" ...The two government-owned mortgage companies are enforcing contracts that require lenders to buy back loans that didn’t meet underwriting standards. At the end of September, the companies reported, banks hadn’t responded to $13 billion in buyback requests. A third of those were at least four months old and Freddie Mac has begun to assess penalties for the delays."
Paypal referral link..
Tuesday, November 30, 2010
Mortgage News Ticker | Mortgage News | Daily National and State Headlines
Mortgage News Ticker | Mortgage News | Daily National and State Headlines:
Fannie And Freddie Resume Foreclosure Sales - News Album
Fannie And Freddie Resume Foreclosure Sales - News Album:
"The move could be good for buyers, but not for traditional home sellers in the fragile real estate market."
naked capitalism
naked capitalism:
"Today, an article appears in Bloomberg, and it appears to be a rehash of this now week-old story, so I was puzzled to see it run now. But buried in the article is the probable reason for this piece, namely, that the Bloomberg reporters saw that BankThink had purchased and posted the trial transcripts, and quoted more of DeMartini’s testimony. And it isn’t pretty. From Bloomberg:
The judge asked DeMartini whether the notes ever move to follow the transfer of ownership, according to the transcript of the August 2009 hearing.
“I can’t say that they’re never moved because, I mean, with this many millions of loans as we have I wouldn’t presume to say that, but it is not customary for them to move,” DeMartini said."
Mortgage mediation cases on hold as fraud allegations unravel David J. Stern Law Firm - St. Petersburg Times
Mortgage mediation cases on hold as fraud allegations unravel David J. Stern Law Firm - St. Petersburg Times:
"Hundreds of mortgage mediation cases in the Tampa Bay area and other parts of Florida have been put on indefinite hold because of growing problems at a law firm that once represented many of the nation's biggest banks."
Miami Herald uses timeline to track fraud’s impact on one borrower : BusinessJournalism.org Reynolds Center for Business Journalism
Miami Herald uses timeline to track fraud’s impact on one borrower : BusinessJournalism.org Reynolds Center for Business Journalism:
"Toluse Olorunnipa of The Miami Herald tells a compelling story about a woman whose story of possible eviction illustrates the fraud that led to so many foreclosures."
Monday, November 29, 2010
FL 4th DCA APPEALS COURT: "ATTORNEY FEES AWARDED" VALCARCEL v. CHASE BANK
FL 4th DCA APPEALS COURT: "ATTORNEY FEES AWARDED" VALCARCEL v. CHASE BANK:
"The trial court granted the Valcarcels’ motion to dismiss as a sanction against Chase for sending a letter regarding the Valcarcels’ mortgage directly to the Valcarcels, rather than the Valcarcels’ lawyer. This mailing was a violation of rule 1.080(b), which requires service to be made upon a party’s attorney when he is represented by counsel."
Saturday, November 27, 2010
TRENDING: Rove calls Palin move ‘smart’ – CNN Political Ticker - CNN.com Blogs
TRENDING: Rove calls Palin move ‘smart’ – CNN Political Ticker - CNN.com Blogs: "CNN) - Karl Rove, also known as 'the architect' of George W. Bush's presidential campaigns, is calling Sarah Palin's upcoming Iowa book stops 'a smart thing to do.'
'That's a pretty smart move if you're thinking about running for president,' Rove said Friday on Fox News.
The former Alaska governor on Saturday will make the first of two stops in Iowa, the site of the first presidential primary contest, to promote her new book 'America by Heart.'
Rove, who served as Deputy Chief of Staff under former President Bush, said the new book 'gives her an excuse to be there as something other than a candidate, which is really important."
Sharing information and tips to increase earnings. Increase your passive, residual income. Guest bloggers welcome.
'That's a pretty smart move if you're thinking about running for president,' Rove said Friday on Fox News.
The former Alaska governor on Saturday will make the first of two stops in Iowa, the site of the first presidential primary contest, to promote her new book 'America by Heart.'
Rove, who served as Deputy Chief of Staff under former President Bush, said the new book 'gives her an excuse to be there as something other than a candidate, which is really important."
Sharing information and tips to increase earnings. Increase your passive, residual income. Guest bloggers welcome.
Friday, November 26, 2010
Obama administration faults lenders in foreclosures - KansasCity.com
Obama administration faults lenders in foreclosures - KansasCity.com: "WASHINGTON | An Obama administration official says a preliminary investigation into the foreclosure process has found inexcusable breakdowns in the basic controls that mortgage lenders should have been using.
Assistant Treasury Secretary Michael Barr on Tuesday told a new financial stability council led by Treasury Secretary Timothy Geithner that a task force composed of 11 federal agencies hoped to have a set of recommended improvements ready by late January.
Barr said the goal of the task force was to hold banks accountable for fixing the problems that had been found and making sure that people who had been harmed had a way to seek redress.
Barr said the investigation had found “widespread and, in our judgment, inexcusable breakdowns in basic controls. The problems must be fixed.”
Barr delivered his comments before the Financial Stability Oversight Council. The group of top federal officials, which includes Federal Reserve Chairman Ben Bernanke, was holding its second meeting."
Assistant Treasury Secretary Michael Barr on Tuesday told a new financial stability council led by Treasury Secretary Timothy Geithner that a task force composed of 11 federal agencies hoped to have a set of recommended improvements ready by late January.
Barr said the goal of the task force was to hold banks accountable for fixing the problems that had been found and making sure that people who had been harmed had a way to seek redress.
Barr said the investigation had found “widespread and, in our judgment, inexcusable breakdowns in basic controls. The problems must be fixed.”
Barr delivered his comments before the Financial Stability Oversight Council. The group of top federal officials, which includes Federal Reserve Chairman Ben Bernanke, was holding its second meeting."
Guatemala News | Primer: What Is a Wrongful Foreclosure?
Guatemala News | Primer: What Is a Wrongful Foreclosure?: "In a 2007 analysis of bankruptcy mortgage claims, University of Iowa law professor Katherine Porter found that about 40 percent of the time, banks didn’t provide the proper paperwork—specifically, the note—to enforce a mortgage claim and collect the debt. She wrote that the statistic was “troubling” and a threat to the “integrity of the bankruptcy system.”
Many foreclosure defense attorneys argue similarly about banks’ failure to produce the same paperwork when enforcing foreclosures. To this point, an official from the Florida Bankers Association told the Jacksonville Business Journal that foreclosure defense attorneys are taking advantage of legal technicalities [19], and delinquent homeowners shouldn’t escape consequences simply because there were mistakes in the transfer of mortgage paperwork.
Despite the debates elsewhere, many legal experts seem to agree: The so-called technicalities go to the heart of the American system of law and property rights. To argue otherwise, testified Georgetown University associate law professor Adam Levitin, would be to “claim that rule of law should yield to banks’ convenience [20] [PDF].”
Source: http://www.propublica.org/"
Many foreclosure defense attorneys argue similarly about banks’ failure to produce the same paperwork when enforcing foreclosures. To this point, an official from the Florida Bankers Association told the Jacksonville Business Journal that foreclosure defense attorneys are taking advantage of legal technicalities [19], and delinquent homeowners shouldn’t escape consequences simply because there were mistakes in the transfer of mortgage paperwork.
Despite the debates elsewhere, many legal experts seem to agree: The so-called technicalities go to the heart of the American system of law and property rights. To argue otherwise, testified Georgetown University associate law professor Adam Levitin, would be to “claim that rule of law should yield to banks’ convenience [20] [PDF].”
Source: http://www.propublica.org/"
Foreclosure paperwork mess stalls sales - ContraCostaTimes.com
NOTE: DO not feel sorry for the buyer of property, feel sorry for the homeowners foreclosed on wrongfully. Estimates are that 90-095% of all foreclosures are wrongful. Most mortgages contain fraud. Feel sorry for the real victims.
