Category Archives: Foreclosure

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More Nuts and Dolts

Posted on by Phil Querin

Economist [e·con·o·mist; noun] – An expert in the production, distribution and consumption of goods and services, but is a complete idiot when it comes to making good business decisions for homeowners awash in negative equity. Q-Law.com Unabridged Dictionary The following July 26, 2012 article appearing on a default servicing website, dsnews.com[1] caught my attention the […]

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Posted in Deficiency Liability, Financial Crisis, Foreclosure, Miscellany, Real Estate/Distressed, Short Sales, Strategic Default, Subprime Mortgages, Trust Deeds | Tagged , , , , , , ,

A Curious Day At The Foreclosure Mill….

Posted on by Phil Querin

[Door Slamming] Her:  “Honey, is that you?  It’s awfully early for you to come home.  Are you ill?” Him: “Yeh, I know it’s early.  I’m OK. I just didn’t feel like working anymore.” Her: “What’s wrong?  Don’t you enjoy your work kicking people out of their homes anymore?   I thought you loved having Big Bank […]

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Posted in Foreclosure, Foreclosure Mills, Legislation - Oregon, MERS, Miscellany | Tagged , , , , , ,

MERS Smackdown! Niday Analyzed – Part Two

Posted on by Phil Querin

This is the second post of two, analyzing the recent Oregon Court of Appeals ruling on MERS.  The first post can be found here.  The Court’s written decision can be found here. Issue Two Can MERS act as a “Nominal Beneficiary” in the trust deed for purposes of avoiding the requirement under  ORS 86.735(1) that […]

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Posted in Financial Crisis, Foreclosure, Lenders, Market Conditions, MERS, Miscellany, Real Estate/Distressed, Servicers, Trust Deeds | Tagged , , , , , , ,

MERS Smackdown! Niday Analyzed – Part One

Posted on by Phil Querin

In the first Oregon appellate court ruling on the issue, the Court of Appeals, addressed, head on, whether MERS may be appointed as the “beneficiary” in an Oregon trust deed, for purposes of avoiding the law. The full opinion may be accessed here. The decision, written by Justice Lynn R. Nakamoto’s was a “textbook” opinion; […]

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Posted in Financial Crisis, Foreclosure, MERS, Miscellany, Real Estate/Distressed | Tagged , , , , , , ,

Ratings Agencies Get Their Comeuppance – They’ve Been Downgraded! [Part Three]

Posted on by Phil Querin

In Parts One and Two I addressed the favored status of the ratings agencies in affecting all manner of financial instruments and investment decisions. But now, as an outgrowth of Dodd-Frank, the agencies’ impact appears to be on the wane. The new OCC regulations are figuratively airbrushing the ratings agencies out of the financial landscape. […]

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Posted in Financial Crisis, Foreclosure, Lenders, Market Conditions, Ratings Agencies, Real Estate/Distressed, Subprime Crisis, Subprime Mortgages | Tagged , , , , , ,

Ratings Agencies Get Their Comeuppance – They’ve Been Downgraded! [Part One]

Posted on by Phil Querin

Even the most heinous of financial crimes are usually – if not always – the bi-product of willing participants.  Admittedly, there may be only one “evil genius” in the mold of Bernie Madoff, but invariably there are many willing enablers.  These are the peripheral players to whom we might contribute some degree of culpability or […]

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Posted in Fannie&Freddie, Financial Crisis, Foreclosure, GSEs, Lenders, Market Conditions, Miscellany, Ratings Agencies, Real Estate/Distressed | Tagged , , , , , , , ,

Belial Bank Discusses Principal Write-Downs

Posted on by Phil Querin

Following the National Mortgage Settlement, B.L. Zebub, Belial Bank’s once fearless leader, is waffling on whether to jump into the fray, and start writing down the mortgage balances for his Beleaguered Borrowers.  Not that the milk of human kindness flows through his icy veins – he’s just trying to figure out an “angle” so he […]

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Posted in B. L. Zebub, Belial Bank, Deficiency Liability, Foreclosure, GSEs, Legislation - Federal, Loan Modifications, Miscellany, Real Estate/Distressed | Tagged , , , , , , , ,

Citibank’s $158.3M Settlement With Feds…Just Banks Being Banks

Posted on by Phil Querin

“This case demonstrates that the notion that the bailed-out banks have somehow found God and have reformed their ways in the aftermath of the financial crisis is pure myth,” Neil Barofsky, former special inspector general of the Troubled Asset Relief Program. There’s an interesting story on the May 30, 2012 Bloomberg website.  It involves Sherry […]

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Posted in Fannie&Freddie, Financial Crisis, Foreclosure, GSEs, Legislation - Federal, Lenders, Market Conditions, Miscellany, Real Estate/Distressed | Tagged , , , ,

2005 – 2007: Big Bank Securitizations, Easy Credit, MERS, Housing, and the Foreclosure Crisis (Part Two)

Posted on by Phil Querin

[This is the second post in a 2-part series in which we take a not-so-nostalgic stroll down Memory Lane, revisiting the events that linger with us today – almost exactly five years after the collapse of the lender credit markets and the resulting cliff dive in housing prices.  The first post can be found here. […]

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Posted in Fannie&Freddie, Financial Crisis, Foreclosure, GSEs, Legislation - Federal, Market Conditions, MERS, Miscellany, Ratings Agencies, Real Estate/Distressed, REOs, Short Sales | Tagged , , , , , , , , ,

2005 – 2007: Big Bank Securitizations, Easy Credit, MERS, Housing, and the Foreclosure Crisis (Part One)

Posted on by Phil Querin

Introduction.  Well, it’s been nearly five years since the 3Q 2007 collapse of the credit and housing markets.  How time flies!  Are we having fun yet?  According to the Regional Multiple Listing Service (“RMLS™”) for the Portland Metro area, comparing January – April 2012 [the latest reporting period available at this time] with January – April 2011, […]

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Posted in Financial Crisis, Foreclosure, GSEs, Legislation - Federal, Lenders, Market Conditions, MERS, Miscellany, Ratings Agencies, Real Estate/Distressed | Tagged , , , , ,
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