Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

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12/04/17

Ocwen settlement-palooza sees $36 million going out, $30 million coming back in

Housing Wire

Ocwen settlement-palooza sees $36 million going out, $30 million coming back in
Reaches settlement with CIT Bank, additional settlement on restated financials

12/04/17

Smoke and Mirrors: Illinois Case

Living Lies

Smoke and Mirrors: Illinois Case
This 2016 Illinois case corroborates exactly what I have been saying for 11 years. Sleight of hand accounted for the

12/02/17

City not liable for processing fake deed that allowed man to steal woman’s Queens home: appeals court

NY Daily News

City not liable for processing fake deed that allowed man to steal woman’s Queens home: appeals court
A man who swiped an elderly woman’s house with phony documents did time for the crime — but an appellate court is letting the city off the hook for processing the paperwork that let the ex-con make himself at home

12/01/17

Game-Changing New Bankruptcy Rules Effective December 1

NCLC

Game-Changing New Bankruptcy Rules Effective December 1
Important bankruptcy rules governing chapter 13 practice are in effect as of December 1, 2017.

12/01/17

The Never-Ending Foreclosure

The Atlantic

The Never-Ending Foreclosure
How can the country survive the next economic crash if millions of families still haven't recovered from the last one?

11/29/17

Trump's Consumer Victory Officially Makes a Joke of Financial Reform

Rolling Stone

Trump's Consumer Victory Officially Makes a Joke of Financial Reform
Nearly a decade after the crash, Trump makes a mockery of one of the few meaningful checks on the financial services industry

11/29/17

A consumer protection agency, or a ‘rogue’ one?

CSmonitor.com

A consumer protection agency, or a ‘rogue’ one?
A judge has OK'd President Trump's appointment at the Consumer Financial Protection Bureau. The larger debate: Where Democrats sought to create an agency free from political interference, Republicans say it lacks political accountability.

11/28/17

Counsel’s Corner: Brigham Lundberg talks Foreclosure Environment

DS News

Counsel’s Corner: Brigham Lundberg talks Foreclosure Environment
There are a number of decisions regarding the Fair Debt Collections Practice Act (FDCPA) being issued this year. What can law firms expect to learn from the decisions in these cases?

11/27/17

Casting Wall Street as Victim, Trump Leads Deregulatory Charge

NY Times

Casting Wall Street as Victim, Trump Leads Deregulatory Charge
A decade after the financial crisis, the federal government is easing up its policing of Wall Street and the banking industry, even without actually repealing broad swaths of regulation.

11/27/17

How The Dodd-Frank Act Plays Into The CFPB Succession Debate

NPR

How The Dodd-Frank Act Plays Into The CFPB Succession Debate
As the showdown over the leadership of the Consumer Financial Protection Bureau continues, NPR's Robert Siegel talks with Georgetown University law professor Adam Levitin about what the law says about the succession of bureau directors.

11/27/17

Goodwin Procter Grabs Anthony Alexis, Formerly CFPB's Enforcement Chief

The National Law Journal

Goodwin Procter Grabs Anthony Alexis, Formerly CFPB's Enforcement Chief
Anthony Alexis, the former enforcement director of the Consumer Financial Protection Bureau, is joining Goodwin Procter, where he will lead the firm’s consumer financial services enforcement

11/27/17

Mulvaney Shows Up For Work At Consumer Watchdog Group, As Leadership Feud Deepens

WBUR

Mulvaney Shows Up For Work At Consumer Watchdog Group, As Leadership Feud Deepens
The new head of the Consumer Financial Protection Bureau started work Monday — whoever that is.

11/27/17

WHITE HOUSE MEMO JUSTIFYING CFPB TAKEOVER WAS WRITTEN BY PAYDAY LENDER ATTORNEY

The Intercept

WHITE HOUSE MEMO JUSTIFYING CFPB TAKEOVER WAS WRITTEN BY PAYDAY LENDER ATTORNEY
The lawyer who wrote the Office of Legal Counsel memo supporting the Trump administration’s viewpoint that the president can appoint Mick Mulvaney as acting director

11/25/17

Why Wall Street and Republicans hate the CFPB

CNN

Why Wall Street and Republicans hate the CFPB
Many people on Wall Street and Republicans on Capitol Hill don't like the Consumer Financial Protection Bureau, and they don't like Elizabeth Warren.

