The office of the Attorney General of the State of Florida has made a Powerpoint presentation (and posted it on Scribd) of the abuses that it has found in Florida Foreclosure-gate. It details the delegation of powers of attorney and signature powers to foreclosure attorneys and clients in servicers, multiple cases of different robo-signing irregularities, creation illegitimate documents, falsification of affidavits. I would be VERY surprised if the Florida AG does not pursue criminal and conspiracy to commit fraud cases in 2011. . . . → Read More: Florida Attorney General has a presentation on Foreclosure Abuses
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The NYT had an article on people who actually got a job this year. The bottom line: you need to lower your standards. The path to getting a new job is hard and jobs are not what you wanted. The closing quote: [Adam Kowal whose] hourly wage has fallen from $15 an hour at the warehouse to $10.50 an hour washing dishes and . . . → Read More: Your desire for a future job? Pretty farfetched… While Foreclosuregate grinds on and homeowners are put out of their homes its good to know that the Execs at Fannie and Freddie have more big paychecks coming at them. Fannie (FNMA) CEO Michael Williams and Freddie (FMCC) chief Charles Haldeman each stand to make some $6 million this year, going by company filings that broadly outline 2009 pay and 2010 guidelines. Using . . . → Read More: Fannie and Freddie Execs take home millions Bank of America has not yet seen the bottom of the hole that it dug itself when it purchased Countrywide. A report today add Allstate insureance to the growing list of companies that have sued BofA for the fraud perpetrated on them by the RMBS’ sold to them by Countrywide. Nasdaq reports: Insurance company Allstate Corp. sued mortgage- originator Countrywide Financial Corp., now . . . → Read More: Allstate queues up at the BofA trough Is it only me or is this a weird report? Both of the protagonists are majority owned by the US taxpayer, and yet they settle debts in order to hide the disclosure of the true amounts of bad loans which Ally (the bank formerly known as GMAC) stuffed into RMBS’ which have been sold to Fannie Mae. Is this just a way for the US government and its hedge fund partners in Ally to clean up the books and lower risk so as to polish up the IPO? As a result neither Ally nor Fannie Mae need to make adjustments for the crap mortgages on their balance sheets … at this time. . . . → Read More: Robbing Peter to pay Paul – Ally pays Fannie for stuffing them with bad loans The Connecticut Watchdog.com posted another doozy of a story on the total dysfunction of BofA. In an article ‘Bank Of America’s Christmas present: Foreclose Even Though Not A Payment Missed George Gombassy reported: Bank of America notified Shock Baitch and his wife that foreclosure action will start today – Christmas eve – unless the couple agrees to put their home up for a forced sale. Another unit of Bank of America erroneously reported to credit agencies that the family was seeking a loan modification, ruining their credit rating and as the result putting their mortgage into default. In a nutshell, the other creditors will not reinstate the old credit limits because they use the current credit reports, BofA will not help because they use the current credit reports, and monthly minimum payments have more than doubled because of the BofA’s errors. . . . → Read More: Bank of America’s Christmas Present Judges in Florida have been particularly notorious, and new rulings show at least some members of the Florida judiciary seem more committed to speeding foreclosures through to completion than anything else. For example, Florida’s infamous “rocket dockets,” in which a foreclosure case can take mere seconds or a few minutes to complete, continue. The Florida Supreme Court acted last February to improve the integrity of its process by requiring foreclosing banks to verify the accuracy of their attorneys’ filings, the rule was widely ignored. Attorneys claimed it wasn’t yet in effect. So the Florida Supreme Court clarified in June that the rule was indeed in effect. . . . → Read More: Florida judges ignore their own State Supreme court in facilitating foreclosure Many pundits like to excoriate people who supposedly cheated by buying houses while misstating their income. However, it is clear to many studying the current economic crisis that the processes and systems at the major banks are weak. In many instances they are civilly and perhaps criminally negligent, and in some cases fraudulent behavior on the part of banks, servicers, and their lawyers has been noted. An article today in the Huffington Post by Mary Bottari called Trapped in Bank of America Hell the case of one normal middle class family which has always been on time in its mortgage payments is told. . . . → Read More: Foreclosuregate: Bank of America mess Bloomberg reports that housing values are set to decline another $1.7 Trillion in 2011. This is on top of the already realized losses of $9 Trillion. This year’s estimated decline, more than the $1.05 trillion drop in 2009, brings the loss since the June 2006 home-price peak to $9 trillion, the Seattle-based company said today in a statement. The drop in home values . . . → Read More: Housing declines still not at bottom In a case in Pennsylvania the judge in a foreclosure found the the bank and the lawyers ‘had not been honest with the court.” Bank of America/Countrywide used lawyers who did not supervise non-lawyers or read the documents it submitted to the court. It also did not send letters unilaterally changing the home owners mortgage to her or to the bankruptcy court handling her affairs. And when they later tried to foreclose manufactured letters purporting to be notifications of the modifications after the fact. . . . → Read More: Foreclosuregate: Bank and lawyers lie to a court in Pennsylvania and get caught |
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