The American Housing Market Is Headed for Total Destruction
• whiskeyandgunpowder.comThe whole market is on the verge of breaking down. Trust has evaporated. The rule of law itself now seems irrelevant.
Contents Pages by Subject
Housing
RealtyTrac: Bank Repossessions Hit 100,000 A Month For First Time
• CalculatedRiskBlog.comA record total of 102,134 bank repossessions were reported in September, the first time bank repossessions have surpassed the 100,000 mark in a single month.
Are the Bank Foreclosure “Moratoriums” More PR than Real?
• NakedCapitalism.com/Yves here. Huh? “Replace flawed and fraudulent documents” and press forward? This is nuts. Why do you think servicers and foreclosure mills provided bogus documents in the first place? You don’t make up documents if you have the real ones...
RealtyTrac Reports Q3 Foreclosures Hit All Time Record
• ZeroHedge.comAccording to RealtyTrac, September foreclosures marked a 5 month high of 347,420, jumping 3% from the previous month and 1% from September 2009, even as the 3rd quarters marked the highest foreclosure activity on record.
Lack of proper mortgage paper trail could leave big banks reeling again
• Washington PostThe federal government's pressure on lenders Wednesday to fix the paperwork problems plaguing foreclosures left unaddressed a far greater potential threat facing the financial system and the U.S. economy. Beyond sloppy documents, the foreclosure deba
U.S. presses mortgage lenders to fix documents, but foreclosures can continue
• Washington PostFederal regulators sought to prevent the growing furor over improper foreclosures from escalating, pressing mortgage lenders to replace flawed and fraudulent court documents while insisting that foreclosures continue apace.
Hair Stylists, Walmart Workers & Assy. Line Workers, Hired To "Defraud Homeowners"
• ZeroHedge.com"Financial institutions and their mortgage servicing departments hired hair stylists, Walmart floor workers and people who had worked on assembly lines and installed them in "foreclosure expert" jobs with no formal training
Will 50 State AGs Create A "Total War" In The Housing Market?
• Businessinsider.com/A financial institution in the business of making mortgage loans has no business routinely losing or damaging original promissory notes, and any institution that does so should be shut down by the federal regulators and I mean that.
CNBC Has A Serious Wake Up Call On The Implications Of Foreclosure-Gate
• Market-ticker.denninger.org/Karl Denninger "Here it comes folks - Watch this carefully, especially around 3:30 onward." (You can sense the fear in the studio, Mark Haines appeared to be fully awake for the first time in 10 years)
Attorneys General in 50 States Join Foreclosure Probe
• Bloomberg.comTop legal officers of all 50 states opened a joint investigation into home foreclosures, saying they will probe practices at banks and mortgage companies.
Barry Ritholtz On Foreclosure-Gate: America is a Banana Republic
• youtube.comBarry Ritholtz has over the past 10 days has done a really good job of getting to the heart of matter on Foreclosure-Gate. This video clip is from an interview with Max Keiser on Russia Today.
Foreclosure-Gate: Is It Time For Collective Action Yet?
• Market-ticker.denninger.org/It's about time that someone in the mainstream media comes out and says it - this wasn't an accident, it wasn't "irrational exuberance", it wasn't unbridled speculation, it was an intentional and pernicious scam.
Gonzalo Lira: The Second Leg Down of America’s Death Spiral
• gonzalolira.blogspot.com/I swear to God Almighty: Mortgage Backed Securities are America’s Herpes—the gift that keeps on oozing.
Here Is Your Chance To Check If You Are The Victim Of Mortgage Fraud
• ZeroHedge.comWondering if you are one of those suckers paying a mortgage in limbo, with all the payments due to some non-existent mortgage noteholder getting retained at the servicer banks? Well, if you can spare 3 minutes then "Where's the Note" is for you.
What Is MERS and What Role Does It Have in the Foreclosure Mess?
• Washingtonsblog.com/It is the company created and owned by all of the big banks to process title to property in the U.S. Approximately 60% of the nation’s residential mortgages are recorded in the name of MERS.
