State of Rhode Island Mortgage Foreclosure and Sale General Laws.

TITLE 34.Property /CHAPTER 34-27. Mortgage Foreclosure and Sale
Ref. SECTION 34-27-2

WaMu Asset Acceptance Corp.borrowers

Your states laws and  code of enforcement is specific. Under the section § 34-27-2 you maintain a right of mortgagee to bid at sale. – At any sale by public auction made under and according to the provisions of any mortgage of real estate, or of any power of sale contained therein or annexed thereto, the mortgagee in the deed of mortgage or other conveyance, or pledgee, his, her, or their assigns, or his, her, or their heirs, executors or administrators, or any person for him, her, or them, may fairly and in good faith bid for and purchase the estate or property so put up for sale, or any part thereof, in the same manner as it may be bid for and purchased by any other person.

The issuer of the certificates is the Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-OA3 Trust (the “Trust”), deemed a statutory trust formed under the laws of the State of Delaware pursuant to a trust agreement between WaMu Asset Acceptance Corp., as depositor, and Christiana Bank & Trust Company, as Delaware trustee. The pooling and servicing agreement, dated as of the Cut- Off Date (the “pooling agreement”), among the depositor, Washington Mutual Bank, as servicer, the Delaware trustee and LaSalle Bank National Association, as trustee, will restate the trust agreement and will be the governing instrument of the Trust.

The Trust will not own any assets other than the mortgage loans and the other assets described below. The Trust will not have any liabilities other than those incurred in connection with the pooling agreement and any related agreement. The Trust will not have any directors, officers or other employees. No equity contribution will be made to the Trust by either co-sponsor, the depositor or any other party, except for a de minimis contribution made by the depositor pursuant to the trust agreement, and the Trust will not have any other capital. The fiscal year end of the Trust will be December 31.

The Trust will act through the trustee and the Delaware trustee, whose fees and reasonable expenses will be paid or reimbursed by Washington Mutual Bank, as servicer.

Assignment of the Mortgage Loans and Other Assets to the Trust

A pool of mortgage loans, as described in this prospectus supplement, will be sold to the Trust on March 28, 2007 (the “Closing Date”). The Trust will own the right to receive all payments of principal and interest on the mortgage loans due after March 1, 2007 (the “Cut-Off Date”). A schedule to the pooling agreement will include information about each mortgage loan, including:

the applicable loan group or subgroup;
the outstanding principal balance as of the close of business on the Cut-Off Date;
the term of the mortgage loan; and
the mortgage interest rate as of the close of business on the Cut-Off Date and information about how that mortgage interest rate adjusts.
With respect to all of the mortgage loans in loan group 3, loan group 4 and loan group 5, the mortgage notes will not be endorsed to the Trust and no assignment of the mortgages to the Trust will be prepared. Washington Mutual Bank fsb, a wholly-owned subsidiary of WMB, will have possession of and will review the mortgage notes and mortgages related to those mortgage loans as custodian for the Trust and financing statements will be filed evidencing the Trust’s interest in those mortgage loans.

The mortgage pool will be the primary asset of the Trust. The Trust will also contain other assets, including:
Insurance policies related to individual mortgage loans, if applicable;
Any property that secured a mortgage loan that the Trust acquires after the Cut-Off Date by foreclosure or deed in lieu of foreclosure;
The rights of the Trust under the Countrywide servicing agreement; and
Amounts held in the certificate account.
In exchange for the mortgage loans and the other assets described above, the trustee will authenticate and deliver the certificates pursuant to the order of the depositor. It is the intent of the parties to the pooling agreement that the conveyance of the mortgage loans and the related assets to the Trust constitute an absolute sale of those assets.However, in the event that the pooling agreement for any reason is held or deemed to create a security interest in those assets, then the pooling agreement will constitute a security agreement and the depositor grants to the Trust a security interest in those assets. The depositor will file financing statements perfecting such security interest.

Restrictions on Activities of the Trust

Pursuant to the pooling agreement, the Trust will have the power and authority (i) to acquire, hold, lease, manage, administer, control, invest, reinvest, operate and transfer assets of the Trust, (ii) to issue and make distributions on the certificates and (iii) to engage in such other activities as are described in the pooling agreement. The Trust will be required to act in accordance with requirements specified in the pooling agreement that are designed to maintain the Trust’s existence as a legal entity separate and distinct from any other entity. The Trust will not be permitted to do any of the following:
• to engage in any business or activity other than those described in the pooling agreement;
• to incur or assume any indebtedness other than indebtedness incurred under the pooling agreement or any related agreement;
• to guarantee or otherwise assume liability for the debts of any other entity;
• to confess a judgment against the Trust;
* to possess or assign the assets of the Trust for other than a Trust purpose;
• to lend any funds to any entity, except as contemplated by the pooling agreement; or
• to do other actions prohibited by the pooling agreement.

The permissible activities of the Trust may not be modified except by an amendment to the pooling agreement. See “Description of the Certificates—Amendment of the Pooling Agreement” in this prospectus supplement.

Discretionary Activities With Respect to the Trust
The following is a description of material discretionary activities that may be taken with regard to the administration of the mortgage loans or the certificates:
• Each of Washington Mutual Bank and Countrywide Home Loans will be authorized to exercise discretion with regard to its servicing of the related mortgage loans in accordance with the servicing standard specified in the pooling agreement and the Countrywide servicing agreement, respectively. See “Servicing of the Mortgage Loans—WMB—WMB’s Servicing Procedures” and “Servicing of the Mortgage Loans—Countrywide Home Loans—Countrywide Home Loans’ Servicing Obligations” in this prospectus supplement.
• Washington Mutual Bank will be authorized to exercise discretion with regard to the actions taken, as servicer, on behalf of the Trust, as assignee of Washington Mutual Mortgage Securities Corp.’s rights under the Countrywide servicing agreement (including making requests or demands or giving consents to Countrywide Home Loans).

M.Soliman
expert.witness@live.com


Recognition of Trustee .

The Servicer recognizes the Trustee as owner of the Serviced Loans, and acknowledges that the Serviced Loans are part of a REMIC, and from and after the Effective Date, will service the Serviced Loans in accordance with the Servicing Agreement, as modified by this Agreement, but in no event in a manner that would (i) cause any REMIC to fail to qualify as a REMIC or (ii) result in the imposition of a tax upon any REMIC (including but not limited to the tax on prohibited transactions as defined in Section 860F(a)(2) of the Internal Revenue Code of 1986 (the “Code”) and the tax on contributions to a REMIC set forth in Section 860G(d) of the Code). It is the intention of the Servicer and the Trustee that this Agreement shall be binding upon and for the benefit of the respective successors and assigns of the parties hereto. The Servicer shall not amend or agree to amend, modify, waive, or otherwise alter any of the terms or provisions of the Servicing Agreement which amendment, modification, waiver or other alteration would in any way affect the Serviced Loans without the prior written consent of the Trustee.

TRUSTEE INTERFERENCE WITH CONTRACTUAL RELATIONS

There are separate areas of tort law including a category of economic torts. Torts are civil wrongs recognized by law as grounds for a lawsuit. The violations are determined by wrongful acts that result in an injury or harm necessary in order to bring a claim. I tell people to ready themselves to first explain to their attorney -“Where are they hurt” This is necessary and constitutes reasons for making a claim.

While some torts are also crimes punishable with imprisonment, the primary aim of tort law is to provide relief for the damages incurred and deter others from committing the same harms. While separated by definition, a breach tends to go hand in hand with a civil tort. This may be especially true in the business of “constructing” foreclosures where collateral is clearly lost to the beneficiary listed on the deed of trust. California courts have commented and that under the statutory scheme for nonjudicial foreclosure, the covenant of good faith is coextensive with respondent’s duty to conduct the foreclosure proceedings fairly, openly and in good faith. (See, e.g., Baron v. Colonial Mortgage Service Co. (1980) .
That duty , conducting the foreclosure proceedings fairly, openly and in good faith, is proffered by the court to extend to all participants in the sale, including prospective bidders.]; Block v. Tobin (1975) 45 The trustee owes a duty to conduct the sale fairly and openly and to secure the best possible price for the benefit of the trustor.

The elements of a cause of action for intentional interference with contract are (1) a valid contract between plaintiff and a third party; (2) defendants knowledge of this contract; (3) defendants intentional acts designed to induce a breach or disruption of the contractual relationship; (4) actual breach or disruption of the contractual relationship; and (5) resulting damage. /Pacific Gas & Electric Co. v. Bear Stearns & Co. (1990) 50
Injured parties may sue for an injunction to prevent the continuation of the tortious conduct by rouge collections firms who stand-in for a trustee. Injured parties may sue for monetary damages and they include both present and future expected losses. But this say’s little if anything for the quest to maintain possession.

