bank foreclosure

KABOOM! BofA, GMAC, Chase, Wells, Citi, Onewest Face N.J. Foreclosure Freeze

This is coming in from multiple fronts...

Chink in the Armor

The State Supreme Court of NJ has ordered a halt to all foreclosure in the state of NJ.

This is most excellent news for the reason you may not realize:

NJ is owned by the Wall St. Bankers.  Remember the movie Copland about a town in NJ owned and run by a bunch of NYC cops?

Guess
who used to be Governor of NJ?  Corzine.  Guess what his job was before
he became Governor?  Head of Goldman Sachs.  If you are a banker of
certain levels,  you live in one of three places, Manhattan,  Long
Island,  or NJ (what exit?).  NJ is owned and operated by the large NY
banking firms so for the Supreme Court to turn on them is stupendous
news.

V

www.chinkinthearmor.net

Matt Weidner

Apparently
the practices in foreclosure courts in New Jersey have gotten so out
of hand that the court has initiated an inquiry into the questionable
nature and inaccuracies of documents submitted in courts across the
entire state.

The
attached Order is filled with all sorts of crazy language like,
“Protecting the integrity of the judicial foreclosure process” and the
“need to restore integrity to the foreclosure process” and “due
process”.

Apparently
there were six “foreclosure Plaintiffs with a public record of
questionable practices” which the court felt compelled to address in
its supervisory capacity.

What in God’s name is going on up there in New Jersey?

Things
are just fine down here in Florida…..no problems with integrity or due
process or robo signing…no sir-ee, things are just fine thank y’all
very kindly.

Them banks ain’t run us over down here….no sir-ee, things are just fine thank y’all very kindly.

The integrity of our real property system is not in run…..no sir-ee, things are just fine thank y’all very kindly.

Us dumb
yokels down here in Florida cain’t hardly read all them fancy
newspapers and we ain’t heard ‘nuthin ’bout ‘nuthin going on in
Congress.

So you go on with yer investergatin…we’s jus fine down here in Sunnie Floreeduh!

Bloomberg

BofA, Lenders Face Possible N.J. Foreclosure Freeze

Bank of America Corp., JPMorgan Chase & Co.
and four other mortgage lenders and loan servicers face a possible
suspension of home foreclosures in New Jersey by Jan. 19 under a judge’s
order.

The action, announced today by New Jersey Supreme Court Chief Justice Stuart Rabner, also covers Citigroup Inc.’s mortgage unit, Ally Financial Inc.’s GMAC mortgage unit, OneWest Bank and Wells Fargo & Co.
The lenders were implicated in “robo-signing,” the submission of
hundreds or thousands of foreclosure claims that falsely swore to
personal knowledge of their contents, Rabner said.

The six
companies must “show cause why the processing of uncontested residential
foreclosure matters they have filed should not be suspended,” under an
order by Judge Mary C. Jacobson in state court in Trenton.

“It’s
important that the judiciary ensures that judges are not rubber-stamping
documents of questionable reliability,” Rabner said today in a
conference call with reporters.

Another
24 lenders and loan servicers with more than 200 residential foreclosure
actions each in 2010 must “demonstrate affirmatively that there are no
irregularities in their handling of foreclosure proceedings,” according
to an order by Judge Glenn A. Grant, administrative director of the
courts.

First U.S. State

Rabner
said New Jersey is the first U.S. state to take such an action. The
state’s courts received 21,752 new foreclosures in 2006 and have gotten
65,222 this year, according to Grant’s order. Only 6 percent of cases
were contested this year, meaning 94 percent lacked “any meaningful
adversarial proceeding,” according to the order.

Lawyers
in foreclosure cases must also certify that they have communicated to
employees at the mortgage companies that they have personally reviewed
all documents and that they are accurate, Rabner said.

Bank of
America, Wells Fargo and JPMorgan are the three biggest U.S. home-loan
servicers, handling payment collections, debt modifications and
foreclosures on almost 50 percent of the $10.7 trillion of outstanding
mortgages, according to newsletter Inside Mortgage Finance.

Attorneys
general from all 50 states in October started probing mortgage
servicers after revelations that they may have acted illegally in having
employees sign affidavits that they didn’t review. GMAC Mortgage,
JPMorgan Chase and Bank of America were among companies that temporarily
halted foreclosures amid claims that the legal documents were
mishandled.

Suspended Forclosures

Thomas Kelly,
a JPMorgan spokesman, declined to comment on the New Jersey order.
Since September, the New York-based bank has suspended foreclosures in
40 states, including New Jersey, he said. It resumed foreclosures in
some of those states, he said.

