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April 2012 Article Archive

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Counties Sue Mortgage Recording Company
loansafe.org | Apr 30, 2012
Several area counties are among the plaintiffs in a federal lawsuit alleging a company that alleges a company that operates a private mortgage recording registry and was formed to facilitate the trading of mortgage-backed securities deprived Kentucky counties of millions in unpaid fees for mortgage assignments.
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AEI – How Government Policies Brought Down The Housing Market
realtybiznews.com | Apr 30, 2012
Since 2006, housing prices have fallen 30 to 40 percent in most areas; millions now owe more on their mortgages than their houses are worth, and millions more have only slivers of equity. The average homeowner today has 7 percent equity in his or her home, versus 45 percent as recently as 1990.
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Freddie Mac Announces Sixth $1 Billion Multifamily Securities Offering This Year, K-018
marketwatch.com | Apr 30, 2012
Freddie Mac FMCC -1.04% today announced a new offering of Structured Pass-Through Certificates ("K Certificates"), which are multifamily mortgage-backed securities. The company expects to offer approximately $1 billion in K Certificates ("K-018 Certificates"), which are expected to price the week of April 30, 2012, and settle on or about May 22, 2012.
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The Retreat of Housing's Greatest Ally
canadianmortgagetrends.com | Apr 30, 2012
If you have an interest in Canadian residential real estate, you’ll want to understand what happened on Friday. In a series of interviews, Finance Minister Jim Flaherty stunned us all by alluding to far-reaching changes to the foundation of Canada’s housing market.
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The Coming Mexican Housing Boom
community.nasdaq.com | Apr 27, 2012
Mexico's inflation subsiding to just 3.7% and a more stable banking environment will allow the country's largest mortgage provider to offer fixed-rate loans for the first time in June. The state-controlled Infonavit will offer 30-year mortgages to homeowners and plans to issue mortgage-backed securities (MBS) in pesos next year.
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Home Prices to Bottom in These 19 Markets in 2012
marketwatch.com | Apr 25, 2012
Home prices in a majority of the markets covered in Zillow’s Home Value Forecast are set to bottom this year — if they haven’t already, according to a Zillow report released on Wednesday.
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After the Fall: Have Government Programs Helped Ailing Housing Market?
pbs.org | Apr 25, 2012
Tonight, we look at the housing news as we begin a series, "After the Fall," on how Wall Street, the economy, and financial regulation have changed since the crisis of 2008.
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Mortgage Defense and the Law of Restitution
jdsupra.com | Apr 24, 2012
Wanton and willful financial misconduct in the origination, securitization, servicing and foreclosure of a mortgage debt will not bar collection and enforcement of the debt. Notwithstanding the creditor’s misconduct, the sanctity of debt is the controlling and paramount variable. Judges believe that absent strict enforcement of the obligation to repay debt, the engine of commerce will grind to a halt without lubrication of the gears with commercial credit. Courts throughout the country faced with the choice of enforcing rules or protecting the flow of commercial credit have overwhelmingly found it in the public interest to enforce debt.
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On United Front, Group Seeks Mortgage Answers from CFPB
reversemortgagedaily.com | Apr 24, 2012
An extensive group of more than 30 different associations, consumer and civil rights advocates, lenders and others came together this week in a letter to Consumer Financial Protection Bureau chief Richard Cordray imploring the CFPB to broadly define the term “qualified mortgage,” or “QM,” as part of the CFPB’s pending Ability to Repay regulation.
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The Bankers' Subversion of the Rule of Law, Notary and Land Records edition
firedoglake.com | Apr 23, 2012
One way to see the double standard at the heart of the foreclosure fraud—one set of laws for the bailed out banks, one for the rest of us—is to focus on the role of notaries public, and then consider that role in light of what our Supreme Court said about notaries in 1984, in a case called Bernal v. Fainter, Secretary of State of Texas.
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Obama's Mortgage Task Force: Working Hard or Hardly Working?
credit.com | Apr 23, 2012
Maybe you're reading about it less and less. It doesn't seem to be the lead story on many national news broadcasts anymore. But it's still there, festering away like an untreated wound.
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Behind the Securitization Curtain – 21st Century Mortgage Casino
deadlyclear.wordpress.com | Apr 20, 2012
The turn of the century mortgage lending fiasco was built like a 21st Century casino. The entire scheme started with the homeowner who wanted to buy a home or refinance at unbelievable interest rates… too good to be true… and they were!
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MGIC Dodges Claims of Misleading Investors
courthousenews.com | Apr 20, 2012
Finding no evidence of fraud, the 7th Circuit tossed claims that a mortgage insurance company inflated its share price through false and misleading statements.
