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    Failure to Comply: We Fought a Wall Street Giant and Won: We Fought a Wall Street Giant and Won
    Failure to Comply: We Fought a Wall Street Giant and Won: We Fought a Wall Street Giant and Won
    Failure to Comply: We Fought a Wall Street Giant and Won: We Fought a Wall Street Giant and Won
    Ebook119 pages1 hour

    Failure to Comply: We Fought a Wall Street Giant and Won: We Fought a Wall Street Giant and Won

    By Allen Ray and Terry Puffer Ray

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    About this ebook

    Failure to Comply: We Fought a Wallstreet Giant and Won is a true story of one couples struggle to fight back against a corporate giant worth billions of dollars. Dont you know how big we are? We will crush you in a court of law if you decide to fight your foreclosure!

    The story begins with a semi-truck accident along the interstate that could have taken the life of Mrs. Rays husband of 35 years. Instead, through sheer determination, the loss of a lifetime of savings, hours of rehabilitation and research regarding the securitization of their mortgage, this couple stands triumphant at the end of a year long court battle.

    While the book was being published, the giant returns to sue again. By court order Failure to Comply: We Fought a Wallstreet Giant and Won was immediately put on hold until the second court case was litigated. Mr. & Mrs. Ray prevailed in the second trial but were ordered never to show the name of the Wallstreet Lender that sued them twice.

    The agreement between the litigants is SEALED under order by the court and the name of the giant is forever redacted. What is the TRUTH that Wallstreet lenders dont want the public to know?
    LanguageEnglish
    PublisherXlibris US
    Release dateJul 30, 2013
    ISBN9781483673011
    Failure to Comply: We Fought a Wall Street Giant and Won: We Fought a Wall Street Giant and Won

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      Book preview

      Failure to Comply - Allen Ray

      FAILURE

      TO

      COMPLY

      WE FOUGHT A WALL STREET GIANT AND WON

      Terry Puffer Ray & Allen Ray

      Copyright © 2013 by Terry Puffer Ray & Allen Ray.

      Library of Congress Control Number:       2013913186

      ISBN:         Hardcover                               978-1-4836-7300-4

                         Softcover                                 978-1-4836-7299-1

                         Ebook                                      978-1-4836-7301-1

      All rights reserved. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without permission in writing from the copyright owner.

      Rev. date: 07/26/2013

      To order additional copies of this book, contact:

      Xlibris LLC

      1-888-795-4274

      www.Xlibris.com

      Orders@Xlibris.com

      110312

      Contents

      CHAPTER 1       A Nuclear Accident

      CHAPTER 2       We Will Crush You

      CHAPTER 3       Change Coleslaw Back into Cabbage?

      CHAPTER 4       What They Don’t Want You to Know about Third-Party Payouts

      CHAPTER 5       Securitization and Mortgage-Backed Securities

      CHAPTER 6       Securitization: Right and Wrong

      CHAPTER 7       A Tangled Web: A Few Words about MERS

      CHAPTER 8       The SEC: A Modern Akashic Record

      CHAPTER 9       We Get Sued

      CHAPTER 10       I Rather Enjoy Taking People’s Homes

      CHAPTER 11       We Win

      APPENDICES

      APPENDIX A

      APPENDIX B

      APPENDIX C

      APPENDIX D

      APPENDIX E

      REFERENCES

      1.jpg

      Since the securitization process allows for more profit—the more predatory (and, therefore, illegal) the loan is, there is an inherent incentive to violate the borrowers’ rights during the origination and servicing processes.

