Behind the Scenes: Bank of America – Another Bailout!

Posted on August 12, 2011 by Deadly Clear

Editor’s note: Please participate in the Poll at the end of the Post.

“Robin Hood in Reverse”: Bank Bailout Bonanza Heats Up (Again)

The Daily Ticker Reports that last Friday Bank of America received ANOTHER so-called “bailout” using tax payer funds. They never really went away so don’t call it a comeback…but it’s been a big week for bailouts.

Bank of America Corp. has agreed to sell part of its home-loan portfolio to government-controlled housing giant Fannie Mae, as the bank looks to shed assets and pare its exposure to an array of mortgage woes. Rithoitz, Blodget and Task have a lively discussion about the Fannie Continue reading →

HYPOTHETICAL LIEN THEORY LIVES – Bye Bye MERS!

Posted on August 10, 2011 by Deadly Clear

HAWAII – In today’s episode following “Look Out Lenders – MERS is About to Take You Down!” the Hawaii bankruptcy court ruled that the Trustee’s hypothetical lien theory held enough water to maintain life in the Motion to Compel the Trustee to Abandon the property. The lender, American Savings Bank FSB, (ASB) and the Trustee have been in settlement discussions. Either way – the MERS demise is set into motion. The judge denied the motion WITHOUT prejudice in order that it could be brought back at some future date, if necessary. Continue reading →

RSN: Austerity: The Wrong Prescription

Posted on August 9, 2011 by Deadly Clear

“…the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.” Take over the mortgages – stupid! SEIZE MERS.

Austerity: The Wrong Prescription

By Carl Gibson, Reader Supported News
09 August 11

Reader Supported News | Perspective

f you were a patient in intensive care, sick and in pain, what would you say to a doctor whose only recommendation was cutting off your blood supply, meals and therapy, and redirecting your pain medicine to another patient who was already healthy and well? Would you follow your doctor’s orders, or sue them for malpractice? Continue reading →

Look Out Lenders – MERS is About to Take You Down!

Posted on August 9, 2011 by Deadly Clear

HAWAII – In a precedent setting move today, a bankruptcy Chapter 7 Trustee filed a Supplemental Objection under a hypothetical lien theory to the Debtor’s Motion to Compel the Trustee to Abandon the underwater property – the day before the hearing.

The Trustee’s pleading states that the lender, American Savings Bank FSB in Hawaii, had not properly perfected the mortgage at the time of the Debtor filing a petition for bankruptcy, the “Mortgage was in fact in favor of MERS as nominee for ASB at the time of the filing of the petition.” This move essentially strangles the lender. Continue reading →

AG Settlement Opposition – MA Throws the First Punch

Posted on July 25, 2011 by Deadly Clear

The questions to consider after reading this will be – (1) do you really need more time to consider your position on MERS? And, (2) will any issues that entail MERS ultimately circle back to its creator – the cartel of members? If so, why bother to settle?

PUNCH NO. 1:

Massachusetts AG Coakley: I Won’t Sign Away Liability Over MERS in Foreclosure Fraud Settlement

By: David Dayen Monday July 25, 2011 2:19 pm

Massachusetts has joined several other states in saying they would oppose a foreclosure fraud settlement if it includes certain liability releases, particularly those relating to MERS. Massachusetts Attorney General Martha Coakley (yes, that Martha Coakley) wants to retain the ability to pursue lawsuits against the banks and their subsidiaries over state consumer protection violations and fraud upon state courts.

“Massachusetts will not sign on to any global agreement with the banks if it includes a comprehensive liability release regarding securitization and the MERS conduct,” Coakley wrote to the Norfolk County register of deeds in Dedham, Massachusetts. “These investigations must continue.” The registry keeps records of real estate in the county […] Continue reading →

MERS Causes Banksters’ Nightmare to Continue

Posted on July 24, 2011 by Deadly Clear

New York Times FAIR GAME

The Banks Still Want a Waiver

By GRETCHEN MORGENSON
Published: July 23, 2011

HOW should banks atone for those foreclosure abuses — all the robo-signing and shoddy recordkeeping that jettisoned so many people from their homes?

It has been four months since a deal to remedy this mess was floated. Not much has happened since — at least not publicly.

Last week, banking executives and state attorneys general met in Washington to try to settle their differences. At issue was how much banks should pay, and how and to whom, to make this all go away. The initial terms, which emerged in March, were said to carry a $20 billion price tag.

But here is a crucial question: to what extent would such a settlement protect banks from future liability? Will the attorneys general strike a deal that effectively prevents them from Continue reading →

WSJ Posts: Government Weighs Turning Foreclosures Into Rentals – Lame, very lame!

Posted on July 22, 2011 by Deadly Clear

Government Weighs Turning Foreclosures Into Rentals – Lame, very Lame!
July 22, 2011

By Nick Timiraos

There’s an 800-pound gorilla in the nation’s hardest-hit housing markets: hundreds of thousands of foreclosed properties are selling, and there’s four times as many potential foreclosures behind them.

The Journal writes today that one idea gaining support in Washington is an effort to pull some of those properties off the market and rent them out, either on homes owned by federal agencies or loan giants Fannie Mae and Freddie Mac. Continue reading →