Plenty of companies are eager to exploit the uncertain economy and housing market by trying to separate property owners from their money, consumer columnist David Lazarus says. Here’s what to watch out for: http://lat.ms/vyed8L
Duration : 0:1:27
http://www.presstv.com/Program/207260.html
In this edition of On the Edge, Max Keiser interviews Catherine Austin Fitts from Solari.com.
She talks about the systemic fraud in the mortgage sector and how it affected the housing market.
Duration : 0:23:8
More NEWS at http://www.newzzcafe.com/
In a move that could either send BAC stock limit down overnight or send it soaring (we are still trying to figure out just what is going on here), the NYT has broken major news that the US is preparing to go nuclear on more than a dozen big banks among which Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, in an attempt for Fannie and Freddie to recoup $30 billion if not much more.
The lawsuit is expected to hit the docket in the next few days: “The suits stem from subpoenas the finance agency issued to banks a year ago. If the case is not filed Friday, they said, it will come Tuesday, shortly before a deadline expires for the housing agency to file claims.”
FHFA goes hog wild and potentially full retard in suing everyone, or specifically 17 global banks, up to an including such dead men walking as Barclays, RBS and SocGen. Oddly such crony capitalist favorites as Wells Fargo are suspiciously absent: we wonder what the cost of that particular Eureka moment was to the interested party.
“While I believe that F.H.F.A. is acting responsibly in its role as conservator, I am afraid that we risk pushing these guys off of a cliff and we’re going to have to bail out the banks again.”
Either way, come Monday, this will get interesting when already scarce liquidity goes… poof.
http://www.zerohedge.com/news/massive-wave-lawsuits-be-filed-us-against-americas-biggest-banks-soon-tomorrow
Duration : 0:1:39
FreeinTX addresses MortgageGate.
REMEDIES IN REAL ESTATE – Randy Kelton
http://www.remediesinrealestate.com/
Evidence of mortgage fraud time travel.
http://dailybail.com/home/taxpayer-funded-mortgage-fraud-101.html
Here’s a hint – MERS assigns to Wells Fargo.
Same day, same person, same notary assigns from Wells Fargo to Fannie Mae.
From one of the comments at the OP on Foreclosure Hamlet:
“So Janice works for Franklin American Mort Corp. in Flint, MI and Assigns the mortgage as an Asst. Sec’y for MERS to Wells Fargo in Iowa, and she has the assignment notarized in Dakota County, Minnesota.”
“Then, on the same day, she also works for Wells Fargo in Iowa, and assigns the mortgage to Fannie Mae in Philadelphia, PA and has it notarized again in Dakota County, Minnesota?”
“First, Lets just assume that it’s legal to have an assignment of mortgage from a company in Flint, MI to be notarized in Minnesota for a company located in Iowa. And then let’s also assume that a company in Iowa can have an Assignment of mortgage notarized in Minnesota for a company in PA.”
“Is this sort of behavior legal? Or could it be FRAUD? Hmmmmmm, Flint, MI to Dakota, MN, a mere 581.8 miles apart. That’s nearly a 12 hour drive w/o any highway mishaps, oh, and you better have the ability to walk on water, otherwise, its a 688 mile drive under Lake Michigan and over 12 hours. Typically, banking hours are between 8am & 5pm. That’s a total of 9 hours. Maybe she should have saved gas and just driven to Iowa. It’s only 10 hours away.”
Pretty neat trick huh?
There is something very sinister about this amazing time travel. It is my belief that these individual mortgage obligations live in more than one savvy MBS investor’s “book.” Each manifestation of the obligation is insured against default for the full outcome based appraisal “value.”
Each investor is made whole via insurance and thanks to AIG, who of course was caught by surprise, has no choice but to dump the whole mess on the taxpayer. Meanwhile, the “servicer” purchases (for pennies on the fiat) the right to pursue the extinguished debt and seek as many deficiency judgments as possible.
Not to mention the fact that clear chain of title on millions of homes (in default or not) are destroyed. Further, if the obligations fail to make their way to the trusts within the REMIC window, throw massive tax evasion into the mix.
Duration : 0:12:12
http://www.SunwestTrust.com – 800-642-7167. You probably have heard about the national credit crisis. During this time of national crisis have you ever considered becoming a bank? That’s right; you can become a bank for a friend or family member.
Duration : 0:2:41
http://www.ntv.co.ke
The mortgage rates in Kenya are considerably higher compared to those in developed markets leading to fewer Kenyans with ability to afford houses. According to James Salaton, a Business Development Manager with Up market Realtors, the high cost of housing coupled with high inflation have combined to put Kenyans at a major disadvantage over house ownership. Kenya’s gross demand for houses remains by far in excess of the current supply, with the slow speed of transactions involving land also acting as an impediment to the alleviation of the housing shortfall.
Duration : 0:2:1
This video is a list of US mortgage lenders who have closed or otherwise exited the mortgage lending business since late 2006.
Duration : 0:1:57
Statistics you can access from the ABS that call into question why the average First home owner mortgage is so large and why there is a very real chance Australia’s property prices will fall dramatically within 12 months.
Duration : 0:6:24
Sept. 2 (Bloomberg) — Paul Miller, managing director at FBR Capital Markets Corp., talks about a potential lawsuit by the U.S. Federal Housing Finance Agency against Bank of America Corp. and other lenders over faulty mortgage loans.
Miller speaks with Adam Johnson on Bloomberg Television’s “Fast Forward.” (Source: Bloomberg)
Duration : 0:4:25
Aug. 22 (Bloomberg) — Frank Pallotta, a managing partner of Loan Value Group, talks about the increase in the percentage of U.S. mortgages overdue by one month.
The share of home loans overdue by 30 days rose to 3.46 percent of all mortgages, from 3.35 percent in the first quarter, according to a report today from the Mortgage Bankers Association in Washington. Pallotta speaks with Mark Crumpton on Bloomberg Television’s “Bottom Line.” (Source: Bloomberg)
Duration : 0:4:50