E mail: expert.witness@live.com
FOR IMMEDIATE RELEASE / CONTENT CONSIDERATION November 24TH 2009/LOS ANGELES, CA / in an office loft work setting only blocks away from the courthouse is a Los Angeles based expert witness serving attorneys who are under fire for not winning cases. A 20 year mortgage banking and subprime veteran M.Soliman has emerged as a silent threat to lenders. Soliman is part of a narrow and isolated sector of foreclosure defenses, who works as an expert to attorneys who represent borrowers in court.
It was all on a dare claims Soliman. At that time he was working with a law firm serving as an expert for matters investigated by the SEC. The challenge came from another staff member at the law firm Gareeb Pham. She dared him to use his experience to help a homeowner in trouble. That dare and challenge resulted in a foreclosure claim being dismissed totaling over $800,000 .Since then he can show an impressive track record that includes discounts by over $500,000 and cases being dismissed in various unlawful detainer hearings.
According to Soliman, lender foreclosures can only be resolved and won in court. The alternative to losing a home in foreclosure is not something all that impossible. The Henderson's of Antioch California were in default on an $864,000 loan by six or more months. For a school teacher, the loan was a stretch. The trustee was instrumental in forgiving $500,000 by reducing the mortgage to $184,000 according Soliman.
Soliman claims each settlement is obtained on its own merits. Another homeowner Syeerta Corbitt of Vallejo [VCM104344 AURORA V CORBITT / SUPERIOR COURT, COUNTY OF CONTR COSTA] struggled with two mortgages that totaled more than $ 1 million. The lender was reckless and completely irresponsible for putting the borrower into a financial no win situation, said Soliman. The case was brought to court after months of failed negotiations to convince Aurora Home Loans of its duty to provide the borrower relief.
The Judge viewed things in line with the testimony and awarded the parties representing the northern California nurse her home in a decision ruled with prejudice.
Another case was won at trial last month included a $400,000 Wells Fargo obligation. The borrower was in default and facing eviction. Wells Fargo is under significant pressure for its role in "Predatory Lending". By definition, predatory loan is considered a pejorative concept by the courts in America. It’s a subjective classification for which no specific violation or tort can be found in legal diction.
Predatory lending is none the less a verifiable act by a lender who causes a borrower to suffer an extreme financial hardship leading to foreclosure. In the matter of ["WELLS FARGO V GOINS" LOS ANGELES SUPERIOR COURT; COMPTON] the borrower who is a single mom in Los Angeles was awarded the decision. The decision was offered by the court whereby she prevailed against market leader and powerhouse Wells at trial.
Foreclosure and eviction is now on hold indefinitely with the court’s ruling that was issued "Final" by the presiding Judge (Los Angeles, Compton branch Court House).
There are other means for coming out of foreclosure and salvaging something of value. Cash settlement offers of $50,000 and $25,000 was provided by separate lenders. The larger award of $50,000 was offered to a hard working immigrant who Soliman attests to as a case of ”absolute lender exploitation". Here, a borrower who never earned a fraction of the monthly payment needed to meet his $600,000 mortgage obligation was at least returned some of the cash lost to the lender while trying to avoid the inevitable.
A similar sad story with a bitter sweet ending was the settlement awarded to Mr. Emmanuel from La Fayette, California. According to Soliman the lender GMAC / Homecomings financially buried the borrower in debt service a 30 year resident and pillar of the community. He lost everything! "He lost his savings, everything he sold to date to make ends meet and now were taking his home" said Soliman.
The $25,000 award for moving and is a small consolation for losing your home. Any money will help to ease
the pain.
Wins in and out of court are starting to surface and give everyone hope. These cases include borrowers facing a Sheriffs eviction and whereby a "stay" from eviction will allow the borrower another 30 days to pursue a defense with a filing in unlimited jurisdiction.
It's not hard to predict what cases will win in court but negotiating with a lender is a dead end, said Soliman. Why the courts rule one way then another is due to the level of preparedness. Your story and facts must be precise and to the point. Soliman is basing his arguments for more attorneys to bring to court valid cases based on testimony supported by sound technical filing and accounting criteria
The requirements are for providing evidence subject to California’s “power of sale” provisions and the Federal Accounting Standards Board interpretation of GAAP or generally accepted accounting principles. That really is what I find to be my passion, said Soliman. Challenging Wall Street’s ability to take what universities and colleges teach next year’s accountants is wrong. Securitizers then rework the rules according to GAAP in order to advance more unlawful acts by banks and lenders.
