End to evictions in Spain? Locksmiths refuse to help oust owners amid austerity drive
People sit in front of banners and placards displayed by evicted people outside a branch of Caja Madrid, part of the Bankia group bailed out by the Spanish state, during a protest against evictions on the Plaza Celenque in Madrid on October 25, 2012. (AFP Photo / Pedro Armestre) Dozens [...]
Categories: Mortgage Crisis Tags: 2012, money, mortgage, Spain
Foreclosure Mill Attorney Hit on Three Ethics Violations
KingCast and Mortgage Movies Celebrate as Baltimore Judge Justin J. King nails robo-signer and fraudclosure Attorney Thomas P. Dore on three ethics violations; sanctions to follow. I told you about this menace to society quite some time ago, (here is the full Mortgage Movies dossier on him) and I know [...]
Categories: Mortgage Crisis Tags: Florida, Mortgage Movies, time
State Court Ruling Deals Body Blow to MERS
(Reuters) – The highest court in the state of Washington recently ruled that a company that has foreclosed on millions of mortgages nationwide can be sued for fraud, a decision that could cause a new round of trouble for the nation’s banks. The ruling is one of the first to [...]
Categories: Mortgage Crisis Tags: foreclosure, fraud, MERS, mortgage
New Real Estate Train Wreck Coming: Securitized Rentals
No matter how bad things get, it turns out they can always get worse. Wall Street is about to foist a new “innovation” on investors that even the ratings agencies won’t touch. Greedy, reckless, and just plain lazy mortgage originators, servicers, and trustee took what was actually a not unreasonable [...]
Categories: Mortgage Crisis Tags: history, mortgage, Remember, US
‘Sharpie Parties’ Wreak Havoc on Foreclosed Homes
AOL In the age of Facebook and Twitter, a new crime has hit America: “Sharpie parties,” gatherings of party revelers armed with “Sharpie” magic markers and lured by social media invitations to wreak havoc on foreclosed homes. Five years into the U.S. foreclosure crisis, Sharpie parties are a new form [...]
Categories: Mortgage Crisis Tags: America Sharpie, Anna Hazel, Facebook, police
House members’ VIP loans excluded from Court Subpoena
By LARRY MARGASAK Associated Press WASHINGTON—A Democratic committee chairman overrode his own subpoena three years ago in an investigation of former subprime mortgage lender Countrywide Financial Corp. to exclude records showing that he, other House members and congressional aides got VIP discounted loans from the company, documents show. The procedure [...]
Categories: Mortgage Crisis Tags: America, bank, Court Subpoena, VIP
Washington’s highest court rules MERS cannot foreclose on homeowners
Sans the protesters in Russian and ‘Putin-ology’ in regards to those seeking government reform, we have found something, somewhere that the government can do for you. It’s this: The holder of the note can foreclose on a given property, if they can prove they hold the note. Seems that a Judge in [...]
Categories: Mortgage Crisis Tags: government, Justice Tom Chambers, Lake Oswego, MERS, mortgage
Eight Companies Sued For Fraudulent Foreclosures
Here we go again, unchecked, unmonitored and zero legal due process by Obamas Administration. A lawsuit against eight companies in the mortgage industry alleges the defendants used fraudulent mortgage documents to process foreclosures on Ohio homeowners and charged the foreclosed homeowners inflated, unfair fees. The lawsuit defendants named in the [...]
Categories: Mortgage Crisis Tags: Associated Press, foreclosure, mortgage, Obamas Administration
Can The Government Really Help Homeowners? How Much and How Far?
HOW FAR CAN GOV’T GO TO HELP HOMEOWNERS? – Progressive Policy Institute’s Jason Gold has a new piece out later this morning on the government using eminent domain to help underwater homeowners: “Using government’s eminent domain powers to force investors to eat the losses on underwater mortgages is a very [...]
