From Mario Kenny -- see comments posted to blog As we have stated repeatedly, the logistics were simple: (a) inflate the value of the mortgage backed securities with fraudulently obtained Triple AAA Ratings and (b) inflating the value of the home with fraudulent and negligent use of false comparable and ignoring time factors. The economics of lending changed "upside down"…[...]

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Tags: appraisal fraud, foreclosure defense, foreclosure offense, ratings fraud
Posted in bubble, Eviction |

AP IMPACT: US diluted loan rules before crash – Gov’t rejected tougher mortgage rules in 2005 WASHINGTON – The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an…[...]

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Tags: defaults, foreclosure defense, foreclosure offense, foreclosures, regulation
Posted in bubble, Eviction |

NATION’S HOUSING Civil rights complaint targets Wall Street rating firms Moody’s and Fitch’s high ratings of subprime mortgage bonds disproportionately harmed black and Latino home buyers, the National Community Reinvestment Coalition alleges. By Kenneth R. Harney November 30, 2008 In what is apparently the first legal action of its kind, an association of community-based organizations has filed a federal civil…[...]

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Tags: Department of Housing and Urban Development, foreclosure defense, foreclosure offense, Moody's Investor Service
Posted in bubble, Eviction |

As we have repeatedly said publicly and privately, the securitization process extended throughout the credit world. Hardly anything was not packaged in some securitized zone. Thus most assumptions about the liability on such debt are wrong as to whether there is any outstanding balance, who owns the loan, etc. Of particular interest is the student loan debt. We have researched…[...]

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Tags: securitized auto loan debt, securitized consumer debt, securitized small business loan debt, securitized student loan debt
Posted in bubble, Eviction |

From a new commentator on our pages: I just glanced at a few posts and have to wonder if folks are aware of the typical loan closing process that was in place in CA the last several years. Usually a mobile notary would be dispatched to a borrower’s location with two stacks of loan documents and a very brief window…[...]

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Tags: Loan Closing, mortgage defense, mortgage offense
Posted in Eviction |

From the FAQ Page: COMMENT: I contacted one attorney on your list and had a consult with another firm which is not part of your list but has been referenced quite a few times in the blogs. I have a problem with both and find them a bit predatory (sorry guys and gals) and quite frankly, am reticent to contact…[...]

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Tags: attorneny fees, foreclosure defense, foreclosure offense
Posted in Eviction |

Current Trends in Residential Mortgage Litigation BYLINE: Daniel A. Edelman*; *DANIEL A. EDELMAN is the founding partner of Edelman & Combs, of Chicago, Illinois, a firm that represents injured consumers in actions against banks, mortgage companies, finance companies, insurance companies, and automobile dealers. Mr. Edelman or his firm represented the consumer in a number of the cases discussed in this…[...]

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Tags: escrow account, excessive fees, foreclosure defense, foreclosure offense, over-funding, secondary market, table funded loans
Posted in bubble, Eviction |

It's along time since I wrote this piece on March 1, 2007 --- before I even started the blog. I believed then as I do now that the safety of our nation, the soundness of our economy and the happiness and freedoms of our children and grandchildren depend entirely upon our actions today. In this great experimental democracy the boss…[...]

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Tags: borrowers, credit crisis, investors, mortgage backed securities, MORTGAGE WORKOUTS, trust, TRUTH
Posted in bubble, Eviction |

One of the hidden issues in the mortgage meltdown is the issue of clouded title caused by non-disclosed table-funded loans that were "securitized." The unquestionable presence of unknown parties, MERS (or MERS like pooling, service and assignment agreements) who at least COULD assert claims on the "borrower's" obligation, note or mortgage, means that your loan closing created an immediate title…[...]

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Tags: Chicago Land Title, cloud on title, foreclosure defense, foreclosure offense, Land America, title, title insurance
Posted in Eviction |

With Times Tight, Even Lawyers Get Outsourced By NIRAJ SHETH in Mumbai and NATHAN KOPPEL in New York As the economic crisis deepens in the U.S., some lawyers are making out well -- in India. At the Mumbai subsidiary of outsourcer Pangea3 LLC, rows of Indian lawyers at new computers pore over contracts, covenants and other financial documents. They're working…[...]

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Tags: foreclosure defense, foreclosure offense
Posted in Eviction |