BofA delays foreclosures in 23 states

You can add another bank to the list.  From AP by Alan Zibel. Bank of America is delaying foreclosures in 23 states as it examines whether it rushed the foreclosure process for thousands of homeowners without reading the documents. Bank of America ( BAC – news – people ) isn’t able to estimate how many homeowners’ cases will be affected, Dan Frahm, …

JPMorgan Halts Foreclosures, “Robo-Signers” Appear Commonplace

From dsnews.com by Carrie Bay. Analysts say they are expecting more lenders to follow GMAC and JPMorgan and make their own foreclosure freeze announcements in the coming weeks. These robo-signers may be commonplace fixtures in a growing number of servicing shops struggling to keep up with large numbers of foreclosure cases. According to Mark Anaya, they are more prevalent than the …

The Big Picture

Some people are just coming to the realization that the credit industry has been sloppy and taking shortcuts in their zeal to make as much as money as quickly as they can. Max discovered this years ago and has been teaching consumer lawyers about mortgage securitization and servicing process in his boot camps and his recently concluded special session.  In response …

The Alphabet Problem and the Pooling and Servicing Agreement

The Pooling and Servicing Agreement (PSA) is the document that actually creates a residential mortgage backed securitized trust and establishes the obligations and authority of the Master Servicer and the Primary Servicer. The PSA also establishes that mandatory rules and procedures for the sales and transfers of the mortgages and mortgage notes from the originators to the Trust. It is …