this proven, Matt? Please explain this in detail to the readership. Certainly Marie McDonnell in Ibanez made a HUGE impact, agreed. That attorney made a successful record with EVIDENCE via a well-qualified audit from Marie McDonnell. How did they successfully get it entered into evidence?

    • this is one case, and it is an amicus brief, not evidence. I’m not discounting her work…that’s a good first start and I would like to hear more from her directly and from other sources. But even she is not an “expert” as clearly and specifically defined in our law and in our courts. Still, this is only one example and even this is not evidence….still waiting for an actual case and proof…..still waiting….waiting….waiting…..

  • pam says:

    Thanks, Matt, for addressing this issue and presenting a valid challenge to those selling these services. Accountability in the marketplace is key here and I know you are stepping on a lot of toes but the truth is as you point out, that if you can’t get this information to be used in court what good is it anyway? Excellent post and the first to address this issue.

  • Rob Harrington says:

    Yes, there are many “auditors” who are harming their clients with crap work and they should be exposed!!!

  • I agree. I view the audit as more of a tool. Especially if I get to the discovery stage in a case. Then I have more details to include in my request for disclosure, production, etc.

  • not an auditor anymore says:

    Matt, I tried to give you the evidence of Bill’s/Richard’s work and you ignored me. True or false, Matt? It really is good work. Too bad you refuse to see it and how it can be properly utilized. I talked to an attorney just yesterday who hired us a few months ago, and he was very happy with the work product ““ and he knows how to properly utilize it.
    Our entire ” movement” is fragmented due to ego, turf wars, popularity contests. Unity? This is laughable.
    I sadly suspect, that much of your rant, although general to the industry, was in part, predicated upon your mistrust of one particular Yale law grad, DC bar member. I can’t prove it, you can deny it, but God knows the truth. You owe Bill and Richard an apology.
    In the meantime, on one blog you posted 4 or 5 days ago you over-generalized that ” securitization audits are a crime.” Yet, on your next post a few days later, you state that you actually do work with an auditor who you trust. Isn’t that conflicting information? What kind of audits does this person perform? A Tila Respa audit ““ damn near worthless if a homeowner can’t tender because they are 30 ““ 50% underwater ??? An origination/underwriting/appraisal audit ““ most attorneys have failed in this aspect??? An accounting audit? You don’t seem to say. Your stance seemed to alter (or amend or clarify) within 48 hours
    Geez, Matt”¦
    We needed the truth, not a rant to promote disunity and confusion amongst the sheeple.
    Again, you (and now Karl D.) asked for one example of a successful case which utilized a securitization audit ““ Again, I cite Marie McDonnell and Ibanez. Otherwise, it is just too early in the game to see the results of an emerging industry, (yes, replete with ” good and bad actors,”) and I bet on merely instinct, that many of the successful cases were settled quickly and the homeowners gagged by the bank’s attorneys. I can not prove this, however.
    I do believe you acted unfairly towards at least one firm, who at least is a licensed (government regulated and thusly held accountable) private investigation agency, merely for you to grab a ” soap-box moment.” But what you really did was destroy morale to a few good, honest, and committed people.
    My morale to follow or lead is shot. I hate foreclosureland. I distrust many of the players and their motives and agendas. Many of the homeowners are so typical in that they want to swallow a ” pill” and magically have their problems disappear ““ without effort towards activism and change. I look at many involved in this so-called ” movement” and the constant back-stabbing, character assassinations, and popularity contests within our own so-called ” team.” So much for adult conversations and healthy debate”¦ So much for forward progress.
    WE all deserve to lose to the criminals because NOT ONE LEADER HAS EMERGED TO BRING US ALL TOGETHER because there is too much greed, ego, agenda, and turf wars.
    Good luck on the soap-box. You and many of us will be standing on one when they kick it out from underneath us as we dangle and dance without touching the ground. Your leadership calling upon unity and accepted standards for attorneys and auditors would have been far more helpful.
    Quit screaming and ranting and be a real leader. Unify everybody. Call out for a ” unity conference” in Florida with activists, groups, auditors and attorneys.
    As for me? I’m cooked.
    May God have mercy on us all.

    • my writing on this subject is based on consumers who had been taken for thousands of dollars and an elderly couple who nearly lost their home….I have expressed my thoughts and opinions on matters quite clearly. It’s not my job to single individuals out….unless my clients are harmed……then I seek to undo the harm in court. I have made my opinion and judgment clear about working with companies that market to consumers….it is simply not legal. I recognized, with appropriate limitation, McDonald, but still leave the door wide open for more facts and more information. I didn’t write the laws that I am referencing but trust me, you’ll be glad you got out rather than suffer the consequences that those in the industry will suffer when the AG starts pounding on them…..

