quicken 125% LTV Just what foreclosure ridden America needs, a return to 125% loan-to-value mortgages. Just what I am looking for, how did Quicken loans know? I am flabbergasted. One of the most toxic products ever, most of these loans proved disastrous when the real estate bubble popped and home prices collapsed. And the real…
Author Archives: Kurt O'Keefe
Michigan Foreclosure and MERS News
Another Michigan court has weighed in against MERS foreclosing by publication. And, Ingham county has voted to fund the fight against fraudulent foreclosure practices. Michigan MERS trouble has become an ongoing story. The latest decision is from a Washtenaw county circuit court, which did allow judicial foreclosure by a party other than MERS. I will…
Man Bites Dog
Homeowner forecloses on Bank of (everything in) America. I write so much negative stuff, because, well, that is what’s out there. So here is a happy foreclosure story. Bank of (everything in) America bought Countrywide, the prime villain in the foreclosure piece. So, they have a lot of messed up paperwork for the messed up…
Big Banks Helped, Consumers Screwed
Did you know we lend money to the big banks for nearly nothing? And the big banks turn around and buy 10 year Federal treasury bonds that yield about 3.5%? Do you think you could make money doing this? Yes, no insult to you, but you can train a chimp to do this. So,…
Who Gets A Loan When Needed?
How are you doing with that loan modification you requested last year? How is that big bank treating you? Are they sympathetic to your financial difficulties? Willing to lower your interest rate? Help you through these tough times? Yeah, right. Hey, its the real world, deal with it, nobody helps them out, right? Those poor…
Tornados And Charity
For this holiday weekend, just linking to a post I did on another site on the above topic. Click here. Happy holiday to all. addthis_url = ‘http%3A%2F%2Fwww.michiganmortgageattorney.com%2Ftornados-charity%2F’; addthis_title = ‘Tornados+And+Charity’; addthis_pub = ”;
Foreclosure Crisis: What’s New?
Foreclosures are down compared to April of 2010. 25% fewer homes repossessed by banks, first time foreclosure notices down 37%, per Realty Trac. Good news, right? Well, let’s look behind the numbers. Foreclosure is a matter of state law, so the statistics differ from state to state, with New York averaging two years from beginning…
The Modern Rules Of Too Big To Fail
Mortgage companies and investment banks about to get bailed out again. Well, that is how I see the latest rumors of the settlement between the villains and the states’ attorney generals for the robo-signing and other fraud that contributed to the BILLIONS of dollars of profits for Goldman-Sachs et al. I dumped on the…
Politician Gets Mortgage Modification
I have been blogging for a long time about how difficult it is for my clients to get mortgage modifications, how the mortgage companies don’t answer questions, lose paperwork, give trial modifications that last forever only to be denied for no reason. Well, get this: the Arizona state senate passed a bill, 28-2, that would…
Michigan Court Exposes The Real Truth About MERS
(photo by Peter Gordon) I have been blogging about MERS (Mortgage Electronic Registration System) and the “Who owns the note” issue for a long time. Foreclosure in Michigan is by publication, or judicial, so courts do not normally have a foreclosure suit in front of them. Mortgage companies usually take your home by publishing a…