Jumana Bauwens,
a spokeswoman for Charlotte, North Carolina-based Bank of America, said
the bank is reviewing the judge’s order and can’t comment at this time.

Gina Proia, a spokeswoman for Detroit-based Ally Financial, declined to comment.

New York-based Citigroup “will review the Justice’s order and will ensure that we meet the new requirements,” spokesman Mark Rodgers said in an e-mail.

Foreclosure Review

“Citi
has been continuously reviewing its foreclosure processes with respect
to its U.S. mortgage portfolios,” Rodgers said. “Last year, we took a
series of steps to strengthen our processes and added additional
resources to ensure foreclosures were being processed correctly.”

Diane Henry,
a spokeswoman for Pasadena, California-based OneWest, declined to
comment. OneWest was formed in the aftermath of IndyMac Bancorp’s
failure.

Jason Menke,
a spokeswoman for San Francisco-based Wells Fargo, said in an e-mail:
“We recognize and respect the need to ensure we always comply with
respective state laws. With our outside counsel, we intend to comply
with the New Jersey court’s order and demonstrate why the foreclosures
scheduled in New Jersey should move forward.”

U.S. bank regulators investigating foreclosure problems could impose fines or seek criminal penalties as soon as January, said Julie L. Williams, chief counsel of the Office of Comptroller of the Currency, said at a congressional hearing Dec. 2.

The
order is In the Matter of Residential Mortgage Foreclosure Pleading and
Document Irregularities, Administrative Order 01-2010.

To contact the reporters on this story: David Voreacos in Newark, New Jersey, at dvoreacos@bloomberg.net; Jody Shenn in New York at jshenn@bloomberg.net.

Order with supporting docs below...

4closureFraud.org

Order to Show Cause Issued by Judge Mary Jacobson - Residential Mortgage Foreclosures - Robosigning

Order to Show Cause Issued by Judge Mary Jacobson - Residential Mortgage Foreclosures - Robosigning

Administrative
Order Directing Submission of Information from Residential Mortgage
Foreclosure Plaintiffs Concerning Their Document Execution Practices to a
Special Master

Administrative Order Directing Submission of Information From Residential Mortgage Foreclosure Plaintiffs C... Notice and Order - Emergent Amendments to Rules 1:5-6, 4:64-1, and 4:64-2 - Residential Mortgage Foreclosures

Notice and Order - Emergent Amendments to Rules 1 5-6, 4 64-1, And 4 64-2 - Residential Mortgage Foreclosures

Obviously for REO there will be two peaks. The first was in late 2008 and largely private-label securities and subprime, and the 2nd will probably be in 2011 and be heavily GSE REOs.



The height of the 2nd peak depends on the number of foreclosures, and the how quickly the lenders can sell the REOs. The foreclosure-gate related moratoriums have slowed the foreclosure process, but foreclosures will probably pick up again in early 2011. My guess is the 2nd peak will happen in 2011 and be close to the same height as in 2008.



One of the key issues is the number of delinquent loans (and loans in the foreclosure process). I use the Mortgage Bankers Association (MBA) quarterly data and LPS Applied Analytics monthly data to track delinquencies.



Click on graph for larger image in graph gallery.



This graph based on the MBA quarterly data shows the percent of loans delinquent by days past due. The MBA reported that 13.52 percent of mortgage loans were either one payment delinquent or in the foreclosure process in Q3 2010 (seasonally adjusted). This was down from 14.42 percent in Q2 2010.



Most of the decline in the overall delinquency rate was in the seriously delinquent categories (90+ days or in foreclosure process). Part of the reason is lenders were being more aggressive in foreclosing in Q3 (before the foreclosure pause) - hence the surge in REO inventory in the first graphs! Some of the decline was probably related to modifications too.



This graph provided by LPS Applied Analytics shows the percent delinquent, percent in foreclosure, and total non-current mortgages through November.



The percent in the foreclosure process is trending up because of the foreclosure moratoriums.



According to LPS, 9.02% of mortgages are delinquent (down from 9.29% in October), and another 4.08% are in the foreclosure process (up from 3.92% in October) for a total of 13.10%.



With falling house prices, the delinquency rate could start rising again since more homeowners will have negative equity. However just because a homeowner has negative equity doesn't mean they will default. It usually takes another factor such as loss of employment, divorce, or a medical emergency for the homeowner to default.



