Foreclosure Headlines


Although there are numerous actions and decisions that call into question whether TILA Rescission is effective and if so, when, the answer is clear even in the 9th Circuit where there are some decisions and even disciplinary actions against those lawyers who promote the interests of their clients by using the direct and clear wording of the Statute, The Regulations, the Appellate decisions and the US Supreme Court, to wit:

(1) Rescission is effective the moment it is mailed. The blowback from the servicer or bank is not a legal response. It can only be a lawsuit that vacates that which legally exists --- a cancellation of the note and mortgage, leaving the debt unsecured and the bargaining table leveled almost in favor of the borrower. While this throws those bogus mortgage bonds into turmoil that is not the subject matter for concern in any foreclosure case or case in which rescission duties are sought to be enforced.

(2) The creditor --- if there is one ---- has several options. First it can acquiesce. That means it delivers the canceled note back to the borrower (hard to do when you have destroyed it), files a release of the encumbrance and pays back all the money the borrower ever paid in conenction with the loan. THEN it can make a claim for repayment but not before. Thus the note and mortgage are canceled forever and the debt is off the table until all of the three statutory duties are met. OR, the creditor can contest by filing a lawsuit stating what is wrong with the rescission and why it should be vacated. Notice that such a alwsuit has never been brought even when the rescission notice has been recorded. And that brings us to the third problem --- no party has standing to bring such an action to vacate the rescission except the actual creditor. Nobody can rely upon instruments that are "void" (as per Regs) and claim standing or anything else. It is only the owner of the debt that can make a claim to vacate the rescission. And it is only the creditor who is responsible for paying the disgorgement of all money paid by the borrower. It appears that nobody wants to claim that honor. So the creditors either don't know what is going on at ground level or don't care or have other reasons for not producing themselves as the creditors.

(3) Simple logic dictates that the creditor could accept the rescission no matter when it was filed or the reasons for serving the notice of rescission. But in order to have that option the rescission must be effective. Otherwise there would be nothing to greet with acquiescence. Should the creditor wish to vacate the rescission, they must do so within 20 days or lose their right to demand revocation of the rescission. Hence in all cases and at all times the notice of rescission is effective, subject to the creditor's right to seek revocation. Otherwise rescission doesn't work at all and the banks could forever stonewall, which is precisely the what the committee notes show was intended to be impossible when the Truth in Lending Act was passed. To treat the situation any other way would mean that the rescision is effective but it isn't.  Living Lies Team

Inflation News

Russia’s Norisk Nickel expects record palladium demand this year


Gold prices scored back-to-back gains Thursday, as weakness in the U.S. equities boosted haven demand for the precious metal and minutes from the Federal Reserve’s meeting last month pointed to concerns over sluggish inflation.

A rally in palladium, meanwhile, lifted futures prices to their highest levels since February 2001. The metal has scored a year-to-date gain of more than 35% amid worries about potential supply shortages and expectations for record demand.

On Comex, gold for December delivery GCZ7, +0.67%  rose $9.50, or 0.7%, to settle at $1,292.40 an ounce after touching a high of $1,296.

If gold breaks through $1,300 an ounce, he expects “a move to test decade highs made in 2011 at $1,900.” said Jeb Handwerger, editor of, which focuses on mining exploration companies. He also said that doubts about President Donald Trump’s legislative agenda has been bullish for gold prices, referring to the president as “a golden swan to precious metal and commodity investors who love uncertainty and volatility.”

Colin Cieszynski, chief market strategist at CMC Markets, said an apparent attack in Barcelona Thursday “may have had a small impact on gold, but not much overall.”

“While attacks like this are tragic and have significant political and cultural ramifications, their impact on the economy tends to be short-lived,” he said.

Gold prices built on a 0.3% advance from Wednesday.

Analysts at Commerzbank said the metal was sent higher in late trade on Wednesday as the dollar suffered after Trump said he had dissolved two advisory councils following mounting pressure from high-profile CEOs. Trump has faced heavy criticism after he repeatedly blamed “both sides” for violence last weekend at a white supremacist rally in Charlottesville, Va.

“This quashes the initially big hopes that Trump could pursue a business-friendly policy. Ultimately, this could even prove damaging to the U.S. economy,” Commerzbank analysts said.

A weaker dollar tends to send metals, such as gold higher, because the commodity becomes cheaper for other currency holders to purchase. The greenback, however, strengthened a bit Thursday, with the ICE U.S. Dollar Index DXY, +0.13%  up less than 0.1%.

Gold also benefited from dovish minutes from the Fed’s July meeting.

“As expected, the minutes of the latest meeting of the U.S. Federal Reserve gave no indication as to how the Fed might proceed in future. What they did show was the lack of consensus within the Fed, however. The biggest bone of contention is the inflation expectation in the U.S.,” wrote the Commerzbank analysts.

Gold prices usually fall when interest rates go up, because the metal becomes less attractive compared with assets that offer yields.

Meanwhile, palladium futures extended their gains into a second-straight session Thursday, with the latest boost poised to take prices to a more than 16-year high.

Russian nickel and palladium producer Norilsk Nickel said earlier this week that it expects consumption of palladium to each an all-time high of 10.8 million ounces this year.

September palladium PAU7, +1.74%  rose $15.95, or 1.8%, to $926.15 an ounce, which was the highest settlement since February 2001, FactSet data show.

In other metals, silver for September SIU7, +0.47%  added 0.7% at $17.05 an ounce, while platinum for October PLV7, +0.40%  edged 0.7% higher to $981.70 an ounce. September high-grade copper HGU7, -0.69%  lost 0.5% to $2.938 a pound, easing back from a 2.5% jump on Wednesday.

Among exchange-traded funds, the SPDR Gold Trust GLD, +0.36%  added 0.3%, while the iShares Silver Trust SLV, -0.31%  fell 0.4%. The VanEck Vectors Gold Miners ETF GDX, -0.04%  lost 0.3%.

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