Fraudclosure Auctions: Bogus Prices Hiding Profit and Creating False Home Values

Posted by 4closureFraud on April 16, 2011 · 47 Comments 

Is there not one part of the fraudclosure process that does not involve fraud? ~ Foreclosure auctions: Are bogus prices hiding profit? Properties purchased through Orange County Clerk of Courts foreclosure sales at one price are appearing in the county Property Appraiser’s Office records at a higher price, often tens of thousands of dollars more, … Read more

Filed under bankruptcy, cdo, cds, Corruption, Fannie Mae, foreclosure, Foreclosure Fraud, Foreclosuregate, freddie mac, MERS, mortgage electronic registration system, Mortgage Fraud, securities fraud

NY Times | In RE Wilson: A Grasp of Foreclosures That Eludes Regulators

Posted by 4closureFraud on April 16, 2011 · 5 Comments 

Homework Regulators Aren’t Doing By GRETCHEN MORGENSON “ONE too many times, this court has been witness to the shoddy practices and sloppy accountings of the mortgage service industry. With each revelation, one hopes that the bottom of the barrel has been reached and that the industry will self correct. Sadly, this does not appear to … Read more

Filed under bankruptcy, cdo, cds, Corruption, Fannie Mae, foreclosure, Foreclosure Fraud, Foreclosuregate, freddie mac, MERS, mortgage electronic registration system, Mortgage Fraud, securities fraud

Fraudclosures | Federal Reserve: They Broke The Law

Posted by 4closureFraud on April 16, 2011 · 26 Comments 

The Market Ticker – Federal Reserve: They Broke The Law but nobody cares…. (including us) The reviews found critical weaknesses in servicers’ foreclosure governance processes, foreclosure document preparation processes, and oversight and monitoring of third-party vendors, including foreclosure attorneys.While it is important to note that findings varied across institutions, the weaknesses at each servicer, individually … Read more

Filed under bankruptcy, cdo, cds, Corruption, Fannie Mae, foreclosure, Foreclosure Fraud, Foreclosuregate, freddie mac, MERS, mortgage electronic registration system, Mortgage Fraud, securities fraud

Report | Mortgage Debt Relief For Distressed Homeowners Won’t Hurt Big Banks, IMF Says

Posted by 4closureFraud on April 16, 2011 · 29 Comments 

Mortgage Debt Relief For Distressed Homeowners Won’t Hurt Big Banks, IMF Says NEW YORK — A broad mortgage debt-relief program for distressed homeowners would not significantly impact the nation’s four biggest banks, according to a report released this week by the International Monetary Fund. Bank of America, JPMorgan Chase, Citigroup and Wells Fargo have enough … Read more

Filed under bankruptcy, cdo, cds, Corruption, Fannie Mae, foreclosure, Foreclosure Fraud, Foreclosuregate, freddie mac, MERS, mortgage electronic registration system, Mortgage Fraud, securities fraud

ForeclosureGate Deal – The Mandatory Cover Up

Posted by 4closureFraud on April 16, 2011 · 19 Comments 

ForeclosureGate Deal – The Mandatory Cover Up Michael Collins The Federal government is about to settle the ForeclosureGate affair, according to a report in the New York Times on April 9.  The Times noted that twelve million homes will be lost by 2012.  Home equity values are down by $5.6 trillion since the real estate … Read more

Filed under bankruptcy, cdo, cds, Corruption, Fannie Mae, foreclosure, Foreclosure Fraud, Foreclosuregate, freddie mac, MERS, mortgage electronic registration system, Mortgage Fraud, securities fraud