I’ll say it again, Their days are numbered. Plenty to hide but eventually the cat will come out of the bag!

HuffPO-

For many months, people concerned about the anemic American economy have focused on the housing market, and the reality that many of the nation’s homeowners remain underwater, owing banks more than their homes are worth. Eyes have turned to Fannie Mae and Freddie Mac, the two government-controlled mortgage behemoths that collectively back about half of the nation’s $11 trillion worth of outstanding home loans: If they would forgive a significant slice of this debt for homeowners facing difficulty, that would give borrowers a greater stake in their properties, diminishing the foreclosure crisis. The move would put more money in people’s pockets via lowered mortgage payments — money that borrowers would in turn spend, generating jobs for other people.

But the government body that now supervises Fannie and Freddie, the Federal Housing Finance Agency, has refused to…

[HUFFINGTON POST]

FEDERAL HOUSING FINANCE AGENCY
OFFICE OF INSPECTOR GENERAL

Evaluation of the Federal Housing Finance Agency’s
Oversight of Freddie Mac’s Repurchase Settlement
with Bank of America

EXPLANATION OF REDACTIONS IN THIS REPORT
This report includes redactions requested by the Federal Housing Finance Agency (FHFA) and the Federal Home Loan Mortgage Corporation (Freddie Mac). According to FHFA and Freddie Mac, the redactions are intended to protect from disclosure material that they consider to be confidential financial, proprietary business, and/or trade secret information, which Freddie Mac claims it would not ordinarily publicly disclose and, if disclosed, could place it at a competitive disadvantage.

Scribd

© 2010-12 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.
www.StopForeclosureFraud.com

Just like his Twin Fannie and their Robo-Machine…it’s just all a mess. I give them a few months and kaput! 

WSJ-

A federal watchdog said Freddie Mac may have given up opportunities to recover billions of dollars in claims over defaulted mortgages and suggested that a January settlement with Bank of America Corp. to resolve $1.3 billion in bad-loan claims was inadequate.

The report is to be released Tuesday by the inspector general for the Federal Housing Finance Agency, which regulates Freddie Mac and its larger cousin, Fannie Mae.

A senior FHFA examiner warned in September 2010, months before the Bank of America settlement, that Freddie “could be passively absorbing billions of dollars in losses” by not more aggressively reviewing defaulted …

[WALL STREET JOURNAL]

Once again, without “MERS”, This would not have been made possible. Not only did they give power to 20,000+ certifying officers “VP’s” nationwide the ability to sign any document, it also opened up the possibility to forging, backdating and fabricating them as we’ve seen in court cases!

They knew what was happening.

AP-

Fannie Mae missed chances to catch law firms illegally signing foreclosure documents and its government overseer did not take the right steps to ensure Fannie was doing its job, federal regulators say.

The Federal Housing Finance Agency’s inspector general said in a report Friday that Fannie failed to establish an “acceptable and effective” way to monitor foreclosure proceedings between 2006 and early 2011. Government regulators then failed to ensure it was complying with demands that it clean up its programs.

[ABC NEWS]

Nevada Attorney General Catherine Cortez Masto is expected to file criminal charges against bank and title company employees, as well as notary publics, over allegations of robo signing.

LVRJ-

A Las Vegas attorney who represents people facing foreclosure has accused Wells Fargo of forging loan documents. The allegation is the latest sign that efforts to hold mortgage lenders accountable are escalating in Nevada.

In court papers filed this month in Clark County District Court, attorney Dave Crosby alleged bank employees committed forgery and fraud in making a $350,000 loan to a father of four who was unemployed at the time.

“They forged signatures, they backdated documents,” Crosby said. “We’ve got them cold.”

[LVRJ]

Like everything else….umm… oh yea! Those things called modifications. This ain’t gonna happen either!

WSJ-

It probably won’t include “1-800-ROBO,” but big banks are preparing to launch a toll-free number to find consumers harmed by problems in foreclosure processing.

The effort to find consumers is an outgrowth of the controversy over so-called robo-signing and other problematic foreclosure practices. Last spring, regulators ordered major banks and thrifts to overhaul their foreclosure practices, finding that 14 lenders filed foreclosures with improper documentation and lacked sufficient staff to properly handle distressed borrowers. The banks have now picked independent consultants to identify any borrowers who were harmed by foreclosure-processing problems.

[WALL STREET JOURNAL]

In case you missed it.. I put together Special Events that Happened in 1999 …Welcome to the 99 Club. It’s incomplete but it was a start to the mess we have today.

AP- By PALLAVI GOGOI, AP Business Writer

Counties across the United States are discovering that illegal or questionable mortgage paperwork is far more widespread than first thought, tainting the deeds of tens of thousands of homes dating to the late 1990s.

The suspect documents could create legal trouble for homeowners for years.

Already, mortgage papers are being invalidated by courts, insurers are hesitant to write policies, and judges are blocking banks from foreclosing on homes. The findings by various county registers of deeds have also hindered a settlement between the 50 state’s attorneys general who are investigating big banks and other mortgage lenders over controversial mortgage practices.

The problem of shoddy mortgage paperwork, which comprises several shortcuts known collectively as “robo-signing,” led the nation’s largest banks, including Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., and other lenders to temporarily halt foreclosures nationwide in the fall of 2010.

At the time, “robo-signing” was thought to be contained to the affidavits that banks file and use to prove they have the right to seize a home for foreclosure. Companies that process mortgages said they were so overwhelmed with paperwork that they cut corners.

