Loads of Bank Foreclosures Went Unchecked

[Letsbereal]

AP Exclusive: Mortgage 'robo-signing' goes on
18 July 2011, by Michelle Conlin (AP)
http://www.google.com/hostednews/ap/article/ALeqM5jI_EF7qz7vNyWCmFzMtkz_Sd4Kzw?docId=43fce0b102784f29b024eec0696d3b4d

Excerpt:

Mortgage industry employees are still signing documents they haven't read and using fake signatures more than eight months after big banks and mortgage companies promised to stop the illegal practices that led to a nationwide halt of home foreclosures.

County officials in at least three states say they have received thousands of mortgage documents with questionable signatures since last fall, suggesting that the practices, known collectively as "robo-signing," remain widespread in the industry.

The documents have come from several companies that process mortgage paperwork, and have been filed on behalf of several major banks. One name, "Linda Green," was signed almost two dozen different ways.

[Letsbereal]

MERS Has Broken Or Diluted Chain Of Title
24 October 2011, by Barry Ritholtz (The Big Picture)
http://www.ritholtz.com/blog/2011/10/mers-has-broken-or-diluted-chain-of-title/?utm_source=dlvr.it&utm_medium=twitter

HARBINGER ANALYTICS GROUP REAL ESTATE FRAUD EXPERTS:

Excerpt:
   
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.

[Constitutionary]

These should be reasons enough to END the FED in 2012.

[Letsbereal]

U.S. to overhaul mortgage-refinance program: WSJ
24 October 2011, by Michael Kitchen - Los Angeles (MarketWatch)
http://www.marketwatch.com/story/us-to-overhaul-mortgage-refinance-program-wsj-2011-10-24

The Obama administration plans to announce major changes to a mortgage-refinance program that include eliminating restrictions for those whose homes have fallen significantly in value, The Wall Street Journal reported late Sunday, citing unidentified U.S. officials.

The overhaul to the "under-used" program would also end required appraisals and extensive underwriting for most participants, so long as they have stayed current on their mortgage payments, the report said.

President Barack Obama is slated to speak on the changes at a speech Monday, the report said.

[Letsbereal]

Mortgage refi plan targets hard-hit borrowers
24 October 2011, by Steve Goldstein - Washington (MarketWatch)
http://www.marketwatch.com/story/mortgage-refi-plan-targets-hard-hit-borrowers-2011-10-24

President Barack Obama on Monday unveiled a changed mortgage refinance plan that would allow homeowners who have suffered steep price declines on their properties to get cheaper loans.

[decemberfellow]

U.S. to overhaul mortgage-refinance program: WSJ
24 October 2011, by Michael Kitchen - Los Angeles (MarketWatch)
http://www.marketwatch.com/story/us-to-overhaul-mortgage-refinance-program-wsj-2011-10-24

The Obama administration plans to announce major changes to a mortgage-refinance program that include eliminating restrictions for those whose homes have fallen significantly in value, The Wall Street Journal reported late Sunday, citing unidentified U.S. officials.

The overhaul to the "under-used" program would also end required appraisals and extensive underwriting for most participants, so long as they have stayed current on their mortgage payments, the report said.

President Barack Obama is slated to speak on the changes at a speech Monday, the report said.

It is very hard for me to listen to this guy, and What do I think is behind all this?......................................Yeah reelection, yeah votes?

"Wow President Obama is such a good president , look how he is going to save us. " Makes me want to puke.

[Freeski]

It is very hard for me to listen to this guy, and What do I think is behind all this?......................................Yeah reelection, yeah votes?

"Wow President Obama is such a good president , look how he is going to save us. " Makes me want to puke.

They don't give a f**k about you!
http://www.youtube.com/watch?v=rsL6mKxtOlQ

George Carlin... naturally.

[decemberfellow]

They don't give a f**k about you!
http://www.youtube.com/watch?v=rsL6mKxtOlQ

George Carlin... naturally.

yes freeski
YEAH  THATS THE WAY I SHOULD OF SAID THAT.  LOL

[Freeski]

yes freeski
YEAH  THATS THE WAY I SHOULD OF SAID THAT.  LOL

I think that's my favourite clip of all time!

[Letsbereal]

Yach! It's all Cheap Talki'n and doing the opposite

[Letsbereal]

Foreclosure activity for 2012 expected higher than in 2011 - Foreclosures were in “full delay mode” last year: RealtyTrac CEO

Foreclosure activity lowest since 2007 - Foreclosures were in “full delay mode” last year: RealtyTrac CEO
11 January 2012, by Amy Hoak - Chicago (Market Watch)
http://www.marketwatch.com/story/foreclosure-activity-lowest-since-2007-2012-01-11

Foreclosure activity hit a 49-month low in December, with foreclosure filings at their lowest monthly level since November 2007, according to RealtyTrac’s monthly report.

