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Foreclosure Investigation

The question is: is this good politics or good legal practice... or both I suppose. "The attorneys general of all 50 U.S. states announced Wednesday that they are joining to probe mortgage loan servicers who are accused of submitting false affidavits, but they stopped short of calling for a...

The Foreclosure Mess and Compliance

Why is the foreclosure machinery of our nation's largest banks suddenly grinding to a halt? The "Produce the Note" movement, encouraging consumers to challenge the lender in foreclosure and make them produce the note. It's not about proving you are current on your mortgage. It's...

Does the End of the Foreclosure Freeze Mean the Problems are Solved?

As banks lift their foreclosure freezes, many people may assume that the banks have solved their problems in documenting foreclosures. I suggest this is not the case. To understand this, keep in mind one of the problems. This is that an electronic package of mortgages owned by Bank A might list...

Directors Beware! Next Crisis is Upon Us

Don't look now public company directors, but the next financial crisis may be upon us and it looks a lot like the 2008 crisis that was borne out of the housing bubble. Apparently, the underlying cause of the collapse of the mortgage-backed securities (MBS) and collateralized debt obligations...

NY Courts’ New Rule Could Slow Down Foreclosures

As reported on Law.com , the New York state court system has directed lawyers moving for foreclosures to file an affirmation that they have verified the accuracy of the papers they are filing in support of the foreclosure. While lawyers regularly operate under ethical obligations to ensure that the...

Recent Case: Bank’s Have to Prove Legal Right to Foreclose, Before They Foreclose

This should not be such an important decision. The fact that it is heralded as important shows how little is expected from banks in the way of legal documentation for their claims. Thus far into the great real estate meltdown, banks may have been able to get away with little or no proof that they...

Compliance and Foreclosures in Massachusetts

Why is the foreclosure machinery of our nation's largest banks grinding to a halt? Failure to follow the legal rules. In other words: Compliance Failure. The latest comes from my home state of Massachusetts. The state's highest court ruled that two foreclosures were invalid because they...