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This is simultaneously laughable and damaging. The argument basically boils down to: “Gee, the fact that no one bothered to observe the contracts means they never intended to. So we’ll just pretend those provisions don’t count.”
As of the end of October, foreclosure inventories were 7.4 times higher than the historical average and rising.
This is an earth shaking setback, not only for B of A, but for all banks involved in mortgage-backed securities. The Promissory Note is the actual proof the bank owns the home. No “note” means no proof of ownership.
This is a brutal forecast, which would have wide economic consequences. Five years after the housing peak, markets in Florida, Nevada and California would remain down around 60 percent.
The Fraud Of The Century: “It may mean investors who think they bought mortgage- backed securities bought securities that aren’t backed by anything,” said Kurt Eggert, a professor at Chapman University School of Law in Orange, California.
The fire sale is spread around the country, with a hotspots in California, Texas, and Arizona taking up the majority of the list.
In a 2007 analysis of bankruptcy mortgage claims, University of Iowa law professor Katherine Porter found that about 40 percent of the time, banks didn’t provide the proper paperwork—specifically, the note—to enforce a mortgage claim...
The new home sales report and the FHFA Index are confirming that housing is indeed double dipping. According to the latest new homes sales report median prices plunged -13.9% in October to $194,900. Average price fell -8% to $248,200.
This is the lowest New Home Sales number in 50 years. Analysts are expecting October new home sales to annualize 314K. Last month was at 307K.
Matt Taibbi explains how our system of title transfers which is hundreds of years old is being thrown out and replaced by the MERS system. Matt talks about how the banks are creating fraudulent paperwork for the courts.
As much as I’ve read plenty of reports of dubious judicial behavior in Florida, I still find myself appalled when new stories crop up.
If the mortgage notes were not properly distributed to the different parties involved, the foreclosure process could be stopped by anyone who asked where the mortgage note is or who holds it.
Sales in October 2010 (4.43 million SAAR) were 2.2% lower than last month, and were 25.9% lower than October 2009.
Did you catch that? This is pure Keystone Cops. Countrywide can’t find the note, then says it has located the note, then it submits a lost note affidavit dated BEFORE the date when the note mysteriously appeared!
The banks are in serious trouble if there are widespread securitization fails. If the loans weren't transferred to the securitization trusts, then they are on bank balance sheets, which means that (1) the losses on the loans are the banks...
From the housing peak to 2012, markets in Florida, Nevada and California will be down around 60 percent.
We all know the mortgage securitization process is complicated. But just how complicated? The chart below from Zero Hedge shows the convoluted journey a mortgage takes as it morphs into a security. Dan Edstrom, of DTC Systems, who performs secu
The financial services industry has launched an aggressive campaign on Capitol Hill to bolster the legality of the way companies have turned mortgages into securities and traded them across the globe in recent years.
If in fact basically none of these notes have been properly conveyed into the trusts, and as such the trusts are a legal nullity, then investors have spent billions of dollars as unknowing participants in a massive fraudulent scheme.
Widespread problems in how U.S. lenders documented foreclosures could spark a wave of legal challenges resulting in massive losses to banks and serious new troubles for the housing market, a federal watchdog warned on Tuesday.
The following flow chart reverse engineers the mortgage on the Ekstrom family residence. It took Dan over one year to take it this far and it clearly demonstrates what happens when there are too many lawyers being manufactured.
Sheriff Dart and his deputies pulled an unscientific sample of 400 foreclosure cases processed by the courts. He said they found that only 20 of them had the proper paperwork and that the others were missing “very significant” documents.
We get the judges' side, which is rather hilarious: "there is no evidence, nothing has been presented to us in the 4th circuit, that there is any fraud being perpetrated upon the court.
In every case involving a trust, the original mortgage assignment to the trust was missing. Wells Fargo used Assignments prepared years later – most often within a few months of the foreclosure – and often prepared AFTER the foreclosure was filed.
In this interview Janet has some very blunt words for Bank of America and Jamie Dimond of JP Morgan Chase.
This is one hell of a mod. I wonder if this was cooked up as this loan has a Doc problem behind it. The mod would eliminate all the paperwork issues. I also wonder how this new loan will be accounted for.
To the point: HOW DO I FREE MYSELF FROM A CALLAPSING MORTGAGES? FINANCIAL HELL. I WANT TO BE FREE I have read all the horror stories from the financial collapse in Argentina and how it is happening here and we will be slaves to the
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Given the "spooky" nature of the day, it appears to be the appropriate time to make the usual rounds. Let's start with Manhattan, where a judge seems to have done the right thing:
It is interesting to note that RI as a percent of GDP has declined to a post war low of 2.22%. Some people have asked how could a sector that only accounts for 2.2% of GDP be so important? (The lowest level of investment in 63 years.)
The major banks and their agents have for years taken shortcuts with their mortgage securitization documents — and not due to a momentary lack of attention, but as part of a systematic approach to save money and increase profits.
