Bank of America hits setback in mortgage lawsuit

tags: foreclosure, bank of america, troubled mortgages, fraud, pooled loans, securities

Bank of America hits setback in mortgage lawsuit:

"Bank of America's hangover from the housing bubble could be harder to shake in the new year as a result of a recent court decision."

Texas legislators consider slowing foreclosure | Austin Business Journal

Texas legislators consider slowing foreclosure | Austin Business Journal:

"Industry observers said legislators are likely to consider reforms to slow the procedures required by banks to foreclose on homes."

KCSG Television - Class Action ReconTrust Bank of America Case Lands in Federal Judge Kimball s Court

KCSG Television - Class Action ReconTrust Bank of America Case Lands in Federal Judge Kimball s Court:

"(Salt Lake City, UT) - US District Chief Judge Tena Campbell recused [Recusal order] herself in the class action lawsuit against ReconTrust and Bank of America (NYSE: 'BAC'), Mortgage Electronic Registration Systems ('MERS'), Countrywide Home Loans, HSBC Bank (NYSE: 'HSBC'), Wells Fargo Bank (NYSE: 'WFC'), U.S. Bank (NYSE: 'USB'), Bank of New York/Mellon (NYSE: 'BK'), KeyBank (NYSE: 'KEY') filed in Utah federal court Friday, November 5, 2010, alleging violations of the, Fair Debt Collections Practices Act, Utah Pattern of Unlawful Activity Act (FDCPA), Unlawful Foreclosures, and Intentional Infliction of Emotional Distress."

Virginia AG Forces Loan Mod Firm, American Neighborhood Housing Foundation to Give Refunds to 273 Consumers | LoanSafe.org

Virginia AG Forces Loan Mod Firm, American Neighborhood Housing Foundation to Give Refunds to 273 Consumers | LoanSafe.org:

"Attorney General Cuccinelli announces settlement with Chesapeake-based mortgage loan modification company
over illegal fees"

Frisco family who fought to get house back from foreclosure leaving Texas | FRISCO Blog | dallasnews.com

Frisco family who fought to get house back from foreclosure leaving Texas | FRISCO Blog | dallasnews.com:

"The military family who fought to get their house back after foreclosure by their HOA is leaving Texas."

Mortgage Orb: Content / Residential Mortgage / Allstate Sues Bank Of America Over $700M In MBS Losses

Mortgage Orb: Content / Residential Mortgage / Allstate Sues Bank Of America Over $700M In MBS Losses:

"Allstate Corp. has filed a federal lawsuit against Bank of America Corp. over more than $700 million in losses from mortgage-backed securities (MBS) it bought from Countrywide Financial Corp., which the bank purchased in 2008. Allstate is also suing 18 other defendants, including Angelo Mozilo, the former Countrywide CEO."

Bank of America Ends Year With Flurry of Lawsuits

Bank of America Ends Year With Flurry of Lawsuits:

"Bank of America (BOA) is facing an onslaught of litigation, with plaintiffs accusing it of everything from wrongfully foreclosing on their homes to failing to comply with loan modification obligations."

AG investigating billings by foreclosure process-servers

Note: Digging deeper to uncover layers of fraud. foreclosure fraud, deception.

AG investigating billings by foreclosure process-servers:

"TAMPA - Florida Attorney General Bill McCollum has launched civil investigations into two of Florida's major foreclosure process-serving companies."

GMAC Ally Financial Settles with Fannie Mae over Foreclosures | PersonalFinanceBulletin.com

Note: Foreclosure fraud, Banks continue to deny any wrongdoing.

GMAC Ally Financial Settles with Fannie Mae over Foreclosures | PersonalFinanceBulletin.com:

"Generally the banks have admitted to having inadequate review processes but in their own internal audits have not found incidents of wrongful foreclosures. Nevertheless, state investigations continue, and MBS owners are looking for ways to get out from under failing mortgages that make up large percentages of their portfolios."

Foreclosure backlog grows again in November | Inman News

Foreclosure backlog grows again in November | Inman News:

"The robo-signing controversy continues to slow the progress of homes through the foreclosure process and into lenders' real estate owned inventories, the latest numbers from mortgage-data aggregator Lender Processing Services show."

Chaos reigns as Operation: Bank of America takes shape - Security

Note: BOA, Wiki leaks, Payback

Chaos reigns as Operation: Bank of America takes shape - Security:

"Operation: Bank of America kicks off. Unlike the other Anonymous operations, such as Operation: Payback, this splinter operation is off to a rocky start."

Bank of America snatches up disparaging domains ahead of Wiki leaks | AHN

Note: Oh what webs we do weave, when we practice to deceive. foreclosure cover up

Bank of America snatches up disparaging domains ahead of Wiki leaks | AHN:

"Bank of America has gone on a spending spree, buying potentially offensive domain names in preparation of WikiLeaks’ next batch of released documents.

The bank believes it may be the whistle-blowing site’s next target."

