Foreclosure Inventories Rise to All Time Highs
• thetruthaboutmortgage.com/As of the end of October, foreclosure inventories were 7.4 times higher than the historical average and rising.
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Housing
Foreclosure-Gate: "Mortgage Backed Securities" Were Empty Shells
• usawatchdog.comThis 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.
Case Shiller: The 15 Housing Markets That Will Fall The Most By 2012
• Businessinsider.com/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.
Foreclosure-Gate: "Mortgage Backed Securities" Backed By Nothing
• NakedCapitalism.com/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.
Foreclosure-Gate: Bank of America Mortgage Morass Deepens
• Bloomberg.comLinda 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
Case Shiller Confirms Housing Market Deterioration Accelerates
• ZeroHedge.comThe 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.
Foreclosure-Gate: Is Servicer-Driven Foreclosures The Perfect Crime?
• NakedCapitalism.com/One thing they stress is that a significant number of their clients facing foreclosure has made every single mortgage payment. Read that again.
Foreclosure-Gate: Fraud Impacts Auctions As Sales Dry Up
• money.cnn.com/According to ForeclosureRadar, the number of properties coming to auction in hard-hit western states -- Arizona, California and Nevada -- has dropped more than 30%.
Charts From Hell: The Housing Problem In 3 Pictures
• Businessinsider.com/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.
Foreclosure-Gate: What Is a Wrongful Foreclosure?
• ProPublica.orgIn 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 FHFA Confirms That The Housing Double Dip Is Here
• Businessinsider.com/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.
Foreclosure-Gate: 50 State AG's Reject Idea of Global Settlement
• NakedCapitalism.com/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...
Foreclosure-Gate: 95% of Chicago’s Foreclosures Missing Proper Papers
• FireDogLake.comSheriff 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.
Florida's Fascist Rocket-Docket: One Foreclosure Every Two Minutes
• ZeroHedge.comWe 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.
Foreclosure-Gate: Mortgage Loans Not Conveyed to Trusts
• NakedCapitalism.com/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.
Foreclosure-Gate: Janet Tavakoli On Bank Foreclosure Fraud
• Market-ticker.denninger.orgIn this interview Janet has some very blunt words for Bank of America and Jamie Dimond of JP Morgan Chase.
Foreclosure-Gate: Banks Offering A 40 Year, 2% Loan Mod To Cover It Up
• NakedCapitalism.com/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.
HOW DO I FREE MYSELF FROM A CALLAPSING MORTGAGES? FINANCIAL HELL.
Written By: • LetterTo 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 the
Read Letter
Zillow Report Warns Of Unprecedented Decline In Home Prices
• Businessinsider.com/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.
Some judges chastise banks over foreclosure paperwork
• Washington PostA 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.
Foreclosure-Gate: Securitization Trustees in the Crosshairs For Trust Fraud
• Nakedcapitalism.com/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)...
Foreclosure-Gate: Arizona Judge Makes Landmark Ruling
• Market-ticker.denninger.orgJudge 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.
Foreclosure-Gate
• theeconomiccollapseblog.comIf 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.
Foreclosure-Gate: MERS, REMICs and Sloppy Securitizations
• Nakedcapitalism.com/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...
Art Cashin on Foreclosure-Gate: "Things Could Turn Very Ugly"
• ZeroHedge.comHe claimed that foreclosures were not resuming because the records remain murky and would promote challenges and, perhaps, legal penalties.
Home Prices Continue To Plunge In October
• Businessinsider.com/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...
Halloween Foreclosure-Gate Roundup
• Market-ticker.denninger.org/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:
Chart of The Day: Residential Investment As A Percentage of GDP
• CalculatedRiskBlog.comIt 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.)
Yves Smith: How the Banks Put the Economy Underwater
• NakedCapitalism.com/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.
Foreclosure-Gate: "A Business Model Based On Fraud"
• Youtube.comWhat 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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