Judicial Branch saves US Private Property Rights, MASS Supreme Court throws out ‘securitized servicer foreclosures’ by Wells and US Bank in Ibanez, LaRace cases

Update: Full ruling here. And some appropriate theme music from Judas Priest~

Update 2: From the ruling:

Focusing first on the Ibanez mortgage, U.S. Bank argues that it was assigned the mortgage under the trust agreement described in the PPM, but it did not submit a copy of this trust agreement to the judge. The PPM, however, described the trust agreement as an agreement to be executed in the future, so it only furnished evidence of an intent to assign mortgages to U.S. Bank, not proof of their actual assignment. Even if there were an executed trust agreement with language of present assignment, U.S. Bank did not produce the schedule of loans and mortgages that was an exhibit to that agreement, so it failed to show that the Ibanez mortgage was among the mortgages to be assigned by that agreement. Finally, even if there were an executed trust agreement with the required schedule, U.S. Bank failed to furnish any evidence that the entity assigning the mortgage–Structured Asset Securities Corporation–ever held the mortgage to be assigned. The last assignment of the mortgage on record was from Rose Mortgage to Option One; nothing was submitted to the judge indicating that Option One ever assigned the mortgage to anyone before the foreclosure sale. [FN19] Thus, based on the documents submitted to the judge, Option One, not U.S. Bank, was the mortgage holder at the time of the foreclosure, and U.S. Bank did not have the authority to foreclose the mortgage.

Continues after the break:

(more…)

January 7, 2011. Tags: , , , , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Popular Culture, TARP, Unemployment Statistics, Wall St. Comments off.

Housing: Bankruptcy Cramdown/Judicial Modification Amendment in Financial Regulation bill; Frank okays CBC Amendment for 3 billion in loans to unemployed homeowners, also allows HUD to fund states’ HEMAP programs…

Lots of action taking place ahead of the House vote on Financial Regulatory Reform. Much of it focused on housing.

MarketWatch has a rundown, they call this a CBC idea, but Barney floated it himself months ago:

Responding to concerns from the Congressional Black Caucus, House Financial Services Committee Chairman Barney Frank has attached a provision to broad bank regulation reform legislation that would allocate $3 billion in bank bailout funds to help unemployed homeowners stay in their homes. The provision is expected to be included in major bank reform legislation, which is set for three days of consideration by the House of Representatives beginning Wednesday evening.

…The House Rules Committee is scheduled to debate and decide which amendments will be permitted to be considered on the House floor at meetings Tuesday and Wednesday. Read amendments here.

...Frank agreed to allocate $3 billion in additional funds from the $700 billion Troubled Asset Relief Program for emergency mortgage relief for unemployed homeowners. Already $50 billion in TARP funds is being used for an Obama administration mortgage modification program.The measure would allocate the funds to the Department of Housing and Urban Affairs, which would use the funds to give out fixed-rate, low-interest loans to unemployed people facing foreclosure. However, the aggragate amount of assistance for any homeowner is prohibited from exceeding $50,000.

The program also allows the HUD secretary to allow funds to be administered by a state with a similar program. For example, HUD may have authority to provide TARP funds to the Pennsylvania-based Homeowners’ Emergency Mortgage Assistance Program, or HEMAP, which gives government bridge mortgage loans to people who have recently lost their jobs. Under HEMAP, loans do not accrue interest until the participant’s income is restored.

Frank also attached a provision that would provide an additional $1 billion in TARP funds for an existing neighborhood stabilization program…

Go read the whole piece for more on the bankruptcy cramdown amendment, which may face better odds in the Senate this time around given the failure of the HAMP program and the imminent second leg down in housing.

December 8, 2009. Tags: , , , , , , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St. 1 comment.

Housing Update: Bankruptcy Cramdown/Judicial modification effectively ‘dead’ in the Senate…

Cram down looks to be dead, WOTS is Tiny Timmeh and TOTUS weren’t really supporting it. Wonder if they used it as a stick to get JPMC and TARP friends to roll over on Chrysler huh…

Anywho if you are in Phoenix Metro and you need assistance with mortgage modification and the many Team Obama plans, Congressman Harry Mitchell has responded to a barrage of requests and is hosting a gathering this Saturday, May 2nd to help people get through the paperwork. MiM will post details shortly…

From Diana Olick:

Although the Senate vote hasn’t actually taken place (expected mid-afternoon) bankruptcy “cram down” is effectively dead on the Hill for the time being. The 60 votes needed are simply not there. This is the measure, approved by the House, to allow bankruptcy judges to modify home loans, including writing down the principal on those loans. The banking industry has been wildly opposed to it, claiming that the provision would cast uncertainty over the value of all home loans, and thereby raise interest rates for everyone….

