Given the existence of a large and still for the most part very well remunerated mortgage industrial complex, it is not surprising that a investigation done by a mere county that found errors in virtually all the loans in a small sample of foreclosures created a hue and cry.

While state attorney general Kamala Harris remarked that, “The a

Read more: http://www.homepreservationnetwork.com/201202196641/san-francisco-foreclosure-audit-elicits-predictable-responses-from-securitization-mess-deniers-naked-capitalism

Not surprisingly, there's been some attempts to downplay the significance of the SF City Assessor-Recorder foreclosure audit. The attacks have come in three flavors:  questions about the auditors' own background; questions about the accuracy of the report; and the "who cares, as these are just lousy deadbeats" argument. Even if we acknowledge that

Read more: http://www.homepreservationnetwork.com/201202196642/pushback-on-the-san-francisco-city-assessor-recorder-foreclosure-audit-credit-slips

First, MBIA says it has evidence of "widespread mortgage-origination fraud" at Countrywide:

Feb 16 (Reuters) - MBIA Inc claimed it has new evidence of "widespread mortgage-origination fraud" at Bank of America Corp's Countrywide unit, hoping to bolster its $1.4 billion lawsuit accusing that unit of fraudulently inducing it to insure risky

Read more: http://www.homepreservationnetwork.com/201202196643/nobody-committed-any-crimes-except-fraud-marketticker-forums

In the absence of state and federal research about how the nation's largest mortgage companies are forging mortgage documents and wrongfully foreclosing on borrowers, local officials are stepping up. Earlier this week, San Francisco assessor-recorder Phil Ting released a report concluding that 85 percent of nearly 400 audited foreclosures had

Read more: http://www.homepreservationnetwork.com/201202186645/mortgage-fraud-local-officials-step-up-to-uncover-document-fraud

UPDATE: Reports in the Financial Times and elsewhere say that US taxpayers may be on the hook to bail out big banks -- again.

A report says U.S. taxpayers may end up on the losing side of the multi-billion-dollar housing settlement between banks and states. Former TARP Inspector General Neil Barofsky explains how we may be bailing out big banks

Read more: http://www.homepreservationnetwork.com/201202186646/mortgage-settlement-whitewash-us-taxpayers-will-pay-for-big-bank-settlement-%7C-common-dreams