11/22/17

Wells Fargo Admits To Executing WaMu Note Endorsement in 2013, And Gets Away With It!

BPinvestigativeagency.com

Wells Fargo Admits To Executing WaMu Note Endorsement in 2013, And Gets Away With It!
This decision out of an Arkansas Bankruptcy Court has to be one of the most bizarre rulings I have ever read to-date. (See: Schiefer v Wells Fargo – Arkansas).

11/22/17

Fannie Mae sells $124 million in non-performing loans to nonprofits

Housing Wire

Fannie Mae sells $124 million in non-performing loans to nonprofits
Fannie Mae announced Wednesday that it selected the winning bidders in its latest Community Impact non-performing loan sale,

11/22/17

Foreclosure: Debtor Who Fails to Pay Has an Uphill Battle Finding a Remedy Based on Procedural Defects

Deadly Clear

Foreclosure: Debtor Who Fails to Pay Has an Uphill Battle Finding a Remedy Based on Procedural Defects
It appears the homeowners were victims of a nationwide predatory mortgage lending scheme, a complex confidence game – as most homeowners were,

11/22/17

Judge rips Colorado AG’s case against foreclosure giant as “groundless and frivolous,” orders state to pay attorneys’ fees

Denverpost.com

Judge rips Colorado AG’s case against foreclosure giant as “groundless and frivolous,” orders state to pay attorneys’ fees
The Colorado attorney general’s office was so haphazard and reckless in its failed pursuit to prove former foreclosure king Larry Castle and his law firm had defrauded thousands of consumers that a judge

11/21/17

US BANK TRUST NATIONAL ASSOCIATION v. Lopez, 2017 IL App (2d)

Stopforeclosurefraud.com

US BANK TRUST NATIONAL ASSOCIATION v. Lopez, 2017 IL App (2d)
As assignment of debt to Plaintiff must have occurred after foreclosure complaint was filed, assignment of mortgage did not give Plaintiff the rights of a holder, and Plaintiff lacked standing at the time complaint was filed.

11/21/17

Here are the changes to California's Homeowner Bill of Rights you need to know

Housing Wire

Here are the changes to California's Homeowner Bill of Rights you need to know
Riddled throughout California’s Homeowner Bill of Rights are the words “repealed” effective “Jan. 1, 2018.” Unfortunately,

11/21/17

CA Judge: HELOC Notes Are Not Negotiable Instruments — Possession Is Not Enough — Pretender Lenders Must Prove the Debt and Ownership

Living Lies

CA Judge: HELOC Notes Are Not Negotiable Instruments — Possession Is Not Enough — Pretender Lenders Must Prove the Debt and Ownership
Here we have a ruling that firmly states the obvious, with widespread ramifications. HELOC (Home Equity Line of Credit) promissory notes

11/20/17

Banks Continue to Manipulate Foreclosure Filings to Create Illusion that Crisis is Over

Living Lies

Banks Continue to Manipulate Foreclosure Filings to Create Illusion that Crisis is Over
One thing is very clear: the mega banks — who control nearly all foreclosures — are using algorithms to start and stop foreclosures so as to create the impression that foreclosures are not a big problem.

11/17/17

Giant Middle Finger to Consumers' as Trump Looks at Mulvaney to Head CFPB

Common Dreams

Giant Middle Finger to Consumers' as Trump Looks at Mulvaney to Head CFPB
"This is no place for another Trump-appointed industry hack."

11/17/17

California Attorney Patricia Rodriguez: Litigation of Possession of Real Property & Unlawful Detainer In California

Living Lies

California Attorney Patricia Rodriguez: Litigation of Possession of Real Property & Unlawful Detainer In California
By Patricia Rodriguez, California Attorney at Law
The Plaintiff (the bank in an unlawful detainer) must prove three issues:

11/16/17

IN 2015, SIX OF THE SEVEN LARGEST HAMP SERVICERS WRONGFULLY TERMINATED HOMEOWNERS OUT OF HAMP

Deadly Clear

IN 2015, SIX OF THE SEVEN LARGEST HAMP SERVICERS WRONGFULLY TERMINATED HOMEOWNERS OUT OF HAMP
SIGTARP’s concerns over servicer misconduct contributing to homeowner redefaults in HAMP have been borne out. Treasury’s findings

