Bank Fraud at the Heart of the Foreclosure Crises

let's take a look:

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In foreclosure controversy, problems run deeper than flawed paperwork

By Brady Dennis and Ariana Eunjung Cha
Washington Post Staff Writers

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For struggling homeowners trying to avoid foreclosure, it could mean an opportunity to challenge the banks they argue have been unhelpful at best and deceptive at worst. But it also threatens to leave them in prolonged limbo, stuck in homes they still can't afford and waiting for the foreclosure process to begin anew.

For big banks, "there's a possible nightmare scenario here that no foreclosure is valid," said Nancy Bush, a banking analyst from NAB Research. If millions of foreclosures past and present were invalidated because of the way the hurried securitization process muddied the chain of ownership, banks could face lawsuits from homeowners and from investors who bought stakes in the mortgage securities - an expensive and potentially crippling proposition.

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http://www.washingtonpost.com/wp-dyn/content/article/2010/10/06/AR2010100607227_pf.html

Reverse Mortgage Abuse

Reverse Mortgage Abuse. Apparently the same incentives in the mortgage market have lead to abuse in the reverse mortgage market as well. Let us take a look.

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Oct. 6 (Bloomberg) -- Reverse mortgages may be the next subprime crisis, according to the National Consumer Law Center.

Some of the same U.S. lenders that helped drive the real estate boom with loans to home buyers who couldn’t afford the payments are now targeting seniors, the center said. Brokers, who are given financial incentives to sell the loans, may be making misleading claims to potential customers, according to a report titled "Subprime Revisited,’’ that was released today by the Boston-based NCLC.

“This market is designed to serve seniors, so when we find abuses cropping up and migrating from the subprime market to the senior market, that sounds an especially loud warning bell,” said Rick Jurgens, an advocate at the National Consumer Law Center, who contributed to the report.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aBbWil.iMQW0

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