MERS WHITE PAPER…National Association of Independent Land Title Agents (NAILTA) White Paper on MERS, H.R. 6460

The National Association of Independent Land Title Agents (NAILTA) has released a white paper on the recent troubles with the Mortgage Electronic Registration Systems (MERS) mortgage registry and a position statement in favor of the premise behind a bill sponsored by Representative Marcy Kaptur (D-OH) known as H.R. 6460, or the “Transparency and Security Mortgage [...]

Mortgage Securities It Holds Pose Sticky Problem for Fed

STICKIER THAN THEY THINK: These are not the only mortgage securities they hold and they all amount to ownership of the risk on every loan they purchased. The purchase of course was accomplished in one of many ways — direct and indirect. But when you come down to it, between the GSE’s (which are now [...]

WORLD HUNGER PROVIDES PROOF OF FINANCIAL DERIVATIVES INFLATING PRICES

One of the hardest things for people to get their minds around is how borrowers were defrauded. The nagging question keeps coming to mind “But you DID sign the loan and take the money, didn’t you?” Yes you did, but you did it because of a representation and virtual guarantee from several parties at the [...]

Bank of America to Pay $108 Million in Countrywide Case

GET LOAN SPECIFIC RECORDS PROPERTY SEARCH AND SECURITIZATION SUMMARY FTC v Countrywide Home Loans Incand BAC Home Loans ServicingConsent Judgment Order 20100607 Editor’s Comment: This “tip of the iceberg”  is important for a number of reasons. You should be alerted to the fact that this was an industry-wide practice. The fees tacked on illegally during [...]

Mortgage Insurer Asks Court to Bless Claim Denials

Lawsuits like this one have been on the rise as ever more mortgages default. It is no secret that the housing market boom fostered poorly underwritten mortgages, in which it was common that a borrower’s income was inflated or never documented. Insurers are denying the claims on many loans, asserting they are not liable to [...]

Mortgage Meltdown: Fed Knew 4-5 years Ago — and Told Lenders

If you dig deep enough you will find that it wasn’t hard for regulators to figure out that we were heading for a “shock.” It wasn’t hard to figure out that there were abuses traveling downline to borrowers and upline to investors. And it wasn’t hard to figure out that the securities issued at both [...]

Investment Advice

Several people have emailed me regarding what to do with their investments. I am not Warren Buffett and I don’t have a crystal ball so what I say here should be checked against other knowledgeable analyses. Keep in mind that most people are full of s–t. Everyone thinks they are a genius in an up [...]

Credit Crisis, Mortgage Meltdown, Economy Short Circuit: ACTION NOW PLEASE!

It is as though everyone has their head stuck in the ground, which is the most polite way of putting it. Look at the figures coming out — even PRIME borrowers are going delinquent. Lenders are struggling to regain capital requirements for lending, The Federal Reserve is essentially having no effect on the downslide, retail [...]