Courts have enunciated loudly (in a prior life) a duty in the trustee in the conduct of a sale itself. A sale under a power in a mortgage or trust deed must be conducted in strict compliance with the terms of the power. The sale must be made fairly, openly, reasonably, and with due diligence and sound discretion to protect the rights of the mortgagor and others, using all reasonable efforts to secure the best possible or reasonable price.

There are numerous specific torts including trespass, negligence, Loan products liability, and distress. Intentional torts are those wrongs which the defendant knew or should have known would occur through their actions or inactions. Negligent torts occur when the defendant's actions were unreasonably unsafe. Strict liability wrongs do not depend on the degree of carefulness by the defendant, But are established when a particular action causes damage.

SOLIMAN AND RECENT PRESS

The Other Real Estate Crisis Newsweek Voices - Daniel Gross ...
Jan 9, 2008 ... This information is offered by Maher Soliman, the web site ... unity is not yet complete Angela Merkel on Berlin Wall anniversary CNN ...www.newsweek.com/id/87984 - Cached - Similar -

Recession-Proof Real Estate? Newsweek Business Newsweek.com
Jan 30, 2008 ... Saw somthing on TV - Maher Soliman, the managing Director for a ... unity is not yet complete Angela Merkel on Berlin Wall anniversary CNN ...www.newsweek.com/id/106188 - Cached - Similar -

Stumper : BAILEY: With McCain and the Economy, Is the Third Time ... - Nov 7
Here's my NEWSWEEK colleague Holly Bailey with a report from the McCain caravan in ... According to Maher Soliman, an analyst with www.borrowerhotline.com ...blog.newsweek.com/.../bailey-with-mccain-and-the-economy-is-the-third-time-the-charm.aspx - Cached - Similar -

CNN Political Ticker: All politics, all the time Blog Archive ...
May 7, 2008 ... Newsweek article said that one of the members of the Illinois State Senate wanted to run for the U.S. Senate. ...... By BRODY MULLINS and KRIS MAHER May 5, 2008; Page A1 ...... Khaled Soliman, May 7th, 2008 4:44 pm ET ...politicalticker.blogs.cnn.com/.../blitzer-what-would-you-like-me-to-ask-barack-obama/ - Similar -
BorrowerClaims: WHY MORTGAGE SECURTIZATION DOES NOT WORK - Nov 7
Jan 7, 2009 ... According to Soliman, "I changed my views and no longer see the problem ... news organizations (Newsweek, CNN and MSNBC) over the internet. ...borrowerclaims.blogspot.com/.../why-mortgage-securtization-does-not.html - Similar -
SubPrime Expert: 06/01/2008 - 07/01/2008
Real Estate: Making Mortgage Loan Counseling Mandatory Newsweek Voices ..... Telephone number 310-765-7388. Maher Soliman Nationwide Loan Services. ...www.foreclosureinfosearch.com/2008_06_01_archive.html - Cached - Similar -
Foreclosureinfosearch / Call Us 310-765-7388: Newsweek Samulson ...
According to Newsweek published report / Samulson: Retail sales dropped 1.2 ... Maher Soliman, analyst for consumer homeowner website said "Samuelson is ...www.foreclosureinfosearch.com/.../newsweek-samulson-storyline-comments.html - Similar -
Show more results from www.foreclosureinfosearch.com
Yahoo! 360° - Entries tagged "cnn"
By Maher Soliman January 30th 2008 / For Immediate Release; ... Tags: foreclosure, countrywide, bankofamerica, newsweek, cnn, latimes ...blog.360.yahoo.com/blog-OUNCBoQifqUOW48iXYNCSEwZyrLGqcjE1Kc-?...cnn - Similar -

Stop Foreclosure! www.borrowerhotline.com
Mar 20, 2008 ... Issue #1 - America's Money: All this week at 12 pm ET, CNN explains how .... Maher Soliman, Managing Director for www.Borrowerhotline.com ...borrowerhotline.blogspot.com/ - Cached - Similar -

Lender Conferences Gearing Up

On the Agenda for upcoming Conference: Mitigate the impact of borrower stall tactics, including claims arising from bankruptcy proceedings, on foreclosures Respond to suitability and misrepresentation claims tied to Option ARMs and other non-traditional mortgages• Prepare for the effects that emerging regulations and legislation, including amendments to RESPA and TILA, will have on litigation and compliance initiatives Defend against investor claims arising from loan modifi cations Manage the increase in investor repurchase demands and contest improper claims Counter investor claims related to mortgage-backed securities and derivative products, including CDOs and CDS Ensure proper standing before bringing foreclosure proceedings and defeat challenges to loan ownership Defend against claims brought by municipalities seeking damages for alleged harm caused by foreclosures

Homeowners Perhaps something got lost in the translation. NLS does not audit a file. We apologize for confusion (drama) or other points of misunderstanding. Our approach is simple. RESPA TILA SECTION 32 and nearly all other regulatory requirements under HUD are proving worthless as to enforcement. It’s sad and it’s true. Mistakes on a 1008 transmittal are an indication the entire file is improperly disclosed. For that you need an audit? I personally can audit an entire file with a paycheck stub (don’t believe me?) A doctrine of equitable distribution say’s you got the loan, now pay it back regardless. Age race and other components of HMDA are not of consequence to anyone at this point in time. Misrepresenting a borrower income and assets is not material to the courts view of a claim having merit The state is correct – an audit by a mortgage broker, a processor and underwriter and even a chief of staff for Potterville medical center will not amount to anything at all as you die one thousand deaths on the way to losing your home. I DO NOT RECOGNIZE ONE NAME ON THIS SITE (The owner is the exception) from one MBA conference over two decades. What does make a difference is the following. Our penal system have loaded the prisons with business white collar criminals who made willful or tactical errors in the actions they took to accomplish ill gotten profits and steal from the public. They will go free if the criminal aspects of the lenders wrong doings are forgiven. That won’t happen. People on popular web sites attack me as I am a threat to their new underground economy. Leave them be. You must identify the crime that has taken place against you by a lender, the conduit, the broker the WALL STREET “sham” business platform, the insurers and servicing agents. The evidence you obtain will allow you to file a scathing and horrific report with the agency that can likely allow for arguments leading to a criminal investigation. The matter at hand is this – if your loan was a criminal act you must isolate where the criminal allegations took place. A RESPA audit won’t cut it and any attorney jumping into the game who misses these facts is bait for a malpractice suit of monumental size. NACA, HOPE, the POPE and ABBA ZABBA won’t pursue a criminal complaint or lay the foundation for criminal activity. They are there to fight for the rights of those who have hardships and hardships have nothing to do with a banks responsibility. You want a deal on an audit and want a good attorney who can argue in court the merits of a SISA loan gone wrong…don’t call us! You want to better understand what criminal activities seem apparent based on that segment of case law…and what federal and state prosecutors are likely looking for in your file….then call us. You cannot allege criminal acts against anyone to accomplish your goals. But your attorney when armed with this type of information can enter into a meaningful conversation and find your lender is willing to beg you to take a new loan, one you can afford and then even apologize for what they did. Rouge lenders love RESPA audits as they are worthless. An attorney going to court to argue MERS and the lost buried treasure is a waste. I wasted a lifetime studying, memorizing and reconstructing the truth lies and secrets of the mortgage industry. Now i am pressing the criminal aspects of these rouge lenders actions for a select few. These lenders are halfway home to burying the crimes of a century against you the public. Join me if you like or get out of the way- it’s your choice. Any attorney who would like to publicly challenge me here is welcome to do so. why not, i have at least one on month coming after me only to hang up is discontent (for what they thought they knew and don’t). I’m still here . . . nationwide loan services Management admin@borrowerhotline.com www.borrowerhotline.com 310-765-7388

