This lawsuit out of Texas alleging that Bank of America not only tried to collect on a Paid In Full mortgage but refused to listen to the fact that it had been paid in full and in fact threatened that the owners were "going to lose their home.
When you thought you’d seen every possible stuff-up in mortgage land, a new one comes to light.
Ms. Goodman comes to the dark conclusion that more than 11 million borrowers are in danger of losing their homes, or roughly one out of five borrowers.
Wells is coming in trying to foreclose on the property, claiming that the debtor (homeowner) isn't paying and thus can be evicted. A totally normal thing, right? Well, it would be, except that Wells is unable to prove it owns the note.
Did the US suffer from a giant Housing bubble?
Now look at the mess we have here. How, pray tell, are the plaintiffs going to prove how the note traveled from originator to its purported current owner in the absence of having the note endorsed with a full and unbroken chain of assignments?
Mortgage Bubble: Four years into the crash the fundamental question remains: Will we spend the next 10 or 20 years paying off the mastodon debt used to purchase this bubble? The sane answer is "no." The official answer is "yes."
Now it comes out that perhaps Pennsylvania processed thousands of foreclosures where the person who signed and prosecuted the foreclosures may not have been an attorney!
We need a mass refusal to vacate homes foreclosed by the banks because of the economic catastrophe caused by the banks
But even more important, the lack of attorney involvement would render the foreclosures void. Pennsylvania courts have found “proceedings commenced by persons unauthorized to practice law are a nullity”.
It was more than enough to blow them to Mars - and that was one transaction.
Deutsch kept asserting that the failure of the parties to the securitization to adhere to their own contracts was not in fact a problem, there was no court evidence, these concerns were the mere natterings of worry-wart academics.
Increasingly, consumer lawyers are recognizing that they can often successfully challenge foreclosures in which the loan was securitized by examining whether the party trying to foreclose really has the standing to do so, which is legal-speak for...
Virtually the entire residential mortgage securitization system in America is hinging on fraud, as few if any of the recent structured finance packages actually were in possession of the necessary mortgage promissory notes...
In this funny and insightful talk from TEDxHouston, builder Dan Phillips tours us through a dozen homes he's built in Texas using recycled and reclaimed materials in wildly creative ways.
"At the depths of the worst foreclosure crisis since the Great Depression, we are surprised that the Fed has proposed rules that would eviscerate the primary protection homeowners currently have to escape abusive loans and avoid foreclosure
The discount on foreclosed homes has hit a five year high, as interest in even ultra bargain properties has collapsed following the expiration of the homebuyer tax credit.
This is simultaneously laughable and damaging. The argument basically boils down to: “Gee, the fact that no one bothered to observe the contracts means they never intended to. So we’ll just pretend those provisions don’t count.”
As of the end of October, foreclosure inventories were 7.4 times higher than the historical average and rising.
This is an earth shaking setback, not only for B of A, but for all banks involved in mortgage-backed securities. The Promissory Note is the actual proof the bank owns the home. No “note” means no proof of ownership.
This is a brutal forecast, which would have wide economic consequences. Five years after the housing peak, markets in Florida, Nevada and California would remain down around 60 percent.
The Fraud Of The Century: “It may mean investors who think they bought mortgage- backed securities bought securities that aren’t backed by anything,” said Kurt Eggert, a professor at Chapman University School of Law in Orange, California.
Linda DeMartini, said during a U.S. Bankruptcy Court hearing in Camden last year that it was routine for the lender to keep mortgage promissory notes even after loans were bundled by the thousands into bonds and sold to investors
The national index is down 1.5% from the third quarter of last year and 15 of 20 cities are down over the last 12 months.
One thing they stress is that a significant number of their clients facing foreclosure has made every single mortgage payment. Read that again.
Now, despite mounting evidence of borrower mistreatment, the Federal Reserve has proposed a rule that would disable the most effective legal tool that borrowers have to fight foreclosures.
In short, what this means is that if the bank violated black-letter law in making a loan to you the change would require you to pay off the entire principal before you could assert your rights and remedies.
According to ForeclosureRadar, the number of properties coming to auction in hard-hit western states -- Arizona, California and Nevada -- has dropped more than 30%.
We’ve seen clear evidence in recent weeks that the housing double dip is in process. Price declines have varied depending on different reports with the prices of new homes reported as low as -13% year over year.
The fire sale is spread around the country, with a hotspots in California, Texas, and Arizona taking up the majority of the list.