11/16/17

Ocwen is NOT Entitled to Invoke the Benefits of a Legal Presumption

Living Lies

Ocwen is NOT Entitled to Invoke the Benefits of a Legal Presumption
The banks are winning most cases because homeowners choose not to defend. The second most reason for this fraudulent winning streak is

11/15/17

Richard Cordray Stepping Down As Head Of U.S. Consumer Protection Agency

NPR

Richard Cordray Stepping Down As Head Of U.S. Consumer Protection Agency
Richard Cordray, the embattled director of Consumer Financial Protection Bureau, announced Wednesday

11/15/17

Discovery Where Freddie or Fannie Is Alleged to be Owner of Loan

Living Lies

Discovery Where Freddie or Fannie Is Alleged to be Owner of Loan
Fannie and Freddie are the equivalent of black holes in physics. Representations abound that they own a loan, or note, or mortgage or debt. What this testimony shows is that

11/14/17

HALLOWEEN OVER, BUT CONGRESS MIXING UP WITCHES' BREW OF BANK ROLLBACKS ANYWAY

US PIRG

HALLOWEEN OVER, BUT CONGRESS MIXING UP WITCHES' BREW OF BANK ROLLBACKS ANYWAY
It's Halloween again in the banking committees on Capitol Hill, with tricks for consumers and taxpayers, and treats for banks and payday lenders.

11/13/17

Behind the Lucrative Assembly Line of Student Debt Lawsuits

NY Times

Behind the Lucrative Assembly Line of Student Debt Lawsuits
“This is robosigning all over again,” said Robyn Smith, a lawyer with the National Consumer Law Center, a nonprofit advocacy group, referring to the way that banks, at the height of the mortgage crisis, brought thousands of foreclosure lawsuits without reviewing the underlying paperwork.

11/13/17

3rd DCA Florida Reverses Judgment for Homeowner

Living Lies

3rd DCA Florida Reverses Judgment for Homeowner
“This is an example of self-validating bias. While the court’s reasoning was correct, the application of that reasoning to the facts was incorrect. The Judgment should have been affirmed.”

11/11/17

Judge: ‘I’ve never seen such horrible treatment’ of a homeowner

Tampa Bay Times

Judge: ‘I’ve never seen such horrible treatment’ of a homeowner
As head of civil processing for the Pinellas County Sheriff’s Office, Sgt. Tim Grundmann supervised employees who serve subpoenas, eviction notices and notices of foreclosure.

11/10/17

As lenders targeted veterans with risky mortgages, VA failed to act

Politico

As lenders targeted veterans with risky mortgages, VA failed to act
The Department of Veterans Affairs has known for more than a year that military service members were being sold a flood of costly and risky mortgages and done little to stop it.

11/09/17

Fannie Mae selling $1.23bn in NPLs to Goldman Sachs subsidiary

Housing Wire

Fannie Mae selling $1.23bn in NPLs to Goldman Sachs subsidiary
Fannie Mae just announced the results of its latest sale of non-performing loans and the winning bidder is a familiar name - MTGLQ Investors.

11/09/17

Mi’kmaq First Nation files land claim for vast portion of New Brunswick

Global News

Mi’kmaq First Nation files land claim for vast portion of New Brunswick
The Elsipogtog Mi’kmaq First Nation is laying claim to a large parcel of land in southeastern New Brunswick.

11/08/17

Clerks Audit Foreclosure Auction Systems After Bid-Rigging Indictment

Daily Business Review of Law.com

Clerks Audit Foreclosure Auction Systems After Bid-Rigging Indictment
Palm Beach Clerk & Comptroller Sharon Bock is taking no chances.

11/08/17

The Tricky World of Unlawful Detainer and Eviction

Living Lies

The Tricky World of Unlawful Detainer and Eviction
It may be fairly said that in nonjudicial states, the banks take the greatest risk when they file, as Plaintiff, in an unlawful detainer action. It is the first time

11/07/17

Ocwen Financial: A Servicing Odyssey

HuffPost

Ocwen Financial: A Servicing Odyssey
Remember that obstinate computer from Stanley Kubrick’s 2001: A Space Odyssey — HAL 9000 — a machine with a will of its own?

11/07/17

Steven Mnuchin, Foreclosure King Of America

HuffPost

Steven Mnuchin, Foreclosure King Of America
Secretary of the Treasury for the .01 percent.
Cross-posted from TomDispatch.com Treasury Secretary Steven Mnuchin doesn’t exactly come across as the guy you’d want in your corner in a playground tussle.

