House approves federal whistleblower protections When a bank makes a new loan, it can quickly sell it off to investors at a relatively high price, analyst Dick Bove of Rochdale Securities said.īanks are trying to make up for the reduced margins by making more loans Federal Reserve plans to buy up to $40 billion of mortgage-backed securities each month for as long as it takes for unemployment to fall.īanks benefit from the fees they get from closing loans, but also from the fact that investors want more mortgages than lenders can easily make. One of the few businesses working well for the biggest banks these days is the same one that got them in trouble just five years ago: mortgages. Long toxic, mortgages now seen boosting U.S.
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Videos on: Voir Dire, How to Offer Documentary Evidence, How to AdmitĮvidence for Trial, How to Make Objections and Laying Proper Foundation for Exhibits Without title, the homeowner will find it difficult to do anything with the property, such as negotiate a loan modification, short sale, or refinance a loan, Wiener said. “Unless the trustees voluntarily transfer the properties back to the homeowners - execute and record a deed conveying the property - the homeowner is no longer the record title owner,” Wiener said. “This is going to be a huge mess for homeowners who transferred their properties,” said Boca Raton real estate attorney Marlyn Wiener. Scores of homeowners unsure how to get back title from trustsįor some, it was the last hope to keep their homes and so they listened to the pitch rather than their gut. Servicers are also reporting these phony extinguishments of debt to the IRS as if they were actual debt forgiveness, so the consumers will have an uphill battle proving that the banks have done themĭirty by misreporting for fun and profit. Morgenson has unearthed multiple instances where the banks have sent out cheery letters saying they are wiping out consumers’ debts, when those debts in fact are long gone. The most egregious version is the one fingered by Morgenson, that of debts that were already erased in bankruptcy. But the banks look to be taking debts that were uncollectable, from a legal perspective, and claiming credit nevertheless.
One of the ways banks can earn credits toward the remainder of the balance is by extinguishing first and second liens. “But I think it’s really wrong to be foreclosing on mortgages you don’t own and relinquishing debt you don’t own.”Ĭomment to above article Blatant Violation of Mortgage Settlement Elicits Predictable Limp-Wristed Response From Mortgage Monitor “I never thought in my wildest dreams that the banks would do this properly,” Mr. He says four of his other clients have recently received letters from banks claiming to forgive discharged debt. Esposito and her husband in their bankruptcy. Neil Crane is a lawyer in Hamden, Conn., who represented Ms. “They should not be in charge of fixing problems they helped create.” “There is no chance that this group of institutions can help homeowners,” Mr. Esposito said, but it is happy to help byįorgiving a loan that has already been discharged and releasing a lien that is already V Deutsche National Trust Company, Trustee, et al.),Ī Sign of Foreclosure Flaws, Suits Claim Break-Ins by Banks (involving a California homeowner) (for a copy of the resulting federalĬhase won’t help her modify her loan, Ms. Lawsuit and accompanying Exhibits, see Rought Recently purchased home, gutted by property removal service (involving a Michigan homeowner) (for a copy of the resulting federal If you coming in here, you won't beįor examples of filed lawsuits involving illegal bank break-in,Īdmits mistake on Willcox home foreclosure (involvingĪn Arizona homeowner) (for a copy of the resulting federal lawsuit, see Newmanīedford Couple Suing Bank Of America) (involvingĪ Massachusetts resident with a home in Florida) (for a copy of the On the door of the home Friday was a hand written note that reads " This is private property. The woman asked if she could get her items back from storage because they were supposed to be held for 30 days, but according to the police report she was told the items had been destroyed. Handed, Egregious Conduct For Pre-Sale Lockout High Court OKs $1M+ Damage Award To Homeownerĭue To Mortgage Company Misidentification OfĢ008 Nev. Guidance on how much their cases might be worth Their confederates) and seek some possible Wrongful lockouts by foreclosing lenders (and
Those homeowners who've been screwed over by
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