Andy Greenberg in Forbes says that WikiLeaks will soon “release a ‘megaleak’ regarding a major U.S. bank.” Based upon an interview that occurred last year, the founder of WikiLeaks stated that “we are sitting on five gigabytes from Bank of America, one of the executive’s hard drives.” With the robo-signer scandal fresh in the press [...]
Forced place insurance is financial windfall for mortgage servicers
November 17, 2010 By 2 Comments
Forced place insurance is a profit center for mortgage servicers at the direct expense of the borrower. What does this mean? The mortgage servicer buys a VERY EXPENSIVE policy and adds it to the borrower’s bill (sometimes when they already have insurance). More and more frequently honest homeowners are finding themselves in default and falling [...]
Homes in Houston foreclosed regardless of the “Hold”
November 9, 2010 By Leave a Comment
While many of the large banks claimed to have foreclosures on hold in October (and yes even November) so they could review their foreclosure procedures it appears they didn’t “hold” back much in the Greater Houston Area. Harris County shows 786 foreclosed in November vs 1,246 foreclosed in October. Fort Bend County shows 114 foreclosed [...]
Foreclosure hold is a lie…
November 4, 2010 By Leave a Comment
Although many of the large banks claimed to have foreclosures on hold while they review their procedures it appears they didn’t “hold” back much in the Greater Houston Area. While the number of foreclosed property is slightly lower than previous months it not what I would call a HOLD. More like a slow down. Did [...]
Bank of America is ready to resume foreclosures.
October 19, 2010 By Leave a Comment
The Wall Street Journal is reporting that BofA is ready to crank up the foreclosure machine once again. Amazing what can be done when Bank of America might take a financial hit. BofA can’t seem to locate the submitted paperwork for a loan modification (or short sale) at least 30% of the the time. Their [...]
Robo-signers: Apply here – No experience necessary
October 13, 2010 By 2 Comments
Can’t you just see the ads? Anyone can now be a foreclosure expert! No experience, license or training required. Yes, you can make money at home (or in an office) with a full time job working for a bank!! Only requirements for this job are sight and upper limbs, so you can see where to [...]
Bank of America’s foreclosure halt hurts many
October 12, 2010 By Leave a Comment
The fact that Bank of America has claimed to halt foreclosures in all 50 states is significant. It is likely only a matter of time until the other big banks capitulate and offer some type of foreclosure freeze as well. What will be the outcome? It remains to be seen but for now there are [...]
RE Financial Bubble Coming From Title Insurers
October 11, 2010 By Leave a Comment
This article, http://www.cnbc.com/id/39617381, is excellent analysis of what our arguments with the mortgage companies have been about—to the letter. It also addresses how this next wave of uncertainty might affect the real estate market. One potential exposure that we are concerned about that others haven’t yet pointed out is in the title insurance business. We [...]
Stewart Title locks down foreclosure sales
October 11, 2010 By Leave a Comment
In our own backyard of Houston, Texas, Stewart Title clamps down on foreclosures sales. About time! Shabby title records, no true chain of custody in the property records, bogus affidavits and robo-signer assignments. Hello? Time to take a stand! Hats off to Stewart for publicly admitting, via a clamp down, that something is fishy in [...]
