Daily Archives: January 28, 2013

Deutsche Bank Said to Be Among Banks in Bafin Euribor Probe

Deutsche Bank AG (DBK) is among several banks facing probes by financial regulator Bafin over the possible rigging of Euribor interest rates, two people familiar with the matter said.

WestLB, now called Portigon AG, is also being investigated over the Euribor rates, said the people, who declined to be identified because they aren’t authorized to speak about the matter.Sueddeutsche Zeitung reported today Bafin is looking into four German lenders over Euribor, including Portigon and Deutsche Bank. Both lenders are also being reviewed for their participation in Libor rate setting.

Read on.

Fannie Adds Bailout For Underwater Walkaways: Mortgages

Fannie Mae (FNMA) and Freddie Mac will let some borrowers who kept up payments as their homes lost value erase their debts by giving up the properties, helping Americans escape underwater loans while adding to losses at the mortgage giants bailed out with $190 billion of taxpayer money.

Non-delinquent borrowers with illness, job changes or other reasons they need to move will become eligible in March to apply for a so-called deed-in-lieu transaction that erases the shortfall between a property’s value and the size of its mortgage. It follows a change in November that lets on-time borrowers sell properties for less than they owe, known as short sales, wiping out the remaining mortgage debt. Normally, the lenders could pursue people to recoup their losses.

“It’s an extraordinarily generous approach for companies still in debt to American taxpayers,” said Phillip Swagel, a professor at the University of Maryland’s School of Public Policy in College Park, Maryland. “We’re giving people an incentive to walk away, right when the housing market is starting to right itself.”

Read on.

Bank of America begins moving $50 billion of derivatives to UK: FT

(Reuters) – Bank of America (BAC.N) has begun moving $50 billion of derivatives out of its Irish-based operations into its British subsidiary, The Financial Times reported on its website on Sunday, citing people close to the operation.

The move will allow the world’s number 10 bank by assets to benefit from tax breaks stemming from accumulated losses in its UK business, the FT said.

According to the Financial Times, bankers said Irish officials were uncomfortable with the scale of the business which posed a theoretical risk to Irish taxpayers.

Read on.

World Savings REMICs list and screen shots

periodic%20report%20%2012.26.12.pdf click this link to see the periodic report.

Foreclosure Hamlet:

But as you can see world did securitize their notes and most are already paid in full. So Wachovia and Wells cannot be the true NOTE holder in due course and cannot enforce the collection or foreclosure legally or lawfully..

On a side note: Notice that Lead Mgr. of securitized trust is World Savings Bank (which was brought out by Wachovia. And Wachovia was brought by Wells Fargo). And trustee is Deutsche Bank.

SCHOSHINSKI v COMPASS BANK | CA Superior Court- MERS Assignment, Defunct company cannot assign an interest in property and overruled the Defendant’s demurrer

Bergman & Gutierrez LLP:

B&G filed suit against Compass Bank to cancel an Assignment of Deed of Trust and seek declaratory relief as to whether Compass Bank actually acquired the mortgage loan as it claimed in the Assignment. The problem? The Assignment of Deed of Trust was signed by MERS on behalf of a company that had gone out of business months before. How could MERS have been acting as an agent for a defunct company?

Here is the ruling:


Deadly Clear

Weep no more my lady
Oh! weep no more today!

Bravo – Kentucky Attorney General Jack Conway!

3ghostsAttorney General Jack Conway announced that his office filed a lawsuit on January 23, 2013 in Franklin Circuit Court against MERSCORP Holdings, Inc., and its wholly owned subsidiary Mortgage Electronic Registration Systems, Inc. (MERS) for violations of Kentucky law. The lawsuit is a result of Attorney General Conway’s investigation of mortgage foreclosure issues in Kentucky.

The lawsuit alleges that MERS violated Kentucky law by not  

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Mortgage Registration MERS expert in US-FL Jacksonville at Aerotek

Job Title Location Company Date Posted

Mortgage Servicing Manager

leading mortgage default solutions company. Candidates MUST have:• Strong Knowledge of Recent MERS … Required Skills for Mortgage Servicing Manager Job: MERS FORECLOSURE BANKRUPTCY MORTGAGE…

Jacksonville, FL Aerotek