Truthout's Ellen Brown takes a close look at the many pieces surrounding the latest disclosures of missing and/or forged mortgage documents, examines the reasons behind it - and explains why the problem won't just go away:
By most reports, it would appear that the voluntary suspension of foreclosures is underway to review simple, careless, procedural errors - errors which the conscientious banks are hastening to correct. Even Gretchen Morgenson in The New York Times characterizes the problem as "flawed paperwork."However, those errors go far deeper than mere sloppiness; they are concealing a massive fraud. They cannot be corrected with legitimate paperwork, and that was the reason the servicers had to hire "foreclosure mills" to fabricate the documents. These errors involve perjury and forgery - fabricating documents that never existed and swearing to the accuracy of facts not known.
Karl Denninger at MarketTicker is calling it "Foreclosuregate." Diana Ollick of CNBC calls it "the RoboSigning Scandal." On Monday, Ollick reported rumors that the government is planning a 90-day foreclosure moratorium to deal with the problem.
Three large mortgage issuers - JPMorgan Chase, Bank of America and GMAC - have voluntarily suspended thousands of foreclosures, and a number of calls have been made for investigations.Ohio Attorney General Richard Cordray announced on Wednesday that he is filing suit against Ally Financial and GMAC for civil penalties up to $25,000 per violation for fraud in hundreds of foreclosure suits.These problems cannot be swept under the rug as mere technicalities. They go to the heart of the securitization process itself. The snowball has just started to roll.
Yves Smith of Naked Capitalism has uncovered a price list from a company called DocX that specializes in "document recovery solutions."
DocX is the technology platform used by Lender Processing Services to manage a national network of foreclosure mills. The price list includes such things as "Create Missing Intervening Assignment," $35; "Cure Defective Assignment," $12.95; "Recreate Entire Collateral File," $95. Notes Smith:
reating ... means fabricating documents out of whole cloth, and look at the extent of the offerings. The collateral file is ALL the documents the trustee (or the custodian as an agent of the trustee) needs to have pursuant to its obligations under the pooling and servicing agreement on behalf of the mortgage backed security holder. This means most importantly the original of the note (the borrower IOU), copies of the mortgage (the lien on the property), the securitization agreement, and title insurance.
How do you recreate the original note if you don't have it? And all for a flat fee, regardless of the particular facts or the supposed difficulty of digging them up.
All of the mortgages in question were "securitized" - turned into Mortgage Backed Securities (MBS) and sold off to investors. MBS are typically pooled through a type of "special purpose vehicle" called a Real Estate Mortgage Investment Conduit or "REMIC," which has strict requirements defined under the US Internal Revenue Code (the Tax Reform Act of 1986). The REMIC holds the mortgages in trust and issues securities representing an undivided interest in them.
Denninger explains that mortgages are pooled into REMIC Trusts as a tax avoidance measure, and that to qualify, the properties must be properly conveyed to the trustee of the REMIC in the year the MBS is set up, with all the paperwork necessary to show a complete chain of title. For some reason, however, that was not done; and there is no legitimate way to create those conveyances now, because the time limit allowed under the Tax Code has passed.
The question is, why weren't they done properly in the first place? Was it just haste and sloppiness as alleged? Or was there some reason that these mortgages could NOT be assigned when the MBS were formed?
Denninger argues that it would not have been difficult to do it right from the beginning. His theory is that documents were "lost" to avoid an audit, which would have revealed to investors that they had been sold a bill of goods - a package of toxic subprime loans very prone to default.
Bloomberg reports Attorneys General in 40 States Said to Join on Foreclosures
Attorneys general in about 40 states may announce a joint investigation into foreclosures at the largest banks and mortgage firms, according to a person with direct knowledge of the matter.If by some chance you have missed this story, please see SEC Failure to Regulate MBS Resulted in "Interconnected Ponzi Scheme with Various Types of Concurrent Fraud" for a detailed recap.
State attorneys general led by Iowa’s Tom Miller are in talks that may lead to the announcement of a coordinated probe as soon as Oct. 12, said the person, who declined to be identified because a final agreement hasn’t been reached. The number of states may change because several are still deciding whether to join the investigation, the person said. New Mexico Attorney General Gary King said today in a statement that his state will join a multi-state effort.
