"Financial institutions and their mortgage servicing departments hired hair stylists, Walmart floor workers and people who had worked on assembly lines and installed them in "foreclosure expert" jobs with no formal training
A financial institution in the business of making mortgage loans has no business routinely losing or damaging original promissory notes, and any institution that does so should be shut down by the federal regulators and I mean that.
Karl Denninger "Here it comes folks - Watch this carefully, especially around 3:30 onward." (You can sense the fear in the studio, Mark Haines appeared to be fully awake for the first time in 10 years)
Top legal officers of all 50 states opened a joint investigation into home foreclosures, saying they will probe practices at banks and mortgage companies.
Barry Ritholtz has over the past 10 days has done a really good job of getting to the heart of matter on Foreclosure-Gate. This video clip is from an interview with Max Keiser on Russia Today.
It's about time that someone in the mainstream media comes out and says it - this wasn't an accident, it wasn't "irrational exuberance", it wasn't unbridled speculation, it was an intentional and pernicious scam.
I swear to God Almighty: Mortgage Backed Securities are America’s Herpes—the gift that keeps on oozing.
Wondering if you are one of those suckers paying a mortgage in limbo, with all the payments due to some non-existent mortgage noteholder getting retained at the servicer banks? Well, if you can spare 3 minutes then "Where's the Note" is for you.
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.
One development Monday that didn’t get the attention it deserved is the fact that Bank of America is now eating title insurance liability on foreclosed properties sold by its servicer.
Yves Smith does an excellent job of explaining Foreclosure-Gate in a way that we can all understand. She states that there were so many intermediary steps that were no followed, and so many frauds upon the court that this problem will...
Cheri Seymour - "The Last Circle" / Soren Ambrose-His analysis of the international financial institutions (IFIs) has been published and quoted extensively in U.S. and international media. / Drew Phillips - Libertopia
Far from providing the "all green" call participants had desired, Adam Levitin said that what we have recently seen and heard in the news is “just the tip of the iceberg” and that the foreclosure halt may well cause a "systemic problem"
Want to know why the banks are refusing to turn over paperwork to Fannie and Freddie? Watch this: if they do, they're insolvent. Now go buy some more bank stocks - CNBS and Fox News both say this is "no big deal."
As many as 9 million U.S. mortgages in the foreclosure pipeline or already through the process may face legal challenges because of questions about the validity of documents, according to Morgan Stanley.
It is only fitting that America, now on the verge of being a fully-blown communist country, is also abrogating property rights, courtesy of the much discussed foreclosure scandal. Dylan Ratigan provides a concise explanation of just how our bankers..
The real issue is ownership of these loans and who has the right to foreclose. By the way, despite various comments from the Obama administration, foreclosures are governed by state law. There is no real federal jurisdiction.
If the counterfeit is big enough, the whole system collapses, because you can't tell what's real from what's counterfeit and so confidence collapses.
Ah yes, how convenient for MERS to come to the CMBS market with a "time saving" yet fraud facilitating product, at precisely the time when various CMBS issues would start propagating and flooding the market with hundreds of billions....
America is supposedly governed by the rule of law. Our most treasured asset is not gold, it is our Constitution. Article 14 says: No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States
"...getting on the nearest highway and commuting with the 80-mph flow of traffic-basically the worst-case scenario-yielded 26 miles; a fairly spirited back-road loop netted 31; and a carefully modulated cruise below 60 mph pushed MPG to 38...
Jim and others suggest that the problem is far deeper and more profound. Specifically, they suggest that the ownership records on millions of houses are now gone for good. Which means that no one knows (or can prove) who really owns them.
I should have expected this, Team Obama is so predictably bank friendly that it was inconceivable that the Administration would ever decide against them on anything other than the occasional sop to maintain plausible deniability.
Mike Konczal of RortyBomb puts together a spectacular series of flow charts that explain in the simplest of terms how the bank foreclosure process went off of the rails, in Foreclosure Fraud For Dummies.
Is it indelicate to say that the USA as an enterprise has its head so deeply and firmly up its ass that the all the proctologists alive on planet Earth could not extract the collective cranium from the collective cloacal chamber even with the aid...
There is every reason to believe that the people of this nation will come to the conclusion that the bedrock of society - private property ownership - has been intentionally destroyed by a band of brigands with the explicit cooperation and permission
Foreclosuregate is one part of a far greater problem
Has anyone considered that if we no longer have a rule of law and we no longer have due process that there are 330,000,000 Americans who just became empowered, under the very standards put forward by The Journal's Editorial Board, The Banks...
There's every possibility that Brunner managed to stop an enormous **** upon the public - that is, an attempt to force judicial foreclosure states to accept non-judicial process! (These psychopaths may try to override the veto in the lame duck sessio
More people realize that the fake title transfer aspect of foreclosure fraud is just the tip of the iceberg which runs, via MERS conduits all the way to the core of the securitization system, and thus $10 trillion in first level debt (and who knows..