At housing court, final pleas to head off evictions - The Boston Globe

Note: Video You be the judge of this courtroom proceeding of foreclosure.

At housing court, final pleas to head off evictions - The Boston Globe

Video

Banks behaving badly: Mistaken foreclosures roll on - Boston Real Estate - Boston.com

Banks behaving badly: Mistaken foreclosures roll on - Boston Real Estate - Boston.com:

"In one of the more recent cases, a Florida couple worked out a loan modification agreement and was making all their payments when they received a devastating letter from J.P. Morgan Chase. Their condo, Magaly Cervantes and Julio Bermudez, was told, had been foreclosed on and sold online."

Jim Miller's Savvy Seniors: Help for seniors facing foreclosure | baxterbulletin.com | The Baxter Bulletin

Note: Seniors & Foreclosures,

Jim Miller's Savvy Seniors: Help for seniors facing foreclosure | baxterbulletin.com | The Baxter Bulletin:

"What kind of help is available to seniors who are facing foreclosure? My 76-year-old mother has fallen behind on her house payments and is very concerned about losing her home.

Worried Daughter"

Where Things Stand: Foreclosure Paperwork Scandal | TPM LiveWire

Where Things Stand: Foreclosure Paperwork Scandal | TPM LiveWire:

"Some struggling homeowners are currently getting a temporary reprieve [1] from foreclosure sales and evictions during the holiday season,"

Octomom Eviction coming Firday

NOTE:  Octomom might need to contact showmetheloan.net.  Inj California there has been lots of progress made in the foreclosure arena.... lets hope this family of 15 can muddle through. '


Octomom' Nadya Suleman is once again looking eviction in the face. The latest from the owner of her home has everyone believing her time has run out and she, as well as the kids, will be out on the street. Amer Haddadin has once again told the media that he has full intentions of evicting 'Octomom' if the payment of $450,000 isn't in his hand by Friday, December 31.

Bristol Palin Purchases a Bargain House in Arizona, But Why? | PopEater.com

Bristol Palin bought a home in Arizona. She overpaid - we could have sold her house for 81,000 near a college, free and clear title (no foreclosure crap). IF the bank would approve a short sale that is.

Bristol Palin Purchases a Bargain House in Arizona, But Why? | PopEater.com: "Will 2011 be even hotter for Bristol Palin than this year was? Putting her 'Dancing with the Stars' earnings to good use, the young mom recently made a real-estate investment in a sunny climate far from mom Sarah Palin's beloved Alaska.

Mike Smith has confirmed to E! that about a month ago, Bristol purchased his former property in Maricopa, Ariz., approximately 35 miles south of Phoenix -- a region hard hit by the financial recession (ABC's 'Nightline' has called Maricopa the 'poster child of the housing crisis'). Public records show the five-bedroom home was originally built in 2006 and sold for $329,560. It went into foreclosure in January, with the most recent owners snapping it up for $137,200; it was then fixed up and flipped back onto the market for resale."

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Geithner on Foreclosure Fraud: What’s the Problem? | MyFDL

Geithner on Foreclosure Fraud: What’s the Problem? | MyFDL: "Comments with regard to the Congressional Oversight Panel hearing Dec. 16, 2010, with Treasury Secretary Timothy Geithner:

Mr. Geithner disingenuously blamed the American public for borrowing too much credit without acknowledging that homeowners relied upon (albeit inflated) appraisals and lenders telling them they could continue to refinance and pull out their investment gains. Originating lenders treated homeowners like stock market investors. Lenders lied about the value of the homes, the fact that refinancing would be available, and that investing in a home was better than renting. Lenders received enough documentation to determine the borrower’s ability to maintain the investment — they just didn’t pass it along to Wall Street investors… because Wall Street didn’t want it. The defective financial product that Wall Street designed was not made, intended or conducive to long-term lending.

There was a complete disconnect between"

Wary lenders deny short sales, opt to foreclose - The Boston Globe

Wary lenders deny short sales, opt to foreclose - The Boston Globe: "But the young couple’s hopes were crushed when their mortgage holder, JPMorgan Chase & Co., rejected the deal on the grounds the condo was worth more than the $240,000 the buyer was willing to pay.

Instead, the parents of two young children watched in anguish Sept. 16 as the bank foreclosed upon their home. Weeks later, JPMorgan put the home back on the market, priced about $7,000 below what the prospective buyer offered. Today, the family is gone and the house is empty.

“We gave it 100 percent of an effort and tried our hardest,’’ said Linda Robbins. “It was the bank not willing to work with us.’’"

How to Downsize from Wealthy to Poor Lifestyle | Personal Finance | FireHow.com

This is an article written by a friend that has gone through many life changes in the financial world. It may be helpful for those just entering into the foreclosure arena of life!