“We are aware of or involved in a large number of investigations that lead us to believe there are in the neighborhood of 40 state attorneys general who have initiated investigations or expressed an interest,” McManemin said in a telephone interview.
Officials in at least seven states have already announced investigations into claims that employees at home lenders and loan servicers signed court documents without ensuring the information was accurate. Yesterday, Miller said in a statement that he was working with state officials, banking regulators and the U.S. Justice Department to launch a coordinated review. Attorneys general in Ohio and Connecticut have said some of the practices may amount to fraud.
Bank of America Halts Evictions Nationwide
Reuters reports BofA U.S.-wide foreclosure halt draws calls for more
U.S. lawmakers pushed for the country's largest mortgage lenders to suspend foreclosures in all 50 states after Bank of America Corp announced on Friday it would temporarily halt evictions nationwide.Proper Perspective
BofA, the largest U.S. mortgage servicer, is the first U.S. bank to institute a nationwide freeze on foreclosures, expanding on a 23-state suspension announced last week while it conducts a review of its procedures.
The foreclosure furor is erupting just weeks before November 2 congressional elections where voters look set to take out their anger at high unemployment and a sluggish economy on Democrats who currently control both the House of Representatives and the Senate.
Senate Majority Leader Harry Reid, House Oversight Committee Chairman Edolphus Towns and California Attorney General Jerry Brown, who is running for governor, called on other lenders to follow Bank of America's lead.
Wells Fargo has said that it is "confident" in its foreclosure paperwork, and Citigroup is also resisting calls for a foreclosure moratorium.
As of Friday afternoon, other major mortgage servicers had not followed Bank of America.
At least one senior official at the Federal Reserve is concerned about the mortgage foreclosure process and its potential impact on the economy.
Before this is over I would expect nearly every state to join in these lawsuits. Legal costs will be massive.
However, it is very important to remember that except in extremely rare and highly publicized cases, there is essentially no dispute that who were foreclosed on have not been paying their mortgages and are in default.
In other words, in nearly every case, these people are going to lose their homes and indeed should lose their homes. The question is not whether these people should or will lose their homes, but rather who has the legal right to foreclose.
These delays will be very expensive which should be expected when there is this much fraud.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List
benchcraft company portland or
Fox <b>News</b> Ratings | Chilean Mine Rescue | Chile - Cable <b>News</b> | Mediaite
Americans were gripped Tuesday night by images from the scene of the Chilean miner rescue. But whose images gripped them most? While CNN won during one hour, Fox News Channel, dominated prime time as usual, ahead of CNN, MSNBC and HLN.
CNN and Fox <b>News</b> Top Channels for Mine Rescue - NYTimes.com
Ratings for the cable news channels were inflated as the Chilean miners were rescued one by one.
Fox <b>News</b>' Brian Kilmeade: “All Terrorists Are Muslim” « Oliver Willis
17 Responses to “Fox News' Brian Kilmeade: “All Terrorists Are Muslim””. Jay says: October 15, 2010 at 9:13 am. Of course, anybody with a rational mind could understand that Kilmeade was specifically talking about 9/11 and was saying ...
benchcraft company portland or
Truthout's Ellen Brown takes a close look at the many pieces surrounding the latest disclosures of missing and/or forged mortgage documents, examines the reasons behind it - and explains why the problem won't just go away:
By most reports, it would appear that the voluntary suspension of foreclosures is underway to review simple, careless, procedural errors - errors which the conscientious banks are hastening to correct. Even Gretchen Morgenson in The New York Times characterizes the problem as "flawed paperwork."However, those errors go far deeper than mere sloppiness; they are concealing a massive fraud. They cannot be corrected with legitimate paperwork, and that was the reason the servicers had to hire "foreclosure mills" to fabricate the documents. These errors involve perjury and forgery - fabricating documents that never existed and swearing to the accuracy of facts not known.
Karl Denninger at MarketTicker is calling it "Foreclosuregate." Diana Ollick of CNBC calls it "the RoboSigning Scandal." On Monday, Ollick reported rumors that the government is planning a 90-day foreclosure moratorium to deal with the problem.