The Mortgage Condemnation Plan: Bring On The Fleece
If you didn’t know, there is a plan in works for Mortgage Condemnation in California. The traditional power of eminent domain is being considered as a legal tool to condemn mortgages and has come up against a bit of resistance. Here is one economic bloggers review: Beware of financiers bearing [...]
Categories: Mortgage Crisis Tags: The Mortgage Condemnation Plan: Bring On The Fleece
Mortgage Seizure Plan On Block
INVESTOR PUSH BACK ON PLANS TO SEIZE MORTGAGES FROM INVESTORS – WSJ’s Nick Timiraos: “The main trade association for bond investors is proposing harsh treatment for municipalities that use eminent domain to seize mortgages from investors. The group is proposing rules that would make it difficult for banks to provide [...]
Categories: Mortgage Crisis Tags: Mortgage Seizure Plan On Block
Forbes List of Top 10 Foreclosure Capitals of The United States
Behind the numbers: RealtyTrac helped us compile a list of the metro areas where a rebound in foreclosure activity could put a damper on home prices… again. The data is broken down by Metropolitan Statistical Areas, which are localities defined by the U.S. Office of Budget and Management that usually [...]
Countrywide Influenced Congress with Sweetheart Loans Before Crash
From Crooks and Liars Posted: 06 Jul 2012 07:00 AM PDT Anderson Cooper on CNN, October 2011 Hmmm….can you say “conflict of interest“? Between January 1996 and June 2008, Countrywide Financial, the scrapped mortgage arm of Bank of America, exercised its influence by handing out hundreds of discounted VIP loans [...]
Irrational Exuberance, Housing Edition
By Michael Olenick, creator of FindtheFraud, a crowd sourced foreclosure document review system (still in alpha). You can follow him on Twitter at@michael_olenick or read his blog, Seeing Through Data … how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions… – [...]
Categories: Mortgage Crisis Tags: Housing Edition, Irrational Exuberance
Housing Program To Boost Banks Balance Sheet
HOUSING PROGRAM BOOSTS BANKS -WSJ’s Christian Berthelsen and Alan Zibel: “A government program that helps struggling homeowners take advantage of low interest rates to cut monthly mortgage payments is providing an unexpected revenue boost to large banks such as Wells Fargo and J.P. Morgan Chase … Banks that collect those [...]
Categories: Mortgage Crisis Tags: Housing Program To Boost Banks Balance Sheet
The “Go Nowhere Foreclosure Fraud Legislation”
naked capitalist reports: Having sold out the possibility of getting a decent settlement for homeowners for a seat in Michelle Obama’s box at the State of the Union address and a star turn on a Potemkin mortgage fraud task force, Schneiderman appears to be an adept student of the Obama [...]
Categories: Mortgage Crisis Tags: The "Go Nowhere Foreclosure Fraud Legislation"
Citibank Commits To Refinance Over Occupy Protest On Foreclosure
First on Crooks and Liars: Last week, I shared the story of Colleen Mckee Espinosa, the single mother of three who was facing foreclosure after CitiBank refused to accept payment on her mortgage, after they moved up the due date for her payment without her knowledge. They also added thousands of [...]
How They Lie About Mortgage Losses
Michael Olenick: How Servicers Lie to Mortgage Investors About Losses By Michael Olenick, creator of FindtheFraud, a crowd sourced foreclosure document review system (still in alpha). You can follow him on Twitter at@michael_olenick or read his blog, Seeing Through Data A post last week reviewed a botched foreclosure for a mortgage loan in Ace Securities [...]
Categories: Mortgage Crisis Tags: How They Lie About Mortgage Losses
Two Injured At Occupy Eviction
Dozens of Occupy Our Homes DC activists attempted to prevent a court-ordered eviction in Washington D.C. on Tuesday before being forcefully removed from the property by U.S. Marshals. They were attempting to stave off the eviction on behalf Dawn Butler, a D.C. resident who has lived at her home for over six [...]
