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Drowning in Debt - Underwater Mortgages - Next Crisis

The next wave of foreclosures will be a TSUNAMI!

The defaults will come from 16 Million Americans paying on "underwater" home mortgages.
These mortgages represent about 1.2 TRILLION DOLLARS of negative home value.

No problems......No worries....no threat of Moral Hazard ("walk-away")

On average, U.S. homeowners owe $75,644 more than what their house is worth, or 44.5% more than current value. Almost 5% of U.S. homeowners, with a mortgage, owe more than twice what their house is worth (full report HERE)

According to a MSNBC report (Here) using data from Zillow:
Despite the temptation to just walk away and mail back the keys also know as "Jingle mail"
90% of the underwater borrowers are making their mortgage & home loan payments on time, and ONLY 10% are more than 90 days delinquent. Here ..look at the chart... see for yourself

"Negative equity will continue to weigh on the housing market, it also puts millions of owners at greater risk of losing their home if the economic recovery stalls,"
said Zillow chief economist - Stan Humphrie.

Hey Stan....what economic recovery are you referencing?

To prove he is the Master of the Obvious... Stan added this earth-shattering comment:
"If economic growth slows and unemployment rises, more homeowners will be unable to make timely mortgage payments, increasing delinquency rates and eventually foreclosures,"

Way to go Stan....thanks for that information. You say your an Economist...wow...that is way cool...you really have a handle on this underwater issue. Again no worries Stan, I see the chart and it assures us people will certainly keep paying on their underwater mortgage and obviously have no problem remaining a mortgage debt slave..... lets say....oh maybe.... for another 20 or 30 years. By the way - that chart comes with a Zillow Guarantee right? I mean we can rely on that data going forward ...right? How many years can we count on that chart Stan? Regardless, it must be 'good stuff' cause your an economist (expert?) and your kinda telling us - this is still good news. And Stan - Don't forget the tag lines
Mortgage rates are at an all time low!!! and now is a great time to buy!!! and lets see what else...what other bank/realtor speak can we tell the news readers at faux(Fox) and CNN.

OHIO FRAUDclosure asks......How much longer will American homeowners continue to pay on underwater mortgages that were based on falsely inflated (bogus appraisals) values? What useless bank loan mods or phony "life preserver" government programs will be offered? You know - the programs designed to trick and trap (Hamp, Hope, Harp etc.)
When will American Homeowners STRATEGICALLY DEFAULT?

Lets ask the Mortgage Bankers Association for an answer on this underwater crisis.
They saw this crisis coming 2 years ago and faced an underwater loan on their headquarters.
They have to know what is best - go ahead - ask em:
What would the Mortgage Bankers Do?

The Daily Show with Jon Stewart
Get More: Daily Show Full Episodes,Political Humor & Satire Blog,The Daily Show on Facebook

The CEO of the Mortgage Bankers Association, John Courson said underwater borrowers should keep paying their mortgages and "should not walk away from lawful debts"
In an interview on this topic (in 2010!) Courson appeared genuinely concerned adding:
"What about the message they'll send to their family, their kids and their friends?"
Obviously, Mr. Courson was not just speaking as a defender of financial institutions. Clearly, he was showing how much he cares for people and their personal relationships. He believes the children are our future. He thinks we should teach them well and let them lead the way. That we should show them all the beauty they posses inside. Give them a sense of pride. To make it easier, let the children’s laughter remind us how we used to be
Read Mandelman Matters: How to Strategic Default? Ask the MBA (HERE)

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FORECLOSURE DIARIES - Documentary Film

FORECLOSURE DIARIES - Documentary Film Trailer

FORECLOSURE DIARIES focuses on the relationship between homeowners, mortgage servicers & Wall Street, using the experiences of families who have been evicted or who are currently facing foreclosure. Six years after they began production on the documentary, the foreclosure crisis is still running at full tilt. But it is important to emphasize that the film will show how people, around the country, are refusing to become victims; they are organizing, and taking activist roles in pursuing justice for themselves and their families.

