Buying a Cow and Selling Hamburgers- A Closer Look at Mortgage Securitization
Our legal system is extremely difficult to understand and maneuver by a non attorney, partly because there is no single source or authority for answering complicated legal questions. For example how do you know if your mortgage was eviscerated through the securitization process? Did securitization of the note and mortgage constitute conversion of the asset [...]
Read Full Post | Make a Comment ( 2 so far )Would you like a bag of chips with your frozen loan audit?
Every day I get calls from attorneys or people facing foreclosure asking about my services as a forensic loan auditor and expert witness. Generally the callers are reasonably well informed about my work and know what they can and cannot expect from an audit. But yesterday a nice lady from Ohio called and asked for [...]
Read Full Post | Make a Comment ( 11 so far )Lenders Increasingly Facing Forensic Loan Audits
For the past couple of years, it has become a fairly common practice for lenders and servicers to employ forensic loan audits on pools of mortgages, with the goal of uncovering patterns of noncompliance with federal and local regulations, the presence of fraud and/or the testing of high fee violations. Unfortunately, for these same lenders, [...]
Read Full Post | Make a Comment ( None so far )MERS v. LISA MARIE CHONG
UNITED STATES DISTRICT COURT DISTRICT OF NEVADA Dist. Ct. Case No. 2:09-CV-00661-KJD-LRL Bankr. Ct. Case No. BK-S-07-16645-LBR Presently before the Court is Appellant’s Appeal under 28 U.S.C. § 158(a) from the Bankruptcy Court’s Order Denying Motion to Lift Stay entered in the Adversary Proceeding No. BKS- 07-16645-LBR, docket no. 49, March 31, 2009. Having considered [...]
Read Full Post | Make a Comment ( 1 so far )Indymac Bank F.S.B. v. Yano-Horoski
Mortgage and Note voided, cancelled and nullified by the court because lender had acted in bad faith, refusing to negotiate a reasonable loan modification. ______________________________________________________________________________________________ Indymac Bank F.S.B. v Yano-Horoski 2009 NY Slip Op 52333(U) Decided on November 19, 2009 Supreme Court, Suffolk County Spinner, J. Published by New York State Law Reporting Bureau pursuant [...]
Read Full Post | Make a Comment ( 4 so far )FDIC Says Mortgages Retain Risk-Weight After HAMP
The federal bank and thrift regulatory agencies issued a final rule that mortgage loans modified under the Home Affordable Modification Program (HAMP) retain the risk weight appropriate to the loan before modification. Under HAMP, the US Treasury Department allocates funds to participating servicers for the modification of loans on the verge of foreclosure. The final [...]
Read Full Post | Make a Comment ( None so far )Fannie Mae to rent out homes instead foreclosing
Fannie Mae to rent out homes instead foreclosing By ALAN ZIBEL (AP) – 4 hours ago WASHINGTON — Thousands of borrowers on the verge of foreclosure will soon have the option of renting their homes from Fannie Mae, under a policy announced Thursday. The government-controlled company, through its new “Deed for Lease” program, will allow [...]
Read Full Post | Make a Comment ( 1 so far )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, [...]
Read Full Post | Make a Comment ( 1 so far )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 [...]
Read Full Post | Make a Comment ( 2 so far )IN RE DARRELL ROYCE SHERIDAN, SHERRY ANN SHERIDAN, Chapter 7 Debtors.
Sheridan_decision In this Chapter 7 case, the trustee, Ford Elsaesser (“Trustee”), objects to amotion under § 362(d) for relief from the § 362(a) automatic stay.1 Motions under § 362(d) are common in bankruptcy cases.2 Most stay relief requests proceed promptly to entry of an order, after proper notice, without any objection. However, changes in mortgage [...]
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