But now …

[ASSOCIATED PRESS]

WSJ–

The mortgage industry will take a step toward cleaning up some of its most controversial practices under a deal between a New York regulator and three financial firms, including Goldman Sachs Group Inc.

Under the agreement with the state’s financial-services superintendent, Benjamin M. Lawsky, the three firms—Goldman, its Litton Loan Servicing business and Ocwen Financial Corp.—promised to end so-called robo-signing, in which bank employees signed foreclosure documents without reviewing case files as required by law. They also agreed to comb through loan files for evidence they mishandled borrowers’ paperwork and to cut mortgage payments for some New York homeowners.

The …

[WALL STREET JOURNAL]

Scribd

Foreclosure
Fraud
&
Robo-­Signing
Continues…

A Year Ago, A Storm of Allegations And Reports Highlighting Robo-­Signing And Foreclosure Fraud Swept Across America Causing Major Banks To Halt Foreclosures Nationwide While Congressional, State, And Federal Investigations Were Launched. A Year Later, While Investigations Are Still Ongoing, Regulators Have Failed To Correct The Underlying Issues Behind Foreclosure Fraud And Robo-­Signing. The Overwhelming Evidence Presented In This Paper Is That Not Only Were American Homeowners And Borrowers Defrauded In The World’s Greatest Financial Scam, But American’s Wealth And Security Were Placed At Risk. To Date, There Has Been Only One Criminal Conviction Of An Executive Of A Major Mortgage Company And Other Criminal Convictions Have Been Halted. Still, As Shown In This Paper, Foreclosure Fraud And Robo-­Signing Continue While Some Courts Address The Issue And Others Ignore The Ramifications Of This Massive Fraud. What Is Now Known Is That These Scams Were Not Unique, But Industry-­Wide. The Mortgage-­Backed Securities Turned Out To Be Non-­Mortgage & Note Backed Empty Trusts. To Conceal This Massive Ponzi Scheme Perpetuated Against Americans, The Nation’s Mortgage Industry Continues To Manufacture, Fabricate, & Destroy Evidence, Despite The Inherent Risks And Ramifications Since Over 90% of Borrowers Don’t Challenge Their Foreclosures.

Scribd

[image: flicker]

NY POST-

The banks still just don’t get it.

In a staggering 92 percent of the claims brought by creditors asserting the right to foreclose against bankrupt families in New York City and the close-in suburbs, banks and mortgage servicers couldn’t prove they had the right to kick the families out on the street, a three-month probe by The Post has shown.

But that didn’t stop the banks from trying.

By robosigning documents and pressing foreclosures without the proper paperwork, banks have attempted to steamroll their way over sometimes-outgunned homeowners, The Post has uncovered.

But homeowners and the courts are starting to fight back.

Read more:

http://www.nypost.com/p/news/business/house_of_cards_hNdx5fNGt6oOl1U9mTW0HN#ixzz1V3P5SA00

All-in-One [Copier, Scanner, Printer, Fabricator]

Abigail C. Field-

By now I imagine that everyone recognizes a pandemic of legally flawed foreclosures has infected America’s land records. But not everyone realizes how deep the greed and “corner cutting” goes. For example, a significant percentage of the flawed proceedings tainting our hundreds-year-healthy system of tracking land ownership may reflect nothing more than mortgage servicers’ unwillingness to get the original promissory note, mortgage and assignments from the vault. That is, using the real, accurate documents (and complying with the rules and law) is too expensive.

(Sorry officer, I recognize I was going 80 in a 35 mile an hour zone. It was costing me too much money to drive the speed limit. Time is money.)

[REALITY CHECK]

We are extremely fortunate to have Abigail continue to focus on these issues!

Although disappointing not to see the final outcome behind the documents, this does not settle well with the FRAUD obviously involved.

“We conclude that this is a question of great public importance, as many, many mortgage foreclosures appear tainted with suspect documents,” the appeals court wrote in certification to the Supreme Court.

according to Miami Herald-

Both sides have agreed to settle a high-profile foreclosure fraud case pending before the Florida Supreme Court.

Details of the settlement were not disclosed in a brief stipulation filed Thursday with the high court.

The 4th District Court of Appeal in West Palm Beach had certified the case as a matter of “great public importance.”

The appeal court ruled Roman Pino couldn’t try to prove the Bank of New York Mellon defrauded him when it foreclosed on his Greenacres home.

NY Times- Gretchen Morgenson

HOW should banks atone for those foreclosure abuses — all the robo-signing and shoddy recordkeeping that jettisoned so many people from their homes?

It has been four months since a deal to remedy this mess was floated. Not much has happened since — at least not publicly.

Last week, banking executives and state attorneys general met in Washington to try to settle their differences. At issue was how much banks should pay, and how and to whom, to make this all go away. The initial terms, which emerged in March, were said to carry a $20 billion price tag.

But here is a crucial question [...]

[NEW YORK TIMES]

BLOOMBERG-

A push by U.S. banks to win broad liability releases has become one of the main obstacles in talks to resolve a nationwide probe of mortgage-servicing and foreclosure practices, two people briefed on the matter said.

The mortgage servicers want protection from additional state and federal claims over their mortgage practices as part of reaching a settlement that may exceed $20 billion, according to the people, who declined to be named because the talks are private. The banks are seeking releases that go beyond servicing of mortgages to include lending and securitization of loans, one of the people said.

Continue reading [BLOOMBERG]