Janet Tavakoli: Housing Finance Was Always "Fraud As A Business Model"
• Businessinsider.com/CDOs and CDOs squared were just "fraud to cover-up fraud," according to Janet Tavakoli of Tavakoli Structured Finance.
Contents Pages by Subject
Housing
Karl Denninger: You're Paying Your Mortgage..... Why?
• Market-ticker.orgThis lawsuit out of Texas alleging that Bank of America not only tried to collect on a Paid In Full mortgage but refused to listen to the fact that it had been paid in full and in fact threatened that the owners were "going to lose their home.
Foreclosure-Gate: Some Lenders Sell Foreclosed Homes Without Title
• NakedCapitalism.com/When you thought you’d seen every possible stuff-up in mortgage land, a new one comes to light.
Nouriel Roubini Predicts Another $1 Trillion in Housing Losses
• dealbook.nytimes.com/Ms. Goodman comes to the dark conclusion that more than 11 million borrowers are in danger of losing their homes, or roughly one out of five borrowers.
Foreclosure-Gate: Judges Are Waking Up
• Market-ticker.orgWells is coming in trying to foreclose on the property, claiming that the debtor (homeowner) isn't paying and thus can be evicted. A totally normal thing, right? Well, it would be, except that Wells is unable to prove it owns the note.
More Proof: The Bubble Was in Credit, Not Housing
• Ritholtz.comDid the US suffer from a giant Housing bubble?
Foreclosure-Gate: Securitization and the broken chain of assignments
• NakedCapitalism.com/Now look at the mess we have here. How, pray tell, are the plaintiffs going to prove how the note traveled from originator to its purported current owner in the absence of having the note endorsed with a full and unbroken chain of assignments?
15 Charts You Must See Before Buying A House
• Businessinsider.com/Mortgage Bubble: Four years into the crash the fundamental question remains: Will we spend the next 10 or 20 years paying off the mastodon debt used to purchase this bubble? The sane answer is "no." The official answer is "yes."
Foreclosure-Gate: Courts Frown on People Masquerading as Attorneys
• Market-ticker.orgNow it comes out that perhaps Pennsylvania processed thousands of foreclosures where the person who signed and prosecuted the foreclosures may not have been an attorney!
If We’ll Take This Abomination ... We’ll Take Anything
• davidicke.com/We need a mass refusal to vacate homes foreclosed by the banks because of the economic catastrophe caused by the banks
Foreclosure-Gate: Non-Lawyers Prosecuted Foreclosures Before Courts
• NakedCapitalism.com/But even more important, the lack of attorney involvement would render the foreclosures void. Pennsylvania courts have found “proceedings commenced by persons unauthorized to practice law are a nullity”.
Foreclosure-Gate: Bank of America Garners Unwanted Attention
• Market-ticker.orgIt was more than enough to blow them to Mars - and that was one transaction.
Foreclosure-Gate: N.Y. Judge’s Testimony Contradicts ASF Assertions
• NakedCapitalism.com/Deutsch kept asserting that the failure of the parties to the securitization to adhere to their own contracts was not in fact a problem, there was no court evidence, these concerns were the mere natterings of worry-wart academics.
Foreclosure-Gate: Yves Smith Nails It Again
• Market-ticker.org & NakedCapitalismIncreasingly, consumer lawyers are recognizing that they can often successfully challenge foreclosures in which the loan was securitized by examining whether the party trying to foreclose really has the standing to do so, which is legal-speak for...
Are Accountants The Weakest Link In Unraveling Foreclosure-Gate
• ZeroHedge.comVirtually the entire residential mortgage securitization system in America is hinging on fraud, as few if any of the recent structured finance packages actually were in possession of the necessary mortgage promissory notes...
Dan Phillips: Creative houses from reclaimed stuff
• Dan Phillips via TEDIn this funny and insightful talk from TEDxHouston, builder Dan Phillips tours us through a dozen homes he's built in Texas using recycled and reclaimed materials in wildly creative ways.
Fed Gutting Truth In Lending Laws: Homeowners Paying To Be Raped
• washingtonsblog.com/"At the depths of the worst foreclosure crisis since the Great Depression, we are surprised that the Fed has proposed rules that would eviscerate the primary protection homeowners currently have to escape abusive loans and avoid foreclosure
Q3 Sales Volume Plunges As Discount On Foreclosed Homes Hits 5 Year High
• ZeroHedge.comThe discount on foreclosed homes has hit a five year high, as interest in even ultra bargain properties has collapsed following the expiration of the homebuyer tax credit.
American Securitization Forum Tells Monstrous Whoppers in Senate Testimony
• NakedCapitalism.com/This is simultaneously laughable and damaging. The argument basically boils down to: “Gee, the fact that no one bothered to observe the contracts means they never intended to. So we’ll just pretend those provisions don’t count.”
Foreclosure Inventories Rise to All Time Highs
• thetruthaboutmortgage.com/As of the end of October, foreclosure inventories were 7.4 times higher than the historical average and rising.
Foreclosure-Gate: "Mortgage Backed Securities" Were Empty Shells
• usawatchdog.comThis 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.
Case Shiller: The 15 Housing Markets That Will Fall The Most By 2012
• Businessinsider.com/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.
Foreclosure-Gate: "Mortgage Backed Securities" Backed By Nothing
• NakedCapitalism.com/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.
Foreclosure-Gate: Bank of America Mortgage Morass Deepens
• Bloomberg.comLinda 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
Case Shiller Confirms Housing Market Deterioration Accelerates
• ZeroHedge.comThe 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.
Foreclosure-Gate: Is Servicer-Driven Foreclosures The Perfect Crime?
• NakedCapitalism.com/One thing they stress is that a significant number of their clients facing foreclosure has made every single mortgage payment. Read that again.
Foreclosure-Gate and The Fed: You Will Pay To Be Raped - Part 2
• Nytimes.com/Now, despite mounting evidence of borrower mistreatment, the Federal Reserve has proposed a rule that would disable the most effective legal tool that borrowers have to fight foreclosures.
Foreclosure-Gate and The Fed: You Will Pay To Be Raped -Part 1
• Market-ticker.orgIn short, what this means is that if the bank violated black-letter law in making a loan to you the change would require you to pay off the entire principal before you could assert your rights and remedies.
Foreclosure-Gate: Fraud Impacts Auctions As Sales Dry Up
• money.cnn.com/According to ForeclosureRadar, the number of properties coming to auction in hard-hit western states -- Arizona, California and Nevada -- has dropped more than 30%.
Charts From Hell: The Housing Problem In 3 Pictures
• Businessinsider.com/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.
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