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Email a copy of 'Investor Syndicate Fires Warning Shot Across Trustee Bows' to a friend

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  • http://www.foreclosurehamlet.org/ Lisa

    >I find your blog deeply interesting and enlightening.You may wish to take a peek at the flip side of the coin, the equally defrauded homeowners at ForeclosureHamlet.org.The loan files that the Investor Syndicate seek won't reveal all they hope. Most of our loans are unrecognizable to us when we look at how they were presented in the prospectuses. My own full doc loan is listed in the trust's prospectus as a SISA. Not sure why. Many notes are showing up endorsed directly to the Trustees (http://www.scribd.com/doc/34762843/Deutsche-Bank-as-Trustee-Endorsement-unnamed-trust) Surely something odd is afoot! Investors, insurers, borrowers……….all defrauded on over inflated/rated/appraised values of what were were hoodwinked into purchasing.LisaForeclosureHamlet.org

  • http://foreclosureblues.wordpress.com/ Foreclosureblues

    >It's a beautiful thing.

  • http://Anonymousnoreply@blogger.com Anonymous

    >Gretchen Morgensen, NYT's superlative financial reporter, says that according to unnamed investigators, MBS issuers hired analytic firms to conduct due diligence on underwriting of suspect loans. (http://www.nytimes.com/2010/07/25/business/25gret.html?ref=business) They then used this information to leverage lower prices on the mortgages they bought from originators like New Century. In other words, the MBS issuers knew that they were in violation of warranties and representations to MBS bondholders, but not only failed to remedy the violations, but used the information for self-gain. That practice looks like fraud by the MBS issuers – with potential for punitive damages against them. If the practice was widespread and rises to the level of fraud, the largest issuers may have to set aside much higher reserves.

  • http://Anonymousnoreply@blogger.com Anonymous

    >Why are there no set-offs for forelcosures in the investor lawsuits? Are the monies made through foreclosure sales not paid to the investors? If so, that means that the servicer is the one with largest gain in this scheme. The servicer holds the most power – it is the servicer that can approve a modification (look at the PSA), yest they pass the buck and blame the investor for not being able to modify. At the same time, the servicer is paying the principal and interest on the defaulted loans to keep up the appearance that the loan is current. Upon foreclosure, it is the servicer that gets paid first.

  • http://www.blogger.com/profile/11501168638041947453 Isaac Gradman

    >The monies made through foreclosure sales are paid to investors… eventually. The problem is, that there are many costs and fees associated with foreclosure that are first taken out of any foreclosure recovery. There are also late fees and other delinquency fees that servicers assess to borrowers that are also, as you point out, paid back to the servicer first off the top of any foreclosure recovery. This means that the recovery through foreclosure is often HALF of the original appraised value of the home, meaning major losses for investors. That is why investors would prefer, if there is no viable loan modification alternative, that the servicer foreclose quickly on borrowers who cannot meet their payments, thus preserving as much of the corpus of the collateral as possible.

  • http://www.ritholtz.com/blog/2011/05/fdic-sues-lps-and-corelogic-over-appraisal-fraud-shows-investors-leaving-money-on-the-table/ FDIC Sues LPS and CoreLogic Over Appraisal Fraud; Shows Investors Leaving Money on the Table | The Big Picture

    [...] by nature, and too afraid of getting sued to even peek out from behind the rock? Maybe this is why investors don’t want to reveal their holdings in MBS – they’re afraid that if unions or other organized groups of pensioners realized that their [...]

  • http://financenews.site90.com/blog/fdic-sues-lps-and-corelogic-over-appraisal-fraud-shows-investors-leaving-money-on-the-table/ FDIC Sues LPS and CoreLogic Over Appraisal Fraud; Shows Investors Leaving Money on the Table | Finance News

    [...] by nature, and too afraid of getting sued to even peek out from behind the rock? Maybe this is why investors don’t want to reveal their holdings in MBS – they’re afraid that if unions or other organized groups of pensioners realized that their [...]

  • http://bailout.topnewsdigest.com/2011/05/fdic-sues-lps-corelogic-appraisal-fraud-shows-investors-leaving-money-table/ FDIC Sues LPS and CoreLogic Over Appraisal Fraud; Shows Investors Leaving Money on the Table | Bailout and Financial Crisis News

    [...] by nature, and too afraid of getting sued to even peek out from behind the rock? Maybe this is why investors don’t want to reveal their holdings in MBS – they’re afraid that if unions or other organized groups of pensioners realized that their [...]

  • http://livinglies.wordpress.com/2012/02/24/investors-getting-wise-to-conflict-of-interest-with-banks-and-servicers/ Investors Getting Wise to Conflict of Interest With Banks and Servicers « Livinglies's Weblog

    [...] debt fund Baupost Group (aka Walnut Place), and TM1, to name a few; Talcott Franklin, who created the Investor Clearinghouse and represents Knights of Columbus in its lawsuit against Bank of New York Mellon; and Bernstein [...]

  • http://challengeyourmortgage.info/blog/news/investors-getting-wise-to-conflict-of-interest-with-banks-and-servicers Investors Getting Wise to Conflict of Interest With Banks and Servicers

    [...] debt fund Baupost Group (aka Walnut Place), and TM1, to name a few; Talcott Franklin, who created the Investor Clearinghouse and represents Knights of Columbus in its lawsuit against Bank of New York Mellon; and Bernstein [...]

  • http://www.opiso.com/2012/03/08/investors-getting-wise-to-conflict-of-interest-with-banks-and-servicers/ OPISO » Investors Getting Wise to Conflict of Interest With Banks and Servicers

    [...] debt fund Baupost Group (aka Walnut Place), and TM1, to name a few; Talcott Franklin, who created the Investor Clearinghouse and represents Knights of Columbus in its lawsuit against Bank of New York Mellon; and Bernstein [...]

  • http://www.subprimeshakeout.com/2011/05/fdic-sues-lps-and-corelogic-over-appraisal-fraud-shows-investors-leaving-money-on-the-table.html FDIC Sues LPS and CoreLogic Over Appraisal Fraud; Shows Investors Leaving Money on the Table | The Subprime Shakeout

    [...] by nature, and too afraid of getting sued to even peek out from behind the rock? Maybe this is why investors don’t want to reveal their holdings in MBS – they’re afraid that if unions or other organized groups of pensioners realized that [...]

  • http://www.ritholtz.com/blog/2012/09/investor-end-games-all-is-not-well-in-the-garden/ Investor End Games: All Is Not Well in the Garden | The Big Picture

    [...] to have standing mean that investors must band together to make any progress.  There have been several efforts to do so on behalf of investors, but most have fallen apart, save for attorney Kathy Patrick’s efforts on behalf of 22 [...]