Mortgage Doomed to Fail – Judge Allows Suit to Proceed Against Bank of America and Attorneys Accused of Facilitating Mortgage Doomed to Failure

New York Law Journal February 01, 2010 A Brooklyn judge has allowed an action to go forward against two attorneys and others who are accused of facilitating a $629,000 mortgage for a waitress who earned less than $25,000 a year. Plaintiff Portia Joseph alleged Brooklyn attorney Adrian A. Ellis, who represented her in connection with … Continue reading

DOES ASSET BACKED SECURITIZATION MEAN NO NOTE?

Questions??? Is asset backed securitization the transformation of a single note into multiple pieces? Do these pieces act like a waterfall of cash flow? Are they then distributed as investments, structured finances, accruals, accretions and cash flows set forth into many classes of offerings? If you take a dollar bill and slice it up and … Continue reading

ALERT – Florida Banksters Move to Dramatically Speed Up the Foreclosure Process by Changing FL to a NON JUDICIAL STATE

If bankers get their way, Floridians facing foreclosure could be kicked out of their homes in as little as three months. The Florida Bankers Association, the 400-member-strong lenders’ lobby, has presented state legislators with a bill to upend decades of Florida law and establish “non-judicial” foreclosures in Florida by July 1. What’s a non-judicial foreclosure? … Continue reading

Judge Rules in New Orleans – EFFECTS WILL BE FELT IN FLORIDA

4closureFraud http://www.4closureFraud.org

Deutsche Bank National Trust Company, As Trustee for FFMLT 2006-FF13, Plaintiff, v. Terry A. McRae a/k/a Terry McRae, et. al., Defendants.

Decided on January 25, 2010 Supreme Court, Allegany County Deutsche Bank National Trust Company, As Trustee for FFMLT 2006-FF13, Plaintiff, v. Terry A. McRae a/k/a Terry McRae, et. al., Defendants. By way of the September 8, 2009 Order, this court previously determined that Plaintiff lacked standing, because it failed “to submit evidence of proper assignment/delivery … Continue reading

Freddie Mac: Delinquencies Increase Sharply

At least 90 days behind

Home Affordable Modification Program HAMP – Program Update and Resolution of Active Trial Modifications

January 28, 2010 TG-516 Administration Updates Documentation Collection Process and Releases Guidance to Expedite Permanent Modifications WASHINGTON – As part of the Administration’s ongoing housing market stabilization plan, the U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released updated guidance for servicers participating in the Administration’s mortgage modification … Continue reading

Bank of America at it AGAIN! Central Florida Couple Faces Foreclosure Despite Having Proof That All Mortgage Payments Were Made

Roger Wilsford and Teresa Stamey are about to lose their mobile home to foreclosure. Wilsford said he’d been paying his monthly payments of $762 to mortgage company Taylor, Bean and Whitaker, but last August it went into bankruptcy and he didn’t know it. “Still, you know, I’d get a bill from Taylor, Bean and Whitaker, … Continue reading

Lenders Pursue Mortgage Payoffs Long After Homeowners Default

By Kathleen M. Howley Jan. 28 (Bloomberg) — When John King stopped making payments on his home in Coral Gables, Florida, two years ago, he assumed the foreclosure ended his mortgage contract, he said. Last month, a Miami-Dade County court gave collectors permission to pursue him for $44,000 stemming from the default. King is among … Continue reading

Too Many Jobs – Linda Green, Tywanna Thomas, Korell Harp and Shelly Scheffey

For this report, over 500 mortgage assignments were examined. Each Assignment was filed by Docx, a mortgage servicing company  in Alpharetta, GA; each was notarized in Fulton County, GA. Many  of  these  Assignments  have  been  used  in  foreclosure  actions  filed  by  Deutsche  Bank  as proof that it has the legal right to file the foreclosure … Continue reading

Predatory Grizzly “Bear” Attacks Innocent, Elderly, Poor, Minorities, Disabled & Disadvantaged With Predatory Lending Scams & Frauds!

The Story of Bear Stearns Direct Involvement In And Support Of Predatory Lending In America!   Here is a 105 page report witten by Nye Lavalle going back over ten years… INTRODUCTION This report documents what is now known to be one of the largest predatory lending, servicing and financial scandals in America. The report documents … Continue reading

Correspondence Between A.I.G., the Federal Reserve Bank of New York and the Securities and Exchange Commission Over How to Keep Elements of the Bailout from being Publicly Disclosed!!!

Timmy!!! Looks like you has some explaining to do… Reuters:  SEC mulled national security status for AIG details NEW YORK (Reuters) – U.S. securities regulators originally treated the New York Federal Reserve’s bid to keep secret many of the details of the American International Group bailout like a request to protect matters of national security, … Continue reading

How to Beat the Banks at Their Own Game – A Strategy Straight out of the Tax Shelter Playbook

Source: Neil Garfield Livinglies If this is feasible, which it looks like it is, it could be a game changer… “Here is a strategy straight out of the tax shelter playbook that could result in widespread relief for homeowners underwater. It comes from a high-finance tax shelter expert who shall remain unnamed. He and a … Continue reading

Underwater and Not Walking Away – Strategic Default

Shame, Fear and the Social Management of the Housing Crisis Brent White University of Arizona Despite reports that homeowners are increasingly “walking away” from their mortgages, most homeowners continue to make their payments even when they are significantly underwater.  This article suggests that most homeowners choose not to strategically default as a result of two … Continue reading

MERS Cases: The Good (for MERS), The Bad (for MERS), & The Ugly (for MERS)

Here is an article that we can learn from… It is written from MERS point of view regarding recent cases… MERS Cases: The Good, The Bad & The Ugly in From The Orb By T. Robert Finlay & Nicholas G. Hood on Friday 22 January 2010 REQUIRED READING: There is little doubt that America is … Continue reading