On the other hand, an improving labor market will help push down the delinquency rate. My guess is the overall delinquency rate has peaked, although I expect the delinquency rate to stay elevated for some time.



Ten Questions:

• Question #1 for 2011: House Prices

• Question #2 for 2011: Residential Investment

• Question #3 for 2011: Delinquencies and Distressed house sales

• Question #4 for 2011: U.S. Economic Growth

• Question #5 for 2011: Employment

• Question #6 for 2011: Unemployment Rate

• Question #7 for 2011: State and Local Governments

• Question #8 for 2011: Europe and the Euro

• Question #9 for 2011: Inflation

• Question #10 for 2011: Monetary Policy

robert shumake

Opinion: Can Oprah Help Restore Civility? - AOL <b>News</b>

Oprah began her new cable television network -- OWN -- at noon on New Year's Day, a network dedicated to the total and complete absence of mean-spiritedness.

500 More Red-Winged Blackbirds Found Dead in Louisiana - AOL <b>News</b>

Days after 100000 fish and approximately 4000 red-winged blackbirds were found dead in Arkansas, 500 deceased blackbirds and starlings were discovered on a Louisiana highway.

Shakesville: Brett Favre <b>News</b>

Brett Favre News. [Trigger warning for sexual assault, which applies to both links] [Link includes descriptions of sexual assault] Associated Press: "Two massage therapists sued Brett Favre on Monday, saying they lost them their ...

robert shumake

Opinion: Can Oprah Help Restore Civility? - AOL <b>News</b>

Oprah began her new cable television network -- OWN -- at noon on New Year's Day, a network dedicated to the total and complete absence of mean-spiritedness.

500 More Red-Winged Blackbirds Found Dead in Louisiana - AOL <b>News</b>

Days after 100000 fish and approximately 4000 red-winged blackbirds were found dead in Arkansas, 500 deceased blackbirds and starlings were discovered on a Louisiana highway.

Shakesville: Brett Favre <b>News</b>

Brett Favre News. [Trigger warning for sexual assault, which applies to both links] [Link includes descriptions of sexual assault] Associated Press: "Two massage therapists sued Brett Favre on Monday, saying they lost them their ...

robert shumake

KABOOM! BofA, GMAC, Chase, Wells, Citi, Onewest Face N.J. Foreclosure Freeze

This is coming in from multiple fronts...

Chink in the Armor

The State Supreme Court of NJ has ordered a halt to all foreclosure in the state of NJ.

This is most excellent news for the reason you may not realize:

NJ is owned by the Wall St. Bankers.  Remember the movie Copland about a town in NJ owned and run by a bunch of NYC cops?

Guess
who used to be Governor of NJ?  Corzine.  Guess what his job was before
he became Governor?  Head of Goldman Sachs.  If you are a banker of
certain levels,  you live in one of three places, Manhattan,  Long
Island,  or NJ (what exit?).  NJ is owned and operated by the large NY
banking firms so for the Supreme Court to turn on them is stupendous
news.

V

www.chinkinthearmor.net

Matt Weidner

Apparently
the practices in foreclosure courts in New Jersey have gotten so out
of hand that the court has initiated an inquiry into the questionable
nature and inaccuracies of documents submitted in courts across the
entire state.

The
attached Order is filled with all sorts of crazy language like,
“Protecting the integrity of the judicial foreclosure process” and the
“need to restore integrity to the foreclosure process” and “due
process”.

Apparently
there were six “foreclosure Plaintiffs with a public record of
questionable practices” which the court felt compelled to address in
its supervisory capacity.

What in God’s name is going on up there in New Jersey?

Things
are just fine down here in Florida…..no problems with integrity or due
process or robo signing…no sir-ee, things are just fine thank y’all
very kindly.

Them banks ain’t run us over down here….no sir-ee, things are just fine thank y’all very kindly.

The integrity of our real property system is not in run…..no sir-ee, things are just fine thank y’all very kindly.

Us dumb
yokels down here in Florida cain’t hardly read all them fancy
newspapers and we ain’t heard ‘nuthin ’bout ‘nuthin going on in
Congress.

So you go on with yer investergatin…we’s jus fine down here in Sunnie Floreeduh!

Bloomberg

BofA, Lenders Face Possible N.J. Foreclosure Freeze

Bank of America Corp., JPMorgan Chase & Co.
and four other mortgage lenders and loan servicers face a possible
suspension of home foreclosures in New Jersey by Jan. 19 under a judge’s
order.