How to Downsize from Wealthy to Poor Lifestyle | Personal Finance | FireHow.com: "Downsizing your lifestyle form a wealthy to a poor status is not an easy task however many people have been thrown into this situation due to bad investments, loss of jobs, divorce or an illness that has wiped out their savings and forces them to change their lifestyle. Whenever you undergo a change in your income there will be a degree of depression followed by stress. The mere shock of the change in wealth will not only affect your lifestyle but it will also affect relationship with friends, spouse and children. Many people in this situation believe that they will overcome their hardship, they will become gainfully employed in a matter of 30 days, and will be able to budget or work two jobs to keep their wealthy status. People have good intention"

Is Wikileaks release a bad thing? WAtch this Riveting Video Documentary Julian Assanange

Is Wikileaks bad? 

WikiRebels – The Documentary

This video information reached my email box with this message from a friend:

"Someone sent this to me and once I started I could not stop. Its an hour long and at about 30 minutes the film of the war starts.

You owe this hour to your children, my children, our country."

Detroit NAACP office faces foreclosure over taxes | thetimesherald.com | The Times Herald

Detroit NAACP office faces foreclosure over taxes | thetimesherald.com | The Times Herald: "DETROIT — The Detroit NAACP faces office foreclosure over $47,451 in unpaid taxes to Wayne County.

The Detroit News reported Saturday that the branch is seeking a payment plan for the back 2008 taxes or it could lose its headquarters in the city.

Another $38,969 in taxes is owed for 2009. The newspaper reports that an appeal about the issue is before a state tax tribunal."

Housing Nightmare Upends Family, Enriches Investor : NPR

Housing Nightmare Upends Family, Enriches Investor : NPR: "his foreclosure story is complicated, and assigning blame is not straightforward. Familia and Solon took on more debt than they could afford. But Cohen says they were encouraged to do so by their California-based subprime mortgage lender, Fremont Investment and Loan, which is now defunct.

'They were given two mortgages, and those mortgage payments were almost $5,000 a month, [which was] more than their income,' she says.

Fremont Investment and Loan was later sued by the attorney general of Massachusetts for deceptive loan practices, and the company went bankrupt and shut down.

Wells Fargo's Offer

By then, the company's loans had been securitized and sold to investors. Wells Fargo has been servicing some of those loans, including the one made to Solon and Familia."

22 Arrested in LA Foreclosure Protest at Chase « Livinglies's Weblog

22 Arrested in LA Foreclosure Protest at Chase « Livinglies's Weblog: "Police arrested 22 demonstrators who blocked entry to a downtown Chase bank branch Thursday to protest what they said were unfair home foreclosures.

Alvivon Hurt smiles as she is led away, among other people who had lost their homes to foreclosure,…
Alvivon Hurt smiles as she is led away, among other people who had lost their homes to foreclosure, or have been battling banks over loan modification, and their supporters, in a protest outside a Chase bank branch in downtown Los Angeles Thursday, Dec. 16, 2010. Police arrested 22 protesters who blocked the doors to the bank in acts of civil disobedience. (AP Photo/Reed Saxon)"

DISMISSING CASES FOR FRAUD ON THE COURT…IT IS HAPPENING | Matt Weidner Blog

DISMISSING CASES FOR FRAUD ON THE COURT…IT IS HAPPENING | Matt Weidner Blog: "There is a growing awareness, a sickening realization out there that fraud is being committed in our courtrooms…just how pervasive the fraud is remains an open question….but I predict the real truth is not going to be pretty. Some judges are taking the initiative and dismissing cases when they uncover the fraud. So what kind of fraud rises to the level that a case should be dismissed?

The requisite fraud on the court occurs where “it can be
demonstrated, clearly and convincingly, that a party has
sentiently set in motion some unconscionable scheme"

Arizona Attorney General Charges BANK of AMERICA with Mortgage and foreclosure fraud

December 17, 2010 -- In a HISTORIC move Terry Goddard has initiated a lawsuit against Bank of America for FRAUD.   In recent news Bank of America has seemingly been more concerned with resuming foreclosures post haste.  Attorney General Terry Goddard knows how to go out of office with a bang.

 The charges in our opinion are right on the target, this is only an opinion, but if you sit in court on any given day, it is the same story time and again. People tell the judge, "but we were in modification."  Some even have been told they were approved. Now Bank of America wants to resume with haste to speed up foreclosures?  BOA did respond to the AG announcement and you read that here: BOA response

Below are the highlights of the announcement with links to further information, including the proposed Borrower's Bill of Rights. The full announcement is on AZAG.gov

Terry Goddard Charges Bank of America with Mortgage Fraud

(Phoenix, Ariz - Dec. 17, 2010) Attorney General Terry Goddard announced that his Office today filed a lawsuit against Bank of America Corporation and its affiliated companies (“Bank of America”) alleging violations of the Arizona Consumer Fraud Act and violations of the consent judgment entered in March 2009 between Arizona and the Countrywide companies owned by Bank of America.


