Tag Archives: “Fannie Mae”

Mortgage Crisis 101 by Prof. John Campbell

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Campbell soupWhile the foreclosure crisis might sound to some like duck soup, Professor John E. Campbell from the University of Denver Sturm College of Law has taken the time to dissect the issues in his Mortgage Crisis in a Nutshell video explaining precisely what has happened to homeowners and searching for the reasons why.

Prof. Campbell explains what has happened in the traditional sense and how Mortgage Electronic Registration Systems, Inc. participated in part of the scheme. He also discusses how and why the homeowners were not intentionally at fault.

In this one-hour video, Attorney John E. Campbell explains the main aspects of the mortgage crisis that has devastated the U.S. housing market and the economy. Watch the video and then let’s discuss securitization in a little more detail below. Continue reading →

AG Jack Conway Calls MERS a Ghost and a Front – Files a Lawsuit Against MERSCORP Holdings, Inc.

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Weep no more my lady
Oh! weep no more today!

Bravo – Kentucky Attorney General Jack Conway!

3ghostsAttorney General Jack Conway announced that his office filed a lawsuit on January 23, 2013 in Franklin Circuit Court against MERSCORP Holdings, Inc., and its wholly owned subsidiary Mortgage Electronic Registration Systems, Inc. (MERS) for violations of Kentucky law. The lawsuit is a result of Attorney General Conway’s investigation of mortgage foreclosure issues in Kentucky.

The lawsuit alleges that MERS violated Kentucky law by not   Continue reading →

Banks Get To Name Their Own Price – Independent Foreclosure Review More Like Priceline.com

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110714obamabanksters“Sneaky” comes to mind to describe the government and the banksters regarding two settlements between US banks and government regulators who alleged that the banks were guilty of widespread abuse of the foreclosure system that allowed banks to seize homes from defaulting borrowers. The banksters agreed to pay out more than $20 billion on Monday to resolve claims arising from the mortgage crisis. Continue reading →

LOST: Looking for the Canons of Judicial Ethics

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Judicial misconduct is a touchy subject.

judicial misconduct

But what else do you call it when judges violate their own canons and participate in unethical decisions that may create financial gains in their investment portfolios?

While this post deals with the failure of the judiciary to sua sponte recuse themselves when they know there is more than an appearance of impropriety, it also raises the question of what potential benefit they may received as a result of their decisions – and is that taken into consideration at any time during the case? Continue reading →

New Hampshire Sheriff Launches Mortgage Bank Fraud Investigation. “We need to shine the light on everything.”

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“People have an absolute right to be protected in their homes and their homes to be protected,” said Christopher Conley, High Sheriff of Carroll County NH, who held a press conference announcing that he is forming a task force to investigate mortgage fraud.

Mortgage Movies, 4closureFraud, and zerohedge posted Sheriff Christopher Conley’s press conference announcing his new task force and proudly stating, “I am announcing the formation of a task force to investigate mortgage fraud throughout Carroll County – criminal fraud.”

Every city and town in every state across America should be doing the same thing. The Sheriff states, “There are thousands of property owners throughout the county that may be affected…

Continue reading →

Behind the Securitization Curtain – 21st Century Mortgage Casino

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The turn of the century mortgage lending fiasco was built like a 21st Century casino.
The entire scheme started with the homeowner who wanted to buy a home or refinance at unbelievable interest rates… too good to be true… and they were!

It all started with a loan application called a “1003.”  EVERY lender in the scheme used the same loan application software.  In fact, Fannie Mae patented the sucker. Inside this specific patent are numerous patents related to and referenced that make up the beloved 1003 loan application. These patents are listed on line in the USPTO.

One of the reference patents is a gem called the “Online system for fulfiling loan applications from loan originators” and it describes how technological methodology is integrated into the mortgage lending process.   Continue reading →

COMPLAINT | STATE OF DELAWARE v. MERSCORP INC. Go Go Beau!

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As most of us are aware – it’s about time that MERSCORP, Inc. became the thrust of the AG’s investigations. It’s also about time that JUDGES started reading up on the lawsuits against MERSCORP, Inc. and it’s “straw man” empty shell entity Mortgage Electronic Registration Systems, Inc. and quit giving them a free ride. STOP making BAD law thinking you are protecting your pension and retirement funds – THEY ARE GONE!

Complaint | State of Delaware v. MERSCORP Inc

RACHEL MADDOW | BEAU BIDEN ON MERS AND

ACCOUNTABILITY OF MORTGAGE MALFEASANCE

If there is one MUST WATCH interview for all Legislators, lawyers and JUDGES – it’s the MADDOW – BIDEN interview on MERSCORP, Inc. CLICK HERE and pass it along to your friends on the judiciary committees and the Judges on the bench.
Continue reading →

Do Lenders Need To Hold Both Promissory Note & Mortgage At Foreclosure?

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SJC To Consider “Produce The Note” Foreclosure Defense In MERS Mortgage Case

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by RICH VETSTEIN on SEPTEMBER 8, 2011 in
FANNIE MAE, FORECLOSURE, MASSACHUSETTS REAL ESTATE LAW, MORTGAGE CRISIS, MORTGAGES

Do Lenders Need To Hold Both Promissory Note & Mortgage At Foreclosure?

In a rare “sua sponte” (on their own) direct appellate review, the Massachusetts Supreme Judicial Court has agreed to hear an appeal considering the controversial “produce the note” defense in foreclosure cases and whether a foreclosing lender must possess both the promissory note and the mortgage in order to foreclose. Based on arguments asserted by the lender, the court may also consider the circumstances by which a mortgage granted to Mortgage Electronic Registration System (MERS) can be effectively foreclosed in Massachusetts. Continue reading →

RSN – Fannie Mae Pushed Banks to Foreclose

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Fannie Mae Pushed Banks to Foreclose
By Todd A. Heywood, Michigan Messenger
17 August 11

Revelations called ‘disgusting,’ but not surprising.

Michigan leaders in the fight against the foreclosure crisis reacted strongly Sunday to revelations that mortgage giant Fannie Mae appears to have been pushing banks to foreclose on homeowners rather than continue negotiating loan modifications. Continue reading →

Screw Sam! Reconstruct the Mortgages with their Rightful Owners

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U.S.Seeks Ideas on Renting Out Foreclosed Property

By EDWARD WYATT
Published: August 10, 2011

WASHINGTON— Uncle Sam wants you — to rent a house from Uncle Sam.

The Obama administration said on Wednesday that it was soliciting ideas on how to turn the federal government’s inventory of foreclosed houses into rental properties that could be managed by private enterprises or sold in bulk.

The goal, the administration said, is to stabilize neighborhoods where large supplies of empty, foreclosed properties have hurt property values. In addition, the plan is an effort to clear the nation’s balance sheet of real estate holdings that, because they have been difficult to sell individually, have hung over the housing market and stunted sales of existing homes and new construction.  Continue reading →