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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

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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 …

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 Read More »

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

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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 …

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Ponzi Scheme According to FBI — Billions of dollars in Fraud — and they want your house too?

6 Comments / bubble, CDO, Corruption, Eviction, foreclosure, GTC | Honor, interest rates, Mortgage, securities fraud / By

madoffcomplaint madoff-and-the-rest-of-wall-street-after-receiving-17page-report-sec-does-nothing-same-withy-mortgage-meltdown DECEMBER 11, 2008, 7:08 P.M. ET Madoff Charged With Securities Fraud By AMIR EFRATI, TOM LAURICELLA and DIONNE SEARCEY Madoff.com Bernard Madoff Bernard L. Madoff, the founder of Bernard L. Madoff Investment Securities and a fixture of the Wall Street trading world for decades, was arrested Thursday morning by Federal Bureau of Investigation …

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Why You Don't Owe the Money

62 Comments / bubble, CDO, Corruption, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, politics, securities fraud / By

OK it’s complicated. But I have distilled it down to a few sound bites that more or less captures the basic truth of why you don’t owe the money on that mortgage note, credit card, student loan, auto loan, furniture loan etc. Even small businesses might not owe their small business loans. There are exceptions …

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Missal Report Documents New Century Predatory Lending Even After General Counsel Warned Against It — Borrowers May Have Cause of Action Against Auditor KPMG

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Report: New Century’s GC Warned Managers of Subprime Danger Sue Reisinger Corporate Counsel March 31, 2008 Listening to its general counsel might well have saved New Century Financial Corp., once the nation’s second-largest subprime mortgage lender, from plunging into bankruptcy a year ago. That’s one lesson from a 581-page report filed Wednesday by Michael Missal.A …

Missal Report Documents New Century Predatory Lending Even After General Counsel Warned Against It — Borrowers May Have Cause of Action Against Auditor KPMG Read More »

FORECLOSURE DEFENSE: JUDGE'S ARE CATCHING UP WITH THE FACT THAT THERE ARE BREAKS IN THE CHAIN OF TITLE AND THE FORECLOSING PARTY LACKS AUTHORITY TO FORECLOSE

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Businesswoman avoids eviction By Sandy Hodson | Staff Writer Friday, October 03, 2008 An Evans woman whose business dealings set off a series of foreclosures and bankruptcies fended off eviction from her own home Thursday — at least for now. storyPhotos(); U.S. Bankruptcy Court Judge Susan D. Barrett gave the local counsel for American Home …

FORECLOSURE DEFENSE: JUDGE'S ARE CATCHING UP WITH THE FACT THAT THERE ARE BREAKS IN THE CHAIN OF TITLE AND THE FORECLOSING PARTY LACKS AUTHORITY TO FORECLOSE Read More »

Lehman Bankruptcy Affects Many Entities: Get involved and file your objections or your defenses may be waived when they sell the assets

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lehman-web-of-originators-servicers-and-depository-institutions Dear Neil; Good News, Pro Bono:  I have been contacted by a local law firm that is contemplating within the next several weeks to motion the Lehman Bankruptcy Courts to Appoint a Borrowers Committee for all borrowers who are otherwise unrepresentative in the Lehman Bankruptcy!  This is very good news! The law firm will …

Lehman Bankruptcy Affects Many Entities: Get involved and file your objections or your defenses may be waived when they sell the assets Read More »

Foreclosure Defense: Most Common Question: Domestic Financial Terrorism

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“THE EFFECT ON THE NATION, AND THE EFFECT ON THE NUMBER OF AMERICANS DIRECTLY AND PROFOUNDLY IMPACTED BY THIS FRAUD EXCEEDS THE REACH OF OSAMA BIN LADEN. THE PATRIOTIC THING TO DO IS TO CHALLENGE THE LENDERS, CHALLENGE THE TRUSTEES, CHALLENGE THE COURTS, CHALLENGE THE SHERIFF, CHALLENGE THE TITLE, CHALLENGE THE NOTE, CHALLENGE THE NOTE, …

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Mortgage lenders are abusing the bankruptcy court system by pursuing unjustified foreclosures

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By Kevin McCoy, USA TODAY Mortgage lenders are abusing the bankruptcy court system by pursuing unjustified foreclosures against struggling homeowners, piling on questionable fees and misstating the amounts owed, witnesses alleged at a congressional hearing on Tuesday. The result is a systemic breakdown that increases foreclosures, raises the number of families losing their homes and …

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FORECLOSURE DEFENSE AND OFFENSE DISCUSSED: APPRAISAL FRAUD

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QUESTION/COMMENT: ANSWERS IN BOLD A client in NorCal was referred to me.  She took out an 80/20 loan first and second for about $650,000 total in 2005.  She has paid over $150,000 towards interest, payments and fees. SEE APPRAISAL FRAUD, CNN ARTICLE FOR 2005, APPRAISAL FORUM SPEECH FROM 2006, RECENT POSTS. TITLE COMPANY/TRUSTEE, LENDER AND …

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Cancel that Mortgage!: Bankruptcy Lawyers Get Wise

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Cancel That Mortgage: The Grounds By L. Jed Berliner, Springfield Bankruptcy Attorney on Jul 31, 2008 in Consumer Protection, Massachusetts, Mortgages, Predatory Lending Mortgages can be cancelled in a process called rescission. Here’s an overview. Grounds for exercising this right given borrowers by Congress are found in problems with the mortgage closing documents for a …

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