It appears as though many loans and other mortgage-related assets have been double and even triple-pledged to various constituencies
HOUSTON, Oct. 18 /PRNewswire/ --Today, the holders of over 25% of the Voting Rights in more than $47 billion of Countrywide-issued RMBS sent a Notice of Non-Performance (Notice) to Countrywide Home Loan Servicing, as Master Servicer...
Discussing whether the banks are headed for disaster with a new round of government intervention, with Barry Ritholtz, Fusion IQ; Chris Whalen, Institutional Risk Analytics and CNBC's Jane Wells.
Bank of America announced on Monday that it would resume home foreclosures in nearly two dozen states, despite the running controversy over how banks handled tens of thousands of cases of homeowners facing eviction.
I’m told that MERS is doing briefings on Capitol Hill for Congressional staffers. This is usually kind of the first round of a pushback campaign.
They devised a method that would free them from those fees, ran an accounting study showing the savings, and just created MERS. There was no public debate or legislative statute to overturn what had been the customary practice for generations.
Bank of America is giving the "bum's rush" to the rule of law in order to get ahead of the curve in Foreclosure-Gate. The media appears to be aiding Bank of America in it's attempt to run out the clock...
The Fed can't admit that the potential shocks it's worried about have already materialized, because that would trigger the very panic the central bankers hope to avoid.
Bank of America plans to resume foreclosures on more than 100,000 homes in 23 states next week, saying Monday it has a legal right to seize them.
Cynthia Cantrell - Joins Ernest in studio to discuss - Mortgage fraud in Arizona uncovered / Tom Westbrook - Joins Ernest and Cynthia in studio for the 2nd hour
Brian dashed off an e-mail to his bank that night—a quick post, where he explicitly said, “I want to see the loan note where it says I owe you money, or else I’m contacting my lawyer and halting payment on my mortgage.”
Reggie Middleton explained why the housing correction is only 50% complete, several large banks will have massive problems because of MBS, and Apple is going to undergo margin compression. A must watch interview. (Go Reggie)
So this is how you end up with multiple foreclosures by different servicers on the same home, or foreclosures on homes bought with cash. Basically, the servicer doing the foreclosing becomes whoever MERS wants it to be.
Starting tomorrow Wells is preparing for the loan repruchase tsunami to hit the fan as investors and insurers everywhere swamp the bank with tens if not hundreds of billions of repurchase and recissions demands. Suck it in, Wells investors.
MERS was essentially where the digitized mortgage notes were sliced and diced and rearranged so as to create the mortgage-backed securities. Think of MERS as Dr. Frankenstein’s operating table, where the beast got put together.
The trouble is, that the damage is so severe through every institution concerned with the operations of money that none of these fatal monkeyshines can be mitigated. Or, to put it as Bush did, so neatly, "...this sucker could go down."
So long as government at every level is the waterboy of the banks while people on the ground remain unorganized, atomized, and vulnerable, this will only get worse. We hear rhetoric, “joking” of course, about how they need to start burning houses...
But what if the lenders motivation for doing a Mod was not to get a borrower to a loan balance and monthly nut that they could pay, but rather the motivation was to circumvent the foreclosure trap the lenders are in?
For decades there has been a concerted effort to destroy the "Rule of Law" in this country, and take us back to a time before the Magna Carta. The Rule of Law is to be replaced by the Rule of Men. Foreclosure-Gate is the result...
This Interview took place on early Friday morning as part of the InfoWars money bomb. Starting at 7:00 minutes in the first video Max explains the MERS system and the repercussions of the systemic fraud...
A strong article in the Washington Post makes it so clear that even a CNN anchor can understand it: A huge portion of the Fraudclosure mess was by design.
This has and will in the future occur because the government has refused to enforce long-standing laws against "favored people", allowing the general public to be asset-stripped mercilessly through various connivances and frauds...
John Carney argues that lawmakers in DC won't allow the country's largest issuers of mortgages to suffer financial losses following revelations of numerous mishandled foreclosure proceedings, especially when bailing them out this time...
(Publisher: Foreclosure-gate has gone mainstream... well, at least the largest investors now understand the real risks of a total collapse. An excellent summary.)
How do you foreclose on a home when you can’t figure out who owns it because the original mortgage is part of a derivatives package that has been sliced and diced so many ways that its legal ownership is often unrecognizable?
So instead of the survey being a contrarian indicator, I view these attitudes as part of the recognition phase. Consumers are starting to realize the economic headwinds and what that will do to housing prices in the short-term, even if they have not
The mortgage mess is making nonsense of claims that we have effective contract enforcement — in fact, the question is whether our economy is governed by any kind of rule of law.
3. MERS: It appears that electronic mortgage filing was little more than a legal fiction, designed to save banks and securitizers a billion plus dollars in filing/transfer fees. The risk in doing these things down and dirty (aka on the cheap) is...
The role of the Mortgage Electronic Registration System (MERS) throughout the foreclosure furor is interesting-mostly because there is no legal basis for its role. It was created out of whole cloth by the investment bankers who brought us...
Mrs. Bradbury's foreclosure file did not look right. The documents from the lender, GMAC Mortgage, were approved by an employee whose title was "limited signing officer," an indication to the lawyer that his knowledge of the case was effectively none