-snip-

First, despite President Obama’s endorsement of the idea during his campaign and his adding the proposal to his overall housing rescue plan once he was in office, the administration did not really get behind it. My source tells me, “privately Treasury officials have not been enthusiastic.

Go read the whole post, Diana Olick is on top of Housing updates….

April 30, 2009. Tags: , , , , , , , , , , , , , , , , , . Economy, Foreclosures, Housing, Obama Administration, Politics, Uncategorized. Comments off.

The Critters are Back in Town: Bankruptcy Cramdown/Judicial Modification Bill Update…

*

The Congress Critters are Back in Town!!!

As the Critters roll back into town to do mayhem, cramdown/judicial modification is on the top of the list. Our previous posts on the housing cramdown/modification began in February, soon after we came online here . Also we followed the issue here and here and  here and  here and  here and  here

If you live in the sunbelt, take note, Timmeh threw us under the bus in the TARP Oversight Cmte hearing today. When asked specifically about mortgage refinancing and modification in CA, NV, FL, AZ and even IL was mentioned, specifically, Geithner was asked about these areas in which homeowners are underwater due to the precipitous drop in valuation (and many of us did nothing wrong, our neighborhoods are being dragged down in comps by empty houses that in many cases were purchased on spec by ‘flippers’ who do not even live in the area…

He also made clear he has NEVER worked in the private sector, Gawd Help Us!!!

So Geithner when pressed about all these homes, (which are continuing to add to inventory, thereby preventing a housing bottom from forming, and preventing the construction recovery we will see after that housing bottom is put in), and whether the Administration was relying on the bankruptcy cramdown legislation and asked were there any other plans to address these homes should that legislation stall/fail..Geithner said no, we are revamping Hope for Homeowners (the useless plan Barney Frank and Hank Paulson put out that at last word helped a whopping 57 people)..

Timmeh also suggested those underwater were irresponsible stating the Team Obama plans were mainly for responsible homeowners. I  am sure that comforts CA, NV, AZ, FL and IL..WTH??? And the worst part is Timmeh did not GET the SIGNIFICANCE of the question clearly. Does he not understand the POINT of these half assed plans is to STABILIZE HOUSING and GET A BOTTOM IN so we can RECOVER??

EGADS AND ODDBODKINS!

housesforsale

‘we will get that Geithner testimony up shortly..here is the latest on cramdown…

Diana Olick on the Housing Beat for CNBC:

Despite the fact that the press representative in Senator Dick Durbin’s (D-IL) office tells me “negotiations are still underway,” several outlets are reporting that the Senate version of the so-called bankruptcy “cramdown” bill is imminent. The house passed legislation in March allowing bankruptcy judges to modify home loans, with a couple of caveats, the main one being that the borrower had to have exhausted all possibilities for modification with his/her lender.

Now we’ve already discussed ad nauseam the main argument against the idea, which is that it would throw into question the value of all mortgages, and therefore raise the cost of a mortgage for everyone else. So far only Citigroup has said it would support such a bill, but supposedly the other big guys, like JPMorgan Chase and Wells Fargo are heavy in the negotiations. The lobby against is strong, and banks, while down, are certainly not out in the beltway bargaining game….

Financial-Planning.com:

The pace of hearings, votes and new legislation aimed at reining in banks or adding further restrictions to those that received government rescue funds is only likely to increase ahead of the next congressional break in five weeks.

“We are fighting battles on many fronts,” said Scott Talbott, the head lobbyist for the Financial Services Roundtable. “The frenetic pace will continue. Congress will pick up right where they left off.”

A key battleground remains a bill that would let judges cram down debt on primary mortgages in bankruptcy proceedings. Though the bill passed the House last month, it has remained stalled in the Senate, where its chief sponsor, Sen. Richard Durbin, D-Ill., is continuing to negotiate with large banks on a deal.

So far only Citigroup Inc. has agreed to support the bill, cutting a deal in January that would limit it to covering existing mortgages. Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. are said to be in discussions with Sen. Durbin about ways to further limit the bill.

Though no deal had been reached by press time and was unlikely to be reached before lawmakers’ return, a number of lenders have been pushing to exclude loans from bankruptcy cramdown if the mortgage was eligible for President Obama’s foreclosure plan or the Hope For Homeowners program.

