- Foreclosuregate – Our Friend and Colleague Michael Olenick of Legalprise on Dylan Ratigan
- Michael Olenick: The Administration Likes Foxes in Charge of Henhouses – Proof that OCC Foreclosure Reviews Are a Sham
- Michael Olenick: NAR’s Big Miss on Home Sales Underscores Lack of Transparency and Accuracy in Mortgage/Housing Data
Dec
28
Michael Olenick: The Coming of the Light
Michael Olenick: The Coming of the Light We closed down crooked foreclosure processing companies, exposed crooked bankers, and now even identified a crooked (or at least grossly incompetent) senior US government official or two. We’ve watched them twist the law, the financial markets, and their own humanity into some unrecognizable nightmare form, and now and … Read more
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Dec
22
Michael Olenick: The Administration Likes Foxes in Charge of Henhouses – Proof that OCC Foreclosure Reviews Are a Sham
Michael Olenick: The Administration Likes Foxes in Charge of Henhouses – Proof that OCC Foreclosure Reviews Are a Sham By Michael Olenick, founder and CEO of Legalprise, and creator of FindtheFraud, a crowd sourced foreclosure document review system (still in alpha) “There Goes the Neighborhood,” which ran on 60 Minutes last Sunday, is a must-see … Read more
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- Foxes Guarding the Hen House | Analysis: Bank-Picked Experts Take On U.S. Fraudclosure Reviews
- Foreclosuregate – Our Friend and Colleague Michael Olenick of Legalprise on Dylan Ratigan
- Michael Olenick: NAR’s Big Miss on Home Sales Underscores Lack of Transparency and Accuracy in Mortgage/Housing Data
Dec
22
Michael Olenick: The Administration Likes Foxes in Charge of Henhouses – Proof that OCC Foreclosure Reviews Are a Sham
Michael Olenick: The Administration Likes Foxes in Charge of Henhouses – Proof that OCC Foreclosure Reviews Are a Sham By Michael Olenick, founder and CEO of Legalprise, and creator of FindtheFraud, a crowd sourced foreclosure document review system (still in alpha) “There Goes the Neighborhood,” which ran on 60 Minutes last Sunday, is a must-see … Read more
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- Foxes Guarding the Hen House | Analysis: Bank-Picked Experts Take On U.S. Fraudclosure Reviews
- Foreclosuregate – Our Friend and Colleague Michael Olenick of Legalprise on Dylan Ratigan
- Michael Olenick: NAR’s Big Miss on Home Sales Underscores Lack of Transparency and Accuracy in Mortgage/Housing Data
Dec
22
OCC Mortgage Metrics Report for the Third Quarter of 2011
Overall Mortgage Performance Stable, Delinquencies Remained Elevated in Third Quarter 2011 WASHINGTON—The performance of first-lien mortgages serviced by large national banks and federal savings association was stable, but delinquencies remained elevated during the third quarter of 2011, according to a report released today by the Office of the Comptroller of the Currency (OCC). The quarterly … Read more
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Dec
22
OCC Mortgage Metrics Report for the Third Quarter of 2011
Overall Mortgage Performance Stable, Delinquencies Remained Elevated in Third Quarter 2011 WASHINGTON—The performance of first-lien mortgages serviced by large national banks and federal savings association was stable, but delinquencies remained elevated during the third quarter of 2011, according to a report released today by the Office of the Comptroller of the Currency (OCC). The quarterly … Read more
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Dec
16
FORECLOSURE FRAUD MUST STOP NOW! TELL WELLS FARGO TO DO THE RIGHT THING AND REVERSE THE BIEN-AIMÉ’S FORECLOSURE
FORECLOSURE FRAUD MUST STOP NOW! The Bien-Aimé’s built their dream house 10 years ago… …BUT IT MAY BE STOLEN ANY DAY BY BANK-ROBBERS! NOT MASKED MEN WHO ROB BANKS, NO! UNDER FORECLOSURES… …THE BANKS ROB US!!! The Bien-Aimé’s were paying their mortgage on time; they’d fallen behind a few years ago but had gotten a … Read more
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Dec
15
Holy Fraudclosure! | Cantwell to Justice Department: Fully Investigate Fraudulent Foreclosures before Bank Settlement
U.S. Senator Maria Cantwell Washington For Immediate Release December 15, 2011 Cantwell to Justice Department: Fully Investigate Fraudulent Foreclosures before Bank Settlement In letter to DOJ, Cantwell demands full investigation into robo-signing scandal and ‘pump and dump’ mortgage bubble scheme WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA) demanded the Department of Justice fully … Read more
