Barclays PLC | FORECLOSURE FRAUD | by DinSFLA

Tag Archive | "Barclays PLC"

How Long Will the Robo-Signing Settlement Be ‘Imminent’?

How Long Will the Robo-Signing Settlement Be ‘Imminent’?


IMO the reason they are trying to rush into a settlement today, rather than later, is because there is a new Ticking Time Bomb that is about to explode that will most likely cost these banksters in the 100’s of billions. So taking baby steps this settlement won’t harm them as much as the next robo-signing scandal will and they want this out of the way long before the next scheme plays in a court room near you.

AB-

Pity Shaun Donovan. The much beset upon Housing and Urban Development secretary has the thankless task of facilitating that long sought after agreement between the state attorneys general and the banks, the one that would finally put that nasty robo-signing scandal behind us.  Long anticipated, it was supposed to be signed by Christmas (not).

[AMERICAN BANKER]

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Liberals Blast Obama Administration On Pending Mortgage Settlement

Liberals Blast Obama Administration On Pending Mortgage Settlement


See this is how things get twisted because just today, Shaun Donovan announced that the Principal Forgiveness isn’t going to happen.

Fox News-

The Obama administration came under fire Monday from U.S. Democratic lawmakers and liberal groups, who argued that a forthcoming settlement over alleged foreclosure abuses won’t do enough to penalize the banking industry.

Administration officials and state attorneys general are have been putting the finishing touches on a settlement with major banks of foreclosure-processing problems that erupted into public view in fall 2010.

Housing and Urban Development Secretary Shaun Donovan and Associate U.S. Attorney General Thomas Perrelli were meeting in Chicago on Monday with Democratic attorneys general to review potential settlement terms, according to a spokesman for Iowa Attorney General Tom Miller, who has been leading the talks.

The officials were scheduled to hold a separate conference call with Republican attorneys general later in the day, but no announcement of a settlement was expected this week.

[FOX NEWS]

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



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Bank of America, Big Banks Face Massive Credit Card Case, Estimates Into 100’s Billions

Bank of America, Big Banks Face Massive Credit Card Case, Estimates Into 100’s Billions


Another day, another colossal scandal with these fraudsters…This will make the foreclosure fraud settlement look like an ant next to an elephant.

This may be interested in this as well…Did “Robo-Signing” Cause JPMorgan Chase to Abandon over 1,000 Credit-Card Debt Lawsuits?& This recent NY case CHASE BANK v. GERGIS | NY Civ. Court “ROBO-TESTIMONY, WAMU, CREDIT-CARD DEBT” Dismissed w/ PREJUDICE

Yahoo-

NEW YORK (TheStreet) — Private antitrust litigation pitting some five million retailers against Visa , MasterCard , and 13 large banks, including Bank of America , Citigroup Capital One Financial , JPMorgan Chase , U.S. Bancorp , Wells Fargo , PNC Financial , Fifth Third Bancorp , SunTrust Banks , HSBC and Barclays Plc has slipped under the radar of many analysts and investors who follow those companies, but the case may deliver a multi-billion dollar shock to bank bulls in the coming months.

Estimates of the potential cost of a settlement of the antitrust case vary dramatically–from a few billion dollars into the hundreds of billions. At least as worrisome to the financial companies

[…]

[YAHOO]

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



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BLOOMBERG | AIG’s $15.7 Billion Bid for Maiden Lane Mortgage Bonds Rejected by NY Fed

BLOOMBERG | AIG’s $15.7 Billion Bid for Maiden Lane Mortgage Bonds Rejected by NY Fed


The New York Fed will instead sell the assets individually and in blocks, the regulator said yesterday in a statement posted on its website. BlackRock Inc. (BLK), the New York Fed’s investment manager, will issue the first bid list next week, according to the statement.

“We had anticipated we would have the opportunity to buy these assets at a fair price by January 2011 and earn a return on them for the benefit of the U.S. taxpayer,” Mark Herr, a spokesman for New York-based AIG, said in an e-mailed statement. “Now, we must make up for lost time and lost earnings.”


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BLOOMBERG | AIG May Face Rivals in $15.7 Billion Bid for Assets Held by Fed

BLOOMBERG | AIG May Face Rivals in $15.7 Billion Bid for Assets Held by Fed


American International Group Inc. (AIG) may face rival bids to its $15.7 billion offer to repurchase mortgage-backed securities it was forced to turn over to the Federal Reserve Bank of New York during a rescue by taxpayers.

Barclays Plc (BARC) is among investors considering making a counter offer, the Financial Times reported, citing unidentified people familiar with the matter. Seth Martin, a Barclays spokesman in New York, declined to comment.

