Banking
Mortgage Assignment & Affidavit Fraud
In bankruptcy and government takeovers of financial institutions, missing collateral is a major obstacle for trustees and regulators to overcome. The missing assignment problem is an extension of not carelessness or sloppiness as many have claimed, but of overt acts of fraud.
Skilled attorneys and forensic accounting experts could expose this fraud and as such, the [...]
Fair Game – If the Lender Can’t Find the Mortgage
By GRETCHEN MORGENSON
Published: October 24, 2009
FOR decades, when troubled homeowners and banks battled over delinquent mortgages, it wasn’t a contest. Homes went into foreclosure, and lenders took control of the property.
On top of that, courts rubber-stamped the array of foreclosure charges that lenders heaped onto borrowers and took banks at their word when the lenders [...]
The next financial tsunami unleashed by toxic mortgages
By PAM MARTENS
The financial tsunami unleashed by Wall Street’s esurient alchemy of spinning toxic home mortgages into triple-A bonds, a process known as securitization, has set off its second round of financial tremors.
After leaving mortgage investors, bank shareholders, and pension fiduciaries awash in losses and a large chunk of Wall Street feeding at the [...]
New law denies homeowners access to legal representation
California has a new law on the books that bans collection of advance fees from firms that provide loan modification services to people struggling to avoid foreclosure.
Other real estate related bills signed into law this month by Gov. Arnold Schwarzenegger aim to crack down on abusive lending practices by mortgage brokers; provide more safeguards for [...]
Entire Finance Industry Filled With Massive, Pernicious Fraud
The entire finance and real-estate “industry” is filled with massive, pernicious fraud, and we now have only one question remaining – will The Government do its lawful and mandated job, that of prosecuting the bad actors, or has it joined with the fraudsters, become one with them, and thus, declare itself as a gang of mobsters [...]
Read Full Post | Make a Comment ( None so far )Ruling by judges rattles mortgage industry
A bankruptcy judge here, joining judges across the country, is throwing a bit of sand in the gears of the mortgage machine and its ruthless foreclosure blade.
She has raised this issue: In many home foreclosures springing out of bankruptcy proceedings, the foreclosure is being triggered by a representative of the lender — a surrogate that [...]
US Senate: STOP BEING STUPID
The legislation, introduced today by Senator Jack Reed of Rhode Island, would require lenders to evaluate all borrowers for affordable loan modifications before initiating foreclosure. It would also require banks to offer and approve a loan modification if the restructured mortgage returns more money, the so-called net-present value, to investors than would foreclosure.
The proposal would [...]
Massive Relief for Homeowners and Trouble for Banks
A landmark ruling in a recent Kansas Supreme Court case may have given millions of distressed homeowners the legal wedge they need to avoid foreclosure. In Landmark National Bank v. Kesler, 2009 Kan. LEXIS 834, the Kansas Supreme Court held that a nominee company called MERS has no right or standing to bring an action [...]
Read Full Post | Make a Comment ( None so far )LANDMARK NATIONAL BANK V. KESLER
No. 98,489
IN THE COURT OF APPEALS OF THE STATE OF KANSAS
LANDMARK NATIONAL BANK,
Plaintiff/Appellee,
v.
BOYD A. KESLER,
Appellee/Cross-Appellant,
MILLENNIA MORTGAGE CORP.,
Defendant,
MORTGAGE ELECTRONIC REGISTRATION
SYSTEMS, INC. AND SOVEREIGN BANK,
Appellants/Cross-Appellees,
and
DENNIS BRISTOW AND TONY WOYDZIAK,
Intervenors/Appellees.
SYLLABUS BY THE COURT
1. A party is not contingently necessary in a mortgage-foreclosure lawsuit when that party is called the mortgagee in a [...]
Minnesota Supreme Court Upholds MERS
St. Paul, Minn. — The Minnesota Supreme Court today ruled against five Hennepin County homeowners who said an electronic mortgage registration system made it virtually impossible to defend themselves against home foreclosures.
The system, called Mortgage Electronic Registration Systems, or MERS, is a registry involved in 40 percent of all foreclosures in the Twin Cities.
MERS was [...]
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