Foreclosure filings, which include default notices, scheduled auctions and bank repossessions, fell 9% last month, compared with November, and are down 20% when compared with December 2010, according to the report.

An annual drop also was reported in 2011, with foreclosure filings falling 34% last year, compared with 2010.

Foreclosure activity last year was 33% lower than in 2009 and 19% lower than in 2008.

“Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year,” said Brandon Moore, chief executive officer of RealtyTrac, in a news release.

“The lack of clarity regarding many of the documentation and legal issues plaguing the foreclosure industry means that we are continuing to see a highly dysfunctional foreclosure process that is inefficiently dealing with delinquent mortgages — particularly in states with a judicial foreclosure process,” he said.

But there were signs in the second half of last year that lenders were pushing some of the delayed foreclosures through the process in some markets, Moore said.

“We expect that trend to continue this year, boosting foreclosure activity for 2012 higher than it was in 2011, though still below the peak of 2010,” Moore added.

In 2011, foreclosure filings were reported on 1,887,777 properties.

According to the report, one in every 69 homes in the United States had at least one foreclosure filing during the year.

[Letsbereal]

‘Robo-signing’ settlement close: reports
18 January 2012, by Ronald D. Orol - Washington (MarketWatch)
http://www.marketwatch.com/story/robo-signing-settlement-close-reports-2012-01-18

A settlement between at least five big banks and state and federal regulators over foreclosure practices at large institutions is near and could help as many as 1 million borrowers write down the size of their mortgages, according to reports Wednesday.

Reports citing U.S. Housing and Urban Development Secretary Shaun Donovan said the pending investigation could be completed soon and that attorneys general and banks are “very close” to a settlement.

The settlement talks come after a group of large financial institutions have admitted to having used the tactic of “robo-signing,” where institutions assign a single staffer or a handful of them to quickly approve numerous foreclosures, with only cursory glances at the paperwork to determine whether the documentation is in order.

The settlement talks involve federal regulators, state attorneys general and at least five banks including Ally Financial Inc. (formerly GMAC Inc.), Bank of America Corp., Citigroup Inc., J.P. Morgan Chase & Co. and Wells Fargo & Co.

The state attorneys general and the Obama administration are seeking a deal of $19 billion or more, according to reports, and the arrangement would vary depending on how many states are involved.

Donovan previously has argued that cuts to principal owed by millions of Americans would help borrowers in particular who owe more than their homes are worth — roughly one-quarter of all U.S. mortgages.

The major banks, including Bank of America, were sanctioned by the Office of the Comptroller of the Currency and other regulators for “negligence” and “critical deficiencies” in residential mortgage-loan servicing and foreclosure processes.

[2Revolutions]

A settlement of 19 billion divided among 40 states is the best the state attorney generals could do for their citizens?  What a disgrace.  The banks steal trillions and pay back a pittance.  

Everybody Knows

Everybody knows that the dice are loaded
Everybody rolls with their fingers crossed
Everybody knows that the war is over
Everybody knows the good guys lost
Everybody knows the fight was fixed
The poor stay poor, the rich get rich
That's how it goes
Everybody knows
Everybody knows that the boat is leaking
Everybody knows that the captain lied
Everybody got this broken feeling
Like their father or their dog just died

[Letsbereal]

SunTrust Mortgage in state AG settlement talks
20 January 2012, by David Benoit- New York (MarketWatch)
http://www.marketwatch.com/story/suntrust-mortgage-in-state-ag-settlement-talks-2012-01-20

Excerpt:

--SunTrust confirms it is involved in AG settlement talks, but doesn't book provision

--Bank gets $636 million in repurchase demands, up 45% from third quarter

--Loans grow 6% from prior year

----

Particularly damaging to SunTrust were the $120 billion in mortgages the bank underwrote between 2006 and 2008 that were sold into mortgage-backed securities.

Investors in those securities, almost entirely Fannie Mae and Freddie Mac, have increased their demands that soured mortgages be repurchased from their investments.

During the fourth quarter, SunTrust received demands to repurchase $636 million in mortgages, a 45% increase from the third quarter.

More than half of the demands were from 2007 mortgages, largely owned by Fannie.

The bank's losses on demands were $215 million, up 84% from the prior quarter.

Total reserves for repurchases rose to $320 million, up $38 million from the end of September.