What did Barney Frank have to do with wrecking our economy?

Question by Change Now: What did Barney Frank have to do with wrecking our economy?
I am reading The Big Short by Michael Lewis.

It’s about how the Wall Street geniuses were allowed by the GOP Congress under Clinton to wreck our economy thru the securitization of mortgage loans into AAA rated bonds.

The SEC under Bush was absent or was told to be absent by the Republicans (remember Bernie Madoff)

No where is Barney Frank mentioned. What role if any did he play?

Best answer:

Answer by Chris Christie
Fannie Mae

That book is liberal lying bullshit!

Carter’s Community Reinvestment Act started the ball rolling on the eventual collapse.
Threats of racism accusations by the Congressional Black Caucus kept anyone from repealing it.

http://en.wikipedia.org/wiki/Community_Reinvestment_Act

Give your answer to this question below!

Why do people still think the economic meltdown was caused by Jimmy Carter’s Community Reinvestment Act?

Question by Change Now: Why do people still think the economic meltdown was caused by Jimmy Carter’s Community Reinvestment Act?
This is the most ignorant thing I have heard so far from this economic meltdown.

Don’t people know that securitization of residential and commercial mortgage and the out of control derivatives is what caused this mess.

The CRA contributed, but an extremely minor role. I heard that as little as 1 out of 20 bad mortgages were attributable to the these type of subprimes.

If someone can provide evidence to the contrary, I would be grateful.

Best answer:

Answer by Proud Texan
Fox fictional News and Rush Limbaugh told them to believe it without question.

Give your answer to this question below!

Cool Chain Of Title Audit images

Some cool Chain of Title Audit images:

Newark Foreclosures & Chains of Title / Red Lines @ Queens Museum of Art
Chain of Title Audit
Image by jann_on
Red Lines Housing Crisis Learning Center:
2009 exhibition by Damon Rich of the Center for Urban Pedagogy, hosted by the Queens Museum of Art
Larissa Harris, Commissioning curator; Project Coordinator for Queens Museum Installation: Rana Amirtahmasebi
Museum Director: Tom Finkelpearl

"The Neighborhood Economic Development Advocacy Project collected the foreclosure information. . . . The Regional Plan Association, an independent planning group, then crunched the numbers using the Geographic Information System — a mapping program — to create maps of every inch of the city indicating where there had been foreclosures of single- to four-family homes in 2008."

"Red Lines Housing Crisis Learning Center is funded by grants from The Andy Warhol Foundation for the Visual Arts and Artists & Communities, a program of Mid Atlantic Arts Foundation, which is made possible by major funding from Johnson & Johnson, the New Jersey State Council on the Arts, and the JPMorgan Chase Foundation. A publication funded by The Graham Foundation for Advanced Studies in the Fine Arts will be available during the exhibition. Additional support provided by the New York City Department of Cultural Affairs and New York State Council on the Arts."

www.queensmuseum.org/2632/red-lines-housing-crisis-learni…
community.queensmuseum.org/lang/en/blog/corona-plaza/redl…
www.nytimes.com/2009/07/08/arts/design/08panorama.html?_r=0
www.cjr.org/the_audit/go_to_queens_museum_get_mad.php
www.flickr.com/photos/panoramaqueensmuseum/sets/721576210…
artforum.com/words/id=23001
www.pbs.org/newshour/video/module.html?mod=0&pkg=1510…
www.citylimits.org/news/articles/3789/on-exhibit-housing
video.foxbusiness.com/v/3894109/ny-panorama-highlights-fo…
video.corriere.it/?vxSiteId=404a0ad6-6216-4e10-abfe-f4f69… (in Italian)
www.clairebarliant.com/artwriting/adaptive-reuse/
www.tandfonline.com/doi/abs/10.1080/08935691003625372
www.businessinsider.com/irvington-new-jersey-sub-prime-pr…
www.nytimes.com/2009/05/17/nyregion/new-jersey/17newarknj…

Queens Museum of Art:
Architect: Aymar Embury II
Opened: 1939
Renovated 1964 by Daniel Chait.
Renovated in 1994 by Rafael Viñoly.
Expansion scheduled in 2013, under the helm of Grimshaw Architects with Ammann & Whitney as engineers.

"Built to house the New York City Pavilion at the 1939 World’s Fair, where it housed displays about municipal agencies. . . . It is now the only surviving building from the 1939/40 Fair. After the World’s Fair, the building became a recreation center for the newly created Flushing Meadows Corona Park. The north side of the building, now the Queens Museum, housed a roller rink and the south side offered an ice rink. . . . From 1946 to 1950 . . . it housed the General Assembly of the newly formed United Nations. . . . In 1972 the north side of the New York City Building was handed to the Queens Museum of Art (or as it was then known, the Queens Center for Art and Culture)."