11/07/17

RESCISSION IS A FACT — NOT A THEORY OR CLAIM

Living Lies

RESCISSION IS A FACT — NOT A THEORY OR CLAIM
The above quote was penned by Justice Scalia writing for a unanimous Supreme Court of the Untied States, the highest court in the land.

11/06/17

UK ex-PM Says Bankers Should be Jailed Or We Will Continue to See Large Scale Bank Fraud

Living Lies

UK ex-PM Says Bankers Should be Jailed Or We Will Continue to See Large Scale Bank Fraud
The interesting takeaway from Prime Minister Gordon Brown’s comments is his use of the word “fraud.” And the use of that word is widely accepted by most people around the world who were affected by the financial “Crisis” ( would liken it more to an attack).

11/04/17

CFPB Issues Interim Final Rule To Help Mortgage Servicers Communicate With Certain Borrowers At Risk Of Foreclosure

CFPB

CFPB Issues Interim Final Rule To Help Mortgage Servicers Communicate With Certain Borrowers At Risk Of Foreclosure
Bureau Also Seeks Comment on Separate Proposed Rule Modifying Timing Requirements for Bankruptcy Periodic Statements

11/04/17

Detroit: From Motor City to Housing Incubator

NY Times

Detroit: From Motor City to Housing Incubator
The 2008 financial crisis and 2013 city bankruptcy gutted Detroit’s housing market. Now, Detroit is experimenting with unorthodox ways to get people to buy homes and renovate houses that would be vacant otherwise.

11/03/17

Homeowner to homeless: The brutal reality of the Detroit foreclosure auction

Detroit Free Press

Homeowner to homeless: The brutal reality of the Detroit foreclosure auction
Steve Colvin sank into his graying couch and let out a deep, guttural sigh.

11/03/17

New York sees big increase in first-time foreclosures

REW

New York sees big increase in first-time foreclosures
The number of first-time foreclosures in New York City surged 79 percent year-over-year in Q3 2017, with 859 homes scheduled, compared to 481 in Q3 2016, according to a report from PropertyShark.

11/02/17

Mortgage industry stands behind Trump’s Fed chair pick

Housing Wire

Mortgage industry stands behind Trump’s Fed chair pick
As predicted, President Donald Trump nominated current Maryland Federal Reserve Governor

11/02/17

Bad for consumers: Congress hands a gift to the financial industry

Pittsburgh Post Gazette

Bad for consumers: Congress hands a gift to the financial industry
Banks and credit card companies were once able to prohibit their customers from banding together to file class-action lawsuits. Buried in the fine print of customer agreements,

11/02/17

TILA Rescission: My Current Analysis

Living Lies

TILA Rescission: My Current Analysis
The strong antipathy that judges have for TILA Rescission has caused them to directly flout the provisions of a Federal statute and the the direct instruction from their boss — the Supreme Court of the Untied States (SCOTUS).

11/01/17

Keane v. HSBC Bank USA, N.A., MERS

Stopforeclosurefraud.com

Keane v. HSBC Bank USA, N.A., MERS
1st Cir- motion to vacate the prior order dismissing his case is reversed, the order dismissing the case is vacated

11/01/17

Investigator Bill Paatalo: Nationstar Conducts “Bulk Note Sales” Without The “Notes?”

Living Lies

Investigator Bill Paatalo: Nationstar Conducts “Bulk Note Sales” Without The “Notes?”
In 2013, investors in six “RALI Series” Trusts filed a complaint in New York against their Master Servicer (Nationstar Mortgage, LLC) for conducting “Bulk Note Sales” of

11/01/17

Ocwen picks Black Knight to take over mortgage servicing operations

Housing Wire

Ocwen picks Black Knight to take over mortgage servicing operations
Ocwen Financial is officially moving its mortgage servicing operations away from its proprietary REALServicing platform

11/01/17

Mark Calabria: Trump administration "committed" to ending conservatorship

Housing Wire

Mark Calabria: Trump administration "committed" to ending conservatorship
During a wide-ranging discussion about the government’s role in housing, Vice President Mike Pence’s chief economist Mark Calabria revealed Wednesday that the Trump administration is "committed" to ending the conservatorship of Fannie Mae and Freddie Mac.

