Deutsche Bank, Paribas Sue BofA on Mortgage Deals

Deutsche Bank AG and France’s BNP Paribas SA separately sued Bank of America Corp on Wednesday, claiming that the largest U.S. bank breached its obligations on a total of more than $1.7 billion of mortgage-related transactions.

Both lawsuits, filed in in Manhattan federal court, relate to Ocala Funding LLC, a funding vehicle used by mortgage originator Taylor, Bean & Whitaker Mortgage Corp. TBW was once the 12th-largest mortgage originator in the United States but went bankrupt in August. Read more about Bank of America…

Do you own a law firm? Would you like to utilize our mortgage auditing services for foreclosure defense cases? Contact MFI-Miami now.

Foreclosure Specialty Lawyers in Demand

The rapidly increasing number of foreclosures is creating a shortage of attorneys knowledgeable about this legal specialty.

About 86 percent of foreclosure victims didn’t have legal counsel last year, according to the Brennan Center for Justice at the New York University School of Law. Read more about foreclosure lawyers…

Do you own a law firm? Would you like to utilize our mortgage auditing services for foreclosure defense cases? Contact MFI-Miami now.

A Reader’s Guide to Bernanke’s Preemptive Attack

Ben Bernanke is taking no chances. With his confirmation hearing for continuation as chairman of the Federal Reserve System only days away, he has written an op-ed for publication in Sunday’s Washington Post. We may interpret this article as a preemptive attack on his congressional critics, some of whom will no doubt take the opportunity afforded by next Thursday’s hearing to attack his management of the Fed and, indeed, the Fed itself.

Monetary-policy propaganda is a high art, and lay readers of Bernanke’s article may well be taken in by its artful formulation. Therefore, as a public service, I offer the following brief commentary, interweaved with CNN’s Saturday report on Bernanke’s Sunday op-ed. Read more about Ben Bernanke…

Do you own a law firm? Would you like to utilize our mortgage auditing services for foreclosure defense cases? Contact MFI-Miami now.

Potential For Federal Reserve to Hyperinflate

The following information may be the most important we have ever published. One of our Intel sources, highly placed in banking circles, tells us that on 1/1/10 all banks that have received TARP funds have been informed by the Federal Reserve that they must further restrict any commercial lending. Loans have to be 75% collateralized, 50% of which has to be in cash, which is a compensating balance.

The Fed has to do one of two things: They either have to pull $1.5 trillion out of the system by June, which would collapse the economy, or face hyperinflation. This is why the Fed has instructed banks to inform them when and how much of the TARP funds they can return. At best they can expect $300 to $400 billion plus the $200 billion the Fed already has in hand.

We believe the Fed will opt for letting the system run into hyperinflation. All signs tell us they cannot risk allowing the undertow of deflation to take over the economy. The system cannot stand such a withdrawal of funds. They also must depend on assistance from Congress in supplying a second stimulus plan. That would probably be $400 to $800 billion. A lack of such funding would send the economy and the stock market into a tailspin. Even with such funding the economy cannot expect any growth to speak of and at best a sideways movement for perhaps a year. Read more about the Federal Reserve…

Do you own a law firm? Would you like to utilize our mortgage auditing services for foreclosure defense cases? Contact MFI-Miami now.

Next Page »