View from the Other Side: Why We Are Totally Wrong

You can expect to see these arguments in court. Commentary on Transfers of Mortgage Loans to RMBS Securitization Trusts October 18, 2010 There is a tremendous amount of public commentary these days about possible defects in foreclosure proceedings commenced by loan servicers.  Much of this discussion concerns procedural matters, such as whether the appropriate steps are being [...]

THOUSANDS OF LAWSUITS FILED SEEKING QUIET TITLE ON WRONGFULLY FORECLOSED HOMES

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary Reports are streaming in from all over the country that some offices are filing volumes of wrongful foreclosure or quiet title actions on homes that were previously “sold” at auction on a “credit bid” that was as fraudulent as the foreclosure action that preceded the [...]

Worthless: Mortgage-Backed Securities — Biggest Little Asset Class in the World

By YVES SMITH, NY Times Opinion 10-31.10 “The trap has closed — and unless the mortgage finance industry agrees to a sensible way out of it, the entire economy will be the victim.” “uncertainty in turn puts a cloud over the value of mortgage-backed securities, which are the biggest asset class in the world.“ “the [...]

AFRAID AND READY FOR JAIL

by B. Davies FROM NATIONAL NORTGAGE NEWS: GREAT ARTICLES FROM MY NEW FREE SUBSCRIPTION—– DRUM ROLLS—–>>>>AFRAID AND READY FOR JAIL– http://www.scribd.com/doc/40441867/Servicing-Fraud-Another-Black-Eye http://www.scribd.com/doc/40441783/Foreclosure-Affidavit-Moves-Spur-Some-Ratings-Reviews-at-Wells-IndyMac http://www.scribd.com/doc/40441728/Fannie-Will-Hold-Servicers-Responsible-for-Robo-Gate-REO-Losses http://www.scribd.com/doc/40441672/Lenders-Turning-Their-Backs-on-MERS-Going-Back-to-Paper

Eliz Warren Joins with State Attorney Generals vs. Banks Seeking “Meaningful” Modification

Not surprisingly, the prospect of an alliance between Ms. Warren’s new bureau and a handful of activist attorneys general gives the banking industry the heebie-jeebies. At a panel at the Chamber of Commerce this week, Andrew Pincus, a lawyer with Mayer Brown, articulated their voluminous concerns. Today, that same coalition of state prosecutors is the [...]

The Games Are on At the Auction: Home Advantage?

Editor’s Note: While the banking industry have made it “illegal” for a homeowner to have a relative buy the home at foreclosure auction and then give it back to their son or daughter, there are many games at play in the auction. And don’t forget there are no auction police around. They have to figure [...]

Judges Change Tune as Anger Rises Against Banks

Kentucky Judge requires proof of chain of title and ownership. 2010/10/30 at 9:16 am http://www.scribd.com/doc/40489838/Kentucky-Order-FORECLOSING-ENTITY-MUST-SHOW-CHAIN-OF-TITLE-AND-ASSIGNMENTS KENTUCKY JUDGE ORDER PROPER DOCUMENTS BE IN PLACE TO FORECLOSURE—FROM GLENN A. COMMONWEALTH OF KENTUCKY KENTON CIRCUIT COURT GENERAL ORDER Pursuant to CR 8.01(1) and CR 17.01, plaintiff in foreclosure complaints filed in Kenton County, Kentucky, must show that it [...]

BOA’s Moynihan Gets $20 Billion Warning Letter From Insurance Industry

Letter from Insurance Industry [1] On September 2, 2010 Bank of America was warned about their liability in shady securitizations, mortgages and foreclosures. The letter states directly that some 50% of all loans including HELOCS “qualify for repurchase by BOA in the securitizations insured by them.” It estimates liability of at least $10-$20 Billion just [...]

Wall Street Feeds Itself and Incumbent Politicians While the Economy Starves for Capital

EDITOR’S COMMENT: In a recent article I said that Wall Street no longer provides capital, it consumes it. The earnings reports are a resounding corroboration of the simple fact that big business and big banking is thriving. Those businesses that simply issue new securities and trade them, those companies that buy and sell old companies [...]

American Home Mortgage Faces Servicing Lawsuits

Wilbur Ross’s American Home Mortgage Faces Servicing Lawsuits By David McLaughlin – Oct 28, 2010 8:59 AM ET * * Tweet * LinkedIn * Share o Business Exchange o Buzz up! o Digg * Print * Email W.L. Ross & Co. CEO Wilbur Ross Wilbur L. Ross Jr., chairman and chief executive officer of W.L. [...]

