Editor’s Note: Now the truth as reported here two years ago. There were no losses. They were making money hand over fist. And this article focuses only on a single topic — some of the credit default swaps — those that Goldman had bought in its own name, leaving out all the other swaps bought […]

Tags: ABACUS 2007-AC1, bonds, borowers, check-kiting, David A. Viniar, default, Eric Kolchinsky, Federal Deposit Insurance Corporation., financial crisis, Financial Crisis Inquiry Commission, Fitch, fraud, Gary D. Cohn, Goldman Sachs, GRETCHEN MORGENSON, HERS, John A. Paulson, Kolchinsky, lenders, lending, Lloyd C. Blankfein, losses, Louise Story, Moody's, mortgage backed securities, Office of Thrift Supervision, operating agreement, OWNERSHIP of the loan pool, Ponzi, Securities and Exchange Commission, selling forward, Senate Permanent Subcommittee on Investigations, SEWELL CHAN, sham, shares, special purpose vehicle, Standard & Poor's, swaps, trust, trustee, Washington Mutual
Posted in Corruption, Eviction, expert witness, Modification, securities fraud, Servicer |

Editor’s Note: It seems to me that this concedes the battle to Wall Street. It encourages homeowners to take the loss that at the very least should be shared with ALL the players in the securitization scheme and creates more problems in housing and social services. Excerpt from NYT – do not buy into this […]

Tags: borrowers, cash for keys, David Streitfeld, lenders, New York Times, Obama
Posted in bubble, Corruption, Eviction, securities fraud |

Editor’s Comment: Again, myth prevails. The monster that gobbled our home equity and the value of our pension funds came from the waters beneath the market not from some economic disaster or sudden migration of population to Australia. The “loss of value” was nothing of the sort. Prices were going up during a decade when […]

Tags: Appraisal, David Streitfeld, demand, FHA, lenders, modification, Neil barofsky, New York Times, underwriting, Wall Street
Posted in bubble, Corruption, Eviction, securities fraud |

Editor’s Comment: Any lawyer who does not think that issues relating to foreclosure will not dominate his or her practice of law is in a state of denial and delusion. The 16% drop in new home-sale contracts (see article below) means a similar or worse drop in sales over the next 30-60 days. As we […]

Tags: ARIZONA, creditors, deficiency, FICO, home values, homeowner, inflated mortgages, lenders, mortgage modification, National Assocation of Realtors, principal reduction, short sales
Posted in bubble, Corruption, Eviction, securities fraud |

Remember that $700 billion in TARP? It was dwarfed by other government programs including one from the Federal Reserve. The Federal Reserve went from a non-existent player in the mortgage backed security market a year ago to owning $904 billion of the mortgage backed securities today. But we don’t seem to be getting or seeing […]

Tags: bailout, borrowers, Federal reserve, foreclosure defense, foreclosure offense, lenders, mortgage meltdown, quiet title, securitization
Posted in bubble, Corruption, Eviction, securities fraud |

The Wall Street Journal has adopted the Murdoch brand of “news” reporting and with it, an attack on the basic principles of law that have been in place for hundreds of years. As you can see from the article below they acknowledge that more and more Judges are finding flaws in the foreclosure scheme, but […]

Tags: disclosure, foreclosure defense, foreclosure offense, Lender Liability, lenders, securitization
Posted in bubble, Corruption, Eviction, securities fraud |

Sheila Bair has finally let the trial balloon out of the bag. Just watch what Wall Street does to position Bair as some kind of kook. In truth, she ought to be running the financial part of this recovery although the FDIC is supposed to insure deposits, not necessarily write offs of bad loans. Bottomline, […]

Tags: Amnesty for Everyone, borrwers, FDIC, lenders, losses, modification, principal reduction, recovery, seized banks, settlement, Sheila Bair
Posted in bubble, Corruption, Eviction, securities fraud |

all we have left is the obligation, unsecured and subject to counterclaims etc. MOST IMPORTANT procedurally, it requires a lawsuit by the would-be forecloser in order to establish the terms of the obligation and the security, if any. This means they must make allegations as to ownership of the receivable and prove it — the […]

Tags: chain of title, disclosure, evidence, foreclosure defense, foreclosure offense, fraud, investors, lenders, MERS, Obligation, securitization, Signatures, trustee
Posted in bubble, Corruption, Eviction, securities fraud |

If you can get through the formatting errors, it is worth reading. Judge Mayer clearly states that “The original lender, WMC Mortgage Corp., apparently had the mortgage assigned to entities other than this plaintiff: however, there is no proof of assignments annexed to the moving papers and no proof that this plaintiff is the proper […]

Tags: borrower, disclosure, foreclosure defense, foreclosure offense, fraud, lenders, lost note, securitization, trustee, Wells Fargo
Posted in bubble, Corruption, Eviction, securities fraud |

Kathleen Engel, professor of law at Suffolk University, said the federal government should step in to help states deal with “toxic titles’’ that are clogging up the system from California to Florida. She said until recently few people were scrutinizing paperwork of foreclosing lenders, whose actions are causing problems for borrowers, investors, and municipalities. No […]

Tags: bankruptcy, borrower, disclosure, foreclosure defense, Lender Liability, lenders, lost note, mortgage meltdown, predatory lending, rescission, securitization, TILA, trustee
Posted in bubble, Eviction |