Widespread problems in how U.S. lenders documented foreclosures could spark a wave of legal challenges resulting in massive losses to banks and serious new troubles for the housing market, a federal watchdog warned on Tuesday.
The following flow chart reverse engineers the mortgage on the Ekstrom family residence. It took Dan over one year to take it this far and it clearly demonstrates what happens when there are too many lawyers being manufactured.
This is the second in a series of video cartoons on Ben Bernanke and the greatest robbery in US history. Enjoy.
Sheriff Dart and his deputies pulled an unscientific sample of 400 foreclosure cases processed by the courts. He said they found that only 20 of them had the proper paperwork and that the others were missing “very significant” documents.
We get the judges' side, which is rather hilarious: "there is no evidence, nothing has been presented to us in the 4th circuit, that there is any fraud being perpetrated upon the court.
In every case involving a trust, the original mortgage assignment to the trust was missing. Wells Fargo used Assignments prepared years later – most often within a few months of the foreclosure – and often prepared AFTER the foreclosure was filed.
In this interview Janet has some very blunt words for Bank of America and Jamie Dimond of JP Morgan Chase.
This is one hell of a mod. I wonder if this was cooked up as this loan has a Doc problem behind it. The mod would eliminate all the paperwork issues. I also wonder how this new loan will be accounted for.
To the point: HOW DO I FREE MYSELF FROM A CALLAPSING MORTGAGES? FINANCIAL HELL. I WANT TO BE FREE I have read all the horror stories from the financial collapse in Argentina and how it is happening here and we will be slaves to theRead Letter
Got that? Damn the rule of law. Damn the sanctity of a contract. Congress is getting ready to tell the courts, "Just accept any toilet paper MERS throws at you, and then throw the bums out of their house.
Phoenix, Arizona has the second worst housing market in the nation with over 68 percent of single family homeowners now underwater on their first mortgage.
Their stated mission isn’t to decide right and wrong, but to clear cases and blast human beings out of their homes with ultimate velocity. They certainly have no incentive to penetrate the profound criminal mysteries of the great American...
How bad could this be? It could be very bad. It could be in aggregate hundreds of billions of dollars of notes that are - surprise-surprise - really owned by Bank of America (cum-Countrywide) and the losses thereupon could land on them...
Meredith Whitney stated that 2 million jobs would be lost at the state and local level and that unemployment may rise and hit banking. On the Foreclosure-Gate front she thought banks maybe hit with massive losses from MBS fraud...
There's a cynical argument to be made that the entire purpose of TARP and all the other BS pulled by both Obama and Bush was to run the statute of limitations - that is, intentionally delay recognition of the harm until you can't sue to recover any..
If such a bill, were it to be promulgated, it would be an act of intentional subversion of The Constitution and a violation of the oath of office of every Congressperson who votes or argues for it. (ex-post-facto law is barred by The Constitution)
The latest monthly report from RealtyTrac shows foreclosure activity declining 4%, but that could be misleading. The numbers are only down because of the post-foreclosure-gate foreclosure freeze, which actually could make this market worse.
The double dip -- already a rare phenomenon -- is now entering an unprecedented free-fall. Zillow economist Stan Humphries says prices won't hit bottom until next summer at the earliest, as foreclosure activity grows.
A year ago, Judge Spinner concluded a mortgage company's paperwork in a foreclosure case was so flawed and its behavior in negotiations with the borrower so "repugnant" he erased the family's $292,500 debt and gave the house back for free.
So if what we are increasingly led to believe it true turns out to be correct, that borrower notes never were conveyed to the trust, and were also not endorsed over to the trust (through the proper chain of conveyance specified in a PSA)...
Judge Curley the head BK judge in Arizona just ruled minutes ago that the Bank of New York Mellon must produce the custodial records in their vault in a case against an Arizona homeowner, thereby producing the note and all other docs.
If you work in the mortgage industry or for a title insurer, you might not want to make any plans for the next six months. Foreclosure-Gate is about to explode.
Achieving REMIC (Real Estate Mortgage Investment Conduit) treatment was an important objective in these securitizations. They were created in the 1986 Tax Reform Act. REMICs are pass through entities, meaning the entity...
He claimed that foreclosures were not resuming because the records remain murky and would promote challenges and, perhaps, legal penalties.
Prices are now off -6.8% from their August peak. It looks to me like the housing double dip is here and Ben Bernanke rolled out QE2 just in time to prepare for massive MBS purchases in 2011 when the banks hit another rough patch...
Grocery store owners William and Esperanza Casco were making enough money to stay current on their mortgage, but when JPMorgan Chase & Co. offered a plan that reduced their payments, they figured they could use the extra cash and signed up. The Ca
Take a look at this map of a depopulated United States of America and tell me that Foreclosure-Gate is not a means to dispossess the American people of their homes...
The trouble is figuring out who holds the old loan. After issuing mortgages to homeowners, banks routinely sell the IOUs to other banks or institutions such as Fannie Mae and Freddie Mac. Huge volumes of mortgages have been packaged into securitie
"President George W. Bush has bestowed on his intelligence czar, John Negroponte, broad authority, in the name of national security, to excuse publicly traded companies from their usual accounting and securities-disclosure obligations."
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.