And, .....near Cleveland, Ohio, (an epicenter of the foreclosure crisis) there’s a blue-collar mother, Ann Holden, whose daughter, wrote a compelling letter, addressed to the judge overseeing the family’s Litton-Loan initiated foreclosure. Her on-camera reading still captures the emotional trauma of being forced from their home.

Devastated and incensed over what she believed were Litton's fraudulent practices - Ann - turned crusader, and in Erin Brockovish style, joined up with Jack Wright, to co-found, MSFRAUD.ORG. The site is an outstanding and long-running forum and Internet meeting place for others facing mortgage related problems.

Related: Foreclosure affects 8 Million Children (Here)

Have we heard the seen the worst of the scandal? I doubt it, but the mortgage industry - like a piece of plate glass - has already been scored. It continues to destroy people and families.

Related: Wells Fargo Servicing drives family man to commit suicide (Here) & (Here)

In Ohio - recently an ignorant judge allowed an improper foreclosure and subsequent terrifying eviction of The Brian Bayless family

Now, it's up to a fed-up constituency - the 99 per centers, politicians, prosecutors, or some combination of all three - to shatter the glass and reveal the smoking guns. Hopefully, it will come soon enough to provide an ending for "Foreclosure Diaries."

See Related Stories and Information:
Pacific Street Films (HERE)
American Banker: Joel Sucher "A foreclosure Film awaits final Scene (HERE)
Ohio FRAUDclosure: Bayless Family Eviction (HERE)
4closurefraud: Litton allowed to unload servicing platform on Ocwen (HERE)
Goldman Sachs sold Litton Loan Servicing (to Ocwen Financial) Ocwen was mandated to hire a "third party auditor," (selected by Goldman and approved by the Fed) to address a pattern of misconduct and negligence relating to deficient practices in residential mortgage loan servicing and foreclosure processing involving ALL 2009 and 2010 FRAUDclosures handled by Litton. The review was INTENDED to provide "remediation" to borrowers who suffered financial injury. Although Goldman has submitted a name to the Fed, as of yet, the Fed has yet to announce the name nor give the proposed auditor a green light to begin the foreclosure reviews.

Foreclosures slowing....thanks to legal scrutiny

FRAUDclosures slow ...due to scrutiny & spot-light in Judicial States

Photo courtesy of Oakland Press Blog
Foreclosures "appear to be slowing" ...how exciting is that?...especially for "news readers" at faux (Fox) news and CNN. That has to be good....right???.... WRONG!
Rather than competing against "propaganda" cranked out daily by ~~Criminal~~ Mortgage Servicers....let me simply introduce..... Abigail Field.

Abigail is a N.Y. based attorney. She is also an outstanding journalist with a knack of understanding the really complicated language of Mortgage Bank Speak ...and translating it (dissecting the lies) and making it simple for us plain folk (homeowners).

She has a wonderful blog REALITY CHECK (HERE)

Abigail states the following: The Foreclosure Crisis Is Nowhere Near Over Yet
The decreased delinquencies, is a misleading fact. Sure, it’s true, but what does it mean? Does it mean that the foreclosure crisis is ending or winding down? No, it doesn’t, because the crisis isn’t. But when your brain picks up on the bolded language, that’s the (Banks & Servicers) implicit message: delinquencies are down, so the foreclosure crisis is easing....and then Abigail goes to shows how the headlines attempt to

Targeting the Courts...Due Process is the Solution, Not the Problem......
Well, the banks are doing just that: they are using their self-created foreclosure crisis to build pressure to dismantle judicial foreclosures. The bankers want it to be much cheaper and easier to take collateral with fraudulent documents. Which it is, in non-judicial foreclosure states.

Read: SPOTTING THE BANKERS LATEST PROPAGANDA CAMPAIGN (here)

Illustration by Victor Juhasz-Rolling Stone
Related: Invasion of the Home Snatchers (here)
Matt Taibbi Rolling Stone shocker showing how Courts in a Judicial Foreclosure State (Florida) are helping Big Banks screw over homeowners.

Jamie Dimon - To big to fail?

