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 )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 )Lynne Huxtable and Jeffrey Agnew, v. Timothy F. Geithner, et al.,
Lender’s refusal to modify loan may have violated borrowers’ Fifth Amendment rights to due process. ____________________________________________________________________________________________ LYNNE HUXTABLE and JEFFREY A. AGNEW, Plaintiffs, v. TIMOTHY F. GEITHNER, et al., Defendants. Case No. 09cv1846 BTM(NLS) UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF CALIFORNIA December 23, 2009, Decided December 23, 2009, Filed CORE TERMS: lender, public function, joint [...]
Read Full Post | Make a Comment ( 7 so far )Ortiz v. Accredited Home Lenders
ERNESTO ORTIZ; ARACELI ORTIZ, Plaintiffs, v. ACCREDITED HOME LENDERS, INC.; LINCE HOME LOANS; CHASE HOME FINANCE, LLC; U.S. BANK NATIONAL ASSOCIATION, TRUSTEE FOR JP MORGAN ACQUISITION TRUST-2006 ACC; and DOES 1 through 100, inclusive, Defendants. CASE NO. 09 CV 0461 JM (CAB) UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF CALIFORNIA ORDER GRANTING MOTION [...]
Read Full Post | Make a Comment ( None 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 )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 )Foreclosures Are More Profitable Than Loan Modifications, According To New Report
Mortgage companies are more likely to foreclose on homeowners than modify their loans because they make more money off foreclosures, argues a new report by a consumer advocacy group. While homeowners, lenders and investors typically lose money on a foreclosure, mortgage servicers do not, says report author Diane E. Thompson, of counsel at the National [...]
Read Full Post | Make a Comment ( None so far )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 [...]
Read Full Post | Make a Comment ( None so far )Memoranda in Support of Motions to Dismiss Foreclosure
2.3 Memoranda in Support of Motions to Dismiss Foreclosure 2.3.1 Memorandum in Support of Motion to Dismiss, Case #4 IN THE CIRCUIT COURT, FOURTH JUDICIAL CIRCUIT, IN AND FOR DUVAL COUNTY, FLORIDA. CASE NO.: DIVISION: MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC., Plaintiff, vs. [DEFENDANT], DECEASED, ET AL Defendants. SEPARATE DEFENDANT, [SEPARATE DEFENDANT]’S MOTION TO CANCEL SUMMARY [...]
Read Full Post | Make a Comment ( None so far )Marcy Kaptur to Banks: “Produce The Note”
Fight Club entered popular culture in 1999 when director David Fincher adapted Chuck Palahniuk’s novel into a film that reflected the zeitgeist of modern America with its empty culture, obsession with aesthetic beauty, and slavish under and middle classes. Warning: Decade-old spoiler coming up. The film ends with the agents of “Project Mayhem,” protagonist Tyler [...]
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