Foreclosures Report: 1.5 million homes in foreclosure

Homeowners fell behind on mortgage payments in record numbers during the first six months of 2009. The future doesn't look much better. By Les Christie, CNNMoney.com staff writer Last Updated: July 16, 2009: 4:21 AM ET NEW YORK (CNNMoney.com) -- The foreclosure plague is not going away -- it's only getting worse. A record 1.53 million properties were in the foreclosure process -- default notices, auction sale notices and bank repossessions -- during the first six months of 2009. That was 9% more than the previous six months and 15% more than the same period of 2008, according to a report released Thursday by RealtyTrac. There were a total of 1.91 million filings resulting in 1 out of every 84 U.S. properties receiving at least filing in the first half of the year. Banks repossessed 386,800 properties. "What this means is, despite the intensity of the efforts on the part of government and lenders we don't have a handle on foreclosures yet," said Rick Sharga, a spokesman for RealtyTrac. And, in a bad sign for a housing recovery, there was no recorded improvement in June, the last month of the cycle. More than 336,000 homes reported foreclosure filings, the fourth straight 300,000-plus month. Filings were up 33% over last June and nearly 5% compared with May. "Foreclosure activity continues to increase to record levels," said James J. Saccacio, chief executive officer of RealtyTrac in a prepared statement. "Unemployment-related foreclosures account for much of this increased activity, and the high number of borrowers who find themselves owing more on their mortgages than their homes' are now worth represent a potentially significant future risk." It's the economy The biggest problem affecting foreclosure figures is the recession. As job losses mount, more out-of-work borrowers are falling behind on payments. And home prices are still falling, albeit at a slower rate, which by itself is enough to drive more homeowners into default. The home-price drop means more homeowners are underwater on their mortgages, owing more than their home is worth. That discourages some borrowers from repaying loans because they see it as a poor financial decision to keep paying on a declining asset. Homeowners are apt to walk away from their mortgages once their home values fall 15% below their mortgage balances, according to recent research reported by Paola Sapienza of the Kellogg School of Management at Northwestern University, and Luigi Zingales of the University of Chicago Booth School of Business. They claim that at least 25% of all mortgage defaults may be "strategic," borrowers walking away from their homes because they've lost so much value. And in many of the areas hardest hit by foreclosure, home prices have fallen by 40% or more. Others, however, are working with their lenders, trying to get the terms of their loans modified so they can stay in their homes. But that process has been slow and infuriating to many borrowers and community activists. The Federal Housing Finance Agency, the government watchdog created to manage Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500), reported Wednesday that only 13,800 mortgages had been modified by Fannie/Freddie lenders in April. That is down 12% from March. The stats did not include workouts arranged through the Home Affordable Modification Program, the administration's foreclosure prevention effort that seems to be making very slow progress. One reason for the delay is that the workouts just started happening in the past 90 days, and a borrower must make three months of on-time payments before their restructuring can be recorded as a final modification. Another reason for the slow progress, according to a research paper released by the Federal Reserve of Boston, is that banks may expect many homeowners to "self-cure," that is, start paying again without assistance. In a report issued last week, the Fed found that an estimated 30% of all borrowers who miss two payments start repaying on their own. If the lenders had modified these loans, the would have lost money unnecessarily. A second reason, according to the report, is that so many modified loans re-default, with up to 50% of all modified mortgages succumbing.That costs the banks twice: They bear the expenses of the initial workouts and they pay again to finish the foreclosures, including any additional missed payments. And by postponing foreclosures, lenders absorb any subsequent housing value losses. If the final repossessions are delayed a year, the lenders could be getting houses worth 10%, 20% or even 50% less than they were at the point of the original default. The banks would have been better off foreclosing then. "We think these are very powerful forces [acting against modification]," said Manuel Adelino, one of the authors of the report. Where the pain is The Sun Belt suffered more foreclosures than other region during the last six months. California, with 391,611 filings, one for every 34 households, recorded more than any other state. Nevada had the highest foreclosure rate with one for every 16 households. Arizona, one for every 30, and Florida, one for every 33, were next. Utah had the fifth highest rate at one for every 69. Midwestern industrial states did little better with Michigan recording one foreclosure for every 74 households, seventh among the states. Illinois came in eighth with one for every 76; and Ohio, with one for every 86, was twelfth. Georgia, at one for every 70 households, and Idaho, one for every 79, were sixth and ninth respectively. Colorado, with one for every 80, rounded out the top 10.

Foreclosures Maher Soliman (Nationwide Loan Services LLC)- View Profile Mortgage Asset Backed Securitization By Maher Soliman Expert Witness to Counsel You will find our firm to be a competent expert witnesses who will provide case development consulting for primary, secondary and capital markets including testimony on...

Wachovia Mortgage Loan Trust, LLC Series 2006-A Trust.

Title of Series The Sponsor’s and Seller’s material obligations in the transaction are to purchase the Mortgage Loans from the Originators and sell them to the Depositor, and to repurchase or substitute defective Mortgage Loans in certain instances, as described in “The Pooling and Servicing Agreement — Assignment of Mortgage Loans” and “— Repurchases of Mortgage Loans” in this prospectus supplement. The following is some information that may be helpful in identifying the structure and potential for vulnerability regarding the pass through vehicle. Wachovia Mortgage Loan Trust, LLC Mortgage Pass-Through Certificates, Series 2006-A. Depositor Wachovia Mortgage Loan Trust, LLC. Issuing entity Wachovia Mortgage Loan Trust, LLC Series 2006-A Trust. Seller and Sponsor Wachovia Bank, National Association. Originators and Servicers National City Mortgage Co. and Wells Fargo Bank, N.A. Trustee HSBC Bank USA, National Association. Master Servicer and Certificate Administrator U.S. Bank National Association. Closing Date On or about May 25, 2006. Cut-Off Date May 1, 2006. Distribution Date TRANSFER OF MORTGAGE LOANS The diagram below illustrates the sequence of transfers of the mortgage loans that are included in the mortgage pool. The originators have sold the mortgage loans to Wachovia Bank, National Association. Wachovia Bank, National Association will, simultaneously with the closing of the transaction described herein, sell the mortgage loans to Wachovia Mortgage Loan Trust, LLC, the depositor. The depositor will then transfer the mortgage loans to the trustee.

For a description of the transfers of mortgage loans and the affiliations among various transaction parties, see “The Pooling and Servicing Agreement” and “Affiliations Among Transaction Parties” in this prospectus supplement.

Originators -

Mortgage Loans

Seller and Sponsor -

Mortgage Loans sold pursuant to Mortgage Loan Purchase Agreement

The Depositor Mortgage Loans transferred pursuant to the Pooling and Servicing Agreement Trustee S-4 The Certificates The certificates will be issued pursuant to a pooling and servicing agreement, dated as of the closing date. A summary chart of the initial class balances, principal types, pass-through rates, interest types and initial ratings of the certificates is set forth on page S-1. The certificates represent all of the beneficial ownership interest in the trust.

Certain listed (The Class B-4, Class B-5 and Class B-6) Certificates are not offered by this prospectus supplement. These non-offered certificates are subordinated to the offered certificates for distributions of principal and interest and for allocations of losses on the mortgage loans. Information provided with respect to the non-offered certificates is included solely to aid your understanding of the offered certificates. Mortgage Pool The mortgage pool will consist of four loan groups of adjustable interest rate, fully-amortizing mortgage loans secured by first liens on one- to four-family properties, which include single-family detached properties, properties in planned unit developments, two-to-four family units, cooperatives, condominiums and townhouses. The Group 1, Group 2, Group 3 and Group 4 mortgage loans provide for a fixed interest rate during an initial period of approximately three, five, seven and ten years, respectively, from the date of origination of each mortgage loan and thereafter provide for adjustments to that interest rate on an annual basis (or, for one mortgage loan, on a semi-annual basis). The interest rate of each mortgage loan will adjust to equal the sum of an index and a gross margin. Interest rate adjustments will be subject to certain limitations stated in the related mortgage note on increases and decreases for any adjustment. In addition, interest rate adjustments will be subject to an overall maximum mortgage interest rate. For the mortgage loans in Group 1, Group 2 and Group 4, the index will be the arithmetic mean of the London interbank offered rate quotations for one-year (or, for one mortgage loan, six-months) U.S. Dollar-denominated deposits as published in The Wall Street Journal. For the mortgage loans in Group 3, the index will be the weekly average yield on U.S. Treasury securities adjusted to a constant maturity of one year, as reported by the Federal Reserve Board in statistical Release No. H.15 (519). All of the mortgage loans in Group 1, Group 2 and Group 4 were originated or acquired and are being serviced by National City, and all of the mortgage loans in Group 3 were originated or acquired and are being serviced by Wells Fargo. S-5 Selected Aggregate Mortgage Loan Data as of May 1, 2006

Bankruptcy Will Stop A Foreclosure–

How can a bankruptcy filing stop a foreclosure proceeding. I am not a BK attorney but a close associate is and here is what he tells us. The moment you file for bankruptcy protection there is a court order called the automatic stay. The stay goes into effect immediately you see. With foreclosures climbing to record levels, clients facing foreclosure will often ask whether a bankruptcy filing will really stop a foreclosure. According to Carl Kop attorney and expert - yes it will. The automatic stay is important in that it not only prohibits the creditor from pursuing the foreclosure action (or any legal action for that matter), but can also prohibit the state court from hearing the foreclosure case. It stalls them from taking any further action. In fact, the automatic stay stops other federal courts from taking any action on a case affected by a bankruptcy filing. Does this include a foreclosure proceeding has already been filed? Yes! I amtold you can still stop it with a bankruptcy filing. There are exceptions to the general rules of BK and each bankruptcy case is different. If you had a prior chapter 13 case dismissed within one year of your current filing, then the automatic stay will expire thirty (30) days after you file for bankruptcy (unless you file a motion to extend the automatic stay prior to its expiration setting forth sufficient reasons why the automatic stay should be continued.) If you had two or more cases dismissed within a year of your current bankruptcy filing, then the automatic stay does not come into effect at all. You must file a motion to impose the automatic stay setting forth good reasons if you had two or more prior cases dismissed. Then, then upon filing bankruptcy (actually within thirty days), and that the case was filed in good faith. If you have not filed bankruptcy before or at least not had a case dismissed within one year and you are facing foreclosure, a bankruptcy filing will stop the foreclosure. This may provide you with sufficient time to attempt to reorganize your finances so that you can try to save your home.

