Mortgages Were Pledged to Multiple Buyers at the Same Time
• NakedCapitalism.com/ & Washingtonblog.comIt appears as though many loans and other mortgage-related assets have been double and even triple-pledged to various constituencies
Contents Pages by Subject
Housing
Foreclosure-Gate: And So It Begins.... (Countrywide Breach of PSA)
• Market-ticker.denninger.org/HOUSTON, Oct. 18 /PRNewswire/ --Today, the holders of over 25% of the Voting Rights in more than $47 billion of Countrywide-issued RMBS sent a Notice of Non-Performance (Notice) to Countrywide Home Loan Servicing, as Master Servicer...
Foreclosure-Gate: A National Socialist Housing Market
• CNBC.comDiscussing whether the banks are headed for disaster with a new round of government intervention, with Barry Ritholtz, Fusion IQ; Chris Whalen, Institutional Risk Analytics and CNBC's Jane Wells.
Largest Bank Will Resume Foreclosure Push in 23 States
• NY TimesBank of America announced on Monday that it would resume home foreclosures in nearly two dozen states, despite the running controversy over how banks handled tens of thousands of cases of homeowners facing eviction.
MERS Invades Washington DC: A Fascist Housing Market Awaits Us All
• FireDogLake.comI’m told that MERS is doing briefings on Capitol Hill for Congressional staffers. This is usually kind of the first round of a pushback campaign.
Foreclosure-Gate: MERS Could Have “a Massive Effect on Economy”
• FireDogLake.comThey devised a method that would free them from those fees, ran an accounting study showing the savings, and just created MERS. There was no public debate or legislative statute to overturn what had been the customary practice for generations.
Bank of America Resumes Foreclosures in 23 States
• NakedCapitalism.com/Bank of America is giving the "bum's rush" to the rule of law in order to get ahead of the curve in Foreclosure-Gate. The media appears to be aiding Bank of America in it's attempt to run out the clock...
The hidden truth that could crush the market
• www.investorsalley.comThe Fed can't admit that the potential shocks it's worried about have already materialized, because that would trigger the very panic the central bankers hope to avoid.
BofA Plans to Refile Papers on 102K Foreclosures
• Yahoo! NewsBank of America plans to resume foreclosures on more than 100,000 homes in 23 states next week, saying Monday it has a legal right to seize them.
Host:
Ernest Hancock
Tom Westbrook & Cynthia Cantrell - Joins Ernest in studio to discuss - Mortgage fraud in AZ
Program Date:Cynthia Cantrell - Joins Ernest in studio to discuss - Mortgage fraud in Arizona uncovered / Tom Westbrook - Joins Ernest and Cynthia in studio for the 2nd hour
Gonzalo Lira: Brian and Ilsa Said To Their Bank - “Show Me The Note”
• ZeroHedge.comBrian dashed off an e-mail to his bank that night—a quick post, where he explicitly said, “I want to see the loan note where it says I owe you money, or else I’m contacting my lawyer and halting payment on my mortgage.”
Reggie Middleton's CNBC Interview
• CNBC.comReggie Middleton explained why the housing correction is only 50% complete, several large banks will have massive problems because of MBS, and Apple is going to undergo margin compression. A must watch interview. (Go Reggie)
MERS-y, Mercy Me: The Sewer Drain at the Bottom of the Housing Market
• FireDogLake.comSo this is how you end up with multiple foreclosures by different servicers on the same home, or foreclosures on homes bought with cash. Basically, the servicer doing the foreclosing becomes whoever MERS wants it to be.
Foreclosure-Gate: Wells Fargo Preps For Tsunami Of Loan Repurchase Demands
• ZeroHedge.comStarting tomorrow Wells is preparing for the loan repruchase tsunami to hit the fan as investors and insurers everywhere swamp the bank with tens if not hundreds of billions of repurchase and recissions demands. Suck it in, Wells investors.
Foreclosure-Gate: Gresham's Law Meets Murphy's Law
• TheAutomaticEarth.blogspot.comMERS was essentially where the digitized mortgage notes were sliced and diced and rearranged so as to create the mortgage-backed securities. Think of MERS as Dr. Frankenstein’s operating table, where the beast got put together.
