From Christopher Very first page of closing jacket reads, and I quote: “Two complete closing packages –one for you to open and review prior to your closing –one for your closing agent to open (please keep this package sealed until your closing agent arrives).” also, quote: “At the scheduled closing meeting, the closing agent will open “their package” and “review…[...]

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Tags: Christopher, closing, closing agent, package, signing process
Posted in bubble, Corruption, Eviction, securities fraud |

Editor's Note: You see they have no shame. If they can get money they are going after it only this time the ones going after deficiency judgments and collections are usually not even the original people who foreclosed. This is why you MUST fight it, file motions to set aside for fraud, petition for bankruptcy relief or use other means…[...]

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Tags: Bloomberg, collection, deficiency, Florida, Kathleen Howley, sham
Posted in bubble, Corruption, Eviction, securities fraud |

January 27, 2010 New York Times see also an-investigator-presses-to-uncover-bailout-facts-neil-barofsky Two at Fed Had Doubts Over Payout by A.I.G. By GRETCHEN MORGENSON and LOUISE STORY Weeks after rescuing the American International Group with an $85 billion taxpayer loan in late 2008, Federal Reserve Board officials rejected a proposal that would have forced the insurer’s trading partners to return $30 billion in…[...]

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Posted in bubble, Corruption, Eviction, securities fraud |

So in Chapter 11 for the big boys they address reality and treat the value of the property the way it is. But in individual little guy petitions for relief in bankruptcy court, they stick you with the entire amount of the Note even if the security is only worth 20% of the "principal." And it's not like the bank…[...]

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Tags: banks, Chapter 11, Chapter 13, Chapter 7, creditor, fair market value, investors, Personal responsibility
Posted in bubble, Corruption, Eviction, securities fraud |

Since this question keeps popping up I figured I would take a shot at it. The theory is that by asking for a jury verdict you are taking the matter out of the hands of a politicized judge and putting it in the hands of what is likely to be a very angry jury pool itching to whack the Wall…[...]

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Tags: bifurcation, civil procedure, creditor, damages, equitable relief, jury demand, legal relief, SECURED CREDITOR
Posted in bubble, Corruption, Eviction, securities fraud |

And then there is the main question which everyone on Wall Street is stonewalling: were the obligations created in mortgage origination paid off by government or insurance? To put it another way, were the homeowners already bailed out and don't know it? Editor's Comment: Barofsky is like Elizabeth Warren --- someone Wall Street doesn't like, and describes reality instead of…[...]

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Tags: AIG, bailout, disclosure, foreclosure defense, foreclosure offense, Goldman Sachs, Neil barofsky
Posted in bubble, Corruption, Eviction, securities fraud |

Home Sales See Biggest Monthly Drop In 40 Years by The Associated Press Enlarge Ben Margot/APSales of previously occupied homes fell 16.7 percent in December, missing analysts' expectations. Ben Margot/APSales of previously occupied homes fell 16.7 percent in December, missing analysts' expectations. January 25, 2010 Sales of previously occupied homes took the largest monthly drop in more than 40 years…[...]

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see Morality NO Issue in Big Strategic Defaults Of residential property Why Not for Homeowners No Worries About "Morality" in Biggest Real-Estate Default in History Posted Jan 25, 2010 11:59am EST by Henry Blodget in Investing, Recession, Banking, Housing Related: dia, spy, xlf, len, kbh, blk Over the past few months, arguments have raged about whether it is "immoral" for…[...]

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Tags: morality, strategic defaults
Posted in bubble, Corruption, Eviction, securities fraud |

From "Anonymous" Editor's Post: It's always a pleasure to read something where someone actually knows what they are talking about. The following post was picked up from the comments. The key points that are relevant to the Qualified Written Request and Discovery are 1. In the shuffling of paperwork, where was a "true sale" of the pool , a portion…[...]

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Tags: accountant, assignments, balance sheet, bookkeping, CFO, conduit, discovery, equitable, FASB, gaap, income statement, Investor, legal, Qualifified Written Request, REMIC, selling forward, Treasurer, true sale
Posted in bubble, Corruption, Eviction, securities fraud |

A provocative paper by Brent White, a law professor at the University of Arizona, makes the case that borrowers are actually suffering from a “norm asymmetry.” In other words, they think they are obligated to repay their loans even if it is not in their financial interest to do so, while their lenders are free to do whatever maximizes profits.…[...]

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Tags: $800 fee, ARIZONA, Booth School of Business, CALIFORNIA, Department of Housing and Urban Development, Eric Posner, fee for non-recourse option, Lease, Luigi Zingales, mortgage default, New York Times, non-recorse, Option, pool, recording, Richard Thaler, strategic defaults, sublease, Susan Woordward, swap, University of Chicago, walking away
Posted in bubble, Corruption, Eviction, securities fraud |