Three large mortgage issuers - JPMorgan Chase, Bank of America and GMAC - have voluntarily suspended thousands of foreclosures, and a number of calls have been made for investigations.Ohio Attorney General Richard Cordray announced on Wednesday that he is filing suit against Ally Financial and GMAC for civil penalties up to $25,000 per violation for fraud in hundreds of foreclosure suits.These problems cannot be swept under the rug as mere technicalities. They go to the heart of the securitization process itself. The snowball has just started to roll.
Yves Smith of Naked Capitalism has uncovered a price list from a company called DocX that specializes in "document recovery solutions."
DocX is the technology platform used by Lender Processing Services to manage a national network of foreclosure mills. The price list includes such things as "Create Missing Intervening Assignment," $35; "Cure Defective Assignment," $12.95; "Recreate Entire Collateral File," $95. Notes Smith:
reating ... means fabricating documents out of whole cloth, and look at the extent of the offerings. The collateral file is ALL the documents the trustee (or the custodian as an agent of the trustee) needs to have pursuant to its obligations under the pooling and servicing agreement on behalf of the mortgage backed security holder. This means most importantly the original of the note (the borrower IOU), copies of the mortgage (the lien on the property), the securitization agreement, and title insurance.
How do you recreate the original note if you don't have it? And all for a flat fee, regardless of the particular facts or the supposed difficulty of digging them up.
All of the mortgages in question were "securitized" - turned into Mortgage Backed Securities (MBS) and sold off to investors. MBS are typically pooled through a type of "special purpose vehicle" called a Real Estate Mortgage Investment Conduit or "REMIC," which has strict requirements defined under the US Internal Revenue Code (the Tax Reform Act of 1986). The REMIC holds the mortgages in trust and issues securities representing an undivided interest in them.
Denninger explains that mortgages are pooled into REMIC Trusts as a tax avoidance measure, and that to qualify, the properties must be properly conveyed to the trustee of the REMIC in the year the MBS is set up, with all the paperwork necessary to show a complete chain of title. For some reason, however, that was not done; and there is no legitimate way to create those conveyances now, because the time limit allowed under the Tax Code has passed.
The question is, why weren't they done properly in the first place? Was it just haste and sloppiness as alleged? Or was there some reason that these mortgages could NOT be assigned when the MBS were formed?
Denninger argues that it would not have been difficult to do it right from the beginning. His theory is that documents were "lost" to avoid an audit, which would have revealed to investors that they had been sold a bill of goods - a package of toxic subprime loans very prone to default.
Bloomberg reports Attorneys General in 40 States Said to Join on Foreclosures
Attorneys general in about 40 states may announce a joint investigation into foreclosures at the largest banks and mortgage firms, according to a person with direct knowledge of the matter.If by some chance you have missed this story, please see SEC Failure to Regulate MBS Resulted in "Interconnected Ponzi Scheme with Various Types of Concurrent Fraud" for a detailed recap.
State attorneys general led by Iowa’s Tom Miller are in talks that may lead to the announcement of a coordinated probe as soon as Oct. 12, said the person, who declined to be identified because a final agreement hasn’t been reached. The number of states may change because several are still deciding whether to join the investigation, the person said. New Mexico Attorney General Gary King said today in a statement that his state will join a multi-state effort.
“We are aware of or involved in a large number of investigations that lead us to believe there are in the neighborhood of 40 state attorneys general who have initiated investigations or expressed an interest,” McManemin said in a telephone interview.
Officials in at least seven states have already announced investigations into claims that employees at home lenders and loan servicers signed court documents without ensuring the information was accurate. Yesterday, Miller said in a statement that he was working with state officials, banking regulators and the U.S. Justice Department to launch a coordinated review. Attorneys general in Ohio and Connecticut have said some of the practices may amount to fraud.
