November 2007

This is a sad reality of business. Yes, you taking a mortgage out on property is “business”.  These homes are backed by contracts not feelings. You break that contract, then the big bad wolves (lenders) are going to come take your home. [...]

By Moe Bedard The Treasury and the banks have seen the light and it looks like they finally realized that only an across the board approach would work even if this approach implies an indirect government interference – via moral suasion [...]

By Moe Loan modifications are the new buzz term in the media and with our government. It looks like they have all have finally jumped on the Moe band wagon. On Monday, Diana Olick of CNBC posted on her blog, [...]

Sacramento, California – Governor Schwarzenegger Discusses Ways to Help Homeowners Avoid Foreclosure in his radio address. Hi, this is Governor Arnold Schwarzenegger with another California Report. Thanksgiving was Thursday and all across California, people gathered in their homes with friends [...]

I have been trying to get some more information on the new loan modification agreement that California Governor Arnold Schwarzenegger has worked out with Countrywide, GMAC, Litton and HomeEq . This San Francisco Gate article has been all I can dig [...]

I thought I would share some commentary from Diana Olick of CNBC in regards to her listening to a hearing of the House Financial Services Committee this morning. She said they were talking about “mortgage issues and then said (I know, I’ve [...]

Oh, this is great. Jane Wells came out on CNBC and announced she had a letter in her possession from Senator Schumer to Countrywide’s CEO, Angelo Mozillo I immediately went to her blog and had to post the details of the [...]

“We’re never going to be able to process the number of workouts and modifications that are going to be necessary doing it just sort of one-off,” Mr. Paulson said. “I’ve talked to enough people now to know there’s no way [...]

A slap on the hand, a pat on the ass and 3 years probation for stealing $100,000. Three former Countrywide Financial Corp. executives who pleaded guilty to criminal insider trading charges were sentenced Monday to serve three years’ probation, the [...]

For Immediate Release:                                                            Contact:  Aaron McLearTuesday, November 20, 2007                                                                  Sabrina Demayo Lockhart                                                                                                                916-445-4571 California’s Foreclosure Rate Twice the National Average With California impacted more than any other state by the national home foreclosure crisis, Governor Arnold Schwarzenegger worked with loan servicers [...]

The reason I post these stories is because I want to give a voice to homeowners. This blog or my mission isn’t about me but it’s about our mortgage crisis and how homeowners are suffering from these toxic loans that they [...]

Speaking at a housing forum in Minneapolis today, Robert Steel, the Treasury’s undersecretary for domestic finance said mortgage foreclosure is inevitable for many speculators who made bad bets on the U.S. housing market or buyers who are stretched well beyond [...]

At least one U.S. Congressman is asking the Bush Administration to help resolve the subprime debacle by declaring an emergency “foreclosure moratorium.” In a letter sent to the president last week, U.S. Congressman Chaka Fattah (D-PA) urged the president to [...]

By Moe Bedard In another Ohio ruling on November 14th, State District Judge Kathleen Mc Donald O’Malley dismissed 32 more foreclosures for lack of “documentation”. Read the ruling Deutsche Ruling, we reported on the Judge Boyko decision in which he dismissed 14 Deutsche [...]

By Aaron Krowne & Moe Bedard In a decision piggy-backing on Judge Boyko’s recent Deutsche Bank ruling (announced on this site Tuesday), Judge Rose has thrown out another batch of foreclosures, making the following summary remarks: “This court is well [...]

A story we broke this past Tuesday in regards to the Ohio Federal Court Deutsche Bank ruling has been getting a tremendous amount of attention, and rightfully so. It wasn’t long after we posted it here that dozens of bloggers [...]

The Inland Empire real estate market is so discombobulated, traditional economic forces like supply and demand have all but gone with the proverbial foreclosure wind. I happen to live in Corona, California, ground zero of the foreclosure epidemic in the Southern California [...]

- Partnership will Bolster First American’s Default Outsourcing Services for Mortgage Servicers Nationwide – November 15, 2007: 08:32 AM EST DALLAS, Nov. 15 /PRNewswire-FirstCall/ — First American First Lien Outsourcing, a member of The First American Corporation family of companies, [...]

Are builders in on the scam? Of course they were! This is a series of posts I will be doing that gives people a behind the scenes look at the mortgage industry that most people never get to witness. Contributed by Poppy [...]

By: Nathan Fransen, Esq. I am an attorney practicing in California, representing consumers against lenders.  I want to share a story that is unfortunately all too common. A client came to me with what I expected would be a problem [...]

Judge Christopher A. Boyko of the Eastern Ohio United States District Court, on October 31, 2007 dismissed 14 Deutsche Bank-filed foreclosures in a ruling based on lack of standing for not owning/holding the mortgage loan at the time the lawsuits [...]