Doing this will hinder the bank's capacity to borrow more money and will affect its overall credit rating. The bank must try to avoid having to report a non-performing asset on its books at all cost. In many cases, banks intentionally delay initiating a foreclosure proceeding for up to six months, and sometimes even up to a full year, to avoid reporting the property as a non-performing asset.
The 'non-performing asset' problem or the NPA, as it is commonly known in the banking and financial industry, affects the banks in more ways than you and I may care to know. These three simple letters strike terror in the banking sector and business circles. The dreaded NPA rule simply states that: There are a number of problems that will arise from having too many NPAs on the bank's books. The biggest problem is that the bank must have a certain amount of dollars in cash reserves.
If their levels of non-performing assets become too high, they will have to put more cash into their reserve account to compensate for these non-performing assets. This means they now have less money to lend. In addition, they now have to deal with a house that they don't want because it will become a money pit. Furthermore, they will not be able to make a profit on it because of the way mortgages are structured. In their quest to maximize their profits, banks structure mortgages in a way that they are paid the majority of the interest up front or at the beginning of the loan term.
This is called a front-loaded mortgage, and most mortgages are structured in the same way. This means that in the early years of your mortgage you have not built much equity in the house because the majority of your mortgage payment was slotted to pay for the interest on the loan. Often banks find that their asset your house is worth less than what they lent out, and once the bank takes ownership of your property, they not only have an administrative and legal nightmare, but they are about to take a financial bath!
Even though I am not a bank advocate, I am certain that if you were in the bank's situation, you would be forced to do the exact same thing. The bank does not have any other recourse. The only legal recourse available to them is foreclosure in order to try to minimize some of their losses. However, that is their very last option. Can you see the predicament that lending institutions find themselves in? On the one hand, they are losing money by not receiving your mortgage payment and on the other hand, they can't really afford to foreclose on you because of the negative consequences this will bring them.
While this is an admittedly simplified explanation of how financial institutions operate, the bottom line is that banks are in the "money buying and selling business. The bank pockets the difference. For the bank to make any money, it must lend out the funds in its possession, or find some sort of investment vehicle that will guarantee a rate of return greater than its cost of borrowing. Looks like they did not. Forget the new DFA — this one is a sleeping giant. There will be no quick or easy way to fix it, either.
Sorry, but I think that is the reality here. Things to read for 11 Oct - Also sprach Analyst. Foreclosure Fraud For Dummies, 2: What is a Note, and Why is it So Important? This country has an overabundance of lawyers. Big firms, solo practitioners, boutique shops, specialists, multinational firms. I look at the title search for a few foreclosed properties a week.
Do you know what I rarely, if ever, see? A person who was sued in a foreclosure that gets a lawyer and fights it. Foreclosures are filed and, one after another, it results in a default judgment, default judgment, default judgment, default judgment and on and on and on. Excellent premise, incorrect conclusion. See reference to trailing document problem where late delivery is a certainty, not just a possibility. In part 2, Mike talks about the tax treatment, and yes, I was aware of that. You are all just pissing in the wind; merely prolonging the inevitable.
They are in violation of the covenants in the note. Despite the shoddy record keeping and associated misdeeds by the servicers. This ruse is a headfake to distract from the real issue — delinquent borrowers. The quicker they are foreclosed on the better — for everyone. This is just false. The rule of law is critical. The banks created the crises, crashed the market causing millions to be unemployed and caused the foreclosures by ruining the housing market.
There would be no foreclosures if the housing market were not crashed—people would simply sell the houses. In short, the banks caused all the crisis, start to finish, and cannot be allowed to walk over the rule of law. Ask your Lender to evidence not represent their possession of your mortgage documents. The absence of original mortgage documents during the CDO craze is the single biggest fraud perpetuated against consumers and you can bet the Obama administration will not do ONE DAMN thing to protect consumers.