'I can't get the house ready for winter, can't install the missing water heater, can't whack the weeds down, and can't attend to the things a new homeowner needs to do,' Durden, 65, e-mailed from the motel. He has been in limbo since Oct. 7 after moving his belongings 640 miles north from a Los Angeles apartment.
After Bank of America and other lenders delayed seizures almost two months ago to check their sworn court statements in thousands of foreclosures, a growing number of would-be buyers are struggling to close deals -- a sign that the documentation mess is dragging on the market. October sales of existing homes fell more than economists forecast, dropping 2.2 percent, the National Association of Realtors said.
Even PNC, which says an internal review found its procedures are designed to prevent unwarranted foreclosures, has ready buyers claiming the bank's review of completed foreclosures is derailing deals"
Fannie Mae, Freddie Mac give the 'go-ahead' to resume sales of foreclosed homes
Fannie Mae, Freddie Mac give the 'go-ahead' to resume sales of foreclosed homes: "Fannie Mae and Freddie Mac gave the go-ahead this week to restart sales of their foreclosed properties, which had been on hold since September when it was revealed that flawed or fraudulent court documents may have been used to repossess homes.
Brokers received memos Wednesday from the government-sponsored enterprises saying that the homes could once again be marketed and sales finalized on properties already under contract. Fannie Mae’s letter explains that evictions and lockouts are still suspended on its properties.
In South Florida, the move releases thousands of houses for sale that were removed from the market earlier this fall, leaving buyers and Realtors in limbo.
Brokers were encouraged in Fannie’s letter to contact buyers who chose to cancel delayed contracts to see if they are still interested.
“I’ve already sent e-mails to clients who opted out,” said Bill Richardson, managing broker for the Keyes Company in Boca Raton and president of the Realtors Association of the Palm Beaches. “I had numerous people put on hold, and some of them canceled because it was very uncertain when the auditing process would be done.”"
Brokers received memos Wednesday from the government-sponsored enterprises saying that the homes could once again be marketed and sales finalized on properties already under contract. Fannie Mae’s letter explains that evictions and lockouts are still suspended on its properties.
In South Florida, the move releases thousands of houses for sale that were removed from the market earlier this fall, leaving buyers and Realtors in limbo.
Brokers were encouraged in Fannie’s letter to contact buyers who chose to cancel delayed contracts to see if they are still interested.
“I’ve already sent e-mails to clients who opted out,” said Bill Richardson, managing broker for the Keyes Company in Boca Raton and president of the Realtors Association of the Palm Beaches. “I had numerous people put on hold, and some of them canceled because it was very uncertain when the auditing process would be done.”"
Foreclosure Detectives Hunt for Lies - WSJ.com
Foreclosure Detectives Hunt for Lies - WSJ.com: "URBANDALE, Iowa—In two squat, suburban office-park buildings here, Richard Barrent is digging through loan files that could help decide who pays for the mortgage-paperwork debacle.
The former Wells Fargo & Co. quality-assurance manager's two-year-old company is part of a cottage industry of loan detectives obsessed with detecting fraud, misrepresentations and violations of underwriting guidelines. Such discoveries can be used as ammunition to force banks and other lenders to buy back loans from bond insurers, holders of mortgage-backed securities and other customers of forensic loan-review firms.
'There is a growing interest across the board' for such reviews, says Charles Cacici, managing member of Risk Management Group, a Brooklyn, N.Y., company that also scours mortgage files for problems. Competitors include Digital Risk, Clayton Holdings and Allonhill.
View Full Image
Danny Wilcox Frazier for The Wall Street Journal
NUMBERS GAME: Barrent Group Chairman Richard Levitt, at left, with President Richard Barrent at Barrent Group in Iowa on Monday.
The tedious business, usually involving hundreds of pages per loan, has taken on new urgency since the foreclosure problems erupted in mid-September"
The former Wells Fargo & Co. quality-assurance manager's two-year-old company is part of a cottage industry of loan detectives obsessed with detecting fraud, misrepresentations and violations of underwriting guidelines. Such discoveries can be used as ammunition to force banks and other lenders to buy back loans from bond insurers, holders of mortgage-backed securities and other customers of forensic loan-review firms.
'There is a growing interest across the board' for such reviews, says Charles Cacici, managing member of Risk Management Group, a Brooklyn, N.Y., company that also scours mortgage files for problems. Competitors include Digital Risk, Clayton Holdings and Allonhill.
View Full Image
Danny Wilcox Frazier for The Wall Street Journal
NUMBERS GAME: Barrent Group Chairman Richard Levitt, at left, with President Richard Barrent at Barrent Group in Iowa on Monday.
The tedious business, usually involving hundreds of pages per loan, has taken on new urgency since the foreclosure problems erupted in mid-September"
Restart of Foreclosures Goes Slowly - WSJ.com
Restart of Foreclosures Goes Slowly - WSJ.com: "Bank of America Corp. and J.P. Morgan Chase & Co. have hit snags in efforts to restart nearly 230,000 foreclosures across the U.S., meaning some cases are likely to remain in limbo until early next year.
Several complications are slowing the process, ranging from the hiring of new law firms to handle foreclosure paperwork to making sure that correct procedures are being followed as new or revised files are submitted in the 23 states where court approval is required for foreclosures.
The delays aren't a sign that documentation problems are worse than previously acknowledged by the nation's two largest banks ..."
Several complications are slowing the process, ranging from the hiring of new law firms to handle foreclosure paperwork to making sure that correct procedures are being followed as new or revised files are submitted in the 23 states where court approval is required for foreclosures.
The delays aren't a sign that documentation problems are worse than previously acknowledged by the nation's two largest banks ..."
Bank of America, GMAC Suspend Foreclosures in Maine - BusinessWeek
Bank of America, GMAC Suspend Foreclosures in Maine - BusinessWeek: "Bank of America will not “proceed to judgment on any pending matters” in Maine until it has finished an internal review of its foreclosure procedures and reported the findings to Mills, the state attorney general said today in a statement on her website. GMAC agreed to temporarily halt sales of foreclosed homes until the end of negotiations in an attempt to resolve Mills’ concerns about the company’s foreclosure procedures, according to the statement.
All 50 U.S. states are investigating whether banks and loan servicers used false documents and signatures to justify hundreds of thousands of foreclosures. The probe, announced Oct. 13, came after JPMorgan Chase & Co. and GMAC said they would stop repossessions in 23 states where courts supervise home seizures and Bank of America, the largest U.S. lender, froze foreclosures nationwide.
“My office is receiving calls every day from homeowners who complain that the bank lost the paperwork and that they are unable to speak with the same person twice about their loan,” Mills said in today’s statement.
“My office will continue to insist that the banks devote more resources to loan modifications and to streamlining their modification processes” Mills said."
All 50 U.S. states are investigating whether banks and loan servicers used false documents and signatures to justify hundreds of thousands of foreclosures. The probe, announced Oct. 13, came after JPMorgan Chase & Co. and GMAC said they would stop repossessions in 23 states where courts supervise home seizures and Bank of America, the largest U.S. lender, froze foreclosures nationwide.
“My office is receiving calls every day from homeowners who complain that the bank lost the paperwork and that they are unable to speak with the same person twice about their loan,” Mills said in today’s statement.
“My office will continue to insist that the banks devote more resources to loan modifications and to streamlining their modification processes” Mills said."
Stun the Halibut: we need to stun the banks just for the Halibut!
NOTE WE NEED SOMEONE TO STUN THE BANKS and the foreclosure mess!
