If you want a nice 8-minute primer into how the foreclosure fraud crisis works, here’s a video from Rep. Alan Grayson, complete with four real-world examples. He talks about a man who was foreclosed on when he didn’t have a mortgage and paid cash for the home; a home that had two foreclosure suits against it because both servicers claimed ownership of the title; a couple foreclosed on over a contested $75 late fee; and a story that sounded a lot like the ones from my HAMP series, only in the end the servicer used forged documents to claim ownership of the title.
Grayson takes us back to the very beginning of this crisis, during the housing bubble, where runaway mortgage sales and poor record-keeping led to confusion over title ownership on the part of the servicers. “The banks simply digitized mortgage titles into a privatized system, called the Mortgage Electronic Registry System (or MERS). And it did the transfers by trading Excel spreadsheets among the banks and trusts, rather than endorsing the notes as required by their own contracts, by state real estate law and by IRS rules.”
This was basically the original sin. Users of the MERS system did not make the proper procedures to own the notes, and according to Grayson, in 45 of the 50 states, they lack the legal right to foreclose. “Servicers are basically guessing that they have the right to foreclose when they do foreclose,” he says. This led to the foreclosure mills and the robo-signers and all the fraudulent activities and forgeries that we have seen.
This fraud really is catching up with the servicers. The New York Times reports today that the system has seized up, which they plausibly see as a positive:
What's not to like about the Summer of Recovery? Like, dude, the recession ended eons ago.By an 8 point margin, independents who voted for Obama oppose his tax hikes
The [Center for Data Analysis] found that the Obama tax hikes would:
• Destroy an average of 693,000 jobs every year through 2020.
• Drain $726 billion from disposable income, $38 billion from personal savings, and $33 billion from business investments.
• Raise taxes on the 55% of all joint filers earning more than $250,000 who run small businesses that employ others.
• Cost the average non-farm small-business owner $3,500 more in taxes.
• Cost the 49% of all seniors with income below $250,000 $525 in additional dividend taxes.
• Cost the 25% all seniors with income below $250,000 $742 in higher taxes.
Now that's the kind of change you can feel in your nether regions!
Certainly, America's business leaders are feeling more comfortable with the Obama administration as...Insider Selling Outpaces Buying By Over 290-To-1 In Past Week
...for the week ended September 17, corporate insiders bought $1.4MM in shares in a whopping 7 different companies. This was just marginally offset by sales of $441MM in 98 different companies, a ratio of 290 to 1 of stock notional sold to bought. But wait: this is GREAT NEWS: last week the ratio was 650 to 1! So this is a huge improvement and certainly yet another reason for today's rally... for those wondering just who is orchestrating today's move higher, please let us know if you find out.
And last but not least:It would appear that certain foreclosures by major, major institutions may have been fraudulent... and, thus, invalid, which could really, really screw things up
Ally Financial Inc.’s GMAC Mortgage unit told brokers and agents to halt evictions tied to foreclosures on homeowners in 23 states including Florida, Connecticut and New York...
...At least one (and perhaps more) "inside officers" in various law firms filed thousands (and maybe tens of thousands) of affidavits they did not read and thus could not have attested to.
...This practice appears to not be limited to one law firm. In fact, it may be basically the entire "foreclosure industry" that was involved in this.
...This is likely to derail many foreclosures - at least from a standpoint of time. It may also void some of them and force them to be re-litigated. This will have a SEVERE impact on loss severities - at minimum....
...If the time has passed to be able to make reasonable corrections to these so-called "ministerial errors" (and it probably has) then the impact on MBS holders who happen to have the "hot potato" in non-agency securitizations could be catastrophic...
In plain English, some reports indicate that thousands of foreclosures could have been performed without the appropriate documentation. Which could make them, ehm, invalid.
Which would make some of the investment vehicles derived thereof (like mortgage-backed securities or MBS), ehm, difficult to value.
