Audit Faults New York Fed in A.I.G. Bailout

Editor’s Note: In this article you have the nub of the problem for the investors, for the foreclosers, for the pretender lenders. What did the taxpayer actually pay for and what did they get for it? And if the money all went to pay off credit default swaps at 100 cents on the dollar then [...]

FOLLOWING THE MONEY — WHAT TO ASK FOR AND LOOK FOR

MANY THANKS TO DAN EDSTROM
Dan has put together a list which frankly I would like him to expand. Following the money means determining the party to whom you MIGHT owe money. It certainly isn’t the pretender lender and if you can fill in the blanks on this list you will be able to show that. [...]

“The Dog Ate Your Mortgage” — Gretchen Morgenson (NY Times) Hits it Again

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If you want a summary of about 75% of what we cover at the seminar in Clearwater, Florida on November 1-2, just read this article. I’ll explain how we got to this point, the legal points to be raised and how to aim [...]

TWO Undisclosed Yield Spread Premiums: Why Securitization Changes the Game

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So called “auditors” will miss the fact that there are two yield spread premiums that were not disclosed to either the homeowner or the investor. Failure to account for the movement of money through the securitization chain and failure to account for appraisal [...]

Don’t Get “HAMP”ED Out Of Your Home!

By Walter Hackett, Esq.

The federal government has trumpeted its Home Affordable Modification Program or “HAMP” solution as THE solution to runaway foreclosures – few things could be further from the truth.  Under HAMP a homeowner will be offered a “workout” that can result in the homeowner being “worked out” of his or her home.  Here’s [...]

NY TIMES: What do the market traders know that the rest of the world does not?

NY Times second lead article is how are these “Troubled Assets” going to be valued? 97 cents on the dollar (management), 87 cents (S&P at current default rates), 53 cents under “bleaker” (undefined conditions), 38 cents where the trading markets value them, or 0 cents on the “Garfield Continuum Index.” ? [...]

“System is Broken” — there is no clear title and no clear answers, which is why most foreclosure actions should fail or be reversed

Mortgage market clouds who owns woman’s house
Submitted by Jose Semedey — Thank You
By CARRIE TEEGARDIN
The Atlanta Journal-Constitution
Sunday, January 25, 2009
Twenty years ago, Zella Mae Green bought a modest brick ranch house in DeKalb County with an American ideal in mind. The single mother of four, who raised her children working low-wage jobs, wanted to own [...]

MERS MEMBERSHIP INFORMATION Reveals Index to Securitization and Investors: Allegation that MERS is authorized or even nominal beneficiary is false

Sample Link: validatembrsearch.jsp?as_mbrsearch=1006937
mers-membership
milestoneplus
Sample Response Record:

Corporate Name:
West Coast Servicing, Inc.

Address:
17011 Beach Blvd., #300

City,State,Zip:
Huntington Beach, CA 92647

Toll Free Number:
(866) 574-2001

Direct Number:
(714) 596-6333

Fax Number:
(714) 596-6333

Primary Contact:
Cameron Clayton

Website:
http://www.wcrsi.com

Member Org ID:
1006937

Lines Of Business:
Originator, Servicer, Subservicer, Investor, Document Custodian

eRegistry Participant:
No

eDelivery Participant:
No

#1 Lending LLC
1 Wave Mortgage, LLC
123 Mortgage LLC
1-800-East-West Mortgage Co., Inc.
1952 LLC dba First Mortgage America
1G & Associates International Inc.
1Priceloan.com, [...]

Non Judicial as Private Contract: Opening the Door to Homeowners for Self-Help

What is good for the goose is good for the gander.
After months of wrangling with the obvious due process issues invovled in allowing a Trustee on the Deed of Trust to send a Notice of Default, Notice of Default and to file an eviction (unlawful detainer), it has occurred to me that the reasoning [...]

WHY WALL STREET ALWAYS BLOWS IT (and where the money went)

Atlantic Article Submitted by multiple readers, I read this as soon as my issue was delivered. It’s true.

And to add insult to injury, the answer to the question on everyone’s mind: Where did the money go? $350 billion disappeared down a black hole. The banks and investment banks got the money under the presumption that [...]