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J.P. Morgan Chase, one of the nation's leading banks, announced Wednesday that it will freeze foreclosures in about half the country because of flawed paperwork, a move that Wall Street analysts said will pressure the rest of the industry to follow s
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Mr President: Fannie and Freddie, have been using a series of "foreclosure mills" that are emitting tens of thousands of fraudulent affidavits that have been used to dispossess Americans of their homes. What will you do about it?
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Why a record number of Americans can't take advantage of record low mortgage rates, with CNBC's Diana Olick.
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Servicers foreclosing on mortgages to which nobody apparently owns the title, but that servicers, representing such reputable firms as Deutsche Bank, are willing to counterfeit court summons in their pursuit of a clean and efficient foreclosure mill.
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Housing
Host:
Ernest Hancock
Understanding the Housing Collapse, Foreclosures and what/who is responsible. Ernest and Keith do their best to explain the the process that began decades ago using IRS tax law and off shore entities to perpetrate the biggest robbery in human history
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Bank Foreclosure Fraud exposed.... and help for the victims.
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We never transferred the paper. No one in the industry transferred the paper. Got it folks? This was not an accident and the dog didn't eat anyone's homework.
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Florida is ground zero of the foreclosure crisis. In addition to being one of the epicenters of the housing meltdown, it has also become the jurisdiction where local lawyers have been the most effective overall in unearthing how servicers...
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JPMorgan Chase & Co. faces a legal challenge next month that could cast doubt on thousands of foreclosures after a mortgage executive at the bank said she didn’t verify documents used to justify home seizures.
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We need a new tag phase for the hopeless tangled mess that the folks who screwed up mortgage securitizations have foisted on Americans. Conceptually, FUBAR (Fouled Up Beyond All Recognition) is accurate, but it is pretty antique...
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As the chart reveals, these unprecedented efforts have provided a modest stabilization in valuations. But the limits of government intervention are painfully clear: according to the Treasury, about half of the modifications done in 2009 were behind..
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California officials today demanded that Ally Financial Inc. stop foreclosing on homes in the state, citing reports indicating the big mortgage lender is violating the law.
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New home sales print at 288,000, missing expectations of 295,000, and coming at the third lowest number in history. The previous read of 276K was revised to 288K. New home inventory is now at 8.6 month supply.
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"I’ve been warning about the crash for over 5 years now, and those who feel we are nearing a bottom need to take out their spreadsheets and plug in some historical numbers". Reggie Middleton
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"This report is only good in the context of the incredibly bad report last month," say Mark Zandi, with Moody's Analytics. "But last month will be the low point in the cycle. When we look back years from now, it will be the bottom. The worst is over.
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As much as GMAC and its fellow servicers no doubt hope there little document mess will fade from public view, attorneys are using it as a new weapon to fight questionable foreclosures or force servicers to negotiate principal mods
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Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it? That's $3,800 on a $100,000 home etc.
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1997, MERSCORP President wrote, “Yes, There is life on MERS” Mr. Arnold stated, “Some county recorders have expressed concerns that MERS will eliminate their offices nationwide or destroy the public land records by breaking the chain of title.
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When Jason Grodensky bought his modest Fort Lauderdale home last December, he paid cash. But seven months later, he was surprised to learn that Bank of America had foreclosed on the house, even though Grodensky did not have a mortgage.
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Some of the nation's largest mortgage companies used a single document processor who said he signed off on foreclosures without having read the paperwork - an admission that may open the door for homeowners across the country to challenge foreclosure
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U.S. home prices dropped 3.3 percent in July from a year earlier, the eighth consecutive decline, as foreclosed properties flooded the market.
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According to a new report by A.S.U. in Phoenix alone foreclosures and REOs account for 67% of all home sale transactions. According to author Jay Butler, out of 8,790 resales, 3,990 were foreclosure sales. This compares to 3,865 in July...
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GMAC Mortgage and other banks may hope to sell the story line that its problem is limited to a lone “rogue servicing officer.” Unfortunately, the servicing officer in question indicated in his testimony that he prepared 10,000 or more...
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The median sale price of existing Phoenix-area homes declined in August for the third consecutive month, according to an Arizona State University report.
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The Mortgage Bankers Association has a conference in process, and apparently (according to NC) they're "freaking out." (ed: Good - they should be if their minions have been filing false affidavits by the thousands!)
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Here is a powerpoint presentation prepared by Max Gardner's BBC excerpting the deposition of GMAC Mortgage employee Jeffrey Stephen in which he essentially confirms that the firm executes up to 10,000 fake documents per month.
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As we pointed out last week, a certain judge in Florida set quite a precedent when he found that JPM, as servicer for a Fannie mortgage, had committed court fraud by foreclosing while not in possession of the actual mortgage.
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JPMorgan Brings Foreclosure Case In Mortgage In Which It Was Just A Servicer, Court Finds Bank Committed Fraud
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Overwhelmed by the number of defaulted properties, banks have stretched out the time between the beginning of mortgage delinquency and formal foreclosure to an incredible average of 469 days - more than 15 months.
