Wednesday, December 29, 2010
J.P. Morgan, FDIC tangle over responsibility for WaMu liabilities
Read about it at washingtonpost.com, linked HERE
Tuesday, December 28, 2010
Tuesday, December 21, 2010
Monday, December 20, 2010
Sunday, December 19, 2010
Friday, December 17, 2010
Thursday, December 16, 2010
Tuesday, December 14, 2010
Sunday, December 12, 2010
Bank of America lifts foreclosure freeze
Bank of America lifts foreclosure freeze | Money & Company | Los Angeles Times
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Robo signers' company sues foreclosure defense attorneys
Nationwide Title goes on attack against vocal critics - St. Petersburg Times
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Tuesday, December 7, 2010
Monday, December 6, 2010
Sunday, December 5, 2010
Simon Johnson, one of the Authors of 13 Bankers, reflects on Euro woes as China's opportunity ..
Open Me
This gem from inside:
"In fact, the Irish leadership has every incentive to delay until other countries can be dragged into turmoil. The crisis will become euro-zone wide, at which point all eyes will turn to some combination of the European Central Bank, the German taxpayer, and the IMF." (emphasis added).
Scared yet? Once this occurs, keep your eye on the impending bond problems in California, Illinois, and New York, among other states.
This gem from inside:
"In fact, the Irish leadership has every incentive to delay until other countries can be dragged into turmoil. The crisis will become euro-zone wide, at which point all eyes will turn to some combination of the European Central Bank, the German taxpayer, and the IMF." (emphasis added).
Scared yet? Once this occurs, keep your eye on the impending bond problems in California, Illinois, and New York, among other states.
Saturday, December 4, 2010
Banks reportedly in talks to settle SEC bond probe
SEC, Banks Discuss CDO Settlements - WSJ.com
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Wednesday, December 1, 2010
Federal Reserve Opens its Books on the $9 TRILLION in loans given to Wall Street during the crisis - yes, $9 TRILLION
All the scary goodness is being reported HERE
$9 TRILLION -- that is $9,000,000,000,000 in loans (at .5% interest) given to the banks and others (McDonalds?? Harley Davidson??).
One has to wonder, with $9 trillion in loans to the banks, backed by $9.5 trillion on junk securities (i.e. its worth closer to $0, NOT $9.5 trillion), how is the Federal Reserve going to get out of this mess ..... this is not good.
$9 TRILLION -- that is $9,000,000,000,000 in loans (at .5% interest) given to the banks and others (McDonalds?? Harley Davidson??).
One has to wonder, with $9 trillion in loans to the banks, backed by $9.5 trillion on junk securities (i.e. its worth closer to $0, NOT $9.5 trillion), how is the Federal Reserve going to get out of this mess ..... this is not good.
Tuesday, November 30, 2010
The AIG bailout - good for the banks, bad for the Commonwealth of Virginia
Flashback to THIS excellent article / graphic revealing how incestuous the shadow banking system was/is. At the bottom, the following shocking tidbits are revealed:
1) AIG was bailed out with $182 billion of taxpayer money (and counting)
2) In exchange for the bailout, AIG had to agree to WAIVE THE RIGHT TO SUE the banks for the fraud committed
3) The Federal Reserve told AIG not to disclose all the details, meanwhile California and Virginia pension plans were given a huge haircut while the bankers received 100 cents on the dollar from AIG.
How does this happen?
1) AIG was bailed out with $182 billion of taxpayer money (and counting)
2) In exchange for the bailout, AIG had to agree to WAIVE THE RIGHT TO SUE the banks for the fraud committed
3) The Federal Reserve told AIG not to disclose all the details, meanwhile California and Virginia pension plans were given a huge haircut while the bankers received 100 cents on the dollar from AIG.
How does this happen?
Fed Governor Sarah Bloom Raskin Speech at the National Consumer Law Center's Consumer Rights Litigation Conference, Boston, Massachusetts
Read it here
She candidly discusses the servicing problems in the finance industry. Definitely worth a read.
She candidly discusses the servicing problems in the finance industry. Definitely worth a read.
Sunday, November 28, 2010
Wednesday, November 24, 2010
Tuesday, November 23, 2010
Monday, November 22, 2010
Saturday, November 20, 2010
Wednesday, November 17, 2010
Economist: California will default on its debt
He goes on to say: If California were to default, and the Federal Government even mentions a bailout then Illinois, New York, and other states will be right behind.
