Q: What percentage in dollar volume of loans can be modified in a way that benefits both borrower and lender/owner? David L. Moskowitz: I don’t have a percentage, but I know a lot of this is driven by employment and life claims. With these denominators, there is a higher percentage of win-win loans, as we […]
Live Blogging at The Foreclosure Crisis Symposium: Challenges and Solutions to the Mortgage Meltdown
James Rhyne, gave very valuable insights on constructing a 21st century information processing system for recording titles. In context of National Registry the most significant issue is transparency. Transparency in the mortgage marketplace is valuable for two reasons: a) valuation of the instrument and b) seizure of the underlying asset can be difficult if the […]
Live Blogging at The Foreclosure Crisis Symposium: Challenges and Solutions to the Mortgage Meltdown
The brief questions and answer session addressed the problems with foreclosure. The panel identified that the main problem was political in nature as borrowers should be kept in their homes for obvious reasons. California has created several barriers for foreclosure. Furthermore, the panel reached a consensus that the one-off documentation problem was not the cause […]
Live Blogging at The Foreclosure Crisis Symposium: Challenges and Solutions to the Mortgage Meltdown
Prof. Nancy Wallace of the Haas School of Business, UC Berkeley gave a presentation titled Beyond the Mortgage Electronic Registration System (MERS). She explained the mortgage-securitization process as well as the mortgage supply chain. She posits that the efficiencies from the bond market working electronically have a conflict with the lien market which works on […]
Live Blogging at The Foreclosure Crisis Symposium: Challenges and Solutions to the Mortgage Meltdown
James Rhyne, Consultant and Partner at Thematix Partners, just discussed the role of information asymmetry throughout the mortgage creation process. There are two asymmetries, said Rhyne. First, homeowners are not s sufficiently informed about their real estate purchase. Investors also did not have proper information to value the later securitized bundle of mortgages. Rhyne said […]
Live Blogging at The Foreclosure Crisis Symposium: Challenges and Solutions to the Mortgage Meltdown
Laurence E. Platt, nation’s leading real estate and consumer finance lawyer, gave a very precise presentation on the issues associated with title recording and transfer in the mortgage market. His address was truly a practitioner’s guide and focused on four points. The starting point was transfer of enforceable interest. Two pieces of legal documents are […]
Live Blogging at The Foreclosure Crisis Symposium: Challenges and Solutions to the Mortgage Meltdown
Mr Benjamin Weber of the Office of the San Francisco Assessor-Recorder (‘SF ASR’) gave a presentation on Reforming Title Recording and Transfer. He explained what land records and recording are and what their existence is intended to do, as well as reviewed the non-judicial process (another route in addition to judicial foreclosures available in California). […]
Live Blogging at The Foreclosure Crisis Symposium: Challenges and Solutions to the Mortgage Meltdown
Paul Leonard, Director of the California Office at the Center for Responsible Lending, just gave his initial remarks on the root causes of the mortgage crisis. According to Leonard, the root cause was not the Community Reinvestment Act or the actions of Fannie Mae and Freddie Mac. Rather, the problem was the evolution of the […]
Live Blogging at The Foreclosure Crisis Symposium: Challenges and Solutions to the Mortgage Meltdown
By Joseph Santiesteban, J.D. Candidate 2014, U.C. Berkeley School of Law David Moskowitz, Deputy General Counsel for Wells Fargo, Inc., just gave a presentation on the chronology of government programs that have been implemented since the beginning of the foreclosure crisis. The first government effort was Troubled Asset Relief Program, which in addition to “bailing […]
Live Blogging at The Foreclosure Crisis Symposium: Challenges and Solutions to the Mortgage Meltdown
By Joseph Santiesteban, J.D. Candidate 2013, U.C. Berkeley School of Law Moderator Bill Falik just delivered his opening remarks, explaining in detail the nature of the mortgage crisis and potential solutions. Out of 50 million mortgages in the United States, 11 million have negative equity. In addition, 10 percent of homes in the U.S. are […]