UPDATE & BOMBSHELL: (Business Insider)

Wall Street Journal Report: Jamie Dimon Personally Approved The Concept Of The Disastrous Trade, Losses Could Total $5 BILLION! .....The reporter's sources appear to be very close to Dimon. The story includes an exchange between Dimon and his wife and also references an evening fueled by vodka.

(WSJ - Here)

JP MORGAN CHASE & CO - We’re Number ONE !!!! (1)

What!: "it's ok to lose 2 billion...we've made billions this quarter"...

~~Liar:~~ JPM Didn't "hedge" (4) 2 Billion dollar loss - JPM Chase placed a huge bet that went bad, a bet that cannot be described as a “hedge” in any policy relevant way. JPM Chase was simply gambling for profit (HERE)

FBI & DOJ announce investigations of 2 billion "trading loss" (HERE)

How?: Foreclosure as a Business Model (HERE)(1)

When: Tuesday May 15^th - 2012

Where: Tampa, Florida "Back-office Complex"

Event: Jamie Dimon vs. Shareholders & CALPERS

Jamie Dimon - I'm to big to fail..let me count the reasons......

CHASE – NUMBER ONE - in AMERICA - for FORECLOSURES(1) **

(1) SNL Finacial report 6-10-10 - JP Morgan Chase had the highest dollar value, 19.5 Billion, of 1-4 family homes in foreclosure. JP Morgan Chase had an additional 54.5 BILLION in foreclosure properties which it serviced for others

Scharf stated that most of the paper problems were simple "affidavit issues" but confirmed it could cost the company a few million dollars for every month that foreclosure proceedings were delayed. However, Schaff quelled investors’ worries by stating that re-filings with ~~fraudulent~~ new paperwork would begin in a few weeks and would only take three to four months to complete.

Moreover, Scharf stated ALL the company’s foreclosure decisions were "based on materially accurate information" and Chase had multiple controls in place to assure that all property records had been properly assigned and transferred.

Finally, Scharf's presentation showed that JPMorgan’s default employees (currently numbering around 17,000) had independent "operational processes" in place - to assure - all foreclosures were proper. That process was checking a loan status - twice. First before a loan was referred ~~to a Mill Firm attorney~~ for foreclosure and then again, before the final foreclosure sale.

Below are excerpts from the 41 page report (full report linked at bottom):

….The ability to continue to foreclose is critical to continued economic and real estate recovery (translation we have 375+ billion dollars worth of exposure, and we need to unload this crxx - as soon as possible – we’ll simply call it Economic Real Estate Recovery) Will $56 Million help? for Chase overcharging 6,000 active military

….We strongly believe foreclosures should not be delayed any longer than necessary (translation: Judges…go back to sleep…and get back to Rubber-Stamping our foreclosures as we have profit margins and analysts’ projections to meet. Our stockholders & investors can’t be delayed by any legalities or Rules of Law.) JP Morgan will foreclose - even if your an Ohio Judge

….{Any} further foreclosure delays will damage communities and the economy(what? - silly me - of course any delays to the emptying of occupied houses and further blighting cities will damage the economy! Our drug-dealers need safe-houses to store and sell drugs in order to quickly stimulate the economy)
…..{F}acts and circumstances supported {our} decisions to foreclose but if we become aware of any ~~fraud~~ exceptions, we will fix them (translation: hopefully this Robo-Signing thing will blown over quickly….and we can ~~FRAUDulently~~ create needed transfers and ~~bogus~~ assignments)

......Pg 29....{All} the following are ...…Misconceptions of Chase:

{that} liens were not properly transferred

{that} defects in title transfer - compromise title insurance

{that} foreclosures are pursued too aggressively and completed without sufficient review

{that} borrowers current (on loans) have been foreclosed upon;

{that} foreclosure decisions are not supported by underlying facts and circumstances

{that} servicers were not willing or able to staff up to cope with volumes....Inspector General to ask Chase to testify - only has modified 67,000 of the 204,000 eligible. + 2011 Class Action

.....Pg 6….by the way... JP MORGAN CHASE & CO has a Nationwide footprint (over 5,000 branches & 16,000 ATMs in 23 states) and “We operate from a position of strength” and “We will be appropriately paid for the services we provide

**Presentation of November 4, 2010

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