MORTGAGE BANKING EXPERT WITNESS

WASHINGTON – Bankruptcy legislation is part of a broader housing package scheduled for a House vote Thursday. On Wednesday, Obama's team announced details of his broader $75 billion housing plan, which features cash incentives for mortgage holders — known as loan servicers — who cut deals with borrowers for new, more affordable terms. The legislation has been the subject of an intense lobbying campaign by the financial services industry, which has worked hard to kill it. The same divisions are at work in the Senate, which is expected to consider its own version of the legislation in the coming weeks. Whats baffeling is how the industry already won several concessions from Democrats in the House, who agreed to limit the measure to existing loans, to homeowners who sought a loan modification from their lenders before filing for bankruptcy, and to people who can no longer afford to pay their mortgages. Democrats wrote a compromise that requires bankruptcy judges to consider whether banks offered homeowners reasonable loan restructuring deals before they weigh in with their own rewrites. Borrowers also would have a responsibility to prove that they tried to modify their mortgages with their lenders before seeking help in bankruptcy court. The deal would require judges to consider whether homeowners were offered a "qualified" loan workout consistent with Obama's plan. That program would let eligible homeowners rework their mortgages to bring their monthly payments down to no more than about one-third of their incomes. The mortgage industry beleives that unrestricted access to bankruptcy court mortgage modifications would impose steep and unpredictable costs on its companies that would be passed along to borrowers as higher fees and interest rates. Lobbyists pressed lawmakers to limit the measure to subprime mortgages and to block homeowners who had been offered a mortgage workout by their lenders from getting one through a bankruptcy judge. The measure is part of a broader housing package that would raise the Federal Deposit Insurance Corporation's borrowing authority and boost incentives for lenders to rework mortgages. The legislation takes $2 billion out of the $700 billion Wall Street bailout fund to bolster an existing program to allow homeowners rework or refinance their mortgages. The bill is H.R. 1106.

Atlanta Foreclosures

Atlanta Foreclosure Homes - Check our Atlanta foreclosure homes and government owned Atlanta foreclosures. Access thousands of Atlanta repo homes, federal properties and Atlanta commercial foreclosures. Select a foreclosure in Atlanta Georgia at Foreclosures.com

mortgage defaults and foreclosures continue to rise

As mortgage defaults and foreclosures continue to rise, the impact is spreading well beyond those who are losing their homes. Like everything associated with the nation's housing crisis, the fallout from foreclosures is very local, a fact confirmed by hundreds of e-mails from readers in msnbc.com's Gut Check America. According to a business sector analyst, (NLS Los Angeles, CA) Maher Soliman "Way too many homes are now abandoned by their owners". Soliman agrees "It appears many people are going into bankruptcy. On some streets almost half the homes are empty." Many people have lost 40-50 percent of the value of their homes. “My neighborhood is filled with renters who could care less about the parks or the appearance of the homes,” wrote Joe Brogdon, of Queen Creek, Ariz. “There is a smaller home near mine that has no windows and it is barricaded with plywood to prevent any more vandalism to the house. Many of the lawns are not being taken care of, which does not help the situation for resale or pride of ownership.” In communities across the country, msnbc.com readers report that local governments are coping with shrinking tax rolls, lenders are saddled with more foreclosed homes than they can sell and empty homes in many neighborhoods are being vandalized. “My neighborhood is filled with renters who could care less about the parks or the appearance of the homes,” wrote Joe Brogdon, of Queen Creek, Ariz. “There is a smaller home near mine that has no windows and it is barricaded with plywood to prevent any more vandalism to the house. Many of the lawns are not being taken care of, which does not help the situation for resale or pride of ownership.” Some regions appear to have escaped relatively unscathed. But in hard-hit states like California, Arizona and Florida, readers report that some neighborhoods are becoming virtual ghost towns. Whole condo projects sit half-finished and rotting in the Florida sun. Others report a different kind of isolation; many of those losing their home to foreclosure are reluctant to confide in family or friends until the process is complete. Some neighbors are unsure how to respond. “My community is an upscale middle-class community; I am going through foreclosure right now,” wrote a woman from Pennsylvania. “The neighborhood is very quiet, waiting for the next fall to happen. People do not even talk to each other. They wave but hardly say a word.” In South Lyon, Mich., life is getting lonelier as more houses are abandoned in Jose's neighborhood. Viewers to MSNBC said “I live next door to empty houses instead of neighbors and friends,” he wrote. “It is an overwhelming feeling of dread. You wonder if your family is next." In hard-hit neighborhoods, the glut of foreclosed homes has not only sent prices crumbling — the houses themselves are also falling down, according to a number of readers from around the country. Also, “Our neighborhood is going down the tubes because the properties are going unsold for so long that they're falling into disrepair,” wrote Leslie from Albuquerque, N.M. “It's a mess.” In Memphis, Tenn., Angela reported that her neighborhood was dotted with “growing weedy yards, windows with papers taped to them and broken. There are about five or six such homes in my post-World War II subdivision. And these are NOT expensive homes!” In other cases, abandoned homes are more than an eyesore. Readers in some hard-hit areas report a rise in vandalism, squatting and other crime. “Vandals have been hitting the empty homes that have been affected by foreclosure in my area,” wrote Gloria of Los Angeles. “With summer around the corner and kids out of school, I just worry about fires starting or other serious problems happening.” To prevent the blight that can follow a high concentration of abandoned housing, some local governments are using tax dollars to buy up properties and fix them up — or tear them down. “Our local government is planning to demolish vacant homes,” write Susan, of South Bend, Ind. “It is going to cost the city more money, which in turn creates more tax burden for South Bend's residents. It is a vicious cycle.” With federal housing relief stalled in Congress, some local governments have stepped up with programs offering small loans to help strapped homeowners head off foreclosures. But as the housing market continues to slide, declining property tax revenues are squeezing town and city budgets. During the housing boom, many municipalities enjoyed a windfall in property taxes as the value of homes and other properties soared. Now as those values have fallen back, property owners are challenging pricey assessments. Some local governments facing shrinking tax revenues are resorting to cutting services. “We have terrible local road repair, our parks need landscaping and maintenance,” said Jose from South Lyon, Mich. “We volunteer our time to the village public park district and mow small park lawns with our own gas and equipment. Our fire department is going back to mostly volunteer, and we may have to lay off some police officers.” Kristen Cunningham, director of Community & Economic Development in South Lyon, took issue with Jose's account. "We are a full service city that no doubt has been affected by the foreclosure problems. It obviously is a challenge everywhere," she wrote in an e-mail repsonding to our story. Cunningham said South Lyon has always had a volunteer fire department and is not laying off police officers. "In addition," she said, "the city is in good solid financial condition and regularly maintains its own park system through general fund monies. There are no volunteers mowing any of our parks with their own equipment and gas." A report last November by the U.S. Conference of Mayors forecast losses of $166 billion this year for 361 metropolitan areas. The estimate included lost tax revenue, lost jobs and slower consumer spending but not the financial toll of increased crime, fires and building code violations. Some cities have filed lawsuits against lenders to try to recover costs associated with what local officials claim is predatory lending. In other cases, cities and towns are looking for other ways to raise enough taxes to maintain local services. “My hometown is broke, and the devaluing of the property tax base is cited as one of the reasons,” wrote Bill, form South Gate, Calif. “If the voters pass a 1 cent per dollar sales tax in June, to prevent cutbacks in services, we will have one of the highest rates (9.25 percent) in the country." In Memphis, Tenn., Wayne wrote that “the city and county are both hurting due to the lost tax revenue on the foreclosed homes. This also has had a severe setback on the amount of tax-based funds allocated to education, fire and police protection.” Homeless shelters also report an increase in traffic. Some new arrivals are renters whose landlords defaulted on their loans and lost the property to foreclosure. The National Coalition for the Homeless recently surveyed state and local homeless coalitions and found that 61 percent reported an increase in homelessness since last year. “It has been horrible,” said Earlinda, a Realtor in Reno, Nev. “We now have a ‘tent city’ because the homeless shelters are overloaded." In some communities with high foreclosure rates, lenders are having a tough time selling the properties they’ve taken over. The problem is apparently most severe in large developments that were under construction when the housing bubble burst. “There are well over 500 houses for sale in an area with approximately 5,000 homes,” said Rick from New River, Ariz. “Most are spec homes for sale with sale prices dropped from $100,000 to $200,000. Banks can’t even find buyers at auctions.” Some real estate agents report that when they do find buyers for foreclosed properties, lenders are so swamped they’re having a hard time answering the phone. One San Diego Realtor reported that agents have taken to getting up early to leave voice mail for lenders before their mailboxes fill up. In Pinellas and Pasco counties in Florida, home prices have dropped as much as 40 percent, according to Lorraine Seddon, an agent in Dunedin, Fla. “Banks that should be glad that a contract came through take so much time to respond that buyers buy other homes, leaving these (foreclosed) homes to rot,” she wrote. The housing slowdown has also hurt local businesses in hard-hit areas, forcing layoffs among builders and mortgage lenders. Some of those in the housing industry who still have jobs are worried that they could be next. “I work for a much more conservative bank than most, but all of our income has suffered greatly,” write Chris, of Shawnee, Kan. “We are constantly worried that the doors at work will be closed at any moment, and it is a terrible way to live day to day. From what I can tell, things aren't getting better anytime soon.” Local businesses in hard hit areas are also watching business dry up. “I sell building material to home builders,” wrote Ed, from Georgetown, Del. “It is very scary what’s going on. I’ve seen a lot of builders go out of business.” To be sure, readers in some areas of the country — from Watsontown, Pa., to Alto, N.M. — reported that their communities have been spared the impact of the housing downturn, at least so far. “Property values have not gone down,” wrote Ken of Custer, S.D. “People are still buying and building.” Some readers reported they were benefiting from foreclosure's fallout — including dozens who said they were now able to afford a home in a buyer’s market. “I just moved here, and I picked up a nice house for half of what it sold for in 2005,” wrote Doug, from Phoenix, Ariz. “Thanks, Arizona.” One reader wrote that rising foreclosures had created new employment opportunities. “The foreclosure crisis has been a boon to me and my family,” wrote Lee, of Riverside, Calif. “After three years of unemployment, I have been working for the past year cleaning and maintaining foreclosed houses and preparing them for sale. It has provided work for me that wouldn't have been there otherwise.” But other readers reported that their personal and professional lives were on hold because they couldn’t sell their house to take a new job or fund their retirement. “I recently moved for a new job and am trying to sell my home,” wrote Karen, from Evans, Colo. “My Realtor told me that all of my competition are foreclosures and bank short sales. I will most likely take a $20,000 loss on my house.” “My wife and I are divorcing, but we will have to live together as roommates,” wrote Mick, from Reno, Nev. “We have a fixed-rate loan, so that is not the issue. It's simply that the implosion has depressed house prices so much that we can't sell our house and move on.” Source msnbc.com — JSchoen

