Texas Attorney General calls for halt to foreclosures!!

[dixiegrrrrl]

The Texas Attorney General's office called for a halt on all foreclosures today amid widespread scrutiny over the way foreclosures are processed nationwide.

Notices to suspend foreclosures were sent to 27 loan servicers doing business in Texas, including Bank of America and JPMorgan Chase & Co. The office would not release the list of companies that received notices.

The state office also called for a halt on the sales of properties previously foreclosed upon and all evictions of people living in previously foreclosed upon properties.

The action is being taken "in an effort to determine the full harm Texas homeowners may have suffered or could suffer as a result of these business practices," including improperly signing documents related to the foreclosure process, according to a statement late today by Jerry Strickland, a spokesman for Attorney General Greg Abbott.


http://blogs.chron.com/primeproperty/2010/10/ag_attempts_to_stop_foreclosur.html
The above is the full story,from the link.

crossposted in GD

[Po_d Mainiac]

1. CNBS link via ZH...Goobermint moratorium coming

As mentioned earlier, Ollick confirms that according to rumors, the government is going to impose "some kind of 90 day foreclosure moratorium on the banks which would melt down the housing market." In fact Congressman Merkley already indicated he is for a foreclosure moratorium.

Quote Kudlow: "We're not talking just a few weeks, or a few months. This sounds like a long, drawn-out, bureaucratic, robotic process with lawyers, and oh my gosh." Another implication: a veritable bonanza for both lawyers and defaulters, the former of whom will end up making billions in legal fees (collected from the same banks which are still sucking off the ridiculously low TLGP-funded, and thus taxpayer sponsored fees), while the latter will be able to live mortgage free for years, while continuing to buy useless trinkets instead of paying what is contractually their duty.
http://www.zerohedge.com/article/90-day-mortgage-meltdown-foreclosure-moratorium-imminent-robosigning-scandal-goes-mainstream

[dixiegrrrrl]

2. It is not just the defaulters, the current homeowners are getting burned too.

There is great uncertainty as to who owns the title to the real estate.
Title insurance companies, as you saw, are refusing to insure pending home sales.
So now, at this moment at least, I have no chance to sell my house.( assuming I want to and have a buyer).

I am making mortgage payments to a servicer ( BAC) but Fannie Mae owns the house, a fact I was NOT informed of and I doubt very much is recorded up at the country records. Well, Fannie Mae and apparently a bunch of investors.
After all this, should I have faith title will conveyed to me when I pay off the mortgage?
And if the title is cloudy, because we now find the mortgage/title trail has been erased,
( in some cases the mortgage has actually been destroyed)
then all I legally have committed to is a promissory note with no collateral.
Hell of a mess, and a state mess at that. Dunno what the feds can do, they own most of the problem paper.

[Po_d Mainiac]

3. Have u tried tracking with the MERS MIN?

BUT you already have the title...what u have is a lien against that title....BIG difference...

If I'm reading the current BS right, the problems are in the conveyances leading up to the foreclosure, stating clear authority to foreclose...authori
:shrug:
.....
We bought a 'short' last year for one of the kids. Had to deal with a primary plus 2 secondaries (one in Chapter 11) and a State personal tax lien. Wachovia/WF saga with CW as the originator.

At least with the 'short' the actual title never changed hands. There was no problem getting the mortgagee to sign off...It was getting the liens cleared off....

[dixiegrrrrl]

4. The problems are in the Mortgage Bond funds, btw.

One important part of the problem is that the Mortgage bond funds are not legal unless
the mortgages are transferred INTO the fund, in a legal manner.
which they apparently were not.
Many of the recent threads about the mortgage issue have links which provide pretty clear
descriptions of the many problems of this mess, from Fannie/Freddie down to the homeowner.

[Po_d Mainiac]

5. I understand ...been there done that

Wish you well....good luck!