Angela, I hope we get more information on your question—in other words in the old internet lingo, me too. Missing boxes seem to be Fannie or Freddie and then the Treasury or Fed as ultimate backstops, with taxpayers as the ultimate losers. Wells Fargo, et al. As the World Spins…. As a European, I am curious to see this stuff developing and I just want to ask you: Could this thing become the new, and bigger, banking crisis? A family passes down a home to their child. The child, with the home paid off, figures out that by growing foods in their own yard, using trees for shade to reduce home cooling and heating costs, and not going out every night, can live on a very frugal amount of money month to month.
This should be a victory for capitalism as this person can now reduce their overall consumption footprint that was handed down to them by the parents. However, this is the anti thesis of what it means to have a perpetual growing economy. That homeowner is not actually hurting anyone by living on a reduced consumption platform, but on wall street, this person is considered part of the problem for us not having a thriving, growing economy, aka, accelerated capitalism.
This is not Market Capitalism, which is the engine that made America what it is, and you are snidely asking about with your elitist moral superiority. This is, instead, crony Capitalism, where government has a few favored companies, and everyone else be damned. This all was obvious on the face of it, if anyone that is supposed to be regulating it all had bothered to look.
What a home owner can do if he considers being cheated by the bank to accelerate foreclosure despite all required documents were submitted on a monthly basis. I suffer foreclosure, still believe was an illegal procedure and were not able to get legal advice as everyone requires money in advance.
Cheap Bankruptcy Stop Foreclosure, find Bankruptcy Stop Foreclosure deals on line at theranchhands.com
Received hundreds of mails offering support but requesting money in advance up to a point to drive me crazy. I meant this…What to do to seriously sue a bank? So, we have a house that cannot be finished, cannot be fixed, and cannot be sold. If we sell the property the liabilities pass to the buyer. We started to file a lawsuit — they started foreclosure. We paid our bills and had perfect credit up until they pulled their stunt attempting to pound us into poverty — I refuse to pay another penny and dare them to take us to court. I know of someone else through this experience that PAID every payment — not late nor missed a payment.
However, their servicer failed to send the disbursements to the proper account. They were scorned to suggest a bank would wrongfully foreclose…. Once More into the Breach. Many people, who have fallen on hard times, have tried to work with the banks to no avail. Banks are treated like they are above and making the law, this has to stop. They make money out of thin air just the Fed Reserve, and nail everyone regardless if we are prefect debtors or not.
This should pay a huge penalty at the very least. I know of stories where large banks would demand huge sums of money to do a loan mod assuming you trust them without providing any paperwork and agreement verifying the terms. With reasonable person to agree to such predatory practices, which happens all the time even at the top 5 banks.
About time, to flip the table on the banks and let eat losses for their everlasting fraud on all of us. After this, a new banking system should emerge. News Flash Business. I am 65 years old. When I was growing up, the American Dream was to get a job, buy a home with a down payment and a mortgage , and to pay off that mortgage by the time you retired. This was so that you could afford to live, with only your retirement income, because you no longer had mortgage payments to pay, nor did you have to pay rent. Now the banks have brought down the people of the United States what the communists never could do.
They have turned a whole generation of society into lifelong renters, which is guaranteed to impoverish them in their old age. Will this now mean that only those people who can get private loans through a rich relative, or person, will attempt to buy homes. Will all the rest of the people become long-term renters? I hope the banks find they no longer have the mortgage business to profit from in the years to come Fools, this industry involves honesty and trust!
Many bloggers on this post believe that homeowners are trying to get free houses. I am amazed that these same bloggers see nothing wrong in banks getting free houses…through fraud. Meanwhile, the mill lawyers rack up billable hours and fees for litigation those lawyers manufactured —sometimes erroneously, sometimes intentionally.
