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Almost 40 millions of Americans live in housing they cannot afford

http://www.cnbc.com/2017/07/13/harvard-study-heres-how-many-americans-cant-afford-housing.html Ester Bloom Thursday, 13 Jul 2017 | 9:22 AM ET Harvard study: Almost 40 million Americans can’t afford to pay for housing According to new research by Harvard University, almost 40 million Americans “live in housing they cannot afford.” Homeownership has gone down and rental prices keep going up, meaning that millions of residents […]

via A shocking number of Americans live in housing they can’t afford, according to Harvard study — Livinglies’s Weblog

Subprime mortgages are making a comeback

Apparently the biggest banks in the US didn’t learn their lesson the first time around… Because a few days ago, Wells Fargo, Bank of America, and many of the usual suspects made a stunning announcement that they would start making crappy subprime loans once again! I’m sure you remember how this all blew up back […]

via The Subprime Mortgage Is Back: It’s 2008 All Over Again! — Easy Money

This is very bad news for the economy as this will make the real estate bubble grow even larger and guarantees that the next real estate crash will be several orders of magnitude worse than the last one.

 

New rules for financial advisers

ONE OF THE most important investor protections in decades took effect on June 9. The new rule, issued by the Department of Labor, sets in motion a seemingly commonsense requirement that those who advise on retirement investments must put their clients’ interests ahead of their own. Yet it marks a revolution in retirement security, the result […]

via The Department of Labor new rule: Financial advisor trap — Justice League

I am not a huge fan of government regulation but it should be self-evident that anyone that advises individuals or companies on retirement investments should absolutely be required to put their client’s interests ahead of their own.

MERS Lacks Legal Authority and Public Accountability

Source: MERS Lacks Legal Authority and Public Accountability

Saugus Family At Risk Of Foreclosure Due To ‘Immoral, Outrageous’ Behavior By Carrington Mortgage

Justice League

The family’s home loan was sold to a servicer called Carrington Mortgage, who Kelly says was incredibly difficult to communicate with as she tried to avoid foreclosure on her Saugus home of eight years.

“We couldn’t get them to talk to us,” Kelly told KHTS last week, with a foreclosure date of July 17 looming over her. “They were telling us they had no records of our stuff; they had no payments, (but) they weren’t sending us payment notices… It was really just confusing.”

When all hope seemed lost, what Kelly called a “godsend” came into their lives: the help of a Santa Clarita realtor who provides free loan modification and foreclosure defense services to the public.

Rich Szerman of Alta Realty Group promptly got to work on submitting a loan modification request to Carrington Mortgage, and quickly realized this seemingly simple task would be nearly impossible.

While Szerman claims…

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Wells Fargo as MBS trustee ‘looted’ trusts to pay legal fees

Livinglies's Weblog

(Reuters) – Several Pimco investment funds are accusing the mortgage-backed securities trustee Wells Fargo of misusing noteholder money to pay its own legal expenses.

In a newly filed complaint in Manhattan State Supreme Court, the Pimco funds are asking for a declaratory judgment that Wells Fargo is not entitled to use MBS trust money to fund its defense against noteholder claims that the bank breached its duties as an MBS trustee. Pimco’s lawyers at Bernstein Litowitz Berger & Grossmann allege that Wells Fargo has improperly reserved about $95 million across 20 MBS trusts.

The Pimco complaint is the latest wrinkle in increasingly complex litigation between MBS noteholders and trustees. Pimco is one of several major institutional investors pursuing Wells Fargo, Deutsche Bank, HSBC and other MBS trustees for supposedly failing to take action against MBS sponsors as the trusts began to lose money. As I’ve reported, noteholders…

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REMIC Trusts Do NOT Exist

Livinglies's Weblog

THE ESSENCE OF A TRUST IS NOT THE TRUST DOCUMENT. THE ESSENCE IS THE EXISTENCE OF TRUST PROPERTY.

Like legal standing, there must be some THING that is involved or the court has no jurisdiction. If you look up any source on the definition or elements of a legal trust, there is no “Trust” if no THING (property) has been conveyed to the intended Trustee to hold in “Trust.” Without a THING, property in the Trust instrument is both nonexistent and irrelevant and does not create a legal “person” in any court in any state. Trusts of all types do not exist unless and until property is entrusted to the Trustee.

Get a consult and Chain of Title Analysis! 202-838-6345
https://www.vcita.com/v/lendinglies to schedule CONSULT, leave message or make payments.
THIS ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.
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