Lots of notes appear to have never been conveyed. When the MBS holders get their landsharks into this, the servicers and securitizers are screwed. Got it? Done, baked, cooked, finished.
BAIR SAYS CRISIS REVEALED `CRITICAL FLAWS' IN MORTGAGE FINANCE
Rubbish. The boldfaced language falsely claims that if the note was endorsed by A in the prototypical A-B-C-D chain we set forth earlier, then D could rely simply on the endorsement by A. In fact, the PSA required the full chain of endorsement...
Did you know that in the aftermath of the Savings and Loan (Thrifts) scandal there were more than a thousand felony convictions of financial elites? The current sub-prime/mortgage-backed security scandal is 40 times bigger according...
Our society did not "take steps" to hand out liar loans and other similar frauds. Homeowners and society as a whole did not design these schemes that were nothing more than asset-stripping frauds. The banks did this...
Bank of America and GMAC are firing up their formidable foreclosure machines again today, after a brief pause.
You weren't dancing, you were looting, and in a just society by now we'd be done with the trial and you'd be swinging.
U.S. banking regulators are reviewing foreclosure practices at large financial institutions and will publish a report on the issue next month, Federal Reserve Chairman Ben Bernanke said on Monday.
Lenders knew by 2006 they were in the majority making loans to people who couldn't pay and continued to issue those loans - which means they were making loans for the purpose of inducing people not to borrow and pay but to borrow and default...
"We continued to purchase and sell to investors even larger volumes of mortgages through 2007. And defective mortgages increased during 2007 to over 80% of production."
My focus is on the rule of law, property rights and due process. The banks expediency needs does not mean that they get to throw away centuries of laws because they are inconvenient.
The title insurance industry is maneuvering to protect itself from losses if courts rule that banks have played fast and loose with the foreclosure process. But people who buy foreclosed properties from banks may face some degree of loss despite havi
A woman goes to a party or is promiscuous and sleeps with 6 men in a night or week. The following week she is pregnant. There is one man who is the best looking, strongest, in best shape and richest of them all, so she wants him to be the daddy.
CEO of Gary Shilling & Co. sees home prices tumbling another 20% over the next few years, and the number of underwater mortgages nearly doubling from 23% to 40% (meaning nearly half of America will likely strategically default as nobody...
Borrowers are being lured into loan mod scams where they are told that they have to be 2-3 months behind in payments before a loan mod will be considered, then when they make application, the foreclosure process has already started...
Here is a fascinating graphic from the Washington Post about where in the US, by County, foreclosures have taken place, color coded by percentage. It is rather remarkable:
The overhang of vacant homes remains elevated despite the historically low level at which residential construction has been running relative to GDP.
"This is cancer, this isn't a sudden crisis event thats going to erupt out of the ground like some monster and trying to eat us, this is a slow wasting process, and if we don't understand that that is the nature of deflation" Chris Whalen
About a month after Washington Mutual Bank made a multimillion-dollar mortgage loan on a mountain home near Santa Barbara, Calif., a crucial piece of paperwork disappeared. But bank officials were unperturbed. After conducting a “due and diligent
If true, this is the biggest fraud ever perpetrated in human history, and it permeates every single large financial institution in the Western World.
So the reason why the paperwork is all out of order is that there was no paperwork. There only entries on databases and spreadsheets. The loans were not in actuality assigned to any one particular trust or any one particular bond or any one...
Got that? "No interests are transferred," they're "just tracked." MERS "holds legal title," but "no interests are transferred." In other words, this virtual entity has all of the rights to act against homeowners, with none of the responsibility.
Many bloggers got wrapped up on the wrong issue about what "ForeclosureGate" and "Show Me The Note" means in practical terms. The answer is not much more than delays in the inevitable.
The most basic rule of life is SURVIVE. The Biological imperative of living things is to perpetuate their existence — survive, procreate, further the species. It is hardwired in the DNA of every living organism.
If a loan is assigned to different tranches and/or different trusts, with each tranche or trust having its own series of credit enhancements and insurances, this means the possibility of multiple levels of insurance for THE SAME LOAN...
Two years after the Fed bought billions of dollars in mortgage securities as part of the financial bailout, its New York arm is questioning the paperwork — and pressing banks to buy some of the investments back.
Federal law enforcement officials are investigating possible criminal violations in connection with the national foreclosure crisis, examining whether financial firms broke federal laws when they filed fraudulent court documents to seize people's hom
According to sworn statements released by the Florida Attorney General's office, one of the state's "foreclosure mills" bribed employees with jewelry, cars and houses to forge and alter documents required by courts conducting foreclosure proceedings.
Max Keiser interviews Ellen Brown on Foreclosure-Gate, and she describes how MERS is in fact a shell company with virtually no employees. The interview starts at minute 13:00 into "On The Edge with Max Keiser" for Russia Today.
Many of these mortgage originators were fly-by-night shops, shady enterprises that collapsed the moment they hit trouble. And many of them cut corners and one of the corners they may have cut would have been to send the note to the trust.