Bank of America Halts Evictions Nationwide
Reuters reports BofA U.S.-wide foreclosure halt draws calls for more
U.S. lawmakers pushed for the country's largest mortgage lenders to suspend foreclosures in all 50 states after Bank of America Corp announced on Friday it would temporarily halt evictions nationwide.Proper Perspective
BofA, the largest U.S. mortgage servicer, is the first U.S. bank to institute a nationwide freeze on foreclosures, expanding on a 23-state suspension announced last week while it conducts a review of its procedures.
The foreclosure furor is erupting just weeks before November 2 congressional elections where voters look set to take out their anger at high unemployment and a sluggish economy on Democrats who currently control both the House of Representatives and the Senate.
Senate Majority Leader Harry Reid, House Oversight Committee Chairman Edolphus Towns and California Attorney General Jerry Brown, who is running for governor, called on other lenders to follow Bank of America's lead.
Wells Fargo has said that it is "confident" in its foreclosure paperwork, and Citigroup is also resisting calls for a foreclosure moratorium.
As of Friday afternoon, other major mortgage servicers had not followed Bank of America.
At least one senior official at the Federal Reserve is concerned about the mortgage foreclosure process and its potential impact on the economy.
Before this is over I would expect nearly every state to join in these lawsuits. Legal costs will be massive.
However, it is very important to remember that except in extremely rare and highly publicized cases, there is essentially no dispute that who were foreclosed on have not been paying their mortgages and are in default.
In other words, in nearly every case, these people are going to lose their homes and indeed should lose their homes. The question is not whether these people should or will lose their homes, but rather who has the legal right to foreclose.
These delays will be very expensive which should be expected when there is this much fraud.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List
bench craft company reviews
Fox <b>News</b> Ratings | Chilean Mine Rescue | Chile - Cable <b>News</b> | Mediaite
Americans were gripped Tuesday night by images from the scene of the Chilean miner rescue. But whose images gripped them most? While CNN won during one hour, Fox News Channel, dominated prime time as usual, ahead of CNN, MSNBC and HLN.
CNN and Fox <b>News</b> Top Channels for Mine Rescue - NYTimes.com
Ratings for the cable news channels were inflated as the Chilean miners were rescued one by one.
Fox <b>News</b>' Brian Kilmeade: “All Terrorists Are Muslim” « Oliver Willis
17 Responses to “Fox News' Brian Kilmeade: “All Terrorists Are Muslim””. Jay says: October 15, 2010 at 9:13 am. Of course, anybody with a rational mind could understand that Kilmeade was specifically talking about 9/11 and was saying ...
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Fox <b>News</b> Ratings | Chilean Mine Rescue | Chile - Cable <b>News</b> | Mediaite
Americans were gripped Tuesday night by images from the scene of the Chilean miner rescue. But whose images gripped them most? While CNN won during one hour, Fox News Channel, dominated prime time as usual, ahead of CNN, MSNBC and HLN.
CNN and Fox <b>News</b> Top Channels for Mine Rescue - NYTimes.com
Ratings for the cable news channels were inflated as the Chilean miners were rescued one by one.
Fox <b>News</b>' Brian Kilmeade: “All Terrorists Are Muslim” « Oliver Willis
17 Responses to “Fox News' Brian Kilmeade: “All Terrorists Are Muslim””. Jay says: October 15, 2010 at 9:13 am. Of course, anybody with a rational mind could understand that Kilmeade was specifically talking about 9/11 and was saying ...
bench craft company reviews
Truthout's Ellen Brown takes a close look at the many pieces surrounding the latest disclosures of missing and/or forged mortgage documents, examines the reasons behind it - and explains why the problem won't just go away:
By most reports, it would appear that the voluntary suspension of foreclosures is underway to review simple, careless, procedural errors - errors which the conscientious banks are hastening to correct. Even Gretchen Morgenson in The New York Times characterizes the problem as "flawed paperwork."However, those errors go far deeper than mere sloppiness; they are concealing a massive fraud. They cannot be corrected with legitimate paperwork, and that was the reason the servicers had to hire "foreclosure mills" to fabricate the documents. These errors involve perjury and forgery - fabricating documents that never existed and swearing to the accuracy of facts not known.
