Posts filed under “Foreclosures”

California Dings MERS

California bankruptcy court Denies US Bank as trustee relief from stay; Court says recording is required BEFORE foreclosure, not after.

Order Br Cally So Dist Salazar vs Us Bank Denying Mfrs Mers 4 11 2011

Category: Foreclosures, Legal, Think Tank

LPS Foreclosure Data

I have been meaning to get to this since last week — the numbers are pretty fantastic. From LPS’ First Look/Mortgage Monitor: • Total U.S. loan delinquency rate: 8.8% • Total U.S. foreclosure inventory rate: 4.15% • Total U.S. non-current inventory: 6,856,000 • States with most non-current loans: Florida, Nevada, Mississippi, New Jersey, Georgia •…Read More

Category: Foreclosures

60 Minutes: The Next Housing Shock

As more and more Americans face mortgage foreclosure, banks’ crucial ownership documents for the properties are often unclear and are sometimes even bogus, a condition that’s causing lawsuits and hampering an already weak housing market. Scott Pelley reports.


April 3, 2011 5:00 PM

Read more: Mortgage paperwork mess: the next housing shock?

Category: Foreclosures, Video

Judge: Bad Securitization = No Standing to Foreclose

Fascinating March 30 legal decision out of Alabama, in the case of Phyllis Horace vs. LaSalle Bank National Association et. el. The judge issued a summary judgment ruling (original motion is here), tossing out the foreclosure action due to lack of trustee standing: “The ruling prevents defendant LaSalle Bank – as the trustee holding the…Read More

Category: Foreclosures, Legal, Real Estate

Follow the Money: From MERS to Fraudclosure

Even 60 Minutes seems to be sugarcoating the motivation for fraudclosure: “Banks so poorly handled documentation on millions of mortgages that many today cannot prove that they own the homes they want to foreclose on. The resulting rash of lawsuits from people seeking to save their homes has one of the government’s top banking regulators…Read More

Category: Foreclosures, Legal, Really, really bad calls

Preview: The Next Housing Shock

THE TIMING OF THIS IS PERFECT FOR REASONS THAT WILL BE MADE CLEAR IN A WEEK OR SO

As more and more Americans face mortgage foreclosure, banks’ crucial ownership documents for the properties are often unclear and are sometimes even bogus, a condition that’s causing lawsuits and hampering an already weak housing market.

Scott Pelley reports, Sunday, April 3, 7 p.m. ET/PT

Read more:

Category: Foreclosures, Video

Forclosure Fraud Dates to 2006

The spate of Foreclosure Fraud that reared its head in late 2010 dated as far back as 2006, according to an internal Fannie Mae report that year. That is according to a WSJ article. The Journal notes that the GSE’s lawyers were suspicious that Bank counsel was cutting corners to save money and time in…Read More

Category: Foreclosures, Legal, Markets

Foreclosure Fraud

 

Category: Foreclosures, Legal, Video

Protests Against Settlement, BofA Up 5%

A quick roundup of proposed Mortgage Mess settlement: • Pro Publica: By the Numbers: A Revealing Look at the Mortgage Mod Meltdown • FDL: NPA has been pressuring Tom Miller consistently • naked capitalism: BofA “Bad Bank” for Legacy Assets: Will This Eventually Be a First Use of Dodd Frank Resolution Powers? • TBP: Banks Like…Read More

Category: Foreclosures, Legal

America Fights Back Against Foreclosure

Visit msnbc.com for breaking news, world news, and news about the economy

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Category: Foreclosures, Legal, Video