Democracy Now! – Joe Nocera on “All the Devils Are Here: The Hidden History of the Financial Crisis”
From Democracy Now!:
From Boing Boing:
Cory Doctorow at 9:36 AM Sunday, Nov 21, 2010
This insanely complex chart represents securitization auditor Dan Edstrom’s best attempt to figure out who actually owns his mortgage: “The following flow chart reverse engineers the mortgage on the Ekstrom family residence. It took Dan over one year to take it this far and it clearly demonstrates what happens when there are too many lawyers being manufactured.”
Just When You Thought You Knew Something About Mortgage Securitizations (Thanks, Mr. Tough!)
From Rolling Stone:
Retired judges are rushing through complex cases to speed foreclosures in Florida
The foreclosure lawyers down in Jacksonville had warned me, but I was skeptical. They told me the state of Florida had created a special super-high-speed housing court with a specific mandate to rubber-stamp the legally dicey foreclosures by corporate mortgage pushers like Deutsche Bank and JP Morgan Chase. This “rocket docket,” as it is called in town, is presided over by retired judges who seem to have no clue about the insanely complex financial instruments they are ruling on — securitized mortgages and labyrinthine derivative deals of a type that didn’t even exist when most of them were active members of the bench. Their stated mission isn’t to decide right and wrong, but to clear cases and blast human beings out of their homes with ultimate velocity. They certainly have no incentive to penetrate the profound criminal mysteries of the great American mortgage bubble of the 2000s, perhaps the most complex Ponzi scheme in human history — an epic mountain range of corporate fraud in which Wall Street megabanks conspired first to collect huge numbers of subprime mortgages, then to unload them on unsuspecting third parties like pensions, trade unions and insurance companies (and, ultimately, you and me, as taxpayers) in the guise of AAA-rated investments. Selling lead as gold, shit as Chanel No. 5, was the essence of the booming international fraud scheme that created most all of these now-failing home mortgages.
By: emptywheel Wednesday November 3, 2010 9:40 am
In the face of mounting evidence that the banks foreclosing on homes did not comply with legal requirements during securitization of mortgages and therefore don’t have legal standing to foreclose, the SEIU and some community organizations teamed together last month to create an online tool that anyone can use to ask their mortgage servicer where their note is. By helping homeowners proactively check whether their bank has the right paperwork, it gives them more power in the event of a foreclosure.
The site launched just over three weeks ago. 200,000 people have visited the website; around 15,000 have used the tool to ask their bank for their note (I’ll have a more exact number shortly).
What has happened since gets very interesting. In the first few days, some banks responded quickly and in apparent good faith, some admitting there was a problem, and others sending what they claimed was the note, but was either something else entirely, or clearly did not meet the requirements for transfer.
But as banks realized those first requests were not isolated requests, two things happened. Either banks have sent back a response saying the homeowner had no right to see their note. Or, banks have not responded at all.
The Raw Story – ‘Foreclosure mill’ gave employees jewelry, cars, houses to forge documents: testimony
From The Raw Story:
By Stephen C. Webster
Monday, October 18th, 2010 — 9:50 pm
According to sworn statements released by the Florida Attorney General’s office, one of the state’s “foreclosure mills” bribed employees with jewelry, cars and houses to forge and alter documents required by courts conducting foreclosure proceedings.
Kelly Scott and Mary Cordova, two former employees of Florida attorney David J. Stern, were close to the process. Both described to investigators a secretive system designed to speed up foreclosures, and their testimonies seem to match up with claims made by Tammie Lou Kapusta, another former Stern employee.
Their statements were published online Monday afternoon.