Soliman can usually sniff out a higher probability of winning cases prior to engaging a borrowers counsel. The Daniels case (HSBC BANK V DANIELLE'S, SACRAMENTO CA COUNTY SUP. COURT) in Napa is a good case in point. Here the trustee’s documents and recorded instruments were all out of sync and failed to meet the proper chronological order for date sensitive materials.
According to Soliman, what's the Judge and court going to rule when the lender says’s one thing and the recorded information say's another?
Maher Soliman is a 25 year veteran of the mortgage non-agencies and subprime sectors offering expert testimony to attorneys and clients representing themselves in court on wrongful foreclosure claims.
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From 2005 through 2007, lenders held out as primarily a conduit of prime quality mortgage loans, qualitatively different from "A" credit competitors who engaged primarily in riskier lending. This false characterization hid from homeowners and investors the truth in an effort to increase market share, while engaged in an unprecedented expansion of its underwriting guidelines. - Management
Tuesday, December 1, 2009
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ASSET BACKED SECURITIZATION MEANS NO NOTE
Asset backed securitization is magic come to life. It is the transformation of a note into pieces. The pieces act like a waterfall of cash flow. Its distributed as investment, structured finance, accrual, accretion and cash flows set forth into many classes of offerings.
Take a dollar bill and slice it up and distribute it to your friends. Piece by piece. Then ask your friends to go cash it. The US Treasury will accept only greater than 51% of any legal tender to make the payer (government) honor the bill. Get it...no?
Try this- The bill you cut up...that bill was a promissory note that went bad. Now if you’re a (GE) stock holder and lose on the stock you purchased you won’t get far attacking General Electric. You cannot seize company assets now can you? The assets are still GE assets and you lose.
What’s your point? The note you gave the lender, the lender did own. But lender sliced it up and it was distributed amongst many investors. The investors lose as the certificates they hold are only valuable as the whole and not the pieces. It’s worthless. They (investors) have an abundance of insurance they can attack related to the security and that's it.
Hey investor - are you really going to foreclosure on a 17.8% share of a borrower’s home?
Stops it! Maher, Nooooo! - You’re talking out both sides of your mouth. You said in the above example GE owns the assets and you cannot attack a public company because of a bad stock deal. So the lender owns the note after all and they can foreclose... Correct? Yes mischief makers I did say that “about the GE stock example”, correct! But these registrants offer pass through certificates. They are portioned out and "passed through" from the lenders beneficial interest to the investors. You want me to be any clearer here. Then join me and let's scream from the highest mountain”
"....HEY INVESTORS....GET IT TOGETHER AND GO COLLECT ALL YOU’RE CERTIFICATES AND PIECE THEM TOGETHER . . . And NOW you can foreclose on me!” You lender tore the LEGAL "TENDER' into pieces and the note is lost forever to the securitization they created.
I walked away from structured finance and private placement fees because of this argument. No attorney; accountant or lewd Cop could ever overcome this argument for denying you your home on a securitization gone badly?
So who wants to call me for an audit? Need a modification? I cannot and never will do an audit or modification! If others do, then kiss them for me. What are you auditing . . . Something the lender does not own? Want to file bankruptcy - careful. Are you bringing a lender into court and re-establishing them as a creditor?
They are not a creditor and that's why BK Trustees want no part of the bankruptcy rip-off report. Where’s the modification that California said no more attorneys or consultants can help out on? THERE ARE NO MODIFICATIONS. THERE IS NO MODIFICATION OR SHORT SALE IF YOU’RE WAITING FOR! GOT IT.
You note is gone and that is that. Fight the security as they cannot evidence the note. What if the “The lender came to court with the note...! So.....what? The lender was not a security player or they left the loan out of a securities offering. No problems counsel, you win.
