"What if we find that of these $6 trillion in securities that are out there, outstanding right now, half or more of them are defective. You put them back on the banks and they all blow up.
Like many buyers across the country, Ms. Ducksworth was about to complete the purchase of a foreclosed house when it suddenly went off the market. Fannie Mae is pulling back sales of homes that might have been foreclosed in bad faith.
Millions of U.S. mortgages have been shuttled around the global financial system - sold and resold by firms - without the documents that traditionally prove who legally owns the loans. Now, as many of these loans have fallen into default and banks ha
As courts across the country face a wave of foreclosures, a name little known to the public has cropped up on thousands of court filings as a stand-in for prominent banks, lenders and mortgage servicers. Mortgage Electronic Registration Systems, head
President Barack Obama killed proposed legislation on Thursday that struck at the heart of growing political rage over how banks have moved to evict struggling borrowers from their homes. The bill, which would have made it more difficult for homeo
John Carney at CNBC points to the actual text and what stands out is that it's shockingly short. (Check out the date this bill was submitted.)
Obama has the capacity to prevent tens of billions in damages to banks from legal fees, MBS deficiency claims, unwound sales, and to formally make what started this whole mess: Court Fraud perpetrated by banks, a legal act, and to trample...
Ohio Secretary of State Jennifer Brunner told Reuters in an interview that the law would weaken protection of homeowners by requiring many states to accept lower standards for notarizations.
Millions of U.S. mortgages have been shuttled around the global financial system - sold and resold by firms - without the documents that traditionally prove who legally owns the loans.
PRESIDENT OBAMA has headed for his desk a bill that would ratify the illegal practices revealed for the past three years on this blog and for the past three weeks and mainstream media.
The banks and institutions that now run this country are running absolutely wild and out of control. They do not fear judges or law enforcement. They do not fear any law.
If de Soto were to come to the US today and review all of this, he would see a system that ignores its own laws, cheats on process, engages in wanton fraud, and is in danger of sliding not just backwards to the 18th century, but slipping towards...
The result is that we institutionalize kleptocracy while keeping largely gutted forms of due process as theater. The powers that be hope that the broad public will remain unaware of what is really at work.
One of our favorite economists, Gary Shilling of A. Gary Shilling & Co., has given us permission to publish the following excerpt from his latest monthly report.
Notice what was ruled here - a Judge ruled that consumer protection laws do not apply if the person defrauding you is an attorney.
The images of half finished (and barely started) developments are strangely beautiful, with a geometric symmetry that belies the state of human misery these developments represent: Lost deposits, bankruptcy, misallocated capital.
What are the odds that these “lost” notices reflect legitimate lost documents, as opposed to failure to provide proper notice at all and lying to the court after the fact? The sheer volume strongly suggests the overwhelming majority are the result...
The investors were invested in nothing. The MBS possessed nothing on the date the REMIC closed and perpetrated a fraud on the investors and the American taxpayer through its fraudulent qualification as a REMIC with the SEC...
Psst. Hey you, yea, you. I got just what you need... Cure Defective Mortgage $12.95 + TPC ~ Create Lost Note Affidavit $12.95 + SH ~ Create Note Allonge $12.95 + SH ~ Create Missing Intervening Assignment $35.00 + TPC...
I argue that the people have every right to expect that all involved in this, back to the origination of this paper, will be viewed as criminals and held to account for what amounts to an intentional act of subversion and sedition against the laws...
The latest report, that Bank of America is stopping foreclosures in 23 states, confirms the suspicion that problems with foreclosure procedures for residential home loans in securitizations are widespread.
Bank of America, the nation's largest bank, on Friday became the latest lender to put foreclosures on hold in 23 states because of concerns that court documents it submitted were improperly prepared.
Young people break into an unused building, move in a table, chair and bed, and then tell the police they are now the official residents - with no permission from the owner and no plans to pay rent. The once-respected Dutch tradition of squatting
The foreclosure machinery that has forced millions of Americans out of their homes is beginning to seize up as some lenders and their lawyers are accused of cutting corners in their pursuit of rapid home repossessions. Evictions are expected to slow
Senator Al Franken has just blasted a letter to Tim Geithner, Shaun Donovan, Secretary of Housing and Urban Development, Eric Holder, John Walsh, Controller of the Currency, Sheila Bair, and, drumroll, Ben Bernanke...
Nearly one in every four U.S. homes sold in the second quarter was a deeply discounted foreclosed house, putting the market on pace to work through distressed properties in about three years, RealtyTrac said. Banks stepped up foreclosures
The percentage of defaults which are strategic rises steadily as negative equity increases. For example, with FICO scores between 660 and 720, roughly 45% of defaults are strategic when the mortgage amount is 50% more than the value of the home...
These video is from the deposition of GMAC’s famed robo signer, Jeffrey Stephan, who estimates that he signs 10,000 documents a month. If nothing else, you need to watch from 5:00 to the end of the first segment.
I am in receipt of a copy of a bulletin from Old Republic Title in which it states: The Company will not insure title to any property which has been foreclosed by Ally Financial, Ally Bank or GMAC until further notice.
Bruce Krasting pointed out earlier, the 1,500 or so people that are sweating like a Wall Street whore in church and have chopped their left testicle off to never, ever allow the general public to catch a glimpse of the radioactive effluvium...