Mortgage Market A Giant Criminal Enterprise - By Matt Taibbi

Read more at: http://www.huffingtonpost.com/2009/09/22/matt-taibbi-mortgage-mark_n_295136.html

The court ruled that the electronic transfer process used by the private company MERS, a clearing process for mortgages, similar to a depository, that is used for about half the mortgage market is fundamentally unreliable, & any mortgage sold and/or transferred through MERS cannot be foreclosed on, at least not in Kansas.

A landmark ruling in a recent Kansas Supreme Court case may have given millions of distressed homeowners the legal wedge they need to avoid foreclosure. In Landmark National Bank v. Kesler, 2009 Kan. LEXIS 834, the Kansas Supreme Court held that a nominee company called MERS has no right or standing to bring an action for foreclosure. MERS is an acronym for Mortgage Electronic Registration Systems, a private company that registers mortgages electronically & tracks changes in ownership. The significance of the holding is that if MERS has no standing to foreclose, then nobody has standing to foreclose – on 60 million mortgages. That is the number of American mortgages currently reported to be held by MERS. Over half of all new U.S. residential mortgage loans are registered with MERS & recorded in its name. Holdings of the Kansas Supreme Court aren't binding on the rest of the country, but they're dicta of which other courts take note; & the reasoning behind the decision is sound.

This is a potentially gigantic story. It seems that a court has ruled that about half of the mortgage market has been run as a criminal enterprise for years, which would invalidate any potential forelosure proceedings for about, oh, 60 million mortgages. The court ruled that the electronic transfer process used by the private company MERS — a clearing process for mortgages, similar to a depository, that is used for about half the mortgage market — is fundamentally unreliable, & any mortgage sold and/or transferred through MERS can’t be foreclosed on, at least not in Kansas.

Coincidentally I’d been working on something related to this all day yesterday. All over the country, lawyers are contesting foreclosures because of similar chain-of-custody issues. I have some material about this coming out in my next Rolling Stone story, so I can’t get in to this much, but suffice to say the lenders & the banks were sloppy about their paperwork (at best — there is a fraud angle as well) & jammed up the process with missing and/or mismarked mortgage notes. Since a sale isn’t legal unless there’s full transfer of the physical note, a lot of the sales of mortgage-backed securities were not entirely legal, since the actual notes were often not transferred.

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Group Housing Projects, Haryana Group Housing Projects, Group Housing Projects India

Group Housing Projects

The concept of ‘group housing projects’ are for some essential differences from the familiar model of plot housing which one finds generally in New Delhi. For plot housing, infrastructural facilities, such as roads, drainage, electric supply, water supply, etc. are made by the housing Society, and each house owner is free to build his house, on a discrete piece of developed land, to his own taste. In group housing projects, the idea of private ownership of land does not-hold good, and houses as well as infrastructural facilities have to be provided cooperatively. This results in a certain amount of standardization in houses designs and types; by needs, every house owners accurate requirements may not be fully translated into the house provided to him. And, since every house is not surrounded by a privately owned garden, there is a loss of privacy for the individual living in. Community facilities like nursery schools provided, car and scooter parking provisions to be made, and several other such requirements which the design must take into account. The designer’s task is therefore to fashion out of these constraints, and the other normal constraints of climate, constructional technology available and the economic fixes, a culturally and socially viable environment which makes community living a pleasant experience.

Scope for Group Housing projects in Haryana

The site allotted to the Group Housing Projects Society Limited measured 4¼ acres and, they were expected to provide 212 houses on it. It was decided to plan for 4 types of houses:- • Group Housing projects are spread over 900 Sq. ft., accommodating 2 bedroom, 2 bathrooms, a living cum dining room, a kitchen, and terrace. • Group Housing projects are spread over 1300 Sq. ft., accommodating 3 bedrooms, 2 bathrooms, a living cum dining room, a kitchen, and terrace. • Group Housing projects are spread over 1500 Sq. ft., accommodating 3 or 4 bedrooms, 3 bathrooms, a living cum dining room, a kitchen, and terrace. • Group Housing projects are spread over 220 Sq. ft., accommodating one room, one bathroom and a cooking verandah, for the use of service personal.

The houses should be accommodated in not more than ground and three upper floors, so that lifts may not be necessary. The service personnel houses, 30 in number, were to be in one block, and the other houses, 180 in number planned in composite blocks containing all three types in each block. This would ensure a close mix of families of different sizes, ages, and economic status, and thus make for a richer community life.