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Dec
15
Michael Olenick: NAR’s Big Miss on Home Sales Underscores Lack of Transparency and Accuracy in Mortgage/Housing Data
Michael Olenick: NAR’s Big Miss on Home Sales Underscores Lack of Transparency and Accuracy in Mortgage/Housing Data By Michael Olenick, founder and CEO of Legalprise, and creator of FindtheFraud, a crowd sourced foreclosure document review system (still in alpha) The National Association of Realtors (NAR) has announced that their estimates for home sales have been … Read more
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Dec
14
Dylan Ratigan | Exposing the inner workings of Wall Street
~ 4closureFraud.org Tweet Related posts: Response to the Lenders Objections PHH Mortgage Full Deposition of the Infamous Erica Johnson Seck RE: Indymac Federal Bank Fsb, Plaintiff, Vs. Israel a. Machado – 50 2008 CA 037322xxxx Mb PMI Ocwen Anderson Report – Sue First Ask Questions Later
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Dec
12
Locked Up | Unpaid Bills Land Some Debtors Behind Bars
Although debtors’ prisons are illegal across the country, it’s becoming increasingly common for people to serve jail time as a result of their debt. ~ 4closureFraud.org Tweet Related posts: Revenge of the Debtors – Who can Legally Enforce a Mortgage After a “Landmark” Case THE RETURN OF DEBTORS PRISONS: Collection Agencies Now Want Deadbeats Arrested … Read more
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Dec
12
Alan Grayson | A $200K Mortgage for $2 a Month
Two hundred and thirteen years ago, there was a Member of Congress who said: “Millions for defense, but not one penny for tribute.” Now we have a government that says: “Trillions for Wall Street, but not one penny for you.” ~ A $200K Mortgage for $2 a Month You saw that title, “A $200K Mortgage … Read more
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Dec
08
Dylan Ratigan | House of Pain – States Take Charge of ‘Fraudclosure’ Crackdown w/ Martha Coakley
Visit msnbc.com for breaking news, world news, and news about the economy ~ 4closureFraud.org Tweet Related posts:Dylan Ratigan | Delaware AG Beau Biden: Fighting Fraudclosure Dylan Ratigan | Nevada State Attorney General Catherine Cortez Masto Fights Fraudclosure Fraudclosure – Marcy Kaptur on Dylan Ratigan, Inside the Country’s Mortgage Mess
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Dec
08
NBC Nightly News | Mass. Attorney General: Why we are suing the banks (VIDEO)
Visit msnbc.com for breaking news, world news, and news about the economy ~ 4closureFraud.org Tweet Related posts:NBC Nightly News | John O’Brien: Can’t tell who owns mortgages (VIDEO) MUST SEE MSNBC Nightly News Fraudclosure Series | No End in Sight to Foreclosure Quagmire Morning Joe | Del Attorney General Goes After Banks Over Mortgage Fraudclosures
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Dec
07
Bernanke Letter to Congress RE: Bloomberg 7.7 Trillion Secret Bailout Article
The letter below is in response to Secret Fed Loans Gave Banks $13 Billion Undisclosed to Congress. ~ 4closureFraud.org ~ Bernanke Letter to Congress Tweet Related posts:Mayor Michael Bloomberg Blames Congress and Defends Banks, Over the Mortgage Crisis Wall Street Aristocracy Got $1.2 Trillion in Secret Fed Loans Letter | Elijah Cummings Requests Hearing on … Read more
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Dec
06
Rachel Maddow | Scott Oslen Speaks on the Future of the Occupy Movement
~ 4closureFraud.org Tweet Related posts:Rachel Maddow | Occupy Defends the Homefront Rachel Maddow | Beau Biden on MERS and Accountability of Mortgage Malfeasance Rachel Maddow | New York AG Eric Schneiderman Pursues Bank Accountability (VIDEO)
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Dec
06
Rachel Maddow | Occupy Defends the Homefront
~ 4closureFraud.org Tweet Related posts:Rachel Maddow | Beau Biden on MERS and Accountability of Mortgage Malfeasance Rachel Maddow | New York AG Eric Schneiderman Pursues Bank Accountability (VIDEO) #AGOs TWEET | AG Coakley to hold press conference at 1pm regarding a major lawsuit against 5 national banks
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Nov