Why Sarah Palin Might Become President in 2012 - Newsweek
Why Sarah Palin Might Become President in 2012 - Newsweek: "t may be good news for the Democrats that many people didn’t seem to get the word about this big event, or even exactly which party is in charge. According to a Pew Research Center poll released last week, “Fewer than half (46%) know that the Republicans will have a majority only in the House of Representatives when the new Congress convenes in January, while 38% can identify John Boehner as the incoming House speaker.” Nancy Pelosi should just keep showing up every day as if nothing has changed, like Milton Waddams in Office Space. She can go cubicle to cubicle asking if anyone has her red stapler, and see how long it takes to get tossed out on her ear.
Then again, you can be sure that a lot of the fired-up Tea Partiers"
Then again, you can be sure that a lot of the fired-up Tea Partiers"
Forcible Detainer Court Battle : Results? Bank Starts over!
We watched a miracle occur
The defendant appeared and explained he was there as special appearance. He explained that he had not been served properly and that the plaintiff (bank) was remiss in their duties. The defendant was denied his motion for jury trial. See ARS laws.
The bank lawyers spoke up and asked for a 30 say continuance so that they could properly complete their paperwork. NOTE: THESE are professional lawyers and know the laws. This is standard operating procedure.
1) To start, the judge denied 3 times the right to a jury trial. He said it could be discussed at the next hearing, "IF HE (defendant) COULD SHOW HE HAD REASONABLE GROUNDS FOR JURY REQUEST". note: make no mistake, denial of basic rights are regularly happening, and only 2 jury trials have been granted in years. After granting trials defendants have been manipulated out of the jury trial and into a basic hearing. Bank lawyers are very afraid of jury trial because it is harder to achieve corruption with a jury than with just one judge. Jury trial in lands rights is a basic right that is being regularly denied.
2) The commissioner judge granted a continuance of 30 days to the bank to allow them to serve properly the defendant. The defendant had not been served according to Arizona law. The bank asked for 30 day continuance and the commissioner judge granted it. The case at that point was essentially lost.
3) The defendant wisely "moved" the court to dismiss the case due to lack of summons and jurisdiction. The judge then looking at the paperwork and seeing only 2 attempts at service via mail and not personal service then granted the defendant's motion to dimiss without prejudice. This means that the bank will have to start the process all over.
While this may seem minor to some, 6 months ago the outcome would be questionable - quite likely, the case would have not been dismissed and the homeowner would have been evicted. The banks just six months ago, would have been sided with - in my opinion. It has just been recently that we have seen any acknowledgement of jury trials being granted or of recognition that jurisdiction is an issue. Progress in Arizona foreclosure defense has been 'slow as snail trails' and we are just now seeing minute glimmers of light, in the dark abyss known as foreclosure defense.
Bank scam tell tenants they have 90 days to move
November 22, 2010 - Yesterday the Phoenix forcible detainer hearings were a joy to watch. As we sat in court we talked with people who had a loan agreement modified successfully, and then 3 days later received notice that their house had sold at trustee sale (foreclosure) . We talked to a tenant that could not reach the new bank owner which had offered her $750 bucks to move within 90 days. She had tried many times unsuccessfully to talk about the offer.
Bank scam
The newest bank scam is to tell tenants they have 90 days to move, and then when in court, the bank will claim there is only a month to month lease. By not talking to the renters directly, the bank is often not in possession of leases which give tenants federal legal rights to remain in their homes until the end of the lease period. Tenants have an automatic 90 day right to remain in home.
If a lease is produced the banks lawyers will claim it is invalid, due to the amount of rent received (have they heard of fair market rental value?) or other technicality is used to invalidate the lease and move renters out of their homes, by denying renter/tenant federal rights. Bank lawyers also use these technicalities to force homeowners to pay higher rent rates than the market value - while fighting foreclosure in quiet title actions.
RENTER OR TENANT RIGHTS AFTER FORECLOSURE-click to read more about rights
Tuesday, November 23, 2010
Arizona minor success - proof of service victory
November 22, 2010 - Yesterday the Phoenix forcible detainer hearings were a joy to watch. As we sat in court we talked with people who had a loan agreement modified successfully, and then 3 days later received notice that their house had sold at trustee sale (foreclosure) . We talked to a tenant that could not reach the new bank owner which had offered her $750 bucks to move within 90 days. She had tried many times unsuccessfully to talk about the offer.
Bank scam
The newest bank scam is to tell tenants they have 90 days to move, and then when in court, the bank will claim there is only a month to month lease. By not talking to the renters directly, the bank is often not in possession of leases which give tenants federal legal rights to remain in their homes until the end of the lease period. Tenants have an automatic 90 day right to remain in home.
If a lease is produced the banks lawyers will claim it is invalid, due to the amount of rent received (have they heard of fair market rental value?) or other technicality is used to invalidate the lease and move renters out of their homes, by denying renter/tenant federal rights. Bank lawyers also use these technicalities to force homeowners to pay higher rent rates than the market value - while fighting foreclosure in quiet title actions.
RENTER OR TENANT RIGHTS AFTER FORECLOSURE-click to read more about rights
But I digress, the point of this posting is to cover a VICTORY by a pro se homeowner in a forcible detainer action.
Let me start by stating that in Phoenix it is rare to have your rights acknowledged, or to have any wins in court. There have been a few wins by both pro se (self representing) and by lawyers in foreclosure defense cases. Nothing of a major victory has happened. Many do not realize that in Arizona, once the house is sold the banks are given presumption of facts and truth in court. The judges often overlook homeowners rights, and often do not read the defendants answers / motions or other paperwork.
Yesterday in court we watched a miracle occur
The defendant appeared and explained he was there as special appearance. He explained that he had not been served properly and that the plaintiff (bank) was remiss in their duties. The defendant was denied his motion for jury trial. See ARS laws.
The bank lawyers spoke up and asked for a 30 say continuance so that they could properly complete their paperwork. NOTE: THESE are professional lawyers and know the laws. This is standard operating procedure.
1) To start, the judge denied 3 times the right to a jury trial. He said it could be discussed at the next hearing, "IF HE (defendant) COULD SHOW HE HAD REASONABLE GROUNDS FOR JURY REQUEST". note: make no mistake, denial of basic rights are regularly happening, and only 2 jury trials have been granted in years. After granting trials defendants have been manipulated out of the jury trial and into a basic hearing. Bank lawyers are very afraid of jury trial because it is harder to achieve corruption with a jury than with just one judge. Jury trial in lands rights is a basic right that is being regularly denied.
2) The commissioner judge granted a continuance of 30 days to the bank to allow them to serve properly the defendant. The defendant had not been served according to Arizona law. The bank asked for 30 day continuance and the commissioner judge granted it. The case at that point was essentially lost.
3) The defendant wisely "moved" the court to dismiss the case due to lack of summons and jurisdiction. The judge then looking at the paperwork and seeing only 2 attempts at service via mail and not personal service then granted the defendant's motion to dimiss without prejudice. This means that the bank will have to start the process all over.
While this may seem minor to some, 6 months ago the outcome would be questionable - quite likely, the case would have not been dismissed and the homeowner would have been evicted. The banks just six months ago, would have been sided with - in my opinion. It has just been recently that we have seen any acknowledgement of jury trials being grantedor of recognition that jurisdiction is an issue. Progress in Arizona foreclosure defense has been 'slow as snail trails' and we are just now seeing minute glimmers of light, in the dark abyss known as foreclosure defense.
Sales of U.S. Existing Homes Probably Fell as Moratoriums Held Back Market - Bloomberg
Sales of U.S. Existing Homes Probably Fell as Moratoriums Held Back Market - Bloomberg:
...Probably translates into pressure for the foreclosure mills to crank up the machinery.
"The housing market is one area weighing on U.S. growth. Foreclosure moratoriums across the country along with government investigations into faulty paperwork threaten to delay a recovery as houses slated for repossession take longer to come to market. Distressed properties accounted for 35 percent of sales in September, according to NAR data, before most moratoriums went into effect."
