Monday, March 16, 2009

Countrywide To Argue In NH Lawsuit That It Has No Legal Obligation To Modify Loans Despite Assurances To The Contrary

In Merrimack County, New Hampshire, the New Hampshire Sunday News reports:

  • With more and more folks hoping for loan modifications to save their homes, what obligation does a lender have to work with borrowers in good faith? That's the crux of a case coming up in Merrimack County Superior Court [today]. Gary and Jessica Raymond have sued Countrywide Home Loans Inc., alleging the company "violated the implied covenant of good faith and fair dealing by failing, refusing or neglecting to provide workout assistance."

***

  • Countrywide's lawyers are asking the court to dismiss the case, arguing the company has no contractual obligation to modify loan agreements.(1) But that's not the point, Jessica Raymond told the New Hampshire Sunday News. "We're not saying they owed us a loan modification," she said. "Our lawsuit is saying, when they entered into the whole loan-modification process with us, then at that point they should least have treated us fairly, instead of roping us around for eight months."

For more, see Granite Staters suing Countrywide over mortgage woes.

(1) In an earlier story, Countrywide attorneys reportedly described the lender's publicly-made loan modification assurances as “mere commercial puffery.” For an earlier post on this story, see Attorneys For Major Lender In New Hampshire Lawsuit Admit Company's Loan Modification Assurances Are "Mere Commercial BS."

1 comment:

Unknown said...

ADOPTED FROM A RECENT LETTER TO DOJ:

On 3/11/2009, I filed an amended complaint to my federal case # SACV 08-01274 DOC (MLGx) naming Golden West Savings, and multiple others as defendants. I first intended to compose a QUI TAM complaint seeking to expunge all the mortgages of Golden West/WORLD SAVINGS created since 2000. However, I have been struggling with that and yet unable to do so, therefore, my amendment is largely on my own behalf and as a private attorney general under California’s Consumer Legal Remedies Act (CC1750), to cancel all of Golden West foreclosures of the past few years, in addition to all their existing mortgages. My legal reasoning behind this is substantiated with monetary facts, partly that the bank not only paid no money to create those loans, but also can not produce any of the original notes which it purports to be the beneficiary of.
In fact the banks, in this country, were instructed to counterfeit money by lending credit dollars, also referred to as “Captive Dollars” in margin accounts.
In a usual trading margin account, such as the ones I used to trade in foreign exchange arbitrage (FOREX), I used to have a 5% margin account, that is I needed to put up $50,000. cash to be able to trade $1,000,000. worth of foreign exchange in the spot markets. The $1,000,000. was a credit line, it did not exist as real money and I could not cash it and take it out of the bank, it was “Captive Dollars”, and the bank did not even have it.
What the banks did in the last ten years, with a highly engineered plan, as I first documented in my 2004 lawsuit, also herein attached, was to scheme margin accounts of 1% with the Federal Reserve Corp. that is to be able to have captive credit-dollars of one hundred times of money they could raise from their victim consumers. This way, during 2001-2006, for new mortgages created with money raised from homebuyers, they managed to cash a total of around $50,000,000,000. (Fifty Billions) as down payments, which were paid into the FED-SYSTEM, as real cash money. Then, the FED-SYSTEM, turned that Fifty Billion cash into a one-hundred fold captive dollars of Five Trillion Dollars and unleashed the banks to lend those counterfeit-captive credit dollars to the same people who made the down payments. This criminal lending scheme of the fictitious captive dollars, which are not legal to lend, created the limitless lending and the ballooning of housing prices to as much as ten times of their real worth, as they were purchased with phony, non-existing, money to begin with. So, a buyer was sold a house worth $200,000. for $1 million because he had no trouble getting the loan, and if he put up just $10,000. cash the bank could turn it into a $1 million mortgage with pure magic! Or he could buy the same house for $2 millions, because the lenders made greater returns. Payments did not matter!
Meantime the criminal banks, which had now created Five Trillion Dollars of phony mortgage, were permitted to tag these, 100 times overpriced papers, as honest mortgages and create 100 times more of phony junk papers, intentionally falsely tagged as “Mortgaged Backed Securities”. These new papers, which should have been possibly termed “Counterfeit Mortgage Option-Contracts” created another $500. trillion of counterfeit papers and unleashed them in the world’s financial markets, promising its buyers, great PONZI returns, which had to collapse, in 2007, just as I had calculated in my 2004 lawsuit, Orange County Ca. Case #04CC11080.
The criminal selling of these phony $500. + trillions to the world is what is now causing economic collapses around the world. In fact this was an international act of global financial, and economic, mass-destruction, sabotage and terrorism, on the world populations, with the FED-SYSTEM as its conduit. I believe the engineers of this international crime against humanity are the same people documented in a recent documentary broadcast by the PBS. The entire program is now on the web and can be googled as: “PBS MONEY MASTERS”. Their ulterior motive, I believe, is to create a new World War.

Yours truly,
Bank Fraud & forgery victim