Investor Purchases of Foreclosures Face Lots of Hurdles

By: Tuesday April 3, 2012 7:38 am

We’ve seen a few of these stories about a surge of investors picking up foreclosed homes cheap and converting them into rental properties, and the New York Times follows suit today. In a way this is an old story. Foreclosed or abandoned homes are always fixer-upper candidates, and investors have been scooping them up for [...]

Pelosi Calls on Holder to Follow Up on Phil Ting Mortgage Document Fraud Study

By: Monday February 20, 2012 6:55 am

Here’s an update to last week’s revelation from San Francisco Recorder-Assessor Phil Ting, that an overwhelming percentage of foreclosure documents he reviewed were found to be at least partially flawed. The two members of Congress who represent San Francisco want Attorney General Eric Holder to convene an investigation. That consists of Jackie Speier and the [...]

Madigan Sues NTC for Document Fraud, Prior to Foreclosure Fraud Settlement

By: Thursday February 2, 2012 1:26 pm

OK, let’s try to figure this one out. Illinois AG Lisa Madigan is on the executive committee putting together the foreclosure fraud settlement. She’s been supportive of the deal throughout the process. I have no reason to suspect she’s not STILL supportive of the deal. And yet she comes out today with a civil lawsuit [...]

Release on Foreclosure Fraud Settlement Looks Broader Than Advertised

By: Wednesday February 1, 2012 11:10 am

In his statement on the Administration’s new housing policies, CFPB Director Richard Cordray makes a fairly stunning response, considering it’s posted at the White House blog: The principles articulated by the Obama administration today are good guideposts for much-needed reforms in the mortgage market. The problems that plague consumers are well-documented. Too many consumers were [...]

Liability Release Not the Only Stumbling Block in Foreclosure Fraud Settlement

By: Monday January 30, 2012 9:35 am

Matt Taibbi starts off positively exultant when talking about developments in the foreclosure fraud settlement, particularly on the narrow release of liability, but I’m interested in what happens after he gets his head out of the clouds: Let me clarify something, for readers who might mistake my meaning here. Robosigning is not a small offense. [...]

Robo-Signing’s Rich History: Dates Back to the Late 1990s

By: Friday September 2, 2011 7:30 am

The registers of deeds have done the best job I’ve seen of actually investigating the prevalence of false documents in the mortgage business. And here’s a new one: a review of their land records shows that the banks have used robo-signers for well over a decade. Titles have been compromised for all that time. Counties [...]

Banks Continue to Fabricate Documents, Commit Foreclosure Fraud

By: Thursday September 1, 2011 8:10 am

Goldman Sachs, Litton Loan Servicing and Ocwen Financial have agreed with a state regulator in New York to “end robosigning.” I’m not really sure what that means. First of all, Goldman sold Litton Loan Servicing to Ocwen, so I’m not sure why they are in this story at all, save for the name ID. Second, [...]

Continued Court Losses and Payouts Piling Up for Big Banks

By: Thursday July 14, 2011 6:50 am

With the news of an imminent settlement in the state AG foreclosure fraud investigation, and a BofA settlement with investors over representations and warrants on mortgage backed securities, you would think the industry would be in good shape to put the mess they created behind them. That’s certainly what they want you to think. But [...]

Investors Petition to Intervene in BofA Whitewash Mortgage Bond Settlement

By: Tuesday July 5, 2011 12:09 pm

Many observers saw the Bank of America settlement with a group of investors on Countrywide-originated mortgage bonds as an attempt to secure a broad waiver on the chain of title issues that have plagued the industry and led to foreclosure fraud. But in addition, they were a miserable deal for investors, a mere 2-3 cents [...]

BofA Settlement Attempts Broad Waiver of Chain of Title Issues

By: Friday July 1, 2011 8:55 am

Plenty of smart people have weighed in on the Bank of America settlement with investors on $424 billion worth of mortgage backed securities. BofA will provide up to $14 billion in the settlement – $8.5 billion in cash, another $5.5 billion potentially in the next quarter – which they claim will cover all of the [...]

Register of Deeds John O’Brien Releases Forensic Study, Finds Mass Fraud in Foreclosure Docs

By: Thursday June 30, 2011 2:58 pm

Longtime readers know I’ve been covering the registers of deeds, county officials who wield some degree of power in the case of foreclosure fraud, because they hold in their offices a good deal of physical evidence about mortgage assignments and associated documents. Jeff Thigpen, the register of deeds for Guilford County, North Carolina, did a [...]

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