WHEN FORECLOSURES CAUSE HUD AND THE SEC TO COLLIDE

By Maher Soliman Mortgage CDO Investments May Meet SEC Issuance Guidelines while falling short of the Department of Housing and Urban Development Disclosure Requirements Press Release 12/20/2008 Los Angles California - A Mortgage Pass Through certificate registration and investment could never sustain the onslaught of the type of scrutiny one would except in an economic collapse. None the less, we have an economic collapse on our hands. The provisions set forth by regulatory mandate and federal and state statues, which are enforced by HUD, are impossible, say industry insiders.. Readers of a popular web site for victims of foreclosure can find satisfaction as well as relief knowing http://www.livinglies.wordpress.com was dialed in early on. As a secondary trading specialist who delivered bulk whole loan assets into these pools for over a decade I find the CDO structures have little original deviation from the mandates for investment disclosure by the SEC. There is considerable concern however for the mass counter compliant and wrongful acts being committed by attorneys according to recent press. Are those really in the wrong who are engaged by each Trust and acting as the substitute trustee’s. There is no way to pre-date documents accrding to Soliman. Nor meet the deadline for the various disclosure timelines in a foreclosure and remain complaint to both agencies, The SEC and to HUD say's other's. These matters where and if proven will likely ensure the attorneys stand before a court and answer to lack of transparency and Joinder allegations under Sarbanes Oxley legislation. Issuer profiles and legal forms vary according to jurisdiction and asset type: I. Master trust: pool of trusts or a pool of assets in one trust agreement a. Owner trust: cash flows are tailored to create certain maturities of tranches (ref. investor targets). II. Grantor trust: cash flows as passed directly through to investors w/o manipulation Securitization Requirements All collateral should be pledged to the trustee or other independent third party acting as agent for investors. The collateral should be segregated and pledged under normal ISDA requirements and in the possession of the trustee or some other fiduciary third party. Considerations: 1. Assets must be immune from bankruptcy estate of seller (non-recourse financing) 2.Originator retains no legal interest in assets. Though some economic benefit may be retained 3.Issuing vehicle is a "bankruptcy-remote" entity: a.Arrangement to prevent issuer from incurring additional liabilities or expenses b.Restrictive covenants: issuer must not pursue voluntary bankruptcy proceedings i.no "substantive consolidation", i.e. issuer's assets are not considered part of originator's assets It’s obvious from the above highlights from a registration that again, any attempts to adhere to both SEC and to HUD regulatory requirements will cause the collateral to be disturbed. If so say experts, it will likely be deeemed impaired and subject to arguments in a foreclosure. If found to impact the deed due to any deceptive acts the transaction may be voidable. Soliman said "normally, this condition will cause the conveyance by trustee sale to fail." It's therefore difficult to see where a recovenyance can take place under any set of circumstances. These matters where and if continued will likely ensure these trust and trustee attorneys show they have standing before a court and answer to transparency allegations and lack of “Joinder” amongst the collective combinations under Sarbanes Oxley legislation.

WEB SITE SHOWS YOU HOW TO STOP FORECLOSURE

Take steps to avoid foreclosure -- or at least minimize its impact. At this moment in time, Americans are losing, or close to losing, their homes. Its an epedemic say's Maher Soliman, a Los Angeles based foreclosure expert as domestic foreclosures are hitting record numbers. Not everyone will qualify, but anyone late paying your mortgage must discover what you can do to avoid foreclosure. The objective should be first to save your home and also to protect your credit rating. Do not be willing to give up without considering the options. Foreclosure will damage your credit rating and can likley make things difficult for you to purchase another home anytime soon. Also, if the profits from selling your home don't cover the unpaid portion of your loan, your lender might sue you for the rest. Your best options if you're having trouble making mortgage payments include: 1) Try in earnest to negotiate with your lender 2) Seek government assistance 3) Filing for bankruptcy 4) Negotiate selling your home yourself 5) Deed in lieu (Give your home deed to the lender). Negotiating With Your Lender As soon as you realize you'll have trouble paying your mortgage -- ideally, before you've missed any payments - contact your lender. Now, more than ever, lenders are willing to negotiate with home loan borrowers, if only to reduce the number of foreclosures they're dealing with. (Some lenders are even taking the initiative and contacting at-risk borrowers themselves.) Do it sooner rather than later. If you call soon, you may be able to work out a solution with your lender. But if you've already missed three or four payments, it may be too late, and the lender may insist on foreclosure. Possible solutions. The lender may accept partial payments for a few months (though you may have to agree to make up the difference later), accept a late payment, or agree to redo the terms of your loan. What to say when you contact your lender. Here's what you should ask for in lender-language. (And by the way, you'll probably need to get to the right department first -- it may have a name like "loss mitigation.") Forbearance You make a reduced payment, or no payment, for an agreed-upon period of time. Usually, the lender requires you to make up the difference at a later time. The lender is most likely to agree to this if you can demonstrate that you will soon receive a bonus, tax refund, or some other extra cash. Loan reinstatement. You agree to make up your missed (or reduced) payments by a specific date. Loan modification. Your lender agrees to alter the terms of the loan so that you can better afford the payments. For example, the lender may agree to add your missed payments to your loan balance, to stretch out your loan over a longer term (which will lower your payments but result in more interest over the life of the loan), or to convert an adjustable rate to a fixed rate mortgage. Getting Government Help The U.S. government is currently discussing ways to help homeowners facing foreclosure (and thereby lessen the impact on the U.S. economy). In the first plan to be implemented, FHASecure, the Federal Housing Administration (or FHA, at www.fha.gov) may grant FHA refinancing to borrowers who can show: a history of on-time mortgage payments before the borrower's teaser rates expired and the loans reset interest rates that have or will reset between June 2005 and December 2008 3% cash or equity in the home a sustained history of employment, and enough income to make the mortgage payment. Of course, many people won't be helped by FHASecure, particularly if they've lost their job or their house's value has declined. Keep your eyes on the news for other programs or forms of relief. Filing for Bankruptcy Filing for bankruptcy may help you keep your home, or at least get you out from under your mortgage. When you file, the foreclosure process is legally stopped (called an "automatic stay"). It can't be reopened until your bankruptcy case closes or the lender gets court permission to proceed (called "lifting the stay"). Selling Your Home If you simply can't afford the house you own, the above options won't help. You will probably lose your home. But don't wait for your lender to make the first move. If your home has appreciated in value since you bought it, you may be able to sell it yourself. (In fact, real estate investors may show up on your doorstep hoping for a bargain.) Again, contact your lender, who may let you stop making payments until the house is sold.

