the-mortgage

Gretchen Morgenson: Banks Bad Mortgage Paperwork Isn’t Blowing Away

by T.J. Ortenzi on November 21, 2010

KUDOS to the Congressional Oversight Panel for publishing a thoughtful and thorough report last week on the mortgage documentation mess. It argued that, yes, in fact, these paperwork problems may have significant implications for banks, investors and the stability of the financial system.

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Gretchen Morgenson: Banks Bad Mortgage Paperwork Isn’t Blowing Away

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Complicated Chart Shows Who Owns Mortgage (CHART)

by on November 18, 2010

We all know the mortgage securitization process is complicated. But just how complicated? This chart from Zero Hedge shows the convoluted journey a mortgage takes as it morphs into a security. Dan Edstrom, of DTC Systems, who performs securitization audits, and who is giving a seminar in California next month, spent a year putting together a diagram that traces the path of his own house’s mortgage. “Just When You Thought You Knew Something About Mortgage Securitizations,” says Zero Hedge, you are presented with this almost hilariously complicated chart.

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Complicated Chart Shows Who Owns Mortgage (CHART)

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Man Makes Ridiculously Complicated Chart To Find Out Who Owns His Mortgage

November 16, 2010

We all know the mortgage securitization process is complicated. But just how complicated? This chart from Zero Hedge shows the convoluted journey a mortgage takes as it morphs into a security. Dan Edstrom, of DTC Systems, who performs securitization audits, and who is giving a seminar in California next month, spent a year putting together a diagram that traces the path of his own house’s mortgage. “Just When You Thought You Knew Something About Mortgage Securitizations,” says Zero Hedge, you are presented with this almost hilariously complicated chart. A controversy of allegedly shoddy paperwork has raised doubts about the legitimacy of foreclosures nationwide, eliciting complaints from homeowners and investors alike. The Congressional Oversight Panel, a bailout watchdog, released a statement Tuesday that says the scandal over alleged “robo-signers,” foreclosure processors who approve documents without reading them, “may have concealed much deeper problems” in the mortgage industry, HuffPost’s Shahien Nasiripour reports. Regulators will have their hands full. “[D]ecide how long you think it will take for Barney Frank and Eric Holder to sort everything out,” Zero Hedge says.

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Foreclosure Problems Creating ‘Seismic Legal Clash’ Across The Country

October 21, 2010

That clash — expected to be played out in courtrooms across the country and scrutinized by law enforcement officials investigating possible wrongdoing by big lenders — leaped to the forefront of the mortgage crisis this week as big lenders began lifting their freezes on foreclosures and insisted the worst was behind them. Federal officials meeting in Washington on Wednesday indicated that a government review of the problems would not be complete until the end of the year.

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Fannie’s & Freddie’s Roles In The Financial Crisis And Their Pursuit Of Countrywide

August 7, 2010

Outwardly, Fannie and Freddie wrapped themselves in the American flag and the dream of homeownership. But internally, they were relentless in their pursuit of profits from partners in the mortgage boom. One of their biggest and most steadfast collaborators was Countrywide, the subprime lending machine run by Angelo R. Mozilo.

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Video: Frenkel Says SEC Case Against Goldman `Very Defensible’: Video

April 25, 2010

April 26 (Bloomberg) — Jacob Frenkel, a former SEC lawyer now in private practice at Shulman Rogers Gandal Pordy & Ecker in Potomac, Maryland, talks with Bloomberg’s Susan Li about the Securities and Exchange Commission’s lawsuit against Goldman Sachs Group Inc. U.S. Democrat Senator Carl Levin released internal e-mails from Goldman Sachs on his website April 24 and said they show that the company “made a lot of money by betting against the mortgage market.” (Source: Bloomberg)

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Clayton Holdings Names Robertson Director Of Commercial Real Estate Services

January 5, 2010

and staffing services to the mortgage industry, has hired Edward S. Robertson as managing director of its commercial real estate services. Robertson brings more than 15 years of experience to Clayton’s commercial real estate group, including experience

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DOT-BOMBS GIVE WAY TO REAL ESTATE, JOBS IMPLOSION (The Naperville Sun)

January 2, 2010

Can it really be 10 years since we were stocking our cellars in anticipation of Y2K? We should have been stocking our retirement funds, paying down the mortgage and hugging young family members who would shortly be called off to war — or wars.It’s amazing how silly the preoccupations of the moment can look years later. Ten years ago, housing prices only went up, Internet stocks were sure-fire …

