Now that my name is at the top of the google search page displaying Rinaldi vs HSBC Bank, et al. I thought I would shed some light on who I am what has transpired. It was nearly ten years ago that I decided BUYING A HOME was a good idea. Like almost everyone else who ended up in this sorry mess of a situation, the transaction was consumated (on my end, anyway) with the intent to purchase housing, not to enter into a securities transaction wherein I became the issuer of the security (the note) which, when secured by the title to the home had been leveraged to two, three, or fifteen times the amount of the note I signed at closing.
Right about the time of the BANK INDUCED CRASH, as everyone watched their assets evaporate from their retirement plans and LIBOR rates increased homeowner payments, the economic contraction forced many into the position of being unable to pay their mortgage loan. I think everyone goes through the same process of evolution when it come to the emotions brought on by foreclosure: a foreboding feeling of personal failure followed by fear and then anger. This is natural. What could be worse than the threat of losing the roof over your head and feeling like it’s your fault?
Fault? Well, actually, it is my fault. It’s my fault for thinking I could trust a banker. Or put faith in the Wells Fargo Brand. The excitement of buying and closing on a home is infectuous. And listen, this ain’t no Taj Majal! I grabbed an eighth of an acre with a little 3 bedroom house and no garage. Overappraised by the outfit contracted by RELS and blinded by the illusion of cheap money for an asset that was “definitely appreciating” , I took the bait. And like everybody in the 2005-2006 origination window, the bogus underwriting, the forged applications, the rate bumps and LIBOR manipulation got us. Don’t get me wrong….shitty loans were being written as early as the late nineties, and the MERS scheme was already well underway. The fraud was pervasive, but nowhere near as blatant as it had become throughout 05 and 06.
In hindsight I should have questioned my own ability to support this pipe dream of “home ownership”. I know it wasn’t vanity or conspicuous consumption that put me here, but something else. With two small boys and a teenage daughter, rentals never really felt like “home”. How could it? We needed to set down roots. As a small kid and into my teenage years, mom and dad had a penchant for moving. About every five years it was either too small or too big. So we moved. I had nothing to say about it. And it wasn’t until thirty years later that I realized roots are important! So the reason for buying this place was ROOTS. Get the family situated, make sure the kids develop the friendships that last a lifetime, and generally be a middle class family. This is not exactly how it worked out. My wife and I spent immeasurable amounts of time commissurating and blaming each other and ourselves for the situation.
Once I realized Wells Fargo had no intention of servicing our loan in any manner other than into an alleged default, my emotions changed. The despair turns into the will to fight; the anger becomes a thirst for knowledge. I never, ever wanted to be able to understand the link between ORIGINATOR, DEPOSITOR, SELLER, SPONSOR, TRUSTEE, SECURITIES ADMINISTRATOR, SECURITIES UNDERWRITER, SWAP COUNTERPARTY, CUSTODIAN, REAL PARTY IN INTEREST, etc. Subordinated tranches, the Uniform Commercial Code,New York Estate Powers and Trust Act, assignments, forgery, the crime-fraud exception, fraudulent conveyances, RICO, TARP, Maiden Lane, let me tell you something: I NEVER GAVE A FLYING FLIP ABOUT ANY OF THIS! And I know that you didn’t either.
But now that my name (and that of my loving wife, Desa) is splashed all over the internet in an exercise of self-inflicted notoriety for something nobody is proud of (foreclosure and bankruptcy) in the first place, I know what we have accomplished. All over the Wisconsin court systems and the Eastern and Western District of the Federal Bankruptcy Courts, we HAVE HAD AN IMPACT, and it hasn’t been all good. Our first BK has resulted in some really awful rulings that came out in the Eastern District. When a judge says you can’t contest the ENDORSEMENT on YOUR NOTE, and appellate judges step on their manhood to rule in favor of the likes of Wells Fargo and their foreclosure law firms, making extrajurisdictional rulings, AND THE SAME WORD TRACKS MAKE THE ROUNDS FROM JUDGE TO JUDGE TO JUDGE, it’s THEN you know you’re fighting a conspiracy . And the conspiracy is not contained to any local area. THIS RUNS FAR AND WIDE. The banks have successfully filled the government retirement plans with mortgage securities and bank stocks to ensure that they will rule in the banks’ favor. It’s an unbelievable mess we’re in as a state and as a nation. I’m going to take some blame for that (not paying attention to government when I should have been) but I’m not going to be remembered as a patsy. When the smoke clears, I’m gone, and my kids are my age, I hope one of their friends who became a lawyer says: “Are you related to the Rinaldi in RINALDI V. WELLS FARGO? AND RINALDI V. HSBC? That guy really tortured them!” And they proudly answer “THAT WAS MY DAD!”