Alabama Real Estate, Real Estate Alabama

Alabama Real Estate
The state of Alabama is in the southern region of the U.S. It is bordered by Tennessee to the north, Georgia to the east, Florida and the Gulf of Mexico to the south, and Mississippi to the west. Alabama ranks 30th in total land area and ranks second in the size of its inland waterways. Alabama capital is Montgomery. Today Alabama has been developed in different aspects i.e. heavy manufacturing, mineral attraction, education, health care, high technology and various heavy industries. The largest city by population is Birmingham. As housing industry is an ever growing business, the Real Estate has a huge development with people putting their faith on the real estate agents.

As everyone dream for their own home where people can live happily and feel the sense of belonging, keeping pace with the Real Estate Worldwide, the state Alabama seem to have taken a pledge to offer some wonderful places to them. Alabama Real Estate is well equipped with housing facilities for convenience of the people, ranging from rental houses to duplex, simple houses to apartments. Real Estate in Alabama has flourished in recent times depending on the various factors and situation.

Like all other housing projects, where we try to reduce overcrowding and the frequency of crime, Real Estate in Alabama take note of these to implement certain rules before offering any form of houses to the clients. The state has invested huge amount for the growth in Alabama, which provides apartments, town homes, houses etc form an essential part for Alabama Real Estate. As the state has always been a major tourist destination, it has become important to grow more a dwelling place for them. As per the recent survey, the state is blessed with more than 2,070,500 housing units in Alabama, of which 1,950,000 were taken possession of. The demand for Real Estate in Alabama is increasing rapidly as the foreign students, professionals and other migrated people. To keep the people safely housed and offer various housing facilities, Alabama Real Estate has developed a diverse network of builders, investors and lenders that combine together to provide satisfying houses to the people. Alabama Real Estate has to meet various legal formalities assuring swift and unhindered exchange between the parties. Some of the real gift of the Real Estate in Alabama includes the places like, Columbiana, Carnoustie in Birmingham, Grey stone Crest at Hoover, and many more. Presence of various reputed educational institutions and commercial organizations in Alabama, has led to the demand of proper Real Estate in Alabama. Real Estate Facilities in Alabama is worth mentioning with variety of financial institutions ready to lend the contractors without much hindrance. If you are prepared to find the ideal accommodation for you, Alabama can be the right place to choose.

Luxury Apartments Boston, 4 Best Luxury Apartments Boston

Luxury Apartments Boston

Midtown Super Luxury Apartments:

One of the most spectacular all rental luxury apartments Boston have ever seen. Ideally located in Boston's Midtown/Theater Districts this 28 floor tower soars high above the skyline to offer some of the most beautiful views available. Units will feature flexible floor plans, hardwood flooring, contemporary kitchens with granite counter tops, stainless steel appliances, walk-in closets, private balconies and terraces in some units, individual washer and dryer, fireplaces, and are cable ready with high speed internet available.

Luxury apartments Boston community house have some of the best amenities available. Caliber Sports Club, Lap pool, Spa, club suite, click cafe, Gaming room, views of the Boston Harbor and security with underground parking for an extra fee.

Ritz-Carlton Boston:

Located in the heart of downtown Boston, soaring over 35 stories, The Ritz-Carlton Towers overlooks the Park/Back Bay on one side and the harbor on the other. Units feature Brazilian Cherry hardwood flooring, beautiful high end kitchens, parking and floor to ceiling windows with unique views. Take the elevator to the premier gym in the city, L. A. Sports Club, which houses a wonderful cafe and cocktail bar. The Towers are also located just a few blocks from Boston's finest theatre Opera House as well as fine restaurants. The luxury residences share five star services with The Ritz-Carlton Hotel Residents in the building also receive discounted rooms at Ritz-Carlton hotels around the world. Call the concierge from your in unit house phone and they will arrange everything from your travel arrangements to restaurant reservations around the city.

The Clarendon:

The Clarendon is an exciting new development located on the South End border and just two blocks from Boston's famous Newbury Street. There will be 104 state of the art condos with views of everything from the Charles River to The Blue Hills. Every unit will be beautifully appointed with top of the line appliances, granite countertops, and marble bathrooms. The Facade of the building will be brick with walls of glass. The Clarendon is one of only a few buildings in all of Boston that will be registered with the US green Building Council. The property will also house a state of the art, private, residence gym. The five star restaurant and boutique market on the retail level of the property will offer delivery to all the residences above.

180 Beacon Street:

180 Beacon Street is a Manhattan style concierge, luxury high rise located on the corner of Clarendon and Beacon Street on the water side in Boston's Back Bay. This full service building has some of the most desirable views in the entire city.180 Beacon has become one of the most desirable and exclusive addresses in Boston. Patience is a virtue as units rarely become available in this luxury building.