Foreclosure dropping across Colorado | coloradoan.com | The Coloradoan
Foreclosure dropping across Colorado | coloradoan.com | The Coloradoan:
"The statewide decline could also be attributed to a slow down in processing foreclosures in response to the so-called 'robo-signing,' scandal, he said.
Some large lenders, including Bank of America, slowed foreclosures after employees admitted approving thousands of foreclosure documents without verifying their accuracy.
The scandal has led to investigations in all 50 states and federal oversight panels."
Monday, November 22, 2010
Homeowners Could Lose One More Option For Fighting Foreclosure
Homeowners Could Lose One More Option For Fighting Foreclosure:
a proposed change to the Truth In Lending Act (TILA) proposed by the Federal Reserve would take away the most powerful weapon consumers have to stop wrongful foreclosures: the right of recession.
AND
"Currently under TILA, homeowners who are not given the correct documents at closing have up to three years to send a notice to their lender rescinding their loan. The lender is then required to cancel its security interest in the property. That doesn’t mean the homeowner is off the hook, though. He or she still has to pay the balance due, though that won’t include fees and interest that have accumulated.
Under the proposed change, lenders would be able to require homeowners to first pay the balance due before releasing the security interest. This would make it virtually impossible for a homeowner to exercise the right of rescission. It would be impossible for them to find a single lender who will lend them the amount needed to pay off the original lender if that lender still has a first priority lien on the property."
Sheriff Who Refused To Evict Foreclosed Homeowners Forced To Resume | Mortgage News | Daily National and State Headlines
Alas, there are some who still have a conscience.
"An Illinois sheriff who halted foreclosure evictions last month because some bank employees weren't following the proper procedures said Friday he's been forced to order his deputies to carry them out, but he will continue investigating the matter and could charge banks and their employees with crimes."
We must move cautiously on foreclosure crisis | cincinnati.com | Cincinnati.Com
We must move cautiously on foreclosure crisis | cincinnati.com | Cincinnati.Com: "That's just one street in one neighborhood in one city. Multiply that by thousands, and you get a sense of what happened in this nation.
In some places, entire neighborhoods have been wiped out, houses razed, leaving a barren landscape. Or, in the case of streets like McPherson, abandoned houses have been vandalized and are crumbling. Others have been demolished, leaving vacant lots like missing teeth in the streetscape.
The ripple effects of foreclosure are many.
The fabric of the neighborhood often is shredded; the sense of community is lost. Empty, deteriorating houses become breeding places for crime. They add to job losses as population declines. They erode the tax base, leaving local governments even harder-pressed to provide needed services."
In some places, entire neighborhoods have been wiped out, houses razed, leaving a barren landscape. Or, in the case of streets like McPherson, abandoned houses have been vandalized and are crumbling. Others have been demolished, leaving vacant lots like missing teeth in the streetscape.
The ripple effects of foreclosure are many.
The fabric of the neighborhood often is shredded; the sense of community is lost. Empty, deteriorating houses become breeding places for crime. They add to job losses as population declines. They erode the tax base, leaving local governments even harder-pressed to provide needed services."
Sunday, November 21, 2010
Think you've read the worst about foreclosures? Read this | McClatchy
Think you've read the worst about foreclosures? Read this | McClatchy:
"MIAMI — All she wanted was $50,000 from the equity in her house to help pay the bills while looking for a job in nursing. What Imogene Hall got was a brutal lesson in the sometimes shady ways of the mortgage industry.
It's a lesson learned by untold numbers of homeowners in Florida, epicenter of the foreclosure crisis gripping the nation.
'Everywhere I turn, someone else is scamming me,'' said Hall, a 49-year-old Jamaican immigrant who stands to lose her Miami Gardens home the Monday after Thanksgiving. 'All I do is work hard, and I get surrounded by thieves.''
A review of court records found evidence of misconduct at nearly every stage of Hall's experience. Consider:
_ Johnson Cuffy, a former mortgage broker now serving an 11-year prison sentence for grand theft, handled Hall's refinancing in early 2006, using a strategy a state investigator described as ``outright mortgage fraud.'' He faces up to 30 more years in prison if convicted of 16 other mortgage fraud charges he's facing."
Yes Ron Paul: Make Members of Congress go through Groping new bill
Ron Paul is introducing a new bill to stop the TSA groping and full body scan. This is ridiulous program introduced that does not make us safer. It is incredible that people have not revolted AT the airport in mass numbers. Government is not our nanny, we cannot sacrifice our individual LIBERTIES. There are people making money off of this.
Homeowners ARE investors - doesn't media understand that.
Do you really think the foreclosure crisis is almost over? I have a bridge to sell you in brooklyn, if you really think the homeowners endgame is almost done. After watching Congressional hearings, hope is not in the deck of cards, as far as I can tell.
read full article by clicking title link
Outside of foreclosure fraud and the chain of title issues that could bring down the entire financial system, you still have your run-of-the-mill financial fraud. Wall Street executives and traders have only a passing familiarity with integrity, and the authorities may finally be catching up with them.
read full article by clicking title link
Major Financial Fraud Scandal Nearing Endgame
Outside of foreclosure fraud and the chain of title issues that could bring down the entire financial system, you still have your run-of-the-mill financial fraud. Wall Street executives and traders have only a passing familiarity with integrity, and the authorities may finally be catching up with them.
I think that anyone who has looked into this knows that there is fraud at the heart of Wall Street. This investigation concerns, if anything, small-time fraud comparatively; “tens of millions of dollars” is a rounding error in the grand scheme of things. But nevertheFederal authorities, capping a three-year investigation, are preparing insider-trading charges that could ensnare consultants, investment bankers, hedge-fund and mutual-fund traders and analysts across the nation, according to people familiar with the matter.
The criminal and civil probes, which authorities say could eclipse the impact on the financial industry of any previous such investigation, are examining whether multiple insider-trading rings reaped illegal profits totaling tens of millions of dollars, the people say. Some charges could be brought before year-end, they say.
The investigations, if they bear fruit, have the potential to expose a culture of pervasive insider trading in U.S. financial markets, including new ways non-public information is passed to traders through experts tied to specific industries or companies, federal authorities say.
Saturday, November 20, 2010
Ryan Seacrest puts his house up for sale. He’s asking for $15 million! | American Idol
Wow he is going to MAKE money instead of being a short sale??? KUDOS RYAN
Friday, November 19, 2010
Historic Taft Icon Faces Foreclosure Auction - Bakersfield
Taft Icon Faces Foreclosure Auction - Bakersfield News Story - KERO Bakersfield:
"The Fox Theatre has been running in some form since the 1920's, and is currently the only movie theater on the West Side that screens new releases.
Given the theater's iconic history, it is a cornerstone for Taft's downtown redevelopment efforts.
'It's the main anchor business of our downtown area, and with all the development that we plan to go on downtown, losing the Fox Theatre cannot be replaced,' Fred Schell, executive director of the Taft Chamber of Commerce, said.
Aside from keeping Taft and nearby residents from driving to Bakersfield to catch the latest flick, residents consider their Fox to be a cultural icon that deserves to be preserved for future generations.
'I'm kind of nervous about it, possibly losing my job, and losing the theater for Taft,' Anthony Lampkin, the theater's manager, said. 'It's the only place in Taft to go see a movie and pretty much the focal point of downtown Center Street.'
At an asking price of $849,000, Joyce says it coul be a bargain for a local investor to operate the theater. The purchase price would include only the building, while the search is on for someone to invest in operating the movie theater."
Greedy People, Banks and Government are Killing Housing Market
If GREEDY people would stop buying foreclosures - knowing how much fraud is out there,l then the market would correct. I think it is appallilng that in this day when people lost their retirements, savings and everything to save homes and then lost more due to recession, including lost stock returns and lost jobs, lost wages and other income.
