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Examining the Consequences of Mortgage Irregularities for Financial Stability and Foreclosure Mitigation

Examining the Consequences of Mortgage Irregularities for Financial Stability and Foreclosure Mitigation

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Published by Kevin S. Gouveia
November Oversight Report Nov 16, 2010
127 pages of great information obtained from www.stopforeclosurefraud.com
November Oversight Report Nov 16, 2010
127 pages of great information obtained from www.stopforeclosurefraud.com

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Categories:Types, Research, Law
Published by: Kevin S. Gouveia on Nov 16, 2010
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11/06/2011

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Congressional Oversight Panel
NOVEMBEROVERSIGHT REPORT
*
 
November 16,2010
*
Submitted under Section 125(b)(1) of Title 1 of the Emergency EconomicStabilization Act of 2008, Pub. L. No. 110-343
 
Examining the Consequences of MortgageIrregularities for Financial Stability and ForeclosureMitigation
www.StopForeclosureFraud.com
 
2
Table of Contents
 
Executive Summary .............................................................................................................4Section One:A. Overview ..................................................................................................................7B. Background ..............................................................................................................9C. Timeline .................................................................................................................10D. Legal Consequences of Document Irregularities ...................................................141. Potential Flaws in the Recording and Transfer of Mortgages andViolations of Pooling and Servicing Agreements ............................................162. Possible Legal Consequences of the Document Irregularities toVarious Parties .................................................................................................243. Additional Considerations ................................................................................33E. Court Cases and Litigation.....................................................................................341. Fraud Claims .....................................................................................................352. Existing and Pending Claims under Various Fraud Theories ...........................403. Other Potential Claims ......................................................................................424. Other State Legal Steps .....................................................................................445. Other Possible Implications
: Potential “Fron
t-e
nd” Fraud and
Documentation Irregularities ...........................................................................46F. Assessing the Potential Impact on Bank Balance Sheets.......................................511. Introduction .......................................................................................................512. Foreclosure Irregularities: Estimating the Cost to Banks .................................593. Securitization Issues and Mortgage Put-backs .................................................63
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3G. Effect of Irregularities and Foreclosure Freezes on Housing Market ....................731. Foreclosure Freezes and their Effect on Housing .............................................732. Foreclosure Irregularities and the Crisis of Confidence ...................................78H. Impact on HAMP ...................................................................................................79I. Conclusion .............................................................................................................82Section Two: Correspondence with Treasury ....................................................................85Section Three: TARP Updates Since Last Report .............................................................86Section Four: Oversight Activities...................................................................................122Section Five: About the Congressional Oversight Panel .................................................124Appendices:APPENDIX I: LETTER FROM CHAIRMAN TED KAUFMAN TOSPECIAL MASTER PATRICIA GEOGHEGAN, RE: FOLLOW UP TOEXECUTIVE COMPENSATION HEARING, DATED NOVEMBER 1, 2010 ......125
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