27
Fannie Mae Directs Servicers to Transfer Fraudclosure Files from the Steven J. Baum Law Firm
Baum fall throws NY foreclosures a curve Thousands of Baum foreclosures in NY limbo The implosion of the foreclosure-mill law firm of Steven J. Baum has thrown close to 10,000 New York families into legal limbo. Baum announced last week that he was closing the firm after Fannie Mae and Freddie Mac, the government-run mortgage … Read more
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Nov
27
Abigail Field | Occupy the Constitution: Get Money Out of Politics, Part 1
Occupy the Constitution: Get Money Out of Politics, Part 1 Dear Occupy and all the members of the 99%: As you know and daily experience, our government’s priorities and policies are shaped by the 1% via corporate lobbyists, PACs, and direct campaign contributions. If you have any doubt, listen to convicted lobbyist Jack Abramoff break … Read more
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Nov
27
Abigail Field | Occupy the Constitution: Get Money Out of Politics, Part 1
Occupy the Constitution: Get Money Out of Politics, Part 1 Dear Occupy and all the members of the 99%: As you know and daily experience, our government’s priorities and policies are shaped by the 1% via corporate lobbyists, PACs, and direct campaign contributions. If you have any doubt, listen to convicted lobbyist Jack Abramoff break … Read more
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Nov
23
Foreclosure Fraud Talks Push Ahead Absent California
Foreclosure Talks Push Ahead Absent California Bank representatives and government officials are working on a broad settlement of most state and federal foreclosure-practices investigations that could move forward without the participation of California, long considered a key to any deal, people familiar with the negotiations said. The terms of the deal remain fluid. Banks have … Read more
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Nov
19
Soured on Saurman
Elected justice moves swiftly. The Michigan Supreme Court handed down its opinion in Residential Funding Co. v. Saurman on Wednesday, a couple of weeks after oral argument. They were in a rush to get the opinion out, it seems. Unfortunately, it's a terrible opinion. The Michigan Supreme Court reversed the appellate court to hold that MERS has the power to conduct non-judicial foreclosures (foreclosure by advertisement) in Michigan.
To reach this conclusion, the Michigan Supreme Court had to conclude that MERS had an interest in the indebtedness--that is an interest in the note. MERS, however, expressly disclaims any interest in the note. So it took some acrobatics and legerdemain and outright tautology to get no to mean yes. Here's how they did it:
The Michigan Supreme Court argued that MERS had an interest in the indebtedness not via an ownership interest in the note, but because as record holder of the mortgage MERS owned a lien that it could foreclosue on if there was a default on the mortgage.We clarify, however, that MERS’ status as an “owner of an interest in the indebtedness” does not equate to an ownership interest in the note. Rather, as record- holder of the mortgage, MERS owned a security lien on the properties, the continued existence of which was contingent upon the satisfaction of the indebtedness. This interest in the indebtedness — i.e., the ownership of legal title to a security lien whose existence is wholly contingent on the satisfaction of the indebtedness — authorized MERS to foreclose by advertisement under MCL 600.3204(1)(d).
Note the tautology of the reasoning. MERS can only foreclose on the mortgage because the Michigan Supreme Court says it can: MERS can foreclose because it has an interest in the indebtedness because it is the record holder of the mortgage which gives it a right to foreclose on the mortgage when there is a default---but only because the Michigan Supreme Court says MERS has a right to foreclose on the mortgage. The Michigan Supreme Court's conclusion depends on the Michigan Supreme Court's conclusion. If the Michigan Supreme Court said that MERS didn't have a right to foreclose in its own name--that MERS could be the record holder of the mortgage, but not actually foreclose in its own name--then MERS wouldn't have an interest of any sort in the note, which would, well, mean that it couldn't foreclose by advertisement.
