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 continuing to drive the market,…[...]

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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 Claims Dividend Information Brokered Deposits…[...]

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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 of Justice’s Antitrust Division announced…[...]

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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 the blue in Oct. Got…[...]

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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 about and commented on economics…[...]

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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 you don't understand how an…[...]

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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 that signature there would have…[...]

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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 |

Editor's Note: I don't know him but I am going to get to know him. It sounds like you should too. Every  time the servicer violates the law, you have a  remedy. Katz is leading the charge collecting damages and there are usually awards of attorneys fees. I would add that if they don't pay the judgment you can levy…[...]

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Tags: ACA International, ARIZONA, collection agency, consumer protection law, Fair Debt Collection Practices Act, Jack Gordon, Minneapolis trial lawyer, National Loan Recoveries, Peter Barry, Rozanne M. Andersen, Steven Katz, Tucson, WebRecon
Posted in Corruption, foreclosure mill, Modification, securities fraud, Servicer |

There is a lot of conflicting opinions about this. My opinion is that the confusion arises not from the law, not from application of the law and not from what is written on the note or deed of Trust. If you look at the Bellistri Missouri case the issue is well settled. And the problem is not what is written,…[...]

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Tags: Bellistri case, Bellistri v Ocwen Loan Servicing, beneficiary, borrower, Certainty, creditor, DEED OF TRUST, defect in title, DOT, enforceability, HERS, MERS, Moral Hazard, multiple parties, nominee, note, Obligation, Ocwen, Payee, quiet title suit, release and reconveyance, Restatement 3rd, SEPARATION OF DEED OF TRUST FROM NOTE, unmarketable
Posted in Corruption, Eviction, expert witness, foreclosure mill, Modification, securities fraud, Servicer |

Editor's Note: This is what we are hearing about. What about the settlements that go unreported? The number of settlements that are off-record (unreported) is unknown but suspected to be very high. [One of the reasons why it is SO important to get the true CURRENT status of the SPV and the true FULL accounting of payments to the investors…[...]

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Tags: $600 million, 07-05295, accounting, allocation to the borrower's principal balance, balance due, capital pool, Central District of California (Los Angeles)., Citigroup Inc, class-action lawsuit, Countrywide Financial Corp, Countrywide underwriters, creditors, David E. Rovella, Dean Kitchens, defense of payment, Edvard Pettersson, foreclosure suits, Goldman Sachs Group Inc, HERS, In re Countrywide Financial Corp. Securities Litigation, investors, Jef Feeley, Jennifer Bankston, JPMorgan Chase & Co, Judge Mariana Pfaelzer, KPMG LLP, Labaton Sucharow LLP, monthly statements, Mozilo, New York retirement funds, notices of default, notices of delinquency, notices of sale, payment as a defense, pretender lenders, principal balance, settlements, Shirley Norton, The Daily Journal, U.S. District Court, U.S. Securities and Exchange Commission
Posted in bubble, Corruption, Eviction, expert witness, foreclosure mill, Modification, securities fraud, Servicer |