Oh wait a minute! What’s that? You booked the transaction as a sale under FAS 140-3 instead of debt on your balance sheet. That is what we call securities fraud even under FAS revisions 140-3 and for servicing arrangements under FAS115.Its your home and an impostor, Realtor, Recovery firm, Attorney . . . Someone is trying to steal it from you.
M.Soliman
Expert.witness@live.com
According to the treasury department
By Maher Soliman
According to the treasury department, millions of additional homeowners did make a big mistake: they took advantage of “liar loans” and other too-good-to-be-true deals to buy homes they couldn’t afford. Many are still in those homes, hanging on for dear life. Many others have already faced foreclosure proceedings.
What the treasury is figuring out is what we told you as a client over the years. Asset backed securitization is magic come to life. It is the transformation of a note into pieces. The pieces act like a waterfall of cash flow. The fractionalized cash proceeds are derived from the obligation whereby you are the maker of the note. Cash proceeds are distributed as independent performing investments borne of, structured finance including accrual, zero based accretion and cash flows set forth into many rated classes of offerings.
Asset backed securitizations means no note as it was marked “paid in full”. Take this example for a better illustration. Take a dollar bill and slice it up into even pieces and then distribute it to your friends. Now ask your friends to go cash each individual portion of the dollar. The US Treasury will accept only greater than 51% of any legal tender as the payer (government) and therefore has no obligation to honor the bill. Seen in another light, the bill your lender cut up is the promissory note in a high stakes game that went wrong.
I’ve seen estimates suggesting as many as one out of every six homeowners has a troubled mortgage. This is an enormous social problem. It is also a continuing economic problem. In the year since the crisis began, the world’s financial institutions have written down around $500 billion worth of mortgage-backed securities. These financial institutions have written down the securities used to replace the notes, they did not write down the notes whereby the notes are the securities. Unless something is done to stem the rapid decline of housing values, these institutions are likely to write down an additional $1 trillion to $1.5 trillion.
If you’re a GE stock holder stock holder and lose on the stock trade you purchased in 2005 and wrote down in 2009, you won’t get far attacking General Electric and suing them
You cannot seize company assets with equity stock. The assets are still GE assets and you lose. The note you gave the lender is not whole and now is in pieces. The investors lose as the certificates they hold are only valuable as the whole and not the pieces. It’s worthless. They (investors) have an abundance of over collateralization insurance they can attack related to the security and that's it. So ask yourself, are you really going to foreclosure on a 17.8% share of a borrower’s home?
Politicians are talking out both sides of your mouth. Another way to look at this is as follows. You said in the above example GE owns the assets and you cannot attack a public company because of a bad stock deal. So the lender owns the note after all and they can foreclose?
Yes I did say that “about the GE stock example”, correct! But these registrants offer pass through certificates. They are portioned out and "passed through" from the lenders beneficial interest to the investors. Hey investors get it together and go collect all you’re certificates and piece them together. And now you can foreclose on the collateral, maybe. But by tearing the legal "tender' into pieces and the note is lost forever to the securitization they created. I walked away from structured finance and private placement fees because of this argument.
So how many people paid for an audit and what is it they were to have audited. There is no loan modification either. NLS never agreed to do an audit or modification! What are you auditing anyway, something the lender does not own? Want to file bankruptcy – be careful. Are you bringing a lender into court and re-establishing them as a creditor! They are not a creditor and that's why BK Trustees want no part of the bankruptcy rip-off report. Where’s the modification that California said no more attorneys or consultants can help out on? There are no modifications. There is no modification or short sale if you’re waiting for!
You note is gone and that is that. Fight the offensive for the security (mortgage or deed) as they cannot evidence the note. What if the “lender came to court with the note.” Where a mortgage or asset backed securitizers left the loan out of an offering you establish for the lender a new set of issues.
If the lender booked the transaction as a sale under FAS 140-3 instead of debt on your balance sheet you make a claim of securities fraud. It’s a fact even under FAS revisions 140-3 and for servicing arrangements under FAS115.It’s your home and an impostor Realtor, Recovery firm or Attorney is trying to steal it from you. This is why we immediately shifted this case over to attorneys early last year and through 2009.
If you’re not listening to the immoral minority then you’re still with us and chances are you have not lost that home and never will.