Categories: Mortgage Crisis Tags: Two Injured At Occupy Eviction
Obama Rejected Concessions to Write Down Mortgages
Here’s Barney Frank, in an exit interview recently in New York Magazine, revealing unwittingly that Obama during the transition rejected a Bush administration concession to write down mortgages. Here’s what Barney said. The mortgage crisis was worsened this past time because critical decisions were made during the transition between Bush and Obama. We voted the [...]
Categories: Mortgage Crisis Tags: Obama Rejected Concessions to Write Down Mortgages
Categories: Mortgage Crisis Tags: Will America Emerge From US Housing Crisis
Mortgage Fraud Task Force Failure?
They are trying to do something about this in Nevada, however… In an article in the Wall Street Journal titled “Investigators Seek More Firepower”, New York Attorney General Eric Schneiderman is quoted pleading for more resources from the administration. New York Attorney General Eric Schneiderman, one of the five officials [...]
Categories: Mortgage Crisis Tags: Mortgage Fraud Task Force Failure?
Senator Mike Lee Force To Short Sale Dream Home
LEE, UNDERWATER, FORCED TO SELL HOUSE – “Less than two years into office, Sen. Mike Lee was forced to sell his dream home in Alpine with his mortgage bank taking a significant loss – up to $400,000 – in a ‘short sale’ as the housing bust in his neighborhood drained his [...]
Categories: Mortgage Crisis Tags: Senator Mike Lee Force To Short Sale Dream Home
The Best Graphic of Mortgage Fraud We Have See To Date
And because one HSBC loan on a home HAD $200,000 Equity they: 1) Fought brutally hard against owner. 2) Lied. 3) Cheated. 4) Over Charged on fees. 5) Denied a Refinance due to one ‘missing piece of paper’ 6) Denied the Refinance of home 6 months after ‘approval’ 7) Demanded $21,000 + [...]
Categories: Mortgage Crisis Tags: The Best Graphic of Mortgage Fraud We Have See To Date
Mortgage Re-Fi Market Clogged
MORTGAGE REFI MARKET CLOGGED - WSJ’s Nick Timiraos and Ruth Simon on pg. A1: “Clogged mortgage pipelines have created headaches for hundreds of thousands of Americans trying to take advantage of low mortgage rates, which averaged 4.05% for the week ending April 27, according to the Mortgage Bankers Association. Those rates have [...]
Categories: Mortgage Crisis Tags: mortgage, mortgage crisis, Mortgage Re-Fi Market Clogged, refi, refinance
Support H.R. 4848, “The Save Our Neighborhoods Act of 2012″
Support H.R. 4848, “The Save Our Neighborhoods Act of 2012″ Support a Three-year Moratorium on Foreclosures and Foreclosure-related Evictions and a Principal reduction for Distressed Homeowners Keep families in their homes Preserve neighborhoods Maintain home values and a strong tax base Stop home abandonment and neighborhood blight Please support Congressman [...]
Categories: Mortgage Crisis Tags: "The Save Our Neighborhoods Act of 2012", stop foreclosures, Support H.R. 4848
Get Ed DeMarco Out Of The Federal Housing Finance Agency
Tell President Obama: ”Replace Ed DeMarco with someone who will give homeowners real help.” White House comment line: 202-456-1111 Report Your Call! It’s time to hand out a pink slip. Edward DeMarco, the acting head of the Federal Housing Finance Agency, said he would make a decision last month about whether [...]
Categories: Mortgage Crisis Tags: Get Ed DeMarco Out Of The Federal Housing Finance Agency
Who Pays For Mortgage Principal Reduction? One Way Or Another. Article From Zillow Research.
This article comes from Stan Humphries at Zillow Real Estate Research. There are a lot of schemes to bailout homeowners who have negative equity (some 15 million homeowners). This article examines the problem and the size of the problem, and the futility of the task. – Thanks to The Daily Capitalist Universal [...]