The lawsuit, filed in Maricopa County Superior Court, was triggered by hundreds of consumer complaints and follows a year-long investigation into Bank of America’s residential mortgage servicing practices, particularly its loan modification and foreclosure practices.


The complaint asks the court to hold the defendants in contempt for violating the consent judgment and to order them to pay restitution to eligible consumers and civil penalties, attorneys’ fees, and costs of investigation to the State. It further asks the court to order the defendants to pay up to $25,000 for each violation of the consent judgment and up to $10,000 for each violation of the Arizona Consumer Fraud Act.


The complaint also alleges that Bank of America has violated the Consumer Fraud Act by misleading Arizona consumers about its loss mitigation process and programs, including matters such as:
• Whether homeowners must be delinquent on their mortgage payments to be considered for a loan modification.
• How much time it would take to receive a decision from Bank of America on a modification request or a short sale request.
• Whether foreclosure would proceed while a modification or short sale request was pending, or while a homeowner was making trial payments.
• Whether the homeowner had been approved for a loan modification.
• Failure to provide valid reasons why the homeowner was declined for a modification.
• Whether the homeowner would be approved for a permanent modification if the consumer successfully made all trial modification payments.


As a result of Bank of America’s deceptive practices, many homeowners who were already contending with other financial hardships have been led to unnecessarily deplete their dwindling savings in futile attempts to obtain the promised relief and save their homes.


Goddard urged all homeowners who are in or are facing foreclosure to seek assistance as soon as possible. Homeowners can speak with a HUD-approved housing counselor by calling the Arizona Foreclosure Prevention Helpline toll-free at 1-877-448-1211. Borrowers who believe they have been the victim of mortgage fraud or other scams should contact the Attorney General’s Office at (602) 542-5763 or by filing a complaint on the Attorney General’s website, at www.azag.gov. Additional foreclosure prevention resources are also available on the Attorney General’s website.
Copies of the 2009 consent judgment and today’s complaint are attached. For additional information, contact Janey Pearl at (602) 542-8019.
 Terry Goddard on Bank of America Mortgage Fraud.mp3
 BofAComplaint.pdf
 FAQ’s regarding the State’s Lawsuit against Bank of America
 Arizona Borrower's Bill of Rights

Foreclosure Resource Center

Foreclosure Class Action to the 3rd circuit: Countrywide and Wells Fargo

December 17, 2010 -  Earlier this month, fed up homeowners banded together and bought forth a class action lawsuit with an amended complaint against Countrywide (which BAC has taken over) Wells  Fargo and the law firm Phelan Hallinan & Schmieg. The Amended Complain in the class action  is an effort to have the judges in the 3rd circuit recognize the overcharges in foreclosure fees and to address the fraud in document preparation such affidavits and assignments. If successful this action will reverse an order by U.S. District Judge C. Darnell Jones II of Philadelphia, who denied the homeowners’ motion to file an Amended Complaint in a foreclosure fraud class action. The action is entitled Rhodes v. Diamond, Case No. 10-3431 (3d. Cir.).

The Amended Complaint, first proposed on January 15, 2010, also alleges that defendants systematically used fraudulent affidavits and bogus mortgage assignments to hastily prosecute mortgage foreclosure actions in the absence of any party with legal standing to sue.

The proposed Amended Complaint seeks relief against defendants under the Racketeer Influenced and Corruption Act, the Fair Debt Collection Practices Act and state law.

“In recent months, public officials, commentators and citizens have been appalled to learn about institutionalized fraudulent practices by mortgage servicers and law firms that have created a frightening ‘foreclosure crisis’ in this country,” John G. Narkin, a lawyer for the homeowners said. “This appeal demonstrates that our judicial system, whose function is to enforce the law and provide justice to those who need it, has at times abdicated its responsibilities and ignored fundamental rights of foreclosure fraud victims.”

The appeal also seeks reversal of the lower court’s disposition of an earlier, narrowly circumscribed complaint, which was dismissed on technical grounds involving the U.S. bankruptcy laws, which are unrelated to the more pervasive fraudulent schemes alleged in the proposed Amended Complaint.

Details about this case and its background are available at http://www.bhn-law.com/consumer_rights.        

This appeal demonstrates that our judicial system, whose function is to enforce the law and provide justice to those who need it, has at times abdicated its responsibilities and ignored fundamental rights of foreclosure fraud victims.

source: press release

Lawsuits against Foreclosure Defense Lawyers: Foreclosure issues in America

photo: public domain obama and bank officials

NOtice: This is opinion piece, my beliefs and observations. This is long but gives overview of what is happening. 

December 16, 2010 -  IN Arizona we have little in the way of actual out and out wins.  Scouring news and blogs daily  for glimpses of hope in the dark world of foreclosure fraud, and mortgage fraud, keeps us tuned up in tactics used by bank lawyers and others.  As in Florida, California, New York and other parts of the country we see F R A U D and illegal tactics used everywhere.   Recently having the notary license revoked of one robo-signers was a tremendous step in fighting illegal practices.