      • not an auditor anymore says:

        OK, so set an appointment, (as was previously requested,) at your convenience, and you will receive proof. Try and get 6 – 7 other top attorneys involved as was also previously requested. That way, one party doesn’t misinterpret or fail to see something. This is what can be referred to as a viable, adult conversation, healthy debate, and consensus amongst many professionals… and not just one gatekeeper who may be already tainted with prejudicial subconscious thoughts.
        Isn’t our fraudclosure fight about fairness and being heard? Facts explored? Integrity in through a viable, meaningful process…?
        You have my phone number and email address….

  • not an auditor anymore says:

    Again Matt, with all due respect –
    You stated above: “this is one case, and it is an amicus brief, not evidence. I’m not discounting her work”¦”
    Didn’t Marie have to perform a SECURITIZATION AUDIT to be able to write the Amicus? Think about that…
    Then you stated: “that’s a good first start and I would like to hear more from her directly and from other sources.”
    Matt, it has to start somewhere but if you state in generalities that “SECURITIZATION AUDITS ARE A CRIME” (your words not mine…)
    then you are not allowing the proper development of this industry to take course. You didn’t read any of her work, did you? Have you even seen it?
    Then you state: “But even she is not an ” expert” as clearly and specifically defined in our law and in our courts.” So where were all the foreclosure defense attorneys who were so-called attorney “experts” back in 2007? It all has to start somewhere, doesn’t it? None of you attorneys ever took a class in law school for FORECLOSURE DEFENSE, did you, Matt?
    Then you state: “Still, this is only one example and even this is not evidence”¦.still waiting for an actual case and proof”¦..still waiting”¦.waiting”¦.waiting”¦..
    Matt, what is “evidence” if not evidence of a VICTORY?
    “Waiting… waiting….waiting…” The victories are on the way, Matt. It’s still early in the game in a historical time-line context – (unfortunately.)
    We are all still waiting for leadership and an open mind. You failed to communicate with Bill and Richard. Your mind was and is still closed because you are suffering like the rest of us, from “outrage fatigue.”
    Matt, quit screaming and lead!
    Stated again for effect – “Good luck on the soap-box. You and many of us will be standing on one when they kick it out from underneath us as we dangle and dance without touching the ground. Your leadership calling upon unity and accepted standards for attorneys and auditors would have been far more helpful.
    Quit screaming and ranting and be a real leader. Unify everybody. Call out for a ” unity conference” in Florida with activists, groups, auditors and attorneys.”

  • John says:

    This is YOUR take on Securitization Audits which many performed are for informational purposes only.This is a travesty since they are useless.At FPG-USA.com the Securitization Audits are done by an admitted expert with 35 years experience.Senior Qualifying Expert Richard Kahn does the Audit and is also available for Expert testimony,to back up his findings.
    If you want to learn more http://www.fpg-usa is the website
    https://www.fpg-usa.com/index.cfm
    Here is a case for you https://www.fpg-usa.com/wordpress/
    johnr@fpg-usa.com

    • i state the law and the law is very clear. both the federal trade commission and state consumer protection statutes make most conduct violative. I AM AWARE OF NO PARTY THAT COULD QUALIFY AS AN EXPERT IN A COURT OF LAW. IF A PARTY CANNOT QUALIFY, THE INFORMATION IS OF LITTLE VALUE. More critically, consumers who are led down the audit path are often diverted from proper legal advice.

  • Richard Kahn says:

    I see my name bandied about here as one of America’s top securitization auditors, a quote from Max Gardner. I see you discussing a colleague of mine Marie McDonnell, another best in class auditor. You deserve cudos and respect for speaking out on the sham pretender auditors who rely on 16 hour courses, issue pages of public documents, puff up their credentials to clients but don’t qualify as experts in court, take cash or equivelent only, issue worthless work and more. I’m glad you bring attention to the pitfalls of working with scammers. True experts are few and far between. They are free with their credentials. My best advise is to enter the name of the party plus “securitization” into google and look at the results. Do some homework to avoid the scammers. You have a very good reputation Matthew. Keep up the good work. As one of the few considered highly qualified securitization experts who report, testify and handle clients across the USA, the scammers are a huge part of the problem. I like your reporting. You sound like April Charney! 🙂

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