Archives by Tag ' Bank of America '
Editor’s Note: Bid Rigging is exactly what is happening at the steps of every foreclosure action involving so-called securitized loans. Here BofA admits it but not for home foreclosures. The party submitted the non-cash bid (called a credit bid) is not the creditor, and the title is transferred to yet another party who is also […]
COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL Analyst Note: This transaction was probably really a securities transaction. The homeowner was converted from an owner in real property to an investor in a security that was issued, sold and documented illegally. The obligation was to pay for the security and not for […]
COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary POSTED BY “RESEARCHER” See also fdic-servicers-are-advancing-funds-on-loans-supposedly-in-default EDITOR’S COMMENT: It isn’t just Bank of America. And it isn’t just the servicers. EVERYONE in the securitization chain has a legal problem, a liability problem and is subject to potential fines, penalties, damage awards to borrowers, punitive damages […]
TOP READER PICKS FOR SERVICES AND PRODUCTS EDITOR’S NOTE: This is not just a paper crash, which old-timers like myself will remember from the Wall Street paper-crash of the late 1960’s. Simple logic leads to the inevitable conclusion that property rights and contracts, mortgages, notes and obligation are all about paperwork and recording. The trail is […]
Bank of America will halt foreclosures in 23 states because of document problems. A Bank of America official acknowledges in a legal proceeding that she signed up to 8,000 foreclosure documents a month and typically didn’t read them. The executive’s admission adds the nation’s largest bank to a growing list of mortgage companies whose employees […]
SERVICES YOU NEED 9.29.10Florida-Motion-Fraud-on-the-Court-Bank-of-America-vs-Julme-Case-CACE09-21933-05[1] Editor’s Note: Matis Abravanel, practicing in South Florida has drafted and filed a motion that is a classic in its construction. The result was that BAC caved, which is good, but what really draws my attention to this work is its masterful presentation. Lawyers would do well to look carefully at […]
SERVICES YOU NEED Somebody get me the complaint so I can post it here. Editor’s Note: AMBAC is one of the insurers of loan portfolios, like AIG. The insurance paid off when the Master Servicer declared the portfolio had “failed,” based upon standards that were set by the Master Servicer and Underwriter. The insurer had […]
SERVICES YOU NEED “Here is a simpler explanation: the financial services industry is throwing more paper at the system than it can handle. So they are getting away with “representations” rather than solid evidence and proof. If Judges would require at least a copy of the title report, this case would not have occurred — […]
SERVICES YOU NEED Investors face an “obstacle course” of challenges in attempting to get banks to repurchase loans that failed to match their description in bond documents, Grais said bondholders said they have the power to order the trustee for the securities to start probes because the investors own 25 percent of the debt in […]
EDITOR’S NOTE: The shell game continues. While the media picks up stories about “settlements” giving rise to the presumption that Countrywide Home Loans and Bank of America and the rest of the securitization players committed various violations of statutes, duties, rules and regulations, the main point gets lost. Where is this money going and WHY? […]
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