WELL I think it is criminal that there are foreclosures when homeowners are not bailed out, while companies can use grants and states can use settlements and federal dollars to buy up the homes STOLEN from people working hard to achieve the American Dream.
WHO in there right mind is staying in a home now while upside down?????
as always click on this title link to read full article: Courthouse Auctions: Mining Foreclosure Gold: "Shrewd auction buyers won’t bid on underwater properties unless there are huge discounts and a potential to make a quick buck.
“In a declining market, you have to be very cautious about what you are buying,” warned attorney Ward Hannigan, owner of InnoVest Resource Management, a San Diego-based firm that specializes in buying courthouse auctions and a private, one-on-one foreclosure trainer. For one thing, cautions Ward, buying a house at auction is far different from buying a house through a broker. And though auctions offer a real opportunity to find a house at a lower-than-market price, the risks, he said, are real.
Mining the Minefield
As Hannigan, Metcalf and other regulars have learned over the years, no minefield of American real estate is as explosive and dangerous as foreclosure sales. Buying at the foreclosure sale is plagued with risks. Most defaulting properties have multiple loans, and buyers need to verify that they are bidding on a property that has no senior liens. For protection, buyers should hire a title search company to make sure the property is not encumbered by liens.
Experts said the most important rules when buying at auction are to have an exit strategy, don’t get too greedy, and be patient waiting for the best deals. "
Any 5th grader can tell you: Housing Market continues decline
Any 5th grader can tell you: Unemployment, Lowered Wages, Increasing Prices, Failure to adjust principles and modify loans are KILLING this economy. Greedy banks that have already been paid for the homes 3x over should be held accountable. Doesn't seem like Congress cares much to make the banks pay for their fraud. America will continue to suffer, but that's okay - save the big banks (from what? who knows?)
click on title link below to read full article:
No Rebound in 2011 as the Housing Market Continues to Rot - Money Morning: "Meanwhile, the one government incentive that effectively cheered up the dour housing market - the federal homebuyers' tax credit - has fully expired. This program, which provided up to $8,000 in credits to first-time homebuyers and $6,500 for repeat purchasers, pushed many people to accelerate their buying decisions. However, the tax credit expired at the end of June and the market has cooled considerably as a result.
Absent the credit, the NAR says existing home sales for 2010 will total just 4.8 million, a 7% drop from 2009's 5.16 million. Pending home sales also fell in September and October, virtually guaranteeing a slow start in 2011.
For the year as a whole, the NAR sees existing-home sales climbing back to 5.1 million - but only if new jobs continue to be created. (Note: Several states, including California, also had smaller homebuyer incentives that have now expired.)
Still, sales and home prices will continue to languish next year, as foreclosures and housing inventory remain considerably high.
Foreclosures, Inventory, and Prices
Zillow said in its third-quarter report that 23% of U.S. residential mortgage holders are now 'under water' on their loans - the highest level this year - and many will likely be forced into foreclosure in the year ahead."
Audit Notes: Foreclosure Scandal, Gold Still Not a Record, Facebook Ads : CJR
Audit Notes: Foreclosure Scandal, Gold Still Not a Record, Facebook Ads : CJR: "Steel yourselves, business journalists. You’re going to be covering foreclosuregate for years.
— It’s good to see somebody like David Leonhardt call out the press for getting it very wrong on the “record” price of gold that’s not, in fact, a record:
“Gold sets record high amid economic fears,” The Associated Press recently wrote. “Gold surges to record high,” CNN said. Gold closed Monday “at a record $1,402.80 per troy ounce,” the front page of The Wall Street Journal reported Tuesday.
It’s a good story. Unfortunately, it’s not true, at least not in any meaningful sense.
Gold is at a record only if you fail to adjust for inflation. And you should almost always adjust for inflation. Otherwise, you end up with a series of meaningless records — Gold reaches record high! Oil reaches record high! Lettuce reaches record high! — that depend on the fact that a dollar in 2010 does not have the same value as a dollar did in, say, 1980."
— It’s good to see somebody like David Leonhardt call out the press for getting it very wrong on the “record” price of gold that’s not, in fact, a record:
“Gold sets record high amid economic fears,” The Associated Press recently wrote. “Gold surges to record high,” CNN said. Gold closed Monday “at a record $1,402.80 per troy ounce,” the front page of The Wall Street Journal reported Tuesday.
It’s a good story. Unfortunately, it’s not true, at least not in any meaningful sense.
Gold is at a record only if you fail to adjust for inflation. And you should almost always adjust for inflation. Otherwise, you end up with a series of meaningless records — Gold reaches record high! Oil reaches record high! Lettuce reaches record high! — that depend on the fact that a dollar in 2010 does not have the same value as a dollar did in, say, 1980."
Wednesday, November 17, 2010
PROPERTY RIGHTS ATTACKED: ALERT: Casus Belli - Ex-Post-Facto Law! i
ALERT: Casus Belli - Ex-Post-Facto Law! in [Market-Ticker]:
"Besides the obvious seediness of this maneuver, it runs roughshod over state property laws, and the rights of investors, homeowners and borrowers. It amounts to a permanent installation of a Federal system that supersedes the county records for recording property rights. Off-record comments I’ve heard from people in power are outraged at this assault on states’ rights. But these people are not legislators, who are getting promises larger than anything in your imagination, if they will support such a bill. It might be couched as a uniform law to be adopted by the states to get around the states rights issues, but it will permanently remove some of the power over property that lies solely within the jurisdiction of the states and place it preemptively within federal jurisdiction.ome.
All of this is scheduled to happen during the lame duck session of congress between now and the end of the this year, 2010. That means in a manner of days, some bill that may look like it has nothing to do with property, mortgages or foreclosures is going to have attached to it a provision whose effect will go even further than the notarization bill that went through Congress like S–t through a goose and almost got signed by the President. We caught that one AFTER it was passed by Congress unanimously but before Obama signed it."
Sharing information and tips to increase earnings. Increase your passive, residual income. Guest bloggers welc
Pelosi wins Democratic leadership fight - CNN.com
better start writing to Pelosi about the banking foreclosure hearings.
By the CNN Wire Staff
November 17, 2010 3:08 p.m. EST
Outgoing House Speaker Nancy Pelosi overturned a challenge from Rep. Heath Shuler, a 'Blue Dog' Democrat.
STORY HIGHLIGHTS
NEW: Rep. John Boehner chosen as GOP leader for the next Congress
NEW: Shuler calls his contest a fight to ensure Democratic moderates are heard
Rep. Nancy Pelosi wins election as Democratic House leader
Reps. Steny Hoyer and Jim Clyburn retain the second and third Democratic slots
RELATED TOPICS
U.S. House of Representatives
Democratic Party
Republican Party
RELATED TOPICS
U.S. House of Representatives
Nancy Pelosi
Republican Party
Democratic Party
John Boehner
Washington (CNN) -- House Democrats voted Wednesday to make Speaker Nancy Pelosi, D-California, their leader for the 112th Congress, overcoming objections from moderates who argued that she was partly responsible for the party's overwhelming defeat at the polls two weeks ago.
Pelosi turned back a challenge from North Carolina Rep. Heath Shuler, a member of the party's diminished centrist 'Blue Dog' faction, in a 150-43 vote. The speaker -- now set to be House minority leader in January -- retained the solid support of party liberals, who have noted her fundraising prowess and past ability to lead congressional Democrats to power, among other things."
Where Are Our Religious Leaders? - Mandelman Matters
Mandelman yesterday had possibly the best blog post I have read in a ages! .... The subject of the post resonated soundly in my mind. I too have talked to several answering machines (pastors live busy lives) and a secretary - explaining that we have a seminar to help their congregation with foreclosures and what options are available. NOT ONE CALL BACK. I gave up.
