I happened to notice this news piece Friday:
Despite Settlement, BofA MBS Litigation Battles Go
On "Although
Bank of America Corp. has apparently moved past two legal actions it had been
battling, plaintiffs are still lined up around the block trying to collect on
losses from mortgage-backed securities investments.
The Charlotte,
N.C.-based company last week reached a $10.3 billion settlement with Fannie Mae
on $1.4 trillion in loans. BofA was also one of 10 servicers last week to settle
consent order requirements for foreclosure reviews with the Office of the
Comptroller of the Currency.
But the string of lawsuits pending against
the banking behemoth is nowhere near the end."
I personally have done probably 75 separate mortgage Securitization Audits where the Servicer or the Lender (who allegedly sold its interest in the loan to a Trust to be Securitiized - and I absolutely cannot believe what I have seen ... I was a lender a short 4+ decades and always had enormous respect for this Bank - not any more) ....
Thoughts about the residential real estate mortgage industry from a 40+ year insider eyewitness
Monday, January 14, 2013
Sunday, December 2, 2012
Busy Lately
I have been doing a terrible job keeping this Blog going lately - I thought of this little YouTube video (on the right) to describe how we've been doing at Cugno & Associates, busy but unlike Lucy & Ethel not overwhelmed, just lots of struggling homeowners to try and help their Lawyers beat back those that are trying wrongful foreclosures.
Contact us with questions, comments, and/or concerns.
Contact us with questions, comments, and/or concerns.
Sunday, September 30, 2012
Restarting our Newsletters
As many of you are aware, after I semi-retired from the Mortgage Banking business, I got a State teaching credential and stated up the on-line Secret! University Educational and Training facility, we published a popular monthly newsletter for a short 100 months in a row. During that period, I frankly enjoyed writing it; I intend to begin an e-mail campaign sending them out again monthly, beginning this next week. The topic will be whatever engages me here in the Foreclosure/Fraud Investigator while providing Foreclosure Defense Mortgage Securitization Audits. I have found his niche a fascinating one, with startling activity we see on an almost daily basis. If you had a 40+ year career, as a Senior Executive and Owner of a Nationwide Mortgage Banking firm like I have, then you too would be shocked at what we uncover Major Lenders & Investors doing to Homeowners still.
Please be sure you get your e-mail addess in to us, so we can be sure to include you in our publication's distribution list.
Please be sure you get your e-mail addess in to us, so we can be sure to include you in our publication's distribution list.
Saturday, September 15, 2012
Mortgage Securitizers! I Got Your Number !!
This is the latst version of the ending portion of our final Securitization Forensic Mortgage Loan Audit Reports lately (it seem to universially it them):
"Our Borrower and their Lawyer should be considering filing a Complaint against this wrongful foreclosing party, as their Mortgage Foreclosure lawsuit had no merit and has been rendered moot by the factual information we have uncovered. Plus of course, the Trust should be demanding a ‘buy-back’ from the Original Lender and/or its successor, since they apparently purchased this transaction with considerably faulty documentation.
It should be noted, during this period in the residential real estate mortgage lending industry, it looks like nearly everybody was playing 'fast and loose' with Borrower loans. What I think we have been able to piece together, is it appears the servicer ‘rings the bell’ when they notice they have a (securitized) Borrower loan that is delinquent and needs to get into the Foreclosure process. Next, somebody says “oops we need to get these Notes endorsed/sold and these Mortgage/DOT’s assigned to these various trusts immediately (which if course is far too late to be lawful), yet none of them seem to know, or care, what they’re doing is unethical, immoral and unlawful. Translated: 100% of these type audits we have done which were allegedly securitized, have significantly flawed documentation, just like this one."
Kinda amazing those 197 words seem to fit everyone of these kinds of audits!
"Our Borrower and their Lawyer should be considering filing a Complaint against this wrongful foreclosing party, as their Mortgage Foreclosure lawsuit had no merit and has been rendered moot by the factual information we have uncovered. Plus of course, the Trust should be demanding a ‘buy-back’ from the Original Lender and/or its successor, since they apparently purchased this transaction with considerably faulty documentation.
