No two financial crises are ever quite the same. The next one won’t be like the last. But history teaches lessons, and there’s no excuse for ignoring them. Regulators have done a lot to reform the financial system since the 2008 crisis, but they still haven’t fixed the market where the trouble started: U.S. mortgages. […]

Tags: Bloomberg, certificate holders, David Shipley, legal standing, Servicer advances, servicers, TRUTH
Posted in Fabrication of documents, legal standing, Pleading, securities fraud |

We have come a long way in six years. Back in 2007 almost everyone thought that the mortgage bonds were valid instruments issued by a valid entity that owned valid mortgages. Now we have Reuters news service reporting that “home loans underlying securities were rotten from the start.” Thus we are crossing that line where […]

Tags: account receivable, appraisal fraud, auction fraud, bailout, Bank of America, Bloomberg, Chase Bank, commodities, disclosure, Federal reserve, foreclosure, foreclosure fraud, Reuters, securitization
Posted in Corruption, Eviction, evidence, Servicer |

Bloomberg Reports that the big banks are borrowing big time money using money market funds as source money for financing repurchase agreements. This stirs the obvious conclusion that the mortgage bonds — and hence the claim on underlying loans — are in constant movement making the proof problems in foreclosure proceedings difficult at best. The […]

Tags: Bloomberg, burden of persuasion, BURDEN OF PROOF, holder in due course, holder of note, MERS, modification, Mortgage, possessor of note, presumption, refinancing, repurchase agreements, settlement
Posted in Corruption, Eviction, securities fraud |

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Tags: Accountable, American Banker, Anat Admati, BALANCE SHEETS, Bank of America, banks, Banks are Too Big to Regulate, Bloomberg, Brown-Kaufman amendment, Camden Fine, chief of staff, Citigroup, creditor, DELAWARE, Dodd-Frank, Economix, Fair and Efficient Banking Act, FDIC, Federal Deposit Insurance Corporation., Federal Reserve Bank of Dallas, Federal Reserve Bank of Kansas City, Federal Reserve window, financial lobby, free house, free money, governor of the Bank of England, governor of Utah, insurance payoff, investor-lenders, Jamie Dimon, Jeff Connaughton, Jon Huntsman, JP Morgan, JPM people, Lender Liability, leverage ratio, MEGABANKS, Mervyn King, mortgage bonds, mortgage loan, Myth, non-bank financial institutions, Politico, predatory lending, President of the Independent Community Bankers of America, principal reduction, Professor admati, public policy, regulators, REMIC, risk management, Safe, securitization chain, Senate, Senate banking committee, Senator Bernie Sanders, Senator Brown, Senator Sherrod Brown, Senator Ted Kaufman, Sheila Bair, Simon Johnson, taxpayer bailout, taxpayers, Tom Hoenig, too big to fail, Too Big to Manage, toxic loans, tranches, Treasury Department, Truth in Lending Law, Wall Street lobby, Wells Fargo, Who Wants to Break Up the Big Banks?
Posted in Uncategorized |

Editors Note: If anything shows the extent of appraisal fraud, it is the sheer number of homes that are under water. These figures while high, report only a fraction of the actual number of homes because of the way they are computed. If you take the asking price, reduce it by at least 4% (which […]

Tags: appraisal fraud, Bloomberg, Brian Louis, broker, Celia Chen, commission, Edge Simonton, fair market value, foreclosure, HERS, house arrest, Moody’s Economy.com, RealtyTrac Inc, selling expenses, strategic defaults, under water, Zillow.com
Posted in bubble, Corruption, Eviction, expert witness, foreclosure mill, Modification, securities fraud, Servicer |

Editor’s Note: The significance of this announcement is that the bondholders, who were insured directly by AMBAC (as opposed to the investment bankers who bought “bets” like credit default swaps) are receiving 25 cents on every dollar they funded as creditors for the funding of loan to homeowners (debtors/ borrowers). This supports and corroborates two […]

Tags: Ambac Financial Group Inc., Andrew Frye, appraisal fraud, Bloomberg, bondholders, credit default swaps, creditors, damages, debtors, default, discovery, foreclosure defense, forensic analysis, full accounting, HERS, insurance, Insurance Commissioner, Jody Shenn, Obligation, payment, principal reduction, Sean Dilweg, securitized residential mortgage
Posted in bubble, Corruption, Eviction, securities fraud |

The five biggest U.S. commercial banks in the derivatives market — JPMorgan, Goldman Sachs, Bank of America Corp., Citigroup and Wells Fargo & Co. — account for 97 percent of the notional value of derivatives held in the banking industry [$605 trillion], according to the Office of the Comptroller of the Currency. Goldman Sachs Demands […]

Tags: AIG, Alexander Samuelson, Bank of America, BEAR STEARNS, Blankfein, Bloomberg, Brad Hintz, Brian Marchiony, Chistine Harper, Citigroup, collateral arbitrage, Craig Stein, Darrell Duffie, David Viniar, derivatives, Financial Crisis Inquiry Commission, Goldman Sachs, International Swaps and Derivatives Association, ISDA, Jamie Dimon, JPMorgan, Kevin McPartland, Lehman, Michael DuVally, Michael J. Moore, Morgan Stanley, New York Fed report, Paul Hastings Janofsky & Walker, Richard Lindsey, Robert Claasen, Schulte Roth and Zabel LLP, Stanford University, Tabb Group, Wells Fargo
Posted in bubble, Corruption, securities fraud |

Editor’s note: This is red meat for investors and borrowers seeking restitution for losses caused by improper appraisals, ratings and representations concerning loan and property values, loan viability, securities fraud, deceptive lending practices, TILA violations etc. Obama Bank Policy Signals $1 Trillion in Writedowns April 3 (Bloomberg) — U.S. regulators may force Bank of America […]

Tags: appraisals, Bank of America, Bloomberg, Citigroup, deceptive lending, foreclosure defense, property values, ratings, securities fraud, TILA violations, Writedowns
Posted in bubble, Corruption, Eviction, securities fraud |

Editorial Comment: Actually the number is far higher. We compute it as around 45% when all is said and done. First of all there is consensus that property values are actually around 15% less than seller’s are asking. Second costs of selling the home makes up the rest, taking another 6-10% off the selling proceeds. […]

Tags: ASSOCIATIONS, auto loans, Bloomberg, borrowers, community banks, credit cards, credit unions, daniel Taub, investors, jingle mail, property values, securitized loans, strrategic defaults, student loans, TARP
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 […]

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