Part VI And In the End: An Appalling Impac, Chicago Title & IndyMac Lending Story
Originally posted April 26, 2008...
All parties agreed to a mediated settlement which bears witness to the fact that...
especially where mediation and arbitration are involved, justice is blind, deaf, dumb and can be bought.
Mr. Strongarm advised DEE that they could keep on fighting and wind up not only losing, but paying the other sides attorney costs.
DEE not knowing the ramifications of a negative amortization loan, and given the possibilities as explained,
got bluffed off the table along with her inexperienced attorney and accepted a settlement.
For some unknown reason, Dee’s attorney never named the mortgage broker MERS or the title company, CHICAGO TITLE as a respondent in any of the actions.
Yet, CHICAGO TITLE on behalf of respondents IMPAC and INDYMAC, agreed to pay DEE $237,500 as full settlement of all claims against the respondents.
The mutual releases released ALL parties involved in the settlement. This included CHICAGO TITLE, who although never named as a respondent,
WERE ultimately responsible for the fraudulent and illegal title transfers, making the indebtedness possible.
Therefore, the title insurance policies CHICAGO TITLE issued were on the hook for the sum of all the loans.
By paying DEE and being named in the settlement, CHICAGO TITLE managed to legally get off the hook for the balance of the bogus loans.
DEE and her family spent a large portion of the $237K to remodel the home and move into it.
DEE is a school teacher and SV is a landscaper, they are struggling to make the interest only payments of $5220 a month.
The value of the $35K home has since gone down to $700K while the amount now owed with negative amortization, is estimated to be just under $1 Million.
The Nattering One muses… the obvious, knowing his nature, DEE should never have trusted her father A. Pauling;
she should have taken the first and what is the only legitimate loan of $303K from WORLD S&L in her name;
and she was ill advised to hire and rely upon an attorney who was out of his element.
In accepting the settlement, DEE released the responsible parties from any further action.
We wonder if there is anything actionable against the mortgage broker MERS, who was not named in the settlement.
We wonder how many loans have been made, insured and sold in this fashion.
We wonder if INDYMAC, IMPAC or CHICAGO TITLE personnel lose any sleep regarding their duplicity.
INDYMAC with their purchase and subsequent profit on illegal and fraudulent loans made by IMPAC;
and CHICAGO TITLE with their blatant and knowing title transfer chicanery.
We wonder if the legal weasels involved sleep well at night, knowing they aided and abetted a con man in screwing his daughter and family out of their home.
They must sleep well...
INDYMAC graciously tacked on $230K of negative amortization which had accrued during the 3 years of foreclosure on A. Pauling and subsequent litigation.
We wonder if INDYMAC might consider doing the right thing, by writing down the loan, forgiving the balance and refinancing the original $303K into a fixed rate 30 year loan.
The Nattering One can dream, can’t he? Stranger things have happened, in the Naybob Zone.
Interesting Codicil: Mr. A. Pauling, a greedy and small man, can be found alone in his barren apartment on the wrong side of town...
Abandoned by his so called "friends" and fake ta-ta GF that he paid for, Dee speaks to him on rare occasion and only out of necessity.
This taker of futures has no car, no assets, and scraping by on a measly pension with a judgement for $724K against him.
A fate hard earned and well deserved in the Naybob zone, but one question remains: for lack of a thorough forensic accounting, where did ALL the money $774K go?
And in the end, the love you take is equal to the love you make...
Preface & Intro
Part I: The Hook
Part II: The Tale
Part III: The Sting
Part IV: What Exactly Do We Have Here?
Part V: Lawyers, Deeds & Money
All parties agreed to a mediated settlement which bears witness to the fact that...
especially where mediation and arbitration are involved, justice is blind, deaf, dumb and can be bought.
Mr. Strongarm advised DEE that they could keep on fighting and wind up not only losing, but paying the other sides attorney costs.
DEE not knowing the ramifications of a negative amortization loan, and given the possibilities as explained,
got bluffed off the table along with her inexperienced attorney and accepted a settlement.
For some unknown reason, Dee’s attorney never named the mortgage broker MERS or the title company, CHICAGO TITLE as a respondent in any of the actions.
Yet, CHICAGO TITLE on behalf of respondents IMPAC and INDYMAC, agreed to pay DEE $237,500 as full settlement of all claims against the respondents.
The mutual releases released ALL parties involved in the settlement. This included CHICAGO TITLE, who although never named as a respondent,
WERE ultimately responsible for the fraudulent and illegal title transfers, making the indebtedness possible.
Therefore, the title insurance policies CHICAGO TITLE issued were on the hook for the sum of all the loans.
By paying DEE and being named in the settlement, CHICAGO TITLE managed to legally get off the hook for the balance of the bogus loans.
DEE and her family spent a large portion of the $237K to remodel the home and move into it.
DEE is a school teacher and SV is a landscaper, they are struggling to make the interest only payments of $5220 a month.
The value of the $35K home has since gone down to $700K while the amount now owed with negative amortization, is estimated to be just under $1 Million.
The Nattering One muses… the obvious, knowing his nature, DEE should never have trusted her father A. Pauling;
she should have taken the first and what is the only legitimate loan of $303K from WORLD S&L in her name;
and she was ill advised to hire and rely upon an attorney who was out of his element.
In accepting the settlement, DEE released the responsible parties from any further action.
We wonder if there is anything actionable against the mortgage broker MERS, who was not named in the settlement.
We wonder how many loans have been made, insured and sold in this fashion.
We wonder if INDYMAC, IMPAC or CHICAGO TITLE personnel lose any sleep regarding their duplicity.
INDYMAC with their purchase and subsequent profit on illegal and fraudulent loans made by IMPAC;
and CHICAGO TITLE with their blatant and knowing title transfer chicanery.
We wonder if the legal weasels involved sleep well at night, knowing they aided and abetted a con man in screwing his daughter and family out of their home.
They must sleep well...
INDYMAC graciously tacked on $230K of negative amortization which had accrued during the 3 years of foreclosure on A. Pauling and subsequent litigation.
We wonder if INDYMAC might consider doing the right thing, by writing down the loan, forgiving the balance and refinancing the original $303K into a fixed rate 30 year loan.
The Nattering One can dream, can’t he? Stranger things have happened, in the Naybob Zone.
Interesting Codicil: Mr. A. Pauling, a greedy and small man, can be found alone in his barren apartment on the wrong side of town...
Abandoned by his so called "friends" and fake ta-ta GF that he paid for, Dee speaks to him on rare occasion and only out of necessity.
This taker of futures has no car, no assets, and scraping by on a measly pension with a judgement for $724K against him.
A fate hard earned and well deserved in the Naybob zone, but one question remains: for lack of a thorough forensic accounting, where did ALL the money $774K go?
And in the end, the love you take is equal to the love you make...
Preface & Intro
Part I: The Hook
Part II: The Tale
Part III: The Sting
Part IV: What Exactly Do We Have Here?
Part V: Lawyers, Deeds & Money
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