The foreclosure mediation programs that the Florida Supreme Court recently ordered to be started in circuits across Florida have only recently been implemented and already the lenders are looking for ways to rip away the important rights that the Supreme Court has provided for them. The foreclosure mediation program we have implemented in the Sixth [...]
The biggest question I have about the real estate market is… why are we all pretending that there’s a real estate market at all. There’s no real estate market in this country, hasn’t been one since July 10, 2007, when the Wall Street banks destroyed then bond market. July 10, 2007 was the day that Standard and Poors and Moody’s downgraded about a thousand bond issues that were backed by sub-prime mortgages, and investors like pension plans dumped the bonds the next day, along with any others that they feared might be downgraded soon.
Potential Game-Changer Alert… District Court Judge Says Homeowner is the Intended Third Party Beneficiary to the contract between Fannie and servicers… and that means the right to sue yours.
SHELL GAME CONTINUES. WHO HAS THE BOND? WHO HAS THE RECEIVABLE? WHO HAS THE SECURITY INTEREST? WHO IS GETTING PAID? WHERE ARE THE MONTHLY PAYMENTS GOING? FANNIE MAE AND FREDDIE MAC ARE BIG PLAYERS, AS IS THE FEDERAL RESERVE. ARE THEY THE ONES REALLY FORECLOSING UNDER COVER OF SECURITIZATION? EDITOR’S NOTE: Another entry under the [...]
Tonight’s episode of NBC Evening News reports on one of the largest yet bailouts….the bailout of Fannie Mae and Freddie Mac.
NBC news reports that more than half of the mortgages in the US are owned or underwritten by the federal government…now consider that in the context of the foreclosure crisis.
Why should the obscene conduct being [...]
Tonight’s episode of NBC Evening News reports on one of the largest yet bailouts….the bailout of Fannie Mae and Freddie Mac.
NBC news reports that more than half of the mortgages in the US are owned or underwritten by the federal government…now consider that in the context of the foreclosure crisis.
Why should the obscene conduct being [...]
Taxpayer support for the financial system grew by $700 billion last year, and has now reached roughly $3.7 trillion, including TARP, Federal Reserve programs, asset guarantees and federal bank deposit insurance, among other commitments.
From Mandelman Matters Blog: Mandelman Blog A few weeks ago, Fannie Mae issued an outright threat to homeowners in this country, creating a new rule that would punish anyone who stops paying their mortgage and walks away from their home, referred to as a “strategic default,” by not allowing those who choose that path to [...]
Then you say it’s bad for communities, Terrence, why do you think that’s the case? I mean… bad is a relative term, wouldn’t you agree. And, in terms of doing bad things to communities, aren’t you guys at Fannie Mae pretty much the poster children? Like if the Olympic Games had a “Damaging Communities” event, wouldn’t you guys at Fannie be like the Michael Phelps of gold medalists, at the very least?
Reston-based company sued on fraud charges Nevada law firm says Mortgage Electronic Registration Systems deprives counties of fees by Gregg MacDonald | Staff Writer A Nevada law firm has filed two civil lawsuits against Reston-based Mortgage Electronic Registration Systems alleging billions of dollars worth of fraud. The suits, filed in Nevada and California district courts, [...]
This is what is scaring the big boys that are siphoning every penny out of every American citizen whether they own property or not. If the rush toward strategic defaults continues, it is quite possible that many people will get a large share of the transfer of wealth from poor to rich. The fact remains [...]
29248253-Mers-May-Not-Foreclosure-for-Fannie-Mae Editor’s Note: Their intention was to get MERS and servicers out of the foreclosure business. They now say that prior to foreclosure MERS must assign to the real party in interest. Here’s their problem: As numerous Judges have pointed out, MERS specifically disclaims any interest in the obligation, note or mortgage. Even the language [...]
Roubini explains things I didn’t previously understand, such as the details of Federal Reserve Chairman Ben Bernanke’s and Treasury Secretary Geithner’s response to the meltdown.
Oh, I knew some of what those two had done, but not enough in terms of the details, and I was thrilled when I read the chapters that provided some very clear insight into what continues to go on today.
Submitted by a reader from an unknown source — might be Dr. Housing Bubble, which is another Blog Housing never really improved – 10 charts showing the United States housing market is entering the second wave of problems. 1 out of 4 people with no mortgage payment in the last year are still not in [...]
Editor’s Note: While the courts hear arguments and decide this way and that about standing and real party in interest, the elephant in the living room is that we have highly publicized reports of LOSSES associated with more than $5 trillion in loans bought or guaranteed by Fannie and Freddie. That amounts to around 25 [...]
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