10/31/17

To Solve the Next Foreclosure Crisis, Look to Sacramento

The Regulatory Review

To Solve the Next Foreclosure Crisis, Look to Sacramento
Over 75 percent of all U.S. homebuyers use a mortgage. But during the Great Recession, nearly 4 million homeowners every year failed to make their monthly mortgage payments on time. If a borrower misses a series of mortgage payments, the lender has the right to initiate foreclosure by repossessing the home and evicting the homeowner.

10/31/17

STANDING: Fla. 4th DCA Rules PSA Hearsay and Therefore Not Admissible — Case Dismissed

Living Lies

STANDING: Fla. 4th DCA Rules PSA Hearsay and Therefore Not Admissible — Case Dismissed
The Pooling and Servicing Agreement MIGHT be self-authenticating under F.S. 90.902 but still inadmissible as hearsay. Thus the PSA is NOT a substitute for evidence of an actual transfer of the loan to a purported REMIC trust.

10/30/17

Cordray pleads directly with Trump to save CFPB’s arbitration rule

Housing Wire

Cordray pleads directly with Trump to save CFPB’s arbitration rule
Consumer Financial Protection Bureau Director Richard Cordray took an extraordinary step on Monday, pleading directly with President Donald Trump in a last-ditch effort to save the CFPB’s controversial arbitration rule.

10/30/17

Now entering phase 2: The updated digital mortgage

Housing Wire

Now entering phase 2: The updated digital mortgage
Coverage on digital mortgages moved from transforming the front end of the process to transforming the back end: Phase two.

10/30/17

Compliance: A look at RESPA’s 120-day foreclosure restriction

CUNA

Compliance: A look at RESPA’s 120-day foreclosure restriction
During CUNA’s Attorney’s Conference last week, a presentation on recent changes to the mortgage servicing rules under Regulations Z and X prompted a question related to the Real Estate Settlement Procedures Act (RESPA) 120-day foreclosure restriction:

10/30/17

Mortgage brokers BRAWL with untrustworthy wholesale lenders

Housing Wire

Mortgage brokers BRAWL with untrustworthy wholesale lenders
Mortgage companies posing as broker-friendly wholesale lenders but functioning as retail lenders are now, after years of anonymity, the talk of the industry.

10/30/17

NJ Appellate Court Decision Goes to Achilles Heel of “Securitizers”

Living Lies

NJ Appellate Court Decision Goes to Achilles Heel of “Securitizers”
“In order to have standing to foreclose a mortgage, a party ‘must own or control the underlying debt.'”

10/30/17

Banks Make Money on Settlements Too

Living Lies

Banks Make Money on Settlements Too
If you are waiting for one of those “settlements” to mean something before your home goes up for auction, don’t hold your breath. Relief is not coming.

10/29/17

TFH 10/18 | Disorganized Crime: Revealing How Government Insiders Have Secretly Used Fannie Mae, Freddie Mac, MERS, the FDIC, and the Justice Department To Steal Trillions of Dollars from Homeowners and GSE Investors by Defrauding Our Courts

Stopforeclosurefraud.com

TFH 10/18 | Disorganized Crime: Revealing How Government Insiders Have Secretly Used Fannie Mae, Freddie Mac, MERS, the FDIC, and the Justice Department To Steal Trillions of Dollars from Homeowners and GSE Investors by Defrauding Our Courts
It has often been said that the best way to rob a bank is to own one. There have been bank robberies throughout

10/27/17

Down payment insurer ValueInsured now offering refi protection

Housing Wire

Down payment insurer ValueInsured now offering refi protection
Protects equity if borrower needs to sell at a loss in the future

10/27/17

Mortgage lenders: Here's your blockchain primer

Housing Wire

Mortgage lenders: Here's your blockchain primer
Technologies like blockchain have the potential to change the game in the financial services industry by not only speeding up and providing complete visibility

10/27/17

What Accountants Say About the REMIC Trusts

Living Lies

What Accountants Say About the REMIC Trusts
“Because securitization entities are typically insufficiently capitalized, with little or no true “equity” for accounting purposes, and are rarely designed to have a voting equity class possessing the power to direct the activities of the entity, they are generally VIEs.

