Why Mortgage-Backed Securities Aren’t (Backed by Securities): How MERS Toasted the Banks

Why Mortgage-Backed Securities Aren’t (Backed by Securities): How MERS Toasted the Banks L. Randall Wray In a series of pieces I have argued that MERS, a creation of the mortgage banking industry, has effectively destroyed the institution of private property in America. Ironically, MERS was created to facilitate quick and easy and cheap securitization of … Read more

Cordray’s Follow Up Letter to Judges RE Fraudulent Foreclosure Affidavits

“As I stated in my October 29 letter, “it is improper for the plaintiff to ask the court to ratify a foreclosure judgment based on a false affidavit after the fact by simply substituting or supplementing what plaintiff now claims is a proper affidavit.” Rather, I believe vacating the judgment is the proper way to … Read more

Robo-signing | The Dead Sign Affidavits Nationwide

The Market Ticker – The Dead Sign Affidavits – Nationwide by Karl Denninger in Foreclosuregate When are we going to see law enforcement actually enforce laws? She died in 1995. Yet her signature later appeared on thousands of affidavits submitted by one of the nation’s largest debt collectors, Portfolio Recovery Associates Inc., in lawsuits filed … Read more

Why Robo-Signatures Are Illegal in California and Other Non-Judicial Foreclosure States

Why Robo-Signatures Are Illegal in California and Other Non-Judicial Foreclosure States By Michael Patrick Rooney, Esq. With all of the press robo-signing has gotten, it is a bit surprising that everyone is having such a hard time concluding whether these practices effect California foreclosures. My assistant even said to me today, “but the banks say … Read more

Utah Class Action Against ReconTrust/Bank of America: Two Federal Judges Recuse Themselves

Class Action ReconTrust/Bank of America Case Lands in Federal Judge Dale Kimball’s Court (Salt Lake City, UT) – US District Chief Judge Tena Campbell recused [Recusal order] herself in the class action lawsuit against ReconTrust and Bank of America (NYSE: “BAC”), Mortgage Electronic Registration Systems (“MERS”), Countrywide Home Loans, HSBC Bank (NYSE: “HSBC”), Wells Fargo … Read more

KABOOM | Residential Mortgage Foreclosure Affidavit Policy of the Cuyahoga County Court of Common Pleas in Ohio

New Ohio Affidavit Rules Blows the Fraudsters Out of the Water Below is a copy of the revised affidavit rules, an order from a specific case, and sample attorney affidavit forms… Check out the language that should be applied in every court nationwide. This is all we ever asked for, the rule of law, that … Read more

WAPO | MERS, A Villain in Foreclosure Crisis

How a mortgage clearinghouse became a villain in the foreclosure mess By Ariana Eunjung Cha and Steven Mufson Washington Post Staff Writers In the early 1990s, the biggest names in the mortgage industry hatched a plan for a new electronic clearinghouse that would transform the home loan business – and unlock billions of dollars of … Read more

William K. Black | 2011 Will Bring More de Facto Decriminalization of Elite Financial Fraud

2011 Will Bring More de Facto Decriminalization of Elite Financial Fraud The role of the criminal justice system with regard to financial fraud by elite bankers in 2011 is likely to reprise its role last decade — de facto decriminalization. The Galleon investigation of insider trading at hedge funds will take much of the FBI’s … Read more

David J. Stern Loses Appeal on Class Action Case RE Banner v Stern

DISTRICT COURT OF APPEAL OF THE STATE OF FLORIDA FOURTH DISTRICT July Term 2010 LAW OFFICES OF DAVID J. STERN, P.A. and DAVID J. STERN, individually, Appellants, v. LOREN BANNER and WELLS FARGO BANK, N.A., Appellees. CASE No. 4D09-3928 [ December 29, 2010 ] First some background on this case… LINK – MORTGAGE-REINSTATEMENT SUIT GROWS … Read more

KABOOM – Allstate Insurance Co et al v. Countrywide Financial Corp, Bank of America, et al

Here is the complaint and update from the earlier post… Allstate sues Bank of America, others over $700 million in Toxic Loans Allstate sues BofA, others over Countrywide losses NEW YORK (Reuters) – Allstate Corp has sued Bank of America Corp and 18 other defendants over losses it said it suffered on more than $700 million … Read more

