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Sunday
Jan092011

Bank of America Sued by Arizona, Nevada Over Fraud In Mortgage Modification Program

Legal actions against Bank of America are piling up, this time from Attorneys General in Nevada and Arizona, housing bubble ground zero.

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Sunday
Jan092011

Foreclosure fraud class actions pile up against banks

Bank of America's Brian Moynihan has been spending some time in Washington recently lobbying begging for relief from the courts.

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Sunday
Jan092011

Financial Times: "The real danger here for banks is that 'Show me the note' becomes widespread"

Sunday
Jan092011

Josh Rosner: "Foreclosure Fraud Nightmare Scenario Could Dwarf The Lehman Weekend"

With the chain of documentation now in question, and trustee ownership in question, here is one legal scenario, according to Prof. Levitin:

The mortgage is still owed, but there's going to be a problem figuring out who actually holds the mortgage, and they would be the ones bringing the foreclosure. You have a trust that has been getting payments from borrowers for years that it has no right to receive. So you might see borrowers suing the trusts saying give me my money back, you're stealing my money. You're going to then have trusts that don't have any assets that have been issuing securities that say they're backed by a whole bunch of assets, and you're going to have investors suing the trustees for failing to inspect the collateral files, which the trustees say they're going to do, and you're going to have trustees suing the securitization sponsors for violating their representations and warrantees about what they were transferring.

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Sunday
Jan092011

CHART: Foreclosures made up 25 percent of national home sales in third quarter

Much more inside.

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Sunday
Jan092011

Dylan Ratigan With Rep. Marcy Kaptur: MERS Whitewash & Fraudclosure Cover-Up

Editor's Note: A repost from last month in honor of this decision by the Massachusetts Supreme Court.

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Sunday
Jan092011

MERS SHOWDOWN: Banks' legal right to foreclose is questioned in testimony before House panel

Saturday
Jan082011

Former Goldman Sachs Executive Gene Sperling Floated As Larry Summers Replacement

Friday
Jan072011

MERS DEATH ZONE - Double Class Action Lawsuits Filed Against Mortgage Registration Puppet

Friday
Jan072011

Foreclosure Fraud & MERS In The Spotlight: Interview With CEO R.K. Arnold (Video, Links, Jamie Dimon Says 'No')

Editor's Note: From October when the MERS controversy began...

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Friday
Jan072011

Franklin Raines On Foreclosure Fraud AND Mortgage Pool Put-Backs (CNBC Interview)

The former swindling, bonus-sucking CEO of Fannie Mae would be better served by staying out of sight.  Quotes transcribed inside.  From Squawk Box.

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Friday
Jan072011

Chris Whalen Explains Everything You Need To Know About Foreclosures, Loan Put Backs & Bank Risk

Maybe his best interview yet.  Everything is explained. 

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Friday
Jan072011

SO IT BEGINS -- Bank of America Accused of Racketeering in Class Action Foreclosure Lawsuit

Friday
Jan072011

Bank Of America Accused Of Breaking Into Woman's Home, Taking Husband's Ashes

Arriving at her home in Truckee, Calif., Mimi Ash found it had been emptied.

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Friday
Jan072011

Lenders Selling Foreclosed Homes Without Obtaining Title