Free Republic

The national faulty foreclosure crisis that could extend the real estate turmoil for years, has been traced back to a modest Denmark, Maine home with a $474 monthly mortgage payment. The house was purchased for $75,000 seven years ago by Nicolle Bradbury. But when she lost her job about two years ago she was unable to continue making her payments. But unlike millions of others who just closed their eyes and waited until the lender foreclosed and evicted them, Bradbury contacted a legal assistance center when her foreclosure notification came, the New York Times’s David Streitfeld reported. And at the...

The foreclosure mess was bad? But it gets so much worse once you start adding in a whole bunch of parallel messes in the world of mortgage bonds. For instance, as Tracy Alloway says, mortgage-bond documentation generally says that if more than a minuscule proportion of notes in a mortgage pool weren’t properly transferred, then the trustee for the bondholders can force the investment bank who put the deal together to repurchase the mortgages. And it’s looking very much as though none of the notes were properly transferred. But that’s not even the biggest potential problem facing the investment banks...

Most Wanted: BARNEY FRANK - - also known as “Not Me!,” “Uh-uh-no,” and “The Denier,” is wanted for serious offenses against the American People. Frank and his gang are responsible for financial misdeeds which have cost the American taxpayer $985,000,000,000.00 THIS YEAR ALONE! Pending charges include:

One illegal alien was arrested this year in Tucson after allegedly using a stolen social security number to buy two homes and rack up over $780,000 in bad debt. Some five million fraudulent home mortgages are in the hands of illegal aliens, according to the U.S. Department of Housing and Urban Development. It's not known how many of those have contributed to the subprime housing mortgage meltdown, but it has affected every state, including Arizona. The problem began years ago when banks were forced to give mortgages without confirming social security numbers or borrower identification. As a result, illegal immigrants...

Sweetheart mortgages given by Countrywide Financial, the nation’s biggest mortgage lender, to elected officials and government bureaucrats seem tailor-made for an ethics inquiry by Congress, especially as the country is seeing a rising tide of voter anger in this presidential election year due to the massive $300 bn bailout of the housing industry at taxpayers’ expense. The mortgages at issue were allegedly given to Congressional members and staffers championing this record bailout, a bailout that now surpasses the taxpayer cost of the S&L crisis in the late ‘80s and early ‘90s. But Rep. Darrell Issa (R-Calif.) and Rep. Mark Souder...

District Attorney Scott Storey of Jefferson County, Colorado is one busy lawman. The local housing market is chock full of mortgage fraud varmints. One particularly pesky ring, operating for roughly 5 years, recruited hundreds of illegal immigrants to act as “straw buyers,” the lowest players in the mortgage fraud game. Ringmasters were mortgage brokers, realtors, and loan officers in local banks. Straw buyers were supplied with stolen identities, including drivers licenses, social security cards, and income tax returns. Some were given green cards of legal immigrants. What couldn’t be stolen was forged. False docs in hand, straw buyers obtained mortgage...