Fraud Foreclosures On Active Duty Military

Than banks continue to settle suits over fraudulent lending including foreclosing on active duty members across the country.

About 5,000 homes owned by active-duty members of the military and their families may have been foreclosed on by 10 leading lenders in violation of the Servicemembers Civil Relief Act, which aims to protect members of the military from financial distress, according to data released last week by the Office of the Comptroller of the Currency.

There is more here.  What is to be sure is the housing recovery is a long way off.

Banks' Foreclosure Agent Argues Against The Need For Accurate Paperwork

In another, all too familiar, crazy land, court proceeding, the banks and their agents are pushing forward their best interest as they continue to game the housing market.  In this case, they are arguing, the paperwork that they are admitting to the court, they shouldn't have to affirm as accurate.  It's too much trouble and, they say, unconstitutional.
First they goosed the market up, hot potato-ed bad mortgages to investment funds, and now they are booting their clients out of their houses on the way down.  There is much more here for the inquiring mind.  If you have questions of the accuracy of your credit report then review the link clean credit, and sign up for Credit repair Services free credit repair evaluation.

72% of loans in foreclosure Not Paid in over 1year

The guys over at LPS Monitor have an interesting report out that will disabuse anyone of the notion that the housing market is significantly better now even more than 5 years after the first cracks started to show. According to their report, more than 4 million loans are more than 90 days late.

This report coupled with foreclosures picking up pace--- now that legal hurdles have been cleared--- spell trouble for the housing market for years to come. By some counts, there are nearly 12 million homes in trouble--- characterized by either being underwater or at some level of current or past default.

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Texas Foreclosure Fraud

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Bank of America, JPMorgan Get Texas Subpoenas on Foreclosures

Bank of America Corp., JPMorgan Chase & Co. and seven other banks or loan servicers were subpoenaed by Texas Attorney General Greg Abbott for information about their foreclosure practices, a spokesman said.

“The state is subpoenaing information and documents,” Jerry Strickland, the spokesman, said yesterday in an interview. He didn’t elaborate. The state also subpoenaed Ally Financial Inc., CitiMortgage Inc. and Wells Fargo & Co.

Abbott began investigating foreclosure practices in Texas following the disclosure of a December deposition in which an employee of Ally’s GMAC Mortgage unit testified that his team signed about 10,000 documents a month without verifying their accuracy. On Oct. 13, all 50 state attorneys general announced a joint investigation of foreclosures.

http://www.bloomberg.com/news/2010-10-25/jpmorgan-bank-of-america-subpoenaed-by-texas-attorney-general.html

Wall Street Loots Main Street

Let's take a look: more at the link

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Attorneys general in about 40 states may announce a joint investigation into foreclosures at the largest banks and mortgage firms, according to a person with direct knowledge of the matter.

State attorneys general led by Iowa’s Tom Miller are in talks that may lead to the announcement of a coordinated probe as soon as Oct. 12, said the person, who declined to be identified because a final agreement hasn’t been reached. The number of states may change because several are still deciding whether to join the investigation, the person said. New Mexico Attorney General Gary King said today in a statement that his state will join a multi-state effort.

http://www.bloomberg.com/news/2010-10-08/attorneys-general-in-40-states-said-to-join-on-foreclosures.html

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Foreclosure Crises Steepens With Resets 2011

more at the link

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The Second Wave of Mortgage Defaults

By Jim Nelson

12/21/09 Baltimore, Maryland – Our economy is about to relapse into the disease that sent us into the Great Depression: Part Deux. Subprime loans caused the initial illness. Option-ARMs will cause the relapse.

In the first half of the past decade, subprime loans were king. They were cheap and easy to get approved. Along with the subprime boom came subprime adjustable-rate mortgages (ARMs), which were equally easy to afford…for a while.

http://dailyreckoning.com/the-second-wave-of-mortgage-defaults/

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Foreclosure Fraud by Wall Street Banks

let's take a look

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Attorneys general in about 40 states may announce a joint investigation into foreclosures at the largest banks and mortgage firms, according to a person with direct knowledge of the matter.

