Stanley Kroenke became owner of the Denver Nuggets on July 6,
Hall It used to be that if you wanted to find out who owned your mortgage, you could go to the office of your local register of deeds, the final authority on questions of property ownership. But when banks set up their own private registration system to help them bundle and resell mortgages in a whirlwind of securities exchanges, the land offices of record had no hope of keeping up.
And when some banks later foreclosed on many of those properties, often cutting corners or worse - creating phony documents - it left register of deeds offices across Wisconsin awash in forged and fraudulent documents.
The review found just 16 percent of the records in the Essex County office assigning ownership of the mortgages were valid.
The rest had been back-dated, robo-signed or had other problems, including broken chains of title. And some of the information MERS does have, the lawsuit alleges, is "unreliable and inaccurate.
Property owners visiting their local register of deeds offices to find out who owns their mortgage to prepare for a bankruptcy or defend against foreclosure often leave empty-handed, she said.
In some cases, MERS-designated officials sign documents "assigning" mortgages from MERS - which actually is only a registration system and owns no mortgages at all - to their own companies or clients to prove ownership in foreclosure actions, Schneiderman said.
Madison attorney Briane Pagel said he has been unable to get any information out of MERS to help his clients fighting foreclosure. The revolving door between the Obama administration and Big Banks never stops turning. President Obama announced in his State of the Union address on January 24,that he was creating a special unit within the Financial Fraud Enforcement Taskforce to deal with mortgage origination and securitization abuses: And tonight, I am asking my Attorney General to create a special unit of federal prosecutors and leading state attorneys general to expand our investigations into the abusive lending and packaging of risky mortgages that led to the housing crisis.
This new unit will hold accountable those who broke the law, speed assistance to homeowners, and help turn the page on an era of recklessness that hurt so many Americans. AG Eric Holder, sitting near the podium, was blinking so fast as Obama said he would rein in the banks that I could only assume he was on LSD - but the kinder interpretation would be that people often blink more rapidly when they are feeling distressed or uncomfortable.
New York Attorney General Schneiderman and Delaware Attorney General Beau Biden have been among the most outspoken regarding the prosecution of crimes relating to mortgage securitization. And who is he Co-Chairing with?
Four people, starting with Lanny Breuer. His track record speaks for itself. The review focused on California, Florida Maryland, New York and Washington, where local court records are electronically searchable.
It is not clear why Chase is walking away from billions of dollars of claims, but the number is likely to climb as word gets out that Chase is climbing out of the ring.
Here We Go Again was another stunning year The system continues to crumble.
At the same time, rental markets are strengthening in some areas of the country, reflecting in part a decline in the homeownership rate. Reducing some of the barriers to converting foreclosed properties to rental units will help redeploy the existing stock of houses in a more efficient way.
Deploy means to move troops into position for action. Maybe your troops can establish base camps filled with barracks to deploy the millions of families who were marched out of the "existing stock of houses.
You gotta pay top dollare to lose money at that rate. Compensation pools at seven of the biggest U.
Truthout January 2, I do not expect to see any real recovery in the housing market until at least Bank of America will be forced into liquidation under the too big to fail provisions of the Dodd Frank Act.
On November 26,Foreclosure Radar recorded its millionth California foreclosure sale since January On average, more than California families have lost their homes every day since 4Q California foreclosure activity remains elevated, with more than 30, completed foreclosures each quarter, compared to less than 3, foreclosures in 3Q Since 4Q - the unofficial beginning of the economic crisis - through 4Qmore than 1.
More thanCalifornia families actually lost their homes to foreclosure during the same period. Ten of the top 20 metro foreclosure areas nationwide for were in California. For mortgages originated between andLatino and African-American homeowners in California experienced foreclosure rates 2.
In Santa Barbarians received notices of trustee sales and notices in Currently, one in three California owners with a mortgage is underwater. Santa Barbara has not escaped the housing collapse.schwenkreis.com has job listings for online media, newspapers, tv, radio, magazines, nonprofits, and academia.
In fact, mortgage loan officers don’t even need a bachelors degree, let alone a high school diploma to gain employment with certain brokers and mortgage lenders.
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