"Reducing the loan’s principal balance is more valuable because it lowers monthly payments and restores equity. Various studies show that having equity also reduces the likelihood of redefault on a modified loan. It’s not just the moral thing to do. It also would help avoid the spillover effects of the next expected round of defaults. Coupled with high unemployment, a…[...]

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Tags: creditor, lender, mortgage modification, nominee, principal reduction, servicer
Posted in bubble, Corruption, Eviction, securities fraud |

"Many economists and mortgage experts have concluded that banks must ultimately forgive loan balances to restore equity to underwater borrowers. Otherwise, growing numbers will walk away from their homes and accept foreclosure rather than make payments on properties in which they no longer own a stake." Editor's Comments and Notes: The Obama Administration has finally come to the conclusion that…[...]

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Tags: bailout, borrower, disclosure, foreclosure defense, foreclosure offense, fraud, mortgage meltdown, predatory lending, principal reduction, quiet title, securitization
Posted in bubble, Corruption, Eviction |

Editor's Comment: Finally! The president has now played out the Geithner-Summers scenario and seen the results --- a large middle finger raised in the air from an arrogant bunch of people who are tone deaf to the needs of the nation and the world. This decision brings us into line with the rest of the world, whose central bankers have…[...]

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Tags: bailout, Bank of England, consumer protection, financial regulation, foreclosure defense, foreclosure offense, Geithner, Glass-Steagall, Jackie clames, Louis Uchitelle, mortgage meltdown, Obama, principal reduction, proprietary cuurency, securitization, Summers, Volcker
Posted in bubble, Corruption, Eviction, securities fraud |

The mistake I detect from those who are not faring well in court is the attempt to treat preliminary motions and hearings as opportunities to prove your entire case. Don't talk about conspiracy and theft, talk about evidence and discovery. every debtor is entitled to know the identity of the creditor, the full accounting for the entire obligation and all…[...]

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Tags: creditor, David Stockman, DEBTOR, evidence, evidentiary hearing, Federal reserve, full accounting, identity, mediation, modifications, New York Times, off balance sheet, off shore, reconciliation, yield spread premium
Posted in bubble, Corruption, Eviction, securities fraud |

The break-up of the big banks combined with strengthening the community banks and credit union would create something much closer to a free market of 7,000 institutions than 4 institutions controlling the world's currency. Since the 1960's the banking industry has been dominated by two main tiers of banking --- the founding members of "associations" who sit on the board…[...]

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Tags: antitrust, community banks, credit unions, EFT, loan syndication, MasterCard, networks, Visa
Posted in bubble, Corruption, Eviction, securities fraud |

Robert J. Koenig journalofdeflation.com livinglies_18_jan_10@rjkoenig.com 63.80.253.131 2010/01/18 at 11:12am These 3 Federal Statutes can deal quickly and forcibly with the unpleasant situation described above: 18 U.S.C. § 1001 False Statements (The Martha Stewart Act) http://en.wikipedia.org/wiki/Making_false_statements 18 U.S.C. § 1346 : Definition of “scheme or artifice to defraud” (The Lord Conrad Black Act) http://en.wikipedia.org/wiki/Title_18_of_the_United_States_Code#Chapters_61-70 RICO 18 USC § 1962(c) “association in…[...]

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Tags: 18 U.S.C. 1346, 18 USC 1962(c), Anti-Insurance Company Act, association in fact, false statements, Lord Conrad Black Act, Martha Stewart Act, RICO, scheme or artifice to defraud
Posted in bubble, Corruption, Eviction, securities fraud |

From New Zealand, but applicable Jingle Bells – walking away from debt Published by lprent on December 24, 2009 at 1:30 pm in law. Tags: debt, mortgage.. 3 Comments. In the US it is easier than NZ for home-owners to walk away using the jingle mail options in the US. However in NZ it is far too easy for businesses…[...]

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Posted in bubble, Corruption, Eviction, securities fraud |

FROM an unidentified researcher: Okay, So in all of my digging I have unearthed so many things I can't start to explain it all but thought if I can save others the time and energy I most certainly will. So here is what I know so far and if others have info please share. Washington Mutual was the LARGEST!! bank…[...]

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Tags: Alliance bancorp, countrywide, First Horizon, First Magnus, JPM, Mortgage IT, Plaza Home Mortgage, Residential Funding, Steward Financial, WAMU, Washington Mutual
Posted in bubble, Corruption, Eviction, securities fraud |

In virtually all cases you will not find a person with any relationship to the creditor, investor, or pool. This is because servicers, trustees and other firms in the securitization chain are proceeding on their own initiating foreclosures without instructions, knowledge or any documentation from the creditor, investor or pool. Editor's Note: Greyhawk is of course right. But his assumption…[...]

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Tags: April Charney, assignment, Bank of America, creditor, evidence, fabrication, Florida, forgery, Greyhawk, LOAN APPLICATION, notary, note, originator, pool, produce the note, Signatures, trustee, Wells Fargo, witnesses
Posted in bubble, Corruption, Eviction |

OK I'm upping the ante here with some techno-speak. But I'll try to make it as simple as possible. YIELD is the percentage or dollar return on investment. For example, if you buy a bond for $1,000 and the interest rate is 5%, the yield is 5%. You are expecting to receive $50 per year in interest, which is your…[...]

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Tags: appraisal fraud, bailout, credit default swaps, insurance, pool, SIV, TILA, yield, yield spread, yield spread premium
Posted in bubble, Corruption, Eviction, securities fraud |