The action, announced today by New Jersey Supreme Court Chief Justice Stuart Rabner, also covers Citigroup Inc.’s mortgage unit, Ally Financial Inc.’s GMAC mortgage unit, OneWest Bank and Wells Fargo & Co.
The lenders were implicated in “robo-signing,” the submission of
hundreds or thousands of foreclosure claims that falsely swore to
personal knowledge of their contents, Rabner said.

The six
companies must “show cause why the processing of uncontested residential
foreclosure matters they have filed should not be suspended,” under an
order by Judge Mary C. Jacobson in state court in Trenton.

“It’s
important that the judiciary ensures that judges are not rubber-stamping
documents of questionable reliability,” Rabner said today in a
conference call with reporters.

Another
24 lenders and loan servicers with more than 200 residential foreclosure
actions each in 2010 must “demonstrate affirmatively that there are no
irregularities in their handling of foreclosure proceedings,” according
to an order by Judge Glenn A. Grant, administrative director of the
courts.

First U.S. State

Rabner
said New Jersey is the first U.S. state to take such an action. The
state’s courts received 21,752 new foreclosures in 2006 and have gotten
65,222 this year, according to Grant’s order. Only 6 percent of cases
were contested this year, meaning 94 percent lacked “any meaningful
adversarial proceeding,” according to the order.

Lawyers
in foreclosure cases must also certify that they have communicated to
employees at the mortgage companies that they have personally reviewed
all documents and that they are accurate, Rabner said.

Bank of
America, Wells Fargo and JPMorgan are the three biggest U.S. home-loan
servicers, handling payment collections, debt modifications and
foreclosures on almost 50 percent of the $10.7 trillion of outstanding
mortgages, according to newsletter Inside Mortgage Finance.

Attorneys
general from all 50 states in October started probing mortgage
servicers after revelations that they may have acted illegally in having
employees sign affidavits that they didn’t review. GMAC Mortgage,
JPMorgan Chase and Bank of America were among companies that temporarily
halted foreclosures amid claims that the legal documents were
mishandled.

Suspended Forclosures

Thomas Kelly,
a JPMorgan spokesman, declined to comment on the New Jersey order.
Since September, the New York-based bank has suspended foreclosures in
40 states, including New Jersey, he said. It resumed foreclosures in
some of those states, he said.

Jumana Bauwens,
a spokeswoman for Charlotte, North Carolina-based Bank of America, said
the bank is reviewing the judge’s order and can’t comment at this time.

Gina Proia, a spokeswoman for Detroit-based Ally Financial, declined to comment.

New York-based Citigroup “will review the Justice’s order and will ensure that we meet the new requirements,” spokesman Mark Rodgers said in an e-mail.

Foreclosure Review

“Citi
has been continuously reviewing its foreclosure processes with respect
to its U.S. mortgage portfolios,” Rodgers said. “Last year, we took a
series of steps to strengthen our processes and added additional
resources to ensure foreclosures were being processed correctly.”

Diane Henry,
a spokeswoman for Pasadena, California-based OneWest, declined to
comment. OneWest was formed in the aftermath of IndyMac Bancorp’s
failure.

Jason Menke,
a spokeswoman for San Francisco-based Wells Fargo, said in an e-mail:
“We recognize and respect the need to ensure we always comply with
respective state laws. With our outside counsel, we intend to comply
with the New Jersey court’s order and demonstrate why the foreclosures
scheduled in New Jersey should move forward.”

U.S. bank regulators investigating foreclosure problems could impose fines or seek criminal penalties as soon as January, said Julie L. Williams, chief counsel of the Office of Comptroller of the Currency, said at a congressional hearing Dec. 2.

The
order is In the Matter of Residential Mortgage Foreclosure Pleading and
Document Irregularities, Administrative Order 01-2010.

To contact the reporters on this story: David Voreacos in Newark, New Jersey, at dvoreacos@bloomberg.net; Jody Shenn in New York at jshenn@bloomberg.net.

Order with supporting docs below...

4closureFraud.org

Order to Show Cause Issued by Judge Mary Jacobson - Residential Mortgage Foreclosures - Robosigning

Order to Show Cause Issued by Judge Mary Jacobson - Residential Mortgage Foreclosures - Robosigning

Administrative
Order Directing Submission of Information from Residential Mortgage
Foreclosure Plaintiffs Concerning Their Document Execution Practices to a
Special Master

Administrative Order Directing Submission of Information From Residential Mortgage Foreclosure Plaintiffs C... Notice and Order - Emergent Amendments to Rules 1:5-6, 4:64-1, and 4:64-2 - Residential Mortgage Foreclosures

Notice and Order - Emergent Amendments to Rules 1 5-6, 4 64-1, And 4 64-2 - Residential Mortgage Foreclosures

Obviously for REO there will be two peaks. The first was in late 2008 and largely private-label securities and subprime, and the 2nd will probably be in 2011 and be heavily GSE REOs.