Click on title link below to read the entire blog post by Mandelman! There is so much more to his report than this short blog clipping can give you. I encourage you to not only read it - but PRINT IT OUT and go in and talk with your local clergy. Tell them to read especially the part at the end, where clergy talks to Tim Geptner and then goes home without offering solutions or demanding action.
WhereAre Our Religious Leaders? - Mandelman Matters: Oh this is great… I used to live in the country with the highest standard of living in the world, and now I live in one of them save-the-children-in-Bangladesh-ads that used to air all the time on late night T.V.
And here’s a real special paragraph from the ABC News story:
“This extended recession has placed people in circumstances where they need to rely on programs like this,” said Mark Nord, a researcher with the USDA’s Economic Research Service and the lead author of the food insecurity report. “I know meeting with, whether it’s government offices across the country or with food pantries and food banks — in all of those instances people have reflected the fact, to me, anecdotally that they are serving people who never envisioned in their lifetimes needing to turn to either a state or a county for federal assistance or to a food bank for assistance.” - source huffington report
"Pardon me, but we’ve got someone in this country in charge of something called a “FOOD INSECURITY REPORT?” And Dick Fuld got $500,000,000 for bankrupting Lehman Bros. Holy Mother of God.
And that brings me to the point I’m trying to get to in this article… where the heck are our religious leaders during all this? I mean, after Hurricane Katrina, there were churches popping up all over the place offering support and assistance to displaced families. So, where are they now?
I decided I had to know… so first I interviewed a pastor, then a rabbi, and then went I went looking around using Goggle… and truth be told, I didn’t find much.
Faith in Public Life, an organization that refers to itself as “A Strategy Center for the Faith Community,” issued a Press Release on November 4, 2010. In that release, Rev. Jennifer Butler, the organization’s Executive Director, was quoted as saying:"
I decided I had to know… so first I interviewed a pastor, then a rabbi, and then went I went looking around using Goggle… and truth be told, I didn’t find much.
Faith in Public Life, an organization that refers to itself as “A Strategy Center for the Faith Community,” issued a Press Release on November 4, 2010. In that release, Rev. Jennifer Butler, the organization’s Executive Director, was quoted as saying:"
AND I HAVE TO ADD THIS QUOTE FROM MADELMAN referencing the lack of action by religious leaders!: " well this isn’t exactly the abortion issue, now is it? Seven million people lose homes and go hungry as a result of the acts of corrupt bankers and politicians and it’s barely worth a few trips on the train from New York to D.C."
Tuesday, November 16, 2010
Is Media trying to portray homeowners as Screamers? Senate Hearings disrupted
November 15, 2010 - The Senate Banking Foreclosure Hearing was conducted today. During the presentation by Chase CEO, David Lowman, a man started yelling. I can understand after having Chase deal with our FULL sale and their inability to get a simple payoff quote within a 3 week timespan. A sale that would have prevented our foreclosure and prevented a short sale. I can understand the man, after watching many bank lawyer's lie in court. Will his actions of yelling and protesting during the hearings backfire? Watch the faces of the men as the man is making his point.
Keep in mind that of all the hearings material today, presented to the Senate, this is what they chose to be on the front page of CNN.com video selections. When looking for Senate Hearing information on the Foreclosures/ Banking; this is the main story.
WHAT do you see?????
Keep in mind that of all the hearings material today, presented to the Senate, this is what they chose to be on the front page of CNN.com video selections. When looking for Senate Hearing information on the Foreclosures/ Banking; this is the main story.
WHAT do you see?????
http://live.cnn.com/2010/11/16/rangel-ethics-hearing/
YOU MUST TUNE IN NOW>.. SENATE HEARING ON FORECLOSURE AND BANKING
Sign the Petition for John Stuart
For many of us in Phoenix there is one person that seems to be ahead of the curve in fighting foreclosures. He spends countless hours researching, planning strategy, conducting meetings for learning and sharing information. He does not charge for information but has helped in so many ways. Right now he is in need of some support.
If you know of John and his situation, you will want to jump right in and sign this petition. John is still on trial after two years. He is innocent of charges (acted in self defense) and has been in ankle bracelet for a long time, awaiting justice.
If you have benefitted from materials on showmetheloan.net or the mortgage-challenge group on yahoo groups (until earlier this year) then you will know how much help John has been.
If you feel you can sign this petition please do so - it takes only a few minutes.
Here is a copy (with permission) of an email I was sent, informing me of this opportunity to help. Many in Phoenix have already sent the CA (county attorney) and the State AG's (attorney general) offices letters, but the petition will "go to the weight". Please note if you use Internet Explorer, the link may not work properly.
Subject: petition
I would greatly appreciate everyone sending out the following link to all of their email addresses and asking people to read the petition and sign it if they agree. I am having a lot of issues in my case and all of the evidence proving my innocence has been destroyed by the cops and other state agents. This is what they do once they figure out someone is innocent. It doesn't dawn on them maybe they should just let innocent people go.
Also, I could still use a lot more letters to the AG and CA, court isn't for a little while.
Thank you,
PS. I am getting a lot of those Boxbe email things that block emails. If you sign up for that I can't email you since I will not sign the agreement.
Bikers accompany boy to school: Hundreds of Flags
FORECLOSURE FRAUD, AND MORTGAGE FRAUD, ARE CAUSING US TO LOSE PROPERTY RIGHTS. WITH NEW LAWS WE MAY LOSE ONE OF OUR FUNDAMENTAL RIGHTS. AND THIS VIDEO IS AWESOME.
LOSING THE RIGHT TO DISPLAY FLAG ON HIS BIKE THE SCHOOL IS ABOUT TO BE SHOCKED WITH LOCAL REACTION.
Hundreds ride with boy to show support for his U.S.-flag-decorated bike after school banned it
LOSING THE RIGHT TO DISPLAY FLAG ON HIS BIKE THE SCHOOL IS ABOUT TO BE SHOCKED WITH LOCAL REACTION.
Hundreds ride with boy to show support for his U.S.-flag-decorated bike after school banned it
‘Rocket docket’ foreclosure access probed | South Florida Business Journal
‘Rocket docket’ foreclosure access probed | South Florida Business Journal: "The chief justice of the Florida Supreme Court issued a statement Monday, saying he was “deeply concerned” about allegations that some judges have thwarted access to foreclosure court hearings.
Chief Justice Charles Canady was responding to a letter written from the American Civil Liberties Union, the Florida Press Association and other journalism groups that offered evidence some judges had discouraged access to foreclosure hearings.
According to a news release from the ACLU, the letter highlighted a number of reports from around that state that point to a “troubling pattern of foreclosure courts operating behind closed doors, rather than openly as mandated by Florida law.”
Canady said he was directing the Office of the State Courts Administrator to make recommendations concerning appropriate corrective actions.
The letter was based, in part, on an article by Rolling Stone writer Matt Taibbi. Taibbi reported that he had accompanied Jacksonville attorney April Charney to a hearing before Jacksonville Senior Circuit Judge A.C. Soud, and that Soud sent an e-mail to Charney afterward, saying that “we ask that anyone other than a lawyer remain in the lobby,'"
Chief Justice Charles Canady was responding to a letter written from the American Civil Liberties Union, the Florida Press Association and other journalism groups that offered evidence some judges had discouraged access to foreclosure hearings.
According to a news release from the ACLU, the letter highlighted a number of reports from around that state that point to a “troubling pattern of foreclosure courts operating behind closed doors, rather than openly as mandated by Florida law.”
Canady said he was directing the Office of the State Courts Administrator to make recommendations concerning appropriate corrective actions.
