Bloomberg Terminal Iceberg – Tortious Interference?

Who Forced BLOOMBERG TERMINAL To Shut Down ALL Audit Service Providers? Can You Say Tortious Interference?



A couple of weeks ago forensic auditors and attorneys ran into the Bloomberg Terminal iceberg when Bloomberg Terminal (a securities stock searching software program) locked them out of the loan finding program [LFND]). Without warning Bloomberg Terminal shutdown access to the loan searching program that had been used by numerous companies to research securitized trusts and the loans within in them. It appears too many loans had been found in trusts when the servicers were claiming ownership. What better way to stop the truth than to try to sink the ship?

Unknown to most homeowners, their mortgage loans ended up trading on Wall Street in alleged REMIC trusts, supposedly tax shelters for investors who turned over primarily 401ks, pension and retirement funds in what now is viewed by many as the world’s largest and most egregious un-prosecuted Ponzi scheme [and its no wonder why Bernie Madoffwants out of prison, at least some recovery was achieved]. It now appears the INVESTORS in the securitized RMBS (Residential Mortgaged-Backed Securities) trusts failed to scrutinize the assets of the alleged REMICs.  It also appears, the Depositors and Trustees for the trusts apparently did not properly and timely assigned the mortgage loan documents to the Certificateholders and it appears in most cases the REMICs have actually failed.

From what sources inside the loan audit and forensics companies say, many times the servicer initiates a foreclosure action in its own name when it doesn’t own the loan. In particular, the loan may actually be in a REMIC trust – that many times has been paid! Paid by either Uncle Sam TARP (thank you very much) or by some other entity that the borrower has no obligation or agreement to repay.

The dilemma here is that the IRS doesn’t care who pays your loan, as long as neither you or your benefactor claim deductions. For example, attorneys have noted that if your Uncle makes your mortgage loan payments, as long as neither you or he claims deductions, that is perfectly legal. Under current law, each taxpayer is allowed to give gifts of up to $1 million in their lifetime before they begin paying gift tax. Gifts which exceed $13,000 to the same person in one year must be reported on Form 709, and those gifts then reduce the taxpayer’s remaining lifetime limit. But no taxes actually apply until the taxpayer reaches that $1 million lifetime exemption.

In many cases these REMIC trusts appear to be current when servicers began foreclosure. Investors have been paid whether through TARP funds or foreclosure insurance – and in that case, loans still existing in the trust may not actually be in default. Goodness, maybe the banks haven’t been reporting on the Form 709…

Homeowners have become more savvy theses days and many are asking to find their loans before they are in default. Since the banks have been less than forthcoming, forensic auditors and attorneys began using Bloomberg Terminal to research the trust location of loans. While your name and address do not appear in Bloomberg Terminal, your loan information may be available, such as your loan number (although many times the banks have changed the original loan numbers), your credit score, the amount of your original loan payment, interest rate, zip code, amount and date of your mortgage – enough information to pretty accurately pinpoint the alleged loan that is actively trading…Yes, actively trading. Maybe even portions of it has been paid off.

Although there are still other options open to finding your mortgage loan, the freeze out of Bloomberg Terminal is a little more than suspect. Admittedly, Bloomberg makes a ton of money from these small companies – its about $2000 a month to operate the Bloomberg Terminal software. On the other hand, Bloomberg is intrinsically linked to Wall Street banks and it connections are strong and go very deep.

So, auditors feel somebody likely dropped a chunk of change …or asked a VERY big favor when Bloomberg shut down their LFND customers. Thar’s not the only issue, Bloomberg may have left itself open to a Tortious Interference class action lawsuit. It wouldn’t be surprising to find that big banks and servicers like Aurora (formerly owned by Lehman) and others like BofA contacted Bloomberg and offered monetary infusions to reset the forensic auditors’ computers. Not everybody was aced out… just the smaller companies (isn’t that a bias?) that would prefer to chew off a leg or two of these banks rather than play the “sell-out your client” game.“Bloomberg had the right to terminate the contract at any time. But what if Bloomberg was told, forced or otherwise convinced to shut down and terminate service providers contracts?

Wouldn’t such an act constitute tortious interference with contract or perspective business advantage?” asks Florida attorney Anthony Martinez, a Litigation Discovery Expert, Consultant and Strategist, who will be hosting a blog forum discussing this subject on Thursday, February 21, 2013 at 8 pm EST on his Blog Talk Radio Show – “Strategy No 3. Securitization – The Truth About Your Loan“. 

Last July 2012, shortly after Hawaii attorney Gary Dubin submitted a declaration of a Bloomberg Terminal analyst who had found a loan Aurora (the servicer) claimed to own actively trading in a Lehman XS Trust 2007-5H  to the Hawaii United States District Court, Honorable Judge Seabright, the company Mr. Dubin used to obtain the research suddenly was frozen out of the LFND portion of Bloomberg Terminal.

BT loan located

The opposing counsel was RCO Hawaii aka Northwest Trustee Services, Inc. which is a full-service trustee company providing default services to mortgage lenders in the Western United States, a powerful force not known for its fair play or legal ethics.