The height of the 2nd peak depends on the number of foreclosures, and the how quickly the lenders can sell the REOs. The foreclosure-gate related moratoriums have slowed the foreclosure process, but foreclosures will probably pick up again in early 2011. My guess is the 2nd peak will happen in 2011 and be close to the same height as in 2008.



One of the key issues is the number of delinquent loans (and loans in the foreclosure process). I use the Mortgage Bankers Association (MBA) quarterly data and LPS Applied Analytics monthly data to track delinquencies.



Click on graph for larger image in graph gallery.



This graph based on the MBA quarterly data shows the percent of loans delinquent by days past due. The MBA reported that 13.52 percent of mortgage loans were either one payment delinquent or in the foreclosure process in Q3 2010 (seasonally adjusted). This was down from 14.42 percent in Q2 2010.



Most of the decline in the overall delinquency rate was in the seriously delinquent categories (90+ days or in foreclosure process). Part of the reason is lenders were being more aggressive in foreclosing in Q3 (before the foreclosure pause) - hence the surge in REO inventory in the first graphs! Some of the decline was probably related to modifications too.



This graph provided by LPS Applied Analytics shows the percent delinquent, percent in foreclosure, and total non-current mortgages through November.



The percent in the foreclosure process is trending up because of the foreclosure moratoriums.



According to LPS, 9.02% of mortgages are delinquent (down from 9.29% in October), and another 4.08% are in the foreclosure process (up from 3.92% in October) for a total of 13.10%.



With falling house prices, the delinquency rate could start rising again since more homeowners will have negative equity. However just because a homeowner has negative equity doesn't mean they will default. It usually takes another factor such as loss of employment, divorce, or a medical emergency for the homeowner to default.



On the other hand, an improving labor market will help push down the delinquency rate. My guess is the overall delinquency rate has peaked, although I expect the delinquency rate to stay elevated for some time.



Ten Questions:

• Question #1 for 2011: House Prices

• Question #2 for 2011: Residential Investment

• Question #3 for 2011: Delinquencies and Distressed house sales

• Question #4 for 2011: U.S. Economic Growth

• Question #5 for 2011: Employment

• Question #6 for 2011: Unemployment Rate

• Question #7 for 2011: State and Local Governments

• Question #8 for 2011: Europe and the Euro

• Question #9 for 2011: Inflation

• Question #10 for 2011: Monetary Policy

robert shumake

robert shumake

Opinion: Can Oprah Help Restore Civility? - AOL <b>News</b>

Oprah began her new cable television network -- OWN -- at noon on New Year's Day, a network dedicated to the total and complete absence of mean-spiritedness.

500 More Red-Winged Blackbirds Found Dead in Louisiana - AOL <b>News</b>

Days after 100000 fish and approximately 4000 red-winged blackbirds were found dead in Arkansas, 500 deceased blackbirds and starlings were discovered on a Louisiana highway.

Shakesville: Brett Favre <b>News</b>

Brett Favre News. [Trigger warning for sexual assault, which applies to both links] [Link includes descriptions of sexual assault] Associated Press: "Two massage therapists sued Brett Favre on Monday, saying they lost them their ...

robert shumake

Opinion: Can Oprah Help Restore Civility? - AOL <b>News</b>

Oprah began her new cable television network -- OWN -- at noon on New Year's Day, a network dedicated to the total and complete absence of mean-spiritedness.

500 More Red-Winged Blackbirds Found Dead in Louisiana - AOL <b>News</b>

Days after 100000 fish and approximately 4000 red-winged blackbirds were found dead in Arkansas, 500 deceased blackbirds and starlings were discovered on a Louisiana highway.

Shakesville: Brett Favre <b>News</b>

Brett Favre News. [Trigger warning for sexual assault, which applies to both links] [Link includes descriptions of sexual assault] Associated Press: "Two massage therapists sued Brett Favre on Monday, saying they lost them their ...

robert shumake detroit

Ok people Stand fast and as I have said pay attention.

How many of you have heard the news. That literally thousands of foreclosed homes will never make it to the market and will be allowed to just sit and fall apart. Read into this one its the banks saying this.

