July 2013

Salon: The Housing Recovery is a Total Sham

July 31, 2013 Mark Cullen

From David Dayen at Salon, an article examining how the supposed housing market recovery is failing to localize.

LAKE WORTH, Fla. – Out on the alphabet streets in this once-thriving Florida community, the houses are dotted with black mold. Some have buckled roofs.

[Read More]

The FHFA/UBS Settlement

July 31, 2013 Lynn Szymoniak

In late July, 2013, the Federal Housing Finance Agency (FHFA) settled a lawsuit it brought against UBS AG, Switzerland’s largest bank, for $885 million. The FHFA accused UBS and 17 other banks in a lawsuit filed in New York in 2011 of violating securities laws by making misleading statements when selling mortgage-backed securities for loan origination issues for $885 million.… [Read More]

Eric Holder Thinks ‘Real Housewives’ Commit Mortgage Fraud–But Not Bank CEOs

July 30, 2013 Mark Cullen

From David Dayen at The New Republic:

Consider the disparity in offenses here. According to the indictment, the Giudices would fill out loan applications claiming Teresa drew a salary as an executive assistant or owner of a stucco company.

[Read More]

California City’s Drastic Foreclosure Remedy: Seizure

July 30, 2013 Mark Cullen

From CNNMoney:

The California city of Richmond said Tuesday that it’s ready to take an extraordinary step in its bid to stop foreclosures — threatening to wrest mortgages from the investors who now control them.

As a first step, the San Francisco Bay city said it will work with an investment firm to try to purchase mortgages of underwater homeowners at a price well below their current balances.

[Read More]

Curtis Hertel, Jr. Running For State Senate In Michigan

July 30, 2013 Lynn Szymoniak

Curtis Hertel, Jr., one of the first recorder of deeds to speak out about mortgage loan documentation fraud, is running for the state senate in Michigan.  The following biography is from his website, hertelforsenate.com.  The people of Michigan are extremely fortunate to have such a dedicated Register of Deeds.… [Read More]

American Home Mortgage Assets Trusts & American Home Mortgage Investment Trusts

July 30, 2013 Lynn Szymoniak

American Home Mortgage Assets Trusts and American Home Mortgage Investment Trusts foreclosed on thousands of homeowners nationwide in the past five years. There are 26 American Home Mortgage trusts, primarily filled with mortgages made by American Home Mortgage Company, American Home Mortgage Acceptance, Inc.… [Read More]

What’s Left?: American Home Mortgage Assets 2005-2

July 29, 2013 Mark Cullen

Each week in What’ts Left?, we look at a single trust’s lost assets and hazardous underperformance.

Offering Amount: $552,115,100
Collateral Balance as of June 25, 2013: $50,577,481

Original Number of Mortgage Loans: 1,426
Remaining Loans as of June 25, 2013: 176

SEC File No.: 333-125741-02
Closing Date: December 28, 2005
Trustee: Deutsche Bank National Trust Company
Sponsor/Seller: American Home Mortgage Corp.… [Read More]

Soundview Home Loan Trusts

July 29, 2013 Lynn Szymoniak

Soundview Home Loan Trusts foreclosed on thousands of homeowners nationwide in the past five years. There are 38 Soundview trusts, including 14 that were primarily filled with mortgages made by Option One Mortgage Corp. These 38 trusts had an aggregate offering value at inception of over $32.9 billion, and included mortgage loans from every state.… [Read More]

From Nearly $26 Billion To Less Than $5 Billion In Just A Few Years

July 10, 2013 Lynn Szymoniak

Remaining Loans & Principal Balances in 20 Selected Mortgage-Backed Trusts

This study includes 20 mortgage-backed trusts. There are over 4,000 trusts.

Total Original Loan Count: 132,542

Total Current Loan Count:    27,090

 

Total Original Principal Balance: $25,822,616,032

Total Current Principal Balance: $  4,368,872,816

 

Form:

RMBS Trust Name

Original Loan Count

Current (July, 2013) Loan Count

Original Principal Balance

Current (July, 2013) Principal Balance

 

Accredited Mortgage Loan Trust 2004-4

6,498

1,127

$1,047,176,083

$   124,839,437

 

American Home Mortgage Assets Trust 2005-1

2,166

274

$797,994,682

$  87,816,743

 

American Home Mortgage Assets Trust 2006-1

2,889

854

$1,126,157,063

$   298,094,150

 

American Home Mortgage Investment Trust 2004-3

9,233

2,658

$2,337,611,000

$   240,629,643

 

Ameriquest Mortgage Securities, Inc. [Read More]