WE DON’T NEED BIG BANKS THAT ESCAPE REGULATION

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary EDITOR’S NOTE: FLOYD NORRIS in the article appearing in today’s New York Times points out what we have been saying here for three years. We have the mid-size and smaller institutions — about 7,000 in number —- unlike most other countries, that can easily pick [...]

FOR POTENTIAL SEMINAR PRESENTERS: CHECKLIST AND NOTES

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary CHECKLIST AND NOTES ON LAYMEN SEMINAR While looking for something else I discovered my notes from a seminar I gave in July, 2009. Besides some obvious spelling errors, there are numerous items that remain as relevant today as they were when those notes were prepared. [...]

FLORIDA MEDIATION PROGRAM FAILING

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary EDITOR’S NOTE: The mediation program can’t work. If you have one real person on one side and Donald Duck on the other, nothing but a fictional characterization of mediation is happening. see foreclosures-jump-modifications-plummet Florida foreclosure mediation report shows program is struggling to log successes By [...]

BUY AND BAIL STRATEGIC DEFAULT OPTION REPORTED IN WASHINGTON POST

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary EDITOR’S COMMENT: Why stop there? Once you have a “safe house” you can still assert claims regarding the old one for deceptive lending practices, appraisal fraud, and challenge the right to foreclose. While there are states that allow deficiencies, those actions are usually not pursued [...]

U.S. Attorney’s Testimony Shows Pattern of Fraud by Lenders

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary SEE BEN WAGNER TESTIMONY In conclusion, the Eastern District of California has been one of the hardest hit by the mortgage fraud crisis, and the people in our communities and across the nation have suffered the consequences of it – from steeply reduced home values, [...]

STRATEGIC DEFAULT ANOMALY: Borrowers Continuing Payment on 2d Mortgage But Stopping on 1st Mortgage

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary see Good Comments Below from Readers Many thanks to Simon Johnson at www.baselinescenario.com for pointing out this apparent anomaly. While more and more people are exercising their option to strategically default on the first mortgage either intentionally or because they can’t make the payment, a [...]

Ronald Ryan, Esq. in Tucson, Az Joins Team as Expert for Court Declarations and Testimony

Ron is an early adopter (2008) of the uses of securitization defenses and offense. As a lawyer actively practicing in Tucson he concentrates on Chapter 7, Chapter 13, and now appeals. He has consistently applied the principles of breaks in the chain of title, securitization restrictions, and issues of standing, real party in interest and [...]

FORECLOSURES JUMP, MODIFICATIONS PLUMMET

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary NOTABLE QUOTES: “The rise in repossessions and decline in loan modifications are further signs that problems in the US housing market are persisting, in spite of forecasts by some analysts of a recovery before the year-end.” “The number of homes entering foreclosure rose 31 per [...]

GOOD HANDS (ALLSTATE) SLAP COUNTRYWIDE (BOA) FOR $700 MILLION FRAUD

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary “Allstate alleges that between March 2005 and June 2007, as it was buying the securities, Countrywide “abandoned its underwriting standards, misrepresented crucial information about the underlying mortgage loans and concealed material facts” from the insurer, it said in a statement.” EDITOR’S COMMENT: If the note [...]

ZILLOW: Take off another 7% on Housing Prices Next Year too.

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary EDITOR’S COMMENT: Just how many times do we need to be hit with this news before the words “APPRAISAL FRAUD”  come into common use? Entire markets were artificially inflated with the complicity of developers, real estate brokers, banks, originators and of course the real estate [...]

IS HAMP A TRAP?

by Wes Barnard HAMP to me is a trap. The banks actually cannot prove that you owe them anything since they have lost the documents and are now busy forging new ones. HAMP is just another refinance gimmick to establish once again that you owe the banks mortgage payments. If you push the banks for [...]

Krieger Working Clouded Titles with Quiet Title Lawsuits

CLOUDED TITLES UPDATE: From Dave Krieger, working as a paralegal with the attorneys in the following situations: For those of you in Phoenix, two quiet title actions have been filed in the Maricopa County Superior Court and another is pending and should be filed shortly. Four quiet title actions have been filed in Washington State; [...]

USING TENANT PROTECTION LAW AS OFFENSIVE STRATEGY

SUBMITTED BY CARRIE — SEE EDITOR’S COMMENT BELOW Has anyone seen this: http://forceyourlendertomodify.com/ Here borrowers with comparable homes in foreclosure exchange long-term leases at below-market rent. Then they rely on the tenant-protection law to stay in the homes and allow more time for modification. The theory is if a foreclosed home is leased at low [...]

LEASEBACK FORECLOSED HOME?: Neighborhood Preservation Act

Submitted on 2010/12/27 at 9:18 pm by Nelson J Velardo Neighborhood Preservation Act’. This is a great bill that would allow foreclosed homeowners to lease their properties back from the bank after a foreclosure sale. The homeowner could lease the property for up to 5 years, plenty of time to win litigation and get the [...]

AIG Mortgage Bond Insuror Gets $4.3 Billion in New Financing from 36 Banks

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary EDITOR’S NOTE: This deal was probably easier than it looks. The big question is whether AIG will pursue its claim that the insurance contracts on which it paid were procured by fraud. Neither the “mortgage bonds” nor the “loans” that were “backing” the mortgage bonds [...]

HOUSING PRICES DOWN ANOTHER 1%: U.S. Consumer Confidence Deteriorated in December

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary EDITOR’S COMMENT: Optimism expressed by economists is being consistently banged, four months in a row now, by the hard facts. The reports are getting better while the facts get worse. Housing prices dropped again — a sign that nobody believes the government or market conditions [...]

TITLE UNDERWRITERS ISSUING RESTRICTIONS TO AGENTS ON SECURITIZED MORTGAGES

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary see MD Foreclosure INDEMNITY AGREEMENT EDITOR’S NOTE: WHETHER IT IS IN WRITING OR NOT, VIRTUALLY ALL TITLE INSURANCE UNDERWRITERS THAT ARE INDEPENDENT FROM THE MEGA-BANKS ARE ISSUING DIRECTIONS AND RESTRICTIONS REGARDING INSURING TITLE ON PROPERTY INVOLVING ANY ALLEGATION OF SECURITIZED MORTGAGES AND ESPECIALLY IF THEY [...]

Subpoenas Withdrawn: Ally (GMAC, owned by USA) to Pay Fannie (owned by USA) $462 Million for “BuyBacks”

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary COVER-UP CONTINUES EDITOR’S COMMENT: Confused? Ally, wholly owed by GMAC, which is 80% owed by our Federal government has agreed to pay $462 MILLION on “repurchase demands” (i.e. legal damages) to Fannie Mae (FNMA, wholly owned by our Federal Government) for losses attributable to $292 [...]

The Market Ticker – “Put It All Back” Gains Mainstream Credence

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary EDITOR’S COMMENT: Wray has it right. This is the way it should turn out. And if the shoe was on the other foot it would happen because consumers usually take the hit. Yet it seems unlikely that this scenario will play out in the manner [...]

BANK OF AMERICA/COUNTRYWIDE SLAMMED WITH HAMP CLASS ACTION BY ST. LOUIS HOMEOWNER FOR BREACH OF CONTRACT, UNJUST ENRICHMENT, FRAUD, AND NEGLIGENCE

Posted on December 27, 2010 by Foreclosureblues Bank Slammed With Another Class Action By JOE HARRIS ShareThis ST. LOUIS (CN) – The seemingly endless string of class actions against Bank of America’s foreclosure policies continued here in Federal Court. The class claims that BofA and BAC Home Loans Servicing refuse to participate in foreclosure prevention [...]