Nevada Real Estate, The Silver State Real Estate Info

Nevada Real Estate Located in the western region of the United States of America, Nevada is a state with Carson City as its capital and Las Vegas as one of the most popular and the largest city. Due to the large number of silver deposits that were discovered and mined in Nevada, the state has been official nicknamed as “The Silver State”. Since the past couple of decades, Real Estate in the US has been prospering at a tremendous rate. It offers a wide range of homes in accordance with climate, geographical location and trends in different cities. The Nevada Real Estate offers duplexes, villas, bungalows, penthouses and apartments, and the Housing in Nevada is at its pick with these real estate agents helping you to buy, sell or rent all types of property of your choice. The easy availability of the Nevada Real Estate is attracting thousands of people everyday, resulting in the growth of property available for sale.

Nevada Real Estate is enlarging due to the existence of Las Vegas and Reno City which attracts thousands of people thus resulting in the growth of property obtainable for sale. The low cost of living in the State along with the accessibility of home for as less as $ 168, 000 and as high as $ 310, 000 has been a key factor in the rising property listings in Nevada. The Nevada real estate agents can be consulted to buy properties of your choice and budget, and their services also come handy for availing home mortgage loans. The Nevada Housing Authority Division of the Nevada Real Estate has made some magnificent developments across the state besides the Homebuilders, who have further improved the real estate market of the state.

The Nevada house agents have supported very strongly in the growth of the Nevada Real Estate division and their services can be taken to know about the best home architects for proper planning of the infrastructure and for beautification of your property the interior designers can be consulted. The Nevada Real Estate Commission which is responsible for providing and renewing license of various property consultants to ensure safe homes. The Nevada Real Estate Worldwide is growing at a fast rate and the Nevada Housing is no exception.

Best International Real Estates - Greystone Manor, Evermay, JC Mesa Ranch

Christie's Great Estates is the best source for international luxury real estate. Whether you want a metropolitan penthouse, a ranch or mountain home, a charming equestrian estate, an island retreat, a private villa, or a historic mansion to call your own, Christie's Great Estates has a distinctive property to suit your dreams.

Greystone Manor and Estate:
This gorgeous 55-acre property in a breathtaking Colorado mountain setting, whose beginnings can be traced to 1914, boasts a past as magnificent as its seven fully furnished structures and has hosted such renowned luminaries as Lady Bird Johnson, Groucho Marx, Frank Sinatra, Liberace, Shimon Peres, and Mae West. Greystone is a wonderful environment for massive parties and momentous celebrations as well as more intimate get-togethers and peaceful leisure time.

Evermay- Washington, District of Columbia:
Prominent landmark with authentic period architecture, beautiful landscaped gardens, and sweeping views of the nation’s capital, Evermay dates back more than two centuries. The historic estate is just a year younger than the capital itself. It is sited on more than 3.5 park-like acres in the heart of Georgetown, with commanding vistas of Rock Creek Park and the Washington Monument. The stunning masterwork has been the setting for many important events and host to American presidents and world-renowned VIPs.

JC Mesa Ranch-Telluride Colorado
JC Mesa Ranch is the finest large ranch within minutes of Colorado’s exclusive Telluride Resort. It encompasses more than 2,370 acres sited on a high, lavish plateau adjacent to federal lands. The property is protected on two sides by dramatic steep cliffs that fall into two river canyons, and it features timbered hillsides, lush aspen groves, beautiful high-mountain meadows, and intimate green valleys. The ranch enjoys excellent water rights that could be utilized to develop fish habitat in lakes and ponds. JC Mesa Ranch is a perfect location for a dream home and a rare opportunity for a conservation buyer to own and protect a one-of-a-kind property.

Tata Housing Projects, Tata Housing Development Company In North Indian realty market

Tata Housing Projects Tata Housing Development Company Ltd., a fully-owned subsidiary of Tata Sons, announced its foray into the North Indian realty market with the launch of a residential property in neighboring Gurgaon. “Raisina Residency will be jointly developed by Tata Housing and Raheja Builders. Aedas, one of the top five architects in the world, has designed this unique project,” Tata Housing Managing Director Brotin Banerjee said.

Addressing a press conference here, Mr. Banerjee said Tata Housing would be developing 200 lakh sq. ft. worth over Rs. 12,000 crore across India in the next four to five years. The projects will be developed by the company on its own as well as in partnership with land-owners and other real estate firms. “The projects are coming up in 8-9 major cities such as Delhi and its neighboring townships, Mumbai, Goa, Hyderabad, Chennai, Bangalore and Kolkata,” he informed.

Talking about the project in Gurgaon, Mr. Banerjee said it would be spread across a sprawling 11.73 acre campus. “Raisina Residency has nine aesthetically designed towers that complement modern lifestyle. It will have two and three bedroom apartments and also duplex and penthouses. The master plan ensures that maximum flats get unhindered views of both the Aravalis and the city landscape,” he added. Raheja Builders Chairman Navin M. Raheja, said: “Raisina Residency will be the new luxury address in the Gurgaon metropolis. Air-conditioned condos, penthouses with island bathtubs and a state-of-the-art clubhouse, fluid landscape are some of the luxuries that are fit for a king which are being offered.”