WSJ:

…Congress is also still trying to advance a mortgage-cramdown bill that would hammer the value of already distressed mortgage-backed securities, and now the Administration is talking up legislation to curb credit-card fees and interest. Both of these bills would damage bank profits, but large government ownership stakes would leave the banks helpless to oppose them. (See Citigroup, 36% owned by the feds and now a pro-cramdown lobbyist.)…

Huliq:

A recent opinion piece in the Wall Street Journal claims that Senate Assistant Majority Leader, Dick Durbin, is using his control of the Senate calendar to break down resistance to a change in the bankruptcy laws that was passed in the House or Representatives but stalled in the Senate by the threat of filibuster.

According to the Journal, Durbin is blocking a bill favored by banks to expand “…the FDIC’s line of Treasury credit to $500 billion from $30 billion. That extra credit might ease the FDIC’s proposed deposit-insurance fee increase for banks…”…

*Thin Lizzy courtesy of cawright1

On the Tube, 1983. Great performance by Phil and the lads!

April 22, 2009. Tags: , , , , , , , , , , , . Economy, FDIC, Finance, Foreclosures, Housing, Music, Obama Administration, Politics, TARP, Uncategorized. Comments off.

Update 2: Centrist Dems argue over bill changes as Durbin tries to limit cramdowns to ‘exotic subprime loans” only at banks request…..Housing: House Bankruptcy Cramdowns/judicial modification bill

UPDATE: AP and El Rushbo just reported Moderate Dems having closed door dispute with Speaker and Bill Sponsors over how this cramdown legislation will affect currently struggling homeowners..if this doesnt help anyone but  EXOTIC Subprime loans, then it is a STUPID people rescue or the Irresponsibility Act of 2009 and really if you listen to things Robert Reich said about making sure the stimulus jobs dont go to white engineers, then you start to question what social engineering they are doing here…

CALL YOUR CRITTERS FOLKS

A dispute among House Democrats stalled legislation Thursday to let bankruptcy judges reduce the principal and interest rate on mortgages for debt-strapped homeowners.

It hit a snag after a group of moderates expressed concerns in a closed-door meeting of House Democrats about how the bill would affect homeowners who are still struggling to make their mortgage payments.

The banking industry has lobbied hard against the measure, mounting a successful multimillion-dollar effort last year to kill it.

This year, mortgage industry players who are scrambling to narrow the scope of the measure to reduce its potential cost for banks have won some key concessions. House Democrats agreed to limit the measure to existing loans made before the bill is enacted and to borrowers who can show they tried other ways of modifying their home loans before resorting to bankruptcy, among other changes.

But banks want to go much further, restricting the bill only to subprime or other exotic loans.

Centrist House Democrats who have been working closely with the financial services industry to scale back the bill balked at supporting it on Thursday after a news report suggested that Sen. Dick Durbin, D-Ill., the lead sponsor of the bankruptcy measure in the Senate, was willing to limit it only to subprime mortgages. The Senate is expected to take up the legislation within two weeks.

In the House, Rep. Ellen Tauscher, D-Calif., the head of the business-minded New Democrat Coalition, raised concerns during the private session that the measure omitted help for homeowners who aren’t staring at bankruptcy but are buckling under burdensome mortgage payments.

House leaders said they had postponed a vote until Tuesday to give Democrats time to meet with Obama’s housing secretary, Shaun Donovan, about how the measure fits with his housing plan.

“There’s an equity question here,” said Rep. Ed Perlmutter, D-Colo., another member of the coalition. “The discussion has got to be, what’s the benefit to the guy next door who is struggling to pay the bills, is paying the bills and isn’t filing for bankruptcy?”

More clips from the Speaker

LIVE ON CSPAN

Expected to vote on this today

Here is what the Critters have been up to this morning:

Continues after the break

(more…)

February 26, 2009. Tags: , , , , , , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Music, Obama Administration, Politics, Uncategorized. 4 comments.

Breaking: New House ‘Housing’ Bill contains cramdown/judicial mortgage modification provision…

UPDATE: Reuters has it up:

U.S. bankruptcy judges would get power to modify home loans and mortgages services who alter loans would win protection from bondholder lawsuits under a bill to be considered by U.S. lawmakers later this week, sponsors of the legislation said on Monday.

The Hill:

House Democratic leaders may bring the bill to the floor for a vote on Thursday. The bill is sponsored by House Judiciary Committee chairman John Conyers (D-Mich.) and House Financial Services Committee chairman Barney Frank (D-Mass.)….