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Continued Deceptive Marketing Shows Need for Cop on the Beat
americanbanker.com | Apr 19, 2012
Hooray for the State of Hawaii for protecting its residents from the questionable credit card marketing practices of the Too-Big-To-Behave banks.
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The Real Foreclosure Fraud Story: Corruption of the Land Title System
firedoglake.com | Apr 19, 2012
George Zornick carries a rebuttal from Eric Schneiderman’s team on yesterday’s damaging expose of the securitization fraud working group. Here's what it has to say.
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Looming Expiration of Tax Exemption for Mortgage Relief Haunts Foreclosure Mitigation Effort
firedoglake.com | Apr 19, 2012
The regulator for Fannie Mae and Freddie Mac on Tuesday announced a new policy that aims to speed up the process mortgage servicers apply when dealing with distressed loans backed by the two U.S. government-run companies.
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Cordray's attorneys: Complaint good enough in market collapse case
legalnewsline.com | Apr 19, 2012
The state of Ohio's complaint against the three major credit rating agencies, rejected by a lower court judge, provides at least a "plausible" basis for relief, attorneys hired by the State argued in a brief Monday.
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Class Action Suit Filed Against Aurora Loan and HSBC Bank (Both MERS) in California Against Fraudulent Foreclosures
sherriequestioningall.blogspot.com | Apr 18, 2012
Lenore Albert, Interactive Counsel, an attorney in California and I have corresponded for about 2 years now.  She started Class Action suits in California against Aurora Loan last year.  The first one, did not go far.
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Mortgage Securitization is Still a Major Problem for Homeowners, Whistleblower Says
securitizationauditsite.com | Apr 18, 2012
Lan Pham, a former economist for the Congressional Budget Office is continuing to question if the agency diminished or denied the issue of how widespread foreclosure fraud, mortgage fraud and problems with mortgage securitization is. Pham worked for the Congressional Budget Office for a mere 2 and a half months before being fired in December 2010 after she provided an analysis regarding the depth of problems with mortgage-backed securities and robo signing that displeased her bosses.
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Growing Worries over Sub-Prime Mortgages in Canada
realtybiznews.com | Apr 18, 2012
The large Canadian banks have always lent responsibly, and even now are tightening lending conditions, but this doesn’t appear to be the case with Canada’s growing sub-prime mortgage industry.
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Our Most Overregulated Underregulated Industry
blog.chron.com | Apr 17, 2012
The Securities Act of 1933 is one of the most elegant and successful pieces of complex legislation in history. In less than 60 pages it constructed a regulatory framework that would allow Wall Street to survive its self-immolation and re-emerge as the engine of Western capitalism.
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Ambac Sues Bank of America Over Mortgage-Based Securities
bloomberg.com | Apr 16, 2012
Ambac Assurance Corp. sued Bank of America Corp. in New York state court, accusing the company of breach of contract over a mortgage-backed securitization sponsored by its Merrill Lynch unit.
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Watch Out for Bankers' Wrath As Families Live Under One Roof
businessinsider.com | Apr 16, 2012
The bankers are up in arms. Household formation is what makes bankers lust for profit. It is ready made debt strapped to the bodies of the populace, with the profits going to Wall Street.
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Congressman Miller calls for bank reform
dukechronicle.com | Apr 16, 2012
The 2008 financial crisis was caused by a number of failures in both the private and public sectors, and those failings have not been fully addressed, Rep. Brad Miller, D-N.C. said Thursday.
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What is MERS and what is its role in foreclosures?
tauntongazette.com | Apr 16, 2012
As probably the only attorney in Massachusetts that has specifically limited my practice to the defense of mortgage foreclosure over the past 7 years, I frequently encounter this very familiar question, “So what is this MERS who owned my mortgage, and now sold my mortgage to some bank or trust that is now seeking to foreclose on me?” A very tricky, and complicated, question indeed.
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Banks will Barely Feel a Cut in Federal Mortgage Support
theglobeandmail.com | Apr 13, 2012
The market is still waiting to hear whether Finance Minister Jim Flaherty will - as many on Bay Street expect - restrict the ability of the banks to use insured mortgages in their covered bond programs.
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Justice Department Responds on Securitization Fraud Task Force
firedoglake.com | Apr 13, 2012
The Justice Department has responded to allegations that they have not staffed the RMBS working group, the division within their financial fraud task force co-chaired by Eric Schneiderman which is supposed to investigate and prosecute banks for securitization fraud.