New Delhi, August 7

Tata Housing Development Company and Raheja Builders on Thursday said they would invest Rs 350 crore in jointly developing a residential project with around 340 luxury apartments at Gurgaon.

NEW DELHI: Tata Housing Development Company, a wholly-owned subsidiary of Tata Sons, has decided to go on overdrive to capture the opportunities in the real estate sector, keeping in mind the present downturn, which has forced a lot of small real estate developers to look for cash rich partner to implement a project. The company is developing a number of projects in cities like Mumbai, Pune, Kolkata, Hyderabad and Banglore, under joint development scheme, under which the local partner brings in land and the Tata housing implements the project on revenue sharing basis. The company is also implementing housing projects on the land of other group companies. Tata Housing has also formed a 50:50 JV with Gurgaon-based developer Raheja group to develop a housing project.

Primary and Secondary Mortgage Markets

The key economic function of a mortgage lender is to provide funds for the purchase or refinancing of residential properties. This function takes place in the primary mortgage market where mortgage lenders originate mortgages by lending funds directly to homeowners. This market contrasts with the secondary mortgage market. In the secondary mortgage market, lenders and investors buy and sell loans that were originated directly by lenders in the primary
mortgage market. Lenders and investors also sell and purchase securities in the secondary market that are collateralized by groups of pooled mortgage loans.

Banks that use the secondary market to sell loans they originate do so to gain flexibility in managing their long-term interest rate exposures. They also use it to increase their liquidity and expand their opportunities to earn fee-generated income.

The secondary mortgage market came about largely because of various public policy measures and programs aimed at promoting more widespread home ownership. Those efforts go as far back as the 1930s. Several government-run and government-sponsored programs have played an important part in fostering home ownership, and are still important in the market today. The Federal Housing Administration (FHA), for example, encourages private mortgage lending by
providing insurance against default. The Federal National Mortgage Association (FNMA or Fannie Mae) supports conventional, FHA and Veteran’s Administration (VA) mortgages by operating programs to purchase loans and turn them into securities to sell to investors.

Most of the loans mortgage banks sell are originated under government-sponsored programs. These loans can be sold directly or converted into securities collateralized by mortgages. Mortgage banks also sell mortgages and mortgage-backed securities to private investors. Mortgage-backed securities, in particular, have attracted more investors into the market by providing a better blend of risk profiles than individual loans.

Background of mortgage banking, the basics of mortgage banking

Depository institutions have traditionally originated residential mortgage loans to hold in their loan portfolios, and mortgage banking is a natural extension of this traditional origination process. Although it can include loan origination, mortgage banking goes beyond this basic activity. A bank that only originates and holds mortgage loans in its loan portfolio has not engaged in mortgage banking as defined here.

Mortgage banking generally involves loan originations , purchases, and sales through the secondary mortgage market. A mortgage bank can retain or sell loans it originates and retain or sell the servicing on those loans. Through mortgage banking, national banks can and do participate in any or a combination of these activities. Banks can also participate in mortgage banking activities by purchasing rather than originating loans.

The mortgage banking industry is highly competitive and involves many firms and intense competition. Firms engaged in mortgage banking vary in size from very small, local firms to exceptionally large, nationwide operations. Commercial banks and their subsidiaries and affiliates make up a large and growing proportion of the mortgage banking industry.

Mortgage banking activities generate fee income and provide cross-selling opportunities that enhance a bank’s retail banking franchise. The general shift from traditional lending to mortgage banking activities has taken place in the context of a more recent general shift by commercial banks from interest income activities to non-interest, fee generating activities.

Obama proposes mortgage-deduction cut in budget 2010

the Obama administration’s new fiscal year 2010 budget proposes to cap the mortgage deductions on “higher income” households — well, if you consider making $208,850 extremely high income.
“The Administration’s Budget includes a proposal to limit the tax rate at which high-income taxpayers can take itemized deductions to 28 percent — and the initial reserve fund would be funded in part through this provision This provision would raise $318 billion over 10 years.”

The Wall Street Journal reports …

Households paying income taxes at the 33% and 35% rates can currently claim deductions at those rates. Under the Obama proposal, they could deduct only 28% of the value of those payments.

The changes would be phased in gradually over the next few years. For the 2009 tax year, the 33% tax bracket starts with couples with taxable earnings of $208,850, when adjusted for personal exemptions and various deductible expenses. A taxpayer in the top bracket paying $1,000 of mortgage interest, for example, would see a tax break worth $350 reduced to $280.

During his presidential campaign, Mr. Obama promised not to raise taxes on families earning under $250,000 a year, and the administration said that this plan would roughly line up with that limit.
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