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November 2011 Article Archive

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Coming Home to Roost – Congressional Oversight Panel, “Banks cannot prove they own the loans…”
deadlyclear.wordpress.com | Nov 30, 2011
In the recent filing November 9, 2011 of an Ohio case, Deutsche v. Holden, in the Court of Common Pleas in Summit County, (Akron) Ohio, defense attorneys submit that the note had not been transferred pursuant to the PSA therefore the foreclosing entity (Deutsche) did not own the note and mortgage.
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Negative Equity Dips Slightly, 10.7 Million Homes Still Underwater
totalmortgage.com | Nov 30, 2011
Yesterday CoreLogic published its Third Quarter Negative Equity Report. Although negative equity declined somewhat, 10.7 million homes with mortgages are still underwater, comprising 22.1 percent of all residential homes with mortgages. This is down from the second quarter, where 10.9 million homes and 22.5% of homeowners with mortgages were underwater. An additional 2.4 million homes have less than five percent equity.
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Royal Bank of Scotland to Pay $52 Million for Securitization Role in Subprime Mortgage Meltdown
insurancenewsnet.com | Nov 30, 2011
RBS Financial Products Inc. ("RBS") will pay $52 Million to settle allegations that it financed, purchased, and securitized residential loans that were presumptively unfair under Massachusetts law, Attorney General Martha Coakley announced today. The company, formerly known as Greenwich Capital Financial Products, Inc., is a subsidiary of the Royal Bank of Scotland.
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JPMorgan Sued by BayernLB Over Mortgage-Backed Securities
reuters.com | Nov 30, 2011
JPMorgan Chase & Co. (JPM), the biggest U.S. bank by assets, was sued for fraud by German lender Bayerische Landesbank over losses on about $2.1 billion in mortgage-backed securities.
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Assured Guaranty files new claims against JPMorgan
reuters.com | Nov 29, 2011
Bond insurer Assured Guaranty Ltd filed new claims against JPMorgan Chase & Co over a mortgage-backed security sold by Bear Stearns, saying more than 35 witnesses have come forward to testify about how loans in the $337 million transaction were misrepresented.
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Citigroup, HSBC, RBS, Rajaratnam, JPMorgan in Court News
bloomberg.com | Nov 29, 2011
Citigroup Inc. (C)’s $285 million settlement with the U.S. Securities and Exchange Commission over mortgage-backed securities was rejected by federal judge who said he hadn’t been given enough facts to approve it.
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Bank subsidiary to pay $52M in mortgage case settlement
bostonherald.com | Nov 28, 2011
A Royal Bank of Scotland subsidiary has agreed to pay $52 million to settle charges that it traded more than 700 “presumptively unfair” subprime mortgages given to Massachusetts homeowners during the housing boom.
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There’s Nothing to Stop Mortgage Servicer Fraud Becoming a Standard Business Practice
businessinsider.com | Nov 28, 2011
In 2004, the FBI warned Congress of an “epidemic of mortgage fraud,” of unscrupulous operators taking advantage of a booming real estate market. Less than two years later, an accounting scandal at Fannie Mae tipped us off that something was very wrong at the highest levels of corporate America.
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Cyber Monday Best Deal Is GoFightForeclosure.com Learning How-to Contest Foreclosure
realestaterama.com | Nov 28, 2011
GoFightForeclosure.com today announced cyber Monday best deal how-to contest foreclosure. The website has turned into an online movement that educates homeowners about secrets mortgage lenders don’t want them to know to challenge foreclosure and win.
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Assured Guaranty files new claims against JPMorgan
reuters.com | Nov 29, 2011
Bond insurer Assured Guaranty Ltd filed new claims against JPMorgan Chase & Co over a mortgage-backed security sold by Bear Stearns, saying more than 35 witnesses have come forward to testify about how loans in the $337 million transaction were misrepresented.
Read More

Citigroup, HSBC, RBS, Rajaratnam, JPMorgan in Court News
bloomberg.com | Nov 29, 2011
Citigroup Inc. (C)’s $285 million settlement with the U.S. Securities and Exchange Commission over mortgage-backed securities was rejected by federal judge who said he hadn’t been given enough facts to approve it.
Read More

Bank subsidiary to pay $52M in mortgage case settlement
bostonherald.com | Nov 28, 2011
A Royal Bank of Scotland subsidiary has agreed to pay $52 million to settle charges that it traded more than 700 “presumptively unfair” subprime mortgages given to Massachusetts homeowners during the housing boom.
Read More

