Sen. Dick Durbin (D-Ill.) introduced legislation in the Senate Thursday which would allow homeowners in bankruptcy to renegotiate — or cramdown — mortgages with banks. His corresponding amendment to the House-passed bankruptcy reform bill is scheduled to be voted on at 2:30. (Read the whole thing.) The measure is widely expected to fail, as crucial …
Cramdown Vote: Banks Bought Senators On The Cheap Read More »
WaMu faulted on home loans Colluded to inflate property values, N.Y. attorney general says By AUBREY COHEN AND BILL VIRGIN P-I REPORTERS New York’s attorney general has accused Washington Mutual Inc. of pressuring a real estate appraisal company to deliver inflated home values in order to justify making loans, a practice that some appraisers have …
Cuomo Spotted Appraisal Fraud as Core Problem in 2007 Read More »
Thank you Alan Baron for submitting the article. Editor’s Note: Maybe too little too late but a good start nonetheless. This issue is very simple. In the law it is called “fraud on the market.” Wall Street targeted specific swaths of geography and made it look like the entire market was going wild in that …
Appraisal Fraud: Rules set to cut off mortgage originators from appraisers this week Read More »
FAIR GAME Guess What Got Lost in the Loan Pool? By GRETCHEN MORGENSON Published: February 28, 2009 WE are all learning, to our deep distress, how the perpetual pursuit of profits drove so many of the bad decisions that financial institutions made during the mortgage mania. But while investors tally the losses that were generated …
NY Times: Morgenson — Guess What Got Lost in the Loan Pool? Read More »
Unfortunately, the bill would not only pay institutions handsomely for each modification they do — at $1,000 each, a bounty that could reach $10 billion — but it would also create opportunities for mortgage servicers to profit at the expense of investors who own the loans. Gretchen Morgenson deserves Kudos for her attempts to disclose …
A Reality Check on Mortgage Modification: NY Times Gretchen Morgenson Read More »
April 24, 2009 Tracking Loans Through a Firm That Holds Millions By MIKE McINTIRE Judge Walt Logan had seen enough. As a county judge in Florida, he had 28 cases pending in which an entity called MERS wanted to foreclose on homeowners even though it had never lent them any money. MERS, a tiny data-management …
The whole thing is unraveling just we predicted 18 months ago. The largest transfer of wealth in world history is starting. The question is who is going to be behind the curve and who is going to be ahead of it? We are getting daily reports of many cases in which cases that have gone …
From Jose Semidey: [Editor’s Note: This is a major item that affects the core of both claims and defenses against the lenders. Any party seeking to foreclose is “admitting” that they are the holder in due course on the note or that they are the authorized agent for the HDC. Inflated appraisals greatly affect the …
Wells Fargo, Rels Conspired to Inflate Home Appraisals Read More »
First From Comments: mers-info-excellent-submission-and-discovery And second: take a look at this site, which is under attack by Goldman Sachs for telling the truth and raising good questions. Goldman Masters of the Unvierse are going to try to shut it down. www.goldmansachs666.com
The article below by Andrew Rosenfield is an excellent summary of the problems and contradictions facing the Obama administration. But it misses the same point that everyone has failed to ask about. If the intent was to sell the loans to investors and Wall Street took money for that sale, then we must assume that …
The elephant in the living room: What is the Federal Government Buying? Read More »
Editor’s Note: This article is on the right track. Using the guidelines of resolution trust, a fair and equitable distribution of risk and loss could be achieved while at the same time demonstrating to the world that the United States accepts the responsibility for what our “masters of the universe” on Wall Street and Main …
Too many people are looking for an easy way out and reporting that Judge’s don’t like their arguments because they are going into court saying they don’t owe the money and there is no obligation. This argument starts you off on the wrong foot and heads for disaster. The better approach is to start off …
From M Solimon: {Editor’s Note: Lots more here than meets the eye. You want to know what ledger entries were made by each entity and by what individuals and under whose supervision or instructions the entry was made. Besides being able to trace the holder in due course you will probably eliminate most of their …
Get those Ledger Entries from everyone — they tell a long story Read More »
From Sal Danna: When Countrywide took over the servicing from Greenpoint, the loan was already in default which automatically makes Countrywide a debt collector. If it was not in default, then a loan servicer is not considered a debt collector. When I received the first letter from Countrywide, it contained the standard “This is an …
Violation of the Fair Debt Collection Practices Act (“the FDCPA”) Read More »
“The way mortgages are bundled and resold, it can be enormously time-consuming just trying to determine what company holds the loan on a property thought to be in foreclosure.” Susan Saulny of the NY Times gets credit for her story on the front page today. It points out what we have been saying here all …
By the METHOD of pooling and tranching, they converted from negotiable to non-negotiable instrument. (Article VIII UCC). That means that upon transfer the recipient of the payment is satisfied in full and a new obligation arises between the seller and buyer separate and apart from the borrower. Further, the method calls for the proceeds of …
BOTTOM LINE: Use of a nominee causes an irreconcilable cloud on title entitling the homeowner to recovery on his homeowner title insurance policy. If homeowners purchased title insurance, they were at the same time in the same closing agreeing that the names of MERS and Countrywide would be used, for example, but that off-record activity …
Curious "disclosure" by MERS and Countrywide: What is a nominee? Read More »
Many thanks to Alan Baron who has been staying on top of the research. Rand Corporation v Yer Song Moua: Manisy Moua, John Doe, Mary Roe, United States Court of Appeals Filed March 20, 2009. 8th-cir-tila-rand-march-20-2009 Phoenix, Az March 25, 2009. by Neil Garfield. Despite nearly heroic efforts by the banking industry to avoid an …
8th Circuit Comes Down Heavy for Homeowners on TILA Rescission Read More »
The Big Takeover The global economic crisis isn’t about money – it’s about power. How Wall Street insiders are using the bailout to stage a revolution MATT TAIBBI Posted Mar 19, 2009 12:49 PM ADVERTISEMENT It’s over — we’re officially, royally fucked. no empire can survive being rendered a permanent laughingstock, which is what happened …
The big deal is that it is ONLY the holder in due course who is allowed in court to make claims or enforce any rights regarding the mortgage and note. No servicer (e.g. Countrywide), administrator (e.g. MERS), or trustee has any right to do a judicial or non-judicial foreclosure because they are not the holder …
As reported in the Florida Bar News dated March 1, 2009, The Supreme Court of Florida has received a petition to require foreclosure mediation. The article by Mark D Killian, managing editor states “Contending that prejudgment mediation could save more than 130,000 Florida homes from foreclosure and assist more than 360,000 borrowers,” the plan is …
Florida Petition Seeks Mediation of Foreclosures Read More »
“Our position is that the mortgage with IndyMac is toilet paper — it has no legal standing,” March 8, 2009 Mortgage Fraud Case Poses Federal Quandary By MICHAEL POWELL Waver Brickhouse, gray-haired and soft-spoken, has come undone twice during the nation’s housing crisis. In 2005, she fell behind on her mortgage payments and turned to …
From one of our more sophisticated readers. see Comments ——————————- Obviously there are a lot of home owners in trouble. You need to warn them of a trap that has been set for them. I’ve given you some information concerning my case, but I would appreciate 5 minutes of “talk time” at your convenience. The …
I am a lawyer in Georgia and it has been my experience in Georgia the lender will move the court to modify the rescission procedure by having you tender the money into the court registry (15 USC 1635(b)) within a specified amount of time., usually 6 months. The mortgage will only be removed after this …
Georgia Lawyer's Strategy on "Bond" Requirement Has Merit Read More »