The other half of the building was an ice-skating rink from 1939–2009.

www.queensmuseum.org
www.queensmuseum.org/about/aboutbuilding-history
twitter.com/QueensMuseum
en.wikipedia.org/wiki/Queens_Museum_of_Art
www.facebook.com/QueensMuseum
vimeo.com/queensmuseum
en.wikipedia.org/wiki/Aymar_Embury_II
en.wikipedia.org/wiki/Ammann_%26_Whitney
grimshaw-architects.com
artsengaged.com/bcnasamples/chapter-fifteen-being-good-ne…

Two New Practical Guides Explain How to Tackle Business Continuity Management Challenges

Ely, England (PRWEB UK) 17 May 2013

ISO22301 and business continuity management (BCM) come under the microscope in two new titles from specialist publisher IT Governance Publishing (http://www.itgovernancepublishing.co.uk/) (ITGP).

A Managers Guide to ISO22301, by established author and operational risk management and business continuity expert Tony Drewitt, provides a comprehensive guide to understanding BCM and ISO22301. Drewitt has helped small, medium and large organisations develop their BCM policies, strategies and plans since 2001.

Offering a concise and practical overview of the subject, A Managers Guide to ISO22301 is essential reading for all managers, executives and directors with any interest or involvement in operational risk or business continuity management.

Drewitt says: You cant start planning to deal with disaster when disaster is striking. Once it occurs, operational risk – the risk of the unexpected disrupting your business – can be wide-ranging, with effects that extend from financial loss all the way through to catastrophic business failure.

The emergence of the ISO22301 international standard for business continuity, together with a certification scheme, puts management and customers in a position where they can look for evidence that their company, and its supply chain, is genuinely prepared and in a state of overall readiness. Thanks to the fact that ISO22301 is a specification, users are also provided with a set of standard requirements when conducting an audit.

Drewitt has also authored a second new title from ITGP, entitled ISO22301 – A Pocket Guide. The book offers a brief compendium of expert advice on how to satisfy the requirements of ISO22301.

Dedicated to helping readers understand business continuity international practice and what they might need to do to develop a fit-for-purpose BCM system, the work provides the essentials of BCM in a nutshell.

Drewitt says: ISO22301 gives the what but not the how of BCM. The Pocket Guide provides a top-level insight into what is required to develop world-class BCM capability and will help readers to decide when to embark on the development of a BCM system.

A Managers Guide to ISO22301 can be ordered online, in multiple formats, at http://www.itgovernance.co.uk/shop/p-331.aspx (UK) and at http://www.itgovernanceusa.com/product/141.aspx (US). ISO22301 – A Pocket Guide can be ordered online at http://www.itgovernance.co.uk/shop/p-392.aspx (UK) and at http://www.itgovernanceusa.com/product/125.aspx (US).


Ends –

NOTES TO EDITORS:

IT Governance Ltd is the single-source provider for books, tools, training and consultancy for governance, risk management and compliance. The company is a leading authority on data security and IT governance for business and the public sector. IT Governance is non-geek, approaching IT issues from a non-technology background and talking to management in its own language. The companys customer base spans Europe, the Americas, the Middle East and Asia. More information is available at: http://www.itgovernance.co.uk.

IT Governance Publishing (ITGP) is the wholly owned IT Governance Ltd publishing imprint. ITGP is the worlds leading IT-GRC publisher, specialising in books, toolkits and training aids. Insightful and authoritative, ITGP has published books that are the fruit of partnerships with industry-insider authors and blue chip companies such as Capgemini, CA Technologies and Deloitte. More information is available at http://www.itgovernancepublishing.co.uk.







Related Chain Of Title Audit Press Releases

Awaiting short sale approval?

Question by Christina C: Awaiting short sale approval?
I live in GA : Currently still have pending approval on short sale and tax relief expires 12/31 … At this point what can I do to avoid having to pay the tax on the property.. Should I continue to wait for the approval or let it go to foreclosure ? please advice

Best answer:

Answer by Melanie
You can possibly avoid the short sale altogether by obtaining a securitization audit and presenting it to your lender. You could then leverage the information in the audit to obtain a loan modification.

Here’s a success story right up your alley:

http://finance.boston.com/boston/news/read/22243546/sonoma_county_resident_obtains_a_loan_modification_from_bank_of_america_by_means_of_a_securitization_audit

The securitization audit, when performed by companies like Paladin Securitization Auditors, will effectively show any Federal Trade Commission violations in a securitized home loan. Also, they will usually show that the servicer does not have the authority to foreclose on a property since 9 out of 10 times they don’t have the actual mortgage note.