James Howard Kunstler: The Surrealist Vista
• Kunstler.comThe trouble is, that the damage is so severe through every institution concerned with the operations of money that none of these fatal monkeyshines can be mitigated. Or, to put it as Bush did, so neatly, "...this sucker could go down."
Foreclosure-Gate Counterattack – Propaganda, Criminality, and Thuggery
• NakedCapitalism.com/So long as government at every level is the waterboy of the banks while people on the ground remain unorganized, atomized, and vulnerable, this will only get worse. We hear rhetoric, “joking” of course, about how they need to start burning houses...
Devious Reason Why Banks May Be Releasing A Wave Of Mortgage Mods
• Businessinsider.com/But what if the lenders motivation for doing a Mod was not to get a borrower to a loan balance and monthly nut that they could pay, but rather the motivation was to circumvent the foreclosure trap the lenders are in?
Foreclosure-Gate: Dylan Ratigan Interview on Fraud & $45 Trillion Dollars
• MaxKeiser.comFor decades there has been a concerted effort to destroy the "Rule of Law" in this country, and take us back to a time before the Magna Carta. The Rule of Law is to be replaced by the Rule of Men. Foreclosure-Gate is the result...
Max Keiser and Alex Jones On America's "Gulag Casino Model Economy"
• MaxKeiser.comThis Interview took place on early Friday morning as part of the InfoWars money bomb. Starting at 7:00 minutes in the first video Max explains the MERS system and the repercussions of the systemic fraud...
Foreclosure Fraud: “Systemic, Industrywide, Pervasive”
• Ritholtz.comA strong article in the Washington Post makes it so clear that even a CNN anchor can understand it: A huge portion of the Fraudclosure mess was by design.
Karl Denninger on Stealing Houses
• Market-ticker.denninger.org/This has and will in the future occur because the government has refused to enforce long-standing laws against "favored people", allowing the general public to be asset-stripped mercilessly through various connivances and frauds...
CNBC predicts Congress will retroactively legalize foreclosure fraud
• RawStory.comJohn Carney argues that lawmakers in DC won't allow the country's largest issuers of mortgages to suffer financial losses following revelations of numerous mishandled foreclosure proceedings, especially when bailing them out this time...
The Subprime Debacle: Act 2
Ernest Hancock(Publisher: Foreclosure-gate has gone mainstream... well, at least the largest investors now understand the real risks of a total collapse. An excellent summary.)
Robert Scheer: Invasion of the Robot Home Snatchers
• TruthDig.comHow do you foreclose on a home when you can’t figure out who owns it because the original mortgage is part of a derivatives package that has been sliced and diced so many ways that its legal ownership is often unrecognizable?
32% of Homeowners Expect Home Prices to Drop Next Year
• GlobalEconomicAnalysis.blogspot.comSo instead of the survey being a contrarian indicator, I view these attitudes as part of the recognition phase. Consumers are starting to realize the economic headwinds and what that will do to housing prices in the short-term, even if they have not
Is Our Economy Governed By Any Kind Of Rule Of Law?
• washingtonsblog.com/The mortgage mess is making nonsense of claims that we have effective contract enforcement — in fact, the question is whether our economy is governed by any kind of rule of law.
Foreclosure-Gate: The Impact of Error From Securitization to Foreclosure
• ritholtz.com3. MERS: It appears that electronic mortgage filing was little more than a legal fiction, designed to save banks and securitizers a billion plus dollars in filing/transfer fees. The risk in doing these things down and dirty (aka on the cheap) is...
Foreclosure Nightmare - MERS - No Legal Foundation
• Rense.comThe role of the Mortgage Electronic Registration System (MERS) throughout the foreclosure furor is interesting-mostly because there is no legal basis for its role. It was created out of whole cloth by the investment bankers who brought us...
In the poison mortgage contagion, is this "Patient Zero"?
• New York TimesMrs. Bradbury's foreclosure file did not look right. The documents from the lender, GMAC Mortgage, were approved by an employee whose title was "limited signing officer," an indication to the lawyer that his knowledge of the case was effectively none
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