All Financial Institutions LIE

I have been telling Y'all pay attention. This mornings news is no different. And I stand by my last prediction and will tell you why shortly.

First off incase you live under a rock and do not do as I say and pay attention. A bank will never lose money as long as it has customers. You say but they took bailout money. Dont be fooled I never said they weren't greedy. And the american consumer is finding out just how greedy they are today. If a bank had just one customer and that customer was say Bill Gates he would be paying so many fees that even him with his seemingly infinite amount of money would be broke in a week.

And the stock holders and CEO'S CFO VP's and anyone else who worked in the executive offices would be living in 3 million dollar mansions in georgia and florida with their tax protection laws. Do not be fooled. And now mix in the Government and its corruption. People pay attention here.

Todays news 4 states in our great country top the list unless you just have no idea of what goes on in this country. California and Nevada top all lists about anything all the time so it should surprise nobody. That California and Nevada are at the top of list this two states alone make a full Quarter percent of all construction in the entire country. Again people pay ATTENTION

Now just incase you have not read any news or watched any news or do not live in California. Here is a major piece of news most people either did not see or just over looked. Now everybody knows the company U-haul right the moving company they rent trucks and trailers for people who are moving. For the first quarter of this year they reported an 20 percent rise in one way trailer rentals leaving California.

So its safe to say that owning or buying ppty in California isnt what you want to do right now. Or another is owning a U-haul rental in states where construction is starting to pick up like Michigan,Ohio, where people are snapping up foreclosed homes for literally pennies. And not pennies on the dollar. It is safe to say these states will see a rise in Rehab Construction in the coming months. AGAIN PEOPLE PAY ATTENTION

All I keep seeing in my head is Mel Gibson with his painted Blue and red face in Braveheart sitting on his horse yelling hold waiting till the time till was right to release his winning attack.

As I stated earlier this year the Foreclosure market has not yet hit bottom. I do not care what state or what is said it was reported that their are over 2 million homes in foreclosure this year. A lot of these homes have still not come to market.

You say why haven't these? Again people Banks LIE. The banks right now are selling a very large amount of homes in packages to large investors. Remember what I said earlier this year. The big guys are playing now. They are buying packages of homes which you now see on ebay now and these homes are selling from 2 thousand to 10 thousand. These are homes the banks consider not sellable. So why would anyone ever think their would be homes anywhere that the banks would not sell.

As I said their will be later this year a new round of creative financing packages brought forth by lenders to get rid of the rest of their inventories. Either this or states such as California will see further erosion in ppty value. Simply because these homes will be tore down and their will be more land available. Which will further drive down home costs and land values.

The city factor:

In places like Riverside California some cities have a foreclosure rate of 75 percent.
Imagine all these homes sitting empty in their city and deteriorating and the city paying to keep them up. A city which now has not enough income to survive. Do you really think the leaders of these cities will allow this to happen. Again people Pay attention. The best is yet to come. I will update y'all as things happen but again do like Mel and hold for the best attack for your money.

I will keep you informed check back monthly

Ok y'all love you and pay attention J


robert shumake

Opinion: Can Oprah Help Restore Civility? - AOL <b>News</b>

Oprah began her new cable television network -- OWN -- at noon on New Year's Day, a network dedicated to the total and complete absence of mean-spiritedness.

500 More Red-Winged Blackbirds Found Dead in Louisiana - AOL <b>News</b>

Days after 100000 fish and approximately 4000 red-winged blackbirds were found dead in Arkansas, 500 deceased blackbirds and starlings were discovered on a Louisiana highway.

Shakesville: Brett Favre <b>News</b>

Brett Favre News. [Trigger warning for sexual assault, which applies to both links] [Link includes descriptions of sexual assault] Associated Press: "Two massage therapists sued Brett Favre on Monday, saying they lost them their ...

robert shumake

robert shumake

KABOOM! BofA, GMAC, Chase, Wells, Citi, Onewest Face N.J. Foreclosure Freeze

This is coming in from multiple fronts...

Chink in the Armor

The State Supreme Court of NJ has ordered a halt to all foreclosure in the state of NJ.

This is most excellent news for the reason you may not realize:

NJ is owned by the Wall St. Bankers.  Remember the movie Copland about a town in NJ owned and run by a bunch of NYC cops?

Guess
who used to be Governor of NJ?  Corzine.  Guess what his job was before
he became Governor?  Head of Goldman Sachs.  If you are a banker of
certain levels,  you live in one of three places, Manhattan,  Long
Island,  or NJ (what exit?).  NJ is owned and operated by the large NY
banking firms so for the Supreme Court to turn on them is stupendous
news.