Even if you haven’t officially obtained a sale date yet, you can give them a call or email them. They offer a free consultation with no strings attached. Here’s their web page:

www.securitizationauditservices.com

They have a pretty big list of success stories on the site too.

Good luck!

Give your answer to this question below!

Securitization Guru Justin Ford Partners with Discovery Expert Anthony Martinez and Becomes e-Logic Group’s COO for Advanced Securitization Audit Analysis Services


Miami, Florida (PRWEB) August 21, 2012

As companies continue to offer worthless securitization reports to consumers, e-Logic continues to grow as one of the most dominating and leading providers of an advanced securitization style analysis unmatched by any securitization audit provider. To enhance e-Logic’s position in the market, the company has announced its newest addition, Justin Ford, as its Chief Operating Officer. “Justin not only brings advanced research and knowledgebase to the team, he also brings a refreshing level of enthusiasm, focus and resolve to our entire vision,” says Anthony Martinez, e-Logic’s CEO.

“I’m excited at the opportunity to help enhance the service level e-Logic brings to its client base,” says Mr. Ford. e-Logic is one of the only service providers to create the kind of hybrid securitization analysis reports that attorneys can actually use.” As it stands, a number of companies in the market offer training in securitization research using tools like the Bloomberg Terminal. These “allegedly” trained companies in turn provide reports that while maybe informative, can rarely be used in court because neither the report nor the affidavit accompanying it can pass the required expert witness muster.

“The industry is saturated with bad and useless information. What e-Logic brings to the table is something very different. The Securitization, Discovery Strategies & Tactics Analysis Report(SDST Analysis Report) is exactly what it sounds like. It does more than just identify the securitization chain, it takes that information and incorporates it into a litigation analysis for the attorney reading the report and enables the attorney to understand not only the different methods to approach the case but the pitfalls they may run into,” says Mr. Ford.

This effort is lead by one of the leading complex litigation discovery experts in the litigation market today – Anthony Martinez, e-Logic’s Chief Executive Officer who brings over 16 years of real hands on experience. “Time is money. Attorneys don’t have time to waste on useless resources and they’re not happy to bill their clients for things they cannot use. It not only makes them look bad but it discourages someone in need of legal counsel to defend or prosecute a real property matter. Real property litigation is serious. These attorneys are going up against a trillion dollar machine with only a few thousand dollars. Some may call it stupid – we call it guts! You better believe every dollar needs to be well spent so it’s imperative we provide the sharpest sword – a cutting edge product that gets them to the table to play” says Mr. Martinez.

In today’s market people need to understand there’s much more needed to prevail than just Bloomberg certification and a terminal account. You have to have the prerequisites to qualified as an expert in the courtroom with a judge thats already prejudiced against the homeowner and counsel. According to Mr. Martinez, “You have to be fluent and prepared to justify how a $ 250,000 loan was aggregated into 1.2 billion for ABC Trust 2007-AE1, show how the aggregated amount was converted into a security bond/certificate and distributed over 35 classes (fractionalized). Then you better be prepared to show how of the 35 classes, YOUR subject loan was found in 18 of the classes (fractionalized) and of the 35 classes 28 have been paid off in full leaving 7 with an aggregated value of 1.7 million. You then need to explain how of the 18 YOUR loan was found in, 15 of those classes are part of the 28 paid in full and of the 3 classes where YOUR loan is still fractionalized, the aggregated amount is $ 275,000. That’s just a speck of the kind of valuable and useful information attorneys need in their analysis which gives good cause for an accounting, something attorneys have difficulty obtaining through a normal discovery request.”

About e-Logic Group, Inc. – e-Logic is one of the most advanced e-Discovery Providers in the industry today that uses state of the art technology that incorporates intelligent algorithms and analytics to automate information processing. e-Logic is now a provider of high end Advanced Securitization Audit and Forensic Audit Analysis Reports for attorneys engaged in loan level litigation involving fraud.

About Anthony Martinez- Mr. Martinez is a top Discovery Expert, Consultant and Strategist in the industry today with over 16 years of experience in complex litigation discovery and e-discovery matters. A veteran of the gulf war, Mr. Martinez is currently the President and CEO of e-Logic Group, Inc., Executive Director of Anthony Martinez & Associates, a leading LPO Service Provider and is the Author of Discovery Tactics, a leading Weblog that discusses real property litigation matters, case law and other topics.