Read about it here
The California Qui Tam against MERS and many major financial institutions would be a big boost to the financial woes of the state.
Read about the Qui Tam suit here
Read about it here
The California Qui Tam against MERS and many major financial institutions would be a big boost to the financial woes of the state.
Read about the Qui Tam suit here
Saturday, November 13, 2010
Friday, November 12, 2010
Thursday, November 11, 2010
Wednesday, November 10, 2010
Tuesday, November 9, 2010
Goldman Sachs / Litton suspend foreclosures in some states
via HuffPost
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Sunday, November 7, 2010
Wealth distribution in US now worse than traditional banana republics.
NYT: Our Banana Republic
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Saturday, November 6, 2010
Foreign leaders criticize Fed's Backdoor Bailout plan
via HuffPost
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The VA Qui Tam (whistleblower statute).
LIS > Code of Virginia > 8.01-216.3
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Consumer right to class action may be at risk before supreme court.
via HuffPost
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Another story on the massive losses of AIG which continues the policy of refusing to report the truth: AIG had to pay billions to the banks for the credit default swaps purchased - i.e. the bets that the mortgages they sold would fail (and they knew they would fail).
via HuffPost
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Conservatives look to oust judges who supported gay marriage. Scary, these attempts to influence/control the judiciary.
via HuffPost
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Bank of America edges closer to the tipping point .... as expected.
via HuffPost
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Wednesday, November 3, 2010
Monday, November 1, 2010
States taking on Foreclosure Fraud
NYT: State Attorneys General Take H
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William Black and L. Randall Wray - Foreclose on the Fraudsters
Saturday, October 30, 2010
Friday, October 29, 2010
Tuesday, October 26, 2010
Foreclosuregate Status - Karl Denninger provides a candid look at the foreclosure problem
Nicely done .. check it out here
Please take the time to listen to the audio from the KOH radio show - interviewee, a foreclosure defense attorney in Nevada, does an excellent job of exposing the credit default swaps and their use to incentivize the banks as they proft from defaults of loans.
Direct link here
Be sure to check out the first few minutes, a couple of minutes starting at 12:30 in. Then listen to 16:30, and 42:30, right around 50:00 and then again at 70:00 and finally, at 78:00 in.
Please take the time to listen to the audio from the KOH radio show - interviewee, a foreclosure defense attorney in Nevada, does an excellent job of exposing the credit default swaps and their use to incentivize the banks as they proft from defaults of loans.
Direct link here
Be sure to check out the first few minutes, a couple of minutes starting at 12:30 in. Then listen to 16:30, and 42:30, right around 50:00 and then again at 70:00 and finally, at 78:00 in.
Investors Create Cleringhouse to Share Info on Bank Lawsuits
Read all about here at Neil Garfield's LivingLies blog.
Top Fed Official On Government's Foreclosure Prevention Efforts: 'Three Years Of Failed Policies'
Read all about it here.
Want more? "The Obama administration's signature anti-foreclosure effort, unveiled in 2009 with the promise of helping three to four million homeowners modify their mortgages, is such a failure that it now risks "generating public anger and mistrust," according to a federal audit released Monday."
Read about it here.
Want more? "The Obama administration's signature anti-foreclosure effort, unveiled in 2009 with the promise of helping three to four million homeowners modify their mortgages, is such a failure that it now risks "generating public anger and mistrust," according to a federal audit released Monday."
Read about it here.
MERS in the news again.
MERS Comes Under Fire in Foreclosure Crisis: Video (Correct)
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Sunday, October 24, 2010
Frank Rich gets it right... again.
NYT: What Happened to Change We Can
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Friday, October 22, 2010
New York Gov. signs law - bank has to pay legal fees of successful homeowner.
via HuffPost
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Thursday, October 21, 2010
This article reads like the complaints we began filing over a year ago...
From the New York Times ... we have several lost note cases on appeal, and several allonge cases as well - this article gives excellent insight into the the very same problem we have been and continue to address in our efforts to defend homeowners.
Battle Lines Forming in Clash over Foreclosures
Battle Lines Forming in Clash over Foreclosures
Wednesday, October 20, 2010
Maryland Court of Appeals Adopts New Foreclosure Rule
Maryland, what we refer to as a "quasi-judicial" jurisdiction, has adopted new rules to combat the fraudulent documents, notaries, and affidavits - read all about it here:
Maryland Courts Adopt New Foreclosure Rules
Maryland Courts Adopt New Foreclosure Rules
Dan Froomkin at WaPo with more fraud fear-mongering.