Karl Denninger at MarketTicker is calling it "Foreclosuregate." Diana Ollick of CNBC calls it "the RoboSigning Scandal." On Monday, Ollick reported rumors that the government is planning a 90-day foreclosure moratorium to deal with the problem.
Three large mortgage issuers - JPMorgan Chase, Bank of America and GMAC - have voluntarily suspended thousands of foreclosures, and a number of calls have been made for investigations.Ohio Attorney General Richard Cordray announced on Wednesday that he is filing suit against Ally Financial and GMAC for civil penalties up to $25,000 per violation for fraud in hundreds of foreclosure suits.These problems cannot be swept under the rug as mere technicalities. They go to the heart of the securitization process itself. The snowball has just started to roll.
Yves Smith of Naked Capitalism has uncovered a price list from a company called DocX that specializes in "document recovery solutions."
DocX is the technology platform used by Lender Processing Services to manage a national network of foreclosure mills. The price list includes such things as "Create Missing Intervening Assignment," $35; "Cure Defective Assignment," $12.95; "Recreate Entire Collateral File," $95. Notes Smith:
reating ... means fabricating documents out of whole cloth, and look at the extent of the offerings. The collateral file is ALL the documents the trustee (or the custodian as an agent of the trustee) needs to have pursuant to its obligations under the pooling and servicing agreement on behalf of the mortgage backed security holder. This means most importantly the original of the note (the borrower IOU), copies of the mortgage (the lien on the property), the securitization agreement, and title insurance.
How do you recreate the original note if you don't have it? And all for a flat fee, regardless of the particular facts or the supposed difficulty of digging them up.
All of the mortgages in question were "securitized" - turned into Mortgage Backed Securities (MBS) and sold off to investors. MBS are typically pooled through a type of "special purpose vehicle" called a Real Estate Mortgage Investment Conduit or "REMIC," which has strict requirements defined under the US Internal Revenue Code (the Tax Reform Act of 1986). The REMIC holds the mortgages in trust and issues securities representing an undivided interest in them.
Denninger explains that mortgages are pooled into REMIC Trusts as a tax avoidance measure, and that to qualify, the properties must be properly conveyed to the trustee of the REMIC in the year the MBS is set up, with all the paperwork necessary to show a complete chain of title. For some reason, however, that was not done; and there is no legitimate way to create those conveyances now, because the time limit allowed under the Tax Code has passed.
The question is, why weren't they done properly in the first place? Was it just haste and sloppiness as alleged? Or was there some reason that these mortgages could NOT be assigned when the MBS were formed?
Denninger argues that it would not have been difficult to do it right from the beginning. His theory is that documents were "lost" to avoid an audit, which would have revealed to investors that they had been sold a bill of goods - a package of toxic subprime loans very prone to default.
Bloomberg reports Attorneys General in 40 States Said to Join on Foreclosures
Attorneys general in about 40 states may announce a joint investigation into foreclosures at the largest banks and mortgage firms, according to a person with direct knowledge of the matter.If by some chance you have missed this story, please see SEC Failure to Regulate MBS Resulted in "Interconnected Ponzi Scheme with Various Types of Concurrent Fraud" for a detailed recap.
State attorneys general led by Iowa’s Tom Miller are in talks that may lead to the announcement of a coordinated probe as soon as Oct. 12, said the person, who declined to be identified because a final agreement hasn’t been reached. The number of states may change because several are still deciding whether to join the investigation, the person said. New Mexico Attorney General Gary King said today in a statement that his state will join a multi-state effort.
“We are aware of or involved in a large number of investigations that lead us to believe there are in the neighborhood of 40 state attorneys general who have initiated investigations or expressed an interest,” McManemin said in a telephone interview.
Officials in at least seven states have already announced investigations into claims that employees at home lenders and loan servicers signed court documents without ensuring the information was accurate. Yesterday, Miller said in a statement that he was working with state officials, banking regulators and the U.S. Justice Department to launch a coordinated review. Attorneys general in Ohio and Connecticut have said some of the practices may amount to fraud.
