It’s pretty obvious to anyone studying securitization in foreclosure defense that the mortgage-backed securities scheme is fraught with fraud and teetering on the brink of disaster.
And when the next crisis happens it will be a non-partisan financial force majeure.
Affirmations have been coming out more recently by those fed up with the dealings of Wall Street’s greed and fear operations. This post by John Meyers in Personal Liberty rings all too true. Continue reading
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
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
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
Deadly Clear 