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
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.
When will it happen? Early next year. I won’t say more.
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...
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...
Former House majority leader Tom DeLay, the Texan architect of Republican power in Congress, was convicted Wednesday of illegally plotting to funnel corporate contributions to home-state legislative candidates in 2002.
While some of the officers sampled responded to the scene where Drenth was found, and thusly could be tested in order to exclude them as supects, some of those sampled were NOT. Included are officers in the corruption case in Drenth's old precinct.
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.
The lead on the New York Times story read like a line from a Dickens novel: “The nation’s workers may be struggling, but American companies just had their best quarter ever.”
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.
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 companies with multimillion-dollar contracts to supply American airports with body-scanning machines more than doubled their spending on lobbying in the past five years and hired several high-profile former government officials to advance their c
Despite a stubbornly sour national economy congressional members’ personal wealth collectively increased by more than 16 percent between 2008 and 2009...
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 ...
Here’s some facts for ya Harry! The American public is desperate…..but not to let you hand agriculture over to multi-national corporations or to the whims of the World Trade Organization. And, the last thing anyone in their right mind wants to s
This last election really showed em’, didn’t it? They really got the message from the people that they had to change and start working for the country and not for corporations or personal profit. We know this is true because a huge number of politi
Despite an impassioned, tearful apology and a plea for leniency, Rep. Charles B. Rangel on Thursday became the first House member in nearly three decades to be recommended for censure.
The Pentagon on Wednesday awarded a major jet fuel contract to Mina Corp., a secretive company that has declined to reveal its ownership but has nonetheless become a trusted partner with the U.S. military.
(From a friend in support of Fox New's Glenn Beck reporting on the story in the Wall Street Journal - http://online.wsj.com/article/SB10001424052970203863204574346610120524166.html )