About Justin Ford – Mr. Ford is a seasoned securitization specialist and former Principal of Automated Expeditors of America in Detroit, MI – a leading provider of advanced securitization research and audit reports. Mr. Ford has an extensive background in client relationship building, marketing and corporate branding.







What ramifications would the US face if Freddie and Fannie were not saved?

Question by ztim21: What ramifications would the US face if Freddie and Fannie were not saved?
How does the facts that these companies buy/sell mortgages through securitization make mortgages more affordable for ordinary people?

The answer is liquidity, but I dont understand how that makes mortgages inexpensive.

Pre-bailout, what is the ownership interested of the US gov’t as Freddie and Fannie are GSEs?

Thanks for all your help in figuring this one out!

Best answer:

Answer by texanskid
I wish they didnt get saved. I have stock in Fannie May and got whiped out today. Granted I didnt put that much in that I couldnt afford to lose which a lot of people didnt do.

Fannie and Freddie own half of the entire country’s loan debt so without these two companies the credit crisis would get even worse and the banks wouldnt get there money either. Without them being saved the economy would have been destroyed and the banks would go out of business as well.

Know better? Leave your own answer in the comments!

This is my 2nd time asking: Is there a simple and inexpensive way to determine WHO owns the note?

Question by jbsikes: This is my 2nd time asking: Is there a simple and inexpensive way to determine WHO owns the note?
Hello.

I asked the question before: “How do I find WHO owns the note” ( so that we can make an offer to buy it ), and was told that a title search would do the trick. I shared that with my friend who’s working on this problem with me and here’s their comments:

“That is concerning every sale of the house. The mortgage changes with every sale of the house. This is a deeper audit of the secondary market. Mortgages are traded like stocks behind the scenes and these trades aren’t recorded at the court house. A title search is performed in the court house by people who physically pull the public records. Securitization audits are performed at a computer looking at the actual trades. Often a Bloomberg Terminal just like stock traders use is utilized to find relevant information. These note trades are not recorded there. A system known as MERS was set up to avoid filing these at the courthouse. Not all loans were securitized. Some loans are kept in small bank portfolios. These of course are much easier to track down. MERS has been attacked by many attorneys who represent foreclosed homeowners. They have shown that MERS does not have the authority to foreclose. Anyway, simple title insurance does not show the loan trades, only the house trades.”

Can anyone answer this question?

Best answer:

Answer by kemperk
county recorder often gets them to record same
or ask escrow………who processed it [?]

Know better? Leave your own answer in the comments!

Q&A: securitization audit?

Question by shann: securitization audit?
I’m looking for a company in Virginia who does securitization audits for foreclosures.
Also can you give me names(company) and numbers that can help

Best answer:

Answer by hyper-capitalist
There is no company that does securitization audits for foreclosures. There are auditors that comfirm compliance with the securitization documents and federal laws.

I am assuming that someone os trying to prove that the trust actually owns the Promissory Note in a foreclosure. Ask for the recorded assignments of loan documents and allonges to promissory note that details ownership of the loan from the originator to the trust. There will be several assignments.

What do you think? Answer below!

Learn more about forensic accounting

Our greatest comfort and protection is our home. There are different stories about different people form. We keep our house of deception or confusion is all-power loan originator or broker financing. Forensic Loan Audit arrives to save us from this unfortunate situation.

First let us know what is really a forensic loan audit. It is open on the loan budding industry and increase movement. It is expertise in situations verification lawful conditions and is dedicated to the recognition of offenses under federal law. It supports the borrower to know if there is still a happening predatory lending. Loan documents submitted to the authorities have been carefully examined and evaluated in a lively manner that integrity is present.

Here are some common problems that might occur to a borrower. The first is inaccurate negligent. This is the case when the mortgage professional makes mistakes, whether intentionally or not, that are below the standard of professionals. One of the nests is a breach of contract. This occurs when the lender breaks the contract that was set by the lender and the borrower. The third is the constructive fraud. This occurs when the lender or one of his assistants or agents do not disclose certain terms of the agreement, such as sanctions, the borrower before he accepts the loan. The latter is fraud and negligent misrepresentation.

public is likely to panic in times of crisis, if their home will have before disappearing. They probably could not afford it turn to forensic loan audit to ensure a reliable service that people will keep their property from foreclosure.

Forensic loan audit provides us with an initiative and brings us back to the history of the loan that we did with the authorized claims and protection of the law. A number of these applications are consistent with the assessment of fraud, breach of the loan contract and loan applications raptors. This can help homeowners gain comfort to fight for their civil liberties if they were raped or retained and to competent home owners.