The Economic Underworld of Bankruptcy for Profit. View this story online at: Second Liens Investor lawsuits against mortgage servicers could be legally explosive. Can anyone explain where the Fannie Mae boxes would fit into his flow chart? I thought FM was simply an underwriter, but did FM also buy, package and securitize loans as well? Foreclosure Gang Rape, Louisiana Style. I never answered the original complaint. But at the same time Wells Fargo was dangling a carrot on a stick loan modification and leading us along and stalling while the foreclosure date got closer.
Eventually a final judgement went thru and a sheriffs sale date was set for Nov. We started making payments to Wells Fargo.. You borrowed money , and the bank is entitled to be paid back … have you considered moving into something you can afford? I am alleging fraud in this case and people are passing documents around and the movant is allowed to see them and question their authenticity?
I raised the issue of the note in my moving papers , the plaintiffs reply to my motion stated that they do have the note and a copy was included in the reply to my motion. So why is the judge not asking if they had it? What if they have the note but no endorsement?? The judge is going to assume they have their docs. Your heading towards Lack of Standing — judges consider that a technicality. If that Chain of Title is NOT in tact — compounded by forged signatures — well, then they have a problem. Google his name with Lack of Standing.. One other thought — you mentioned they were talking to you about modification.
Do you have it writing? If so, then file a complaint for Bad Faith dealing. In other words, if you have documentation showing they were going to work with you — and NOTHING states you were not approved or could not be approved — there are cases now where folks are SUING these punks and winning. If you believe they have a screwed up Note — and it sounds like it. Have you written a QWR? Have you checked all your loan docs for any TILA violations. Did they give you all your disclosures…? Those are all real-causes especially TILA violations.
This gets a little technical — but think of it like this — a cop pulls you over and gives hand written ticket yellow-pad — Dwight was speeding! That is what those attorneys are doing. Well, who-the-hell are they then trying to steal your property? I have to disagree a bit about the breach of K to the Trust.
The investors play hot potato with the mortgage and assignment in blank. Whoever is stuck with it when it defaults supposedly gets to sue. Then they fill it in and, voila, standing. However an assignment-in-blank is not by definition an assignment until filled in. An assignment that post-dates the Complaint does not confer standing, at least where I am. In some jurisdictions it is a threshold issue; others, like mine, it is an affirmative defense and needs to be raised early. David, break down and get a lawyer.
These guys have no intention of taking on the big-dog law firms hired by these lenders. Yep, I caught hell for it but oh well. That lender broke the law at every juncture of the contract. I simply wanted justice. Now, I want them disbarred and everything they own. These people are arrogant and I mean disgustingly arrogant. The lenders have lied and betrayed us and now these foreclosure mill attorneys have nerve to files forged docs..?
It is mind boggling because these judges KNOW these lying thieves broke the law. Its wrong to take advantage of folks like that… sorry to sound like knucklehead or nut…. The Trust cannot accept a Note already in Default. The first being the Borrower — second the Investors. These attorneys know the loans were never perfected therefore filing false affidavits, fraudulent assignments, violating RICO, SEC violations, conspiracy to defraud… the list is lengthy. Stern in Florida is finding that out now.
We are setting our sights on the other foreclosure mills. I do have a tip. In Federal court, the standing issue is key, constitutional in fact. From there, you need to connect the dots yourself, given the jurisdicitional rules in your state and the kind of counterclaims you have. Hi gotol, Sorry to sound like a nut — I appreciate any comments. I should point out was not about the foreclosure.
Our loan docs were audited and we found lots of other issues. These knuckleheads put our income at k? The loan was sold CW and the auditors worked out a deal to rewrite the loan. Waiting for the new loan docs not modifying docs we sent foreclosure notices. Anyway — now I want blood. I want someone with the disposition of a junkyard dog willing to fight the fight without compromise.
Like I said, I have it all documented — pdf file format — pictures — loan docs — FBI subpoena — frauds, etc…. My biggest concern is that these punks beat pro-se litigants by procedure and mickey-mouse courts nonsense. A judge should look past procedural stuff to see the truth but that is rare. I despise arrogance and abuse especially when its about families.