…The House bill says that a homeowner must have “attempted” to contact the lender or servicer before heading to a bankruptcy proceeding, but it does not require that the lender has received all the information. The bill also does not appear to limit the value of a mortgage that a judge can write down, which the financial services industry says opens the process up to far too many homeowners.

While most of the financial services industry opposes the cramdown provision, Citigroup earlier this year came out in favor of a form of the legislation in a negotiation with Sens. Dick Durbin (D-Illinois) and Chuck Schumer (D-N.Y.).

For some reason I always hear this song in my head when I think of mortgage cram downs…heh

Per CNBC chyron on Kudlow LIVE:

House ‘Housing’ Bill provisions include:

Upping FDIC credit line from 30b to 100b

Let bankrupcty judges modify mortgages for ‘some’ 1st homes

Offer limited liability protection to firms that modify mortgages

Bill would permanently increase insured deposit limit to 250k

…MiM will follow up as soon as anything is released..

February 23, 2009. Tags: , , , , , , , , , , , , , , , . citigroup, Economy, FDIC, Finance, Foreclosures, Glam Metal, Hair Bands, Housing, Music, Obama Administration, Politics, Popular Culture, Wall St. 4 comments.

AZ MMJ Update: Gov Brewer files lawsuit endangering MMJ *NATIONWIDE*, asks Federal Judge for Declaratory Judgement on MMJ

(more…)

May 25, 2011. Tags: , , , , , , , , , , . Obama Administration, Politics, Popular Culture. Comments off.

Haunted Short Stories – 20 – ‘An Apparition’ by Guy de Maupassant (1883)

Courtesy of About.com: Classic Literature

The subject of sequestration of the person came up in speaking of a recent lawsuit, and each of us had a story to tell–a true story, he said. We had been spending the evening together at an old family mansion in the Rue de Grenelle, just a party of intimate friends. The old Marquis de la Tour-Samuel, who was eighty-two, rose,and, leaning his elbow on the mantelpiece, said in his somewhat shaky voice:

“I also know of something strange, so strange that it has haunted me all my life. It is now fifty-six years since the incident occurred, and yet not a month passes that I do not see it again in a dream, so great is the impression of fear it has left on my mind. For ten minutes I experienced such horrible fright that ever since then a sort of constant terror has remained with me. Sudden noises startle me violently, and objects imperfectly distinguished at night inspire me with a mad desire to flee from them. In short, I am afraid of the dark!

“But I would not have acknowledged that before I reached my present age. Now I can say anything. I have never receded before real danger, ladies. It is, therefore, permissible, at eighty-two years of age, not to be brave in presence of imaginary danger.

“That affair so completely upset me, caused me such deep and mysterious and terrible distress, that I never spoke of it to any one. I will now tell it to you exactly as it happened, without any attempt at explanation.

“In July, 1827, I was stationed at Rouen. One day as I was walking along the quay I met a man whom I thought I recognized without being able to recall exactly who he was. Instinctively I made a movement to stop. The stranger perceived it and at once extended his hand.

“He was a friend to whom I had been deeply attached as a youth. For five years I had not seen him; he seemed to have aged half a century. His hair was quite white and he walked bent over as though completely exhausted. He apparently understood my surprise, and he told me of the misfortune which had shattered his life.

“Having fallen madly in love with a young girl, he had married her, but after a year of more than earthly happiness she died suddenly of an affection of the heart. He left his country home on the very day of her burial and came to his town house in Rouen, where he lived, alone and unhappy, so sad and wretched that he thought constantly of suicide.

“‘Since I have found you again in this manner,’ he said, ‘I will ask you to render me an important service. It is to go and get me out of the desk in my bedroom–our bedroom–some papers of which I have urgent need. I cannot send a servant or a business clerk, as discretion and absolute silence are necessary. As for myself, nothing on earth would induce me to reenter that house. I will give you the key of the room, which I myself locked on leaving, and the key of my desk, also a few words for my gardener, telling him to open the chateau for you. But come and breakfast with me tomorrow and we will arrange all that.’

“I promised to do him the slight favor he asked. It was, for that matter, only a ride which I could make in an hour on horseback, his property being but a few miles distant from Rouen.

Story continues after the break:

(more…)

October 20, 2010. Tags: , , , , , . American Literature, English Literature, Entertainment, Fantasy, Fiction, Horror, Mystery, Popular Culture, Supernatural, Suspense. Comments off.

Next Page »

%d bloggers like this: