...statistics show that despite Countrywide's representations, a much higher percentage of borrowers did not occupy the mortgaged properties:
...Overall, 18.3% of the loans sampled had recalculated LTV ratios of more than 10% higher than was claimed in the offering materials, and 6% of the loans sampled had recalculated LTV ratios of more than 25% higher than what was claimed in the offering circular. This overvaluation affected numerous statistics in the Offering Materials...For instance, the Offerings each made representations about the percent
of loans that had LTVs higher than 90% provide the lender little value
cushion to protect against borrower default and loss upon foreclosure.
However, the AVM indicates that a much higher percentage of the loans
had LTVs higher than 90%.
The Offerings uniformly represented that none of the Mortgage Loans that collateralized the Certificates had LTV ratios greater than 100 percent, meaning that the size of the loan is greater than the value of the property. (aka: being "underwater") Loans with over 100% LTV afford the lender no equity cushion and leave the lender with inadequate collateral from the outset of a loan. Allstate's analysis has found that, despite Countrywide's representations, a substantial number of Mortgage Loans had LTVs greater than 100%, as follows:
Allstate has also analyzed the weighted average LTV of the Mortgage Loans in each pool and has found that the weighted average LTV was also overstated, because of the overstatement of individual Mortgage Loans within the pools.
All these lies, and much, much more, can be found detailed in the filing below. At the risk of cheeiness, this is just a sampling of the sampling. And it demonstrates as all those who purchased loans from CFC/BofA that were repped to be in order, will find, following sampling or loan by loan analysis, that Brian Moynihan's bank committed acts of fraud after fraud, putting not only itself, but its underwriter counsel at risk time again. In fact, if there was anything remotely close to a working legal system in the US, what happened to Lehman's Repo 105 auditor, E&Y, should promptly befall every single underwriter's counsel which is jointly liable in representing that the data set forth by the underwriter is correct. But just as importantly, it means that of the hundreds of hundreds billions in loans sold by BofA to hapless dimwits, arguably the bulk of it is now subject to putbacks, and is of far worse quality than previously expected. It also means that the GSEs: those infinite receptacles of mortgage biohazard, are lying consistently when representing the state of their own books, which are likely orders of magnitude worse than the monthly status reports will indicate.
This is just starting to get interesting.
The full Allstate filing which is a must read for everyone is presented below.
Washington (CNN) – It is not enough to say the economy is "struggling," "hurting," "sluggish" or "slow."
In this week's American Sauce, we nail down the specifics on our economic health: income, spending, GDP and jobs (now and future). And we look at a core problem, still: housing. We'll introduce you to a woman who's part of the next large group to face foreclosure (conventional loans on moderate homes). She personally demonstrates that all that talk of loan modifications has led to a tangled system of obstacles.
Click here to listen, or keep reading for a quick, bulleted list.
American Sauce's economic check-up:
* Personal bankruptcies: 1.5 million individuals applied for bankruptcy in the year between Sept. 2009 and Sept. 2010. That was a nearly 14 percent increase from the year before.
* Business bankruptcies: 58,322 businesses applied for bankruptcy in that time. Notably, that was a slight decrease of less than 1 percent from the year before.
* Bankruptcy stats: Look through them for yourself at http://www.uscourts.gov/Statistics/BankruptcyStatistics.aspx
* Unemployment rate: 9.8 percent in November, up from 9.6 percent in October.
* Those on unemployment rolls: 15.1 million people.
* Those not counted in unemployment rate: Up to 5 million. That includes as many as 3.5 million who have maxed out unemployment benefits and 1.3 million workers who have stopped filing paperwork for unemployment benefits, saying they do not believe they can find a job and have given up.
NOTE: there are no reliable figures on how many "99'ers" exist. From the Labor Department, we know 3.5 million people have fallen off the unemployment rolls but we do not know how many of them have found a job and how many are still unemployed.
* Unemployment Stats: Here are the latest – http://bls.gov/news.release/empsit.nr0.htm
* Personal income: Went up slightly in November, rising 0.5 percent in November.
* Personal spending: Also increased last month, going up 0.4 percent.
* Income/spending stats can be found here from the Bureau of Economic Advisors: http://www.bea.gov/newsreleases/national/pi/pinewsrelease.htm
* New home sales: Dropped another 8.1 percent in October. It was a drop of 28.5 percent from a year before and a plummet of 80 percent from the height of the housing boom.
* New home prices: Average sales price was $194,900 in October, 13.9 percent lower than in September.
* Existing home sales: Slid 2.2 percent in October.
* Existing home prices: Averaged $170,000 in October.
* More on new home numbers from CNNMoney: http://money.cnn.com/2010/11/24/real_estate/new_home_sales/index.htm
* More on existing homes from CNNMoney: http://money.cnn.com/2010/11/23/real_estate/home_sales_slow/index.htm
For more stats, including the latest figure on Gross Domestic Product, click here for this week's American Sauce podcast:
robert shumake detroit
Pink Floyd Re-Signs With EMI: Good <b>News</b> for the Band or the Label?
Progressive rock legends Pink Floyd have re-signed with their longtime record label EMI.
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.
Mike Max's <b>News</b> And Notes « CBS Minnesota – <b>News</b>, Sports, Weather <b>...</b>
In this week's News and Notes, a celebrity spotting at a Timberwolves game and what's ahead for the Vikes during their off season.
robert shumake detroit
Pink Floyd Re-Signs With EMI: Good <b>News</b> for the Band or the Label?
Progressive rock legends Pink Floyd have re-signed with their longtime record label EMI.
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.
Mike Max's <b>News</b> And Notes « CBS Minnesota – <b>News</b>, Sports, Weather <b>...</b>
In this week's News and Notes, a celebrity spotting at a Timberwolves game and what's ahead for the Vikes during their off season.
robert shumake
...statistics show that despite Countrywide's representations, a much higher percentage of borrowers did not occupy the mortgaged properties:
...Overall, 18.3% of the loans sampled had recalculated LTV ratios of more than 10% higher than was claimed in the offering materials, and 6% of the loans sampled had recalculated LTV ratios of more than 25% higher than what was claimed in the offering circular. This overvaluation affected numerous statistics in the Offering Materials...For instance, the Offerings each made representations about the percent
of loans that had LTVs higher than 90% provide the lender little value
cushion to protect against borrower default and loss upon foreclosure.
However, the AVM indicates that a much higher percentage of the loans
had LTVs higher than 90%.
The Offerings uniformly represented that none of the Mortgage Loans that collateralized the Certificates had LTV ratios greater than 100 percent, meaning that the size of the loan is greater than the value of the property. (aka: being "underwater") Loans with over 100% LTV afford the lender no equity cushion and leave the lender with inadequate collateral from the outset of a loan. Allstate's analysis has found that, despite Countrywide's representations, a substantial number of Mortgage Loans had LTVs greater than 100%, as follows:
Allstate has also analyzed the weighted average LTV of the Mortgage Loans in each pool and has found that the weighted average LTV was also overstated, because of the overstatement of individual Mortgage Loans within the pools.
All these lies, and much, much more, can be found detailed in the filing below. At the risk of cheeiness, this is just a sampling of the sampling. And it demonstrates as all those who purchased loans from CFC/BofA that were repped to be in order, will find, following sampling or loan by loan analysis, that Brian Moynihan's bank committed acts of fraud after fraud, putting not only itself, but its underwriter counsel at risk time again. In fact, if there was anything remotely close to a working legal system in the US, what happened to Lehman's Repo 105 auditor, E&Y, should promptly befall every single underwriter's counsel which is jointly liable in representing that the data set forth by the underwriter is correct. But just as importantly, it means that of the hundreds of hundreds billions in loans sold by BofA to hapless dimwits, arguably the bulk of it is now subject to putbacks, and is of far worse quality than previously expected. It also means that the GSEs: those infinite receptacles of mortgage biohazard, are lying consistently when representing the state of their own books, which are likely orders of magnitude worse than the monthly status reports will indicate.
This is just starting to get interesting.
The full Allstate filing which is a must read for everyone is presented below.
Washington (CNN) – It is not enough to say the economy is "struggling," "hurting," "sluggish" or "slow."
In this week's American Sauce, we nail down the specifics on our economic health: income, spending, GDP and jobs (now and future). And we look at a core problem, still: housing. We'll introduce you to a woman who's part of the next large group to face foreclosure (conventional loans on moderate homes). She personally demonstrates that all that talk of loan modifications has led to a tangled system of obstacles.
Click here to listen, or keep reading for a quick, bulleted list.
American Sauce's economic check-up:
* Personal bankruptcies: 1.5 million individuals applied for bankruptcy in the year between Sept. 2009 and Sept. 2010. That was a nearly 14 percent increase from the year before.
* Business bankruptcies: 58,322 businesses applied for bankruptcy in that time. Notably, that was a slight decrease of less than 1 percent from the year before.
* Bankruptcy stats: Look through them for yourself at http://www.uscourts.gov/Statistics/BankruptcyStatistics.aspx
* Unemployment rate: 9.8 percent in November, up from 9.6 percent in October.
* Those on unemployment rolls: 15.1 million people.
* Those not counted in unemployment rate: Up to 5 million. That includes as many as 3.5 million who have maxed out unemployment benefits and 1.3 million workers who have stopped filing paperwork for unemployment benefits, saying they do not believe they can find a job and have given up.
NOTE: there are no reliable figures on how many "99'ers" exist. From the Labor Department, we know 3.5 million people have fallen off the unemployment rolls but we do not know how many of them have found a job and how many are still unemployed.
* Unemployment Stats: Here are the latest – http://bls.gov/news.release/empsit.nr0.htm
* Personal income: Went up slightly in November, rising 0.5 percent in November.
* Personal spending: Also increased last month, going up 0.4 percent.
* Income/spending stats can be found here from the Bureau of Economic Advisors: http://www.bea.gov/newsreleases/national/pi/pinewsrelease.htm
* New home sales: Dropped another 8.1 percent in October. It was a drop of 28.5 percent from a year before and a plummet of 80 percent from the height of the housing boom.
* New home prices: Average sales price was $194,900 in October, 13.9 percent lower than in September.
* Existing home sales: Slid 2.2 percent in October.
* Existing home prices: Averaged $170,000 in October.
* More on new home numbers from CNNMoney: http://money.cnn.com/2010/11/24/real_estate/new_home_sales/index.htm
* More on existing homes from CNNMoney: http://money.cnn.com/2010/11/23/real_estate/home_sales_slow/index.htm
For more stats, including the latest figure on Gross Domestic Product, click here for this week's American Sauce podcast:
robert shumake detroit
robert shumake
Pink Floyd Re-Signs With EMI: Good <b>News</b> for the Band or the Label?
Progressive rock legends Pink Floyd have re-signed with their longtime record label EMI.
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.
Mike Max's <b>News</b> And Notes « CBS Minnesota – <b>News</b>, Sports, Weather <b>...</b>
In this week's News and Notes, a celebrity spotting at a Timberwolves game and what's ahead for the Vikes during their off season.
robert shumake
Pink Floyd Re-Signs With EMI: Good <b>News</b> for the Band or the Label?
Progressive rock legends Pink Floyd have re-signed with their longtime record label EMI.
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.
Mike Max's <b>News</b> And Notes « CBS Minnesota – <b>News</b>, Sports, Weather <b>...</b>
In this week's News and Notes, a celebrity spotting at a Timberwolves game and what's ahead for the Vikes during their off season.
robert shumake
Foreclosures are at record high numbers. With these real estate statistics showing no sign of diminishing, many homeowners, and lenders, are turning to private investors in an effort to sell a home before foreclosure processes begin.
As an investor of real estate, there are many advantages to purchasing real estate that is in foreclosure, or about to be in foreclosure. The most obvious, of course, is the potential for acquiring a piece of real estate at a fraction of the appraised value.
When considering pre-foreclosure properties as your real estate investment, there are fees that will be necessary as part of the closing costs. To ensure your investment is well protected, it is important to be familiar with these closing costs, also commonly referred to as property acquisition expenses.
Because closing costs are not a formula based calculation, many real estate investors find this area of real estate acquisition to be of particular concern. While there are some fees that are relatively consistent from property to property, i.e. attorney's fees and those fees associated with document processing and title company fees, there are other fees that are not consistent.
Inconsistent fees may include the cost to record the property with your local deed recording government agency, costs associated with tax and insurance, the requirement to carry PMI (private mortgage insurance) as well as the fees associated with any assessments the city or county may impose for recent improvement to the neighborhood or community. In addition, title insurance is also an area that must be addressed.
Because these factors, and associated costs, are variables in the real estate investment process, it is important that you first look at the possible costs associated with each before deciding to purchase a pre-foreclosure property. Most often, the one cost real estate investors fail to estimate correctly is the cost associated with the various insurance protections required to secure the property.
In addition to these closing costs, be sure to also calculate the expected amount of time it will take for you to flip the home into a sale for yourself. Once this time is estimated, consider costs associated with the utility payments, the costs associated with lawn care and, if the home has a pool, the costs associated with the pool maintenance.
As a real estate investor, the purchase and acquisition of a pre-foreclosure home is a great way in which to acquire good, solid real estate investments while providing relief to a lender and a borrower who are in distress. When considering a pre-foreclosure investment, remember to take into consideration these associated fees and closing costs as they may impact your ability to maintain the property after you have acquired it.
robert shumake detroit
Pink Floyd Re-Signs With EMI: Good <b>News</b> for the Band or the Label?
Progressive rock legends Pink Floyd have re-signed with their longtime record label EMI.
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.
Mike Max's <b>News</b> And Notes « CBS Minnesota – <b>News</b>, Sports, Weather <b>...</b>
In this week's News and Notes, a celebrity spotting at a Timberwolves game and what's ahead for the Vikes during their off season.
robert shumake
robert shumake
...statistics show that despite Countrywide's representations, a much higher percentage of borrowers did not occupy the mortgaged properties:
...Overall, 18.3% of the loans sampled had recalculated LTV ratios of more than 10% higher than was claimed in the offering materials, and 6% of the loans sampled had recalculated LTV ratios of more than 25% higher than what was claimed in the offering circular. This overvaluation affected numerous statistics in the Offering Materials...For instance, the Offerings each made representations about the percent
of loans that had LTVs higher than 90% provide the lender little value
cushion to protect against borrower default and loss upon foreclosure.
However, the AVM indicates that a much higher percentage of the loans
had LTVs higher than 90%.
The Offerings uniformly represented that none of the Mortgage Loans that collateralized the Certificates had LTV ratios greater than 100 percent, meaning that the size of the loan is greater than the value of the property. (aka: being "underwater") Loans with over 100% LTV afford the lender no equity cushion and leave the lender with inadequate collateral from the outset of a loan. Allstate's analysis has found that, despite Countrywide's representations, a substantial number of Mortgage Loans had LTVs greater than 100%, as follows:
Allstate has also analyzed the weighted average LTV of the Mortgage Loans in each pool and has found that the weighted average LTV was also overstated, because of the overstatement of individual Mortgage Loans within the pools.
All these lies, and much, much more, can be found detailed in the filing below. At the risk of cheeiness, this is just a sampling of the sampling. And it demonstrates as all those who purchased loans from CFC/BofA that were repped to be in order, will find, following sampling or loan by loan analysis, that Brian Moynihan's bank committed acts of fraud after fraud, putting not only itself, but its underwriter counsel at risk time again. In fact, if there was anything remotely close to a working legal system in the US, what happened to Lehman's Repo 105 auditor, E&Y, should promptly befall every single underwriter's counsel which is jointly liable in representing that the data set forth by the underwriter is correct. But just as importantly, it means that of the hundreds of hundreds billions in loans sold by BofA to hapless dimwits, arguably the bulk of it is now subject to putbacks, and is of far worse quality than previously expected. It also means that the GSEs: those infinite receptacles of mortgage biohazard, are lying consistently when representing the state of their own books, which are likely orders of magnitude worse than the monthly status reports will indicate.
This is just starting to get interesting.
The full Allstate filing which is a must read for everyone is presented below.
Washington (CNN) – It is not enough to say the economy is "struggling," "hurting," "sluggish" or "slow."
In this week's American Sauce, we nail down the specifics on our economic health: income, spending, GDP and jobs (now and future). And we look at a core problem, still: housing. We'll introduce you to a woman who's part of the next large group to face foreclosure (conventional loans on moderate homes). She personally demonstrates that all that talk of loan modifications has led to a tangled system of obstacles.
Click here to listen, or keep reading for a quick, bulleted list.
American Sauce's economic check-up:
* Personal bankruptcies: 1.5 million individuals applied for bankruptcy in the year between Sept. 2009 and Sept. 2010. That was a nearly 14 percent increase from the year before.
* Business bankruptcies: 58,322 businesses applied for bankruptcy in that time. Notably, that was a slight decrease of less than 1 percent from the year before.
* Bankruptcy stats: Look through them for yourself at http://www.uscourts.gov/Statistics/BankruptcyStatistics.aspx
* Unemployment rate: 9.8 percent in November, up from 9.6 percent in October.
* Those on unemployment rolls: 15.1 million people.
* Those not counted in unemployment rate: Up to 5 million. That includes as many as 3.5 million who have maxed out unemployment benefits and 1.3 million workers who have stopped filing paperwork for unemployment benefits, saying they do not believe they can find a job and have given up.
NOTE: there are no reliable figures on how many "99'ers" exist. From the Labor Department, we know 3.5 million people have fallen off the unemployment rolls but we do not know how many of them have found a job and how many are still unemployed.
* Unemployment Stats: Here are the latest – http://bls.gov/news.release/empsit.nr0.htm
* Personal income: Went up slightly in November, rising 0.5 percent in November.
* Personal spending: Also increased last month, going up 0.4 percent.
* Income/spending stats can be found here from the Bureau of Economic Advisors: http://www.bea.gov/newsreleases/national/pi/pinewsrelease.htm
* New home sales: Dropped another 8.1 percent in October. It was a drop of 28.5 percent from a year before and a plummet of 80 percent from the height of the housing boom.
* New home prices: Average sales price was $194,900 in October, 13.9 percent lower than in September.
* Existing home sales: Slid 2.2 percent in October.
* Existing home prices: Averaged $170,000 in October.
* More on new home numbers from CNNMoney: http://money.cnn.com/2010/11/24/real_estate/new_home_sales/index.htm
* More on existing homes from CNNMoney: http://money.cnn.com/2010/11/23/real_estate/home_sales_slow/index.htm
For more stats, including the latest figure on Gross Domestic Product, click here for this week's American Sauce podcast:
robert shumake
Pink Floyd Re-Signs With EMI: Good <b>News</b> for the Band or the Label?
Progressive rock legends Pink Floyd have re-signed with their longtime record label EMI.
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.
Mike Max's <b>News</b> And Notes « CBS Minnesota – <b>News</b>, Sports, Weather <b>...</b>
In this week's News and Notes, a celebrity spotting at a Timberwolves game and what's ahead for the Vikes during their off season.
robert shumake detroit
robert shumake detroit
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