Daily Archives: September 1, 2012

Woman’s home auctioned before her eyes | CapeCodOnline.com

Woman’s home auctioned before her eyes | CapeCodOnline.com.


SOUTH ORLEANS – The best intentions and the vocal support of the local Occupy movement couldn’t stop Sandy Schaefer-Ung’s home from being auctioned on Wednesday – but the South Orleans woman still holds out hope that a lawsuit will let her keep her home.

On Wednesday afternoon, Schaefer-Ung sat in her front yard with freshly made sandwiches for her crowd of supporters.

A group of about 20 people marched in her driveway, opposing the scheduled auction of her foreclosed home.

“Banks got bailed out, we got sold out,” chanted the group, which included several Occupy Cape Cod and Occupy Falmouth members.

“I’m so proud of them,” Schaefer-Ung said, watching the group moments before the scheduled auction.

This was the third time the auction was scheduled since June at the 38 Tar Kiln Road property, with both other events postponed.

Schaefer-Ung’s lawyer, Jamie Ranney of Nantucket, filed a lawsuit in Land Court earlier in the day, arguing that U.S. Bank couldn’t prove it was the proper mortgagee.

Old man yells at chair

After seeing Clint Eastwood’s bizarre speech at the Republican National Convention on Thursday, it makes me wonder if Eastwood and Grandpa Simpson from The Simpsons are seperated at birth.


Wall Street banks get Fannie Mae MBS case against them dismissed

Major Wall Street banks that served as underwriters when Fannie Mae sold its stock, managed to get a major case that shareholders filed against them dismissed, according to Reuters.

The banks were initially accused of not being forthright about risky home loans linked to Fannie Mae.

In one of the individual actions, Comprehensive Investment Services (CIS) sued banks that handled the underwriting of CIS’s acquisition of $600,000 shares of Fannie Mae’s Series T Preferred Stock from Wachovia Securities for $15 million. Underwriters to the transaction included Wachovia Capital Markets and Citigroup Global Markets.

The allegations center around the shareholders’ belief that underwriters made material misstatements about Fannie Mae’s subprime and Alt-A exposures, risk management controls and core capital financials. United States District Judge Paul Crotty in Manhattan dismissed the cases filed against underwriters this week. Click here to read more.

Congress will consider raising guarantee fees even more


Congress will consider raising the guarantee fees Fannie Mae and Freddie Mac charge to lenders in order to pay for tax cuts and avoid the coming fiscal cliff.
Lawmakers voted last year to raise g-fees in order to pay for a previous round of tax cuts. The Congressional Budget Office estimated at the time the increases would bring in $3.3 billion and $4.6 billion in revenue lost from the tax cuts per year.
Lenders pass these costs to the homebuyer, meaning taxpayers are essentially paying for their own tax cuts.