Foreclosure-Gate Quote of the Day: Robo-Signers
• Ritholtz.comAgain, this is not about keeping deadbeat borrowers in homes, it is about the Rule of Law.
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Housing
It's speed vs. skepticism for Fla. judges facing avalanche of foreclosure cases
• Washington PostIn 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
Same Person Forged Billions of Dollars Worth of Mortgage Documents
• Washingtonsblog.com/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.
The Foreclosure-Gate Scandal Is The Biggest In Human History
• Businessinsider.com/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 American Housing Market Is Headed for Total Destruction
• Dan Denning via Whiskey and Gunpowder.comThe 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.
Quantifying Full Impact Of Foreclosure-Gate: Hundreds Of Billions To Start
• ZeroHedge.com & Ritholtz.comBanks, and especially regional banks, are about to experience the mother of all delinquency-to-foreclosure cliff events, as squatters now certainly will have no intention of ever paying down their mortgage.
Foreclosure-Gate: Time for Criminal Charges To Be Filed . . .
• Ritholtz.comThe 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.
The American Housing Market Is Headed for Total Destruction
• whiskeyandgunpowder.comThe whole market is on the verge of breaking down. Trust has evaporated. The rule of law itself now seems irrelevant.
RealtyTrac: Bank Repossessions Hit 100,000 A Month For First Time
• CalculatedRiskBlog.comA record total of 102,134 bank repossessions were reported in September, the first time bank repossessions have surpassed the 100,000 mark in a single month.
Are the Bank Foreclosure “Moratoriums” More PR than Real?
• NakedCapitalism.com/Yves here. Huh? “Replace flawed and fraudulent documents” and press forward? This is nuts. Why do you think servicers and foreclosure mills provided bogus documents in the first place? You don’t make up documents if you have the real ones...
RealtyTrac Reports Q3 Foreclosures Hit All Time Record
• ZeroHedge.comAccording to RealtyTrac, September foreclosures marked a 5 month high of 347,420, jumping 3% from the previous month and 1% from September 2009, even as the 3rd quarters marked the highest foreclosure activity on record.
Prince George's court reviewing foreclosures over filing concerns
• Washington PostThe Prince George's County Circuit Court is reviewing foreclosure cases that have a "corrective affidavit," said Judge Thomas P. Smith, who heads the court's new foreclosure committee. In those affidavits, foreclosure lawyers said that they did not s
Lack of proper mortgage paper trail could leave big banks reeling again
• Washington PostThe federal government's pressure on lenders Wednesday to fix the paperwork problems plaguing foreclosures left unaddressed a far greater potential threat facing the financial system and the U.S. economy. Beyond sloppy documents, the foreclosure deba
U.S. presses mortgage lenders to fix documents, but foreclosures can continue
• Washington PostFederal regulators sought to prevent the growing furor over improper foreclosures from escalating, pressing mortgage lenders to replace flawed and fraudulent court documents while insisting that foreclosures continue apace.
Hair Stylists, Walmart Workers & Assy. Line Workers, Hired To "Defraud Homeowners"
• ZeroHedge.com"Financial institutions and their mortgage servicing departments hired hair stylists, Walmart floor workers and people who had worked on assembly lines and installed them in "foreclosure expert" jobs with no formal training
Will 50 State AGs Create A "Total War" In The Housing Market?
• Businessinsider.com/A financial institution in the business of making mortgage loans has no business routinely losing or damaging original promissory notes, and any institution that does so should be shut down by the federal regulators and I mean that.
The American Housing Market Is Headed for Total Destruction
• whiskeyandgunpowder.comThe 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.
CNBC Has A Serious Wake Up Call On The Implications Of Foreclosure-Gate
• Market-ticker.denninger.org/Karl Denninger "Here it comes folks - Watch this carefully, especially around 3:30 onward." (You can sense the fear in the studio, Mark Haines appeared to be fully awake for the first time in 10 years)
Attorneys General in 50 States Join Foreclosure Probe
• Bloomberg.comTop legal officers of all 50 states opened a joint investigation into home foreclosures, saying they will probe practices at banks and mortgage companies.
Barry Ritholtz On Foreclosure-Gate: America is a Banana Republic
• youtube.comBarry Ritholtz has over the past 10 days has done a really good job of getting to the heart of matter on Foreclosure-Gate. This video clip is from an interview with Max Keiser on Russia Today.
Foreclosure-Gate: Is It Time For Collective Action Yet?
• Market-ticker.denninger.org/It's about time that someone in the mainstream media comes out and says it - this wasn't an accident, it wasn't "irrational exuberance", it wasn't unbridled speculation, it was an intentional and pernicious scam.
Gonzalo Lira: The Second Leg Down of America’s Death Spiral
• gonzalolira.blogspot.com/I swear to God Almighty: Mortgage Backed Securities are America’s Herpes—the gift that keeps on oozing.
Here Is Your Chance To Check If You Are The Victim Of Mortgage Fraud
• ZeroHedge.comWondering if you are one of those suckers paying a mortgage in limbo, with all the payments due to some non-existent mortgage noteholder getting retained at the servicer banks? Well, if you can spare 3 minutes then "Where's the Note" is for you.
What Is MERS and What Role Does It Have in the Foreclosure Mess?
• Washingtonsblog.com/It is the company created and owned by all of the big banks to process title to property in the U.S. Approximately 60% of the nation’s residential mortgages are recorded in the name of MERS.
Title Ins. Woes Illustrate Liabilities of Foreclosure Mess For TBTF Banks
• NakedCapitalism.com/One development Monday that didn’t get the attention it deserved is the fact that Bank of America is now eating title insurance liability on foreclosed properties sold by its servicer.
Video: Yves Smith's Excellent Explanation of Foreclosure-Gate
• Business News NetworkYves Smith does an excellent job of explaining Foreclosure-Gate in a way that we can all understand. She states that there were so many intermediary steps that were no followed, and so many frauds upon the court that this problem will...
"These securities...are fatally defective"
Tom WestbrookThe entire process of securitization was rife with outright fraud, and has been for years. If exposed, there are too many people who would be exposed to serious civil, and in some cases criminal, sanction.
Citigroup Calls "Foreclosure-Gate" Implications Just Tip Of The Iceberg
• ZeroHedge.comFar from providing the "all green" call participants had desired, Adam Levitin said that what we have recently seen and heard in the news is “just the tip of the iceberg” and that the foreclosure halt may well cause a "systemic problem"
Wall Street Fears Nightmare Scenario Where All Housing Finance Is Wrecked
• Businessinsider.com/The gist: industry folks are getting really nervous that all this robo-signing and document fraud could infect the entire housing finance ecosystem.
Dylan Ratigan: The Banks Go Boom
• Market-ticker.denninger.org/ & MSNBC.MSN.comWant to know why the banks are refusing to turn over paperwork to Fannie and Freddie? Watch this: if they do, they're insolvent. Now go buy some more bank stocks - CNBS and Fox News both say this is "no big deal."
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