State attorneys general led by Iowa’s Tom Miller are in talks that may lead to the announcement of a coordinated probe as soon as Oct. 12, said the person, who declined to be identified because a final agreement hasn’t been reached. The number of states may change because several are still deciding whether to join the investigation, the person said. New Mexico Attorney General Gary King said today in a statement that his state will join a multi-state effort.

http://www.bloomberg.com/news/2010-10-08/attorneys-general-in-40-states-said-to-join-on-foreclosures.html

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foreclosures just keep coming

let's take a look

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APNewsBreak: BofA delays foreclosures in 23 states

By ALAN ZIBEL (AP) – 31 minutes ago

WASHINGTON — Bank of America says it is delaying foreclosures in 23 states as it examines whether it rushed the foreclosure process for thousands of homeowners without reading the documents.

Bank of America is not yet able to estimate how many homeowners cases will be affected, a spokesman for the nation's largest bank says.

A bank official acknowledged in a legal proceeding in February that she signed up to 8,000 foreclosure documents a month and typically didn't read them. The Associated Press obtained the document Friday.

The executive's admission adds the nation's largest bank to a growing list of mortgage companies whose employees signed documents in foreclosure cases without verifying the information in them.

http://www.google.com/hostednews/ap/article/ALeqM5jKkgz2hAAZZAeRlJNBmM31MPUnhgD9IJ4SP00?docId=D9IJ4SP00

Housing Crises through 2012

JPMorgan Suspends Certain Foreclosures As Doubts Grow Over Legality

Even as August saw more Americans lose their homes to foreclosure than in any other month on record, there are growing concerns over the legality of many of those proceedings.

JPMorgan Chase has suspended legal proceedings on 50,000 foreclosures, due to concerns about the validity of the foreclosure documents, a spokesman for the bank toldCNBC Wednesday (hat tip to Zero Hedge).

JPMorgan spokesman Tom Kelly confirmed to the AP Wednesday that "employees signed some affidavits about loan documents without personally verifying the files."

The decision is the latest signal of a potentially massive stall in the nation's foreclosure process. Last week, after GMAC Mortgage halted its foreclosures in 23 states, the Washington Postreported that one of GMAC's employees hadn't read the roughly 10,000 foreclosure documents he approved each month (and now Coloradowants to be added to that list of states). It then turned out that the "robo signer" might not have been alone.

http://www.huffingtonpost.com/2010/09/29/jpmorgan-suspends-foreclosures_n_744289.html

foreclosures will continue unabated

let's take a look

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Obama Homeowner Program Hits 10-Month Low As Prices Drop And Foreclosures Surge

The number of homeowners receiving permanent relief under the Obama administration's primary foreclosure-prevention initiative hit a 10-month low as home prices dropped and repossessions jumped, threatening more homeowners just as the administration's aid program winds down.

Just over 33,000 homeowners had their monthly mortgage payments reduced in August for the next five years as part of the administration's Home Affordable Modification Program, Treasury Department data released Wednesday show. Obama promised in 2009 that some 3 to 4 million homeowners would be helped. About 449,000 borrowers have thus far received mortgage modifications.

The program, sold as a $50-billion effort, is unlikely to spend that much helping delinquent homeowners keep their homes. Nearly one and a half years into the program, only 1 percent of that money has been spent.

http://www.huffingtonpost.com/2010/09/22/hamp-obama-homeowner-program-hits-low_n_735720.html

Bank gets caught lying in court filing.

let's take a look

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Saving Americans Requires Sticking It to Them: Jonathan Weil

The banks were saved by the American people. Now who will save the people from the banks?

Last week, in a rare and possibly fleeting victory for the little guy, Ally Financial Inc.’s mortgage-servicing unit temporarily halted evictions tied to foreclosures in 23 states. This came after some attorneys for homeowners caught the company saying things that weren’t true in its court filings.

