 Seeking Empowerment regarding Mortgage Issues?
Who funded that so-called loan - you or them? Is that mortgage application you signed an actual promissory note that is publicly traded on the world market? Did they set up a demand deposit account in your name in their institution right after you handed them the note? Can you use that asset to offset your so-called debt to them? The true and correct answers to these questions, and more, may astound you. The phrase 'mortgage fraud' has become a mainstream item.
Qualified professionals may have mortgage solutions for you that can set you free from mortgage problems forever through ethical and legal mortgage elimination strategies. See below to shortcut your process in getting up to date in the very dynamic arenas of home mortage termination or elimination, mortgage acceleration and innovative mortgage financing solutions.
Recent Mortgage News
When they saw the house on El Dorado Drive in this Los Angeles suburb being painted a startling orange and green and giant billboards hung on the outside, Scott and Beth Hostetler's neighbors were initially angry and confused. Some even considered calling the police.
But what they witnessed on Friday was not an offensive redecoration decision by the Hostetlers, but rather the debut of one of the more unusual schemes to arise from the housing crisis. In return for allowing the front of their four-bedroom house to become a garish advertisement, the Hostetlers are getting their nearly $2,000 monthly mortgage paid by the marketing company behind the project, Brainiacs From Mars.
Mortgage problems? Turn your house into a billboard, 2/12/12
Daniel Mudd, the former chief executive officer of Fannie Mae, and Richard Syron, ex-CEO of Freddie Mac, were sued by the U.S. Securities and Exchange Commission for understating by hundreds of billions of dollars the subprime loans held by the firms.
Ex-Freddie, Fannie CEOs Sued Over Loans, 12/16/11; SEC charges ex-Fannie and Freddie chiefs, 12/16/11
There were many factors that contributed to our recent financial bubble: deregulation, cheap money from the Fed, failure to enforce remaining regulations, crony capitalism, hubris, speculation, leverage, and fraud among other problems. While fraud wasn't the only issue, it was and is a significant contributor to the credit bubble. Restraining fraud is a necessary but not sufficient condition for a sound financial system. Congressional investigations in recent years have put ample evidence of fraud in the public domain.
Fraud As a Business Model, 9/6/11
Big U.S. banks in talks with state prosecutors to settle claims of improper mortgage practices have been offered a deal that may limit their legal liabilities in return for a multibillion-dollar payment, the Financial Times reported on Tuesday.
The talks aim to settle allegations that banks including Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial, seized the homes of delinquent borrowers and broke state laws by employing so-called "robosigners," workers who signed off on foreclosure documents en masse without reviewing the paperwork.
U.S. banks offered deal over lawsuits, 9/6/11
...But even though the particulars are many and varied, the overarching story remains the same: the more rocks you turn over in mortgage land, the more creepy-crawlies emerge.
The More You Look, The More Bank Criminality You Find in Mortgage Land, 9/2/11
Already, mortgage papers are being invalidated by courts, insurers are hesitant to write policies, and judges are blocking banks from foreclosing on homes. The findings by various county registers of deeds have also hindered a settlement between the 50 state attorneys general who are investigating big banks and other mortgage lenders over controversial mortgage practices.
The problem of shoddy mortgage paperwork, which comprises several shortcuts known collectively as “robo-signing,” led the nation’s largest banks, including Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., and other lenders to temporarily halt foreclosures nationwide last fall.
Widespread robo-signing of mortgage documents found as far back as 1998 could haunt owners, 9/1/11
The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation.
The Federal Housing Finance Agency suits, which are expected to be filed in the coming days in federal court, are aimed at Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, among others, according to three individuals briefed on the matter.
Massive Wave Of Lawsuits To Be Filed By The US Against America's Biggest Banks As Soon As Tomorrow, 9/1/11
Goldman Sachs and two other firms have agreed with the New York banking regulator to end the practice known as robo-signing, in which bank employees signed foreclosure documents without reviewing case files as required by law, the Wall Street Journal said.
In an agreement with New York's financial-services superintendent, Goldman, its Litton Loan Servicing unit and Ocwen Financial Corp also agreed to scrutinize loan files for evidence they mishandled borrowers' paperwork and to cut mortgage payments for some New York homeowners, the Journal said.
