October 2010

Image by Getty Images via @daylife Jamie Dimon and the other mega-bankers who derailed the economy have a new PR campaign to sell you. They’re saying that families who can’t pay their mortgages must bear the blame – all the [...]

Lawyers who knowingly file fraudulent documents or fail to properly oversee subordinates involved in the preparation of such records can face criminal charges or professional sanctions ranging from disbarment to suspension, said Raymond H. Brescia, a professor at Albany Law [...]

So back to the original question: why did some servicers use “robo-signers”? I think there are several reasons: the flood of foreclosures, the lack of experienced staff, cost cutting – and also because several of the servicers seemed to use [...]

DELRAY BEACH, Florida – Curtis Jones has fought for more than a year to keep his two-story townhouse in this beachside Florida city from being foreclosed. Jones, a 49-year-old construction worker, feels like it is a one-sided fight.

SEBRING – Back in November 2009, Chip Boring got a short-sale offer on a four-family complex on Lakeview and Franklin in Sebring. The owner had subdivided the unit and started remodeling before he lost his job and fell ill. He [...]

DENMARK, Me. — The house that set off the national furor over faulty foreclosures is blue-gray and weathered. The porch is piled with furniture and knickknacks awaiting the next yard sale. In the driveway is a busted pickup truck. No [...]

We have long known that lender fraud was rampant during the real estate boom. The FBI began warning of an “epidemic” of mortgage fraud as early as 2004. We know that mortgage originators invented “low doc” and “no doc” loans, [...]

From the AP we learn today that banks hired foreclosure specialists with no knowledge of mortgages or foreclosures to file foreclosure papers. Meanwhile, Treasury Secretary Geithner, HUD Secretary Donovan, and even Presidential spokesperson David Axelrod, piously intone the banking and [...]

Many lenders have not even budged from their prepayment penalties — the practice of charging a significant fee if the borrower cashes out the loan (typically refinances or sells) within a specific period of time — even though other borrowers [...]

“There are so many fronts to the foreclosure crisis that it’s now becoming difficult to stay on top of all of them,” writes Naked Capitalism’s Yves Smith. The attorney generals of all 50 states have opened a joint probe into [...]

YASTINE: Trent had stumbled into what we now have come to know as robo-signing of key mortgage documents. TRENT: Obviously, this is an important document. It`s the essence of the case. If they hadn`t produced a document like this or [...]

Image by Getty Images via @daylife TWI: Some, including J.P. Morgan Chase chief executive Jamie Dimon, are arguing that this is a paperwork problem, and the homeowners undergoing foreclosure were in default. April Charney: There is a contract that Fannie [...]

Today, homes similar to Perez’s sell for about $115,000. Earlier this year Bank of America put Perez into a trial mortgage modification, later made permanent, that sharply reduced her monthly payments to about $1,281 a month from $2,164, not including [...]

FOX BUSINESS NEWS – Allegations against mortgage lenders lead to government probe

ALEX JONES VIDEO – Alex talks to Attorney, Randy Kelton about the incredible high rate of mortgage fraud sweeping all across america, and how you can fight back.

If you think there is chaos in the housing market now, just wait. You’ve already read about banks suddenly stopping foreclosures because of paperwork snafus and the like.

To speed up the process of evicting Americans from their homes, mortgage companies hired thousands of new employees in recent years who not only had no experience in foreclosures, but also did not know what they were doing. The percentage [...]

At JPMorgan Chase & Company, they were derided as “Burger King kids” — walk-in hires who were so inexperienced they barely knew what a mortgage was. At Citigroup and GMAC, dotting the i’s and crossing the t’s on home foreclosures [...]

Tomorrow, a bank—not your bank, but any bank—could evict you from your home. Even if you didn’t know the bank was foreclosing. Even if your mortgage is paid off. Even if you never had a mortgage. Even if the bank [...]

From the JPM conference call this morning (ht Brian) JPM: We’ve identified issues relating to the mortgage foreclosure affidavits and those include signers not having personally reviewed the underlying loan files but instead having relied upon the work of others. [...]

Mortgage Electronic Registration Systems has filed thousands of foreclosure actions around the country on behalf of lenders. Its right to do that is under challenge. Several courts around the country recently have ruled that MERS lacks the right to file [...]