Bank of America Halts Evictions Nationwide
Reuters reports BofA U.S.-wide foreclosure halt draws calls for more
U.S. lawmakers pushed for the country's largest mortgage lenders to suspend foreclosures in all 50 states after Bank of America Corp announced on Friday it would temporarily halt evictions nationwide.Proper Perspective
BofA, the largest U.S. mortgage servicer, is the first U.S. bank to institute a nationwide freeze on foreclosures, expanding on a 23-state suspension announced last week while it conducts a review of its procedures.
The foreclosure furor is erupting just weeks before November 2 congressional elections where voters look set to take out their anger at high unemployment and a sluggish economy on Democrats who currently control both the House of Representatives and the Senate.
Senate Majority Leader Harry Reid, House Oversight Committee Chairman Edolphus Towns and California Attorney General Jerry Brown, who is running for governor, called on other lenders to follow Bank of America's lead.
Wells Fargo has said that it is "confident" in its foreclosure paperwork, and Citigroup is also resisting calls for a foreclosure moratorium.
As of Friday afternoon, other major mortgage servicers had not followed Bank of America.
At least one senior official at the Federal Reserve is concerned about the mortgage foreclosure process and its potential impact on the economy.
Before this is over I would expect nearly every state to join in these lawsuits. Legal costs will be massive.
However, it is very important to remember that except in extremely rare and highly publicized cases, there is essentially no dispute that who were foreclosed on have not been paying their mortgages and are in default.
In other words, in nearly every case, these people are going to lose their homes and indeed should lose their homes. The question is not whether these people should or will lose their homes, but rather who has the legal right to foreclose.
These delays will be very expensive which should be expected when there is this much fraud.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List
benchcraft company scam
bench craft company reviews
Fox <b>News</b> Ratings | Chilean Mine Rescue | Chile - Cable <b>News</b> | Mediaite
Americans were gripped Tuesday night by images from the scene of the Chilean miner rescue. But whose images gripped them most? While CNN won during one hour, Fox News Channel, dominated prime time as usual, ahead of CNN, MSNBC and HLN.
CNN and Fox <b>News</b> Top Channels for Mine Rescue - NYTimes.com
Ratings for the cable news channels were inflated as the Chilean miners were rescued one by one.
Fox <b>News</b>' Brian Kilmeade: “All Terrorists Are Muslim” « Oliver Willis
17 Responses to “Fox News' Brian Kilmeade: “All Terrorists Are Muslim””. Jay says: October 15, 2010 at 9:13 am. Of course, anybody with a rational mind could understand that Kilmeade was specifically talking about 9/11 and was saying ...
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Fox <b>News</b> Ratings | Chilean Mine Rescue | Chile - Cable <b>News</b> | Mediaite
Americans were gripped Tuesday night by images from the scene of the Chilean miner rescue. But whose images gripped them most? While CNN won during one hour, Fox News Channel, dominated prime time as usual, ahead of CNN, MSNBC and HLN.
CNN and Fox <b>News</b> Top Channels for Mine Rescue - NYTimes.com
Ratings for the cable news channels were inflated as the Chilean miners were rescued one by one.
Fox <b>News</b>' Brian Kilmeade: “All Terrorists Are Muslim” « Oliver Willis
17 Responses to “Fox News' Brian Kilmeade: “All Terrorists Are Muslim””. Jay says: October 15, 2010 at 9:13 am. Of course, anybody with a rational mind could understand that Kilmeade was specifically talking about 9/11 and was saying ...
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Fox <b>News</b> Ratings | Chilean Mine Rescue | Chile - Cable <b>News</b> | Mediaite
Americans were gripped Tuesday night by images from the scene of the Chilean miner rescue. But whose images gripped them most? While CNN won during one hour, Fox News Channel, dominated prime time as usual, ahead of CNN, MSNBC and HLN.
CNN and Fox <b>News</b> Top Channels for Mine Rescue - NYTimes.com
Ratings for the cable news channels were inflated as the Chilean miners were rescued one by one.
