Posted on 03 June 2011.
Abigail Field-
Fortune examined hundreds of foreclosure documents to determine the validity of mortgage securitizations after Bank of America debunked testimony about them last fall. The results raise more questions than they answer.
Are Countrywide mortgage-backed securities really mortgage-backed? Do banks even have the legal right to foreclose on certain homes?
Check out the related posts below …
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Posted on 03 June 2011.
We all know where very similar words got MERS…
“E-signatures will reduce the volume of lost paperwork, reduce signature fraud, reduce the time required to close a loan, and may lead to lower borrower costs.”
MERS cannot even keep track of who owns what loan and with all the alleged fraudulent signatures originating from it’s certifying officers signing virtually any number of documents to land records… special caution to permit e-signatures that can easily be cut and pasted.
What if this ever gets “hacked”… nothing is bullet proof.
Read the letter below…
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Posted on 03 June 2011.
A settlement between a coalition of federal and state agencies and banks over foreclosure practices will come in a “matter of weeks,” Shaun Donovan, secretary of Housing and Urban Development, told the Los Angeles Times.
Donovan’s agency is involved in the negotiations with the banks, along with attorneys general from all 50 states and officials from the Justice Department and other federal agencies.
© 2010-12 FORECLOSURE FRAUD | by DinSFLA. All rights reserved. www.StopForeclosureFraud.com
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Posted on 03 June 2011.
Credit Slips-
Nick Timiraos has a great piece in the WSJ about the state of play on foreclosure defense litigation. It quotes Larry Platt, a bank-industry lawyer at K&L Gates (which lost Ibanez). It’s worth pausing for a second to consider what Platt said. Although Platt
concedes that banks may have been sloppy… [he claims that]… “the real assault on the legal system” are efforts by judges and local officials to strip lenders of their rightful ownership and make foreclosures impossible.
Platt’s view, it seems, is that everyone understood the mortgage deal and that the paperwork doesn’t really matter. That’s a very problematic view for any attorney to take, much less one with a background in real estate, secured lending, and securitization. (A less charitable interpretation of Platt’s comments is that the proper outcomes has nothing to do with law. Instead, it’s paperwork and intent be damned, we’re the banks so we should win by right.)
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Posted on 03 June 2011.
ROBERT BLUMENFELD,
Appellant,
v.
FIFTH THIRD MORTGAGE COMPANY,
Appellee.
© 2010-12 FORECLOSURE FRAUD | by DinSFLA. All rights reserved. www.StopForeclosureFraud.com
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Posted on 03 June 2011.
LIAM GILLEN and JEAN T. GILLEN,
Appellants,
v.
FEDERAL NATIONAL MORTGAGE
ASSOCIATION,
Appellee
© 2010-12 FORECLOSURE FRAUD | by DinSFLA. All rights reserved. www.StopForeclosureFraud.com
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Posted on 03 June 2011.
Wall Street Journal
‘The American people realize they’ve been robbed. They’re just not sure by whom,” write Gretchen Morgenson and Joshua Rosner in “Reckless Endangerment.” But Americans who read this outstanding history of the financial crisis will know, by the end, exactly who created the meltdown of 2008 and how they did it. This is a story, the authors say, “of what happens when Washington decides, in its infinite wisdom, that every living, breathing citizen should own a home.”
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Posted on 03 June 2011.
ProPublica-
Chanel Rosario was supposed to be one of the lucky ones. After years of sending and re-sending documents, waiting on hold and attending court hearings to avoid foreclosure on her Staten Island home, she’d finally received a much-needed reduction on her mortgage. Eagerly, she and her husband signed it and mailed it in last September. “We thought it was over.”
It wasn’t. After months of making payments, Rosario called the bank handling her mortgage, Chase Home Finance, and found out Chase was still reporting her as delinquent, damaging her credit score and putting her home in jeopardy. Despite months of trying to get an explanation with the help of a legal-aid attorney, she still doesn’t know why Chase isn’t abiding by the agreement.
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