M.Soliman
Expert.witness@live.com
SEC Where are you?
REFORM
The market crisis and the repeated calls to rewrite
the regulatory landscape make projecting the future
direction of SEC enforcement hazardous. Some of
the calls for reform are rooted in the current market crisis.
Others stem from scandals that have tarnished the
reputation of the SEC. An agency that until recently
was largely unknown on Main Street U.S.A. is now unfortunatelybeing recognized, not for its past successes,
but for its failure to protect investors — its fundamental
mission.
Examination of the enforcement program begins
with a brief look at recent statistics. Last year, the SEC
filed 671 cases, a record number.
1 This is the first increasein recent years. While this is significant, manycritics note that the number is inflated by defaults andsimilar actions. Other critics point to recently publishedNERA statistics which demonstrate that the number ofcases settled in 2008 declined to one of the lowest levels
in years
2 In the first quarter of 2009, however, settlements
have increased compared to the prior quarter
and to the same quarter one year earlier.
3 Other statistics further cloud the view. A recent studypublished by Syracuse University based on Departmentof Justice (‘‘DOJ’’ or ‘‘the Department’’) data found thatthe number of securities fraud prosecutions declined
significantly in 2008.
4 At the same time, the FBI reportsthat it is overburdened, with 530 corporate fraud investigationsunderway. These cases focus on financialfraud and insider trading.
5 While the vitality of SEC enforcementis not measured by the number of criminalcases brought, since those are exclusively in the purviewof the Department of Justice, the numbers raise
significant questions. This is particularly true since the
SEC and the Department closely coordinate and often
conduct parallel investigations and actions.Collectively, these statistics raise more questionsthan they answer.
No clear trend emerges from them.On the one hand, they clearly do not depict a vibrant enforcementprogram. At the same time, they also do notsuggest one that is dysfunctional. The lack of a clear
trend, however, might suggest a program in search of
direction, supporting calls for reform.
Beyond the statistics, the current market crisis has
spawned repeated calls for the reform of securities
regulation as well as banking and other financial regulators.
6 Many have criticized the SEC’s performance
during the current crisis as lackluster, at best. A report
from the SEC’s Inspector General, for instance, is
highly critical of the agency’s performance during the
demise of Bear Stearns.
7 That same report also criticizedthe agency’s now-defunct program of voluntarysupervision over investment bak holding companies.
8When the SEC did react to the market crisis, not only
was it criticized, but perhaps worse, the agency secondguessed
itself. In September 2008, the Commission initiated
a ban on short trading in the shares of certain financial
institutions
9 Regulators around the globe institutedsimilar bans which lasted far longer than themodest few week embargo imposed by the SEC.
10 Yetafter the SEC’s ban ended, then-Chairman Cox claimed
it was the biggest mistake of his tenure, undertaken
only because of pressure from the Secretary of the
Treasury and the Chairman of the Federal Reserve.
11Attempting to shift blame for controversial actions suggests
a rudderless agency, not a strong regulator.Scandals in the enforcement division belie any notionthat difficulties at the agency stem solely from a temporarylack of leadership. The Pequot Capital debacle isthe scandal that will not die.
The market crisis and the repeated calls to rewrite
the regulatory landscape make projecting the future
direction of SEC enforcement hazardous. Some of
the calls for reform are rooted in the current market crisis.
Others stem from scandals that have tarnished the
reputation of the SEC. An agency that until recently
was largely unknown on Main Street U.S.A. is now unfortunatelybeing recognized, not for its past successes,
but for its failure to protect investors — its fundamental
mission.
Examination of the enforcement program begins
with a brief look at recent statistics. Last year, the SEC
filed 671 cases, a record number.
1 This is the first increasein recent years. While this is significant, manycritics note that the number is inflated by defaults andsimilar actions. Other critics point to recently publishedNERA statistics which demonstrate that the number ofcases settled in 2008 declined to one of the lowest levels
in years
2 In the first quarter of 2009, however, settlements
have increased compared to the prior quarter
and to the same quarter one year earlier.
3 Other statistics further cloud the view. A recent studypublished by Syracuse University based on Departmentof Justice (‘‘DOJ’’ or ‘‘the Department’’) data found thatthe number of securities fraud prosecutions declined
significantly in 2008.
