October 2013

CNN: Student Homelessness at Record High

October 25, 2013 Mark Cullen

From CNNMoney:

There were 1.2 million homeless students during the 2011-12 academic year, from preschool all the way through high school. That’s up 10% from last year and 72% from the start of the recession, according to the most recent data available from the National Center for Homeless Education, which is funded by the Department of Education. 

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Your New Landlord Works on Wall Street

October 25, 2013 Mark Cullen

From David Dayen at New Republic:

Housing analysts have been giddy for the past year about the comeback of their industry, whose collapse led to the Great Recession. Sure, 2012 was actually the third-worst year for housing ever—but it still beat 2010 and 2011.

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QUANTIFYING THE ROLES OF BANK OF AMERICA IN RESIDENTIAL MORTGAGE-BACKED SECURITIES REGISTERED WITH THE SEC IN 2004

October 23, 2013 Lynn Szymoniak

Bank of America was involved in mortgage-backed securities in many ways and through many subsidiaries and acquisitions. Subsidiaries dealing primarily with mortgage-backed securities include Asset Backed Funding Corp., Banc of America Mortgage Securities, Inc. and Banc of America Securities, LLC. Bank of America acquired LaSalle Bank Corp.… [Read More]

Reuters: Bank of America Loses Mortgage Fraud Trial

October 23, 2013 Mark Cullen

From Reuters:

Oct 23 (Reuters) – Bank of America Corp was found liable for fraud on Wednesday on claims related to defective mortgages sold by its Countrywide unit, a major win for the U.S. government in one of the few big trials stemming from the financial crisis.

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QUANTIFYING THE ROLES OF JP MORGAN CHASE IN RESIDENTIAL MORTGAGE-BACKED SECURITIES REGISTERED WITH THE SEC IN 2004

October 22, 2013 Lynn Szymoniak

JPMorgan Chase & Company and JPMorgan Chase Bank, N.A. were involved in mortgage-backed securities in many ways and through many subsidiaries and acquisitions. Subsidiaries included JP Morgan Acceptance, JP Morgan Acquisition Corporation and JP Morgan Securities Holdings. JP Morgan Chase was also the successor to Bear Stearns & Company and its subsidiaries, Structured Asset Mortgage Investments II, Inc.… [Read More]

HSBC Corporate Rep. Says “HSBC Does Not Hold Any Notes”

October 21, 2013 Lynn Szymoniak

Here is the deposition transcript of the corporate rep. of HSBC,USA, N.A. as trustee for “MLC 2006-3.”

The most significant statement is on page 18, last line: “HSBC does not hold any notes.” This is especially important as the Trustee of a Mortgage-Backed Security is responsible for holding all notes for properties conveyed to a trust.… [Read More]

Palm Beach County Foreclosure Data, September 2013

October 10, 2013 Lynn Szymoniak

New data on Palm Beach County Foreclosures, with charts updated through 2013. The Palm Beach Post attributes the recent downturn in foreclosure filings to new legislation which requires lenders to verify the authenticity of foreclosure documentation under threat of perjury. Click to enlarge the graphs below.… [Read More]

FDIC OBJECTS TO THE PROPOSED COUNTRYWIDE SETTLEMENT

October 10, 2013 Lynn Szymoniak

On October 8, 2013, the Federal Deposit Insurance Corporation filed an objection against a $500 million settlement Bank of America announced in April, 2013 relating to loans originated and securitized by Countrywide. Bank of America, which purchased Countrywide in 2008, hoped to resolve claims that Countrywide sold billions of dollars of securities backed by defective mortgage loans.… [Read More]

American Banker: Banks May Take $57 Billion Loss in FHA Loans

October 8, 2013 Mark Cullen

From Kate Berry at American Banker:

The nation’s four largest banks are holding $57 billion of seriously delinquent loans that they’ve been slow to move into foreclosure over concerns that the Federal Housing Administration, the government mortgage insurer, will refuse to cover the losses and hit them with damages, according to industry sources.

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ELEVEN OWNERS OF 16,723 PROPERTIES IN FIVE SOUTH FLORIDA COUNTIES

October 8, 2013 Lynn Szymoniak

AS OF OCTOBER 5, 2013, 11 entities own 16,723 properties in South Florida counties. This represents a significant consolidation of residential properties in the hands of just a few owners.

FANNIE MAE
MIAMI-DADE: 2,014
BROWARD: 1,419
PALM BEACH: 889
ST. LUCIE: 463
HILLSBOROUGH: 1,000
TOTAL: 5,785,  34.59%

THR FLORIDA
MIAMI-DADE: 320
BROWARD: 464
PALM BEACH: 234
ST.… [Read More]