Fox <b>News</b>' Brian Kilmeade: “All Terrorists Are Muslim” « Oliver Willis
17 Responses to “Fox News' Brian Kilmeade: “All Terrorists Are Muslim””. Jay says: October 15, 2010 at 9:13 am. Of course, anybody with a rational mind could understand that Kilmeade was specifically talking about 9/11 and was saying ...
benchcraft company portland or
Fox <b>News</b> Ratings | Chilean Mine Rescue | Chile - Cable <b>News</b> | Mediaite
Americans were gripped Tuesday night by images from the scene of the Chilean miner rescue. But whose images gripped them most? While CNN won during one hour, Fox News Channel, dominated prime time as usual, ahead of CNN, MSNBC and HLN.
CNN and Fox <b>News</b> Top Channels for Mine Rescue - NYTimes.com
Ratings for the cable news channels were inflated as the Chilean miners were rescued one by one.
Fox <b>News</b>' Brian Kilmeade: “All Terrorists Are Muslim” « Oliver Willis
17 Responses to “Fox News' Brian Kilmeade: “All Terrorists Are Muslim””. Jay says: October 15, 2010 at 9:13 am. Of course, anybody with a rational mind could understand that Kilmeade was specifically talking about 9/11 and was saying ...
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Fox <b>News</b> Ratings | Chilean Mine Rescue | Chile - Cable <b>News</b> | Mediaite
Americans were gripped Tuesday night by images from the scene of the Chilean miner rescue. But whose images gripped them most? While CNN won during one hour, Fox News Channel, dominated prime time as usual, ahead of CNN, MSNBC and HLN.
CNN and Fox <b>News</b> Top Channels for Mine Rescue - NYTimes.com
Ratings for the cable news channels were inflated as the Chilean miners were rescued one by one.
Fox <b>News</b>' Brian Kilmeade: “All Terrorists Are Muslim” « Oliver Willis
17 Responses to “Fox News' Brian Kilmeade: “All Terrorists Are Muslim””. Jay says: October 15, 2010 at 9:13 am. Of course, anybody with a rational mind could understand that Kilmeade was specifically talking about 9/11 and was saying ...
benchcraft company portland or
The housing bubble has burst. Many people with unfavorable mortgage terms are finding it more and more difficult to keep up with payments. Adjustable rate mortgages (ARMS), a huge number of which were written in the last two to three years, have raised interest rates higher than many mortgage holders can afford. The holders of other subprime mortgages and "exotic" products like interest only mortgages, have found it more and more difficult to negotiate refinancing terms. Consider these facts:
- The New York Times reports that about 1.5 million homes were in foreclosure at the end of June.
- Several million more mortgages may be in default in the coming year as the slowing economy reduces housing prices and jobs are lost.
- Nearly one in 10 mortgages is either delinquent or in foreclosure.
While many people are walking away from their dream homes and high-priced mortgages, others are determined to stay in. Some mortgage lenders, like JPMorgan Chase and Bank of America, have announced plans to reduce or place a moratorium on foreclosures and to negotiate interest rate cuts, at least in the short term. These plans will affect only a small percentage of mortgages, many of which are owned by investors, not the bank or company who accepts your payments and services the loans.
For those not lucky enough to fall under one of those umbrellas, another option may stop foreclosure, even on the very day the foreclosure is scheduled, give you a little breathing space and get you caught up on your mortgage payments, as well as other delinquent payments. It may even allow you to eliminate credit card debt and other unpaid personal debt like medical bills.
It's called Chapter 13 bankruptcy
Do not be put off by the name. Yes, this is a form of bankruptcy, but it does not require liquidation of your assets. Instead, Chapter 13 requires that you consolidate much of your debt into a monthly payment that you make to Chapter 13 trustee for a period of usually five years. The trustee then distributes your payments to creditors according to a plan you file with the U.S. Bankruptcy Court and claims on that money filed by your creditors.
Here's how it works: Once a Chapter 13 bankruptcy case is filed with the bankruptcy court, the bankruptcy laws provide that no legal action can be taken against you or your property without court permission. This is called the "automatic stay", ("stay" being another word for injunction). The good news for those in foreclosure? The filing of a bankruptcy case will stop even foreclosures, and even on the day the foreclosure is scheduled as long as it is filed before the actual foreclosure sale occurs.