4 At the same time, the FBI reportsthat it is overburdened, with 530 corporate fraud investigationsunderway. These cases focus on financialfraud and insider trading.
5 While the vitality of SEC enforcementis not measured by the number of criminalcases brought, since those are exclusively in the purviewof the Department of Justice, the numbers raise
significant questions. This is particularly true since the
SEC and the Department closely coordinate and often
conduct parallel investigations and actions.Collectively, these statistics raise more questionsthan they answer.
No clear trend emerges from them.On the one hand, they clearly do not depict a vibrant enforcementprogram. At the same time, they also do notsuggest one that is dysfunctional. The lack of a clear
trend, however, might suggest a program in search of
direction, supporting calls for reform.
Beyond the statistics, the current market crisis has
spawned repeated calls for the reform of securities
regulation as well as banking and other financial regulators.
6 Many have criticized the SEC’s performance
during the current crisis as lackluster, at best. A report
from the SEC’s Inspector General, for instance, is
highly critical of the agency’s performance during the
demise of Bear Stearns.
7 That same report also criticizedthe agency’s now-defunct program of voluntarysupervision over investment bak holding companies.
8When the SEC did react to the market crisis, not only
was it criticized, but perhaps worse, the agency secondguessed
itself. In September 2008, the Commission initiated
a ban on short trading in the shares of certain financial
institutions
9 Regulators around the globe institutedsimilar bans which lasted far longer than themodest few week embargo imposed by the SEC.
10 Yetafter the SEC’s ban ended, then-Chairman Cox claimed
it was the biggest mistake of his tenure, undertaken
only because of pressure from the Secretary of the
Treasury and the Chairman of the Federal Reserve.
11Attempting to shift blame for controversial actions suggests
a rudderless agency, not a strong regulator.Scandals in the enforcement division belie any notionthat difficulties at the agency stem solely from a temporarylack of leadership. The Pequot Capital debacle isthe scandal that will not die.
Posts
California real property law provides for extra-judicial foreclosure
A claim brought by the borrowers stems from plaintiff allegations made in a wrongful foreclosure claim under California’s Non-Judicial Deed of Trust Foreclosure Process.
The matter will point out the necessity for a lender to pay attention. Maintaining timeliness is not just a smart idea but it ensures both appropriate and spontaneous intelligent approaches to managing delinquency. Where the courts have made known their tendencies to not see the lender as a fiduciary the servicing agent none the less maintains a higher level of responsibility to the borrower. The current administration in Washington has made it very clear through the office of the Secretary of the treasury the same is not true for the servicing agent.
The matter will point out the necessity for a lender to pay attention. Maintaining timeliness is not just a smart idea but it ensures both appropriate and spontaneous intelligent approaches to managing delinquency. Where the courts have made known their tendencies to not see the lender as a fiduciary the servicing agent none the less maintains a higher level of responsibility to the borrower. The current administration in Washington has made it very clear through the office of the Secretary of the treasury the same is not true for the servicing agent.
Whats up with Foreclosures
The Treasury Department pumped $125 billion into the country’s largest financial institutions, and it promised another $125 billion — more, if necessary — to recapitalize regional and community banks.They are vital steps and the global recapitalization of the banking system is the reason. But the job isn’t done and nothing seems to have trickled down to the homeowners....why?Wake up America -
Modifications do not exist. And the capital advances are to supplement the value for the assets these banks are stealing back for securitization deals gone wrong....very very wrong.California said no more modification help . . . maybe they could have been a little more honest?
They do not exist.Portraying foreclosure consultants as Crooks Thieves and Shakespearean web sites are a little bit of an obstruction of justice. Even the bad ones made phone calls and talked to parties who "were not authorized to discuss the loan." FAS 140-3 friends. THAT IS THE VIOLATION NEEDED TO ARGUE RELIEF IN COURT MORE THAN ANY OTHER ARGUMENT. That's testimony to an "expert witness” to provide counsel AND I will go out, interview and collect the information.We need to realize - there is no other solutions to a securities deal gone bad. We played by the rules and lost in better times. Now are faced with this?
M.Soliman
expert.witness@live.com
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