MIrabile dictu, for once Obama isn’t taking every order coming from the banking industry. There is no story up yet, merely a “Breaking News” headline “White House: President Obama will not sign foreclosure bill” and an e-mail alert from the Washington Post: Amid growing furor over the legitimacy of foreclosure proceedings, a White House official […]
Read more...Yves here. I did a small study for a then midlevel, now top level Russian oligarch in the early 1990s who bought a US retail chain. It wasn’t exactly the most astute purchase. One of the factoids I came across in assisting him in figuring out how to scrub it up for resale was the […]
Read more...We’ve discussed the fact the fact that banks have become so powerful in Florida that they have managed to get what amount to kangaroo foreclosure courts created. Not surprisingly, the assembly line imitation of justice railroads borrowers, and prevents legitimate grievances from being heard. It turns out that banks in that state are so confident […]
Read more...So much for the idea that the affidavit problem is a mere technicality and a mere operational hassle for the banks. They had clearly viewed complying with their own agreements as an option, not a requirement, with the savings for cutting corners only somewhat offset by the costs of getting caught from time to time. […]
Read more...The battle lines are forming. In the last two years, local attorneys working for the small minority of borrowers who contest foreclosures have reported a wide range of what in spin doctor land would be called irregularities. These reports were so widespread and consistent as to suggest that malfeasance was endemic, but without corroborating evidence […]
Read more...Welcome to our new readers from the FCIC. Lender Processing Services, a crucial player in the residential mortgage servicing arena, has been hit with two suits seeking national class action status (see here and here for the court filings). If the plaintiffs prevail, the disgorgement of fees by LPS could easily run into the billions […]
Read more...Boy, you have to love the way beleaguered companies strain to create the impression that unfavorable revelations are “mischaracterizations.” And Lender Processing Services certainly has its back to the wall. Its stock traded down 5% on Friday and another 8% today before it halted just prior to the close of trading on Monday. (for more […]
Read more...More revelations from one of the epicenters of the housing implosion. 4ClosureFraud has published an eyepoppingly long list of affidavits of lost summons in foreclosure cases. This is a teeny extract from their sample, so readers can see what their roster looks like: I spoke to the individuals who compiled this sample; the roster on […]
Read more...A bombshell has dropped in mortgage land. We’ve said for some time that document fabrication is widespread in foreclosures. The reason is that the note, which is the borrower IOU, is the critical instrument to establishing the right to foreclose in 45 states (in those states, the mortgage, which is the lien on the property, […]
Read more...This post first appeared on February 22, 2008 Man, not only does the Administration tell whoppers, but it is completely shameless about them. The latest sighting comes from Reuters: Treasury Undersecretary Robert Steel told the Reuters Housing Summit it is proper for homeownership to hold a special status…. “If I default on my credit card […]
Read more...More bad news for banks and servicers on the foreclosure improprieties front. The latest report, that Bank of America is stopping foreclosures in 23 states, confirms the suspicion that problems with foreclosure procedures for residential home loans in securitizations are widespread. From the AP via Washington Post: Bank of America says it is delaying foreclosures […]
Read more...This story on the Office of the Comptroller of the Currency’s inquiry into possible mortgage servicer improprieties was released last night by the Washington Post; oddly Bloomberg had not picked it up when I trolled it, apologies for not catching it sooner. Note that this development supports our contention that servicing problems are widespread. Note […]
Read more...Only been a few Congressmen have weighed in on the mortgage documentation mess so far, since wrapping up the current Congressional session and campaigning consumes a lot of bandwidth. Nevertheless, I am getting reports from DC that people on the Hill are starting to take the issue of foreclosure document fabrication, errors, and improprieties seriously. […]
Read more...Boy, if Fitch thinks servicer problems are limited to affidavits, it is gonna learn a lot more in the coming weeks and months. This report comes via BusinessWeek: Fitch Ratings said Wednesday it’s asking mortgage servicers about their foreclosure practices in the wake of GMAC Mortgage LLC’s recent disclosure of procedural errors. The agency believes […]
Read more...See this video ofthe deposition of GMAC’s famed robo signer, Jeffrey Stephan, who estimates that he signs 10,000 documents a month. If nothing else, you need to watch from 5:00 to the end of the first segment. Hat tip reader Barbara W, from 4closureFraud.org. I wish the sound quality were better; you can also read […]
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