Goldman Sachs and two other firms agree to end robo-signing, 9/1/11
Eric Schneiderman’s willingness to go after the banks and stand up to the corruption of the Bush and Obama administrations should be a reminder to all of us of this. We have free will. He is doing the right thing for no other reason than because he wants to, because he believes in it. He is going to face serious consequences for this, very nasty stuff. Eliot Spitzer was taken down and his name dragged through mud because of who he took on. Paying ugly costs for standing up is routine, unfortunately, in modern America. And the least powerful among us face far worse consequences than politicians who are embarrassed. But integrity exists, and Schneiderman is showing that free will can be exercised in its service. This fact is true of many people, not just Schneiderman; Bill McKibbin, Jane Hamsher, Dan Choi and others just got arrested in front of the White House to register dissent. So next time someone tells you that you have no choice but to support one of the two branches of the banking party, just remember, you also have free will. And the only person who can take that away from you, is you.
Mortgage Fraud: What the NY Attorney General Reveals About Obama, 8/28/11
Once you read the allegations in the cases included in this post, I strongly suspect you will agree that the “ruining lives” in the headline is not an exaggeration. And as important, these two cases, with very similar fact sets, also suggest that these abuses are not mere “mistakes”. These are clearly well established practices that Chase can’t be bothered to clean up, since cleaning them up costs money and letting them continue is more profitable.
How Chase Ruined Lives of People Who Paid Off Their Mortgages, 8/26/11
Wow, Jones Day just created a huge mess for its client and banks generally if anyone is alert enough to act on it.
The lawsuit in question is American Home Mortgage Servicing Inc. v Lender Processing Services. It hasn’t gotten all that much attention (unless you are on the LPS deathwatch beat) because to most, it looks like yet another beauty contest between Cinderella’s two ugly sisters.
AHMSI is a servicer (the successor to Option One, and it may also still have some Ameriquest servicing). AHMSI is mad at LPS because LPS was supposed to prepare certain types of documentation AHMSI used in foreclosures. AHMSI authorized the use of certain designated staffers signing with the authority of AHSI (what we call robosinging, since the people signing these documents didn’t have personal knowledge, which is required if any of the documents were affidavits). But it did not authorize the use of surrogate signers, which were (I kid you not) people hired to forge the signatures of robosigners.
The lawsuit rather matter of factly makes a stunning admission.
Bombshell Admission of Failed Securitization Process in American Home Mortgage Servicing/LPS Lawsuit, 8/25/11
Jamie Dimon said yesterday that "there have been so many flaws in mortgages that it’s been an unmitigated disaster" and the system is in serious need of an overhaul.
"We just really need to clean it up for the sake of everybody," he said on a conference call, acc cording to Bloomberg, "and everybody is going to sue everybody else, and it’s going to go on for a long time."
No-one knows that better than Dimon, whose bank, JP Morgan, could pay between $20 - $25 billion to fight lawsuits stemming from issues related to faulty mortgages prior to and during the financial crisis, according to bank analyst Chris Whalen.
Mortgage System Is Such A Disaster "Everybody Is Going To Sue Everybody Else", 7/15/11
There has been a lot of buzz about a strongly worded decision by the New York Second Appellate Division in the Bank of New York v. Silverberg. This is yet another ruling against MERS, but its implications are narrower than some commentators have suggested.
It is critical to note that MERS in theory is a mortgage registry, which means whatever authority it has (a matter still being sorted out), it extends to the lien only. MERS has repeatedly said in depositions it was not a lender and has no rights to the note, the borrower IOU. Thus since in most states the note is the critical instrument (the lien is a “mere accessory”), the party foreclosing needs to be a holder of the note (that actually means more than mere possession, you need to be a party of interest, in some states).
New York State Appellate Court MERS Smackdown: Another Nail in the Coffin, 6/14/11
The Obama administration's mortgage modification program is more than two years old. From the beginning, it's been apparent that the participating banks and mortgage servicers were breaking the program's rules. The administration has long argued it has little power to do anything about it. But now, after millions of homeowners have been rejected, the government has decided it's finally time to crack down.
On Thursday, the Treasury Department announced it would be withholding government subsidies to the country's three largest mortgage servicers, which are also among the U.S.'s largest banks: Bank of America, Wells Fargo, and JPMorgan Chase. The banks won't be getting more money until they show "substantial improvement."
U.S. finally penalizes major banks for mortgage modification failures, 6/12/11
As regular readers no doubt know, the reason for creating the electronic mortgage registry service MERS was to save on recording fees when notes (the borrower IOUs) were transferred through multiple parties when mortgage securitizations were set up. As MERS legal status has come under questions, a few local registrars of deeds (the officers in charge of local recording offices) have made estimates of the losses to their county and have come up with significant numbers.
