Who You Should Write: Resources

MOST POPULAR ARTICLES CLICK HERE TO GET COMBO TITLE AND SECURITIZATION REPORT SERVICE 520-405-1688 JOINT FED/STATE MORTGAGE INVESTIGATION TASK FORCE NEW YORK ATTORNEY GENERAL ERIC SCHNEIDERMAN, CO-CHAIR OFFICE OF THE ATTORNEY GENERAL THE CAPITOL ALBANY, NY 12224-0341 General Helpline: 1-800-771-7755 TDD/TTY Toll Free Line: 1-800-788-9898 http://www.ag.ny.gov/ Subcommittee on Financial Institutions and Consumer Protection Chairman, Hon. [...]

Occupy Wall Street Groups Protest Foreclosure, Try To Halt Evictions

MOST POPULAR ARTICLES GET COMBO TITLE AND SECURITIZATION ANALYSIS – CLICK HERE 11/16/11 04:49 PM ET Monique White of North Minneapolis has been hosting weekend barbecues for friends and family for years. On Sunday, her usual guest list of friends and neighbors expanded to include protesters from the local spinoff of the Occupy Wall Street [...]

Magnetar Echoes Livinglies call for Alignment of Investors, Servicers and Borrowers

see Magnetar%20Mortage%20Recovery%20Backstop%20Whitepaper%20Jun09.pdf Magnetar Mortage Recovery Backstop Whitepaper Jun09 Two things jump out at me with this paper from June, 2009. First it is obvious that the “real money” investors are defined as those seeking low risk and willing to take lower yield. The fact that they are called “Real Money Investors” underscores my point about [...]

800-Numbers Lead to Runaround as Banks Refuse to Modify Mortgages

Rule of Thumb: If they can’t execute a release or satisfaction of the mortgage, then they can’t foreclose. And if they did, it is reversible. Whistle-Blower: Banks Give Homeowners the Runaround “In our managers meeting, which can last eight or nine hours, we probably addressed mortgage modifications five minutes or less,” the banker said. Editor’s [...]

Want to Buy Your Loan?: Toxic Asset Plan Foresees Big Subsidies for Investors

To start the program, Treasury will ask banks, like Citigroup or JPMorgan Chase, to identify pools of residential and commercial real estate loans that they will be willing to sell through an auction. Private investors will bid against each other, setting a market price. No bank will be required to participate. Editor’s Note: it’s starting. [...]

Non-Profit Lenders Step in to Provide Post-Foreclosure Modification

Editor’s Note: Principal reduction can be achieved in more ways than one. Here Non-profit Lenders see the clear opportunity to buy mortgages from dubious sources and then enter into new mortgages with the homeowner thus preventing eviction and restoring the homeowner to non-distress status. The problem here is that title is not clear and eventually [...]

Principal Reduction Unavoidable: Get Over it

“Reducing the loan’s principal balance is more valuable because it lowers monthly payments and restores equity. Various studies show that having equity also reduces the likelihood of redefault on a modified loan. It’s not just the moral thing to do. It also would help avoid the spillover effects of the next expected round of defaults. [...]

Home Sales Stall: Millions of Homes in Real Inventory

Editor’s Comment: Any lawyer who does not think that issues relating to foreclosure will not dominate his or her practice of law is in a state of denial and delusion. The 16% drop in new home-sale contracts (see article below) means a similar or worse drop in sales over the next 30-60 days. As we [...]

The Emperor’s New Clothes: THOSE FORECLOSURES ARE NOT REAL FOLKS, GET IT?

NOW AVAILABLE on KINDLE/AMAZON The Emperor\’s New Clothes: THOSE FORECLOSURES ARE NOT REAL FOLKS, GET IT? 1-in-10-u-s-mortgage-delinquencies-reach-a-record-high-going-up The Emperor is still strutting around as though he was fully clothed in the best silk, color and design. Wall Street is still the darling of government and a whole lot of other people, even if it was [...]

Beware of those offers of “modification”

The lenders are out in force trying to get you to sign something new. Most of the offers accomplish only two things: (1) ratification of a loan that was unenforceable and (2) a virtual guarntee that you will end up with worse problem than when you started in as little as 3 months; QUESTION: I [...]

AUDITORS, CREDIT REPAIR, LOAN MODIFICATION ETC.

For the most part they are operating either illegally or unethically but there are an increasing number of firms that are playing by the rules and actually helping their clients. beware-of-credit-repair-firms-but-dont-throw-the-baby-out-with-the-bathwater DISCLOSURE: I must disclose both an agenda and an interest here. Having been disappointed by the results or conduct of many supposed “audit” or [...]

Mortgage Meltdown: Fixing Broken Mortgages — Getting New terms

CLINTON — MCCAIN FORECLOSURE FREEZE GETS COLD SHOULDER BUT SOUNDS GOOD Well here is a version (SEE ARTICLE BELOW) of what we have been pushing for months —- changing the terms of the mortgages so that the homeowner can stay in the house and the mortgage can be modified, sold or recast for capital accounting. [...]