Mortgage Doomed to Fail – Judge Allows Suit to Proceed Against Bank of America and Attorneys Accused of Facilitating Mortgage Doomed to Failure

New York Law Journal February 01, 2010 A Brooklyn judge has allowed an action to go forward against two attorneys and others who are accused of facilitating a $629,000 mortgage for a waitress who earned less than $25,000 a year. Plaintiff Portia Joseph alleged Brooklyn attorney Adrian A. Ellis, who represented her in connection with … Read more


Questions??? Is asset backed securitization the transformation of a single note into multiple pieces? Do these pieces act like a waterfall of cash flow? Are they then distributed as investments, structured finances, accruals, accretions and cash flows set forth into many classes of offerings? If you take a dollar bill and slice it up and … Read more

ALERT – Florida Banksters Move to Dramatically Speed Up the Foreclosure Process by Changing FL to a NON JUDICIAL STATE

If bankers get their way, Floridians facing foreclosure could be kicked out of their homes in as little as three months. The Florida Bankers Association, the 400-member-strong lenders’ lobby, has presented state legislators with a bill to upend decades of Florida law and establish “non-judicial” foreclosures in Florida by July 1. What’s a non-judicial foreclosure? … Read more

Judge Rules in New Orleans – EFFECTS WILL BE FELT IN FLORIDA

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Deutsche Bank National Trust Company, As Trustee for FFMLT 2006-FF13, Plaintiff, v. Terry A. McRae a/k/a Terry McRae, et. al., Defendants.

Decided on January 25, 2010 Supreme Court, Allegany County Deutsche Bank National Trust Company, As Trustee for FFMLT 2006-FF13, Plaintiff, v. Terry A. McRae a/k/a Terry McRae, et. al., Defendants. By way of the September 8, 2009 Order, this court previously determined that Plaintiff lacked standing, because it failed “to submit evidence of proper assignment/delivery … Read more

Freddie Mac: Delinquencies Increase Sharply

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Home Affordable Modification Program HAMP – Program Update and Resolution of Active Trial Modifications

January 28, 2010 TG-516 Administration Updates Documentation Collection Process and Releases Guidance to Expedite Permanent Modifications WASHINGTON – As part of the Administration’s ongoing housing market stabilization plan, the U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released updated guidance for servicers participating in the Administration’s mortgage modification … Read more

Bank of America at it AGAIN! Central Florida Couple Faces Foreclosure Despite Having Proof That All Mortgage Payments Were Made

Roger Wilsford and Teresa Stamey are about to lose their mobile home to foreclosure. Wilsford said he’d been paying his monthly payments of $762 to mortgage company Taylor, Bean and Whitaker, but last August it went into bankruptcy and he didn’t know it. “Still, you know, I’d get a bill from Taylor, Bean and Whitaker, … Read more