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The Rise of Ginnie Mae
reversereview.com | Apr 12, 2012
It has been more than five years since Ginnie Mae entered the reverse mortgage market with its Home Equity Conversion Mortgage mortgage-backed security (HMBS). The Ginnie Mae HMBS program has had a significant impact on our industry by generating liquidity and a long-term option for secondary market execution.
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Bank of America Sues Itself in Unusual Foreclosure Case
huffingtonpost.com | Apr 11, 2012
Bank of America is suing itself for foreclosure. "It's crazy," housing data analyst Michael Olenick told HuffPost. "They shouldn't be suing themselves." Over the past two years, the nation's largest banks and the Obama administration have repeatedly vowed to clean up the foreclosure fraud mess. In February, banks agreed to pay $25 billion and overhaul their foreclosure processes as part of a 50-state investigation into bank wrongdoing, resulting from practices that included robo-signing.
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IMF: HAMP Was Not Designed To Succeed
mortgageorb.com | Apr 10, 2012
Problems in the design of the Home Affordable Modification Program (HAMP) have resulted in a "disappointing performance," according to a new report issued by the International Monetary Fund (IMF).
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The Great American Foreclosure Story: The Struggle For Justice And A Place To Call Home
news.opb.org | Apr 10, 2012
Sheila Ramos' grandsons, 10 and 13, started crying. They wanted to know where the house was. There wasn't one. There was only a tent. They had flown from Florida, after Ramos had fallen hopelessly behind on the mortgage for her three-bedroom home, to this family-owned patch of rural land on Hawaii's Big Island. There, on a July night in 2009, they pitched a tent and, with no electricity, started a new life.
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CREDO Calls Out Securitization Fraud Task Force: Investigators Not Even Deployed
news.firedoglake.com | Apr 9, 2012
CREDO, the online progressive organizing group, alleges in a new email to supporters that the Justice Department has not delivered the promised (and paltry) number of 55 staff members to the RMBS working group, the task force co-chaired by New York Attorney General Eric Schneiderman to investigate the mortgage securitization practices of the leading banks.
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Former Franklin Bank executives charged with fraud
chicagotribune.com | Apr 6, 2012
The government charged two former executives of Franklin Bank Corp, a Houston-based lender founded by a mortgage bond pioneer, with a fraudulent scheme to conceal how badly the bank was doing during the height of the financial crisis. The U.S. Securities and Exchange Commission on Friday said former Franklin chief executive Anthony Nocella and the bank's former chief financial officer, J. Russell McCann, inflated the bank's reported earnings and tried to conceal its loan quality during the second half of 2007.
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N.Y. Regulators Deepen Force-Placed Insurance Investigation
PropertyCasualty360.com | Apr 5, 2012
New York state regulators are calling on insurers to justify the rates they change for force-placed insurance coverage and say there is evidence of conflict of interest between bankers and insurers.
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Americans brace for next foreclosure wave
finance.yahoo.com | Apr 4, 2012
Half a decade into the deepest U.S. housing crisis since the 1930s, many Americans are hoping the crisis is finally nearing its end. House sales are picking up across most of the country, the plunge in prices is slowing and attempts by lenders to claim back properties from struggling borrowers dropped by more than a third in 2011, hitting a four-year low.
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Fitch: CMBS defaults dropped 38% in 2011
housingwire.com | Apr 4, 2012
Defaults within commercial mortgage-backed securities dropped 38% in 2011 from the year before, according to Fitch Ratings. Roughly 950 loans totaling $13.7 billion defaulted, down from nearly 1,500 loans worth $22.1 billion the year before. The annual default rate was 2.4% in 2011, nearly half the 4.1% rate the year before, Fitch said.
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JPMorgan Sued by Ambac Assurance Over Mortgage-Backed Securities
bloomberg.com | Apr 4, 2012
Ambac Assurance Corp. sued JPMorgan Chase & Co. (JPM), accusing the company’s EMC Mortgage and Bear Stearns units of fraud and breach of contract over the sale of mortgage-backed securities.
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Bank of NY Mellon must face lawsuit on Countrywide
reuters.com | Apr 3, 2012
A federal judge rejected Bank of New York Mellon Corp's bid to dismiss a lawsuit by investors over its role as trustee for mortgage-backed securities that led to an $8.5 billion settlement by Bank of America Corp.
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Bank of America, Wells Fargo, Express Scripts in Court News
chicagotribune.com | Apr 2, 2012
Bank of America Corp. won dismissal of a lawsuit by investors in mortgage-backed bonds that said the bank should buy back defective loans underlying more than $1 billion in securities.
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