In a 2007 analysis of bankruptcy mortgage claims, University of Iowa law professor Katherine Porter found that about 40 percent of the time, banks didn’t provide the proper paperwork—specifically, the note—to enforce a mortgage claim...
The new home sales report and the FHFA Index are confirming that housing is indeed double dipping. According to the latest new homes sales report median prices plunged -13.9% in October to $194,900. Average price fell -8% to $248,200.
This is really not hard to understand or get right. Foreclosures now are producing losses that exceed 70% of the mortgage balance on average. A deep principal mod for viable borrowers would be a win-win for everyone besides the servicer...
This is the lowest New Home Sales number in 50 years. Analysts are expecting October new home sales to annualize 314K. Last month was at 307K.
Matt Taibbi explains how our system of title transfers which is hundreds of years old is being thrown out and replaced by the MERS system. Matt talks about how the banks are creating fraudulent paperwork for the courts.
As much as I’ve read plenty of reports of dubious judicial behavior in Florida, I still find myself appalled when new stories crop up.
If the mortgage notes were not properly distributed to the different parties involved, the foreclosure process could be stopped by anyone who asked where the mortgage note is or who holds it.
Sales in October 2010 (4.43 million SAAR) were 2.2% lower than last month, and were 25.9% lower than October 2009.
Did you catch that? This is pure Keystone Cops. Countrywide can’t find the note, then says it has located the note, then it submits a lost note affidavit dated BEFORE the date when the note mysteriously appeared!
The banks are in serious trouble if there are widespread securitization fails. If the loans weren't transferred to the securitization trusts, then they are on bank balance sheets, which means that (1) the losses on the loans are the banks...
The total supply of 6.3 million units has returned to the worst levels of 2008. And that doesn't even include delinquencies of less than 90 days, which would push the shadow inventory up to 7 million.
The attorney for the foreclosure mill was put on the stand and said that she had transferred a note from an originator, which at the time of the assignment, was bankrupt. That entity had no way of authorizing this action, since it no longer had any..
As one hedge fund investor noted, “Whenever we’ve gotten into situations on the short side, no matter how bad we think it is, it always proven to be worse.” The mortgage securitization mess looks to be adhering to this script.
In this MSNBC interview Matt Taibbi of Rolling Stone magazine explains the greatest fraud in American history.
If in fact no transfers took place then the entire MBS chain is arguably void as there are no mortgages in the securities. This would constitute the largest fraud ever perpetrated upon investors in the history of the world.
The report goes through the fact that the land recording system that was set up in this country in the colonial age has only recently been disrupted by the advent of MERS, the electronic registry which short-circuited that process...
When Captain Michael Clauer returned from Iraq last year, he found his home had been foreclosed on his $300,000 home. Over an $800 debt.
Why is it that neither I or anyone else that I'm aware of has actually seen any properly-conveyed notes?
The focal point of their efforts is Mortgage Electronic Registration Systems, or MERS, the controversial, privately run electronic database that is used by practically every lending institution and investment company to track the transfer of ...
From the housing peak to 2012, markets in Florida, Nevada and California will be down around 60 percent.
We all know the mortgage securitization process is complicated. But just how complicated? The chart below from Zero Hedge shows the convoluted journey a mortgage takes as it morphs into a security. Dan Edstrom, of DTC Systems, who performs secu
The financial services industry has launched an aggressive campaign on Capitol Hill to bolster the legality of the way companies have turned mortgages into securities and traded them across the globe in recent years.
The entire multi-trillion dollar sector is going down. You will not want to own any municipal bonds after watching this video. (Editor Note: What Meredith Whitney has to say about muni bonds and housing is terrifying.)
This law would allow the banks to just make up documents and use them to take your house, even if they couldn't actually find the title to your house (because they'd sold your mortgage, say, or because you don't have a mortgage).
This story was buried on the Arizona Republic's website today: There were 4,695 existing-home sales recorded in October, the report said, down from 6,140 sales in October 2009.
Editor Note: For over 6 years I have waited for the MERS "Ponzi Scheme" to come to the knowledge of the general public. But now as the greatest fraud of all time is starting to come to light, the congress decides to enshrine it in law...
What this means is that the government will throw contract law out the window under the guise of punishing the banks. Instead they will screw the average homeowner facing foreclosure, for the benefit of the banks.
They really are going to try to override the Presidential Veto tomorrow (11/17/2010) This will be a death blow to the Rule Of Law in this republic, as well as the end of over 200 years of real estate law at the state level.
The 50 state attorneys general are in negotiations over an agreement over foreclosures...
If in fact basically none of these notes have been properly conveyed into the trusts, and as such the trusts are a legal nullity, then investors have spent billions of dollars as unknowing participants in a massive fraudulent scheme.