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