The Treasury Department will divide the $1.5 billion in assistance programs among those states and Arizona, California and Michigan. (Editor's Note: That is about .01% of what is required. And the method need not be by issuing MORE MONEY. The method is to let the loss fall on the banks and let the targeted victims --- investors and homeowner/borrowers arrive…[...]

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Posted in bubble, Corruption, Eviction, securities fraud |

 Sending Banks a Message - Cincinnati OH  - Click Here to View Video "The average homeowner that can't afford an attorney or can fight as long as we have, they don't stand a chance," he said. Hoskins said he'd gotten a $170,000 offer from someone to pay off the house, but the bank refused, saying they could get more from selling it…[...]

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Posted in bubble, Corruption, Eviction, Modification, Servicer |

REALITY IS A BITCH: In 1983, the nominal value of credit derivatives was zero. These instruments have been used as "cash equivalents" which means they are the same thing as money. Thus the issuance and trading and use of credit derivatives and their offspring equates to an increase in money supply. Their "value" derives from fictional representation of the value…[...]

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Posted in bubble, Corruption, Eviction, securities fraud |

Editor's Comment: It's too late to cure the problem entirely. We can't unbreak the glass and we'll never be done cleaning up the mess. But we can start somewhere. It is obvious to all economists of every persuasion that this is a recession of a different kind than anything else we have experienced. That's because it was tripped off not…[...]

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Posted in bubble, Corruption, Eviction, securities fraud |

It seems absurd that a measure of such gargantuan proportions would manage to be twisted into disinformation. The fact is, it worked. And as hard as it might be to imagine that things could have been worse, they WOULD have been far worse. But the democrats have let the narrative be framed by the minority opposition and further have let…[...]

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Posted in bubble, Corruption, Eviction, securities fraud |

I confess an affinity for Taibbi's reporting. This one is a gem. He goes over the top a few times and misses the bulls-eye (narrowly) in his understanding, but he comes closer than anyone else in describing how our economy, our society, our government, and our lives are being eviscerated by a country where banks, insurers, and investment bankers are…[...]

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Posted in bubble, Corruption, Eviction, securities fraud |

Lawsuits like this one have been on the rise as ever more mortgages default. It is no secret that the housing market boom fostered poorly underwritten mortgages, in which it was common that a borrower's income was inflated or never documented. Insurers are denying the claims on many loans, asserting they are not liable to pay claims because, they allege,…[...]

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Tags: Bank of America, countrywide, fraud, insurance, insurance claims, loans, MGIC Investment Corp., mortgage insurance, mortgage underwriting, New York, Old Republic International Corp., rescission, Sara Lepro, Supreme Court, TILA
Posted in bubble, Corruption, Eviction, securities fraud |

See 2D08-3553 Fla 2d DCA BAC v Ginelle Jean-Jacques This is the reason why I am offering the workshop on Expert Witnesses, i.e. -- to highlight the rules of evidence, to coach those who would present opinions as evidence and to hone the skills of the litigator. While apparently narrow in its scope and reasoning, this decision nails down the…[...]

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Tags: assignment, BAC, evidence, incomplete, lssumptions, original mortgage, original note, presumptions, show me the note, summary judgment, U.S. Bank, unauthenticated, unsigned
Posted in bubble, Corruption, Eviction, securities fraud |

Editor's Comment: Again, myth prevails. The monster that gobbled our home equity and the value of our pension funds came from the waters beneath the market not from some economic disaster or sudden migration of population to Australia. The "loss of value" was nothing of the sort. Prices were going up during a decade when median income was going down.…[...]

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Tags: Appraisal, David Streitfeld, demand, FHA, lenders, modification, Neil barofsky, New York Times, underwriting, Wall Street
Posted in bubble, Corruption, Eviction, securities fraud |

The big jump indicates that many foreclosures that were in process in 2009 are now beginning to move to repossession and, eventually, auction. With more than four million homes in that pipeline, the foreclosure crisis shows no sign of abating. "There is an emerging consensus among financial experts and policy makers that the key to successful modifications is to reduce…[...]

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Tags: Auction, Peter Goodman, principal reduction, RealtyTrac, repossession
Posted in bubble, Corruption, Eviction |