Posts filed under “Foreclosures”

Time Machine: FDR, 1933

Regular readers of TBP know that I spend some time rooting around in the excellent American Presidency Project, a remarkable resource.  Sometimes I’m looking for something specific, other times I’m just getting a feel, a flavor, for the message coming from our leadership, specifically the president.  The latter was the case when I undertook a search to see how the phrase “home ownership” has been used by presidents over time.

Herewith, FDR’s Message to Congress, April 13, 1933.  Spooky stuff.

To the Congress:

As further and urgently necessary step in the program to promote economic recovery, I ask the Congress for legislation to protect small home owners from foreclosure and to relieve them of a portion of the burden of excessive interest and principal payments incurred during the period of higher values and higher earning power.

Implicit in the legislation which I am suggesting to you is a declaration of national policy. This policy is that the broad interests of the Nation require that special safeguards should be thrown around home ownership as a guarantee of social and economic stability, and that to protect home owners from inequitable enforced liquidation in a time of general distress is a proper concern of the Government.

The legislation I propose follows the general lines of the farm mortgage refinancing bill. The terms are such as to impose the least possible charge upon the National Treasury consistent with the objects sought. It provides machinery through which existing mortgage debts on small homes may be adjusted to a sound basis of values without injustice to investors, at substantially lower interest rates and with provision for postponing both interest and principal payments in cases of extreme need. The resources to be made available through a bond issue to be guaranteed as to interest only by the Treasury, will, it is thought, be sufficient to meet the needs of those to whom other methods of financing are not available. At the same time the plan of settlement will provide a standard which should put an end to present uncertain and chaotic conditions that create fear and despair among both home owners and investors.

Legislation of this character is a subject that demands our most earnest, thoughtful and prompt consideration.

Source:
Franklin D. Roosevelt: Message to Congress on Small Home Mortgage Foreclosures.
40 – Message to Congress on Small Home Mortgage Foreclosures.
American Presidency Project, April 13, 1933

http://www.presidency.ucsb.edu/ws/index.php?pid=14618

Adding: Did not know when BR was going to run this piece, but since he slated it for Thanksgiving, I’ll take this opportunity to wish everyone a happy, healthy and safe holiday.  Enjoy friends and family.

Category: Foreclosures, Politics, Real Estate

Banks Pressing for Foreclosure Settlement Before Investigation

If ever you need as an illustration why bank bailouts are such a misguided idea, one need look no further than Fraudclosure and RoboSigning. The sunk cost of the bailouts have completely skewed government officials priorities. Hence, enforcement of laws and imposing criminal penalties has become verbotten, as it undercuts the prior monies. Why do…Read More

Category: Bailouts, Foreclosures, Legal, Real Estate, Really, really bad calls

Real Free Market Capitalists Demand that Financial Fraud Be Prosecuted

Adam Smith, Leading Austrian Economists and Other Free Market Advocates Are For the Prosecution of Fraud There is a widespread myth that free market supporters are against regulation or prosecuting fraud. In fact, Adam Smith – the father of free market capitalism – was for regulation of banks, and believed that trust is vital for…Read More

Category: Bailouts, Foreclosures, Legal, Really, really bad calls, Think Tank

Nevada AG RoboSigning Indictments

Below are the first criminal charges brought in the foreclosure fraud scandal. Every state Attorney General will take note of what Nevada AG Catherine Cortez Masto just did. We’ve read the indictment, and those 606 charges are no joke. Just open it up to any page and you’ll see what was going on. A likely…Read More

Category: Foreclosures, Legal, Think Tank

Nevada Attorney General Robo-Signing Indictments

OFFICE OF THE ATTORNEY GENERAL ANNOUNCES INDICTMENT IN MASSIVE CLARK COUNTY ROBO-SIGNING SCHEME To: Office of the Attorney general ANNOUNCES indictment in massive clark county robo-signing scheme Defendants to be Held Criminally Accountable for Filing Tens of Thousands of Fraudulent Foreclosure Documents Carson City, NV – The Office of the Nevada Attorney General announced today…Read More

Category: Foreclosures, Legal, Think Tank

29% of Mortgages Are Underwater

MSNBC – Nearly 29% of mortgaged homes underwater A whopping 28.6 percent of homeowners with mortgages owe more on their loans than their homes could sell for, according to quarterly data released Tuesday by Zillow, a real estate website. That’s up from 26.8 percent in the second quarter. Home values declined only 0.2 percent from…Read More

Category: Foreclosures, Real Estate, Think Tank

Fighting Fraudclosure

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Category: Foreclosures, Video

MERS Has Broken Or Diluted Chain Of Title

HARBINGER ANALYTICS GROUP REAL ESTATE FRAUD EXPERTS:

David E. Woolley is the author of the attached white paper. Mr. Woolley is a California Licensed
Land Surveyor and Certified Fraud Examiner with over 24 years of experience and is the
principal in Harbinger Analytics Group:

“Thanks to the Mortgage Electronic Registry System’s (“MERS”) failure to accurately  complete and/or publically record property conveyances in the frenzy of banks securitizing home loans and in subsequent foreclosure actions,1 neighbors to a foreclosed property (with a sequential conveyance) as well as the foreclosed property itself will have unclear boundaries and clouded/unmarketable titles making it difficult, if not impossible, for these homeowners to sell their properties and for subsequent purchasers to obtain title insurance on that property.  MERS now keeps electronic records on about half of the home mortgages in the United States.

Many problems with MERS and the home loan securitization process have been reported in print media (countless articles), in movies (the Inside Job) and on television (most recently on the April 3, 2011 edition of 60 Minutes).  Academic professors such as Christopher L. Peterson of the University of Utah, S.J. Quincy College of Law, have written extensively on what is wrong with MERS.

Courts have ruled against MERS’ standing to foreclose and have criticized the MERS model as being flawed, wholly inaccurate and not allowing homeowners to fight foreclosures because it shields the true owner of a mortgage in public records.5  States Attorneys’  General and federal bank regulators are investigating MERS practices including fraudulently robo-signing and back dating missing documents.  A few County Registrars of Deeds are claiming that they are owed millions of dollars in lost revenue from mortgage assignment transfers that were not recorded because MERS was listed as the mortgagee in public land records.

Full PDF after the jump . . .

Read More

Category: Foreclosures, Legal, Real Estate, Think Tank

Richard Vetstein is a nationally recognized real estate attorney,  frequently quoted in the media.  He was recently named one of Inman News’ 100 Most Influential in Real Estate. Mr. Vetstein is the founder of the Vetstein Law Group and TitleHub Closing Services LLC. The  former outside claims counsel for a national title company, he has…Read More

Category: Foreclosures, Legal, Real Estate, Think Tank

Delaware Attorney General Biden Investigates Bank Fraudclosure

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Category: Bailouts, Foreclosures, Real Estate, Video