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Maher Soliman
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Why consider an expert witness in a wrongful foreclosure claim. And for sub prime and private label loans why Soliman? Its from 25 years of being on the inside, and knowing what short cuts taken caused lender stupidity & greed to collapse the industry. expert.witness@live.com
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Nov 26, 2009

FASB and the Mortgage Secondary

FAS 141(R) did away with the "purchase method" and established the "acquisition method" of accounting for business combinations. It apparently did so out of a belief that measurements of assets and liabilities that are based on the most current information available are usually, if not always, preferable to valuations based on less-current information. The JPMorgan case glaringly points to a significant flaw in that belief: inconsistent application of fair value could be more harmful than consistent application of a less desirable attribute. As to the case at hand:

  • WaMu, as is quite common, accounted for its loans based on a held-to-maturity model. That is, except for recognizing declines in creditworthiness, the loan carrying amount is based on the original contractual terms; interest is accrued by multiplying the net carrying amount by the yield to maturity as of the date the loan was originated/acquired.
  • Even though the market value of these loans had declined significantly as they turned toxic, WaMu apparently was not required to record losses to bring the loans down to their fair values.
  • JPMorgan, when acquiring WaMu, was required by FAS 141(R) to mark the loans to market. Subsequent accounting by JPMorgan will continue the WaMu the held-to-maturity model.

    It would be a pretty safe bet that JPMorgan was very 'conservative' in their estimates of fair value for the loans; that's because the lower the fair value, the higher the yield to maturity, and the higher the amount of reported future earnings. Of course, there are some limits to JPMorgan's estimate of fair value: auditor pushback, SEC review, increased risk of goodwill impairment charges, and capital adequacy regulations. But, at least in this case, it is possible to become rich without being greedy.

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Ask the Expert: Will Obama plan holds off a foreclosure

Obama plan holds off on foreclosure rescue details. Obama said he would announce his housing strategy in the coming weeks. Meanwhile, home prices are not expected to hit bottom until year-end at the earliest.

Americans are hoping President Barack Obama will have more success, especially as foreclosures continue to grow. A Credit Suisse report published late last year forecast up to 10 million foreclosures by 2012, depending on the severity of the recession.

The Obama administration is expected to back a push in Congress a opposed by the mortgage industry a to let bankruptcy judges alter the terms of primary home loans. Earlier this week, Obama said it "makes no sense" that judges are not allowed to do so. The mortgage industry argues that this prohibition allows lenders to charge lower rates.


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expert.witness@live.com

Expert Witness & Winning a Wrongful Foreclosure Case

Thanks for visiting our web page. Lawyers and their clients who prepare to position themselves in a foreclosure mater will need insider experience on their side.

Attorneys who claim its an odds against losing battle are mistaken. Do not cling to a tradition of generations before us.

Want to fight a foreclosure? Know what your are arguing with respect to lenders, servicers, registrants and the investment "trustee". Good arguments may win however hard hitting facts to support non transparent practices witnessed first hand will establish arguments that cannot stand under scrutiny.

Not all lenders are wrong and not all claims will have standing. Its not a game of risk or chance and the court must be respected.

If there is a matter pending something that we can review and opine to and related to a wrongful recovery or deceptive business practice, please call us.

We don't practice law, but we are permitted to share with the professional and public what we know and what we have seen over the years and that is your advantage.

Expert.Witness@live.com

M.Soliman
Expert.Witness
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Quiet Title Action

QuietTitleAction: A proceeding to establish an individual's right to ownership of real property against one or more adverse claimants.An action to quiet title is a lawsuit filed to establish ownership of real property (land and buildings affixed to land). The plaintiff in a quiet title action seeks a court order that prevents the respondent from making any subsequent claim to the property. Quiet title actions are necessary because real estate may change hands often, and it is not always easy to determine who has title to the property. A quiet title suit is also called a suit to remove a cloud. A cloud is any claim or potential claim to ownership of the property. The cloud can be a claim of full ownership of the property or a claim of partial ownership, such as a lien in an amount that does not exceed the value of the property. A title to real property is clouded if the plaintiff, as the buyer or recipient of real estate, might have to defend her full ownership of the property in court against some party in the future. A landowner may bring a quiet title action regardless of whether the respondent is asserting a present right to gain possession of the premises. For example, assume that the seller of the property agreed to sell but died before the sale was finalized. Assume further that the seller also gave the property to a nephew in a will. In such a situation, both the nephew and the buyer have valid grounds for filing a suit to quiet title because each has a valid claim to the property. The law on quiet title actions varies from state to state. Some states have quiet title statutes. Other states allow courts to fashion most of the laws regarding quiet title actions. Under the Common Law, a plaintiff must be in possession of the property to bring a quiet title action, but many state statutes do not require actual possession by the plaintiff. In other states possession is not relevant. In some states only the person who holds legal title to the real estate may file a quiet title action, but in other states anyone with sufficient interest in the property may bring a quiet title action. Generally, a person who has sold the property does not have sufficient interest. When a landowner owns property subject to a mortgage, the landowner may bring a quiet title action in states where the mortgagor retains title to the property. If the mortgagee keeps the title until the mortgage is paid, the mortgagee, not the landowner, would have to bring the action. The general rule in a quiet title action is that the plaintiff may succeed only on the strength of his own claim to the real estate, and not on the weakness of the respondent's claim. The plaintiff bears the burden of proving that he owns the title to the property. A plaintiff may have less than a fee simple, or less than full ownership, and maintain an action to quiet title. So long as the plaintiff's interest is valid and the respondent's interest is not, the plaintiff will succeed in removing the cloud (the respondent's claim) from the title to the property.