IN Arizona groups of homeowners were seeing problems with notarizations and signatures on foreclosures documents long before the issue hit the news.  Living in a non-judicial state has it's disadvantages. We watch with interest the predictions for 2011 and how everything is affecting this economy and next year's budget leaning towards hyperinflation.  We consider stocking up on foods through services, so that we will not die if the government -oops banks- continues their stupidity and cause even more economic crisis.
      

OUTSPOKEN ARE UNDER ATTACK 

Lately it has been an out of body experience reading news.   Watching those that are outspoken at speaking the truth they see being attacked.  Aware that government officials have watched blogs is a creepy experience.   Seeing my own blog scrutinized by irs and the bar association is a little wild.  Knowing that the things I write can be viewed by those foreclosing on us is a little disconcerting.  But we want to share the knowledge of what is happening: the good, the bad, and the uncomfortable. 

This last two weeks, while I have been busy writing on other sites - trying to increase our income a little, news has come out of Matt Weidner being sued by Robo Signer  groups.  To me this is a complete IRONY - those that have conspired to take away homes without following proper procedures and illegally submitting documents that have avowed are correct to courts in other states is, "pot calling the kettle black".  

           ROBO SIGNERS: pot, kettle, black

There have been many instances of Robo Signers admitting IN DEPOSITIONS that they had little time to verify facts.   The banks found instances of problems and reported to the media of the problems they found. The banks may have minimized the amount of the problems but admitted they did. People have lost homes that did not have mortgages or were never late and have gone through the legal wringer. Knowing that steps are being taken to protect and speed up the illegal processes. 

GAG ORDERS ON FREE SPEECH AND PUBLIC INFORMATION

In Florida there was gag order put in place, to remove a YOU  TUBE video of depositions by robo-signers.   COUGH COUGH, and we thought in America there was not only free speech, but legal proceedings were public. ACLU is stepping in to fight for a reversal of the gag order.  You CAN check DinSFL to see if there are still any video copies to save to your hard drive.  You can also check stopforeclosurefraud to see if there are any transcripts available. 

JUDGES:  THE CORRUPT AND THE UNCORRUPT

Judges like Judge Schack who uphold the law are few around the country.  Others like in Lee County make LAWS that give banks the right to foreclose without following rules.   This article by foreclosures blues, tells the sad, sad story that reflects the corruption we see in courts across America. 

We here in Arizona would just like the insanity to end, for people to really get how their FREEDOM and their way of life is under attack daily.  If the foreclosure fight is lost - EVERYONE in America loses.  The rule of law is being swept away and as a friend would say,  "We are slaves. We are guilty until proven rich."  

Foreclosures Rise with Less Homes Underwater -... | Gather

Foreclosures Rise with Less Homes Underwater -... | Gather: "According to the Wall Street Journal, housing-data provider CoreLogic reported 10.8 million residential mortgages were underwater in the third quarter. This is a drop from the 11 million underwater mortgages in the previous quarter.

However, the drop is not because housing values are starting to soar. CoreLogic attributes the minimal drop to home foreclosures. When people are taken out of their homes, it reduces negative equity.

But it doesn't resolve the financial problem facing the nation. People are displaced from homes and looking for other residences. Meanwhile, abandoned homes are left for months as banks scramble to catch up on foreclosing properties.

Negative equity hit several states hard including Nevada, Arizona, Florida, Michigan and Ca"

Alleged Notarization issues: Homeowner receives a Government Agency response !

      

The following letter was requested to be placed on this blog for your informational purposes.  One of the Arizana homeowners received a response from the Secretary of States office regarding notarization issues brought to the Secretary of States attention. .

Facing foreclosure? Call Will.i.am! – The Marquee Blog - CNN.com Blogs

Facing foreclosure? Call Will.i.am! – The Marquee Blog - CNN.com Blogs: "In an effort to fight his country’s current housing crisis, Will.i.am is taking the matter into his own hands.

In an interview with U.K. newspaper “The Sun,” the Black Eyed Peas frontman, born William Adams, talked about his mortgage relief program called 'i.am.home.'

“I rescue families who are losing their homes because they have no jobs and they can’t pay the mortgage and the banks are foreclosing on their homes,” said the artist, who purchased a new home for his grandmother in 2009. “All the people we help are debt free, they don’t have to pay me back.”"

The Banks want to ruin the economy MORE??? Fraud out of control may cause crisis!

NOTE : IMHO - read your mortgage or deed of trust... nowhere does it say the servicer owns the loan...   and so begins the way to explain why the poor homeowners have to swallow the fraud, lose their homes and give up for the good of the country. (it is my belief that is where this type of reporting about the economy is headed..... )

The simple question to me is not will the banks face harm... but will homeowners face harm. or the investor... if here it is the banks that are being portrayer as victim not those investors or homeowners that WERE FRAUDED. WAtch what you read carefully - this is all my opinion.....and what i believe might happen.