Once the case is filed, you will be required to file a plan of repayment with the court. The plan will provide that you begin making your regular mortgage payments - usually beginning on the next scheduled payment date. Some bankruptcy courts will have you make your mortgage payment to the Chapter 13 trustee, who will in turn pay the mortgage servicer. Other courts allow you to make your payment directly to your creditor.
Here's the good part. All those delinquent payments you've missed can be paid back over the course of five years. The repayment plan will calculate how much needs to be paid back, along with other loans like car loans that might also be delinquent. To the extent your budget will allow, you might also be required to pay back all or a portion of the unsecured debt (credit card balances, medical bills, personal loans, etc.) that you owe.
Here are two important bonuses. If you qualify, you may be able to use your Chapter 13 plan to renegotiate high interest rates on car loans. In addition, once your plan is approved by the court, any unsecured debt that remains unpaid at the end of the five year repayment period may be forgiven (bankruptcy lawyers call that "discharged.")
Chapter 13 bankruptcy is not an easy row to hoe. You will be required to stick to a strict budget. If you become delinquent in your plan payments, your case might be dismissed. If you get behind on your house payments, the lender can petition the court to allow it foreclose anyway. But, if you're able to successfully complete your repayment plan, you'll emerge from Chapter 13 bankruptcy with a current mortgage, perhaps a paid off car, and much less unsecured debt.
Great! How do I get started?
Although it is possible to file a Chapter 13 bankruptcy without the help of a lawyer, no one would recommend it. Chapter 13 is complex, and there are many pitfalls for the unwary. An experienced bankruptcy attorney will know the right steps to take. Even if you don't have the money to pay an attorney, most attorneys do not charge for an initial consultation. If you and your bankruptcy attorney decide that Chapter 13 is best solution for you, most Chapter 13 repayment plans can be set up to allow you to pay your attorney over time through the plan payments. In some cases, even the filing fee charged by the bankruptcy court can be paid in installments.
The important thing to remember is that you must act quickly. The Bankruptcy Code requires that you receive a session of credit counseling to help you in making this important decision. If you wait till the eve of foreclosure, it may be too difficult to obtain proof of that counseling and to gather enough information to make the bankruptcy filing possible.
Where do I find a qualified attorney?
An excellent source is the National Association of Consumer Bankruptcy Attorneys, www.nacba.com, which keeps an up-to-date database with information on its member attorneys. You can also contact your local bar association, which keeps a list of referral attorneys.
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Fox <b>News</b> Ratings | Chilean Mine Rescue | Chile - Cable <b>News</b> | Mediaite
Americans were gripped Tuesday night by images from the scene of the Chilean miner rescue. But whose images gripped them most? While CNN won during one hour, Fox News Channel, dominated prime time as usual, ahead of CNN, MSNBC and HLN.
CNN and Fox <b>News</b> Top Channels for Mine Rescue - NYTimes.com
Ratings for the cable news channels were inflated as the Chilean miners were rescued one by one.
Fox <b>News</b>' Brian Kilmeade: “All Terrorists Are Muslim” « Oliver Willis
17 Responses to “Fox News' Brian Kilmeade: “All Terrorists Are Muslim””. Jay says: October 15, 2010 at 9:13 am. Of course, anybody with a rational mind could understand that Kilmeade was specifically talking about 9/11 and was saying ...
big seminar 14
Fox <b>News</b> Ratings | Chilean Mine Rescue | Chile - Cable <b>News</b> | Mediaite
Americans were gripped Tuesday night by images from the scene of the Chilean miner rescue. But whose images gripped them most? While CNN won during one hour, Fox News Channel, dominated prime time as usual, ahead of CNN, MSNBC and HLN.
CNN and Fox <b>News</b> Top Channels for Mine Rescue - NYTimes.com
Ratings for the cable news channels were inflated as the Chilean miners were rescued one by one.
Fox <b>News</b>' Brian Kilmeade: “All Terrorists Are Muslim” « Oliver Willis
17 Responses to “Fox News' Brian Kilmeade: “All Terrorists Are Muslim””. Jay says: October 15, 2010 at 9:13 am. Of course, anybody with a rational mind could understand that Kilmeade was specifically talking about 9/11 and was saying ...
big seminar 14
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