Archive for 'Servicer' Category
It’s no secret that I admire Gretchen Morgenson of the New York Times. Her articles have penetrated deeper and deeper into the realities and logistics of the Great Financial Meltdown. But she continues to drag myth alongside of reality. True, it is difficult to get your mind around the idea that Wall Street managers WANTED […]
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 […]
GREAT POST BY MATT WEIDNER even if the instant motion was timely, the explanations offered by plaintiff’s counsel, in his affirmation in support of the instant motion and various documents attached to exhibit F of the instant motion, attempting to cure the four defects explained by the Court in the prior May 2, 2008 decision […]
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 […]
I like this post from a reader in Colorado. Besides knowing what he is talking about, he raises some good issues. For example the original issue discount. Normally it is the fee for the underwriter. But this is a cover for a fee on steroids. They took money from the investor and then “bought” (without […]
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 […]
Having just received the transcript on this case, I find that what the Judge said could be very persuasive to other Judges. I am renewing the post because there are several quotes you should be using from the transcript. Note the intimidation tactic that Plaintiff’s Counsel tried on the Judge. A word to the wise, […]
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 […]
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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