Compliance Examiners are a Must to Keep Home!

Private examiners are less detectives and more of an investigator. NLS is a auditor to be exact that will assist individuals, businesses, and attorneys by finding and analyzing information. They connect small clues to solve mysteries or to uncover facts about legal, financial, or personal matters. Private detectives and investigators offer many services, including executive, corporate, and celebrity protection; pre-employment verification; and individual background profiles. Some investigate computer crimes, such as identity theft, harassing e-mails, and illegal downloading of copyrighted material. They also provide assistance in criminal and civil liability cases, insurance claims and fraud, child custody and protection cases, missing persons cases, and premarital screening. They are sometimes hired to investigate individuals to prove or disprove infidelity. Private compliance investigators have many methods to choose from when determining the facts in a case. Much of their work is done using a computer, recovering deleted e-mails and documents, for example. They may also perform computer database searches or work with someone who does. Computers allow investigators to quickly obtain huge amounts of information such as a subject’s prior arrests, convictions, and civil legal judgments; telephone numbers; motor vehicle registrations; association and club memberships; and even photographs. Detectives and investigators also perform various other types of surveillance or searches. To verify facts, such as an individual’s income or place of employment, they may make phone calls or visit a subject’s workplace. In other cases, especially those involving missing persons and background checks, investigators interview people to gather as much information as possible about an individual. Sometimes investigators go undercover, pretending to be someone else to get information or to observe a subject inconspicuously. Most detectives and investigators are trained to perform physical surveillance, which may be high-tech or low-tech. They may observe a site, such as the home of a subject, from an inconspicuous location or a vehicle. Using photographic and video cameras, binoculars, and cell phones, detectives often use surveillance to gather information on an individual; this can be quite time consuming. The duties of private detectives and investigators depend on the needs of their clients. In cases that involve fraudulent workers’ compensation claims, for example, investigators may carry out long-term covert observation of a person suspected of fraud. If an investigator observes him or her performing an activity that contradicts injuries stated in a worker’s compensation claim, the investigator would take video or still photographs to document the activity and report it to the client. Detectives and investigators must be mindful of the law when conducting investigations. They keep up with Federal, State, and local legislation, such as privacy laws and other legal issues affecting their work. The legality of certain methods may be unclear, and investigators and detectives must make judgment calls when deciding how to pursue a case. They must also know how to collect evidence properly so that they do not compromise its admissibility in court. Private detectives and investigators often specialize. Those who focus on intellectual property theft, for example, investigate and document acts of piracy, help clients stop illegal activity, and provide intelligence for prosecution and civil action. Other investigators specialize in developing financial profiles and asset searches. Their reports reflect information gathered through interviews, investigation and surveillance, and research, including review of public documents. Computer forensic investigators specialize in recovering, analyzing, and presenting data from computers for use in investigations or as evidence. They determine the details of intrusions into computer systems, recover data from encrypted or erased files, and recover e-mails and deleted passwords. Legal investigators assist in preparing criminal defenses, locating witnesses, serving legal documents, interviewing police and prospective witnesses, and gathering and reviewing evidence. Legal investigators also may collect information on the parties to the litigation, take photographs, testify in court, and assemble evidence and reports for trials. They often work for law firms or lawyers. Corporate investigators conduct internal and external investigations for corporations. In internal investigations, they may investigate drug use in the workplace, ensure that expense accounts are not abused, or determine whether employees are stealing merchandise or information. External investigations attempt to thwart criminal schemes from outside the corporation, such as fraudulent billing by a supplier. Financial investigators may be hired to develop confidential financial profiles of individuals or companies that are prospective parties to large financial transactions. These investigators often are certified public accountants (CPAs) who work closely with investment bankers and other accountants. They might also search for assets in order to recover damages awarded by a court in fraud or theft cases. Detectives who work for retail stores or hotels are responsible for controlling losses and protecting assets. Store detectives, also known as loss prevention agents, safeguard the assets of retail stores by apprehending anyone attempting to steal merchandise or destroy store property. They prevent theft by shoplifters, vendor representatives, delivery personnel and even store employees. Store detectives also conduct periodic inspections of stock areas, dressing rooms, and restrooms, and sometimes assist in opening and closing the store. They may prepare loss prevention and security reports for management and testify in court against people they apprehend. Hotel detectives protect guests of the establishment from theft of their belongings and preserve order in hotel restaurants and bars. They also may keep undesirable individuals, such as known thieves, off the premises. Work environment. Many examiners such as NLS spend time away from their offices conducting interviews or doing surveillance, but some work in their office most of the day conducting computer searches and making phone calls. When the investigator is working on a case, the environment might range from plush boardrooms to seedy bars. Store and hotel detectives work in the businesses that they protect. Investigators generally work alone, but they sometimes work with others during surveillance or when following a subject in order to avoid detection by the subject. Some of the work involves confrontation, so the job can be stressful and dangerous. Some situations call for the investigator to be armed, such as certain bodyguard assignments for corporate or celebrity clients. In most cases, however, a weapon is not necessary because the purpose of the work is gathering information and not law enforcement or criminal apprehension. Owners of investigative agencies have the added stress of having to deal with demanding and sometimes distraught clients. Private detectives and investigators often work irregular hours because of the need to conduct surveillance and contact people who are not available during normal working hours. Early morning, evening, weekend, and holiday work is common. Training, Other Qualifications, and Advancement [About this section] Back to Top Most private detectives and investigators have some college education and previous experience in investigative work. In most States, they are required to be licensed. Education and training. There are no formal education requirements for most private detective and investigator jobs, although many have college degrees. Courses in criminal justice and police science are helpful to aspiring private detectives and investigators. Although related experience is usually required, some people enter the occupation directly after graduation from college, generally with an associate or bachelor’s degree in criminal justice or police science. The 2006 educational attainment for private detectives and investigators, in percent, was as follows: Percent High school graduate or equivalent 18 Some college, no degree 26 Associate's degree 8 Bachelor's degree 34 Master's degree 13 Professional degree or PhD 3 Most corporate investigators must have a bachelor’s degree, preferably in a business-related field. Some corporate investigators have a master’s degree in business administration or a law degree; others are CPAs. For computer forensics work, a computer science or accounting degree is more helpful than a criminal justice degree. An accounting degree provides good background knowledge for investigating fraud through computer forensics. Either of these two degrees provides a good starting point after which investigative techniques can be learned on the job. Alternatively, many colleges and universities now offer certificate programs, requiring from 15 to 21 credits, in computer forensics. These programs are most beneficial to law enforcement officers, paralegals, or others who are already involved in investigative work. A few colleges and universities now offer bachelor’s or master’s degrees in computer forensics, and others are planning to begin offering such degrees. Most of the work of private detectives and investigators is learned on the job. New investigators will usually start by learning how to use databases to gather information. The training they receive depends on the type of firm. At an insurance company, a new investigator will learn to recognize insurance fraud. At a firm that specializes in domestic cases, a new worker might observe a senior investigator performing surveillance. Learning by doing, in which new investigators are put on cases and gain skills as they go, is a common approach. Corporate investigators hired by large companies, however, may receive formal training in business practices, management structure, and various finance-related topics. Because they work with changing technologies, computer forensic investigators never stop training. They learn the latest methods of fraud detection and new software programs and operating systems by attending conferences and courses offered by software vendors and professional associations. Licensure. The majority of States and the District of Columbia require private detectives and investigators to be licensed. Licensing requirements vary, however. Seven States—Alabama, Alaska, Colorado, Idaho, Mississippi, Missouri, and South Dakota—have no Statewide licensing requirements, some States have few requirements, and many others have stringent regulations. For example, the Bureau of Security and Investigative Services of the California Department of Consumer Affairs requires private investigators to be 18 years of age or older; have a combination of education in police science, criminal law, or justice and experience equaling 3 years (6,000 hours); pass a criminal history background check by the California Department of Justice and the FBI (in most States, convicted felons cannot be issued a license); and receive a qualifying score on a 2-hour written examination covering laws and regulations. Detectives and investigators in all States who carry handguns must meet additional requirements for a firearms permit. There are no licenses specifically for computer forensic investigators, but some States require them to be licensed private investigators. Even where licensure is not required, a private investigator license is useful to some because it allows them to perform follow-up or complementary tasks. Other qualifications. Private detectives and investigators typically have previous experience in other occupations. Some have worked in other occupations for insurance or collections companies, in the private security industry, or as paralegals. Many investigators enter the field after serving in law enforcement, the military, government auditing and investigative positions, or Federal intelligence jobs. Former law enforcement officers, military investigators, and government agents, who are frequently able to retire after 25 years of service, often become private detectives or investigators in a second career. Others enter from jobs in finance, accounting, commercial credit, investigative reporting, insurance, and law. These individuals often can apply their prior work experience in a related investigative specialty. Most computer forensic investigators learn their trade while working for a law enforcement agency, either as a sworn officer or a civilian computer forensic analyst. They are trained at their agency’s computer forensics training program. Many people enter law enforcement specifically to get this training and establish a reputation before moving to the private sector. For private detective and investigator jobs, most employers look for individuals with ingenuity, persistence, and assertiveness. A candidate must not be afraid of confrontation, should communicate well, and should be able to think on his or her feet. Good interviewing and interrogation skills also are important and usually are acquired in earlier careers in law enforcement or other fields. Because the courts often are the judge of a properly conducted investigation, the investigator must be able to present the facts in a manner that a jury will believe. The screening process for potential employees typically includes a background check for a criminal history. Certification and advancement. Some investigators receive certification from a professional organization to demonstrate competency in a field. For example, the National Association of Legal Investigators confers the Certified Legal Investigator designation to licensed investigators who devote a majority of their practice to negligence or criminal defense investigations. To receive the designation, applicants must satisfy experience, educational, and continuing-training requirements and must pass written and oral exams. ASIS, a trade organization for the security industry, offers the Professional Certified Investigator certification. To qualify, applicants must have a high school diploma or equivalent; have 5 years of investigations experience, including 2 years managing investigations; and must pass an exam. Most private-detective agencies are small, with little room for advancement. Usually, there are no defined ranks or steps, so advancement takes the form of increases in salary and assignment status. Many detectives and investigators start their own firms after gaining a few years of experience. Corporate and legal investigators may rise to supervisor or manager of the security or investigations department.