There’s Nothing to Stop Mortgage Servicer Fraud Becoming a Standard Business Practice
businessinsider.com | Nov 28, 2011
In 2004, the FBI warned Congress of an “epidemic of mortgage fraud,” of unscrupulous operators taking advantage of a booming real estate market. Less than two years later, an accounting scandal at Fannie Mae tipped us off that something was very wrong at the highest levels of corporate America.
Read More

Cyber Monday Best Deal Is GoFightForeclosure.com Learning How-to Contest Foreclosure
realestaterama.com | Nov 28, 2011
GoFightForeclosure.com today announced cyber Monday best deal how-to contest foreclosure. The website has turned into an online movement that educates homeowners about secrets mortgage lenders don’t want them to know to challenge foreclosure and win.
Read More

Guggenheim Partners' Affiliate, Pillar Multifamily, Announces Correspondent Agreement with Tremont Realty Capital
marketwatch.com | Nov 28, 2011
Pillar Multifamily, LLC, an affiliate of Guggenheim Partners, and Tremont Realty Capital, LLC (Tremont) today announced their correspondent agreement effective immediately.
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N.Y., Delaware Can Intervene in BofA $8.5 Billion Settlement
bloomberg.com | Nov 22, 2011
New York and Delaware won court permission to participate in litigation over Bank of America Corp. (BAC)’s proposed $8.5 billion mortgage-bond settlement, defeating opposition by Bank of New York Mellon Corp. (BK), the trustee for investors.
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The big lie about the economic crisis, explained
bangordailynews.com | Nov 21, 2011
As a percentage of all mortgage-backed securities, private securitization grew from 23 percent in 2003 to 56 percent in 2006. These firms had business models that could be called “Lend-in-order-to-sell-to-Wall-Street-securitizers.
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Housing market still in recovery
bostonglobe.com | Nov 19, 2011
More than six years after the housing downturn began in Massachusetts, home sales are still painfully slow. Values remain 15 percent below their peak. Foreclosures, which slowed as banks wrestled with legal problems, appear to be accelerating again.
Read More.

Mortgage-Backed Securitization: International Experience and Practice in China
business-finance.org | Nov 18, 2011
Securitization, which began from MBS, is the most dynamic financial innovation in the world’s capital market since the 1970s. In more than 30 years, it’s preferred by lots of commercial banks. In America, Securitization accounted for half of the housing mortgaged loan and MBS reached 5.3 trillion U.S. dollars in the late 2003.
Read More.

Nevada AG drops criminal indictments on robosigners
americablog.com | Nov 18, 2011
Earlier this week Nevada Attorney General Catherine Cortez Masto indicted two mid-level employees of Lender Processing Services (LPS) for 606 counts of robosigning, specifically "directing fraudulent notarization and filing of foreclosure documents." LPS is a major company hired by banks to process foreclosure documents and has been at the center of the robosigning scandal. LPS would allegedly help banks forge documents that were used to foreclose on homeowners in situations where the banks didn't have any of the required documentation to prove that they had a right to foreclose.
Read More.

Congress eyes help for big first-time homeowners - Provision in must-pass spending bill could hike taxpayer costs
marketwatch.com | Nov 18, 2011
That’s because lawmakers on Capitol Hill have included a provision in a must-pass spending bill that would allow borrowers seeking to buy more expensive homes to participate in a Federal Housing Administration program, allowing them to qualify for special lower down-payments.
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Freddie Mac to Securitize Previously Delinquent Mortgage Loans That Have Been Reinstated to Performing Status
online.wsj.com | Nov 17, 2011
Freddie Mac announced today that it will begin securitizing certain mortgage loans that previously were delinquent and that the company had purchased from its related Mortgage Participation Certificate (PC) pools. These mortgage loans have been reinstated to current, performing status and have not been modified.
Read More.

Fannie, Freddie Subpoenaed by California AG for Investigation into Mortgage Abuses
totalmortgage.com | Nov 17, 2011
Yesterday Alejandro Lazo and Jim Puzzanghera of the Los Angeles Times reported that California Attorney General Kamala Harris has subpoenaed government sponsored entities (GSEs) Fannie Mae and Freddie Mac as part of an investigation in mortgage origination, securitization, and foreclosure practices.
Read More.

