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The implication is that MERS is superior to the local courthouse system. The evidence is the reverse. Chris Peterson has described the utterly unorthodox corporate governance system of MERS, where employees of other firms put on a MERS hat...
Is the biggest fraud in the history of the US housing market about to come unglued? If so, take our prediction of a $100 billion total in future BofA rep and warranty reserves and triple it.
NAR chief economist Lawrence Yun noted that home sales were on the “uptrend,” and said the pattern over the past six months clearly points to a housing recovery.
I am told that these proposed changes would have the effect of authorizing transfers in blank in Virginia. That in turn would (in theory) allow banks to claim that an blank endorsement by the originator would allow the trust to assert ownership...
The devastation in some regions will never be repaired. Parts of Oregon, Georgia and Arizona have become progressively more deserted. Since jobless rates may never recover, there is little reason to hope that the populations in these areas will...
The foreclosure claims commission envisioned by Bair would follow the model used to settle claims arising out of the BP oil spill and the events of 9/11. It would be set up and funded by servicers to address claims submitted by homeowners who...
Companies like KB Homes and Lennar Corp. project demand will be slow to rebound as elevated unemployment and mounting foreclosures discourage buyers.
“The trustee has repeatedly requested that EMC provide access to the subject documents,” Wells Fargo said in the complaint. “EMC has played proverbial ‘rope a dope’ and otherwise continued to drag its feet, and has produced nothing.”
"People are realizing the value of Washington," notes Niroo, as we stood, freezing, in front of the monstrosity of a cement frame. "If you take this house, it’s 32,000 square feet, and you drop it in Aspen or you drop it in Jersey, it's at least...
One of the nation's biggest banks, JP Morgan Chase, admits it has overcharged several thousand military families for their mortgages, including families of troops fighting in Afghanistan. The bank also says it improperly foreclosed on more than a do
The securitization industry may be about to reap the whirlwind of its failure to take the need for reform seriously. As we’ve indicated, industry incumbents have adopted a denialist approach to widespread evidence of serious documentation problems...
"You cite no legal authority that supports your claim that you are entitled to view the original Note, and we are not aware of the existence of any such authority. Bank of America
Abandoned foreclosures are increasing as mortgage investors determine that, at sale, they can’t recoup the costs of foreclosing, securing, maintaining and marketing a home, and they sometimes aren’t completing foreclosure actions.
The parties assembling these loans into trusts knew damn well that State Law required recordation of interests and that they were marketing these loans as fully-secured by the underlying real estate. They decided, on their own initiative, to forego.
According to JP Morgan, who service the loan, the only way Sikora would be eligible for loan modification would be if he were in delinquency, which is what they advised him to do. That's right - a bank formally told...
With nobody having any clue who owns what and thus has no legal claim to seek damages or reposession, look for the total number of foreclosures to continue declining, as banks are now forced to represent...
This proposal guts state control of their own real estate law when the Supreme Court has repeatedly found that “dirt law” is not a Federal matter. It strips homeowners of their right to their day in court...
US housing prices overall are expected to hit bottom by spring 2011 and begin a gradual rise in 2012, Frank Nothaft, chief economist and vice president of housing lender Freddie Mac said. "I do think we'll see these housing prices bottom out, maybe b
The nation's largest homebuilder, PulteGroup Inc., is phasing out a manufacturing facility in the West Valley that ultimately will result in the loss of 280 jobs.
Metro Phoenix's median price for an existing home fell in December to $115,000 - comparable to the median home price in 1999.
November marked the 53rd consecutive month (4 ½ years) that home values have fallen.
The fact that the rate of decline increased for November is indicative of the uphill battle we’re facing with the housing recovery,” said Mark Fleming, chief economist for CoreLogic.
If, in fact, there exists widespread legal failure of securitized mortgage pools, as Mr. Rosner, theorizes, then we are possibly facing the Apocalypse Scenario, calling into question the legal and financial...
"Investors in RMBS are facing hundreds of billions of dollars in losses on securities where the note was either not delivered or done so in a haphazard and negligent fashion. These claims could kill some of the top banks."
The coalition members’ insistence on immediate action reflects the urgency of their concerns over mishandled mortgages.
Felix Salmon, who nobody would accuse of being pro-bank, sees a real possibility here of a systemic housing market and banking system catastrophe if this ruling is repeated in other states.
In a ruling that could escalate the mortgage problems facing banks, the Massachusetts Supreme Court on Friday voided two foreclosures because the banks failed to show the proper paperwork to prove they owned the loans.
This decision is from the State Supreme Court and thus is final within the State, and makes it likely that MBS holders will sue en-masse for the sale of fraudulently-constituted securities
Breaking News: There are no details in this current ruling by the Massachusetts supreme court, but this is a huge blow to the banks and will put additional pressure on Obama and Congress to "Fix It"
The senators called for a “robust and comprehensive solution” that would protect homeowners and investors. They urged the council to respond “promptly” and indicate whether it needs additional...
