Customer Reviews

Mortgage Wars: How You Can Fight Fraud and Reverse Foreclosure

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In my opinion this is a book hastily put together with the clear intent on cashing in on a hot topic. This book is written by a therapist specializing in "transformation" who from her bio "is a luxury home investor who became interested in the mortgage meltown when she heard about homeowners in distress." There is almost no author provided content relevant to the title. I counted 90 pages of author content in a 334 page book. Much of that is therapy oriented - don't let it get you down, etc. The bulk of the book is "cases" which are complete reprints of legal filings and/or judicial opinions most with literally zero commentary. As an example, the chapters on RESPA (Real Estate Settlement Procedures Act) and TILA (Truth in Lending Act) - the primary applicable laws - are literally 2 and 3 pages each net of the "cases."

Contains important information that is generally unknown outside of those involved in the loan securitization process in the banking industry. This book is essential reading for anyone who wants a better understanding of the mortgage industry and forces contributing to the financial meltdown in 2008-2009. Covers the extent to which certain mortgage bankers marketed, financially modeled and generated what were known to be problem loans upon origination; what happens to the promissory note after servicing and/or ownership rights are sold; forensic mortgage audits; a sample RESPA qualified written request in substantial detail; contingency agreements with attorneys; and recourse rights available to those desiring to remove liens on their home based on various court cases. Ms. Martin tells the story passionately and concisely. She is one of the few voices crying in the wilderness about how to counter mortgage banking methods of operation. While an advisor and friend to the Clintons, she presents the information in a non-partisan fashion with even-handed criticism of the Fed, the banks, Wall Street, Congress, mortgage brokers, appraisers, rating agencies, and the Bush and Obama administrations. She has done a good job in piecing together information that you will be hard pressed to find elsewhere.

The author's only contribution is the anti-Bush diatribe at the beginning. The Mortgage War parts are cases that can be downloaded from the Web for very little cost. Almost no critique of these cases. Very disappointing although the author's connection with the Bill Clinton administration might have been a warning.

I guess I really didn't know what to expect with this book ... actually, that is a bit of a lie since I had read reviews and over and over people had mentioned the heavy emphasis on "case studies". Instead of a real "how-to" book with advice (Probably NOLO The Foreclosure Survival Guide: Keep Your House or Walk Away With Money in Your Pocket would be a better fit for this).

After a recent "60 Minutes" story on the entire Mortgage crisis and debacle (regarding mortgage pools and securitization) I went on a bit of a bender looking for loopholes and trying to understand and ensure that I have a clear note and title when it comes to selling my house. I am not in mortgage trouble or under water, but I was curious about the robo-signing and predatory lending practices going on in the industry and I decided to get this book.

A few minutes with it and I decided to return it. I saw no value in it for me or my situation. The person who MAY gain value from it is someone trying to save their home and who has proof that their home is in the MERS system, is securitized and perhaps lost in the fray. In other words, their title has clouds on it and will never be a clear one. YIKES. The book gives court cases / case studies in one volume. The first 30+ pages are the author, the rest is all dry legal stuff.

Not particularly true to it's title. However, it does put research in one easy volume if that is what you need for burden of proof. Good luck with this one.