Given the owner is a rude state in which the lender his house is foreclosed, a loan modification may be able to help by setting up a contract for the owner and broker. On such occasions, most often, the lender must seek to address this appropriately especially if they knew they dishonor certain federal rules. During the court if the dealer has confirmed that some offenses on your loan documents procedure, it is required to repair the revision of your loan and the creation of useful for you or the lender may be charged with penalties .

better to do something at this time because the weather is very important if you think your house is not on the right note. The time it takes to develop, the harder it is to have a resolution or compliance with the owner and broker. We do not need to wait for months to have your home foreclosed.

protect our homes from foreclosure by using auditor judicial loan . Are informed of this trend useful and promising. a forensic audit may be the best answer for those situations that can save one thousand dollars many homeowners without any problems.

What is a securitization audit? Does it help with foreclosure?

Question by Curt Gallows: What is a securitization audit? Does it help with foreclosure?
OK, I received my notice of default and am scared all to heck about foreclosing on my home in Tampa, FL. I just heard about this thing called a securitization audit. Can anyone tell me what they are and if it will help with my foreclosure?

Best answer:

Answer by real estate guy
First, you need a lawyer. You can’t just walk away. YOU NEED A LAWYER.

I googled it. It’s when the bank will review the whole loan to make sure that you didn’t lie about getting the mortgage. For example, you didn’t lie about the income amount or source. You didn’t lie about source of downpayments., they will review tax returns, etc.

Add your own answer in the comments!

Announcing the Upcoming 2013 American Banking Preference Poll Presented by GoBankingRates.com


El Segundo, CA (PRWEB) May 23, 2013

Over 650,000 Americans joined credit unions between September 29, 2011 and the first week of November 2011, after Bank of America announced it would charge customers $ 5 monthly fee to make purchases on their debit cards, according to Huffington Post. Thats more new credit union members than all of 2010. One and a half years later, GoBankingRates.com seeks to find out how the trend has evolved, developing a poll to discover what Americas banking preference is today.

“Now that the hype over Bank Transfer Day has died down, the backlash against big banks may have subdued as well,” states GoBankingRates.com managing editor, Casey Bond. For instance, the American Customer Satisfaction Index shows that in 2011, consumer satisfaction with credit unions was 87%, while satisfaction with banks was only 75%. Last year, customer satisfaction was rated 82% and 77%, for credit unions and banks, respectively.

“There are clear benefits to banking with both national and community institutions, and our American Banking Preference Poll will tell us which option U.S. citizens are presently leaning toward,” Bond adds.

The poll is a simple, one-question survey that asks Americans: Do you prefer banking with a national bank or a local bank?

With one click, individuals can specify their preference for banking with a national bank or local bank or credit union. Participants are encouraged to leave comments explaining their preference as well.

In response as to why GoBankingRates.com is choosing to conduct this poll, Ms. Bond explains, “In the personal finance space, knowing where consumers are choosing to do business is crucial data to have. We not only want to collect this data for 2013, but share it back with GoBankingRates.com readers, as well as the readers of other major news sources in the industry.”

In fact, in an effort to further analyze the attitudes of Americans regarding their banking preference, GoBankingRates.com is encouraging other personal finance sites and online newspapers across the country to participate, adding to the data pool and gaining access to the unique, exclusive information collected.

“Learning what today’s depositors and borrowers value most will allow us to customize the content we provide and offer more valuable information to readers. We expect this poll to open the door to gaining greater insight and starting a new conversation about where the trend is headed in national versus local banking,” Bond concludes.

If you are a member of the media and would like to post the poll on your website, please use the contact information below.

About GoBankingRates.com

http://www.GoBankingRates.com is a national website dedicated to connecting readers with the best interest rates on financial services nationwide, as well as informative personal finance content, news and tools. GoBankingRates.com collects interest rate information from more than 4,000 U.S. banks and credit unions, making it the only online rates aggregator with the ability to provide the comprehensive and authentic local interest rate information.

Additionally, GoBankingRates.com partners with a number of major media outlets such as Business Insider and US News & World Report to provide compelling and edifying personal finance content, and its expert editors have been featured and quoted on several premier finance websites like Yahoo! Finance, Forbes, The Street, Huffington Post and more.

Contact:

Jaime Catmull, Director of Public Relations

GoBankingRates.com

JaimeC(at)GoBankingRates(dot)com

310.297.9233 x261

Sources:

Huffington Post, Bank Transfer Day Pushes 40,000 To Join Credit Unions, Survey Finds, November 9, 2011.

American Customer Satisfaction Index, Benchmarks By Industry.