Rule of Thumb: If they can’t execute a release or satisfaction of the mortgage, then they can’t foreclose. And if they did, it is reversible. Whistle-Blower: Banks Give Homeowners the Runaround “In our managers meeting, which can last eight or nine hours, we probably addressed mortgage modifications five minutes or less,” the banker said. Editor’s […]

Tags: ABC World News, creditors, DAVID MUIR, Diane Sawyer, foreclose, foreclosure defense, heavy caseloads, homeowners, judicial states, Mortgage, mortgage modification, non-judicial, release, satisfaction, securitization, securitized mortgages, Wells Fargo, Whistle-Blower
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“We did not service the loan,” Mr. Dale said. “We did not originate the loan, and we were not the financial entity that placed it into foreclosure. Do you understand what a trustee does?” Editor’s Note: Well, Yes Mr. Dale, we do understand what a trustee does and can do —- nothing. So why are […]

Tags: A.F.L.-C.I.O, Alex Samuelson, Americans for Financial Reform, Andy Stern, Aramark, Bank of New York Mellon, Citigroup, conduit, contingent agent, derivatives, disclosure, discovery, Financial Services Roundtable, foreclosures, forensic analysis, Goldman Sachs, Javier Morillo-Alicea, JPMorgan Chase, labor union, Lloyd C. Blankfein, Los Angeles, Louise Story, Minneapolis local, mortgages, New York Times, Occidental College, Peter Dreier, pool of loans, private equity firms, REMIC, research, Richard Alarcón, Richard K. Davis, Richard L. Trumka, S.E.I.U., securitized mortgages, Service Employees International Union, SPV, Steve Bartlett, Steve Dale, STEVEN GREENHOUSE, trustee, U.S. Bank, UNIONS, variable-rate bonds
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The entities foreclosing don’t have ANYTHING at stake. They have no stake and yet they are still getting homes for nothing Editor’s Note: The federal plan is good as to its intent but unnecessary if the law was applied. Sure the bailout SHOULD apply to anyone who got stuck with one of these securitized mortgages. […]

Tags: American International Group, ARIZONA, Arizona Housing Department, Cave Creek, cloud on title, earned forgiveness, free home, Glendale Arizona, homeowner bailout, loan products, Louise Story, Michael Trailor, netvaluecentral, New York Times, Phoenix, securitized mortgages, Wall Street
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as more states catch on and start investing in more payroll auditors and data mining tools to get money back, the end result may be an arms race until every state comes out more or less evenly. Editor’s Note: There is no better place to start than the trillions in profits from securitized mortgages and […]

Tags: CATHERINE RAMPELL, Ny Times, profits from derivatives, securitized mortgages, state borders, state deficits, state tax auditors, state taxes, tax collection
Posted in bubble, Corruption, Eviction, securities fraud |