PURCHASE AGREEMENT
Binding Term Sheet
Pursuant to that certain Asset Purchase Agreement, dated as of December 12, 2008 (as amended to date, the “Asset Purchase Agreement”), by and among the sellers party thereto (such entities, the “Original Sellers”), Maiden Lane II LLC (“ML II”), as buyer, the Federal Reserve Bank of New York (the “FRBNY”), as controlling party, American International Group, Inc. (“AIG Inc.”) and AIG Securities Lending Corp., as AIG agent, ML II purchased from the Original Sellers tranches of residential mortgage-backed securities. Pursuant to that certain Credit Agreement, dated as of December 12, 2008 (as amended to date, the “Credit Agreement”) among ML II, as Borrower, the FRBNY, as Controlling Party and as Senior Lender, and The Bank of New York Mellon, as Collateral Agent, the FRBNY made a loan to ML II to finance the purchase of the assets (the “Senior Loan”). Capitalized terms used but not defined herein, shall have the meanings ascribed thereto in the Credit Agreement and if not defined therein, the meaning ascribed thereto in the Asset Purchase Agreement.
Set forth below is a summary of proposed terms under which AIG Inc. would propose to enter into a Purchase Agreement (the “AIG Inc. PA”) with ML II and FRBNY, as Senior Lender and Controlling Party, pursuant to which one or more Buyers (as defined below) would purchase from ML II all of the assets (other than cash) owned by ML II as of the Cut-Off Date set forth below (each such asset, individually, an “Asset”, and collectively, the “Assets”).
I.
PARTIES
Seller: ML II
Buyer(s): AIG Inc. and certain direct or indirect subsidiaries, including insurance company subsidiaries (such subsidiaries, the “Insurance Companies”)
Senior Lender: FRBNY
Controlling Party: FRBNY
II.
PURCHASE AGREEMENT
Signing Date: A date agreed to by the parties to the AIG Inc. PA.
Closing Date: No later than April 6, 2011, or such other date agreed to by the parties to the AIG Inc. PA.

continue to read rest… HERE

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



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U.S. Home Prices Face 3-Year Drop as Inventory Surge Looms

U.S. Home Prices Face 3-Year Drop as Inventory Surge Looms


I have the perfect solution…Why not give the current homeowner a “short sale” price modification and call it a happy ending to all? Buyers are too wise nowadays.

Besides most future homeowners will have a defective title or will have an F in the past!

Here’s an example why it makes sense to work with the current owner:

LPS using their MN address purchased my home at auction for 75% discount put it on the market for about 80% and made a few grand from the highest contract that was accepted. It benefited no one!

Now if they use my solution not only will the investors save on the fees they payout to the foreclosure mills but also on the late fees the homeowner accrues…see isn’t this economic sense for everyone?

By John Gittelsohn and Kathleen M. Howley – Sep 15, 2010 12:14 PM ET

The slide in U.S. home prices may have another three years to go as sellers add as many as 12 million more properties to the market.

Shadow inventory — the supply of homes in default or foreclosure that may be offered for sale — is preventing prices from bottoming after a 28 percent plunge from 2006, according to analysts from Moody’s Analytics Inc., Fannie Mae, Morgan Stanley and Barclays Plc. Those properties are in addition to houses that are vacant or that may soon be put on the market by owners.

“Whether it’s the sidelined, shadow or current inventory, the issue is there’s more supply than demand,” said Oliver Chang, a U.S. housing strategist with Morgan Stanley in San Francisco. “Once you reach a bottom, it will take three or four years for prices to begin to rise 1 or 2 percent a year.”

Rising supply threatens to undermine government efforts to boost the housing market as homebuyers wait for better deals. Further price declines are necessary for a sustainable rebound as a stimulus-driven recovery falters, said Joshua Shapiro, chief U.S. economist of Maria Fiorini Ramirez Inc., a New York economic forecasting firm.

Sales of new and existing homes fell to the lowest levels on record in July as a federal tax credit for buyers expired and U.S. unemployment remained near a 26-year high. The median price of a previously owned home in the month was $182,600, about the level it was in 2003, the National Association of Realtors said.

Fannie Mae Forecast

Fannie Mae, the largest U.S. mortgage finance company, today lowered its forecast for home sales this year, projecting a 7 percent decline from 2009. A drop in demand after the April 30 tax credit expiration “suggests weakening home prices” in the third quarter, according to the report.

There were 4 million homes listed with brokers for sale as of July. It would take a record 12.5 months for those properties to be sold at that month’s sales pace, according to the Chicago- based Realtors group.

“The best thing that could happen is for prices to get to a level that clears the market,” said Shapiro, who predicts prices may fall another 10 percent to 15 percent. “Right now, buyers know it hasn’t hit bottom, so they’re sitting on the sidelines.”

About 2 million houses will be seized by lenders by the end of next year, according to Mark Zandi, chief economist of Moody’s Analytics in West Chester, Pennsylvania. He estimates prices will drop 5 percent by 2013.

‘Lost Decade’

After reaching bottom, prices will gain at the historic annual pace of 3 percent, requiring more than 10 years to return to their peak, he said.

“A long if not lost decade,” Zandi said.

Continue reading….BLOOMBERG

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Posted in bloomberg, chain in title, conspiracy, CONTROL FRAUD, fannie mae, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, mbs, mortgage, repossession, rmbs, shadow foreclosuresComments (1)

FULL COMPLAINT | Cambridge Place Investment Management Inc. v. Morgan Stanley, 10-2741, Suffolk Superior Court (Boston)

FULL COMPLAINT | Cambridge Place Investment Management Inc. v. Morgan Stanley, 10-2741, Suffolk Superior Court (Boston)


[ipaper docId=34161218 access_key=key-hnn1p8grrpy85crm4rc height=600 width=600 /]

Read More…

Mortgage Investors Suing For MBS FRAUD… Is your Trust named?

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