California Foreclosures A foreclosure is the procedure, which is followed in enforcing a creditor's rights on a debt, which is secured by any lien on a property . The lender will attempt to recover its security upon the occourance of a default. In California, lenders can foreclose on deeds of mortgage or trust in default, through either a non-judicial or judicial foreclosure process. Judicial and non-judicial California foreclosures are limiting in that California is a one action State. The process of a judicial foreclosure involves filing a lawsuit to obtain a court order to foreclose. Here, there is no "power of sale" clause present in the mortgage or deed of trust. After the court declares a foreclosure, the house to be foreclosed is auctioned off to the highest bidder. The lender may seek a deficiency judgment. Now where it is not permitted in a non judicial setting, a borrower in some circumstances, has up to one-year time for redeeming the property in a juducal prceeding. A "power of sale" clause in a mortgage or deed of trust is enforced in a non-judicialforeclosure foreclosure. The trustee on behalf of the lender will pursue the "power of sale" using this clause found in the deed of trust or right to accelerate in the note that authorizes the sale of property satisfy any balance on a loan in the event of a default. California foreclosure guidelines In the case of the deed containing the power of sale clause that specifies the time, place and term of sale, the procedure has to be followed at the specified time and place. The notice of default will be filed and run 90 days before a Notice of Sale is filed. The NOD has to be recorded in the county the property is located 1) at least 14 days prior to the sale and, 2) has to be mailed by certified, with a return receipt requested post to the borrower at least 20 days before the sale. 3) It has also got to be posted on the property 20 days before the sale and in one public place in the county it is to be sold in. 4) This notice has to include the time, location and property of the foreclosure sale, the trustee's name, address, phone number and a statement that the property is being sold at an auction. The borrower then has 5 days before the foreclosure to cure the default and thus stop the process. The sale can be held on any business day between 9a.m. and 5p.m. at the location specified in the notice. Anyone can bid at the sale, but the trustee requires proof of the bidders' ability to pay their full bid amount. If necessary, the sale can be postponed by an announcement at the place and time of the original foreclosure.

Foreclosures, shortpay,borrowers

free hits counter

buy celebrex

Mortgage-Mess: Introduction The domestic mortgage market has been the most efficient in the world, and has offered unparalleled financing opportunities. "Caveat Emptor" credit policies though have led to record numbers of consumers achieving the American dream of homeownership. Today, more than 2 of 3 households own their homes and equity in these homes represents approximately one-half of American households. For persons 65 or older, this represents more than $2 trillion in home equity1 – wealth transferable to future generations. Today we can evidence through trained and expert auditing evidence that many borrowers are being misled and sold products that strip, not build, home equity and household wealth. Innovative products with complicated and variable terms, once marketed to the "sophisticated borrower," are now marketed to a less affluent borrower for their "affordability." "Push-marketing" to borrowers who many times are not even shopping for a loan, often through telemarketing, as well as cross-marketing to mortgage shoppers (by acquiring lists from credit bureaus of recent mortgage " inquirers," including a substantial amount of information on their financial activities), is common. Many borrowers, especially the less affluent, are not able to absorb monthly "payment shocks" when variable terms reset, such as expiration of teaser rates and/or interest rate increases. Borrowers find way too soon that their mortgage exceeds the proceeds from the sale of the home. This can be evidenced in monthly statements showing negative amortized loans or the current slump in housing prices. Securitization has changed the mortgage market dramatically since the mid-1970s when most banks (the primary source of mortgage lending) held loans, and thus the risks, to maturity. Today, lenders agents (mortgage brokers) account for over one-half of mortgage loan production and nearly all loans are pooled, sold, and securitized. In fact, fee structures of loans are not based on the performance of the loan. Compensation often includes immediate payment to the broker, without any regard to the loan's appropriateness or ultimate performance. In fact, broker fee structures often include more revenue from the lender for selling higher rate loans to borrowers who qualified for lower rate loans (yield spread premiums.) shown as POC line items. When equity is stripped from first generation homeowners, disproportionately minorities in today's market, it is stripped from future generations, and places at risk the recent success in decreasing minority homeownership gaps. When equity is stripped from older persons, it is stripped from children and grandchildren. In both instances, the clock cannot be turned backward to "catch back up." Abuses in the Subprime Market Older Persons, Persons of Color2 are more likely to hold a Subprime Loan. Borrowers 65 years of age or older were found to be 3 times more likely to hold a subprime mortgage than borrowers less than 35 years of age.3 Numerous studies have shown that persons of color are much more likely than whites to have a subprime loan, even when similar in income levels. Increasing Foreclosures in the Subprime Market Harm Individuals and Communities. A recent study found that 2.2 million Subprime home loans made in recent years have or will end in foreclosure, Of the 2.2 million Subprimes home loans made in recent years the cost to homeowners is over $164 billion.4 The same study estimates that one out of every five subprime mortgages originated during the past two years will end in foreclosure. For seniors, a foreclosure can mean losing a retirement nest egg as well as a lifetime of family memories without the ability to ever recover. Lack of Clarity in the Responsibility of Broker Regarding Affordability: Fannie Mae's 2003 National Housing Survey found that 41 percent of adults [mistakenly] believe "housing lenders are required by law to give you the best possible rates on loans."5 Borrowers should not be led to believe that "Agents" of the lender, the broker, have responsibility for getting them the "best loan." Thanks to lender negligence, revenue for the mortgage broker is not related to the performance of the loan, but to the sale alone – often with a payment structure (yield spread premiums) that benefits the broker the interest rate on the loan. Confusing the borrower is negligent. Increasing Complexity of Products Make Disclosures Inadequate to Protect Consumers: The complexity, terminology, and variability of these products are enormous, and choosing the right loan becomes difficult.6 7 Disclosures simply cannot compensate for the sophistication it takes to shift through all the information and assess the possible risk, given the vast array of possible outcomes – the lender and it's professionals in the transaction must be responsible for making appropriate loan offers. Predatory Practices Strip Equity from Borrowers It is estimated that borrowers lose billions of dollars annually in predatory lending practices.8 In addition, there is evidence that anti-predatory lending laws are working such that lending continues to occur9 only without inappropriate and predatory terms, including prepayment penalties.10 In fact, a recent study offers that such laws may be precipitating an additional favorable outcome – they serve as a vital source of confidence for borrowers who might otherwise be afraid to participate in the mortgage market11 with all the advertising, telemarketing, and volatility in the stock market. Public Outcry on Subprime Lending Ability to Repay Establish that every borrower has the ability to repay, without selling his/her home or refinancing into other loan. The complexity of the market today, and the risk at stake (i.e., losing one's home) requires that the professional making the loan offer assess the borrower's situation, including income, as to the appropriateness of the loan, and not based solely on the value of the home. When underwriting variable products, future income must be considered with respect to potential increases at payments resets throughout the life of the loan. Responsibility- Ensure that all parties, not just the borrower, have a stake in a successful loan outcome. HOEPA Lenders must have appropriate responsibility – It cannot simply be left upon the shoulders of the borrower. Brokers (as agents to the lender), appraisers, and servicers must have appropriate responsibility – it cannot simply be left upon the shoulders of the borrower. When Congress passed the HOEPA, it recognized that the secondary mortgage market could control the actions of the primary mortgage market. This is even more true today when the secondary market entities buying subprime and predatory mortgages not only provide wrongdoers access to the capital markets but actively shape, price, and underwrite many of the alternative mortgage products to their own specifications. Any new federal law must incent assignees to provide mortgage products with terms and costs that encourage responsible lending and that deter inappropriate lending. Regulators must increase vigilance in oversight. Regulators must clearly and forcefully address the wide array of products and terms, and the breadth of professionals offering loans. Borrowers must be assured12 that they can be confident in the banking system and the quality of loan products in the market. As early as 1998, HUD and the Fed recommended increased regulatory enhancements (via the Home Ownership Equity Protection Act, or HOEPA) to protect against predatory lending abuses. In 2000, these two agencies held joint hearings and issued a report recommending the expansion of consumer protections for homeowners targeted by predatory lenders. Yet, little action has been taken. Federal Legislation must serve as the floor, not the ceiling, and allow state laws to continue to protect borrowers. Federal legislation is important to protect consumers in key areas in which states have been ruled to be preempted (Alternative Mortgage Transaction Parity Act), for example. However, federal preemption must be carefully crafted to ensure that it only preempts state law to the extent that federal law adequately addresses the issue. Broad federal preemption extinguishes states abilities, as "laboratories of democracy" to be responsive to the problems in their state. Economic indicators like housing markets and job losses will have disparate geographic impacts and states must be in a position to respond. Currently, states, Ohio and California to name two, have already begun to respond to recent economic trends and their impact upon housing markets and foreclosure issues. Footnotes 1 U.S. Census data. 2 National Community Reinvestment Corporation, Fannie Mae Foundation, and the Woodstock Institute are among numerous groups with research findings showing disparate lending to minorities. 3 PPI Data Digest Number 57. 4 Center for Responsible Lending. Losing Gound. 5 Understanding America's Homeownership Gaps: 2003 Fannie Mae National Housing Survey. 6 Lacko, J and Pappalardo, J. (2004). The Effect of Mortgage Broker Compensation Disclosures on Consumers and Competition: A Controlled Experiment. The Federal Trade Commission. 7 The RESPA Report 2003.(2003). AARP's Public Policy Institute. 8 $9.1 billion in 2001. Stein, E. (2001). Quantifying the Economic Cost of Predatory Lending. Center for Responsible Lending. 9 Quercia, R. (2003). Anti-Predatory Lending Law: Doing What It's Supposed To Do. Center for Community Capitalism. 10 Wei, L. and Ernst, K. The Best Value in the Subprime Market: State Predatory Lending Reforms, Center for Responsible Lending (February 23, 2006). 11 Bostic, Engel, et. al. State and Local Anti-Predatory Lending Laws: The Effects of Assignee Liability and Legal Remedies. Presented at the Federal Reserve Board's Conference, Financing Community Development. (March 2007). Special Thanks to AARP Public Policy Institute June 2007©2007 AARPAll rights are reserved and content may be reproduced, downloaded, disseminated, or transferred, for single use, or by nonprofit organizations for educational purposes, if correct attribution is made to AARP. Public Policy Institute, AARP, 601 E Street, NW, Washington, DC 20049

