"In response to Mortgage Default Notices Surge 33% Nationwide, 55% in California,
200% by Bank of America; Corresponding Jump in Foreclosures Will Follow
Patrick Pulatie at LFI
Analytics writes ....
Hello Mish,at http://globaleconomicanalysis.blogspot.com/2011/09/more-on-coming-wave-of-foreclosures.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MishsGlobalEconomicTrendAnalysis+%28Mish%27s+Global+Economic+Trend+Analysis%29
This is what was expected, and the timing is just about right.
Apr 13, 2011, the OCC ordered the Consent Decree affecting 16 entities, banks, servicers, & MERS. The lenders were given 60 days to present plans how meet the demands of the Decree, and 60 days to actually implement the plans, which would have been Aug 13.
The Decree covered the foreclosure process, and specifically addressed MERS and Certifying Officers. The Decree detailed what need to be done to ensure that any MERS signing and foreclosure was lawful in the particular state where the property was located.
Combine this with the MERS "order" to foreclose in the lenders name, decisions like Gomes v Countrywide in the CA Appeals Court, and now the 9th Circuit ruling supporting MERS, the lenders can begin to foreclose again with relative ease, as long as they follow the Decree.
Likely, much of the rest of the country will experience similar actions, especially since the lid has been lifted in New Jersey..."