Sources of Good Foreclosure Information

Welcome to the California Mortgage Association:
Asset Foreclosure Services, Inc. Default Servicing Solutions: "Non-Judicial Foreclosure"
Join our sister affiliate:www.borrowerhotline.com/
WRONGFUL FORECLOSURE « foreclosure webpage
An excellent source of Blog foreclosure information is :
www.foreclosurewebpage.wordpress.com/
Homeowners « Livinglies’s Weblog:
"Obama’s Homeowner Affordability and Stability Plan"
foreclosure webpage
Wednesday, April 22, 2009, 12:41:18 AM

REQUIREMENTS OF THE APPLICABLE CUSTODIAN .

(ii) If Custodian determines that the documents in the MortgageFilefor a Delivered Mortgage Loan conform in all respects with Section3(b)(i),and unless otherwise notified by Buyer in accordance with Section3(b)(i),Custodian shall include such Mortgage Loan in the CustodialMortgage LoanSchedule issued to Buyer.

If the documents required in any Mortgagedonot conform (except as otherwise notified in Section 3(b)(i)),Custodianshall not include such Mortgage Loan in any Custodial Mortgage LoanSchedule. Custodian shall notify Sellers and Buyer of any documentsthatare missing, incomplete on their face or patently inconsistent andof anyMortgage Loans that do not satisfy the criteria listed above.Sellers shallpromptly deposit such missing documents with Custodian or completeorcorrect the documents as required by Section 3(a) or remove therelatedMortgage File from the Request for Certification.

On or prior tothePurchase Date and as a condition to purchase, except with respectto aWet-Ink Mortgage Loan, Custodian shall deliver to the Buyer anelectronicCustodial Mortgage Loan Schedule to the effect that the Custodianhasreceived the Mortgage File for each Purchased Mortgage Loan on theMortgageLoan Schedule and as to each Mortgage File, specifying any documendelivered and any original document that has not been received, andverifying the items listed in this Section 3(b).(c) As required by Section 3(a), Custodian shall deliver to Buyer,nolater than 3:00 p.m. Eastern Time on the related Purchase Date(provided, thatthe

Custodian has timely received the items required in Section2(b) herein),electronically or via facsimile, followed, if requested in writingby Buyer, byovernight courier, a Custodial Mortgage Loan Schedule havingappended thereto aschedule of all Mortgage Loans with respect to which Custodian hascompleted theprocedures set forth in Sections 3(a) and 3(b)(i) hereof andcertify that it isholding each related Mortgage File for the benefit of Buyer inaccordance withthe terms hereof.

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Mortgage-Mess wrote...
(1) The trustee, if the servicer is the seller, or the servicer will promptly notify the relevant seller of any breach of any representation or warranty made by it in respect of a mortgage loan that...
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Mortgage-Mess wrote...
The Supreme CourtIt appears that these decisions have begun to have an effect on the Supreme Court level with the recentdecision by Justice Louis B. York.4 In Higgins, the plaintiff sued an...
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Mortgage-Mess wrote...
CASE NUMBER:08U17459MATTER:WAMU VS SUTHERLANDTRIAL:IMMEDIATE STAY FROM ENFORCEMNT OF WRITCOURT: SUPERIOR COURT OF CA / LOS ANGEELSJUDGE:WILLIAM DODSON
Sub Prime wrote...
Appraisal negligence and/or fraud is overlooked by many. Appraisers are usually licensed and insured. Filing a complaint with the licensing board as well as sending a demand letter to them to forward...
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Mortgage-Mess wrote...
Cash for KeysE FANNING $25,000AND 90 DAYS STAY FROM EVICTIONA real sad case of predatory lending practices by GMACBorrower never could have afforded the loan.Counsel for the Defendant in foreclosure...
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For information on filing a claim and our terms for working with your lawyer, call us. Telephone number 310-765-7388. Maher Soliman Nationwide Loan Services.

Transparency is a major point of the Sarbanes Oxley legislation

Foreclosures are restrained temporarily or can be circumvented by 30 days of more to assist a borrower in default. A default is when a foreclosure process may begin. The Legislation in enforced under the controls set forth by act of the President and congress and enforcement by the Secretary of the Treasury, And with a year under our belt we see verifiable signs of the lenders gaining a financial foothold again.

Our observations are skeptical of the National governments apparently becoming terminally lost in its intended direction and to the people to whom it was intended. Once again we challenge the lender with a bigger role in circumventing the truth due in large part to the deceptive devices of Wall Street. We stand behind our allegations of clandestine secret financing arrangements. This great “sham” will live on well beyond the close of the decade in less than 13 months. Transparency is a major point of the Sarbanes Oxley legislation passed in 2002-2003 thanks in part to ENRON executives. Rigas, Adelphia's founder and former chairman and CEO, and his sons Timothy and Michael, face federal conspiracy charges as well as securities, bank and wire fraud charges. They each face up to 100 years in prison and millions of dollars in fines if convicted on all counts.

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