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Chain of Title is the dramatic true story of how, in the depths of the Great Recession, a nurse, a car dealership worker, and a forensic expert helped uncover the largest consumer crime in American history—a scandal that implicated dozens of major executives on Wall Street. They called it foreclosure fraud: millions of families were kicked out of their homes based on false evidence by mortgage companies that had no legal right to foreclose. Dayen, a contributing writer to Salon and a weekly columnist for the Fiscal Times, recounts how these three ordinary Floridians challenged the most powerful institutions in America armed only with the truth. According to Dayen’s editor, New Press editorial director Carl Bromley, “Chain of Title is a remarkable work of narrative nonfiction that tells the story of regular Americans who decide to fight rather than fold before Wall Street. Recalling the humanism of Studs…
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No doubt this sucks. Criminals pal criminals.
1. Over 98,000 “bad” mortgages have been sold to investors through a government program since 2010.
2. The Department of Housing and Urban Development (HUD) sells mortgages to investors at a steep discount — at times as little as 41 percent of the mortgages’ collective value.
3. Homeowners typically aren’t informed when their mortgages are sold. This prevents them from advocating for better terms, which they’re entitled to under Federal Housing Administration protection.
4. Wall Street investors pay only two-thirds* of the full mortgage value when they buy mortgages from the government (*median price).
5. Homeowners aren’t so lucky: they must pay about 124 percent* of the property value to keep their homes(*median price).
Hmmmm.
Living the thug life….
The sale of a luxury ranch owned by former Lehman Brothers Chief Executive Officer Dick Fuld just set a new record for the most expensive property ever sold via auction, according to a report from CNBC.
Fuld’s ranch, a 71-acre spread called Big Wood River Estate, has 11 bedrooms between three houses and comes with 2,100 feet of riverfront land. The ranch is located in Sun Valley, Idaho.
The ranch, which was profiled in the September issue ofHousingWire Magazine by our own Sarah Wheeler, was expected to fetch $30 million and $50 million at auction.
According to a new report from CNBC, Fuld’s estate sold for an undisclosed price to an undisclosed buyer, but the company that facilitated the auction said that the sale price for Fuld’s ranch broke the previous record for the most expensive residential property sold at auction, which was $19.25…
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“This is not a problem caused by the borrowers. It is a problem intentionally created by the banks so that behind curtains they could take or steal the money of investors, covering their tracks by making it appear that there was a transaction when there was none. The fundamental question presented to the courts is whether we are going to allow nonexistent parties to exercise rights in court with respect to nonexistent transactions.” Amen.
Homeowners were not responsible for the inflated appraisals. Homeowners were not responsible for the relaxed underwriting patented software programs. Homeowners were not responsible for the over-rated bonds. Yet, homeowners can’t buy get modifications or even buy back their homes for the pennies on the dollar the government and the banks are selling them for. Why do you think that is?
Is there only one way to get rid of dirty paper? Scorched earth tactics. Dirty politics and worldwide corruption. May God be the revenge.
This is a definitely a nightmare. The Dodd-Frank bill is not strengthen to include hedge funds into mortgage guidelines. Banks and non-banks are held accountable for their actions on mortgages. Now add hedge funds to the list.
Seven years after the real estate market crashed, major investors are again buying mortgages by the thousands. This time, they are buying from the government — at a significant discount.
Emilie Udell for the Center for Public Integrity
Julius Uwansc was in trouble with his mortgage after refinancing in 2009, just after the real estate bubble popped. Like millions of others, he found himself owing more on his house than it was worth.
The Nigerian-born father of four moved into his house on Richardson Road in Gwynn Oak, Maryland, in 2005. “We loved it because it has this big yard where the kids can play,” Uwansc says.
But soon after closing on the…
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Send the judges, state courts, appellate & Supreme Court Justices tickets to the movie!
Our first book read cover to cover and it exposes everything… not fiction! This is the real thing. If the movie is anything like the book – suggest your entire neighborhood see this flick so they’ll begin to understand just why the economy has not recovered. Continue reading
In a must-read essay, former GOP congressional analyst Mike Lofgren analyzes America’s “Deep State,” in which elected and unelected figures collude to serve powerful vested interests.
By Andy Metzger, Matt Murphy and Michael Norton STATE HOUSE NEWS SERVICE STATE HOUSE, BOSTON, SEPT. 17, 2015…..The Senate took a big step on Thursday toward giving some legal assurances to those who purchase homes in foreclosure, a controversial step opposed by the branch’s liberal wing. On a 31 to 7 vote in its first formal session since July, the Senate passed a measure that would limit property title challenges to a three-year window going forward. The bill now goes to the House.
Source: Foreclosure title clearing bill clears Senate | masslive.com
