COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary EDITOR'S NOTE: This deal was probably easier than it looks. The big question is whether AIG will pursue its claim that the insurance contracts on which it paid were procured by fraud. Neither the "mortgage bonds" nor the "loans" that were "backing" the mortgage bonds were real. Why isn't AIG…[...]

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Posted in bubble, Corruption, Eviction, securities fraud |

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary EDITOR'S COMMENT: Optimism expressed by economists is being consistently banged, four months in a row now, by the hard facts. The reports are getting better while the facts get worse. Housing prices dropped again --- a sign that nobody believes the government or market conditions are going to correct the…[...]

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Posted in bubble, Corruption, Eviction, securities fraud |

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary see MD Foreclosure INDEMNITY AGREEMENT EDITOR'S NOTE: WHETHER IT IS IN WRITING OR NOT, VIRTUALLY ALL TITLE INSURANCE UNDERWRITERS THAT ARE INDEPENDENT FROM THE MEGA-BANKS ARE ISSUING DIRECTIONS AND RESTRICTIONS REGARDING INSURING TITLE ON PROPERTY INVOLVING ANY ALLEGATION OF SECURITIZED MORTGAGES AND ESPECIALLY IF THEY ARE INVOLVED IN FORECLOSURE. The…[...]

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COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary COVER-UP CONTINUES EDITOR'S COMMENT: Confused? Ally, wholly owed by GMAC, which is 80% owed by our Federal government has agreed to pay $462 MILLION on "repurchase demands" (i.e. legal damages) to Fannie Mae (FNMA, wholly owned by our Federal Government) for losses attributable to $292 BILLION in "home loans." There,…[...]

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Tags: Ally Financial Inc., Ally’s Residential Capital, Fannie MAe, Federal Housing Finance Agency, Freddie Mac, GMAC Inc., Michael Carpenter, ResCap
Posted in bubble, Corruption, Eviction, securities fraud |

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary EDITOR'S COMMENT: Wray has it right. This is the way it should turn out. And if the shoe was on the other foot it would happen because consumers usually take the hit. Yet it seems unlikely that this scenario will play out in the manner that Randall imagines. It should…[...]

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Posted on December 27, 2010 by Foreclosureblues Bank Slammed With Another Class Action By JOE HARRIS ShareThis ST. LOUIS (CN) – The seemingly endless string of class actions against Bank of America’s foreclosure policies continued here in Federal Court. The class claims that BofA and BAC Home Loans Servicing refuse to participate in foreclosure prevention programs despite taking $25 billion…[...]

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COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary EDITOR'S COMMENT: This is why we should think before we speak and make sure we are using terminology correctly. This crisis will not be over until we realize that there are important differences between the obligation, the note, the mortgage, the mortgage bond, the CDO, the synthetic CDO, the insurance…[...]

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COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary EDITOR'S NOTE: This is going to happen for many municipal, county and state government obligations, having a far reaching effect as people awaken to the severity of the current economic crisis and the fact that this time is different from all other times. Officials in those government do their constituents…[...]

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COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary EDITOR'S COMMENT: The piece below is a cut and paste from the FNMA site without any editing. The latest round of finger pointing has put Fannie and Freddie in the path raising even more obstacles to identifying the creditor, and the holder of any right to foreclose on a home…[...]

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Leslie F. Seidman Chairman, FASB EDITOR'S COMMENT: You probably don't know the name Seidman, much less  Leslie Seidman. But back in the 1960's when the accounting rules were first being changed (causing Briloff to write the book Unaccountable Accounting), the Seidman accounting firm was one of the few who understood the significance and moral hazard of what was being laid…[...]

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Tags: FASB, gaap, Leslie Seidman, Seidman
Posted in bubble, Corruption, Eviction, securities fraud |