Understanding the Securitization Process and the Impact on Consumer Bankruptcy Cases

Random Repost Blast from the Past. Going to start off each day with a random repost from the archives… Securitization is a complex series of financial transactions designed to maximize cash flow and reduce risk for debt originators. This is achieved when assets, receivables or financial instruments are acquired, classified into pools, and offered as … Read more

Soldier in Iraq Loses Paid Off Home Over $800 Debt

MotherJones Capt. Michael Clauer’s homeowners’ association foreclosed on his family’s $300,000 house and sold it for $3,500. — By Nick Baumann Michael Clauer is a captain in the Army Reserve who commanded over 100 soldiers in Iraq. But while he was fighting for his country, a different kind of battle was brewing on the home … Read more

BOA, aka Bank of America, Tries to Rape and Pillage a PAID IN FULL Home AGAIN!!!

I have had enough of this shit, haven’t you? Homeowner – “I Honestly Felt Like Bank of America was Trying to Steal my Property” Lets see, how many times have I posted about BOA and other “lenders”  “Trashing Out” <– Link, homes this year? Hmmm? Sorry, I ran out of fingers… Here is an extra … Read more

Deutsche Bank Natl. Trust Co. v Stevens – An Assignee of Such a Mortgage Does Not Have Standing to Foreclose Unless the Assignment is Complete at the Time the Action is Commenced

Deutsche Bank Natl. Trust Co. v Stevens 2010 NY Slip Op 50909(U) Decided on May 18, 2010 Supreme Court, Kings County Lewis, J. Published by New York State Law Reporting Bureau pursuant to Judiciary Law § 431. This opinion is uncorrected and will not be published in the printed Official Reports. Deutsche Bank Natl. Trust … Read more

Wetzel, III v. Mortgage Electronic Registration Systems, Inc – Recording of Affidavit of Lost Mortgage Does NOT Constitute Constructive Notice Sufficient to Defeat the Claim of a Bona Fide Purchaser

WETZEL, III v. MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC. 2010 Ark. 242 Frederick S. WETZEL, III, Petitioner, v. MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC., Respondent. No. 09-1410. Supreme Court of Arkansas. Opinion Delivered May 20, 2010. DONALD L. CORBIN, Associate Justice. We are presented with a question of law certified to us from the United States Bankruptcy … Read more

M E R S – Mortgage Electronic Registration Systems Foreclosure Bankruptcy Decision – This Court is Convinced that MERS had NO Interest it Could Transfer

Fresh from Matt Weidner’s Blog UNITED STATES BANKRUPTCY COURT Eastern District of California Honorable Ronald H. Sargis Bankruptcy Judge Sacramento California   May 20, 2010 MERS AND CITIBANK ARE NOT THE REAL PARTIES IN INTEREST Under California law, to perfect the transfer of mortgage paper as collateral the owner should physically deliver the note to … Read more

Ocwen “Erroneous Data Point” Causes Home to be Forcelosed and Family Nearly Evicted on Payed Up Mortgage

HOUSTON (KTRK) — Foreclosures are nothing new these days, as thousands of homeowners fall behind on their payments. However, not all the foreclosures are the fault of the homeowner. In fact, one couple found themselves facing eviction, through no fault of their own, until Action 13 Consumer reporter Jeff Ehling got involved. The family made … Read more

House for Free? Don’t get Caught in that Trap – That is Not Your Goal

Posted on May 19, 2010 by Neil Garfield I’m probably partly to blame for this notion so I want to correct it. The goal is NOT to get your house for free, although that COULD be the result, as we have seen in a few hundred cases. The simple answer is “No Judge I am … Read more