Title Ins. Woes Illustrate Liabilities of Foreclosure Mess For TBTF Banks
• NakedCapitalism.com/One development Monday that didn’t get the attention it deserved is the fact that Bank of America is now eating title insurance liability on foreclosed properties sold by its servicer.
Video: Yves Smith's Excellent Explanation of Foreclosure-Gate
• Business News NetworkYves Smith does an excellent job of explaining Foreclosure-Gate in a way that we can all understand. She states that there were so many intermediary steps that were no followed, and so many frauds upon the court that this problem will...
"These securities...are fatally defective"
Tom WestbrookThe entire process of securitization was rife with outright fraud, and has been for years. If exposed, there are too many people who would be exposed to serious civil, and in some cases criminal, sanction.
Citigroup Calls "Foreclosure-Gate" Implications Just Tip Of The Iceberg
• ZeroHedge.comFar from providing the "all green" call participants had desired, Adam Levitin said that what we have recently seen and heard in the news is “just the tip of the iceberg” and that the foreclosure halt may well cause a "systemic problem"
Wall Street Fears Nightmare Scenario Where All Housing Finance Is Wrecked
• Businessinsider.com/The gist: industry folks are getting really nervous that all this robo-signing and document fraud could infect the entire housing finance ecosystem.
Dylan Ratigan: The Banks Go Boom
• Market-ticker.denninger.org/ & MSNBC.MSN.comWant to know why the banks are refusing to turn over paperwork to Fannie and Freddie? Watch this: if they do, they're insolvent. Now go buy some more bank stocks - CNBS and Fox News both say this is "no big deal."
Disputes May Affect 9 Million Foreclosures, Morgan Stanley Says
• Bloomberg.comAs many as 9 million U.S. mortgages in the foreclosure pipeline or already through the process may face legal challenges because of questions about the validity of documents, according to Morgan Stanley.
Florida Foreclosure-Gate: No One Knows Who Owns Any Of These Houses
• Businessinsider.com/Jim and others suggest that the problem is far deeper and more profound. Specifically, they suggest that the ownership records on millions of houses are now gone for good. Which means that no one knows (or can prove) who really owns them.
Is ForeclosureGate About To Become The Banking Industry's Stalingrad?
• ZeroHedge.comIn the meantime, here is a soon to be viral, and all too real, parody of foreclosure gate. At this point the guilty parties are irrelevant. All that matters is that America's terminal collapse into a banana republic is now obvious for all to see.
Fed's had been warned for months about troubles with mortgages
• washingtonpost.com/Consumer advocates and lawyers warned federal officials in recent years that the U.S. foreclosure system was designed to seize people's homes as fast as possible, often without regard to the rights of homeowners.
More on the Class Actions Re Foreclosures - Banks are screwed.
• godlikeproductions.comExcerpt from OP: the entire intent of these loans was not to be a mortgage at all. It was, I allege, more akin to an asset-stripping scheme where the borrower would be effectively forced to come back to the lender after a couple of years when the tea
HR3808: Is The Foreclosure-Gate Pocket Veto By Barack Obama A Ruse?
• Market-ticker.denninger.org/ & 4closurefraud.com4closurefraud is reporting that The Senate session is still formally open, and if so, our President may have just lied - directly - to The American People.
3-6 Months Until Foreclosure-Gate Gets Out Of Control: Banks Bleeding Cash
• Businessinsider.com/1:30 The next three to six months is when things are going to get out of control; banks servicing departments don't have the capacity to own and operate the real estate. Dodd-Frank legislation may be used to restructure banks.
Foreclosure-Gate Spirals: Bank Of America And PNC Now Halting All Foreclosures
• Businessinsider.com/Both banks are responding to political pressure on the matter. Yesterday, President Barack Obama vetoed a bill that would make foreclosure proceedings easier for banks.
Foreclosure-Gate: Flawed Foreclosure Documents Thwart Home Sales
• CNBC.com“This crisis takes a situation that’s already bad and kind of cements it into place,” said Joshua Shapiro, chief United States economist for MFR, an economic consulting firm.
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