I started my career after graduating with my undergraduate degree in 1984 from csun in los angeles. The mentors I repsected and befriended in business and secotrs of finance and lending provided me the education and training needed to for testifying. While at Topa saving bank (2004-2007/ 1989-1993), I considered john anderson, the chairman of the holding company a mentor. Anderson is a forbes 400 billionaire (“UCLA john anderson graduate school of management”) and would ask middle management “what was the banks greatest dilemma as a regulated lender with regards to a Section 32 (high cost mortgage)?”
Forfeiture! It was not a right of recession the bank worried over, as most would answer or beleive. Its was Forfeiture of the Deed of Trust.
Remember, none of the big name lenders would touch a subprime loan prior to 2001. Sp lending was a servicing night mare and regulatory dilemma for subject matter cast onto the credit companies and non banking finance companies who began access wall street as market makers. The banks were secretive and operated non transparent support businesses. It was the risk of forfeiture of the security instrument; i.e. Deed of trust or mortgage. Errors and omissions are not tolerated by a sound bank and loss of the security meant loss of the collateral or borrowers home. If a bank loses the security and right to foreclose, seldom will i pursue a judicial foreclosure as bank never throw good money after bad.
From 1984 and introduction of garn st germaine high cost mortgage legislation through 1992 and section 32 enactments. In 1996 i participated in the first of true subprime mortgage backed securities registration through continental grain “conti
From 1996 through 2000, banks were providing companies like rfc and homecomings added warehouse lines and capital resources as silent partners.
By 1998 the need to mitigate risk gave birth to mers. It is a service provider for accommodating the registration of the loan while it sits in a spv for the period of time required in transferring loans into a sale was mers only efficiency. It stills its only legitimate value added product.
By 2002 stepped out of the business of trading bulk pools of whole loan assets with citifinancial group over certain practices. Thereafter i joined carl icahn in new york. Icahn is a notorious corporate raider and member forbes 400.
By the year 2004 i stepped out of the business and took position as an analyst in new york with gherson lehman. By 2006 rumors were running high of the impending implosion.
To date i have invested over 10 hours speaking with the head of washington’s fdic office of member bank compliance. I formed a wonderful business relationship with the florida attorney general who resigned to become a chief justice in the state supreme court. My work has also aroused the curiosity of bank of americas directors and chief counsel.
My expert services are valuable and offer litigants knowledge is from according background, experience and havening worked three years with law firms. The sector i cover is almost always beyond the capacity of the opposition and every the homeowners attorney. It is a highly convoluted and deep multi-channeled lever of processes and procedures steep with accounting rules at the base of everything lenders and affiliates do in certain circumstances.
I have seen firsthand that involving major banking malfeasances and deceptive practices taking place at the secondary and capital markets level. The counter arguments lack merit of my discovery i provide the court a basis of understanding the negligent acts in play. The fraudulent practices as much as they will only award those who come into the court and who can deliver a cogent pleading isolating all the critical components of the belief for claims and allegations. .
It comes down to this and what i am always willing to share. Filling in the pieces is the part I am engaged to provide.