J.P. Morgan to Revive Bad-Loan Securities
online.wsj.com | Nov 16, 2011
J.P. Morgan Chase & Co. plans next year to issue the first U.S. commercial mortgage-backed securities supported by defaulted loans since the 1990s, as it revives a practice that regulators used to extricate the nation from the savings & loan crisis.
Read More.

Obama Must Help Homeowners Rather Than Banks
newsmax.com | Nov 16, 2011
A New York Times editorial of Nov. 9 sounded the alarm concerning what I would refer to as the Great Bank Heist. The robbery, however, is not of the banks, but by them, with the Obama administration, I regret to say, helping them, in effect, to rob the public.
Read More.

'Put-Back' Relief At Center Of Harp Mortgage Fix
marketwatch.com | Nov 15, 2011
At issue is the White House’s Home Affordable Refinance Program, which seeks to provide refinancing options to underwater borrowers who have no equity in their homes, as long as their mortgage is backed by Fannie Mae and Freddie Mac, the government-controlled housing giants.
Read More.

The Housing Recovery Will Take Many Years
realclearmarkets.com | Nov 14, 2011
We Americans think of ourselves as problem-solvers, but the housing collapse has so far eluded all solutions. Perhaps 10 million homes have gone into foreclosure since 2006; millions more will follow. From their peaks during the real-estate bubble, home prices are down 30 percent, new housing construction has dropped 75 percent and existing home sales are off almost 30 percent. Housing's collapse is one reason the economic recovery is so weak. Construction remains depressed, as are the appliance and furniture sales spurred by home buying.
Read More.

Mortgage Fraud: State a Holdout in Bank Settlement
sfgate.com | Nov 13, 2011
With all due respect to the Occupy Wall Street movement and its local offshoots, there are some real battles being waged on behalf of members of the 99 percent that have little do with tent encampments, general strikes and shutting down the Port of Oakland.
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Avid Law Center Fights for Homeowners by Filing Wrongful Foreclosure Lawsuit
marketwatch.com | Nov 11, 2011
Avid Law Center, an Orange County, California-based real estate and litigation law firm, continued its fight for homeowners by filing a recent lawsuit against Bank of America and others involved in the mortgage securitization process. The action alleges a number of legal violations including the lender's lack of ability to foreclose on the property and their engagement in unfair foreclosure business practices by using improper securitization and "robo-signed" documents.
Read More.

If Wall Street Is So Smart, Why Hasn't It Fixed the U.S. Mortgage Market?
theatlantic.com | Nov 11, 2011
Here's something you'll rarely see cited as a problem: The U.S. has too little financial innovation. The creativity of bankers and traders is one thing that enables them to make so much money. They think up fancy solutions to financial problems. Sometimes these involve complicated new securities designed by a couple of math Ph.Ds and may be well-understood by only a handful of people.
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Denial in the Mortgage Industrial Complex
economonitor.com | Nov 10, 2011
I just came back from the AmeriCatalyst conference in Austin, which was a packed two days focused on the state of the housing and securitization market. The panels were very informative, and it was also good to see some of the people I’ve read or heard about, in particular the leading analyst, Laurie Goodman of Amherst Securities.
Read More.

Florida Clerk, Delaware AG Sue MERS
nationalmortgagenews.com | Nov 9, 2011
County and state officials are turning up the heat on MERS, as recent lawsuits filed in Florida and Delaware challenge the validity and accuracy of the mortgage industry-controlled loan registry.
Read More.

Morgan Stanley Had 31 Days Of Trading Losses In 3Q - Filing
online.wsj.com | Nov 9, 2011
A proposal floated by the Obama administration and Freddie Mac to induce private mortgage investors back into the single-family loan industry likely would need to offer double-digit yields to entice buyers, analysts say.
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Unguaranteed Fannie Bonds May Yield Double-Digits
marketwatch.com | Nov 8, 2011
A proposal floated by the Obama administration and Freddie Mac to induce private mortgage investors back into the single-family loan industry likely would need to offer double-digit yields to entice buyers, analysts say.
Read More.

Dynex Capital (DX) Shares Upgraded to a “Buy” Rating by Cantor Fitzgerald Analysts
localizedusa.com | Nov 8, 2011
Dynex Capital (NYSE: DX) was upgraded by equities research analysts at Cantor Fitzgerald from a “hold” rating to a “buy” rating in a research note issued to investors on Monday. Separately, analysts at Zacks Investment Research downgraded shares of Dynex Capital from a “neutral” rating to an “underperform” rating in a research note to investors on Tuesday, October 25th.
Read More.

