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Video Q&A: Catherine Cortez Masto: State AG says settlement won’t stop investigation

Video Q&A: Catherine Cortez Masto: State AG says settlement won’t stop investigation


Las Vegas Sun-

Nevada Attorney General Catherine Cortez Masto recently spoke with the Sun discussing Nevada’s participation in the national mortgage settlement as well as a separate agreement the state made with Bank of America. See here for a news story about the settlement. Here’s an edited transcript of the conversation.

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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The Gantt Report: Mortgage settlement a cruel joke on homeowners and depositors

The Gantt Report: Mortgage settlement a cruel joke on homeowners and depositors


South Florida Times-

Bankers, money changers, predatory lenders and financial criminals are jumping for joy after the United States government unveiled a plan that would allow each and every one of the crooks who conspired to steal trillions of dollars from innocent citizens to escape jail time.

Think about it. If your checking account is a penny overdrawn, you get punished but if you lie, cheat, falsify documents and take homes from everybody but the rich, you get bailed out by politicians.    

Government talks about the great proposed settlement deal with Ally Financial, Bank of America, Citibank, JP Morgan Chase and Wells Fargo whereby the banks agreed to pay $5 billion in cash to try to remedy complaints about dubious mortgage practices and foreclosure abuses. But even if you settle with Ali Baba and four other crooks, there are still 35 thieves left to continue to rob you blind.

Let me explain…

[SOUTH FLORIDA TIMES]

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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David Dayen: Wells Fargo Shareholder Report Reveals Information on Foreclosure Fraud Settlement

David Dayen: Wells Fargo Shareholder Report Reveals Information on Foreclosure Fraud Settlement


FDL-

It’s embarrassing that the most information we’ve yet received about the foreclosure fraud settlement comes from an annual report to stockholders by Wells Fargo. In other words, we had to wait for the banks to tell us what was in the settlement, I guess because the regulatory officials who negotiated it weren’t entirely proud of their work.

The Wells notice (it begins on page 74) isn’t legal language, and it states clearly that “the terms… do not become final until approval of the settlement agreement by the U.S. District Court and execution of a consent order.” But it provides some more detailed information than the broad sketch that has been released. For example, we have the first breakdown that I’ve seen of the credit system for principal reductions.

first lien principal forgiveness for LTV less than or equal to 175%: 100% credit (must constitute at least 30% of the Consumer Relief Program credits);

first lien principal forgiveness for LTV greater than 175%: 50% credit for portion forgiven over 175% LTV;

forgiveness of forbearance amounts on existing loan modifications – 40% credit;

earned forgiveness over no more than a 3 year period: 85% credit for LTV less than or equal to 175%; 45% credit for forgiveness over 175% LTV;

second lien principal forgiveness: 90% credit for loans 90 days or less delinquent; 50% credit for loans greater than 90 but less than 180 days delinquent; 10% credit for loans 180 days more delinquent. Subject to a number of requirements, servicers participating in the settlement will be obligated to implement second lien principal forgiveness on second mortgages it owns when another participating servicer reduces principal on a first mortgage via its proprietary non-HAMP modification programs (must constitute at least 60% of the Consumer Relief Program credits when combined with the first lien principal forgiveness credits);

deficiency balance waivers on first and second lien loans: 10% credit;

short sale deficiency balance waivers on first and second lien loans: 20% to 100% credit depending on whether the servicer, servicer/lien holder or investor incurs the loss;

payment arrearages forgiveness for unemployed borrowers: 100% credit;

transitional funds paid to homeowners in connection with a short sale or deed-in-lieu of foreclosure for payments in excess of $1,500: 45% credit if a non-GSE investor bears the cost or 100% if the servicer bears the cost;

anti-blight – forgiveness of principal associated with properties where foreclosure is not pursued: 50% credit;

anti-blight – cash costs paid by servicer for property demolition – 100% credit; and

anti-blight – donation of real estate owned properties to qualifying recipients such as non-profit organizations: 100% credit.

[FIRE DOG LAKE]

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Dear State Attorneys General: You Failed America. Yes, You.

Dear State Attorneys General: You Failed America. Yes, You.


By

Update: My original headline said “Sold Out” where it now says failed. I think it’s more accurate.

Dear State Attorneys General:

Rumor has it that this week we will learn precisely how you failed us all regarding the criminal enterprise that is mortgage servicing and foreclosure in America. That is, rumor has it that more than two weeks after you announced a deal with five bailed-out banks, we’ll all get to see the deal. Well, precisely speaking, we’ll all see the court filing containing the settlement.

Why the Secrecy?

Why aren’t you releasing the deal before filing it? I realize that you’re not officially rulemaking regulators who must seek public comment before finalizing rules. But much of your agreement functions like a regulator’s rule making. So why wouldn’t you, as a matter of good public policy practice, make the deal public for comment before seeking to finalize it with the judge? …

[REALITY CHECK]

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Laurie Goodman | Robo-signing “the AG Settlement is like charging a patient an extra fine when their doctor is found guilty of malpractice.”

Laurie Goodman | Robo-signing “the AG Settlement is like charging a patient an extra fine when their doctor is found guilty of malpractice.”


HW-

The $26 billion settlement between government officials and the five largest mortgage servicers will exacerbate servicer conflict of interest by allowing the banks to use investor dollars to foot the bill, according to Amherst Securities Group.

The analysis comes as representatives from mortgage banks, trade groups and organizations expressed relief as the settlement with state attorneys general and federal prosecutors finally arrived.

By receiving credit for principal write-downs on the loans owned by investors, servicers can settle their liability claims with private investor money, Laurie Goodman and her team of analysts at Amherst noted.

[HOUSING WIRE]

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Ka-BOOM! Amherst: 10 million MORE mortgages set to default!!

Ka-BOOM! Amherst: 10 million MORE mortgages set to default!!


They saw this coming and they’ve been warned. If a foreclosure moratorium isn’t in the horizon, prepare to see home values sink to all time lows.

The TOO Big TOO Fail… will FAIL all on their own.

 

HW-

Roughly 10.4 million mortgages, or one in five outstanding home loans in the U.S., will likely default if Congress refuses to implement new policy changes to prevent and sell more foreclosures, according to analyst Laurie Goodman from Amherst Securities Group.

At the end of the second quarter, more than 2.7 million long-delinquent loans, others in foreclosure and REO properties sat in the shadow inventory, more than double what it was in the first quarter of 2010 (Click to expand the chart below). With the market averaging roughly 90,000 loan liquidations per month, it would take 32 months, nearly three years, to move through the overhang.

And that number is contingent on no other loans going into default.

[HOUSING WIRE]

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