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The title insurance industry is maneuvering to protect itself from losses if courts rule that banks have played fast and loose with the foreclosure process. But people who buy foreclosed properties from banks may face some degree of loss despite havi
A woman goes to a party or is promiscuous and sleeps with 6 men in a night or week. The following week she is pregnant. There is one man who is the best looking, strongest, in best shape and richest of them all, so she wants him to be the daddy.
CEO of Gary Shilling & Co. sees home prices tumbling another 20% over the next few years, and the number of underwater mortgages nearly doubling from 23% to 40% (meaning nearly half of America will likely strategically default as nobody...
Borrowers are being lured into loan mod scams where they are told that they have to be 2-3 months behind in payments before a loan mod will be considered, then when they make application, the foreclosure process has already started...
Bank of America plans to resume foreclosures on more than 100,000 homes in 23 states next week, saying Monday it has a legal right to seize them.
Brian dashed off an e-mail to his bank that night—a quick post, where he explicitly said, “I want to see the loan note where it says I owe you money, or else I’m contacting my lawyer and halting payment on my mortgage.”
Reggie Middleton explained why the housing correction is only 50% complete, several large banks will have massive problems because of MBS, and Apple is going to undergo margin compression. A must watch interview. (Go Reggie)
So this is how you end up with multiple foreclosures by different servicers on the same home, or foreclosures on homes bought with cash. Basically, the servicer doing the foreclosing becomes whoever MERS wants it to be.
Starting tomorrow Wells is preparing for the loan repruchase tsunami to hit the fan as investors and insurers everywhere swamp the bank with tens if not hundreds of billions of repurchase and recissions demands. Suck it in, Wells investors.
MERS was essentially where the digitized mortgage notes were sliced and diced and rearranged so as to create the mortgage-backed securities. Think of MERS as Dr. Frankenstein’s operating table, where the beast got put together.
The trouble is, that the damage is so severe through every institution concerned with the operations of money that none of these fatal monkeyshines can be mitigated. Or, to put it as Bush did, so neatly, "...this sucker could go down."
So long as government at every level is the waterboy of the banks while people on the ground remain unorganized, atomized, and vulnerable, this will only get worse. We hear rhetoric, “joking” of course, about how they need to start burning houses...
But what if the lenders motivation for doing a Mod was not to get a borrower to a loan balance and monthly nut that they could pay, but rather the motivation was to circumvent the foreclosure trap the lenders are in?
For decades there has been a concerted effort to destroy the "Rule of Law" in this country, and take us back to a time before the Magna Carta. The Rule of Law is to be replaced by the Rule of Men. Foreclosure-Gate is the result...
This Interview took place on early Friday morning as part of the InfoWars money bomb. Starting at 7:00 minutes in the first video Max explains the MERS system and the repercussions of the systemic fraud...
A strong article in the Washington Post makes it so clear that even a CNN anchor can understand it: A huge portion of the Fraudclosure mess was by design.
This has and will in the future occur because the government has refused to enforce long-standing laws against "favored people", allowing the general public to be asset-stripped mercilessly through various connivances and frauds...
John Carney argues that lawmakers in DC won't allow the country's largest issuers of mortgages to suffer financial losses following revelations of numerous mishandled foreclosure proceedings, especially when bailing them out this time...
How do you foreclose on a home when you can’t figure out who owns it because the original mortgage is part of a derivatives package that has been sliced and diced so many ways that its legal ownership is often unrecognizable?
So instead of the survey being a contrarian indicator, I view these attitudes as part of the recognition phase. Consumers are starting to realize the economic headwinds and what that will do to housing prices in the short-term, even if they have not
The mortgage mess is making nonsense of claims that we have effective contract enforcement — in fact, the question is whether our economy is governed by any kind of rule of law.
3. MERS: It appears that electronic mortgage filing was little more than a legal fiction, designed to save banks and securitizers a billion plus dollars in filing/transfer fees. The risk in doing these things down and dirty (aka on the cheap) is...
The role of the Mortgage Electronic Registration System (MERS) throughout the foreclosure furor is interesting-mostly because there is no legal basis for its role. It was created out of whole cloth by the investment bankers who brought us...
Mrs. Bradbury's foreclosure file did not look right. The documents from the lender, GMAC Mortgage, were approved by an employee whose title was "limited signing officer," an indication to the lawyer that his knowledge of the case was effectively none
Again, this is not about keeping deadbeat borrowers in homes, it is about the Rule of Law.
In a cramped, makeshift courtroom, Broward County Judge Victor Tobin was signing off on uncontested foreclosure cases as fast as a clerk could keep them coming, only a few seconds per file. "Batter up," he said as he finished one stack and eyed the n
In Georgia, an employee of a document processing company, Linda Green, for years claimed to be executives of Bank of America , Wells Fargo, U.S. Bank and dozens of other lenders while signing off on tens of thousands of foreclosure affidavits.
This is the biggest scandal in human history. Indeed, all previous scandals from around the globe combined cannot even touch this one in terms of scale and scope and stench. This is the mother of all frauds and it will be etched into the history book
The issue with the recent robo-signing scandal is that clear title could disappear in the American mortgage market. Part of the outrage is that U.S. banks have been foreclosing on mortgages which they don’t even own.
The absurdity of illegal activity, criminal conduct, rampant fraud has reached a point where the nation much declare “No More.”We must begin the process of identifying criminal actors — and prosecuting them.