Mortgage Foreclosure: Watchdog Warns of 'Potential Crisis' From Fraud - ABC News: "While under a best-case scenario, the problems could prove 'overblown' -- the work of only 'a handful of employees' at mortgage servicers who failed to follow proper procedure -- the panel said there is a 'considerably grimmer' outcome.

Under a worst-case scenario, the servicers will not be able to prove that they own the mortgage loans they claim to own. Under such a scenario, the banks, the government and homeowners would all end up hurting, only two years after the 2008 meltdown.

The banks, for instance, could face 'significant harm' if the validity of 33 million loans is called into question. If an investor in a mortgage-backed security were to force a bank to repurchase a loan because the firm had misrepresented the quality of that loan, the problems could be severe. One such investor action, the panel said, could force Bank of America to repurchase and absorb partial losses on up to $47 billion in bad loans."

Homeowners Wrongfully Foreclosed Upon Go Through Legal Wringer

Homeowners Wrongfully Foreclosed Upon Go Through Legal Wringer:

"Tom Williams was in his kitchen thumbing through the mail when he opened a letter from GMAC. It informed him that the bank would confiscate his house unless he immediately paid off his mortgage balance of $276,000. But Williams had never missed a mortgage payment. And his loan wasn't due to mature until 2032."

Robo-Signer Goes On The Attack, Threatens Foreclosure Defense Lawyers

Robo-Signer Goes On The Attack, Threatens Foreclosure Defense Lawyers:

"Nationwide Title Clearing, a Palm Harbor company at the center of the nation's robo-signing controversy, is going on the offensive against its critics."

NY trustee seeks nearly $20B in latest action - U.S. news - msnbc.com

NY trustee seeks nearly $20B in latest action - U.S. news - msnbc.com:

"NEW YORK — The trustee recovering money for investors who lost billions of dollars in jailed financier Bernard Madoff's fraud on Friday filed civil racketeering charges against an Austrian banker and 55 other defendants, demanding they give up nearly $20 billion and accusing the banker of being Madoff's 'criminal soul mate.'"

How can I stop an illegal foreclosure if the bank won't answer my questions and the law firm won't respond? - Yahoo! Answers

How can I stop an illegal foreclosure if the bank won't answer my questions and the law firm won't respond? - Yahoo! Answers:

"My bank is attempting a second illegal foreclosure. They stopped the first one with no explanation. I have an FHA insured loan, so they are required to follow FHA guidelines while servicing my loan. I am attempting to get my loan modified and the bank has stated in writing they are following 'investor guidelines'."

News In Brief: Bank of America lifts foreclosure freeze

News In Brief: Bank of America lifts foreclosure freeze

Read full article by clicking on the link

"Nation

Bank of America lifts foreclosure freeze

Bank of America lifted its national foreclosure freeze this week and began taking back some 16,000 properties, starting with homes that were either vacant or did not have owners living in them"

.

Donald Trump hints about being President of... | Gather

Donald Trump hints about being President of... | Gather: "Donald Trump cares about America. He is patriotic and hard core do what is best for good 'ole USA. You would think with Celebrity Apprentice, Trump Tower, and all his wheeling dealing real estate ways, he would want to stay out of politics. Maybe this quote from 'The Trumpster' will help to explain.

“For the first time really would think about it. And I am thinking about it. It doesn’t mean I want to do it. I’d prefer not doing it. I’m having a lot of fun doing what I’m doing. It’s a great time to be buying things. I’m buying a lot of things and really having a good time,”

“But I hate - you know, I’m very proud of this country. I’m very proud to be an American. And frankly, I hate what I’m seeing. I hate that friends of mine from Europe, from Asia, from all over the world - they’re telling me stories about this country,” - Donald Trump

In listening to Trump over the years, you get a sense of the pride"

Civil Judgment of $450,000 for alleged... | Gather

Civil Judgment of $450,000 for alleged... | Gather:

"The alleged scheme is not unknown as the home foreclosure mortgage business has been intensely scrutinized. The transferring a property in foreclosure process to someone else for a low, low price, with the condition that the homeowner rent it with an option to buy clause is a no win situation. More often than not, the homeowner will miss one rental payment and then the house is no longer eligible for buy back.

The alleged charges state that Lts. Mark Tallman and Lee Brent Shaw did the acts while off-duty. They started their sale-leaseback business in 2003. According to the newspaper both Tallman and Brent are on administrative leave from the police department.

The civil judgment gave fines of 450,000 which amount to roughly 65,000 to 70,000 per year or about 23,000 per homeowner. One wonders if the fine is set high enough."

Sharing information and tips to increase earnings. Increase your passive, residual income. Guest bloggers welcome.

Bank of America to resume foreclosures - Dec. 10, 2010

Bank of America to resume foreclosures - Dec. 10, 2010: "We have identified areas of our process that can be improved and while we make these improvements, it's important that we move ahead with efforts to reduce the number of abandoned properties across the country,' said Barbara Desoer, president of Bank of America (BAC, Fortune 500) Home Loans, in a statement. 'The properties can drag home values in neighborhoods and slow the eventual recovery of the housing market.'