Of course, that’s not the first loan where a servicer has claimed itself as holder of the note that Mr. Dubin has located elsewhere actively trading in a trust – nor, it appears, is it the first such RCO foreclosure loan [questionably] representing the alleged holder. After his analyst was locked out of Bloomberg Terminal LFND, Mr. Dubin purchased the lease for Bloomberg Terminal for his offices. He too was recently frozen out of Bloomberg Terminal.

Buy SellYou see, if a loan is actively trading in the trust then it belongs to the Certificateholders… and in that case the court should demand an agreement or some document to establish that the Plaintiff before the court has standing to sue the homeowner – and if not – sayonara.

What do you think these banks have to hide? The fact that these loans have been paid? The fact that they bank on judges not knowing which end is up? Hey, if the loan is paid – it is paid, right? Lord knows, after they’ve put the homeowners through such stress, taken billion$ of dollars from the taxpayers to prop themselves up when they should have been arrested, surely the banks are not expected to allow research and discovery to get to the actual truth – on, my no!

Someday, maybe judges will realize that there are no funds in their mutual funds, that the stock market is severely over-leveraged and that it can’t keep this up for very much long – and then…and only then will they start interpreting and following the rule of law in order to make decent decisions.

George Gingo ESQ is giving away a FREE HOME

1135 Nova Terrace


If interested in a free home, send a short email – 200 words or less to EMAIL GEORGE*******



Yes, you read that right. We are going to give away a home located at 1135 Nova Terrace, Titusville, Florida 32796. The legal description is:


The Real Property Parcel Identification Number is: 21-35-29-80-00005.0-0004.00,+Titusville,+Florida+32796&ie=UTF-8&hq=&hnear=0x88e74c99dab15b4b:0x492607d6a73e879b,1135+Nova

This is a beautiful home and it has a washer and dryer, new gas stove and refrigerator. It was exceptionally well taken care of by its owner. Anyone who wants this home must first qualify. To qualify, you have to convince us that you are in great need of a home (for example – you are homeless or about to be homeless and you have children; or other great hardship). We will reject you if you aren’t going to live in it, if you intend to rent it or part of it, if you won’t keep it in good repair, if you won’t put the utilities in your name and pay those utilities, or if you intend to parasitize the home. Anyone with a record of theft need not apply (we are lawyers and ex-cops and we will do a background check on you).

But of course, it’s not “free and clear”. Here’s the story – the owner tried to short sale this house. Regions Bank holds both the first and second mortgage. Regions refused to wipe out a deficiency, so we refused to allow it to go through a short sale. Regions Bank then filed a foreclosure on the home. We fought for the owner who only wanted to hand the home back to the bank. We offered the home to Regions Bank, but Regions Bank refused to take the home. We offered it to Fannie Mae, but Fannie Mae refused to take the home. Why we even offered it to the City of Titusville, but the City of Titusville refused to take the home. We filed a federal lawsuit against Regions Bank. The bank then dismissed the foreclosure case. The owner has moved out and left the home in our care. So the property is not in foreclosure at this time. There’s no one living in it. The only problem at this time with the home is that someone stole the air conditioner.

So if you would like a chance to live in this home and want to own it and all its contents, you would have to understand that at some point in time, Regions Bank or some other bank may sue to foreclose the liens. You may need a lawyer to help you fight that case and we may know someone who is skilled in that regard.

If interested in a free home, send a short email – 200 words or less to

2012 National Mortgage Settlement_Preliminary Servicing Settlement Agreement

The GAO Report is Out!


First Audit Results In The Federal Reserve’s Nearly 100 Year History Were Posted Today, They Are Startling!

From Scott:
Saturday, September 1, 2012 12:50
Rep. Ron Paul (R-Tex.) wins (again) the most significant victory of his congressional career. He has taken his pet issue since the 1970s–the unwarranted power and secrecy of the Federal Reserve–from something pretty much no one but him cared about six years ago, through a bestselling book and mass movement by 2009, the second time he’s gotten the House of Representatives to vote to widen the government’s powers to audit the Fed’s activities.

Huffington Post with details about the vote  , and on Paul’s Democratic ally equally upset with the Fed’s lack of transparency, Rep. Dennis Kucinich (D-Ohio):

In a rare moment of bipartisanship, the House overwhelmingly passed a bill by Rep. Ron Paul (R-Texas) to audit the Federal Reserve.

The first ever GAO (Government Accountability Office) audit of the Federal Reserve was carried out in the past few months due to the Ron Paul, Alan Grayson Amendment to the Dodd-Frank bill, which passed last year. Jim DeMint, a Republican Senator, and Bernie Sanders, an independent Senator, led the charge for a Federal Reserve audit in the Senate, but watered down the original language of the house bill(HR1207), so that a complete audit would not be carried out.

