YAHOO STUDY: VOTERS WANT ACTION ON HOMEOWNER CRISIS

MOST POPULAR ARTICLES CLICK HERE TO GET COMBO TITLE AND SECURITIZATION REPORT EDITOR’S COMMENT: It is clear that once again the politicians are leading from behind, which is to say they are not leading, they are reacting. Well they should react to this: voters perceive the problem with the economy as related to housing. Economists [...]

HOW STUDENT LOANS ARE HOLDING BACK HOUSING, ECONOMY

MOST POPULAR ARTICLES CLICK HERE TO GET COMBO TITLE AND SECURITIZATION REPORT “The debt load is so high, and the job outlook so bleak, that student loan default rates have almost doubled,” he wrote in a note to clients. “With the economy little improved since 2009 default rates are bound to rise further.” “This number [...]

HOME PRICES CONTINUE TO DROP WITH ANOTHER 15%-20% TO GO

MOST POPULAR ARTICLES GET COMBO TITLE AND SECURITIZATION ANALYSIS – CLICK HERE see also 1/3 of all homes underwater — at a minimum EDITORIAL NOTE: With a few places as an exception, home prices, once predicted as bottoming out LAST YEAR, continue to drop and are expected to take another plunge of 15%-20%. Experts who [...]

Consumer Gloom: Could it be Housing?

MOST POPULAR ARTICLES GET COMBO TITLE AND SECURITIZATION ANALYSIS – CLICK HERE “That has led a growing number of economists to argue that the collapse of housing prices, a defining feature of this downturn, is also a critical and underappreciated impediment to recovery. Americans have lost a vast amount of wealth, and they have lost [...]

NY TIMES: LOUSY JOBS, NO JOBS, NO GOOD PROSPECTS

MOST POPULAR ARTICLES GET COMBO TITLE AND SECURITIZATION ANALYSIS – CLICK HERE EDITOR’S NOTE: The Times Editorial hits the nail on the head, but uses the wrong hammer. Jobs and growth of the middle class is the only thing that will stand between us sustaining ourselves as a world power or becoming a banana republic. [...]

Alabama Court: Busted Securitization Prevents Foreclosure

CLE SEMINAR: SECURITIZATION WORKSHOP FOR ATTORNEYS — REGISTER NOW SEE LIVINGLIES LITIGATION SUPPORT AT LUMINAQ.COM FAILURE TO COMPLETE TRANSFERS BARS FORECLOSURE FOREVER NOTABLE QUOTE: “the judge found the securitization of the Horace loan wasn’t done properly, so the trustee — LaSalle National Bank Association, now part of Bank of America (BAC) — couldn’t foreclose. In [...]

3,900,000 Visits and Moving Faster. OUR 3RD ANNIVERSARY — THANK YOU!!

SUBSCRIBE TO LIVINGLIES MEMBERSHIP FOR DISCOUNTED SERVICES, NEWSLETTER AND FREE TELECONFERENCES Livinglies fulfills its commitment to becoming the #1 internet resource in foreclosure defense and offense (claims for damages for wrongful foreclosure or improper lending practices). DON’T ASSUME YOUR LOAN IS IN DEFAULT — IT PROBABLY ISN’T EVEN IF YOU DIDN’T MAKE A PAYMENT! DON’T [...]

Why We Do What We Do

 “Without your blog I would not have found the right lawyer in my state.”                                                                                                                              - Meghan in RI “Some of the most rewarding work of my career.”                                                                                                                   – Chris Brown Esq. While we understand the many reasons borrowers pursue their cause on a ProSe or ProPer basis,  it has been our position since the [...]

False recovery?

Doesn’t anyone see that if “financial services” accounts for 40% of our GDP that it means we are kidding ourselves? THAT only means we are trading from the left pocket into the right pocket into the back pocket and around again — and counting it as GDP. Our real GDP is far lower than anything [...]

MYTHS of MODIFICATION EXPOSED

MYTH  any imaginary person or thing spoken of as though existing any fictitious story, or unscientific account, theory, belief, etc. Kudos to investigative journalist Kevin Hall with McClatchy Newspapers for inserting himself into the so called “loan modification” process and exposing the farce that is being perpetrated on the American public in the article below. [...]

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 [...]

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 [...]

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 [...]

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

Obama is of 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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]