      —Ohio attorney Daniel L. McGookey

      CHAPTER 1

      A Nuclear Accident

      IT WAS THE sound of something about to happen, a low rhythmic warning growl. A sixty-five-thousand-pound semitruck going sixty-five miles per hour hit the freeway rumble strip as a warning that the truck was moving too close to the side of the road. Allen, my husband of thirty-two years, was on the side of the road trying to fix a flat tire on the company car he was driving. He was on his way to Toledo, Ohio, with a delivery of nuclear medicine when the tire on his car blew out. He had pulled over onto the berm of the freeway to assess the damage and check on the nuclear syringes contained within heavy lead cases. It was July 10, 2007—a day that would be hard to forget. July 10, 2007, was also the day that Standard & Poor’s announced that it would shortly downgrade its credit ratings on billions of dollars worth of mortgage-backed securities, according to David Faber, author of And Then the Roof Caved In. These two unlikely events on the very same day would forever become intertwined for us and change our lives forever.

      He was getting back into the small company car to get to his cell phone when there was the sound of a bomb exploding! The semitruck had hit him and his car. The door and the windshield exploded, sending thousands of pieces of glass into the air. Suddenly, he felt extreme pain and was not exactly sure what happened. The door of the car was ripped right out of his hand and was bent forward upon the impact of the semitruck hitting the small car. He was in shock, and adrenaline began pumping throughout his body. The adrenaline rush allowed him to go into autopilot, and his next concern was checking on the nuclear cargo. Any incident involving nuclear material is a very serious matter to the state and federal government, especially along an interstate. The syringes were still contained and he had avoided a nuclear incident, but that day set in motion several serious events in our personal and financial lives. It began when I got the telephone call no wife wants to receive.

      I was working as a senior title examiner and production team lead for the second largest title company in the United States. The day had been very hectic, as always, as I was working with title reports being produced by teams in India and the Philippines for banks in the United States trying to modify borrowers’ home loans. In worse case scenarios, the borrowers were heading into mortgage foreclosure, so those reports had to be accurate and truthful as to what was happening with their titles. There were laws that needed to be followed if a property was foreclosed, and these reports were being used by foreclosure lawyers. The liability for my title insurance company and the law firms they were serving was great if something was missed by these inexperienced teams overseas.

      Honey, can you come get me? I am on Ohio Interstate 80 and have just been hit by a semitruck. I am hurt pretty bad, but I am alive, my husband said on the phone call.

      I was shocked by his call, and adrenaline started coursing throughout my body! I had to keep it together and get into my car and get to my husband and bring him home.

      I just started driving on the interstate when my cell phone rang again. It was Allen, and he informed me that his company was sending another courier to pick up the nuclear medicine and that the courier would bring him home. I wanted him to go to the nearest hospital, but he insisted he wanted to come home first. He said, Terry, if I am going to die today, then I would rather be as close to home as possible.

      I couldn’t imagine the kind of pain he was feeling at that moment for him to have said this to me.

      The injuries Allen sustained were severe to his left hand, left arm, back, neck, and hip. The cuts sustained from the shards of glass hitting him in the face and head eventually healed, and the fact that he wore glasses probably saved his eyesight. But he would spend over two years in and out of the hospital trying to heal his hand and arm. You don’t realize how miraculous the hand and fingers are until you cannot use them for everyday tasks. But he never gave up and followed the doctor’s instructions and the physical therapists’ advice at Metro General Hospital in Cleveland for the next two years.

      While he was out of work, our budget began to really tighten. We were now living off one income. Before the accident, Allen had been working two full-time jobs. He delivered the nuclear medicine from midnight to 8:00 a.m., and then he would go to work as a title examiner from 9:00 to 5:00. We did what every middle-class family does in times of financial trouble—we cut back on everything. We grocery-shopped at Aldi and Save-A-Lot. We bought basic necessities at Family Dollar stores. We cut out all premium television channels and went to basic cable. When winter came, we set the thermostat to sixty degrees and kept it there to avoid high heating bills. By the end of 2007, we knew that Allen’s rehabilitation would take almost two years. That meant our budget would continue to tighten severely.

      The home we lived in at the time of Allen’s accident was going to be the home we fixed up to sell one day for a little profit, and that money would be used for our retirement. We had about

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