While reading this keep in Mind he is quoting "William K. Black, one of the few effective regulators in recent history (during the savings and loan crisis of the late 1980s)"
Nine Stories the Press is Underreporting
Nine Stories the Press is Underreporting
Tuesday, October 19, 2010
Dcoumentation Problems downplayed by CitiGroup CFO
CitiGroup claims it did not use robo-signers, but still has problems
Of particular interest from this article:
---------------
One analyst on Monday's call, James F. Mitchell of Buckingham Research Group, brought this up.
"[P]eople are worried about not just the documentation issue but the poor quality of the underwriting of the loans," Mitchell said about Citi's loans that were ultimately securitized and sold. "Does that somehow ... break the representation and warranties in the prospectus, and therefore investors can put the whole securitization back, not just on documentation but on loan quality issues? Did you have a discussion with your counsel on that?"
Gerspach, Citi's chief financial officer, responded.
"We had several counsels. I couldn't find anyone that indicated that there was this big red button that gets pushed and completely blows up a transaction based upon underwriting quality," Gerspach said. "But I'm going to leave that one up to all the lawyers in the world to argue about," he added, dodging the larger question about Citi's underwriting practices.
----------------
But the underwriting is not the problem, its the problems with the documents that will haunt the banks - as noted here at the blog The Stopped Clock:
the problem of widespread failures to convey notes to the securitization trust isn’t a “technicality”; it means what were sold as MBS are potentially just unsecured consumer paper. And it goes further than that: if no notes were conveyed at closing, the trust under New York law (and all these trusts elected NY law for the trust operation) was “unfunded” meaning it does not exist (multiple top experts on NY trust law concur on this issue).
Of particular interest from this article:
---------------
One analyst on Monday's call, James F. Mitchell of Buckingham Research Group, brought this up.
"[P]eople are worried about not just the documentation issue but the poor quality of the underwriting of the loans," Mitchell said about Citi's loans that were ultimately securitized and sold. "Does that somehow ... break the representation and warranties in the prospectus, and therefore investors can put the whole securitization back, not just on documentation but on loan quality issues? Did you have a discussion with your counsel on that?"
Gerspach, Citi's chief financial officer, responded.
"We had several counsels. I couldn't find anyone that indicated that there was this big red button that gets pushed and completely blows up a transaction based upon underwriting quality," Gerspach said. "But I'm going to leave that one up to all the lawyers in the world to argue about," he added, dodging the larger question about Citi's underwriting practices.
----------------
But the underwriting is not the problem, its the problems with the documents that will haunt the banks - as noted here at the blog The Stopped Clock:
the problem of widespread failures to convey notes to the securitization trust isn’t a “technicality”; it means what were sold as MBS are potentially just unsecured consumer paper. And it goes further than that: if no notes were conveyed at closing, the trust under New York law (and all these trusts elected NY law for the trust operation) was “unfunded” meaning it does not exist (multiple top experts on NY trust law concur on this issue).
Is this just the beginning, or will this train wreck be derailed by the Federal Investigation?
Pimco and NY fed said to seek BofA repurchase of mortgages
Read it here:
BofA being asked to buy back $47 billion in bonds
Read it here:
BofA being asked to buy back $47 billion in bonds
Feds Will investigate Foreclosure Problems
Not sure where this is going. Either the Govt is looking to recoup losses for Fannie and Freddie, which pay losses to financial institutions on failed loans, or if this is a means to a band-aid for the problem ...
Read about it here:
Fed to Investigate Foreclosure Problems
Read about it here:
Fed to Investigate Foreclosure Problems
Federal Judicial Panel Consolidates Class Action lawsuits vs Bank of America
The class action lawsuits filed across the country against bank of America for violations of the HAMP program were consolidated by a judicial panel.
Read about it here:
Lawsuits vs BoA for violations of HAMP consolidated
Read about it here:
Lawsuits vs BoA for violations of HAMP consolidated
Monday, October 18, 2010
Foreclosure Mill employees received gifts for altering documents, witness says
As we have said many times, the more they dig into this problem the more dirt they will fnd.
