Foreclosures in U.S. Rose 81%, Topping 2.3 Million Last Year By Dan Levy Jan. 15 (Bloomberg) — U.S. foreclosure filings jumped 81 percent last year as falling house prices, tighter mortgage lending and the longest recession in a quarter century battered property owners, RealtyTrac Inc. said. More than 2.3 million properties got a default or …
Foreclosures in U.S. Rose 81%, Topping 2.3 Million Last Year Read More »
Atlantic Article Submitted by multiple readers, I read this as soon as my issue was delivered. It’s true. And to add insult to injury, the answer to the question on everyone’s mind: Where did the money go? $350 billion disappeared down a black hole. The banks and investment banks got the money under the presumption …
WHY WALL STREET ALWAYS BLOWS IT (and where the money went) Read More »
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 …
Gump59 – Why buy performing mortgages? If they are producing income for their owners, why wouldn’t they be held onto? > ANSWER: You’d buy a performing mortgage if you thought that you were buying it at a bargain, guaranteed with Triple AAA rating. If you buy a mortgage note that has a principal balance due …
FIGURING OUT THE ECONOMICS OF OUR AMERICAN MELTDOWN FRAUD Read More »
Would You Pay $103,000 for This Arizona Fixer-Upper? That Was Ms. Halterman’s Mortgage on It; ‘Unfit for Human Occupancy,’ City Says By MICHAEL M. PHILLIPS AVONDALE, Ariz. — The little blue house rests on a few pieces of wood and concrete block. The exterior walls, ravaged by dry rot, bend to the touch. At some …
The “lenders’ are holding nothing but worthless or at best questionable paper. As soon as you sign a modification you are validating a debt that you most likely don’t have anymore or at worst have substantial offsets against and you are validating a security instrument (mortgage) that was destroyed in the securitization process. Check with …
Beware Those Loan Modifications! They are Trap Doors for "lenders" benefit not yours!!! Read More »
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 …
Kevin Lamson Said, So can anyone guess the name of “organization” that was formed by Countrywide’s, Anthony Mazillo and Fannie Mae’s, James Johnson ten years ago it start with an M? No not the Mafia. It’s Mortgage Electronic Registration Systems Inc. commonly referred to as MERS. Yes that’s right Countrywide and Fannie Mae were the …
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 …
securities consultant says Merrill Lynch knew or should have known the securities they brought to market where overrated (From her website: “She wrote the first letter the SEC posted in February 2007 in response to its proposed rules for the credit rating agencies; she made the case that the NRSRO designation for the rating agencies …
From July CNN: Merrill and Others Knew they were selling junk at Triple AAA ratings Read More »
History shows that the descriptions and predictions in this piece I wrote 1 1/2 years ago were unfortunately on target. What I didn’t realize at the time, was that many if not most of the money was at that time going for “refi’s” that homeowners did not solicit or want. There was a knock on …
July, 2007: Livinglies describes and predicts the meltdown Read More »
A lot of people are asking me what I think of the current proposal to bailout of the economic mess we are in. The Wall Street Journal and other mainstream media are now explicitly referring to us as a subprime government. Nobody is impressed with a plan that will cost, in actuality, at least the …
Mortgage Meltdown: The American Proactive Way to Curing the Wounds Read More »
Take away a person’s home and you strike a blow to their hearts. Movements like this will likely increase until real relief occurs for borrowers. So far, we have seen relief for investors, investment bankers, banks etc. — anyone with big money and a lot of clout. But individuals, banded together, have far more clout …
Mortgage Meltdown: Social Unrest begins to surface Read More »
fortune-article-8-18-08 Real Estate America’s Most Distressed Housing Markets Matt Woolsey, 08.21.08, 4:00 PM ET During the recent real estate run-up, flippers who bought and sold homes within a year often reaped great profits. Today, you still see a lot of flipping, only buying and selling within a year often results in staggering losses. Who is …
August 4, 2008 20 MILLION HOMES TO HAVE NEGATIVE EQUITY Housing Lenders Fear Bigger Wave of Loan Defaults By VIKAS BAJAJ The first wave of Americans to default on their home mortgages appears to be cresting, but a second, far larger one is quickly building. Homeowners with good credit are falling behind on their payments …
20 MILLION HOMES TO HAVE NEGATIVE EQUITY — THE RESULT OF LENDER INDUCED APPRAISAL FRAUD Read More »