I could have worked with them on that but not now. Anyone reading the lawsuits filed by the investors and read the depositions would know this was deliberate done to these families. While meeting with a judge attempting to work through these issues of trying to work it out equitably for all parties involved we kept running into walls. These people simply believe they are above the law. I got up and walked out… They want to destroy families and pretend its okay because they control the money… Not on my watch…. I view this in that context.
Washington Mutual was siezed by the U. Government in after a 15 billion dollar run in a 10 day period of withdrawals … the next day the parent company Washington Mutual Inc. The government sold WaMu Bank a week later in a secret auction to Chase. WaMu was one of the biggest players in the mortgage meltdown and slicing and dicing of notes leading up to all of this. Was our note involved? But somehow Wells Fargo ended up as our servicer right before the collapse and siezure of WaMu..
Wells Fargo would not have been sent the note because they were simply servicing it, but why did WaMu give it to Wells Fargo?? Maybe they were cleaning house and trying to dump some of the shaky loans before the Feds started reviewing docs? I did fill out an on-line QWR from some website and sent it electronically, but have never received a response.
Do appeals courts allow my written motion papers and exhibits in as part of the record they can review? Those were very thorough and clearly explained my case. I looked at the NJ Courtsa website and saw that an appeal is a virtual nightmare, just the act of writing the appeal and using the proper paper and color covers, the rules are so far out there and set the bar so high that no normal citizen has the ability to write an appeal … and as you say, the appeals court may not even allow a citizen to represent themselves at an appeals court for oral arguments anyway.
Is this normal behavior on an emergency Motion to Vacate? The Judge and Plaintiff hold secret discussions on how to best undermine the defendants allegations stated in his motion? Could the Judge get in trouble for this behavior? The Judge acted as the plaintiffs attorney , the Judge prosecuted the case for Wells Fargo and thats right on the record. Are my written motion papers and exhibits always part of the official record? In other words can an appeal court read my Motion papers and exhibits in weighing their decision on whether the lower court erred? Can I make any additional moves right now before the plaintiffs have time to fabricate a note or an endorsement?
Blip me an email — nehemiah md. I have some documents that might help. There are things you can do — but you need to get things done pronto…. I can try to help you get pointed in the right direction. Dwight — below is the mentality you are up against — this is what Wells Fargo believes and obviously the judge has accepted… Maybe gotol attorney would weigh-in but IMHO this is typical thinking of judges however, I believe they are wrong.
Some have questioned the procedures the mortgage industry has traditionally used to transfer ownership of a home loan from the originator to another entity, for example, a securitization trust. These concerns primarily stem from procedural issues related to the specific steps required to document ownership of the mortgage as part of the foreclosure process. A review of the title chain and assignment process helps shed some light on the major issues that have been raised about this topic. It is executed according to the requirements of laws in the state in which the property is located, and filed with the local Recorder of Deeds to establish its priority as related to other liens.
The only time the note holder needs to exercise its rights to the collateral represented by the mortgage or deed of trust, is when the borrower defaults on the note. Procedures used to transfer the ownership rights embedded in a mortgage loan are well established. If the loan is sold a second time, the note is again endorsed by the entity selling the note and physically delivered to the purchaser — in this case, the custodian of the Trust which holds the note on behalf of the investor.
- Nachhaltigkeit im Schwellenland Chile - Möglichkeiten und Hemmnisse einer Nation - Die UNO Bildungsdekade am praktischen Beispiel (German Edition);
- Sustainable Solar Housing: Volume 2 - Exemplary Buildings and Technologies.
- Special Report: The latest foreclosure horror: the zombie title | Reuters.
- Red Hills Stranger (Truly Yours Digital Editions Book 556).
- The Chronicles of Hernia: The Lying Around, the Stitches and the Loose Wardrobe.