Harrington: eloquent account of the law of unintended consequences of APPRAISAL FRAUD

SEE ALSO securitization-understanding-the-risks-and-rewards?page=1 Subprime debacle – the truth emerges: Part 2 Posted by Anthony Harrington, October 28, 2010 Recommend this Article 0 Comments Login to add your comment Anthony Harrington Amongst the real horrors perpetrated during the subprime disaster, such as the many outright frauds practised on US homebuyers who should never have been re-mortgaging [...]

Arizona Fed Judge Sedwick Sustains Borrower’s Action for Fraud adv MERS, BAC, Millenium et al

AZ Ct Sustains Action for Fraud SCAN1516_000 We thought we’d be required to wait longer for a decision like this in Arizona. The decision is not particularly novel. The Borrower sued for misrepresentation and the “lender” defended on all the usual grounds that usually either freezes the case or ends up bouncing the Borrower out [...]

Rising Tide of Investor and Homeowner Claims Against Banks

Some homeowners say the banks tried to foreclose on a house that did not even have a mortgage. Others say they believed they were negotiating with the bank in good faith. Still others say that even though they are delinquent on their mortgage payments, they deserve the right to due process before being evicted. Some [...]

Wells Fargo Admits Errors in 55,000 cases: Tries to Minimize Impact

EDITOR’S NOTE: THIS IS THE SAME WELLS FARGO WHO ON OCTOBER 20 TOOK A VERY “COMPETITIVE” STANCE INSISTING THERE WERE NO ERRORS. 7 DAYS LATER, OOPS! October 27, 2010 Wells Fargo to Amend About 55,000 Foreclosures By ERIC DASH After several weeks of insisting its foreclosure processes were sound, Wells Fargo & Company said on [...]

Maryland Court of appeals adopts new foreclosure rule

Posted: 8:27 pm Tue, October 19, 2010 By Steve Lash Daily Record Legal Affairs Writer ANNAPOLIS — Maryland’s highest court on Tuesday approved an emergency rule designed to identify and weed out irregularities in the mortgage foreclosure process. The new rule, which takes effect immediately, allows circuit courts to appoint independent lawyers to review foreclosure [...]

SPAIN: LOSE THE HOUSE AND STILL OWE THE MONEY

“It’s funny, when I finally lost the house, I started sleeping,” he said. “I cry sometimes, but at least I sleep now.” EDITOR’S NOTE: Somebody needs to get the message to Spanish victims of these mortgage frauds that they have remedies too. This is the same story with the same excuses. The message: we must [...]

Katherine Porter to Senate: No Non-Judicial Sales While System Is In Doubt

10.27.2010 KATHERINE PORTER SENATE testimony-102710-porter see also 10.27.10 OHIO AG ROBO AMICUS BRIEF ParmaForeclosureBrief Katherine Porter is a visiting law professor at Harvard. Her 2007 study was the seminal work on mortgage and foreclosure irregularities. She found that 40% of the notes had been “lost” or destroyed. The following is an excerpt from her testimony [...]

NY J Shack Explains Principal and Agent to OneWest: Robo-Case Dismissed

10.27.10 JUDGE SCHACK ROBO DISMISSAL-Onewest-Bank-F-S-B-v-Drayton[1] With crushing clarity, Judge Shack in New York has made it crystal clear that the finesse of recording requirement for real property and splitting the note and mortgage won’t work under his watch. The quoted segments of testimony from a robo-signer shows criminal responsibility on the part of the robo-signor, [...]

FDIC’s Bair Proposes ‘Global Solution’ to Foreclosure Mess

Editor’s Note: A good start, but without correction of the principal due to reflect reality, there is no major incentive for borrowers to do this. Eventually they will walk away. FDIC’s Bair Proposes ‘Global Solution’ to Foreclosure Mess By Peter Barnes Published October 26, 2010 | FOXBusiness One of the nation’s top bank regulators is proposing a [...]

TAXPAYERS WIN BIG IF FORECLOSURES ARE HALTED

Editor’s Note: Because of the complexity of what should have been securitization of loans but wasn’t, and because nearly all the information is coming from government sources which is getting its information from Wall Street, articles are appearing all over the place like the one below in the Washington Times. It intersperses fact with fiction. [...]