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Foreclosure Fiasco
Bank of America to resume foreclosures
Welcome to Zombieland: Ladera Ranch, California
Foreclosure freeze coming for the holidays
Buy a foreclosure - save 30% on the price
Foreclosure scandal impact: Sales dry up
The bank said it plans to proceed with 16,000 foreclosures this month, though it will observe a 'holiday suspension' of sales and evictions from Dec. 20 to Jan. 2. Freddie Mac (FMCC) and Fannie Mae (FNMA) have announced a similar holiday freeze."

Home foreclosure court case decision shows hope... | Gather

Home foreclosure court case decision shows hope... | Gather: "udge Schack has once again given hope to homeowners. Known across the nation as one of the few judges that is willing to make banks tow the line, he has again asserted his opinion that banks lawyers need to get it right.

Today, Judge Schack ruled on a firm that has come under fire for representing both sides of bank assignments, overcharging, and for filing false documents. Filing false documents is a felony and can carry stiff sentences which can include years in jail.

New York State Supreme Court Justice Arthur M. Schack stated that Steven J. Baum's arguments were “so incredible, outrageous, ludicrous and disingenuous that they should have been authored by the late Rod Serling.”

A major flaw in the case refers to the assignment of the loan which was done improperly and that Baum represented both MERS and the buyer of the property at the foreclosure sale."

Officers ordered to pay $450,000 for fraudulent mortgage deals

Officers ordered to pay $450,000 for fraudulent mortgage deals:

"Two Phoenix police lieutenants who ran an off-duty real-estate business have been ordered to pay more than $450,000 in civil penalties and restitution for fraudulent mortgage deals in which they are accused of bilking 148 homeowners facing foreclosure."

Twitter / @Operation Payback: http://www.mastercard.com/ ...

WOW ... I am posting this on this blog because I knew Bank of America was bracing for a WIKILEAK in January or so .... but this was total shock to me...

Operation payback... for Mastercard. wow!

Twitter / @Operation Payback: http://www.mastercard.com/ ...: "@Anon_Operation
Operation Payback
http://www.mastercard.com/ is DOWN! #ddos #wikileaks Operation:Payback (is a bitch!) #PAYBACK
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Retweeted by DiegoGatti and 90 others"

Judge Schack `Twilight Zone' Foreclosure Law Firm Draws Fine, Suits in New York Courts - Bloomberg

Note this whole article is worth a read.. check it out by clicking on title link. Don't you wonder why the bank lawyers are not going to jail after filing false documents???? Pay particular attention to the fact that the lawyer is representing both forecloser and buyer of property - something we have talked about before....

`Twilight Zone' Foreclosure Law Firm Draws Fine, Suits in New York Courts - Bloomberg: "Steven J. Baum’s New York foreclosure law firm has attracted lawsuits and fines for its actions during the housing crisis, with one judge likening its arguments to something out of the “Twilight Zone.”

As recently as last month, Baum’s firm, which one lawyer for homeowners said processes about half the foreclosures in New York state, was ordered to pay $14,532.50 in legal fees and costs and a $5,000 fine by Nassau County District Court Judge Scott Fairgrieve in Hempstead, New York.

The judge said that when Paul Raia refused to vacate a Garden City co-op after foreclosure, Baum’s firm filed an eviction petition that misidentified the lender.

“Falsities were contained in five paragraphs out of only ten paragraphs in the entire petition,” Fairgrieve wrote in his Nov. 23 decision."

william shatner on twilight zone

                                                                   

and the next part: Pay particular attention to the fact that the lawyer is representing both forecloser and buyer of property

Schack threw out the case in part because he said the assignment of the loan had been done improperly. The assignment was made by a Baum lawyer on behalf of Mortgage Electronic Registration Systems Inc. as the nominee for the mortgage bank, according to the judge’s opinion. The same day, the Baum firm represented the buyer of the loan by filing the foreclosure action, the judge said. Schack said it was a conflict for the firm to represent both sides.

“Steven J. Baum PC appears to be operating in a parallel mortgage universe, unrelated to the real universe,” the judge wrote in that May decision. “Next stop, the Twilight Zone,” he said, quoting from Serling’s TV series about science fiction and the supernatural.

European Union appears to be ready to welcome... | Gather

Read full article by clicking on title link

European Union appears to be ready to welcome... | Gather: "alks today appear to have the European Union and Moscow at arms length for participation in the World Trade Organization. The Bussels summit of the Russia-EU talks have been fruitful with an announcement later today sharing that the WTO will be what Russia will join next.

The news today is that Russia and the European Union have signed a letter of intent that the two entities will work together in 2011 to have Russia join the World Trade Organization as an active member.