- Cheap bankruptcy stop foreclosure deals.
In general, this assignment will only be recorded if the loan goes into foreclosure, or if it is deemed necessary by the trustee. There are numerous reasons why the recorded lien typically remains with the mortgage servicer. Registration with MERS, which becomes the nominee for the beneficial owner of the loan, serves as a central system to track changes in ownership and servicing of the loan.
You mentioned Wells offered a modification but while working through the mod, they foreclosed…? Walk in that courtroom with CLEAN concise budge — listing all your expenses — everything — show the judge that you can make payments…. David, thank you for all of your comments, they are well appreciated. I will try and email you asap. The Judge in my case did order me to enter the mediation program, first I had to call the HUD hotline and then I went to a local office to pick up the application paperwork to fill-out.
I need to have it all filled-out and set up a meeting with the HUD counselor prior to returning to court on Jan. But at that same Jan. But from what I have read in other case law and UCC Article III rules and regulations regarding notes is that such notes that have been endorsed like mine has, needs to have a clear history of documented chain of title and tranfers with signatures and dates , AND should be endorsed and tranferred on the FRONT of the note in question as long as there is space to do so, only then can you use the backside to add more transfers and endorsements.
Now newspapers have run stories telling of how 50 states attorney generals are investigating fraud of this nature by these banks , but when I try and contact my AG about this potential fraud about to take place I am re-directed to the foreclosure hotline which deals mainly with predatory lending problems and the such. This Judge in my case is most likely going to accept anything they bring in and not open a can of worms questioning its authenticity.
The State Police work hand in hand with the state AG. Based on minimal court experience, the document should be filed 2 weeks before the court date and you should receive a copy.
However, if you do get something in the mail well before the court date and can prove it is false, you could file a response to weeks before the case or whatever the deadline is and the judge will actually look at that prior to or the morning of the case. If anybody disagrees with my assertion, please go ahead, I am basing it on limited court experience as a plaintiff. My best recourse might be to file a lawsuit against Wells Fargo right now, alleging fraud and forcing a discovery process that could include authentication of the note.
A lawfirm might take on a case like that where a potential damages award is at stake. Fabricating a phoney note document is a serious criminal offense. However, be careful that you are not waiving your rights when signing modification docs…. IMHO — securing your home is priority. Their goal is character assassination to destroy credibility. It does not matter the REASON — once it is attached — judges, courts, public opinion, personal opinion, attorneys, etc, most-all suddenly become biased — prejudiced — and blatantly discriminate against those under the label.
That label is priority. The evidence is all out there now.
- The Secret the Banks Don't Want You to Know | HuffPost Canada.
- .
- True Love.
- Foreclosure - Wikipedia;
- El vuelo del alcatraz (Spanish Edition)!
They are standing back and watching our Constitution wither and die. Going into court on the offensive is MUCH stronger than going under the tainted label of foreclosure. Foreclosure resources Montgomery County on the Mary-land Republic. Since , this country has been led down the garden path.
When money is needed- without sufficient amounts of dollars the economy comes to a standstill- the private bankers at the federal reserve produce the money by creating an entry in an accounting journal- they create the funds OUT OF THIN AIR- once the dollars or bonds are created, they then give it to the federal government to place into circulation.
The interest can never be accounted for under this type of system because the money which it represents is never created at the time the principal is created. Instead, the interest is little more than a promise made by the government to line the pockets of the private bankers. It is the duty of the congress to create the money we use to conduct business. It is the duty of the congress to capture interest on money created. It is the duty of congress to use the interest to pay for entitlements. Social security and medicare-medicaid are not in debt. Congress is the only entity which can create the money of the US- it says so in the constitution.
If congress takes back the ability to create money, we will never have to pay taxes ever again. Once congress creates the money, the interest owed should be set aside for the people- not the banks. MERS is an organization which is nothing more than a shell. They have no employees. It appears they never went to any lawyer or legal entity to explain their business plan. They circumvented the county courthouse- where transfers of title have been recorded since forever. Each time a title to a deed is transferred the county employees record that transaction. Each time they record a transfer, money changes hands which is then used to support local government.
