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…
Category Archives: foreclosure
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…
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…
The Truth About The Foreclosure Settlement
The Office of the Comptroller of the Currency is set to announce a settlement with the mortgage servicer companies who used robo-signers and other fraudulent means to foreclose on hundreds of thousands of homes. The OCC fraud settlement is separate from the law suits brought by the attorneys general of all 50 states. The FDIC…
The Foreclosure Fraud Story
Along with many others, I have been blogging about foreclosure fraud for, well, it seems like, forever. Even 60 Minutes has caught up to the story, airing a segment last night, April 3, 2011, on some of the shortcuts that mortgage industry greed invented. Use of robo-signers, just above minimum wage clerks paid to sign…
The Truth About The Mortgage Fraud Settlement
Hey, this is what the mortgage companies have been getting so far! Not only avoiding richly deserved incarceration, but having we taxpayers bail them out of their monetary losses. I have to concur with the 4Closure Fraud site, from which I lifted the above picture. And foreclosure fraud has necessarily followed on the heels…
The Real Truth About Foreclosure Moratorium
(image from http://www.payperclickanalyzer.com/free-websites-for-foreclosed-homes.html website) Buffalo News reporter Jonathan D. Epstein has ferreted out the hidden information that HSBC has suspended foreclosures. An about face, as, of course, they previously claimed all their foreclosures were done properly. And, after minimal time, they will announce that they have now fixed everything (well, nothing was broken in the…
The Real Truth About The Foreclosure Crisis
The foreclosure crisis is not over, and, it is NOT getting better. Let’s look at some numbers, if your experience in Michigan, driving around, or just looking out your window, is not enough evidence. REO means Real Estate Owned, the term for homes already foreclosed by mortgage companies and owned by them or Fannie Mae…
Whither Foreclosure Crisis?
The crisis is the same, though driven by different factors. The Detroit-Warren-Livonia Michigan area posted the third highest increase in foreclosures, up 19% for 2010. So, the snowball continues to roll rapidly down the hill, albeit with something new pushing it. It started with teaser ARMs expiring as home prices fell and interest rates increased….
What Does The Mortgage Company Have To Prove To Take My House?
Who owns the note? That has been the battle cry, increasing in volume, from Florida to New York and across the land, wherever banks have to go to court to take someone’s house, and the homeowner defends against foreclosure. The banks say, why should this person get a free house? Well, hardly anyone does. Most…