Stop Foreclosure! www.borrowerhotline.com

In Countrywide’s 2006 annual report, the company touted the massive growth of its loan production from $62 billion in 2000 to $463 billion in 2006--three times the increase of the U.S. residential loan production market, which tripled from $1.0 trillion in 2000 to $2.9 trillion in 2006. 26 percent of Countywide loans were for California properties. The company sold an ever-increasing number of loans in an effort to gain a 30 percent market share of loan originations and then sell its loans on the secondary market, as mortgage-backed securities or pools of whole loans. Countrywide’s securities trading volume increased from $647 billion in 2000 to $3.8 trillion in 2006. Countrywide routinely sold loans based upon a borrower’s stated income and without verifying the information. Loan officers memorized scripts that marketed low payments by focusing on the potential customer’s dissatisfaction, saying, for example, “Which would you rather have, a long-term fixed payment, or a short-term one that may allow you to realize several hundred dollars a month in savings?” The loan officer did not state that the payment on this new loan would exceed the payment on the current loan. Countrywide paid greater compensation to brokers for loans with a higher interest rates, as well as prepayment penalties, because it could sell those loans for higher prices on the secondary market. Countrywide also paid rebates to brokers who originated loans with prepayment penalties, adjustable rates and high margins. Countrywide operated an extensive telemarketing operation in which it touted its expertise and claimed to find the best financial options for customers. Customer Service representatives at Countrywide call centers were required to complete calls within three minutes, often processing sixty-five to eight-five calls per day. Employees who did not meet quotas were terminated. The company’s deceptive marketing practices, designed to sell costly loans while hiding or misrepresenting the terms and dangers, included: • Encouraging borrowers to refinance or obtain financing with complicated mortgage instruments like hybrid adjustable rate mortgages or payment option adjustable mortgages • Marketing complex loan products by emphasizing a very low “teaser” rate while misrepresenting the steep monthly payments, increased interest rates and risk of negative amortization • Dramatically easing underwriting standards to qualify more people for loans • Using low or no-documentation loans which allowed no verification of stated income • Hiding total monthly payment obligations by selling homeowners a second mortgage in the form of a home equity line of credit • Making borrowers sign a large stack of documents without provider time to read the paperwork • Misrepresenting or hiding the fact that loans had prepayment penalties As the secondary market’s appetite for loans increased, Countrywide further relaxed its standards to finance borrowers with ever-decreasing credit scores. Countrywide employees routinely overrode the company’s computerized underwriting system, known as CLUES, which issued loan analysis reports recommending or discouraging loans based on factors such as a consumer’s credit rating. As the pressure to produce loans increased, Countrywide set up an entire department in Plano, Texas, at the direction of Mozilo and Sambol, where employees could submit requests for underwriting exceptions. In 2006, 15,000 to 20,000 loans a month were processed through this exception process. Countrywide’s deceptive sales practices resulted in a large number of loans ending in default and foreclosure. According to Countrywide’s February 2008 records, a staggering 27 percent of its subprime mortgages were delinquent. Overall, approximately 20,000 Californians lost their homes to foreclosure in May 2008 and 72,000 California homes were in default, roughly 1 out of 183 homes. Despite receiving numerous complaints from borrowers claiming that they did not understand their loan terms, Countrywide ignored loan officer’s deceptive practices and loose underwriting standards. Countrywide also pushed its borrowers to serially refinance, repeatedly urging borrowers to obtain home loans to pay off their current debt. Today’s lawsuit, filed this morning in Los Angeles Superior Court, redacts confidential information Countrywide provided during the attorney general’s investigation. The attorney general is seeking the company’s consent to file an amended complaint that removes the redactions. During the course of its investigation into Countrywide, state investigators reviewed hundreds of thousands of documents and interviewed scores of witnesses including consumers and former employees. Consumers who believe they have been victimized by Countrywide Consumers should file a complaint by contact the Attorney General’s Public Inquiry Unit in writing at Attorney General's Office California Department of Justice Attn: Public Inquiry Unit P.O. Box 944255, Sacramento, California or through an online complaint form: http://ag.ca.gov/contact/complaint_form.php?cmplt=CL The case is People v. Countrywide, Los Angeles Superior Court case number LC081846.

Entry for May 10, 2008

Maher E Soliman

NLS Director

Experienced Wall Street institutional auditors backed by legal professionals serving foreclsure victims. Our auditors are looking for instances of predatory lending, such as

· Deceptive lender practices,

· Unlawful acceptance,

· Negligent lending against minorities,

· Equity skimming,

· Non compliance,

· Violations of lenders own published guidelines,

· Over charging,

· No benefit to the borrower loans,

· Underwriter unwarranted exceptions,

· Deceptive Disclosure (computer generated 1003 applications)

· Reg Z Violations (absence of a handwritten application)

Fact: Unlawful lending practices are common in instances where a lender offers a Stated Income loan program.

Information: A lender is required to have you complete an application in your own handwriting. If not, you should initial all critical discloser information; such as your income, assets and time in current residence. Falsification of income and assets, absent of a handwritten application, is deceptive act. The occurrences’ of such are often prevalent with a Lenders “Stated Income and Stated Assets” programs. Income and credit acceptance misrepresentation, if unbeknownst to a borrower, are grounds for a loan rescission.

Borrowerhotline.com

NLS Nationwide Loan Settlement707 Wilshire Boulevard

53 Floors, the AON Building

Los Angeles, California 90017

View Original Article

Blogged with the Flock Browser