“The Prosperity Gospel”: Pastors Took Bribes From Mortgage Originators — $350 per subprime mortgage

And probably people “of the cloth” from all denominations.

We are a nation of faith. Jesus angrily drove the money lenders out of the temple. How can we stand by and allow the borrowers to be driven out of their homes?
The fact is most of these victims were hunted down like a foxhunt, with strangers [...]

Investors and Borrowers Unite!

if you peal away the apparent differences you find that there is an inherent joinder of interest investors and borrowers: both were deceived and both lost nearly everything they had by purchasing a financial product that was misrepresented — artificially inflated as to quality and value. And both were subject to the same MO — [...]

MERS Getting the Grilling It Deserves

“If courts are willing to say MERS doesn’t have any ownership interest in mortgage loans, that may eventually call into question the priority of liens recorded in MERS’s name, and there are millions and millions of them.”

September 27, 2009
Fair Game
The Mortgage Machine Backfires
By GRETCHEN MORGENSON

WITH the mortgage bust approaching Year Three, it is increasingly up [...]

Class Actions Being Investigated

People have been asking about class actions. With a little bit of help at www.classadvocate.com I have come up with the following list. The one to watch is in Reno Nevada filed by Hager and Hearne. It covers Arizona, Nevada, and California. It has not been certified yet as a class action. I am involved [...]

Countrywide Decision: Investor is owner of loan

BofA’s Countrywide loses court ruling on mortgages — Modifications Not Authorized By Investor May be Invalid
There is lots of significance about this decision. First it shows that if the investor is going to sue it is going to be against the intermediary pretender lenders and not the borrower — because they don’t want to expose [...]

Fabrication of Documents: MERS GAP Illuminated

Another example of why a TILA audit is grossly inadequate. A forensic audit is required covering all bases. Although dated, this article picks up on a continuing theme that demonstrates the title defect, the questionable conduct of pretender lenders and the defects in the foreclosure process when you let companies with big brand names bluff the [...]

Lucrative Fees May Deter Efforts to Alter Loans

It’s not just that servicers get more money by pushing the loan further and further into distress. They certainly have that incentive. When the loan becomes “delinquent”, they get more money, when the loan goes into “default”, they get more money, and when the loan goes into “foreclosure”, they get more money. So of course [...]

Send Marcy Kaptur Letters of Support–Just Do it

Why didn’t the taxpayers get as good a deal as Warren Buffett?

Modifications — No Way Out

Editor’s Note: The reason they “lost” the note is that it was a strategic decision to claim they lost it. There is a procedure for re-establishing a lost note and until recently the rules were extremely loose — because back in the days when those rules were established you had two parties (the borrower and [...]

Holder in Due Course — What’s the Big Deal?

The big deal is that it is ONLY the holder in due course who is allowed in court to make claims or enforce any rights regarding the mortgage and note. No servicer (e.g. Countrywide), administrator (e.g. MERS), or trustee has any right to do a judicial or non-judicial foreclosure because they are not the holder [...]