Citi Wins Over Abu Dhabi in Arbitration Case on $7.5B Investment
huffingtonpost.com | Nov 7, 2011
Citigroup, the third-biggest bank in the United States, has won its case against the Abu Dhabi Investment Authority (ADIA).
Read More.

Kamala Harris, California Attorney General, To Fannie And Freddie Head: 'Step Aside' Over Mortgage Crisis
huffingtonpost.com | Nov 7, 2011
California Attorney General Kamala Harris has called on the head of the agency that houses Fannie Mae and Freddie Mac to "step aside" if he continues to refuse to reduce mortgage loans for underwater homeowners.
Read More.

GOP Scheme For "Mortgage Finance Reform" Insulates Fraudsters From Accountability
opednews.com | Nov 4, 2011
Rep. Scott Garrett of New Jersey seeks to gut many of the investor protections of the Securities Act of 1933, at least as they apply to mortgage-backed securities. Wait, you didn't notice that little detail last week, when he rolled out his Private Mortgage Market Investment Act for The Wall Street Journal , American Banker , Reuters , and CNBC ? Well, Garrett's contempt for transparency shows up in his press release on "mortgage finance reform." If you look at his actual proposal, you see a craven maneuver to remove transparency from the marketplace and to short-circuit the rule of law, so as to insulate Wall Street fraudsters from accountability.
Read More.

The Emperor Has No Clothes
huffingtonpost.com | Nov 4, 2011
Much of the recent media coverage and Internet chatter about financial industry reform has focused on the Occupy Wall Street movement. If we ever end up with the kind of reforms needed, that movement would certainly deserve some of the credit.
Read More.

Battle lines drawn on aid for troubled mortgages
northjersey.com | Nov 3, 2011
Sen. Bob Menendez and Rep. Scott Garrett are both from North Jersey and both are chairmen of subcommittees that regulate housing finance. The similarities end there, however, and their competing approaches in recent days to the slumping mortgage market provided yet another example.
Read More.

Homeownership Near 13-Year Low as Mortgage Rules Crimp Sales
housingwire.com | Nov 3, 2011
The U.S. homeownership rate in the third quarter was at the second-lowest level in 13 years as borrowers were evicted after foreclosures and the tightest mortgage standards in more than a decade thwarted new buyers.
Read More.

Dallas County DA amends MERS suit into class action
housingwire.com | Nov 2, 2011
Dallas County District Attorney Craig Watkins said his county is transforming its complaint against Merscorp and its Mortgage Electronic Registration Systems, into a class-action lawsuit so neighboring Texas counties can sign on as plaintiffs.
Read More.

Mayor Bloomberg Rezones the Mortgage Crisis
forbes.com | Nov 2, 2011
As the honcho of New York, Bloomberg certainly has some vested interest in batting populist rage away from Wall Street toward Congress. But on the facts here, he’s dead wrong. Barry Riholtz dubs him an “empty-headed ideologue” for these words. Mike Konczal walks us through the research that flies in Bloomberg’s face.
Read More.

Fraud-o-rama USA: And the guy who got shot down trying to stop it
msnbc.msn.com | Nov 1, 2011

Rachel Maddow Show

Elliott Spitzer was taken out of office for being effective in fighting the Big Bank Fraud Machine. Spitzer not only fought garden variety securities fraud, he also tried to stop the Federal government from tearing down the laws regulating mortgage lending, the pre-cursor to the Sub Prime disaster.
Watch the video.

Must SEE! AG in Delaware, Biden, Prosecuting MERS
msnbc.msn.com | Nov 1, 2011

Rachel Maddow Show

Watch the video.

Banks Dominate in Australia, and Why It Matters
canadianmortgagetrends.com | Nov 1, 2011
Australia’s conservative mortgage market is in many ways similar to Canada’s. For that reason, the Canadian mortgage industry often looks to Australia to spot mortgage trends that haven’t yet arrived here.
Read More.

Bank of America doubles foreclosure filings in South Florida
bizjournals.com | Nov 1, 2011
Court records show that BofA initiated 280 foreclosures in South Florida’s three counties in August. That's more than double the bank's foreclosure filings of 118 in July and 135 in June.
Read More.


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