The letter was based, in part, on an article by Rolling Stone writer Matt Taibbi. Taibbi reported that he had accompanied Jacksonville attorney April Charney to a hearing before Jacksonville Senior Circuit Judge A.C. Soud, and that Soud sent an e-mail to Charney afterward, saying that “we ask that anyone other than a lawyer remain in the lobby,'"
Foreclosure mess impact could be severe: panel | Reuters
Foreclosure mess impact could be severe: panel | Reuters:
"'If such problems were to arise on a large scale, the housing market could experience even greater disruptions than have already occurred, resulting in significant harm to major financial institutions,' the 125-page report said. 'At present, the reach of these irregularities is unknown.'
The panel, created to oversee the $700 billion bank rescue approved by Congress in 2008, also said banks could end up losing $52 billion from so-called mortgage put-backs, or loans that were sold to other investors but would have to be bought back due to problems that have turned up.
Those losses would be borne predominantly by Citigroup, JPMorgan Chase, Bank of America and Wells Fargo, the panel said.
LAWMAKER SHOWDOWN
Banks have been eager to downplay the impact of the foreclosure paperwork mess, saying evictions through foreclosure have been 'materially accurate.'
The banks face lawmaker scrutiny later on Tuesday in hearings by the Senate Banking Committee, and then another hearing on Thursday before the House of Representatives Financial Services Committee."
Don't underestimate foreclosure crisis, watchdog to warn
Don't underestimate foreclosure crisis, watchdog to warn:
"The report, issued by the Congressional Oversight Panel, which monitors the government's bailout program, marks the first time a federal watchdog has weighed in on the nationwide foreclosure mess.
The panel echoed concerns raised by consumer advocates and financial analysts, who have said that although the consequences of the foreclosure debacle remain unclear, the problems could throw into doubt the ownership not only of foreclosed properties but also the millions of ordinary mortgages that were pooled and traded by investors around the world.
The report is scheduled to be released in the morning, just before the Senate Banking Committee holds a hearing on the matter and as lawmakers are considering several legislative responses.
The spotlight on the foreclosure process has anxious financial executives mobilizing on Capitol Hill. A financial lobbyist said senior executives have been meeting with lawmakers and their staffers, and industry groups are planning letter campaigns aimed at preventing any aggressive new legislation."
Bryan Ellis Real Estate Letter - Conventional Sellers Benefited from Foreclosure Freeze
Bryan Ellis Real Estate Letter - Conventional Sellers Benefited from Foreclosure Freeze:
"While the prices for sold properties continued to fall, the lack of competition from foreclosures could have helped troubled homeowners not yet in default avoid tumbling into the pit that has caught so many homeowners already. Home Encounter president Peter Murphy described the situation, saying simply that “The abrupt halt to foreclosures by the major lenders…had the effect of reducing foreclosure inventory and directly benefiting conventional home sellers.” Murphy did not otherwise comment on home prices, which fell 7.5 percent over a year ago"
Sunday, November 14, 2010
Phoenix real estate strategy of 'flopping' examined
Phoenix real estate strategy of 'flopping' examined: "As more houses in metro Phoenix go on the market for short sales, some investors have begun buying and reselling them quickly for a profit, using strategies that some in the housing industry say could be unethical or worse.
The deals work in a variety of ways, but all involve the same basic strategy. An investor persuades a lender to agree to a short sale, buying a house for less than what the lender is owed. But the investor has another buyer lined up who is willing to pay more.
The bank, usually unaware of the other waiting buyer, accepts a lower price from the investor, who then quickly resells the home - for a higher price - to the waiting buyer.
The deals, which have become more common as short sales have increased, are now drawing the attention of real-estate and financial regulators.
Most lenders object to such deal-making because, had they been aware of the other waiting buyer, they would have taken the higher price. Banks take a loss on short sales, and the deals can make their losses greater."
The deals work in a variety of ways, but all involve the same basic strategy. An investor persuades a lender to agree to a short sale, buying a house for less than what the lender is owed. But the investor has another buyer lined up who is willing to pay more.
The bank, usually unaware of the other waiting buyer, accepts a lower price from the investor, who then quickly resells the home - for a higher price - to the waiting buyer.
The deals, which have become more common as short sales have increased, are now drawing the attention of real-estate and financial regulators.
Most lenders object to such deal-making because, had they been aware of the other waiting buyer, they would have taken the higher price. Banks take a loss on short sales, and the deals can make their losses greater."
New Hampshire RSA 479 letter ... DON'T MOVE forum helps
this is from a forum message board and geared toward New Hampshire state laws and regulations. If you are in pre-foreclosure or just receiving this letter, read up and see what you can do. click title link for full message board posting and other information.
RSA 479 letter ... The best $200 bucks you can spend, and why. - Public Forum - Category 1 - Fighting Foreclosure in NH - Message Board: "“You are hereby notified that you have a right to petition the superior court for the county in which the mortgaged premises are situated, with service upon the mortgagee, and upon such bond as the court may require, to enjoin the scheduled foreclosure sale.'' Failure to institute such petition and complete service upon the foreclosing party, or his agent, conducting the sale prior to sale shall thereafter bar any action or right of action of the mortgagor based on the validity of the foreclosure.
What you should NOT do ? Do not ignore this letter. Do not start looking for another place to live. Unless you're just going to go away quietly, then this letter should spur you to ACTION. You will usually get a couple of these letters. One that looks blandly like the above and another one that has an auction date in it.
What should you do ? The answer is 'it depends'.
Let me start with my case because that's what I know best. I'm here in the first place because of loan mod fraud. My end-game is to simply get the bank to give me what they"
Saturday, November 13, 2010
Jamie Dimon And Bob Rubin Dodged Questions On Foreclosure Fraud
Jamie Dimon And Bob Rubin Dodged Questions On Foreclosure Fraud: "Jamie Dimon's Evasion
Jamie Dimon, CEO of JPMorgan Chase, said that JPMorgan did not foreclose on people who didn't deserve it. Dimon was dismissive saying JPMorgan might have to pay some penalties, but it should just carry on with foreclosures. JPMorgan's third quarter 2010 report contradicts its CEO:
'But the financial statement itself proved the lie. The bank said it was carefully checking 115,000 mortgage affidavits. It set aside a whopping $1.3 billion for legal costs. And it put an extra $1 billion into a now $3 billion fund for buying back bunk mortgages and mortgage products.'
'Too Big to Fail Rears its Head Again,' by Annie Lowrey, Washington Independent, October 14, 2010.
JPMorgan's role in alleged foreclosure fraud had already been made public when Dimon made these ill-considered statements.
In a CNBC interview, Former Ohio Attorney General Richard Cordray retorted to baseless claims made by Ally Bank, formerly known as GMAC Bank, which was bailed out by TARP. Ally said that it didn't know of instances of improper foreclosures. Cordray shot back that every foreclosure done with falsified affidavits was improper. It's fraud on the courts."
Jamie Dimon, CEO of JPMorgan Chase, said that JPMorgan did not foreclose on people who didn't deserve it. Dimon was dismissive saying JPMorgan might have to pay some penalties, but it should just carry on with foreclosures. JPMorgan's third quarter 2010 report contradicts its CEO:
'But the financial statement itself proved the lie. The bank said it was carefully checking 115,000 mortgage affidavits. It set aside a whopping $1.3 billion for legal costs. And it put an extra $1 billion into a now $3 billion fund for buying back bunk mortgages and mortgage products.'
'Too Big to Fail Rears its Head Again,' by Annie Lowrey, Washington Independent, October 14, 2010.
JPMorgan's role in alleged foreclosure fraud had already been made public when Dimon made these ill-considered statements.
In a CNBC interview, Former Ohio Attorney General Richard Cordray retorted to baseless claims made by Ally Bank, formerly known as GMAC Bank, which was bailed out by TARP. Ally said that it didn't know of instances of improper foreclosures. Cordray shot back that every foreclosure done with falsified affidavits was improper. It's fraud on the courts."
