GRETCHEN MORGENSON ON CNN TONIGHT WITH SPITZER

GET COMBO TITLE AND SECURITIZATION ANALYSIS – CLICK HERE Her new book “Reckless Endangerment” is a good read. Gretchen was amongst the first to drill down on the mortgage meltdown and expose numerous illegal practices of lenders and foreclosers (different parties, as we know). In many ways she has led the way for other journalists [...]

ANATOMY OF INTENT: WHY MORE THAN 800 PEOPLE COULD BE CHARGED WITH CRIMINAL INTENT

GET COMBO TITLE AND SECURITIZATION ANALYSIS – CLICK HERE In the S&L scandals more than 800 bankers went to jail, why not now? EDITOR’S ANALYSIS: As you read the article below regarding NovaStar Financial, think about buying the book it came from. Gretchen and Joshua have spent a lot of time not just taking notes [...]

GRETCHEN MORGENSON: BORROWERS ARE NOT TO BLAME

CLE SEMINAR: SECURITIZATION WORKSHOP FOR ATTORNEYS — REGISTER NOW SEE LIVINGLIES LITIGATION SUPPORT AT LUMINAQ.COM LOUISIANA BKR JUDGE STOPS FORECLOSURE ON BORROWERS CURRENT IN PAYMENTS EDITOR’S NOTE: The tide keeps turning in the direction of borrowers’ rights yet the scam continues. All three branches of government — executive, legislative and judicial are rapidly coming to [...]

THE NEW NINJA: NO INDICTMENT, NO JAIL, AMNESTY FOR TOP WALL STREET FIGURES

CLE SEMINAR: SECURITIZATION WORKSHOP FOR ATTORNEYS — REGISTER NOW SEE LIVINGLIES LITIGATION SUPPORT AT LUMINAQ.COM “…several years after the financial crisis, which was caused in large part by reckless lending and excessive risk taking by major financial institutions, no senior executives have been charged or imprisoned, and a collective government effort has not emerged. This [...]

NY Issues More Subpoenas on Foreclosures

SEE LIVINGLIES LITIGATION SUPPORT AT LUMINAQ.COM “Raymond H. Brescia, assistant professor of law at Albany Law School, said: “We’re seeing a disproportionate number of cases in the foreclosure context where questionable filings have been made. I think it’s easy to say this is the largest and most wide-ranging fraud against the courts in the United [...]

WALL STREET EXECS: NOTHING TO LOSE, EVERYTHING TO GAIN, WIN OR LOSE

SEE LIVINGLIES LITIGATION SUPPORT AT LUMINAQ.COM GET COMBO TITLE AND SECURITIZATION SEARCH, REPORT, ANALYSIS ON LUMINAQ LAWYERS CONSIDER NAMING INDIVIDUAL EXECUTIVES AS DEFENDANTS IN DAMAGE SUITS FOR HOMEOWNERS “the Federal Reserve purchased almost all the mortgage securities issued by Fannie and Freddie in 2009.” EDITORIAL COMMENT: Has anybody asked exactly what Fannie, Freddie and Ginny [...]

NYT: American Real Estate Market an Engrossing Piece of Fiction

COMBO TITLE AND SECURITIZATION SEARCH, REPORT, ANALYSIS ON LUMINAQ see 10-lies-we-live-by-and-should-stop-believing-if-we-want-this-to-stop NOTABLE QUOTES: “Alan M. White, a law professor at the Valparaiso University School of Law in Indiana, last year matched MERS’s ownership records against those in the public domain. “The results were not encouraging. “Fewer than 30 percent of the mortgages had an accurate [...]

PAYBACK TIME: $5.1 IN PUNITIVE DAMAGES AGAINST SERVICER ON A $79K CASE

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary “In short, loan servicing is a perfect setup for administrators who want to take advantage of both borrowers and lenders.” (Editor’s Note: Notice that the investors are referred to as lenders, hence the term “pretender lender” as to all others pretending to be lenders.) “The [...]

FRONT PAGE FORGERY — NY TIMES

SERVICES YOU NEED “Linda M. Tirelli, a lawyer in White Plains who represents Ms. Nuer in the case against Chase. “This is not about getting a free house for my client. It’s about a level playing field. If I submitted false documents like this to the court, I’d have my license handed to me.” “Judges [...]

Ratings, Appraisal Fraud Unraveling: Testimony Reveals Cover-up

SERVICES YOU NEED “According to testimony last week, from January 2006 to June 2007, Clayton reviewed 911,000 loans for 23 investment or commercial banks, including Citigroup, Deutsche Bank, Goldman Sachs, UBS, Merrill Lynch, Bear Stearns and Morgan Stanley.” It’s like slapping some paint on a 30 year old Chevy and selling it as a Rolls [...]

POLITICS IN THE FALL: REPR BRAD MILLER

EDITOR’S NOTE: I don’t know Brad Miller bradmiller.house.gov but I’m sending him a donation. Gretchen Morgenson says he’s worth getting to know and I am going to do just that. He’s running for re-election in North Carolina, and except for a scant few other members of Congress, he is one of the few that has actually [...]

INVESTORS SUE FOR INFLATED HOME APPRAISALS, WHY DON’T YOU?

The model concluded that roughly one-third of the loans were for amounts that were 105 percent or more of the underlying property’s value. Roughly 5.5 percent of the loans in the pools had appraisals that were lower than they should have been. In one pool with 3,543 loans, for example, the CoreLogic model had enough [...]

Finally, Borrowers Score Points

“The court certainly agrees that ‘mistakes happen,’ ” Judge Bohm wrote. “However, when mistakes happen not once, not twice, but repeatedly, and when actions are not taken to correct these mistakes within a reasonable period of time, the failure to right the wrong — particularly when the basis for the problem is a months-long violation of [...]

Ratings Arbitrage a/k/a Fraud

Investment banks bundled mortgage loans into securities and then often rebundled those securities one or two more times. Those securities were given high ratings and sold to investors, who have since lost billions of dollars on them. Editor’s Note: The significance of this report cannot be overstated. Not only did the investment bankers LOOK for [...]

Goldman Sachs Messages Show It Thrived as Economy Fell

Editor’s Note: Now the truth as reported here two years ago. There were no losses. They were making money hand over fist. And this article focuses only on a single topic — some of the credit default swaps — those that Goldman had bought in its own name, leaving out all the other swaps bought [...]