The money which has been denied to county recorders due to this behavior has been reckoned in the hundreds of millions of dollars; this during a time when pensions are under assault and programs for schools, police and firefighters are subject to the whim of the same bankers who have destroyed us. MERS responded to what is now understood as little more than a housing bubble. In my particular instance, my wife and I were vetted for a 30 year, fixed mortgage; we were then presented with two mortgages at time of closing which can only be understood as predatory loans.
We felt we had no choice but to sign and our attorney reinforced this understanding by telling us that a failure to do so would ensnare us in a lawsuit which would monopolize our time for years to come. The point is this: In these predatory loans are the seeds of their own destruction: Interest- Only, adjustable Rates, Spread yield premiums, Pre-Payment Penalties and worst of all, Balloons which will destroy the ability of the borrower to pay usually in the seventh year.
It is lunacy to suggest that derivatives cannot be traced: No one has the money to back this debt. Unless the Federal Government monetizes the debt and nationalizes these banks. Abraham Lincoln did it, and Franklin D. Roosevelt also did it. When a bank is insolvent debts that are owed to it become void.
When a bank is insolvent mortgages owed to it are void. If a bank makes a loan mortgage for example consideration needs to exist within the bank vault to support the loan. Show me a bank with a trillion dollars in their vault. The mortgage companies knew the loans would self-destruct; the brokers on Wall Street actually made bets they would self-destruct by shorting the market. These treasonous pigs destroyed not only the financial centers of the United States, they destroyed our ability to meet our debt obligation throughout the world.
Call your congressmen, senators and governors of your state. Impress upon them the necessity of punishing those who have brought this country and its financial centers into such desperate times. It is pretty worth enough for me. In my view, if all web owners and bloggers made excellent content material as you did, the web might be a lot more helpful than ever before. Lawyers who learn that they have filed fraudulent documents in a court have an ethical obligation to disclose the fraud to the court. I lost my job, spouse had surgery, lost his job. I am a 20 year RN, spouse 25 year police officer.
Our home has been forclosed on, sold to new owners FNMA, now must be vacated by So fast, in shock! Why doesnt new owners, FNMA, offer us rental or home modification or any help? Advice plz before we are sleeping under a bridge. I personally destroyed hundreds, possibly thousands, of mortgages- my family had a business where we took the papers and rendered them to disc- after they were copied to disc, when we shredded, burned or deposited the papers in dumpsters. Let the record show: Therefore, once your mortgage was treated in this fashion, bifurcation took place and the security portion of the mortgage was destroyed.
In other words, the pink slip to your house no longer exists. If someone from the bank came to repossess your vehicle without the pink slip they would be attempting to commit a crime. In my opinion, the same may be said for those who are attempting to capitalize on homes in foreclosure. Certainly people took out loans and benefitted as a result; after all, they did enjoy the benefit of the loan as it enabled them to buy a house. Instead, the loans of responsible borrowers were commingled with subprime loans and turned into bonds designed to capitalize on insurance fraud- for that is what derivative swaps are, insurance fraud, Read Neil Garfield at foreclosure fraud.
Because the loans never made it to the trust by law, lenders had 90 days to do so and because the loans were put in a bag with other loans which were then securitized by traders on Wall Street, the relationships between individual lenders and the borrowers who accepted their funds for a specific piece of property will remain forever clouded. In other words, no one knows which bank holds the security on which piece of property.
As I have said above, this problem is compounded, because, in my opinion, the security was destroyed long ago. Conversely, that is why a false sense of urgency has been created to encourage borrowers to refi and modify; for, once a borrower does so, they will be returning to the banks what the banks presently lack: I wrote a letter to the AG in Delaware and told him we should enlist the aid of Vanna White and Pat Sajack and put all the banks and all the loans on a giant Wheel Of Fortune and then spin until all the outstanding loans, along with the borrowers, are recaptured by the banks.
