Old republic webinar kevin hardin

2701 E Camelback RdSuite 150Phoenix, AZ 85016602.774.3757www.MortgageMediationGroup.com

MORTGAGE MEDIATION GROUP

2201 E Camelback RdSuite 118B

Phoenix, AZ 85016602.631.3700

www.OldRepublicTitle.com

http://www.mortgagemediationgroup.com/

http://www.oldrepublictitle.com/

Mortgage Secruitization,“Fraud”closure Crisis &

How it Affects our CurrentReal Estate Market


The Mortgage Mediation Group is a practice group of the Law Firm of Thomson Law PLC. We provide Arizona Homeowners with

a unique combination of legal representation and mortgage expertise to protect Client’s legal rights and assets during the

resolution of their distressed Real Estate and/or Mortgage situation.


• Our Team has a combined 100+ years of Mortgage Lending experience specifically in Risk Management, Capital Markets, Compliance, Senior Management, Operations, Underwriting & Funding.• Legal expertise and supervision of the Managing Partner, Neil Thomson who has nearly 25 years of practicing law in AZ – specializing in RE Law, Contract Law, Corporate Law & Securities Law.


About Kevin W. Hardin CMB, CMC, CMPSKevin W. Hardin is a JD Candidate at Concord School of Law and recently passed the California Baby Bar Exam. Mr. Hardin is the subject matter expert and Specialized Paralegal for the practice group. Mr. Hardin Holds the CMB designation from the Mortgage Banker’s Association, a CMC designation from the National Association of Mortgage Brokers and the Certified Mortgage Planning Specialist designation. Mr. Hardin has spent 18 years working in Capital / Secondary Markets focused on regulatory, statutory and compliance issues.



History Lesson Starting with August of 2007 $12 Trillion in outstanding mortgages in the US

$60 Trillion in securities and derivatives sold to the world made up of MBS, CMO, REMIC, CDO, CDO squared etc

Over $40 Trillion of that purchased by China, Asia, Middle East and European capital markets

Investors in these securities begin to see the risk in them and begin to pay less for them and the market collapses


So, what does a government do with the possibility of 700 million pissed off middle class Chinese want their money back?

LOAN MODIFICATION, SHORT SALES AND FORECLOSE AS FAST YOU CAN!


Enter the Blind Octopus from Stage Right

At the start of the mortgage crisis we had hundreds of thousands of trained, experienced loan officers that new how to handle borrower documents . Did we hire them to assist in the modifications? No, we made glorified book keepers at the servicers do this job and put all of the loan officers out of a job.

Nothing like talking to a $15 per hour, rivet faced, tattooed assed kid about modifying, short selling or settle a mortgage deficiency to sell confidence.


We are now pushing through 2008 and foreclosures exceed sales and foreclosure defense attorneys are attempting every strategy they can to stop foreclosure.

Foreclosure attorneys and Trustees under pressure by servicers to move quickly begin to grey out the line between right and wrong.

“Produce the Note” foreclosure defense strategy becomes reality.


Law suits begin to fly

Foreclosures increase dramatically

Robo Signers start receiving new BMW’s

MORTGAGE MEDIATION GROUP GMAC / ALLY Bank halts foreclosures in 23 judicial foreclosure states

Multiple requests by AG’s, agencies, politicians to stop foreclosures proliferate

BofA announces freeze, Chase announces freeze

Connecticut and New York stop all foreclosures

BofA expands freeze to all states

HR 3808 , a bill that would stop the courts from questioning out of state notary signatures and electronic signatures, passes both houses in voice vote . Wouldn’t want anyone to know who actually voted for it. President Pocket Vetoes it.

MORTGAGE MEDIATION GROUP The term Fraudclosure and Foreclosure Gate is now coined to describe this mess

Amherst Securities analyzes that we have over $150 Billion in non performing loans covered by the moratoriums in place and the number is rising.

Public learns that through the use of MERS the Note and the Deed of Trust / Mortgage had been separated at birth and all mortgages under MERS called into question.

Criminal investigations into the Fraudclosure mess is initiated by all 50 Attorneys General Banks announce they are moving ahead with foreclosures anyway

Title companies agree to insure title on foreclosed homes as long as Servicers indemnify them from losses.


So, what does this mean for the market and foreclosures?

Increased Notices of Trustee Sale but fewer actual foreclosures equals an increase of shadow inventory

Today with the slow down in foreclosure sales prices will and moved up on the last 30 days

When the properties being to hit the market, prices will drop

There will be more Title issues with REO’s and greater scrutiny slowing down sales

We still have not solved the problem that got us here………Mortgage Default


Questions?

Mortgage Mediation Group602.774.3757

Visit our blog (Blog.MortgageMediationGroup.com) for more information on other topical subjects.

MORGAGE MEDIATION GROUP


Old republic webinar kevin hardin

Real Estate

Transcript of Old republic webinar kevin hardin