As of the end of October, foreclosure inventories were 7.4 times higher than the historical average and rising.
This is an earth shaking setback, not only for B of A, but for all banks involved in mortgage-backed securities. The Promissory Note is the actual proof the bank owns the home. No “note” means no proof of ownership.
This is a brutal forecast, which would have wide economic consequences. Five years after the housing peak, markets in Florida, Nevada and California would remain down around 60 percent.
The Fraud Of The Century: “It may mean investors who think they bought mortgage- backed securities bought securities that aren’t backed by anything,” said Kurt Eggert, a professor at Chapman University School of Law in Orange, California.
Linda DeMartini, said during a U.S. Bankruptcy Court hearing in Camden last year that it was routine for the lender to keep mortgage promissory notes even after loans were bundled by the thousands into bonds and sold to investors
The national index is down 1.5% from the third quarter of last year and 15 of 20 cities are down over the last 12 months.
One thing they stress is that a significant number of their clients facing foreclosure has made every single mortgage payment. Read that again.
According to ForeclosureRadar, the number of properties coming to auction in hard-hit western states -- Arizona, California and Nevada -- has dropped more than 30%.
We’ve seen clear evidence in recent weeks that the housing double dip is in process. Price declines have varied depending on different reports with the prices of new homes reported as low as -13% year over year.
In a 2007 analysis of bankruptcy mortgage claims, University of Iowa law professor Katherine Porter found that about 40 percent of the time, banks didn’t provide the proper paperwork—specifically, the note—to enforce a mortgage claim...
The new home sales report and the FHFA Index are confirming that housing is indeed double dipping. According to the latest new homes sales report median prices plunged -13.9% in October to $194,900. Average price fell -8% to $248,200.
This is really not hard to understand or get right. Foreclosures now are producing losses that exceed 70% of the mortgage balance on average. A deep principal mod for viable borrowers would be a win-win for everyone besides the servicer...
Sheriff Dart and his deputies pulled an unscientific sample of 400 foreclosure cases processed by the courts. He said they found that only 20 of them had the proper paperwork and that the others were missing “very significant” documents.
We get the judges' side, which is rather hilarious: "there is no evidence, nothing has been presented to us in the 4th circuit, that there is any fraud being perpetrated upon the court.
In every case involving a trust, the original mortgage assignment to the trust was missing. Wells Fargo used Assignments prepared years later – most often within a few months of the foreclosure – and often prepared AFTER the foreclosure was filed.
In this interview Janet has some very blunt words for Bank of America and Jamie Dimond of JP Morgan Chase.