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Home Equity as a percentage of household net worth has fallen to 16.2% today, compared to its recent high in the fourth quarter of 2005 at 25.5 percent of net worth.
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From Sony Pictures Classics comes the new shocking documentary "Inside Job" which investigates and exposes the economic crisis of 2008. The film, in theaters October 8th, was directed by Charles Ferguson and narrated by Matt Damon.
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• The average number of days delinquent for loans in foreclosure is now 484 days • In five judicial states (NY, FL, NJ, HI and ME), the average exceeds 500 days
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The Census Bureau reported the homeownership and vacancy rates for Q3 2010 this morning. The homeownership rate was at 66.9%, the same level as in Q2. This is at about the level of early 1999.
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The most troubling of all is the response that many homeowners have gotten from Bank of America. They're telling customers they have no legal right to see their own note. Think about how absurd that is; your mortgage note is a contract you...
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Given the "spooky" nature of the day, it appears to be the appropriate time to make the usual rounds. Let's start with Manhattan, where a judge seems to have done the right thing:
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It is interesting to note that RI as a percent of GDP has declined to a post war low of 2.22%. Some people have asked how could a sector that only accounts for 2.2% of GDP be so important? (The lowest level of investment in 63 years.)
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The major banks and their agents have for years taken shortcuts with their mortgage securitization documents — and not due to a momentary lack of attention, but as part of a systematic approach to save money and increase profits.
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What we are witnessing is nothing less than the end result of a systematic design to defraud the American people of clear title to all residential property in the United States of America.
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And in the case of the zombie banks, the GSEs and the MIs, the fraud is being actively concealed by Congress, the White House and agencies of the U.S. government led by the Federal Reserve Board. Is this not tyranny?
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The banks have gotten the Big Lie technique down to a science: State a lie so colossal that no one could believe anyone “has the impudence to distort the truth so infamously.” In practice, adding factually accurate, but irrelevant or misleading...
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Unfortunately, the title database has no legal standing, as declared by several state courts, including some supreme courts. Banks or financial firms holding the mortgage notes cannot team with the title database and force eviction during the...
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One foreclosure expert estimates that just 6 to 7 percent of the loans made in the last three years can produce properly recorded title transfers from borrower to final lender. Legally assigning, or recording title transfers was much too slow...
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Wells Fargo said it will re-file documents on 55,000 foreclosures, drawing immediate fire from one of the state attorneys general most critical of banks in the continuing home foreclosure crisis. It was the first admission of possible problems in the
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In a stately 19th century mansion in the middle of this former textile mill town, a local political scion has formed a mortgage foreclosure resistance movement. O. Max Gardner III, 65, pioneered techniques in preventing big banks from foreclosing on
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It comes down to this: Resolve the foreclosure situation in a fair way, or preserve the existing bank capital structure. You can't do both.
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The uncertainty over the legal status of foreclosed homes in the nation could further depress home prices and delay the recovery of the housing market, the Obama administration said on Wednesday.
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The reason for the ire? It is the noteholders who ended up having to pay legal fees associated with discoveries of rampant fraud: "The investors, who Franklin has said own more than $500 billion of the securities, are “pretty disturbed”...
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No honest, rational lender would make large numbers of liar’s loans. The epidemic of mortgage fraud was so large that it hyper-inflated the housing bubble, which allowed refinancing to further extend the life of the bubble... William Black
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WSJ: We hasten to add that technicalities are important; the rule of law is nothing but a profound commitment to honor technicalities. But let's understand that in the absence of the snafu, we'd have a faster, smoother-working foreclosure process...
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"This was a lie -- 100 percent lie," Stratton said. "We ran off the guidelines. We met every single qualification to get a HAMP mod."
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Sales were down 8.5% month to month. The seasonal hocus pocus is particularly misleading this month because sales were already extremely depressed for this time of year. The fact is that the market is getting worse.
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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.
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It’s no doubt the same logic process used by the conductors of trains that took Jews to concentration camps. They must have noticed that they shuttled passengers only one way, and that the number they were bringing in over time was...
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You should refer your dubious and very naive friends to the case of National Bank of Keystone, WV. One of the worst failures per $ of assets in FDIC history. The management hid a Ponzi scheme in the loan servicing area for five years.
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The latest version of Pretend - going on a couple of weeks now - is the nation whistling past the graveyard of mortgage documentation fraud while skeletons dance around everything connected with the money system. Halloween came early this year.
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"If you're a wealthy American you can refinance, but if you've got a seven-something FICO score and you're in a so-so neighborhood so the collateral doesn't have a big score in the equation, you're screwed," Chris Whalen says.
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Those loan frauds occurred because the banks created incentive structure for the loan brokers to bring them the absolute worst of the worst loans, and to lie on the application forms... These frauds came from the banks, and they propagated...
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Bill Black was scathing in his comments on the Fed, banks, mortgage backed securities, and the massive levels of fraud that created Foreclosure-Gate. He left no doubt that Ben Bernanke knew of the fraud and led the coverup...
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You must make it known to your state and local governments that this is what you demand. You must get them to back you, not the big financial institutions. This will likely mean, at some point, civil disobedience - that is, refusing to leave...