There’s no sense complaining to the federal government about Ally’s conduct, though. That’s because the Treasury Department is the company’s majority shareholder, after spending $17.2 billion of bailout money on Ally under the Troubled Asset Relief Program.

http://www.bloomberg.com/news/2010-09-23/saving-americans-requires-sticking-it-to-them-jonathan-weil.html

Lenders Sue Walkaways

let us take a look:

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Lenders Pursue Mortgage Payoffs Long After Homeowners Default

Jan. 28 (Bloomberg) -- When John King stopped making payments on his home in Coral Gables, Florida, two years ago, he assumed the foreclosure ended his mortgage contract, he said. Last month, a Miami-Dade County court gave collectors permission to pursue him for $44,000 stemming from the default.

King is among a rising number of borrowers who are learning that they can be on the hook for years after losing their homes. Amid a crisis that stripped $6.4 trillion, or 28 percent, from the value ofU.S. residential real estate since the 2006 peak, lenders are exercising their rights to pursue unpaid mortgage balances. To get their money, they can seize wages, tap bank accounts and put liens on other assets held by debtors.

“The big dogs get a bailout, and the little man gets no mercy,” said King, 39, referring to the U.S. government’s rescue of banks and other financial institutions.

http://www.bloomberg.com/apps/news?pid=20603037&sid=aIf_vUQZFt.s

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Prime Credit Next Foreclosures

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Jan. 4 (Bloomberg) -- Homeowners with the best credit are the next big risk for the U.S. housing market.

An increase in mortgage defaults amongprime borrowers in 2009 is likely to accelerate this year, slowing the real estate recovery even as Americans become more optimistic about the economy, said Robert Shiller and Karl Case, the economists who created the S&P/Case-Shiller Home Price Index.

“There will be continuing foreclosures, and not just subprime, it will be prime mortgages,” Shiller, a professor at Yale University, said in an interview. “This is creating a huge shadow inventory of homes that are still owned, but they’re going to be on the market in the next year or so.”

The number of prime mortgages overdue by at least 60 days more than doubled in the third quarter from a year earlier to 838,000, according to a Dec. 21 report from the Office of the Comptroller of the Currency and the Office of Thrift Supervision. Unemployed homeowners struggling to pay their bills willdefault on their home loans and increase foreclosures, Shiller and Wellesley College’s Case said.

http://www.bloomberg.com/apps/news?pid=20601087&sid=am2z88Oy1kJs

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Loan Modification Pitfalls

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U.S. Loan Effort is Seen Adding to Housing Woes

The Obama administration’s $75 billion program to protect homeowners from foreclosure has been widely pronounced a disappointment, and some economists and real estate experts now contend it has done more harm than good..............

....................desperate homeowners have sent payments to banks in often-futile efforts to keep their homes, which some see as wasting dollars they could have saved in preparation for moving to cheaper rental residences. Some borrowers have seen their credit tarnished while falsely assuming that loan modifications involved no negative reports to credit agencies.

http://www.nytimes.com/2010/01/02/business/economy/02modify.html?scp=2&sq=mortgage&st=cse

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Shadow housing Inventory - No bottom in sight

Until housing gets back to normal ( no not boom times ) rather normal where housing price and income are within a normal range we are not close to normal recovery. Anybody think we are close to a housing bottom might want to read this story.....

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Ivy Zelman, chief executive of Zelman & Associates, a research firm based in Cleveland, believes three million to four million foreclosed homes will be put up for sale in the next few years. The question is whether the flow of these homes onto the market will resemble "a fire hose or a garden hose or a drip," she says.

Analysts who track the shadow market have focused primarily on the gap between the number of seriously delinquent loans and the number of foreclosed homes for sale by mortgage companies. A loan is considered seriously delinquent, which typically means it is headed to foreclosure, if it is 90 days or more past due.

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