V

www.chinkinthearmor.net

Matt Weidner

Apparently
the practices in foreclosure courts in New Jersey have gotten so out
of hand that the court has initiated an inquiry into the questionable
nature and inaccuracies of documents submitted in courts across the
entire state.

The
attached Order is filled with all sorts of crazy language like,
“Protecting the integrity of the judicial foreclosure process” and the
“need to restore integrity to the foreclosure process” and “due
process”.

Apparently
there were six “foreclosure Plaintiffs with a public record of
questionable practices” which the court felt compelled to address in
its supervisory capacity.

What in God’s name is going on up there in New Jersey?

Things
are just fine down here in Florida…..no problems with integrity or due
process or robo signing…no sir-ee, things are just fine thank y’all
very kindly.

Them banks ain’t run us over down here….no sir-ee, things are just fine thank y’all very kindly.

The integrity of our real property system is not in run…..no sir-ee, things are just fine thank y’all very kindly.

Us dumb
yokels down here in Florida cain’t hardly read all them fancy
newspapers and we ain’t heard ‘nuthin ’bout ‘nuthin going on in
Congress.

So you go on with yer investergatin…we’s jus fine down here in Sunnie Floreeduh!

Bloomberg

BofA, Lenders Face Possible N.J. Foreclosure Freeze

Bank of America Corp., JPMorgan Chase & Co.
and four other mortgage lenders and loan servicers face a possible
suspension of home foreclosures in New Jersey by Jan. 19 under a judge’s
order.

The action, announced today by New Jersey Supreme Court Chief Justice Stuart Rabner, also covers Citigroup Inc.’s mortgage unit, Ally Financial Inc.’s GMAC mortgage unit, OneWest Bank and Wells Fargo & Co.
The lenders were implicated in “robo-signing,” the submission of
hundreds or thousands of foreclosure claims that falsely swore to
personal knowledge of their contents, Rabner said.

The six
companies must “show cause why the processing of uncontested residential
foreclosure matters they have filed should not be suspended,” under an
order by Judge Mary C. Jacobson in state court in Trenton.

“It’s
important that the judiciary ensures that judges are not rubber-stamping
documents of questionable reliability,” Rabner said today in a
conference call with reporters.

Another
24 lenders and loan servicers with more than 200 residential foreclosure
actions each in 2010 must “demonstrate affirmatively that there are no
irregularities in their handling of foreclosure proceedings,” according
to an order by Judge Glenn A. Grant, administrative director of the
courts.

First U.S. State

Rabner
said New Jersey is the first U.S. state to take such an action. The
state’s courts received 21,752 new foreclosures in 2006 and have gotten
65,222 this year, according to Grant’s order. Only 6 percent of cases
were contested this year, meaning 94 percent lacked “any meaningful
adversarial proceeding,” according to the order.

Lawyers
in foreclosure cases must also certify that they have communicated to
employees at the mortgage companies that they have personally reviewed
all documents and that they are accurate, Rabner said.

Bank of
America, Wells Fargo and JPMorgan are the three biggest U.S. home-loan
servicers, handling payment collections, debt modifications and
foreclosures on almost 50 percent of the $10.7 trillion of outstanding
mortgages, according to newsletter Inside Mortgage Finance.

Attorneys
general from all 50 states in October started probing mortgage
servicers after revelations that they may have acted illegally in having
employees sign affidavits that they didn’t review. GMAC Mortgage,
JPMorgan Chase and Bank of America were among companies that temporarily
halted foreclosures amid claims that the legal documents were
mishandled.

Suspended Forclosures

Thomas Kelly,
a JPMorgan spokesman, declined to comment on the New Jersey order.
Since September, the New York-based bank has suspended foreclosures in
40 states, including New Jersey, he said. It resumed foreclosures in
some of those states, he said.

Jumana Bauwens,
a spokeswoman for Charlotte, North Carolina-based Bank of America, said
the bank is reviewing the judge’s order and can’t comment at this time.

Gina Proia, a spokeswoman for Detroit-based Ally Financial, declined to comment.

New York-based Citigroup “will review the Justice’s order and will ensure that we meet the new requirements,” spokesman Mark Rodgers said in an e-mail.

Foreclosure Review

“Citi
has been continuously reviewing its foreclosure processes with respect
to its U.S. mortgage portfolios,” Rodgers said. “Last year, we took a
series of steps to strengthen our processes and added additional
resources to ensure foreclosures were being processed correctly.”