Some believe that the monthly payments on the loans were used in a fraud through conversion. In other words, the payments were used as leverage a type of liquid bearer bond to solicit funds from Wall Street for the bond creation. Once the group of loans the bond were accepted and securitized by the WS broker, the money paid by the WS broker was used to pay off most of the loans in the bond, the residual was then split between the WS broker and the mortgage lender. The bonds were then often sold into the retirement accounts of people in Europe through clearing houses in Germany.
Once these bonds are proven faulty as they contain loans which contain fraud at origination, it is likely the people who invested in them will force the banks to buy them back at face value. The American people are too stupid to care. They are more concerned with Cupcake Wars and the indiscretions of such syphilitic morons as Arnold Swarzenegger and Paris Hilton. But, they should care because as these loans default they are the ones left holding the bag.
Navigation menu
In the final analysis, the question remains: You are commenting using your WordPress. You are commenting using your Twitter account. You are commenting using your Facebook account. Notify me of new comments via email. How Will We Know? Foreclosure Fraud For Dummies, 1: This entry was posted in Uncategorized. October 8, at 9: October 8, at February 1, at 9: October 9, at 3: October 10, at 3: So with a missing note… Homeowners that have already been pushed out of their home and someone else lives there , could in theory sue the bank or other entity for damages equal to the equity they had in their home—at least—and possibly to the full value of the home.
October 10, at 7: October 19, at October 10, at October 9, at October 9, at 7: October 10, at 1: Yes, more than one. Barbara Ann Jackson says: October 9, at 5: February 24, at I have discovered that by paying my bills I have avoided all of these kind of issues. October 8, at 6: October 9, at 9: October 9, at 2: October 10, at 9: October 20, at 7: So yeah, paperwork matters.
October 8, at 1: Will the banksters go to every state to have land law overturned? You actually only possess a mortgage. You occupy a house which is possessed by a bank. The Reasonable Curmudgeon says: October 13, at 7: As of today, would any agency write title insurance on the sale of a foreclosed home? The entire deposition is available at: October 8, at 2: October 8, at 3: Nicely done The graphic explains this so anyone can grasp the chain.
October 13, at October 8, at 4: October 9, at 1: I think you bring up the crux of the matter. Although Congress will find a way to retroactively make that legal. October 9, at 4: October 9, at 6: This is precisely the problem, and why those who never did anything wrong need to be concerned. October 9, at 8: Until these homes are cleared up title wise there can be no recovery in housing prices. Well, I guess your point was already addressed above by Gary D: These companies are the ones that collect the mortgage payments and are supposed to: If you think Lehman could brink down the whole banking matrix, think about what this could do.
You think the banks stopped foreclosing because they want to clean this up? Okay, I read the article and it seems to me that guy was a deadbeat. Rule 10b-5 — Employment of Manipulative and Deceptive Devices It shall be unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce, or of the mails or of any facility of any national securities exchange, 1. To employ any device, scheme, or artifice to defraud, 2. To make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading, or 3.
To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person, in connection with the purchase or sale of any security. If there is no grant of security interest, then there is no security for the loan. October 11, at 8: October 10, at 2: And yes, this would be all the more complicated because it would be subject to state law.
Special Report: The latest foreclosure horror: the zombie title
October 11, at If not, well… There is a claim above that a QWR request for a note must be answered in 60 days. October 10, at 4: October 10, at 6: For example, the Fannie MAE standard mortgage has this gem in paragraph Now check out this gem from Atrios yesterday: October 11, at 2: October 11, at 4: Anyone know what portion of mortgage securities are guaranteed? October 11, at 7: BTW, great, great conversation here!
Smart people renew my faith in democracy. October 11, at 1: October 12, at 7: