Tuesday, November 30, 2010
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Foreclosure class actions pile up against banks | SouthCoastToday.com
Bank executives swarmed Capitol Hill last week to defend themselves against multiple foreclosure-related investigations, including one by all 50 state attorneys general. Talks are under way in that probe in hopes of reaching a settlement, but that wouldn't extinguish the mounting threat of an avalanche of class actions.
A congressional watchdog said in a report issued last Tuesday that the foreclosure document debacle could threaten major banks with billions of dollars in losses, further prolong the housing depression and damage the government's effort to keep people in their homes.
From: http://ping.fm/vQJSq
Foreclosure taking toll on kids
The number of children displaced has been climbing steadily in recent years, with nearly 40 percent of U.S. school districts surveyed citing foreclosure as the top reason for the surge in homeless students, according to a report this summer by First Focus and the National Association for the Education of Homeless Children and Youth.
Children who are forcibly uprooted from their homes and schools tend to suffer emotionally, socially and academically, studies preceding the mortgage meltdown show. Researchers suspect the same may be happening with children who have been dragged through foreclosure and are urgently exploring the consequences.
From: http://ping.fm/B7jDZ
Friday, November 19, 2010
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Friday, November 12, 2010
New District measure requires six-month mediation before foreclosure
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New District measure requires six-month mediation before foreclosure
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Foreclosure mess prompts growing number of public officials to slow down process
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If you're facing foreclosure in the District, help might be on the way
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Complete coverage: Foreclosure system in chaos
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An opening for D.C. foreclosure challenges
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Mediation allows the borrower and the lender's representative to negotiate, with the guidance of an impartial go-between, over possible alternatives to a foreclosure, such as a loan modification. But neither side can be compelled to agree to a mediated solution.
From: http://ping.fm/PjR00
Bank of America, Merrill, Milan Banks, JPMorgan, UBS, WestLB in Court News - Bloomberg
The Charlotte, North Carolina-based bank, in papers filed Nov. 10 with U.S. District Judge Jane Magnus-Stinson, said the Davises were improperly using a federal court to attack a state court proceeding and hadn’t shown they were injured.
“While plaintiffs claim they do not seek to overturn the judgment in the foreclosure action, it is clear they are trying to do precisely that,” in violation of federal law, Bank of America told the court.
The Davises didn’t ask the court to reverse their September 2009 foreclosure. They said in their complaint that the use of “robo-signers”, or people who sign affidavits attesting to facts underlying foreclosures without actual knowledge of them, constitutes racketeering.
They seek class-action, or group, status for anyone whose home was taken under such circumstances since October 2006, and compensatory damages, which would be tripled under U.S. racketeering laws.
From: http://ping.fm/rbHLr
Thursday, November 11, 2010
ALL NEW! Mortgage Securitization Auditor Training Certification
ALL NEW! Mortgage Securitization Auditor Training Certification
www.certifiedforensicloanauditors.com From the Nation's most widely recognized and acclaimed "Forensic Loan Auditor Certification Class (32hrs)" we proudly introduce the Nation's Only "Mortgage Securitization Auditor Class (24hrs)" Program Information This course will overview securitization and the securitization conveyance chain, introduction to CFLA Securitization Reports, terminology, and borrower documents, SEC Search Techniques, SPV search, document review, MERS search, GSE search, Assignments, Separation of Note/Deed, Substitution of Trustees, Notice of Defaults, Trustee Sales, "The Note Is A Contract"/When original Notes are produced, Auditors as Testifying Experts/Review of court transcripts, HAMP Overview, and much more…
This is a comprehensive 3-day training course to teach you the tools and methodologies to be an accredited "Mortgage Securitization Auditor" (24hrs)
Objectives:
- Study and learn important topics related to Mortgage Securitization, terminology, and borrower documents, SEC Search Techniques, SPV search, document review, MERS search, GSE search, Assignments, Separation of Note/Deed, Substitution of Trustees, Notice of Defaults, Trustee Sales
- Receive a Certification as a CFLA-Mortgage Securitization Auditor "MSA", having met all requirements
Requirements:
- Must promptly attend and be present for a minimum of 24 hours of training.
- Must satisfactorily pass a criminal background check/ Sex Offender Check [looking mostly for fraud, embezzlement]
- Must satisfactorily pass the final examination at the end of the course.
- Major Topics
Overview of securitization and the securitization conveyance chain, introduction to CFLA Securitization Reports, terminology, and borrower documents, SEC Search Techniques, SPV search, document review, MERS search, GSE search, Assignments, Separation of Note/Deed, Substitution of Trustees, Notice of Defaults, Trustee Sales, "The Note Is A Contract"/When original Notes are produced, Auditors as Testifying Experts/Review of court transcripts, HAMP Overview, and much more…
Designed for:
* All professionals in the mortgage, real estate, legal, and finance professions involved in loan modifications, lender litigation, bankruptcy, short sales, or real estate law.
We have trained and certified more than 200 "Forensic Loan Auditors" through our Nationally Recognized "Forensic Loan Auditor Certification Class"
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Speakers:
ELIZABETH JACOBSON, CFLA, MSA
Elizabeth Jacobson received her certification as a forensic loan auditor on June 4, 2010, and has been admitted as an Expert Witness in the Circuit Court of Queen Anne's County, Maryland, Circuit Court of Talbot County, Maryland, and as a witness in three other Circuit Courts in Maryland. She served as the Foreclosure Prevention Project Coordinator for Mid Shore Pro Bono in Easton, Maryland, after completing 9 years as a nationally-recognized top loan originator with a national mortgage bank and working since 1985 as a paralegal with American Bar Associated-accredited coursework. For nearly 9 years, Elizabeth was the top originating loan officer in the country for Wells Fargo Home Mortgage, which also was the leading loan servicer. As the Foreclosure Prevention Project Coordinator at Mid Shore Pro Bono, she received training in the HAMP guidelines by Maryland's Department of Housing and Community Development (DHCD). She also received foreclosure defense training by Civil Justice of Baltimore, Maryland. Since 2008 she has provided assistance to Maryland homeowners to modify the terms of their mortgage loans--receiving Special U.S. Congressional Recognition in July 2009.
The Department of Justice, the FBI and the Office of the Comptroller of the Treasury have called upon Elizabeth's knowledge regarding mortgage banking. She has been interviewed by CNN, the BBC and Democracy Now. Elizabeth attended the University of Maryland after obtaining an A.A. degree at Stevenson University.
DOUGLAS RIAN, CFLA, MSA
Douglas received his certification as a forensic loan auditor on June 4, 2010, and has testified in several foreclosure proceedings as an Expert Witness in three Maryland circuit courts, a witness in one Virginia circuit court, and an expert loan auditor in mediation proceedings in one Maryland circuit court. Since 1985, his analysis reports have been published by a premier financial reporting company, Morningstar