10/27/17

Fake Powers of Attorney — DiTech and MERS

Living Lies

Fake Powers of Attorney — DiTech and MERS
The banks, who actually control this mess, have resorted to using fabricated documents entitled “Powers of Attorney” or worse, simply claiming that a party is the “attorney in fact.” The courts are starting to wake up.

10/26/17

Bill introduced to eliminate FHA life of loan insurance premium

Housing Wire

Bill introduced to eliminate FHA life of loan insurance premium
Could the Federal Housing Administration’s life of loan insurance requirement soon be a thing of the past?

10/25/17

Senate GOP kills Cordray’s rule allowing class-action suits against banks

Columbus Dispatch

Senate GOP kills Cordray’s rule allowing class-action suits against banks
WASHINGTON — The Senate voted Tuesday to scrap a rule adopted by a federal consumer agency headed by former Ohio Attorney General Richard Cordray which allowed Americans to join class-action lawsuits against their financial institutions.

10/25/17

WISMAN v. NATIONSTAR MORTGAGE, LLC | FL 5DCA

Stopforeclosurefraud.com

WISMAN v. NATIONSTAR MORTGAGE, LLC | FL 5DCA
Because Nationstar failed to present competent, substantial evidence that it had standing to foreclose at the inception of the case, we reverse.

10/24/17

TREASURY DEPARTMENT LAUNCHES ATTACK ON THE CONSUMER FINANCIAL PROTECTION BUREAU AHEAD OF VOTE

The Intercept

TREASURY DEPARTMENT LAUNCHES ATTACK ON THE CONSUMER FINANCIAL PROTECTION BUREAU AHEAD OF VOTE
With the window to gut a critical consumer protection regulation rapidly closing, the Treasury Department on Monday launched an unusual attack on the Consumer Financial Protection Bureau’s arbitration rule,

10/24/17

Why You Don’t Know that Thousands of Homeowners Are Winning Foreclosure Cases

Living Lies

Why You Don’t Know that Thousands of Homeowners Are Winning Foreclosure Cases
Bottom Line: As soon as there is a “negative outcome” for the Banks it goes into their trash compactor and disappears. The main tool is the use of a confidentiality agreement in which the homeowner practically gives up his/her life if they discuss the case at all.

10/24/17

WELLS FARGO'S PLAYBOOK: HOW TO ROB THE AVERAGE JOE AND STILL RETAIN YOUR STOCK OPTIONS

Occupy.com

WELLS FARGO'S PLAYBOOK: HOW TO ROB THE AVERAGE JOE AND STILL RETAIN YOUR STOCK OPTIONS
Did you hear the one about the bank that has a system in place for nearly a decade to rob you blind? Maybe you were looking the other way and working a few jobs to pay the rent, the kid’s braces or car payments.

10/24/17

Posner says he is organizing a national pro-bono group that includes ex-prisoner

ABAJournal.com

Posner says he is organizing a national pro-bono group that includes ex-prisoner
Updated: Former Judge Richard Posner is continuing his quest to help pro se litigants by forming a nationwide pro bono law group made up of lawyers and consultants.

10/23/17

Treasury Dept. Says You Shouldn’t Have The Right To Sue Your Bank Or Credit Card Company

Consumerist

Treasury Dept. Says You Shouldn’t Have The Right To Sue Your Bank Or Credit Card Company
Forget the Sixth Amendment, which guarantees the “right to a speedy and public trial” in criminal matters. And who needs that ancient Seventh Amendment and its fancy “right of trial by jury.”

10/21/17

Wells Fargo Scandals Expand With Firing of Foreign Exchange Bankers

Fortune.com

Wells Fargo Scandals Expand With Firing of Foreign Exchange Bankers
Wells Fargo’s troubles continue to worsen, with the Wall Street Journal reporting that the bank has fired four foreign-exchange bankers, most of them high-ranking, in connection with a client transaction.

10/20/17

In Halifax, Mobile Home Residents Set Record By Buying The Land Beneath Their Homes

WGBH

In Halifax, Mobile Home Residents Set Record By Buying The Land Beneath Their Homes
Four hundred and thirty mobile home owners in Halifax, Massachusetts, have made history. For $27 million, these residents bought the land beneath their homes. It is the largest purchase of its kind ever in the country.

10/20/17

Is the Fed Getting Cold Feet about the QE Unwind?

