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

Posted on September 12, 2011 by Deadly Clear

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

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 →

Nye Lavelle’s “After The Storm” – Mortgage Fraud Report

Posted on August 19, 2011 by Deadly Clear

Attorney Matt Weidner shared an excellent post on Nye Lavelle’s “After The Storm” – Mortgage Fraud Report that is well worth reading from cover to cover. In fact – it is a MUST read.

After The Storm – Mortgage Fraud Report–In The Eye Of The Storm
August 19th, 2011 | Author: Matthew D. Weidner, Esq.

Put down Reckle$$ Endangerment, or Exiles in Eden or whatever novel you’re currently reading about the financial armageddon we’re in and click on Nye Lavalle’s After The Storm Report….it’s a gripping encyclopedia with names, dates and serial numbers that document the collapse we’re all still right in the middle of. The only problem is the title…the storm at nearly over. If it seems a little more quiet, that’s just because we’re in the eye of the hurricane. Continue reading →

Report: UNDERWATER MORTGAGES AND 1 MILLION JOBS

Posted on August 17, 2011 by Deadly Clear

Ian Pajer-Rogers | New Bottom Line, an organizer of the New Bottom Line shared an incredible document today. The Win Win Solution is exactly what we need. Reconstruct the mortgages to the current market value at 2% for 30 years with the homeowners in lieu of litigation! Now is time to take that call to action to our Attorneys General, our Governors and our lawmakers. Continue reading →

A Call to Action – Geithner Must Go!

Posted on August 13, 2011 by Deadly Clear

Last week, undercover, [we] the government bought the servicing rights to 400,000 Bank of America bad loans – quoted as the worst loans and this is just a pittance of what Countrywide and Bank of America wrote during the subprime catastrophe that collapsed the American economy. Apparently, with very little forethought [we] the government agreed to “buy” these servicing rights that will on average cost an additional $10k – $50,000 to service, maintain and/or foreclose. Who was behind this imbalanced deal? 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 →

Bloomberg Profiles “The Big Short’s” Michael Burry

Posted on July 31, 2011 by Deadly Clear

“Bloomberg Risk Takers” profiles Michael Burry, the former hedge-fund manager who predicted the housing market’s plunge. He forecast that the bubble would burst as early as 2007, and he acted on his conviction by betting against subprime mortgages. The former head of Scion Capital LLC was profiled in Bloomberg columnist and bestselling author Michael Lewis’ book “The Big Short”. http://www.bloomberg.com/video/72756316/

http://www.bloomberg.com/video/72756316/
“Ironically, I’m in this book, ‘The Big Short,’ but I’m not a big short. I don’t go out looking for good shorts. I’m spending my time looking for good longs. I shorted mortgages because I had to. Every bit of logic I had led me to this trade and I had to do it. And I had to pull back on equities, because I saw what was coming I thought would affect everything.” Continue reading →