Two States Ask if Paperwork in Mortgage Bundling Was Complete
Opening a new line of inquiry into the problems that have beset the mortgage loan process, two state attorneys general are investigating Wall Street’s bundling of these loans into securities to determine whether they were properly documented and valid.
The investigation is being led by Eric T. Schneiderman, the attorney general of New York, who has teamed with Joseph R. Biden III, his counterpart from Delaware. Their effort centers on the back end of the mortgage assembly lines — where big banks serve as trustees overseeing the securities for investors — according to two people briefed on the inquiry but who were not authorized to speak publicly about it.
The attorneys general have requested information from Bank of New York Mellon and Deutsche Bank, the two largest firms acting as trustees. Trustee banks have not been a focus of other investigations because they are administrators of the securities and did not originate the loans or service them. But as administrators they were required to ensure that the documentation was proper and complete.
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Every county appraisal district in the United States is on the fraud through padding the comparative numbers
to keep the tax revenues up without increasing taxes.
Instead of getting a real estate broker to give an appraisal, it’s a opinion. That covers the brokers butt if
it’s argued. Imagine an appraisal where all of the comparatives are in a neighboring county because there’s
none in the county where the appraised property is located.
And the comparatives might be questioned if foreclosures or short sells are used after having their numbers
padded. Anything dealing with the purchase of real estate needs to questioned, researched and then verified
before signing anything. It’s all suspect and probably going to be found not suspect but illegal.
Where is ATTORNEY GENERAL LISA MADIGAN of ILLINOIS in all of this? She needs to get in on this. There is NO justice in Illinois for homeowners, only LIES and DECEPTION BY THE ATTORNEYS ON BOTH SIDES AND THE JUDGES. NO ONE IS TELLING PEOPLE THE TRUTH.. These mortgages are UNSECURED DEBTS.. No one should be forcing WE THE PEOPLE to pay an UNSECURED DEBT or force you to sell your home for an UNSECURED DEBT. THAT IS A TYRANNY. WHERE IS THE DOJ???? The judges are not forcing banks to prove ownership of loan but forcing loan mediations with PRETENDER LENDERS FOR AN UNSECURE DEBT THAT THEY ARE NOT EVEN OWED. WHO KNOWS WHERE THAT MONEY IS GOING. THAT IS ILLEGAL AND UNCONSTITUTIONAL. THESE HOMES ARE PAID FOR BECA– USE OF THE PONZI SCHEME. TELL THE AMERICAN PEOPLE THE TRUTH, THESE ARE UNSECURED DEBTS. THEY ARE EXTINGUISABLE IN A BANKRUPTCY, PERIOD.
Went through the neighborhood and collected forsale flyers/submitted to builder/property priced at 699,000 numerous upgrades;prior properties priced 700,000; felt prices were falling,challenged why my prior property appraised at 580,000 appraised at a 1/2 a440,000 lender stated banks tightening dollars loaned/stuck with 1/2 the intent of refinance was to have one payment not 2, challenged price of 699,900, wanted 599,000,builder angry was I nuts, upgrades/only discounting due to last home, purchase to be 619,000 listred at 620,000 less 1000 lender discount%,didn’t think 599,000 was too low/get better after being convienced I was wrong the Monterey County taxes mail a tax bill for 664,000; now I feel better, I obviously wasn’t right. Gets better, cannot sell prior home, decide to keep it due too tax base being lower, going to sell pricey one, looking to break even although I have now added 60 additional upgrades, new paint inside&out, no takers due to noisy street, yes I believed all of this. Had purchased dream home, quiet area, less monies than second??Kept adding upgrades stupid stupid consumers, we really thought that was great, it never hit any of us that the only reason they kept adding upgrades is because they didn’t want to drop the prices, and the builders and appraisers already knew the prices were dropping, so here we sit; all homes so upside down, 20% on 600-750 is alot of monies too lose, some lucky individuals put nothing down, everyone loses; too late to fix the damage done to homeowners, only compensation I have seen is having the second put into collection after foreclosure,
So far nothing has meant anything to the homeowners…they are never mentioned or given any of the fines….it appears to be all a front….WIN WIN FOR THE FRAUDSTERS FRIG’EN BANKSTERS AND THE GOVERNMENT THAT WEAR THE MASKS…. IT HAS ONLY PROVED THAT NOTHING IS MEANT FOR THE PEOPLE. WE MUST UNITE AND FIGHT FOR EVERYTHING….” IF YOU MAKE YOURSELVES SHEEP, THE WOLVES WILL EAT YOU “….BEN FRANKLIN
@ talk even modifications will not fix the tiles. no the homeowners are compensation are never mentioned inany of the lawsuits i even see in the news paper main stream. its scary. in the st pete times this weekend there was article about appraisal frad and the tailor bean ocala florida mortgage broker compnay that folded. if appraisal fraud occured all homeowners in the entire country were effected it does not matter where it started every state fed off each ither. in the boom we had received a high tax bill and my husband was unemployed we were going to buy properrt in missouri on a lake with cabins and that would be my husbands job, i am a nurse and would work. a property with 14 cabins and a 3/2 hime was 475K we we werre going to fly up to missouri and look bu t iy already sold 🙂 the next propert was 675k yes this was 2005. we are in pan be we sold and moved to west coast of florida but are stilkl affected by this appraisal fraud
appraisal fraud fed the mortgage industry. if you know any thing about appraisal you can figure out how it happened but how to sue the banks foe it is another issue. appraising is done on comparitives to the subject property (the house you are buying) it is know in the appraisal worl if there is no “good” caomparitive within 1 mike of the subject you can continue to move further away. as properties are different amounts are added or subtracted to meet the subject s specifications. what happened during these years was investors were buying homes and then reselling them with in months to maake money. this could have been curtailed by many different entities but it was not. so if on an apprraisal is a home that was bought ans dold the same year with in 6 months that woudl not be a good comparative because the price is artificially increased. but if mom and pop were selling their house after living in it for 25years that would be a good campRITIVE..appraisers were suppose to throw out the comparitives that were bad. this was not happening. in normal times if a true appraisal came in below asking price the seller had to adjust the price to sell. what we were seeing was the opposite happening. appraisers were all comming at 5-10% above property values by not discarding the bad comps. so here we are. hoe this gets resolved and the homeowners get involved in the equation amazing how we are left out makes no sense
WE all know what they’re findings will be. The Question is: JUST WHAT’S IN THEIR SCHEME TO COVER-UP any relief to the consumers. FINES? PENALTIES? TAXES? GET OUT OF JAIL FREE PASSES? Just for the pure fact that they’ve initiated any investigation, they already KNOW. Smoke screen! This country is a LAWLESS LAND.
If you take NOTICE in the article, they do not MENTION US.
Getting down to the dirty rotten root of the matter may elicit some type of action but wonder what kind? No help in just penalizing and paying off AGs, States, Congress, government, etc. Need to extend remedy to the base, to the homeowner, to gain recovery and restore housing market, what have you. Nothing short of principal reduction, extensive modification will restore consumer confidence or find the bottom.