Foreclosure Fraud – Moody’s Sees More Foreclosure Delays (felonies) in 2011
Moody’s sees more foreclosure delays in 2011 NEW YORK (AP) — Foreclosure document errors felonies that came to light this year and prompted several major lenders financial predators to temporarily freeze foreclosures will lead to a delay of three months or more in the time it takes to foreclose on illegally confiscate a property, according … Read more
St Pete Times – What’s wrong with MERS — Mortgage Electronic Registration System?
MERS says it’s as an “innovative process that simplifies the way mortgage ownership and servicing rights are originated, sold and tracked.” Problem? First, I have a problem because they never got permission from a democratically elected legislature to do it. Second, it doesn’t simplify anything, but has made it much more complicated. The new system … Read more
Iowa AG Tom Miller: ‘We Will Put People In Jail’ For Foreclosure Fraud
Yea? When? I will believe it when I see it. The French film crew met with Miller in Washington before spending four days with us and they were not impressed by his stance and comments on foreclosure fraud in the interview he gave to them which we will post here once their production is published… … Read more
December COP Report – Congressional Oversight Panel Reviews Treasury’s Foreclosure Prevention Programs
Sen. Ted Kaufman Introduces COP’s December Report Some commentary from Adam Levitin via Credit Slips 21% HAMP First Year Redefault Rate The Congressional Oversight Panel has a new HAMP report out. Like all COP reports, it’s long and chock full o’ analysis. There’s an executive summary up front, but some of the most important points … Read more
Minnesota – Little-known law could help foreclosed homeowners by allowing them to buy their home back after the sheriff’s sale for the price of the winning bid
Minnesota updated its foreclosure laws this year in an effort to prevent mortgage fraud. The law requires people seeking title to a foreclosed property after the sheriff’s sale — and before the end of the redemption period — to notify the homeowner that the house can be redeemed for the sheriff’s sale price, if it’s … Read more
PB Post – Foreclosure affidavit do-overs face challenges, auction canceled
Foreclosure affidavit do-overs face challenges, auction canceled by Kim Miller A Palm Beach County judge today granted a homeowner’s request to cancel a Dec. 30 foreclosure auction of his house following the submission of a revamped bank affidavit that had previously been withdrawn because of possible flaws. The Post wrote a story about the do-overs … Read more
Another Housingwire Smackdown – Yves Smith of Naked Capitalism takes on Paul Jackson of Housingwire
Paul Jackson’s Largely Irrelevant Responses to Mortgage Securitization Critics’ Case By Yves Smith When I worked for Goldman, and later McKinsey, professionals at each firm would joke about presentations that passed the weight test. That tag line referred to documents heavy enough to land on a client desk with an impressive “thunk” so as to … Read more
Incoming Chairman of the House Banking Committee Spencer Bachus – “Washington and the regulators are there to serve the banks”
Regulators exist to ‘serve the banks,’ next House finance chairman declares Alabama Republican Spencer Bachus, the incoming chairman of the House banking committee, suggested Congress and federal regulators should play a subservient role with banks. “In Washington, the view is that the banks are to be regulated, and my view is that Washington and the … Read more