SELL!!!!!!!!!The WORCESTER PARK Blog, Surrey ¦: Sky <b>News</b>
"I came out of my front door this morning to see a VERY low flying BA jet passing over Trent Way - just seen on the news that it had to make an emergency landing after just 10 minutes. Never seen one that low even though we're used to ...
Pulse <b>News</b> Reader for iPad 2.0: More sources, better organization
Alphonso Labs reported today that their Pulse News Reader for iPad (currently US $1.99) has been updated to version 2.0. The new version of the app addresses one of the major complaints about the original by allowing up to 60 news feeds ...
Last Look: Style <b>News</b> You Might Have Missed (PHOTOS, POLL)
Welcome to the Last Look, where we round up the Style scraps that didn't make it to our news page this week. Click through and catch up on what else happened since Monday!
bench craft company rip off
bench craft company rip off
The WORCESTER PARK Blog, Surrey ¦: Sky <b>News</b>
"I came out of my front door this morning to see a VERY low flying BA jet passing over Trent Way - just seen on the news that it had to make an emergency landing after just 10 minutes. Never seen one that low even though we're used to ...
Pulse <b>News</b> Reader for iPad 2.0: More sources, better organization
Alphonso Labs reported today that their Pulse News Reader for iPad (currently US $1.99) has been updated to version 2.0. The new version of the app addresses one of the major complaints about the original by allowing up to 60 news feeds ...
Last Look: Style <b>News</b> You Might Have Missed (PHOTOS, POLL)
Welcome to the Last Look, where we round up the Style scraps that didn't make it to our news page this week. Click through and catch up on what else happened since Monday!
bench craft company rip off bench craft company rip offIf you want a nice 8-minute primer into how the foreclosure fraud crisis works, here’s a video from Rep. Alan Grayson, complete with four real-world examples. He talks about a man who was foreclosed on when he didn’t have a mortgage and paid cash for the home; a home that had two foreclosure suits against it because both servicers claimed ownership of the title; a couple foreclosed on over a contested $75 late fee; and a story that sounded a lot like the ones from my HAMP series, only in the end the servicer used forged documents to claim ownership of the title.
Grayson takes us back to the very beginning of this crisis, during the housing bubble, where runaway mortgage sales and poor record-keeping led to confusion over title ownership on the part of the servicers. “The banks simply digitized mortgage titles into a privatized system, called the Mortgage Electronic Registry System (or MERS). And it did the transfers by trading Excel spreadsheets among the banks and trusts, rather than endorsing the notes as required by their own contracts, by state real estate law and by IRS rules.”
This was basically the original sin. Users of the MERS system did not make the proper procedures to own the notes, and according to Grayson, in 45 of the 50 states, they lack the legal right to foreclose. “Servicers are basically guessing that they have the right to foreclose when they do foreclose,” he says. This led to the foreclosure mills and the robo-signers and all the fraudulent activities and forgeries that we have seen.
This fraud really is catching up with the servicers. The New York Times reports today that the system has seized up, which they plausibly see as a positive:
What's not to like about the Summer of Recovery? Like, dude, the recession ended eons ago.By an 8 point margin, independents who voted for Obama oppose his tax hikes
The [Center for Data Analysis] found that the Obama tax hikes would:
• Destroy an average of 693,000 jobs every year through 2020.
• Drain $726 billion from disposable income, $38 billion from personal savings, and $33 billion from business investments.
• Raise taxes on the 55% of all joint filers earning more than $250,000 who run small businesses that employ others.
• Cost the average non-farm small-business owner $3,500 more in taxes.
• Cost the 49% of all seniors with income below $250,000 $525 in additional dividend taxes.
• Cost the 25% all seniors with income below $250,000 $742 in higher taxes.
Now that's the kind of change you can feel in your nether regions!
Certainly, America's business leaders are feeling more comfortable with the Obama administration as...Insider Selling Outpaces Buying By Over 290-To-1 In Past Week
...for the week ended September 17, corporate insiders bought $1.4MM in shares in a whopping 7 different companies. This was just marginally offset by sales of $441MM in 98 different companies, a ratio of 290 to 1 of stock notional sold to bought. But wait: this is GREAT NEWS: last week the ratio was 650 to 1! So this is a huge improvement and certainly yet another reason for today's rally... for those wondering just who is orchestrating today's move higher, please let us know if you find out.
