Articles by Paul Jackson

Wells Fargo and VRM win big at 2011 Pinnacle Awards

Wells Fargo/Premiere Asset Services and Vendor Resource Management scooped up multiple awards at HousingWire's annual Pinnacle celebration. Wells Fargo/Premiere won four Pinnacles and VRM won three and one runnerup award. The Pinnacle Awards, now in its second year, recognizes the nation’s top real estate management firms and corporate real estate departments. Winners are chosen via an extensive survey data involving thousands of real estate agents and brokers nationwide.
Read More

Ala. court says alleged problems with securitization aren’t a borrower concern

It might not get the popular press that some more damning foreclosure cases have tended to draw — which ought to be instructive about the bias of much of the media — but a ruling last week out of Alabama might prove to be more instrumental than many of its more-sensationalized brethren. The case, U.S. Bank v. Congress, hails out of the Circuit Court of Jefferson County, Ala. The defendant in this case, Erica Congress, saw her home foreclosed upon in November of 2009 by U.S. Bank [stock USB][/stock].
Read More

Aceves: Far more than meets the eye

As we roll the 2011 calendar over to February — already?— outcomes of hand-to-hand legal combat in courtrooms across the nation over the sprawling foreclosure mess are continuing to unfold. Early this year, a state supreme court case out of Massachusetts called Ibanez managed to forever alter the meaning associated with one of the world’s most famous electric guitar makers.
Read More

New point of foreclosure contention: default notice

Every notice of default has a signature on it. But just like the infamously rubber-stamped affidavits in the robo-signing cases, default notices, in at least some instances, have been signed by employees who did not verify the information in them, court papers show. In several lawsuits filed in nonjudicial states, borrower attorneys are arguing that this is grounds to stop a foreclosure. "Whoever signs the NOD needs to have knowledge that there is in fact a default," said Christopher Peterson, an associate dean and law professor at the University of Utah.
Read More

First, the electronic mortgage superhighway. Then, the pileup.

Sixteen years down the road, the mortgage business is a mess. The electronic clearinghouse has become a reality; Virginia-based Mortgage Electronic Registration Systems, a registry with 67 million mortgages on file, has become part of the industry's standard operating procedure. Critics say promises to increase transparency and iron out wrinkles in recordkeeping haven't panned out. The firm, which tracks more than 60 percent of the country's residential mortgages but whose parent company employs just 45 people in a Reston office building, is now on the firing line.
Read More

Ex-mortgage brokers' trial to begin in deception case

Three former mortgage brokers whose companies generated customer complaints and lawsuits during Colorado's housing boom will go to trial this week on civil claims that they deceived borrowers. The state is seeking at least $4 million in penalties, restitution and disgorgement from Leo Shifrin; his father, Mark Shifrin; and former partner Jerry Johnson. The men operated companies in the Denver area under various names, including Mortgage Planning and Lending Specialists and Wholesale Mortgage Lending.
Read More

Mortgage lenders now advertising as crisis solvers

The journey from subprime-era lender into purported troubled homeowners' helper has been a common post-meltdown path in the mortgage industry hotbed of Southern California. Loan brokers put out of work by the housing market collapse went looking for the next big thing — and found it in the mortgage modification business, which provided a way of cashing in on the problems they helped create.
Read More

Unraveling the mortgage mess

As the latest attempt to explain the subprime crisis, this bestseller is useful as a factual compendium, but little more. It illustrates a common pitfall in many journalists' accounts of financial crises. Anecdotes about important players belong in crisis history. But readers seeking to understand such crises want to know why events happened together, in a particular sequence and with particular consequences.
Read More

A simple approach to preventing the next housing crisis

...Dodd-Frank, even if it is implemented in the far-reaching way that some hope and think it can be, will not address a problem at the heart of the housing and MBS crisis: excessive complexity. The years running up to the implosion of the housing and MBS markets were marked by ever-increasing complexity. This complexity caused confusion and poor judgment on the part of unsophisticated home buyers and owners and supposedly sophisticated securities investors.
Read More