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DOT-BOMBS GIVE WAY TO REAL ESTATE, JOBS IMPLOSION (The Herald News)

January 2, 2010

Can it really be 10 years since we were stocking our cellars in anticipation of Y2K? We should have been stocking our retirement funds, paying down the mortgage and hugging young family members who would shortly be called off to war — or wars.It’s amazing how silly the preoccupations of the moment can look years later. Ten years ago, housing prices only went up, Internet stocks were sure-fire …

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James Overstreet: Mortgage Crisis II looming? (Memphis Commercial Appeal)

November 7, 2009

The bear lurking $@ in the market continues to be the mortgage crisis — and it’s poised to attack again. Defaulting subprime mortgages mauled the economy in 2008, triggering the economic meltdown. Less risky mortgages (Alt-A and Option ARM loans) are scheduled to reset next year and in 2011. So the economy faces increasing foreclosures, higher housing inventories and more bank losses …

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Florida Commercial Real Estate Basics – Commercial Mortgages and …

November 4, 2009

Due diligence – before getting approved for the mortgage, your lender will usually investigate your financial health, which includes your credit worthiness and other background checks. 4. Other fees – broker fees and legal costs also …

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Judges Siding With Some Homeowners In Mortgage Court Fights

October 24, 2009

FOR decades, when troubled homeowners and banks battled over delinquent mortgages, it wasn’t a contest. Homes went into foreclosure, and lenders took control of the property. On top of that, courts rubber-stamped the array of foreclosure charges that lenders heaped onto borrowers and took banks at their word when the lenders said they owned the mortgage notes underlying troubled properties.

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Australia Will Extend Investment in Mortgage-Backed Securities, Swan Says

October 10, 2009

By Robert Fenner Oct. 11 (Bloomberg) — Australia will increase its investment in residential mortgage-backed securities, Treasurer Wayne Swan said in an e-mailed statement today. The Australian Office of Financial Management will support as much as A$8 billion of new issues “depending on market conditions,” Swan said. “This investment will provide a major boost to smaller lenders and promote competition in the mortgage market,” Swan said. To contact the reporter on this story: Robert Fenner in Melbourne at rfenner@bloomberg.net

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FHA: The Next Housing Bubble? Lawmakers Worry Agency Is Creating Another Boom

October 9, 2009

Reporting from Washington – In the wake of the mortgage meltdown, the Federal Housing Administration has emerged as a pillar of the still wobbly housing market — providing vital insurance that enables borrowers to qualify for loans with as little as 3.5% down. This year alone the agency has backed nearly 2 million mortgages worth at least $328 billion. It insured 21.5% of all new mortgages last year, up from fewer than 6% in 2007.

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Matt Taibbi: "Mortgage Market Was A Giant Criminal Enterprise"

September 22, 2009

The court ruled that the electronic transfer system used by the private company MERS, a clearing system for mortgages, similar to a depository, that is used for about half the mortgage market is fundamentally unreliable, and any mortgage sold and/or transferred through MERS can’t be foreclosed upon, at least not in Kansas.

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BlackRock’s Fink Says Obama Rules Threaten Markets (Update1) (Bloomberg)

September 18, 2009

Sept. 18 (Bloomberg) — BlackRock Inc. Chairman Laurence Fink said Obama administration programs to help homeowners stave off foreclosure may hinder the recovery of the mortgage market while benefiting banks that own second loans on the properties.

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BlackRock’s Fink Says Obama Loan Rules Threaten Mortgage Market (Bloomberg)

September 18, 2009

Sept. 18 (Bloomberg) — BlackRock Inc. Chairman Laurence Fink said Obama administration programs to help homeowners stave off foreclosure may hinder the recovery of the mortgage market while benefiting banks that own second loans on the properties.

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Wall Street Gambles Again: Bankers To Buy Up Life Insurance Policies Of Ill And Elderly

September 5, 2009

After the mortgage business imploded last year, Wall Street investment banks began searching for another big idea to make money. They think they may have found one. The bankers plan to buy “life settlements,” life insurance policies that ill and elderly people sell for cash — $400,000 for a $1 million policy, say, depending on the life expectancy of the insured person.

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