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 [...]
EDITOR’S NOTE: Today’s editorial in the New York Times mirrors the outlook of most Americans. It’s time to pass some new rules. I agree but I think that puts the emphasis on the wrong place. Most of these “new rules” were already in the old rules. They were not enforced. So the first new rule [...]
From the Sarasota Tribune…Read the Story Here. Those of us who are actively involved in the slow speed tragedy that the foreclosure courtroom has become are acutely aware of the fraud and improper actions that take place in our courts..now that the general public is becoming aware of it, we have to wonder how long [...]
I’m not sure I deserve credit for this entry from Richard Widmark, but it has a great deal of merit. It should be expanded and I’ll publish it. His is a bare outline with not much to show the reasoning behind it. Yet I see glimmers of a solution if anyone would listen. The presenting [...]
The US Treasury Department initially estimated that we would spend $50 billion dollars on the HAMP Mortgage Modification Program. So what have we gotten from our $50 billion dollars worth of spending?
According to the July 2010 numbers, less than 400,000 permanent modifications!
That’s your federal government hard at work with your money. So with that much [...]
The improper use of allonges and the failure to properly endorse or transfer the promissory note continues to be a significant issue in any foreclosure or bankruptcy case that deals with negotiable instruments. Many good courts will examine the documents closely to determine what evidence of transfer exists and, as in the case reported below, [...]
Editor’s Note: The simple reasons for the failure of the Federal program are not just that they lack clearly defined goals; they lack clearly defined understanding of the problems of title and appraisal fraud. Homeowners are sitting with property that is (a) hopelessly underwater (b) with hopelessly clouded title and (c) hopelessly engaged in mandated [...]
I7.13.10N RE CITIGROUP INC Filed under: foreclosure
I’ve been getting some “hate mail” from people who obviously have a vested interest in getting a message out that the appraisers did nothing wrong. This is the equivalent of saying the rating agencies did nothing wrong rating securities AAA when they were worthless. The simple facts are that the “lender” had no skin in [...]
I like this post from a reader in Colorado. Besides knowing what he is talking about, he raises some good issues. For example the original issue discount. Normally it is the fee for the underwriter. But this is a cover for a fee on steroids. They took money from the investor and then “bought” (without [...]
Editor’s note: I think the standards used here apply to ALL private actions for appraisal fraud. With appraisal fraud proven, virtually all lending statutes are proven to have been violated. Appraisal fraud lies at the root of the mortgage mess with its sister, ratings fraud. Both are appraisals and both are ratings. Both were designed [...]
Submitted by VivianJ 2010/06/08 at 6:55 pm Finally got on the list. A servicer, (not on the deed of trust) tried to execute a power of sale. Thanks Neil for your wonderful posts. I’ve been reading for months. I showed up. Spoke to the ‘appointed’ trustee. Said, according to your appointment you have the Deed [...]
Just think how it would have looked… Blankcheck would have said: “Gee, I couldn’t tell you about the ins and outs of those billions we made,” and someone would have walked over and whacked him with a good size stick. Now that’s what I call compelling television.
FIP (Fraud in Process) Proof Not much to say here except possible Bar Grievance Criminal Complaint Civil Damage Complaint Administrative Complaint against people or entities chartered or having licenses Did I miss anything? Filed under: foreclosure
Investment banks bundled mortgage loans into securities and then often rebundled those securities one or two more times. Those securities were given high ratings and sold to investors, who have since lost billions of dollars on them. Editor’s Note: The significance of this report cannot be overstated. Not only did the investment bankers LOOK for [...]
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