Allstate Sues Bank of America, Others Over $700 Million in Toxic Loans

Allstate sues BofA, others over Countrywide losses NEW YORK (Reuters) – Allstate Corp has sued Bank of America Corp and 18 other defendants over losses it said it suffered on more than $700 million of mortgage debt it bought from Countrywide Financial Corp. In a complaint filed Monday in Manhattan federal court, Allstate, the largest … Read more

Florida Bar News | Progress made in moving foreclosures, but courts brace for even more filings to come

The Senate Banking and Insurance Committee in December held hearings that we are now finding out about. We have submitted a written request (see below) to get the recording of the hearing and will publish once it is received. Here are some excerpts from the Florida bar News on what went down… Progress made in … Read more

Florida Trend Magazine Announces Newsmakers of the Year – Foreclosure Fighters

Lisa Epstein and blogger Michael Redman uncovered fraudulent practices by mortgage holders. [Photo: Steve Mitchell/Newscom] Florida Newsmakers of the Year Business – Florida Newsmakers of the Year by Mike Vogel • FORECLOSURE FIGHTERS Forcing the Issue For many, the bottom line in any mortgage dispute is whether the payments are being made. But Lisa Epstein, … Read more

Bloomberg | Ally Settles Fannie Buyback Demands for $462 Million

Ally Settles Fannie Buyback Demands for $462 Million Ally Financial Inc., the auto and home lender majority owned by the U.S. government, said its mortgage unit reached a $462 million settlement to resolve repurchase claims by Fannie Mae on $292 billion in home loans. Ally, formerly known as GMAC Inc., said the settlement covers loans … Read more

PB Post | Problems with Foreclosure Notices Loom as Next Flaw in Process

Problems with foreclosure notices loom as next flaw in process By Kimberly Miller Palm Beach Post Staff Writer Improperly served foreclosure notices may be the mortgage industry’s next roadblock to repossessing homes. The Florida attorney general’s office is investigating two of the state’s largest companies that serve court summonses on homeowners, while at the same … Read more

Cordray Urges Federal Reserve Not to Erode Consumer Rights

Cordray Urges Federal Reserve Not to Erode Consumer Rights (COLUMBUS, Ohio) — In a letter sent today to the Federal Reserve’s Board of Governors, Ohio Attorney General Richard Cordray urged the Fed to maintain existing protection for homeowners who currently have the right to undo loan agreements where material disclosures were not made, in violation … Read more

Bail Out the Insolvent Banks, One Last Time, to Help Us All?

Claire Hill and Prentiss Cox: Help banks, one last time, and help us all How to clear the way for both foreclosures and loan modifications. As America’s housing bubble has collapsed, it is clear that banks eager to foreclose quickly on defaulting homeowners have cut corners. In some cases, they have lied to courts and … Read more

Bank of America Slammed with Another Class Action for Refusing to Participate in Foreclosure Prevention Programs

Bank Slammed With Another Class Action By JOE HARRIS ST. LOUIS (CN) – The seemingly endless string of class actions against Bank of America’s foreclosure policies continued here in Federal Court. The class claims that BofA and BAC Home Loans Servicing refuse to participate in foreclosure prevention programs despite taking $25 billion in Troubled Asset … Read more

NY Court Rejects Mortgage Foreclosure In MERS Case – LNV Corp. v. Madison Real Estate, LLC

“absent transfer of the debt, the assignment of the mortgage is a nullity.” ~ Court Rejects Mortgage Foreclosure In MERS Case In this case, LNV had “not provided any evidence” that showed that when MERS assigned the mortgage to LNV, it also transferred the interest in the underlying note. According to the mortgage assignment contract, … Read more

Will the Real Owner Via Endorsement Please Stand Up? A Case That Illustrates Toxic Foreclosure Soup

Since Matt Weidner already did such a wonderful job of presenting Lisa’s find, I will not recreate the wheel… Will the real owner via endorsement please stand up? See the additional page of endorsement stamps showing two signature versions and titles for D. Chiodo (Does every servicer & foreclosure mill have an “endorsement stamp cabinet” … Read more