It looks bad for the Florida Banker’s Association (FBA) effort to convert Florida into a non-judicial foreclosure state. Wrong time in the wrong place under the wrong circumstances. Attorney Weidner was seen on TV giving instructions to homeowners to have them lobby legislators who were not too keen on the idea anyway, but you can […]

Tags: assignments, Community Bankers Association, Florida, foreclosure mills, HERS, land trusts, legislation, Lender Processing Services, LLC, lobby legislators, State legislators, Weidner
Posted in Corruption, Eviction, expert witness, foreclosure mill, Modification, securities fraud, Servicer |

The Ocwen Court provided an example for clarity: “Suppose an S & L signs a mortgage agreement with a homeowner that specifies annual interest rate of 6 percent and a year later bills the homeowner at a rate of 10 percent and when the homeowner refuses to pay institutes foreclosure proceedings. It would be surprising […]

Tags: 12 U.S.C. § 1461, 12 U.S.C. § 2601, 15 U.S.C. § 1692, actual damages, bankruptcy, common law defamation, defense, emotional distress, et seq. (“FDCPA”), et seq. (“RESPA”), Fair Debt Collection Practices Act, federal preemption, HERS, Home Owners’ Loan Act of 1933, INDYMAC, late fees, LLC, Motion Practice, MOTION TO DISMISS, noneconomic damages, Ocwen Loan Servicing, Office of Thrift Supervision (“OTS”), OneWest, Pleading, qualified written request, quiet title, Real Estate Settlement Practices Act, removal, RESPA, slander, slander of title, state action, State Law Claims, TILA
Posted in Corruption, Eviction, expert witness, foreclosure mill, Modification, securities fraud, Servicer |

Morgan Stanley’s head of European leveraged credit trading has resigned. Robert Lepone, who oversaw various teams, including high yield bonds, leveraged loans, credit default swaps and distressed debt, left Morgan Stanley’s London office for personal reasons, a spokesman said. His replacement will be announced in the coming weeks, the spokesman said, declining to comment further. […]

Tags: CastleOak Securities, credit products, European leveraged credit trading, HERS, investment-grade credit products group, Joseph McManus, leveraged credit trading, Morgan Stanley, Robert Lepone
Posted in bubble, Corruption, securities fraud |

Editor’s Note: A strong indication that the financial services sector expert this foreclosure mess to be going strong for years to come. FCI: Nonperforming Loan Auctions Strong Through 2016 April 20, 2010 By National Mortgage News Online The auction of nonperforming loans will remain strong for six more years, with hedge funds and private investors […]

Tags: Albrecht, FCI Lender Services, Gordon Albrecht, HERS, Jon Daurio, Kondaur Capital, National Mortgage News
Posted in Corruption, Eviction, expert witness, securities fraud |

Failed Bank Information Information for IndyMac Bank, F.S.B., and IndyMac Federal Bank, F.S.B., Pasadena, Introduction Press Release Acquiring Financial Institution Question and Answer Sheet En Español Chinese Language Version (350 kb PDF File PDF Help) Banking Services Loan Customers Unclaimed Deposits Possible Claims Against The Failed Institution FAQ re IndyMac “No Value” Determination Priority of […]

Tags: Balance Sheet Summary, FDIC, foreclosure defense, FSB, FSB and OneWest Bank, HERS, IMB, IMB Holdings, INDYMAC, Lender Liability, Loan Sale Agreement Between the FDIC as Receiver for IndyMac Federal Bank, Master Purchase Agreement by and among FDIC as Conservator for IndyMac Federal Bank, OneWest, Purchase and Assumption Agreement, quiet title, securitization, Shared Loss Agreement Between the FDIC as Receiver for IndyMac Federal Bank
Posted in bubble, Corruption, Eviction, expert witness, foreclosure mill, Modification, securities fraud, Servicer |

From Dan Edstrom: Department of Justice Press Release For Immediate Release April 16, 2010 United States Attorney’s Office Eastern District of California Contact: (916) 554-2700 Stockton Real Estate Executive Pleads Guilty to Bid Rigging at Auctions of Foreclosed Properties SACRAMENTO, CA—United States Attorney Benjamin B. Wagner and Assistant Attorney General Christine Varney of the Department […]

Tags: Anthony B. Ghio, Antitrust Division, Auctions of Foreclosed Properties, Benjamin B. Wagner, Bid Rigging, CA, Christine Varney, conspiring to rig bids, Department of Justice, Federal Bureau of Investigation, Financial Fraud Enforcement Task Force., HERS, Judge Edward J. Garcia, Lauren Horwood, MERS, Mortgage Fraud Working Group, Obama, Robin R. Taylor, Russell L. Carlberg, SACRAMENTO, San Joaquin County, San Joaquin County District Attorney’s Office, Sherman Act, Stockton Real Estate
Posted in bubble, Corruption, Eviction, expert witness, foreclosure mill, Modification, securities fraud, Servicer |

Editors’ Note: In response to my post on ID THEFT I received a number of comments and ideas. Here is one example of how someone stuck to the message and forced the issue using ID theft as a defensive tactic as well as preparing for an offensive response. Are you reading my mind? Out of […]

Tags: assignment, beneficiary, credit reports, DEED OF TRUST, disclosure, discovery, dispute credit report, FDCPA, foreclosure, foreclosure defense, foreclosure offense, fraud, FTC Complaint, HERS, ID Theft, identity theft, lender, SEC Complaint, SEC filings, securitization, Substitute Trustee, transfer, trustee
Posted in bubble, Corruption, Eviction, expert witness, foreclosure mill, Modification, securities fraud, Servicer |

Three years ago, when this derivative housing mess caught my attention, the reason I started looking into it was that the basic facts didn’t make any sense. Housing prices had been going up at a rate of as much as 20% in one month. Coming from Wall Street with an M.B.A. and having studied, written […]

Tags: ARIZONA, CALIFORNIA, credit default swaps, derivative housing mess, federal bailouts, housing prices, inflating the appraisals, unoccupied dwellings, unoccupied neighborhoods, Wall Street
Posted in bubble, Corruption, Eviction, securities fraud |

“of AAA-rated subprime-mortgage-backed securities issued in 2006, 93 percent — 93 percent! — have now been downgraded to junk status.” Editor’s Note: What homeowners and their lawyers, forensic analysts, and experts need to realize is that the ratings scam on Wall street was only one-half of the equation in a scheme to defraud homeowners. If […]

Tags: Appraisal, appraisers, lender, Moody's, PAUL KRUGMAN, Raters, rating agencies, Reg Z, Senate’s Permanent Subcommittee on Investigations, Standard & Poor's, TILA, verification
Posted in bubble, Corruption, Eviction, expert witness, foreclosure mill, Modification, securities fraud, Servicer |

From Beth Findsen, Attorney in Scottsdale, AZ, she comments that ID Theft may just be the heart of the matter in seeking damages. The logic is simple: they used every borrower’s signature for selling a pool of loans that included OTHER borrowers and a huge undisclosed profit was generated by using the borrower’s signature. Without […]

Tags: Beth Findsen, borrower, failure to disclose?, fraudulent misrepresentation, ID Theft, identity theft, investors, Scottsdale, use of identifying information
Posted in Corruption, expert witness, Modification, securities fraud, Servicer |