The Current Financial Crisis

TASA ID: 1258

The United States has been in the midst of a financial crisis since mid-2006 that resulted from residential real estate foreclosures.  The foreclosures caused severe pressures in subprime mortgage markets and ultimately in global money markets.  As a result of stricter accounting standards and downgrades by credit rating agencies, various complex mortgage backed financial instruments had to written down on financial institution balance sheets.  As housing prices declined, financial institutions worldwide faced severe losses that threatened their survival.  By September 2008, severe credit tightening was becoming evident.  In response to these events, Congress passed legislation authorizing the Secretary of the Treasury to spend up to $700 billion to purchase troubled financial assets. 

A Primer on Subprime Mortgage Loans

TASA ID: 322

There are other factors that may cause a borrower to fall into the subprime category. For example, some borrowers might be classified as subprime despite having an excellent credit history because they choose not to provide the lender with the opportunity to verify their income or assets stated in the loan application process. Loans of this type are called "stated income" loans or "stated asset" (SISA) loans or "no income-no asset" (NINA) loans.  Due to a subprime lender's perceived higher risk in making these types of loans, the borrower is considered a subprime credit.

Foreclosure Litigation, Missing & Misplaced Mortgage File Documents, & "Robo-Signers"

TASA ID: 322

In order to set up any mortgage loan file, a number of tasks must be completed, and a lengthy checklist of items and documents has to be produced, executed by the borrower or someone else, many of them sent out to the courthouse for recordation, some of them sent to the borrower, some sent to other places such as a property insurance or title insurance company, and most of them maintained in the mortgage loan file for the life of the loan.  This creates plenty of opportunities for errors.

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