It should be noted, during this period in the residential real estate mortgage lending industry, it looks like nearly everybody was playing 'fast and loose' with Borrower loans. What I think we have been able to piece together, is it appears the servicer ‘rings the bell’ when they notice they have a (securitized) Borrower loan that is delinquent and needs to get into the Foreclosure process. Next, somebody says “oops we need to get these Notes endorsed/sold and these Mortgage/DOT’s assigned to these various trusts immediately (which if course is far too late to be lawful), yet none of them seem to know, or care, what they’re doing is unethical, immoral and unlawful. Translated: 100% of these type audits we have done which were allegedly securitized, have significantly flawed documentation, just like this one."
Kinda amazing those 197 words seem to fit everyone of these kinds of audits!
Tuesday, August 28, 2012
Judicial Foreclosure States Have Worst Foreclosure Rates
An interesting news piece this afternoon:
"Foreclosures were completed on fewer properties in July than during the month-earlier and year-earlier periods. Even the biggest foreclosure state slowed its activity. Non-judicial foreclosure states were dominant among states with the greatest number of filings, but the worst rates of foreclosure were in judicial foreclosure states.
The volume of U.S. foreclosures completed last month by mortgage servicers fell 6 percent from June. Improvement was a more significant 16 percent compared to July of last year.
During the 12 months ended July 31, completed foreclosures totaled 794,744, inching up from the previous month's 12-month total of 793,663."
"Foreclosures were completed on fewer properties in July than during the month-earlier and year-earlier periods. Even the biggest foreclosure state slowed its activity. Non-judicial foreclosure states were dominant among states with the greatest number of filings, but the worst rates of foreclosure were in judicial foreclosure states.
The volume of U.S. foreclosures completed last month by mortgage servicers fell 6 percent from June. Improvement was a more significant 16 percent compared to July of last year.
During the 12 months ended July 31, completed foreclosures totaled 794,744, inching up from the previous month's 12-month total of 793,663."
Friday, August 17, 2012
Foreclosure Defense Marketing
Sent out the Press Release with those positive success numbers I have shown you below, to a marketing list of Bankruptcy & Foreclosure Defense Lawyers across the Country. Like the last four monthly e-mails I have sent out (trying to get their attention), my 45% 'read rate' has continued to please me - however - converting those readers into looking deeper into our website, has pretty much escaped me so far; got OK numbers there but want better.
What I think I am learning is this simple fact: My target audience knows very little about my emerging industry (or may have had a bad experience or two themselves with other 'mortgage forensic auditors') and the real value our product can be for them, and by extension, their Client base of struggling homeowners.
Of course I recognize it's my job to explain what they can do with our report, and naturally, how we're different/better than Tom, Dick or Harry. When I explain to my college-aged Grand-daughter what Grandpa does, I tell her 'Grandpa is a Foreclosure Fraud Investigator Honey', her face then says HUH? - so I understand I need to explain this better.
Of course I recognize it's my job to explain what they can do with our report, and naturally, how we're different/better than Tom, Dick or Harry. When I explain to my college-aged Grand-daughter what Grandpa does, I tell her 'Grandpa is a Foreclosure Fraud Investigator Honey', her face then says HUH? - so I understand I need to explain this better.
Wednesday, August 8, 2012
FL Winding Down Foreclosure Law Firm Investigations
Even though no names were used in this industry news piece I saw this past Mondauy, I'm certain I have done Audits with clowns like these!
"Florida is winding down investigations into several law firms that were suspected of using forged and fraudulent documents in the foreclosure process. The lack of actions against these firms has raised the ire of some.
Florida Attorney General Bill McCollum announced in August 2010 that an investigation had been launched against three law firms that handled foreclosures for mortgage servicers. The firms were suspected of illegally speeding cases through the courts with botched foreclosure documents.
The number of investigated firms expanded, and only one of those firms has since agreed to a settlement with the state. In addition, the state is winding down investigations into the remaining firms."
"Florida is winding down investigations into several law firms that were suspected of using forged and fraudulent documents in the foreclosure process. The lack of actions against these firms has raised the ire of some.
Florida Attorney General Bill McCollum announced in August 2010 that an investigation had been launched against three law firms that handled foreclosures for mortgage servicers. The firms were suspected of illegally speeding cases through the courts with botched foreclosure documents.
The number of investigated firms expanded, and only one of those firms has since agreed to a settlement with the state. In addition, the state is winding down investigations into the remaining firms."
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