This case is a testament to the subprime crisis and illustrates how complex and devastating mortgage securitization and pooling was to ordinary homeowners; middle-class people faced with sudden and insurmountable mortgage debt. Sadly, this decision also illustrates just how hard it is to stand up to the holders of pooled mortgage loans.Read More
The Bankruptcy Court pries apart a Motion for Judgment on the Pleadings brought by banks and servicers that claim to be entitled to collect mortgage payments from the Debtor while peering into the world of securitized mortgages - the process of bundling loans into trusts, slicing trusts into securities, and trading those securities on Wall...Read More
Chances are that any equity you had in your home disappeared between 2008 and 2011 and hasn't been seen since. What will happen in 2013? One thing for sure though: if a write-down is not an option many people will find themselves looking to programs like HAMP and HARP to manage their payments, and others...Read More
According to the best practices website maintained by the National Governors’ Association, legislators, courts, and law enforcement officials in Illinois have taken steps to deal with the mortgage mess. Whether any of them will do any good is still up in the air. Mortgage Fraud Hotline: 800-532-8785 Governor’s Homeowner Assistance Initiative: free mortgage counseling and...Read More
The 7th Circuit seemed to be balancing the inflexible Sentencing Guidelines imposed by Congress with the need to tailor the outcome to the facts. But it was the Defendants' own actions that saved them, so overall the rules remain as strict as ever. If you can't do the time, don't do the crime.Read More
Last month 113,432 Americans had to file bankruptcy to ward off severe financial turmoil, much of it due to their upside down mortgages and ever-sinking home values: trends that have not changed in 2011Read More
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