TENT CITY, California While Vacant Houses Deteriorate

TENT CITY, California While Vacant Houses Deteriorate
From watergatesummer.blogspot.com we have this post on the moronic ideology that misuses our natural and creative resources. It can be said that conservatives do not conserve and liberals do not liberate. I coined that because it is obvious that politics in this country is degrading even while some try [...]

New Shockwaves From Courts and Accounting Board

Wall Street was not responding to legitimate consumer demand, it was creating an artificial demand simply to create mortgage product to feed its securitization machine and generate big fees for itself.

Comment from Reader:
“MERS and the Pretender Lenders are seeking the courts to credit them with a touchdown despite the obvious fact that they do not [...]

Wisdom Succumbs to Wise Guys

It is difficult to imagine anything more obvious than splitting the risk taking core model of Wall Street from the risk averse core model of banking. The dilution of Glass-Steagel over the years and its eventual repeal is exactly how we got into this mess. Coupling that with deregulation and non-transparency created a context in [...]

The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable.
The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, [...]

Those $18 billion in bonuses were earned from hidden profits: The Joke is on Us

Obama is course correct in his outrage. Taking hundreds of billions of dollars from the taxpayers to cover the appearances of catastrophic losses and then paying bonuses for good management is over the top by any standards. But neither he nor the media is correct in assuming that that the bonuses were not in fact [...]

The home you save could be your own: MSNBC Story by Mike Stuckey Quoting Living Lies Editor Neil Garfield

The home you save could be your own
In foreclosure crisis, more Americans representing themselves in court
By Mike Stuckey
Senior news editor
msnbc.com
updated 4:25 a.m. MT, Wed., Jan. 28, 2009
Luis Molina is not a lawyer and he has never played one on TV.
But that didn’t stop him from putting on his best suit, marching into a Miami courtroom [...]

Swindlers Find Growing Market in Foreclosures

January 15, 2009
Swindlers Find Growing Market in Foreclosures
By JOHN LELAND
As home values across the country continue to plummet, the authorities say a new breed of swindler is preying on the tens of thousands of homeowners desperate to avoid foreclosure.
Until recently, defrauders tried to bilk homeowners out of the equity in their homes. Now, with that [...]

Appraisal Fraud and Industry Standards Described in 2003 Official White Paper-RED FLAGS DESCRIBED IN DETAIL WITH EXCELLENT DIAGRAMS EXPLANATIONS AND DESCRIPTIONS OF BEST PRACTICES

loan_origination_mortgage_fraud_ffiec
loan_origination_mortgage_fraud_prevention_response_nelson

Red Flags
•
Critical loan processing activities, such as  verification of
income, employment, or deposit, is delegated to brokers.
•
Delegated underwriting allowed for correspondents that are new or
lack an established track record with the FI.
•
A growing number of loans is being repurchased due to
misrepresentations by the FI under purchase and [...]

Indymac: federal banking regulator allowed the bank to backdate a capital infusion and gloss over its deepening problems, the Treasury Department’s independent investigator said Monday

December 23, 2008
Irregularity Uncovered at IndyMac
 
By EDMUND L. ANDREWS
 

WASHINGTON — Two months before IndyMac Bancorp collapsed in July, at a cost of $8.9 billion to taxpayers, a top federal banking regulator allowed the bank to backdate a capital infusion and gloss over its deepening problems, the Treasury Department’s independent investigator said Monday.
In what industry analysts [...]

Unnamed Defendants in Mortgage Meltdown: Accountants for Banks and Investment Bankers

Some time ago we mentioned on these pages that the auditors who certified the financial statements (KPMG, here) would come under intense scutiny simply because they MUST have known, by simple common sense, that the economics of mortgage lending had been turned on its head. The worse the loan quality the more they made leaving [...]