Well, as Holmes noted, "[t]he life of the law has not been logic: it has been experience." And maybe Michiganders experience with foreclosures will be reflected in the next judicial election cycle.
Nov
18
Just When You Thought You Heard It All, Freddie Mac Set to Securitize Previously Delinquent Mortgages
“The mortgages are listed as performing, but Freddie Mac said some are still distressed.” ~ Freddie Mac to securitize previously delinquent mortgages Freddie Mac plans to bundle pools of once-delinquent mortgages, calling the strategy “a new avenue for securitization.” The mortgages to be used as collateral are re-performing loans, current for the last 12 months. … Read more
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Nov
18
WOW | Countdown with Keith Olbermann on Michael Bloomberg and #OccupyWallStreet
~ 4closureFraud.org Tweet Related posts:“Worst Person of the Week” | Keith Olbermann Wears Guy Fawkes Mask While Giving Out Steven J. Baum’s Address (MUST VIEW VIDEO) Amazing Video | Michael Moore @ #OccupyWallStreet Mayor Michael Bloomberg Blames Congress and Defends Banks, Over the Mortgage Crisis
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Nov
15
COMPLAINT | Register of Deeds CURTIS HERTEL, of INGHAM COUNTY; and NANCY HUTCHINS, of BRANCH COUNTY vs MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC., et al
STATE OF MICHIGAN 30TH CIRCUIT COURT FOR THE COUNTY OF INGHAM CURTIS HERTEL, the Register of Deeds and Representative of INGHAM COUNTY; and NANCY HUTCHINS, the Register of Deeds and Representative of BRANCH COUNTY, both as Class Representatives of all 83 counties in the State of Michigan. Plaintiffs, V MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC., MERSCORP,INC., … Read more
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- Curtis Hertel Jr., Register of Deeds | FBI Investigating Possible Foreclosure Fraud in Ingham County
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- Tweet | Curtis Hertel Ingham County Register of Deeds “I am proud to announce Ingham and Branch counties have filed a class action against MERS for unpaid transfer taxes”
Nov
11
Citizen Researchers Please Help Write This Article Why Investors, Homeowners and the Economy Benefit From Principal Write-downs
CITIZEN RESEARCHERS: PLEASE HELP WRITE THIS ARTICLE WHY INVESTORS, HOMEOWNERS AND THE ECONOMY BENEFIT FROM PRINCIPAL WRITE-DOWNS Principal write-downs have been condemned as morally hazardous. Failure to include such write-downs may well sink any chances of an economic recovery. To demonstrate the value of write-downs, this research documents the history of homes now on the … Read more
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Nov
07
JOE NOCERA | To Fix Housing, See the Data
To Fix Housing, See the Data In Miami recently, I met up with Laurie Goodman, a senior managing director of Amherst Securities. I’d been trying to meet her ever since I’d read an article that she had written in March entitled “The Case for Principal Reductions.” But our schedules never seemed to mesh. So when … Read more
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Nov
06
A Must Read | The Collapse of Our Corrupt, Predatory, Pathological Financial System is Necessary and Positive
“This is how we get hundreds of trillions of dollars in “notational” derivatives: every hedged is hedged with another “instrument,” “products” are bundled and insured, and so on. The system is based on the principle that risk can be reduced to zero, and so there is no need for capital.” ~ If anyone who reads … Read more
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Nov
01
Foreclosure Fraud Review Begins Today by Homeowner Request
“I’m skeptical of any program implemented by the banks and servicers to examine their prior errors, omissions and intentional or unintentional criminal acts” ~ Foreclosure review begins today by homeowner request A massive review of as many as 4 million foreclosures nationwide began Tuesday as mortgage servicers seek out borrowers whose cases contain flaws. The … Read more
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Nov
01
Mayor Michael Bloomberg Blames Congress and Defends Banks, Over the Mortgage Crisis
Speaking at a business breakfast in midtown featuring Bloomberg and two former New York City mayors, Bloomberg was asked what he thought of the Occupy Wall Street protesters. “I hear your complaints,” Bloomberg said. “Some of them are totally unfounded. It was not the banks that created the mortgage crisis. It was, plain and simple, … Read more
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