Foreclosure-mill gave employees lavish gifts for their illegal behavior
Foreclosure-mill gave employees lavish gifts for their illegal behavior
Nice look at the network of entities playing a role in the foreclosure crisis
Read about it at ProPublica here: Whos-Who-in-the-foreclosure-scandal-a-primer-on-the-players
This is much bigger than just the problems of robo-signers.
This is much bigger than just the problems of robo-signers.
Baseline Scenario - if you have not heard of this blog, go visit. The only thing you will regret is not having gone sooner.
At times the comments are as informative and intellectual as the posts, a credit to its readers.
While you are there do not miss this:
The real fears over the foreclosure fraud scandal
Thirteen Bankers is an excellent read as well. If you still feel out of the loop with what has happened in this fiasco, do yourself a favor and pick up a copy.
Baseline Scenario Home Page
While you are there do not miss this:
The real fears over the foreclosure fraud scandal
Thirteen Bankers is an excellent read as well. If you still feel out of the loop with what has happened in this fiasco, do yourself a favor and pick up a copy.
Baseline Scenario Home Page
Sunday, October 17, 2010
Saturday, October 16, 2010
The reports of foreclosure problems are coming out with lightning speed..
From WaPo Business on oct. 7 about lack of standing to foreclose and the use of MERS - good read:
Banks lack standing to foreclose
And this from WaPo Business Oct 16 addressing the foreclosure mills and their "incentives" to move as many foreclosures as fast as they can:
Foreclosure Mills Paid for volume
For Kicks, re-read this
No standing defense deemed "conclusory":
Banks lack standing to foreclose
And this from WaPo Business Oct 16 addressing the foreclosure mills and their "incentives" to move as many foreclosures as fast as they can:
Foreclosure Mills Paid for volume
For Kicks, re-read this
No standing defense deemed "conclusory":
Friday, October 15, 2010
False attorney affidavits in MD - by one of the top foreclosing firms in NoVa.
GMAC acted in bad faith, rules the court, but moves to evict because the homeowner hasn't paid in two years. Translation: it doesn't matter if GMAC has no right to foreclose. The court should let them because the homeowner hasn't paid *boggle*
NYT: Out of Maine, a National Forec
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Thursday, October 14, 2010
The problem hiding in the back of the room: The title problems that will wreak havoc on property records all over the country. The good news? This problem is only like the fifth biggest resulting from bank behavior.
The Foreclosure Defense Blog: Foreclosure Errors Cloud Homeownership With ‘Blighted Titles’
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We've been told this story an untold number of times. FYI The servicers receive $1000 or so per person in HAMP. Now multiply $1000 x 1 million. Your tax dollars at work to pay servicers to string people along, default them, then foreclose. Propublica.org has all the stats on servicer compliance for your reading enjoyment.
via HuffPost
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Moratorium? Let's debate it .... They are breaking the law. Debate over.
via HuffPost
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Things are going to get worse before they get better.
Foreclosures hit all time high last month
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Attorneys general from all 50 states to investigate foreclosure fraud.
All 50 attorneys general join forces to investigate foreclosure fraud
via HuffPost
via HuffPost
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And you were concerned the direct bailout and AIG bailout and Fed discount window were not enough!
Wall Street is on track to pay its employees $144 billion this year, breaking a record for the second year in a row, the Wall Street Journal reports.
via HuffPost
via HuffPost
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Pro Publica exposes CDOs
This link will take you to the Pro Publica site and provide a clean and simple list of articles that reveal the incestuous relationship of the large financial institutions, their subsidiaries, and the oh-so mysterious CDOs (collateralized debt obligations).
A Bank’s Best Customer: Its Own CDOs
Or this one:
The CDO Daisy Chain
Welcome!
Finally, our office now has a blog to monitor stories and reports of issues and incidents impacting homeowner foreclosure defense in Virginia, and nationwide! We will use this blog to monitor, report, and dissect stories concerning foreclosure defense, the financial sector, and the efforts of the government to attempt to assist homeowners through this difficult period.
We are hopeful that by visiting our blog you will learn something that will assist you, or someone you know, in defending their home from foreclosure. Future posts will focus on particular stories and (hopefully, time permitting) provide some context / interpretation of the meaning and/or impact on foreclosure defense.
We are hopeful that by visiting our blog you will learn something that will assist you, or someone you know, in defending their home from foreclosure. Future posts will focus on particular stories and (hopefully, time permitting) provide some context / interpretation of the meaning and/or impact on foreclosure defense.
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