Diane Henry,
a spokeswoman for Pasadena, California-based OneWest, declined to
comment. OneWest was formed in the aftermath of IndyMac Bancorp’s
failure.

Jason Menke,
a spokeswoman for San Francisco-based Wells Fargo, said in an e-mail:
“We recognize and respect the need to ensure we always comply with
respective state laws. With our outside counsel, we intend to comply
with the New Jersey court’s order and demonstrate why the foreclosures
scheduled in New Jersey should move forward.”

U.S. bank regulators investigating foreclosure problems could impose fines or seek criminal penalties as soon as January, said Julie L. Williams, chief counsel of the Office of Comptroller of the Currency, said at a congressional hearing Dec. 2.

The
order is In the Matter of Residential Mortgage Foreclosure Pleading and
Document Irregularities, Administrative Order 01-2010.

To contact the reporters on this story: David Voreacos in Newark, New Jersey, at dvoreacos@bloomberg.net; Jody Shenn in New York at jshenn@bloomberg.net.

Order with supporting docs below...

4closureFraud.org

Order to Show Cause Issued by Judge Mary Jacobson - Residential Mortgage Foreclosures - Robosigning

Order to Show Cause Issued by Judge Mary Jacobson - Residential Mortgage Foreclosures - Robosigning

Administrative
Order Directing Submission of Information from Residential Mortgage
Foreclosure Plaintiffs Concerning Their Document Execution Practices to a
Special Master

Administrative Order Directing Submission of Information From Residential Mortgage Foreclosure Plaintiffs C... Notice and Order - Emergent Amendments to Rules 1:5-6, 4:64-1, and 4:64-2 - Residential Mortgage Foreclosures

Notice and Order - Emergent Amendments to Rules 1 5-6, 4 64-1, And 4 64-2 - Residential Mortgage Foreclosures

Obviously for REO there will be two peaks. The first was in late 2008 and largely private-label securities and subprime, and the 2nd will probably be in 2011 and be heavily GSE REOs.



The height of the 2nd peak depends on the number of foreclosures, and the how quickly the lenders can sell the REOs. The foreclosure-gate related moratoriums have slowed the foreclosure process, but foreclosures will probably pick up again in early 2011. My guess is the 2nd peak will happen in 2011 and be close to the same height as in 2008.



One of the key issues is the number of delinquent loans (and loans in the foreclosure process). I use the Mortgage Bankers Association (MBA) quarterly data and LPS Applied Analytics monthly data to track delinquencies.



Click on graph for larger image in graph gallery.



This graph based on the MBA quarterly data shows the percent of loans delinquent by days past due. The MBA reported that 13.52 percent of mortgage loans were either one payment delinquent or in the foreclosure process in Q3 2010 (seasonally adjusted). This was down from 14.42 percent in Q2 2010.



Most of the decline in the overall delinquency rate was in the seriously delinquent categories (90+ days or in foreclosure process). Part of the reason is lenders were being more aggressive in foreclosing in Q3 (before the foreclosure pause) - hence the surge in REO inventory in the first graphs! Some of the decline was probably related to modifications too.



This graph provided by LPS Applied Analytics shows the percent delinquent, percent in foreclosure, and total non-current mortgages through November.



The percent in the foreclosure process is trending up because of the foreclosure moratoriums.



According to LPS, 9.02% of mortgages are delinquent (down from 9.29% in October), and another 4.08% are in the foreclosure process (up from 3.92% in October) for a total of 13.10%.



With falling house prices, the delinquency rate could start rising again since more homeowners will have negative equity. However just because a homeowner has negative equity doesn't mean they will default. It usually takes another factor such as loss of employment, divorce, or a medical emergency for the homeowner to default.



On the other hand, an improving labor market will help push down the delinquency rate. My guess is the overall delinquency rate has peaked, although I expect the delinquency rate to stay elevated for some time.



Ten Questions:

• Question #1 for 2011: House Prices

• Question #2 for 2011: Residential Investment

• Question #3 for 2011: Delinquencies and Distressed house sales

• Question #4 for 2011: U.S. Economic Growth

• Question #5 for 2011: Employment

• Question #6 for 2011: Unemployment Rate

• Question #7 for 2011: State and Local Governments

• Question #8 for 2011: Europe and the Euro

• Question #9 for 2011: Inflation

• Question #10 for 2011: Monetary Policy

robert shumake

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