And last but not least:It would appear that certain foreclosures by major, major institutions may have been fraudulent... and, thus, invalid, which could really, really screw things up
Ally Financial Inc.’s GMAC Mortgage unit told brokers and agents to halt evictions tied to foreclosures on homeowners in 23 states including Florida, Connecticut and New York...
...At least one (and perhaps more) "inside officers" in various law firms filed thousands (and maybe tens of thousands) of affidavits they did not read and thus could not have attested to.
...This practice appears to not be limited to one law firm. In fact, it may be basically the entire "foreclosure industry" that was involved in this.
...This is likely to derail many foreclosures - at least from a standpoint of time. It may also void some of them and force them to be re-litigated. This will have a SEVERE impact on loss severities - at minimum....
...If the time has passed to be able to make reasonable corrections to these so-called "ministerial errors" (and it probably has) then the impact on MBS holders who happen to have the "hot potato" in non-agency securitizations could be catastrophic...
In plain English, some reports indicate that thousands of foreclosures could have been performed without the appropriate documentation. Which could make them, ehm, invalid.
Which would make some of the investment vehicles derived thereof (like mortgage-backed securities or MBS), ehm, difficult to value.
SELL!!!!!!!!!
bench craft company rip offThe WORCESTER PARK Blog, Surrey ¦: Sky <b>News</b>
"I came out of my front door this morning to see a VERY low flying BA jet passing over Trent Way - just seen on the news that it had to make an emergency landing after just 10 minutes. Never seen one that low even though we're used to ...
Pulse <b>News</b> Reader for iPad 2.0: More sources, better organization
Alphonso Labs reported today that their Pulse News Reader for iPad (currently US $1.99) has been updated to version 2.0. The new version of the app addresses one of the major complaints about the original by allowing up to 60 news feeds ...
Last Look: Style <b>News</b> You Might Have Missed (PHOTOS, POLL)
Welcome to the Last Look, where we round up the Style scraps that didn't make it to our news page this week. Click through and catch up on what else happened since Monday!
bench craft company rip off bench craft company rip offThe WORCESTER PARK Blog, Surrey ¦: Sky <b>News</b>
"I came out of my front door this morning to see a VERY low flying BA jet passing over Trent Way - just seen on the news that it had to make an emergency landing after just 10 minutes. Never seen one that low even though we're used to ...
Pulse <b>News</b> Reader for iPad 2.0: More sources, better organization
Alphonso Labs reported today that their Pulse News Reader for iPad (currently US $1.99) has been updated to version 2.0. The new version of the app addresses one of the major complaints about the original by allowing up to 60 news feeds ...
Last Look: Style <b>News</b> You Might Have Missed (PHOTOS, POLL)
Welcome to the Last Look, where we round up the Style scraps that didn't make it to our news page this week. Click through and catch up on what else happened since Monday!
bench craft company rip off bench craft company rip offThe WORCESTER PARK Blog, Surrey ¦: Sky <b>News</b>
"I came out of my front door this morning to see a VERY low flying BA jet passing over Trent Way - just seen on the news that it had to make an emergency landing after just 10 minutes. Never seen one that low even though we're used to ...
Pulse <b>News</b> Reader for iPad 2.0: More sources, better organization
Alphonso Labs reported today that their Pulse News Reader for iPad (currently US $1.99) has been updated to version 2.0. The new version of the app addresses one of the major complaints about the original by allowing up to 60 news feeds ...
Last Look: Style <b>News</b> You Might Have Missed (PHOTOS, POLL)
Welcome to the Last Look, where we round up the Style scraps that didn't make it to our news page this week. Click through and catch up on what else happened since Monday!
bench craft company rip off bench craft company rip off
No comments:
Post a Comment