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 [...]
EDITOR’S NOTE: The shell game continues. While the media picks up stories about “settlements” giving rise to the presumption that Countrywide Home Loans and Bank of America and the rest of the securitization players committed various violations of statutes, duties, rules and regulations, the main point gets lost. Where is this money going and WHY? [...]
WHAT IS ABOUT TO HAPPEN: The appointment of the head of the Bureau of Consumer Financial Protection recently created by the new federal legislation on financial reform. Elizabeth Warren and Mary Schapiro essentially defined the job. Ms. Schapiro is already head of the SEC and is vigorously investigating and prosecuting the mortgage fraud business across [...]
I7.13.10N RE CITIGROUP INC Filed under: foreclosure
First they started with servicers bringing foreclosures, and that didn’t work. Then they tried MERS to bring foreclosures, and that didn’t work. Then they tried backdated, fabricated and forged documents from non-existent originators with signatures from phantom people as “limited signing officer” or “assistant vice president” and that is going down the drain. Now they [...]
6 13 10investors-suing-chase-includes-list-of-mortgage-backed-securities-various-originators-like-new-century-wamu-wells-fargo-resmae-greenpoint-coun As Weidner points out, these cases are well worth your time in research. With their minions of lawyers, they have more information that is industry specific than you can accumulate or absorb. Investors are aligning themselves with the interests of the borrowers. Here they are attacking the false representations of underwriting standards, [...]
Training Bulletin Number 2010-05 To: All MERS Members ` May 26, 2010 Re: Identifying Investors on MERS® System MERS® System Release 19.0 on June 14, 2010, will include Phase II of MERS® InvestorID. Phase I was introduced on June 19, 2009, to help our Members meet the requirements of the Helping Families Save Their Homes [...]
More and more states are following the example set by the federal government in requiring mediation or modification attempts before going forward with litigation. We think that is a good idea in theory, but without the teeth that is in the enabling rules and statutes in Florida, you are just going to end up playing [...]
Since the entire scheme was based upon using money advanced by investors, why are they not the beneficiaries on the mortgage or deed of trust and why were they not the payee on the note? The investors would not have advanced any money without getting a certificated or non-certificated interest in the pool of assets [...]
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 [...]
Editor’s Note: Hard to say which way this will go, but it SHOULD go negative for Moody’s, Fitch and Standard and Poor’s. This was appraisal fraud at the OTHER end of the lending chain. Investors were misled as to the value of the security not only because the home appraisals were inflated, and not only [...]
Editors’ Note: In response to my post on ID THEFT I received a number of comments and ideas. Here is one example of how someone stuck to the message and forced the issue using ID theft as a defensive tactic as well as preparing for an offensive response. Are you reading my mind? Out of [...]
From Beth Findsen, Attorney in Scottsdale, AZ, she comments that ID Theft may just be the heart of the matter in seeking damages. The logic is simple: they used every borrower’s signature for selling a pool of loans that included OTHER borrowers and a huge undisclosed profit was generated by using the borrower’s signature. Without [...]
REGISTER NOW FOR DISCOVERY AND MOTION PRACTICE WORKSHOP MAY 23-24 Editor’s Note: As these hearings progress, you will see more and more admissible evidence and more clues to what you should be asking for in discovery. You are getting enhanced credibility from these government inquiries and the results are already coming out as you can [...]
33-9117 Proposed ABS Regulations The recent financial crisis highlighted that investors and other participants in the securitization market did not have the necessary tools to be able to fully understand the risk underlying those securities and did not value those securities properly or accurately. Filed under: bubble, CDO, CORRUPTION, Eviction, foreclosure, GTC | Honor, Investor, [...]
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