From Kevin A McKenna. A very good explanation about MERS and nominees. Note especially the reference to creating two entities to exercise collection and foreclosure instead of one thus reinforcing the argument of financial double jeopardy. The MERS deed would therefore be void, as he says. Thus there would be no security, probably no note and maybe no obligation either…[...]

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Tags: borrower, disclosure, foreclosure defense, foreclosure offense, fraud, Lender Liability, lenders, lost note, Mortgage, mortgage meltdown, quiet title, securitization, trustee
Posted in bubble, Eviction |

From the Los Angeles Times Opinion Saving homes with a 'right to rent' The plan would help owners facing foreclosure and preserve neighborhoods. By Dean Baker August 12, 2009 Less than 10% of homeowners facing foreclosure have benefited from the Obama administration's mortgage modification program, according to a Treasury Department report this month. This plan is the third federal mortgage…[...]

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See Asset Securitization Comptroller's Handbook The basic model we have developed tracks the money and with that, the intent behind seemingly irrational decisions. For example, why would any lender seeking to make a profit grant a loan whose interest payments were greater than the gross income of the borrower? That is not taking a risk. That is betting on a…[...]

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Tags: borrower, disclosure, foreclosure defense, foreclosure offense, fraud, Lender Liability, mortgage meltdown, predatory lending, securitization
Posted in bubble, Eviction |

August 10, 2009 Editorial $75 Billion Carrot, but Few Nibbles In March, the Obama administration began an antiforeclosure effort that offers lenders up to $75 billion in incentives to modify troubled mortgages. If that sounds like a lot of money, it is. But so far, it has not been enough to persuade the mortgage industry to do what is needed…[...]

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Tags: borrower, disclosure, fraud, Lender Liability, modifications, securitization, trustee
Posted in Eviction |

By Brad Keiser For those of you who have been to our seminars, (coming to Southern California next month) You have heard me ask about Hank Paulson and Ben Bernanke..."Are they stupid or were they lying when they said everything was OK through out all of 2007 and most of 2008?" You have seen and heard why Neil and I declare we are of the belief…[...]

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Tags: bailout, borrower, borrowers, brad keiser, Chapter 13, countrywide, credit, credit crisis, depression, disclosure, Federal reserve, foreclosure, foreclosure defense, foreclosure offense, foreclosures, lawyers, lender, Mortgage, mortgage meltdown, Paulson, predatory lending, quiet title, rescission, RESPA, securitization, TILA, TILA audit, TILA rescission, trustee
Posted in bubble, Corruption, Eviction, securities fraud |

The prevailing view by homeowners and lawyers is that we are at war with Wall Street, the banks and even investors. People are angered by the bailouts of big financial institutions while the homeowners, the backbone of our economy are given nothing. It is easy to be swayed by emotion when your life and everything you have worked for by…[...]

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Another example of why a TILA audit is grossly inadequate. A forensic audit is required covering all bases. Although dated, this article picks up on a continuing theme that demonstrates the title defect, the questionable conduct of pretender lenders and the defects in the foreclosure process when you let companies with big brand names bluff the system. The MERS GAP arises…[...]

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Tags: borrower, countrywide, disclosure, foreclosure defense, foreclosure offense, fraud, rescission, RESPA, TILA audit, trustee
Posted in bubble, Corruption, Eviction, securities fraud |

It's not just that servicers get more money by pushing the loan further and further into distress. They certainly have that incentive. When the loan becomes "delinquent", they get more money, when the loan goes into "default", they get more money, and when the loan goes into "foreclosure", they get more money. So of course they are just playing with…[...]

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Tags: borrower, countrywide, disclosure, foreclosure defense, foreclosure offense, fraud, Lender Liability, LOAN MODIFICATION, mortgage meltdown, rescission, securitization
Posted in bubble, Corruption, Eviction, securities fraud |

Disappearin’ Ink Stephen Brunette, Esq. Johnny lost his house today.  There’s lots o’ reasons why, but Johnny’s worked hard all his life, always done me right.  Johnny loves his country, likes a good clean fight, but Johnny’s been blindsided and won’t be goin’ home tonight. Seems some numbers on some papers wrote in disappearin’ ink by money changers in the…[...]

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Doesn't it bother you that you pay your taxes for doing business in the state of Arizona or whatever state you hail from, but the Wall Street players made trillions of dollars in trading securities based solely (deriving value from)upon interests in real property situated within the boundaries of your state and never reported any income, much less paid taxes…[...]

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Tags: bankruptcy, borrower, disclosure, fraud, Lender Liability, mortgage meltdown, predatory lending, rescission, securitization, trustee
Posted in bubble, Corruption, Eviction, securities fraud |