Interesting new program to help homeowners - 0% interest, zero, nada, no interest
November 13,2010 - Community Clearinghouse Agency Inc. of Lancaster, Pa. is offering (0%) zero interest mortgage with payments going directly to reduce principal. Homebuyers locate their own a property, make an offer, negotiate for cash, the agency acquires the property passing it on to the buyer. The new service only applies to single family dwellings. With foreclosures, the plan takes effect only if the foreclosure is dismissed and the homeowner's debt to the bank is reduced.
Home buyers can purchase a home without a thirty year commitment reducing it to under twelve years with full ownership free and clear. CCA requires additional payments throughout the year without penalty. Dale Vega, director stated, "As people make additional payments, more funds become available for mortgages. The program will help stimulate the economy by buying and selling single family homes."
Mortgages are based on ability to pay, not necessarily one's credit score, buyers must provide a reasonable down payment with closing costs. Affordable payments are arranged to suit each buyer including taxes and insurance. The only cost is an administration fee of about $100 per month. After deducting costs, the entire balance is applied to the principal. The transparent program allows homeowners to know where every penny is spent because they keep their own records, the same applies to foreclosures.
Mr. Vega said, "It's like rent to own, only everything you pay above taxes and insurance goes directly to principal not interest." The program will be funded with federal funds, grants, and sponsorships available nationwide, starting in Pennsylvania.
CCA (www.donatecca.org) is a 501-C-3 volunteer based social service helping abused women and families in need since 1995 and now expanding to include mortgage services. Sponsors and donors may contact the agency to help assist families nationwide.
Additional information and a preliminary application can only be requested by sending a self addressed stamped envelope to CCA P.O. Box 8361 Lancaster, Pa. 17604-8361.
photo credit: sxc.hu
| Uploaded by dyet |
Amazon.com to hire thousands to fill orders - Yahoo! News
If you live in Phoenix and need a job... this is tempo job but you should check it out!!!!
The online retail giant said in news releases that it will hire more than 5,000 people in Phoenix and Goodyear, Ariz., and 4,000 in Pennsylvania at locations including Allentown, Hazleton and Lewisberry."
Obama and Geithner: Koreans want concessions
Review & Outlook: Embarrassment in Seoul - WSJ.com: "The root of this embarrassment is political and intellectual: Rather than leading the world from a position of strength, Mr. Obama and Treasury Secretary Timothy Geithner came to Seoul blaming the rest of the world for U.S. economic weakness. America's problem, in their view, is the export and exchange rate policies of the Germans, Chinese or Brazilians. And the U.S. solution is to have the Fed print enough money to devalue the dollar so America can grow by stealing demand from the rest of the world.
View Full Image
Associated Press
President Barack Obama walks off the stage with Secretary of Treasury Timonthy Geithner
But why should anyone heed this U.S. refrain? The Germans are growing rapidly after having rejected Mr. Geithner's advice in 2009 to join the U.S. stimulus spending blowout. China is also growing smartly having rejected counsel from three U.S. Administrations to abandon its currency discipline. The U.K. and even France are pursuing more fiscal restraint. Only the Obama Administration is determined to keep both the fiscal and monetary spigots wide open, while blaming everyone else for the poor domestic results."
View Full Image
Associated Press
President Barack Obama walks off the stage with Secretary of Treasury Timonthy Geithner
But why should anyone heed this U.S. refrain? The Germans are growing rapidly after having rejected Mr. Geithner's advice in 2009 to join the U.S. stimulus spending blowout. China is also growing smartly having rejected counsel from three U.S. Administrations to abandon its currency discipline. The U.K. and even France are pursuing more fiscal restraint. Only the Obama Administration is determined to keep both the fiscal and monetary spigots wide open, while blaming everyone else for the poor domestic results."
REbalancing Currency Rates and World Economics
VPR News: Fed Moves Cast Cloud Over G-20 Economic Summit: "n the United States and some other mature economies, unemployment remains stubbornly high and growth is anemic, despite repeated efforts by central banks and government officials to stimulate demand, Prasad says.
U.S. officials blame that weakness on efforts by other countries -- especially China -- to keep their currency rates artificially low. This has kept Chinese imports cheap, short-circuiting the kind of export-led growth that American officials see as the way out of the country's problems.
'Just as the United States must change, so too must those economies that have previously relied on exports to offset weaknesses in their own demand,' President Obama wrote in a letter to G-20 leaders. What's needed, it noted, is a 'rebalancing' (this year's economic buzzword) of trade flows and currency rates.
'When all nations do their part -- emerging no less than advanced, surplus no less than deficit -- we all benefit from higher growth,' the letter read."
U.S. officials blame that weakness on efforts by other countries -- especially China -- to keep their currency rates artificially low. This has kept Chinese imports cheap, short-circuiting the kind of export-led growth that American officials see as the way out of the country's problems.
'Just as the United States must change, so too must those economies that have previously relied on exports to offset weaknesses in their own demand,' President Obama wrote in a letter to G-20 leaders. What's needed, it noted, is a 'rebalancing' (this year's economic buzzword) of trade flows and currency rates.
'When all nations do their part -- emerging no less than advanced, surplus no less than deficit -- we all benefit from higher growth,' the letter read."
Friday, November 12, 2010
AZ Bankruptcy Foreclosure Decision for Homeowner
Ker-BOOM! Transformational Change in [Market-Ticker]: "JUDGE CURLEY THE HEAD BK JUDGE IN AZ JUST RULED MINUTES AGO THAT THE BANK OF NEW YORK MELLON MUST PRODUCE THE CUSTODIAL RECORDS IN THEIR VAULT IN A CASE AGAINST AN AZ HOMEOWNER, THEREBY PRODUCING THE NOTE AND ALL OTHER DOCS.
THIS IS A TRANSFORMATIONAL DECISION.
Now we're cooking. This decision changes literally everything - at least for Arizona. If it spreads, and it probably will, it will change everything period.
If BONY doesn't have the documentation in their custody, with proper endorsements, then there's gonna be trouble. You can bet the banks will try to bury notice of this way off the front page, but they're not going to get away with it.
The key issue here has always been whether the people buying these securities were really buying what they thought they were - and maybe whether they were buying anything at all.
If BONY can't produce the documents because they don't have them, and cannot prove up ownership of the note with proper endorsements, the lid is going to come off this thing.
The funny part of this, as Yves over at Naked Capitalism has noted, is this:"
THIS IS A TRANSFORMATIONAL DECISION.
Now we're cooking. This decision changes literally everything - at least for Arizona. If it spreads, and it probably will, it will change everything period.
If BONY doesn't have the documentation in their custody, with proper endorsements, then there's gonna be trouble. You can bet the banks will try to bury notice of this way off the front page, but they're not going to get away with it.
The key issue here has always been whether the people buying these securities were really buying what they thought they were - and maybe whether they were buying anything at all.
If BONY can't produce the documents because they don't have them, and cannot prove up ownership of the note with proper endorsements, the lid is going to come off this thing.
The funny part of this, as Yves over at Naked Capitalism has noted, is this:"
Obama - The Foreclosure Presidency
NOTE: It is such a joke... government dessimates the housing, then the jobs market and then allows people to be continued to be thrown to the curb. shameful
By TRB
Barack Obama, despite what he represented to some well-intentioned people back in 2008, has become the king of home foreclosures, the Herbert Hoover of the practice. He has failed miserably in easing the unemployment problem, mostly because he spent so much of his first two years passing and helping along a Republican health care plan designed by the man who might run against him in 2012, Mitt Romney.
He should have spent those first two years working on the unemployment problem, creating jobs. He did eventually get around to creating some jobs, but we are stuck at almost 10 percent unemployment. And he has gone to India to find jobs for Americans. Does that mean he will go to China to find jobs for Americans? It's like my neighbor said when I told him Obama was over in India finding jobs for Americans.
'How will we get there?'he asked.
At the present time, nearly 10,000 people lose their homes every day, and Obama has done little"
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