As more and more information about mortgage abuses have gotten media coverage, some registrars of deeds have dug further into their records to document their extent.
So far. only a couple of local officers are undertaking these assessments, on their own initiative. At the same time, their efforts provide persuasive evidence of the extent of abuses, and thus help support the critics’ case. If more recorders were to take interest and start digging in their files and come up with tallies of various types of misconduct, this could have a significant effect on the debate. A favorite tactic of the banks has been to treat problems as “mistakes” and therefore exceptional. If more local level compilations show that “mistakes” are common or even pervasive, it will reveal that these alleged errors were a cynical profit maximizing policy dressed up as incompetence. And it would again show the banks to be liars.
Registrars of Deeds as Unexpected Foot Soldiers Fighting Mortgage Abuses?, 5/20/11
The head of the Federal Deposit Insurance Corp. is warning that flaws may have “infected millions of foreclosures” and questioned whether other regulators’ inquiries into problems at the nation’s mortgage-servicing companies have been thorough enough.
“We do not yet really know the full extent of the problem,” FDIC Chairman Sheila Bair said Thursday in written remarks submitted to a hearing of the Senate Banking Committee. “Flawed mortgage-banking processes have potentially infected millions of foreclosures, and the damages to be assessed against these operations could be significant and take years to materialize."
FDIC’s Bair Says Millions of Mortgages May Be "Infected," Criticizes Consent Orders, 5/12/11
A Philadelphia homeowner started foreclosure proceedings on a Wells Fargo mortgage office after winning a rather strange legal judgement against the bank.
After Patrick Rodgers got no reply to three letters asking why he was being forced to pay a home insurance premium for a $1 million house when he bought his 3-story Victorian home for $180,000, he decided to force his mortgage company to pay attention, ABC News reported.
According to the Philadelphia Inquirer, Rodgers discovered the Real Estate Settlement Procedures Act, which requires mortgage companies to acknowledge written requests within 20 business days or face penalties. He took Wells Fargo to court, winning a default judgement because the bank didn't show up in court.
Philadelphia Man Forecloses On Wells Fargo, 2/17/11
Late last year, the federal banking agencies began a targeted review of loan servicing practices at large financial institutions that had significant market concentrations in mortgage servicing. The preliminary results from this review indicate that widespread weaknesses exist in the servicing industry. The agencies intend to report more specific findings to the public soon, but I can tell you that these deficiencies pose significant risk to mortgage servicing and foreclosure processes, impair the functioning of mortgage markets, and diminish overall accountability to homeowners.
Fed's Raskin: No improvement in Mortgage Servicer operational performance, 2/11/11
In common with other accounts of the financial crisis, the Financial Crisis Inquiry Commission report notes that mortgage underwriting standards were abandoned, allowing many more loans to be made. It blames the regulators for not standing pat while this occurred. However, the report fails to ask, let alone answer, why standards were abandoned. In our view, blaming the regulators is a weak argument. A much more sensible explanation can be found by asking: what were the financial incentives for such poorly underwritten loans? Why would “the market” want bad loans?
FCIC Report Misses Central Issue: Why Was There Demand for Bad Mortgage Loans?, 1/31/11
Bank of America Corp's Countrywide mortgage unit has been sued by investors claiming they were victimized in a "massive fraud" when they bought mortgage-backed securities.
BofA's Countrywide sued, accused of massive fraud, 1/25/11
Odds are (99%) that the bank has absolutely no copy of the original and should the reader proceed to default (in a judicial state), the bank will likely ultimately be forced to give up its claim on the mortgage.
An Example Of Bank Of America Refusing To Provide An Original Mortgage Note, 1/17/11
 Debt is one of the biggest worries for most families and small businesses Qualified professionals may have solutions to help set you free from debts forever through debt elimination. Not debt consolidation, not debt management--debt elimination! It's real and thousands of people just like you have taken back their life through debt elimination. The process is legal and ethical.Now you can assume control of your own corporation as is your legal birthright. In todays extreme challenges on all levels, the one thing you can do is to try to get rid of your debts to free up money for the basics and you can start now. (What can you do facing a world-wide recession/depression?) Besides stocking up on supplies and all the basic survival suggestions, also make sure your debts are taken care of so you are debt-free. Our debt elimination program is one way to do this.
NOTE: There are many pages on the website with information and 'samples' of things that people may have used in the past, but please do not attempt anything by yourself, only an expert can supply educational programs that have the latest, 'up-to-date' information.
Mortgage Elimination:
See also:
Credit card debt elimination page, debt elimination page and student loan debt elimination, here.
|
