Archive for 'Modification' Category
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 […]
It is gratifying to see state officials taking a proactive stance. As comptroller, Mr. Liu should consider the details, however. The fact remains that modifications are largely a sham. The only lender of record is the usually the originating lender. The parties charged with modification have little or nothing to say or do about modifications. […]
NOTES ON HEARINGS W. David Merrill was sworn. He said that he worked for American Home Mortgage Servicing as a senior loan consultant working in mitigation, mediation, and litigation. Hence, the witness only entered the picture long after the loan was declared in default, a notice of default was served, and a notice of sale […]
6.29.10Bank-of-New-York-v-Michael-Raftogainis[1] Judge Todd also stated that additional discovery is to be produced when the foreclosure involves a securitization, lost note claims, or a holder in due course challenge (which may arise in the context of the purported assignment of a toxic loan to a securitized trust prior to the trustee of that trust instituting a […]
It is hard to state this strongly enough. The entire mortgage backed securitization structure was based upon FRAUD. An intentional misstatement of a material fact known to be untrue and which the receiving party reasonably relies to his detriment is fraud. BOTH ends of this deal required fraud for completion. The investors had to believe […]
As some of you knew or probably have guessed, livinglies is a lightening rod for information. We have posts like the one below on the comments and emails sent with details that are neither for attribution or publication. In addition, several people in sensitive government positions use livinglies as a method of getting the real […]
The article below was purloined from www.foreclosureblues.wordpress.com — the comments are mine. Neil Garfield “According to the Federal Deposit Insurance Corporation (FDIC), Deutsche Bank now holds loans for American single-family and multi-family houses worth about $3.7 billion (€3.1 billion). The bank, however, claims that much of this debt consists of loans to wealthy private customers. (EDITOR’S […]
The model concluded that roughly one-third of the loans were for amounts that were 105 percent or more of the underlying property’s value. Roughly 5.5 percent of the loans in the pools had appraisals that were lower than they should have been. In one pool with 3,543 loans, for example, the CoreLogic model had enough […]
submitted by Frank D’Anna Writ of Mandate 2 Frank D’Anna COMMENT: I don’t know if Frank got help, but however he did it, this is a fine piece of work. He obviously understands that if you want to take an appeal, you must state a reason that the trial court erred. If you want to […]
Got this off the “Mortgage Servicing News” newsletter: June 16, 2010 Investigation Highlights Challenges to Foreclosure Docs By Kate Berry The backlash is intensifying against banks and mortgage servicers that try to foreclose on homes without all their ducks in a row. Because the notes were often sold and resold during the boom years, many […]
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