Jose Manuel Barrosa, European Commission President shared to the Russia press that the acco"

LPS: Legal woes mount for a foreclosure kingpin | Reuters

Special report: Legal woes mount for a foreclosure kingpin | Reuters: "But a Reuters investigation shows that LPS's legal woes are more serious than he let on. Public records reveal that the company's LPS Default Solutions unit produced documents of dubious authenticity in far larger quantities than it has disclosed, and over a much longer timespan.

Questionable signing and notarization practices weren't limited to its subsidiary, called DocX, but occurred in at least one of LPS's own offices, mortgage assignments filed in county recorders' offices show. And rather than halt such practices after the federal investigation got underway, the company shifted the signing to firms with which it has close business ties. LPS provided personnel to work in the new signing operations, according to information from an LPS spokeswoman and court records including an October 21 ruling by a judge in Brooklyn, New York. Records in county recorders' offices, and in the judge's opinion, show that 'robosigning' and preparation of apparently false documents went on at these sites on a large scale.

In one instance, it helped set up a massive signing operation at the nearby office of a major client, a spokeswoman for the client, American Home Mortgage Servicing,"

Sharing information and tips to increase earnings. Increase your passive, residual income. Guest bloggers welcome.

My Conspiracy Theory proved correct - Foreclosures Resume - and Should earmark funds be used to re-initiate the home buyer tax credits? | Benzinga.com

Not really much new news... we all keknw the foreclosures would resume and it was going to be covered up! great posting by fellow blogger.

My Conspiracy Theory proved correct - Foreclosures Resume - and Should earmark funds be used to re-initiate the home buyer tax credits? | Benzinga.com: "foreclosure moratorium was merely a political ploy for candidates running for office and that they'd resume shortly after the holidays.

Well It looks like I was right! Fannie Mae and Freddie Mac sent info this week to agents handling their REO properties to put them back on the market. I'm shocked they didn't wait until the holidays were over BUT they did indicate that evictions and lockouts would not yet resume, which as I've said before is consistent with what they do every year. I strongly believed this was just as much politicking as it was about checking out 'robo signing' and I think this helps support that point. Its hopeful this inventory will help end the year on a strong note for real estate markets across the country since many deal hungry buyers have been fence sitting since the announcement afraid that the 'deal' they've been waiting for is in bank review land.

The other tidbit of news affecting the real estate world this week is Florida's Democratic Senator Bill Nelson announcing a plan to use earmark funds in order to re-initiate the home buyer tax credits so p"

Conspiracy Theory #1 Foreclosures and Government

Jesse Ventura has outraged many and peaked the curiosity of many more with one of the wildest claims yet of his hit reality series with the fitting title: “Conspiracy Theory.”

According to Jesse Ventura's newest conspiracy theory, FEMA is operating hundreds upon hundreds of secret “concentration camps” across the US, which are maintained in order to imprison millions of Americans under martial law should a national emergency or constitutional crisis arise (see video on left).

JFK assassination plot involved George Bush, says Jesse Ventura

MASS. COUNTY RECORDER SEEKS MILLIONS IN UNPAID MERS RECORDING FEES « Livinglies's Weblog

MASS. COUNTY RECORDER SEEKS MILLIONS IN UNPAID MERS RECORDING FEES « Livinglies's Weblog:

"EDITOR’S COMMENT: A couple of million here, a couple of million there, the next thing is you’re talking real money. Here is one County looking at only 2010 and coming up with a figure of around $2 million owed. A fair assumption is that the figure would rise to over $20 million going back to the beginning of this mess, especially if you add interest, penalties for non-filing etc. And then there is the question of other taxes and fees that might apply to such transfers, especially if a fee or profit was involved."

MASS. COUNTY RECORDER SEEKS MILLIONS IN UNPAID MERS RECORDING FEES « Livinglies's Weblog

MASS. COUNTY RECORDER SEEKS MILLIONS IN UNPAID MERS RECORDING FEES « Livinglies's Weblog:

"About a week ago, John O’Brien, Register of Deeds in Essex County Massachusetts, sent a letter to Massachusetts Attorney General Martha Coakley asking that she look into whether MERS (Mortgage Electronic Registration Systems, Inc.) failed to pay legally required recording fees in Massachusetts when a MERS-mortgage is assigned to another entity, like a trust or a bank."

Who gets stuck fixing foreclosed homes when banks bail | Matt Weidner Blog

Who gets stuck fixing foreclosed homes when banks bail | Matt Weidner Blog:

"“Cape Coral - Big banks are taking over foreclosed homes but in some cases they’re not taking care of them like they’re required."

Regulators to be pressed on foreclosure lapses - 93 Rock Wisconsin Rock Music Radio

Regulators to be pressed on foreclosure lapses - 93 Rock Wisconsin Rock Music Radio:

"WASHINGTON (Reuters) - U.S. regulators will be under pressure Wednesday to show lawmakers they are better policing foreclosures amid widespread evidence that lenders used shoddy paperwork to evict delinquent borrowers."