Trust Agreements

Trust Agreements

Each of Fannie Mae’s Structured Transactions is created as a trust and is governed by a trust agreement. Trust agreements are the documents pursuant to which the Fannie Mae certificates are issued. The assets backing the certificates are held in the trust. Trust agreements outline the rights and responsibilities of Fannie Mae and of the mortgage certificateholders in relation to the trust. These agreements define the terms of each deal and describe how the deal will be executed and the deal’s parameters or limitations.

For certain REMICs and Structured Transactions, each trust is governed by a separate trust agreement relating solely to the particular transaction. For the remaining REMICs and Structured Transactions, each trust is governed by a master trust agreement together with a separate issue supplement relating solely to the particular transaction.

Dallas Fed: Why We Must End Too Big To Fail

Top reasons why your Clerk of Court or Register of Deeds should reject a document for recording

Below is an initial draft of top reasons for document rejection. The list is certainly not all inclusive and laws of course vary by state. It is a general reference guideline that relates to conveyance and security instruments.

One of the problems with foreclosures and land title (generally speaking) are risks inherent from purchasing a property with unknown, undisclosed or undischarged liens.

The finance industry went from temporarily delusional to downright felonious in some of their business practices. The record number of investigations into fraudulent business practices, investor class action lawsuits, homeowner lawsuits and recent settlement agreements lends credibility to the fact that something went terribly wrong.

Part of the problem was that during the run up and peak of the housing market lenders were loaning money at a rapid pace on real estate sales and home equity 2nd loans using ‘limited’ or ‘present owner’ title searches. This means that title abstractors and title examiners went back 1 owner in the chain of title to search for records that may have adversely impacted title to the property. The one owner was typically the current owner and no consideration was given to prior title flaws.

*THEY MISSED A LOT. Now that the market has dramatically changed, we need more attention and oversight at the local level to preserve and protect land values and property records.

*MANY PROFESSIONALS in the lending, title and real estate industry rely on title insurance companies to assure their clients that they will be protected when buying or selling real property. You often hear the words “that’s what title insurance is for.” What you don’t hear is that title insurers do not insure matters not of record. Off book transactions are not covered unless there was a separate rider added to the policy that would have covered matters not of record. In a majority of cases this would leave out the possibility that title insurance would offer protection from an undisclosed interest claiming lien-holder status on an off book transaction that involved the alleged sale of a note. The title insurance commitment and closing instructions would have required a discharge or subordination of any undischarged lien prior to closing. Whatever transpired subsequent to closing was likely an uninsured or uninsurable event from a title insurance standpoint.

Title insurance is optional, you are not required to buy it and there are policies available to protect the lender and owner from certain limited risks. Homeowners may or may not have received a copy of their title insurance commitment at closing including copies of their signed HUD statement and other closing documents. Also, as you know we often hear stories of people who never received copies of their final title policy. There are dozens of things that can and do adversely impact title. Current and previous owner; divorce, probate, bankruptcy, mortgage, ucc lien, irs lien, code enforcement lien, hoa or condo lien, judments in favor of state & us govt, state tax warrants and other encumbrances are just some of the things that can potentially cloud title.

Now more than ever Clerks and Register of Deeds need to be proactive in preventing their registries from becoming overwhelmed with bad documents and erroneous filings. It is one thing to say that a registry has low standards but to say that there are no standards for recording (as in those Clerks and Registrars who state “we record as presented”) is completely absurd and patently false. Clerks and Recorders do not and should not “record as presented” and they know it. The Clerks and Registrars are our first line of defense and we should expect them to abide by the highest standards possible in order to prevent the erosion of property rights from further taking place.

1. Illegible Document.
2. Incorrect Fee.
3. Missing Signature.
4. Signature does not match.
5. Notary stamp missing.
6. Notary date missing.
7. Incomplete notary.
8. Prepared by statement missing.
9. Names not printed/typed under signature.
10. Grantor address missing.
11. Grantee address missing.
12. Reference from previously recorded deed missing.
13. Marital status of Grantor missing.
14. Recording district not included on face or within document.
15. Return to info missing.
16. Tax affidavit missing.
17. Inadequate space for recording certificate.
18. Heading/caption of the instrument is missing.
19. Document not authorized by state to be recorded.
20. Not an original document.
21. No witness signatures as required by state.
22. No legal description or inadequate legal.
23. Missing signature of non-titled spouse.
24. Date of execution of document missing.
25. No real estate transfer declaration or exemption stamp clause.
26. Disclosure statement missing or incomplete.
27. Corporate seal missing or illegible.
28. Taxes not paid with submission.
29. Missing parcel Identification number.
30. Indexing instructions missing.
31. Transfer statement or intake sheet not included.
32. Declaration of value form not submitted.
33. Separate document required for discharge.
34. Signature inconsistent with names on document.
35. Lack of original signature.
36. Miscalculated doc stamp and/or transfer tax.
37. Special forms not submitted with deed.
38. Statement of consideration missing.
39. Reference to original documents missing from subsequent docs.
(corrective or re-recorded documents)
40. Any part of the text, including attachments are illegible or incapable
of reproduction.
41. Certificate of residence (homestead) missing or unsigned.
42. Oath of value missing.
43. Documents references exhibits but none attached.