L’incroyable scandale des hypothèques américaines

Cette histoire prends de la vitesse depuis 1 mois environ. Paul Krugman (prix nobel d’économie 2008) dresse la table assez bien dans ce papier (les commentaires de ce texte sont particulièrement informatifs). En gros les banques étant très pressées de vendre des hypothèques à n’importe qui avant de les organiser en CDO et autres artifices financiers (c’est ce qui a causé le Crash de 2008) ont maintenant de la difficulté à prouver les chaines de propriétés.

La conséquence directe de ceci est que de nombreuses reprises d’hypothèques (et il y en a eu beaucoup!) sont tout simplement illégales. De plus un éventuel acheteur de ces reprises peu maintenant se demander si la maison qu’il rachète de la banque est en règle…

Now an awful truth is becoming apparent: In many cases, the documentation doesn’t exist. In the frenzy of the bubble, much home lending was undertaken by fly-by-night companies trying to generate as much volume as possible. These loans were sold off to mortgage “trusts,” which, in turn, sliced and diced them into mortgage-backed securities. The trusts were legally required to obtain and hold the mortgage notes that specified the borrowers’ obligations. But it’s now apparent that such niceties were frequently neglected. And this means that many of the foreclosures now taking place are, in fact, illegal.

Voici d’autres papiers qui traitent de cette invraisemblable histoire. Désolé encore une fois les médias francophones dorment sur la switch… Seul LeDevoir a un papier la dessus mais il semble limiter le problème aux saisies seulement… On commence à voir le terme MortgageGate circuler…

CNBC Foreclosure Fraud: It’s Worse Than You Think

Washington Blog The tidal wave of evidence showing that the giant banks have engaged in fraudulent foreclosure practices is so large that the attorneys general of up to 40 states are launching investigations.

GE Trend Unclear titles will sideline buyers of foreclosed homes

HuffPost Wells Fargo & Co. does not plan to halt foreclosures despite an employee’s testimony that she signed up to 500 foreclosure documents daily without reading them.

NY Times Mortgage Mess May Cost Big Banks Billions


Mortgagegate Could Crush the U.S. Banking System

ABCNewsThe nation’s foreclosure epidemic gathered steam in September, with banks taking over more than 100,000 properties for the first time. Overall, filings rose 3 percent, according to RealtyTrac, an online service that tracks foreclosure rates.

This news comes the day after attorneys general of all 50 states announced an investigation into whether sloppiness or deceit led to the latest episode of the national foreclosure drama, further threatening the recovery of the U.S. housing market.

In courts throughout the nation, homeowner attorneys have alleged that the big banks and lenders forged signatures and improperly notarized documents in the rush to foreclose on homeowners.

So ABC’s « World News with Diane Sawyer » decided to go straight to the major financial institutions with some questions. How did these improper foreclosures happen? Did they have anyone read the fine print? Was the foreclosure process being farmed out to international offices? And what about inequity? If homeowners have to jump through hoops to buy a house, why don’t the banks have to do the same in order to take a house away?

We e-mailed and phoned the top six banks involved in the mortgage mess, requesting interviews with their CEOs.

18 oct: NYTimes Bank of America announced on Monday that it would resume home foreclosures in nearly two dozen states, despite the running controversy over how banks have handled tens of thousands of cases of homeowners facing eviction.


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