Wolfstreet.com

Is the Fed Getting Cold Feet about the QE Unwind?
Curious things are happening on its balance sheet. The last Fed meeting ended on September 20 with a momentous announcement, confirming what had been telegraphed for months: the QE unwind would begin October 1.

10/20/17

Where’s the Beef? Hell if the Banks know.

Living Lies

Where’s the Beef? Hell if the Banks know.
Investigator Bill Paatalo joined attorney Charles Marshall on the West Coast Foreclosure show to discuss why the major banks are unable to provide a bank witness in litigation who has knowledge of the loan.

10/18/17

NJ APPELLATE COURT GETS TO THE ROOT OF MERS AS “NOMINEE”

Living Lies

NJ APPELLATE COURT GETS TO THE ROOT OF MERS AS “NOMINEE”
Bank of N.Y. Mellon v. Davis_ 2017 N.J. Superior Court
Key elements in this decision are:

10/17/17

MERS Unraveling

Living Lies

MERS Unraveling
“Aside from the inappropriate reliance upon the statutory definition of “mortgagee,” MERS’s position that it can be both the mortgagee and an agent of the mortgagee is absurd, at best. — Judge Grossman, Federal Bankruptpcy Court

10/17/17

MERS Unraveling

Living Lies

MERS Unraveling
“Aside from the inappropriate reliance upon the statutory definition of “mortgagee,” MERS’s position that it can be both the mortgagee and an agent of the mortgagee is absurd, at best. — Judge Grossman, Federal Bankruptpcy Court

10/17/17

California Foreclosure Process Overview

Living Lies

California Foreclosure Process Overview
Patricia Rodriguez, Attorney
The process of foreclosure defense begins with pre-litigation (gathering all of the necessary information); once that is accomplished then Litigation of Real Property Ownership/Title in California can occur.

10/12/17

Maine Supreme Court Ruling Could Provide Relief for Victims of Foreclosure Abuse

Stopforeclosurefraud.com

Maine Supreme Court Ruling Could Provide Relief for Victims of Foreclosure Abuse
Last month, the Maine Supreme Court issued a stunning rebuke to national mortgage companies that have flagrantly committed fraud and abuse against homeowners across the state. In its groundbreaking decision,

10/12/17

Carson: Government considering ending use of False Claims Act against FHA lenders

Housing Wire

Carson: Government considering ending use of False Claims Act against FHA lenders
The government’s proclivity to use the False Claims Act as a weapon against mortgage lenders could soon be coming to an end, Department of Housing and Urban Development Secretary Ben Carson told members of Congress on Thursday.

10/11/17

Carbone v. CALIBER HOME LOANS, INC., | Dist. Court, ED New York – Federal Court Holds Pre-Foreclosure Notice Is Not Subject to FDCPA

StopForeclosureFraud.com

Carbone v. CALIBER HOME LOANS, INC., | Dist. Court, ED New York – Federal Court Holds Pre-Foreclosure Notice Is Not Subject to FDCPA
JANINE CARBONE, on behalf of plaintiff and a class, Plaintiff,
v.
CALIBER HOME LOANS, INC., Defendants.

10/11/17

Katherine Ann Porter, Author of 2007 Study Revealing the Destruction of Notes, Is Running for Congress

Living Lies

Katherine Ann Porter, Author of 2007 Study Revealing the Destruction of Notes, Is Running for Congress
Ms. Porter was the first person who broke through the ruse of securitization and confirmed what I thought, in 2007, leading to the creation of this blog. As a Professor at the University of Iowa she conducted a study that revealed that, at a minimum,

10/10/17

Scandal: Former staffer at National Community Stabilization Trust among 7 indicted for foreclosure profiteering

Housing Wire

Scandal: Former staffer at National Community Stabilization Trust among 7 indicted for foreclosure profiteering
The former director of community development at the National Community Stabilization Trust, a national nonprofit that works to stabilize communities affected by the foreclosure crisis, is among seven people indicted last month for allegedly participating in a conspiracy to profiteer off of foreclosures.

10/10/17

North Carolina Bans Conflict of Interest on Deed of Trust

Living Lies

North Carolina Bans Conflict of Interest on Deed of Trust
On August 30, 2017, an amendment to North Carolina’s foreclosure statutes took immediate effect. The amended statute, Section 45-10, concerns substitute trustees under a deed of trust. As amended, Section 45-10 now

10/09/17

The Implied “Trust” and Discovery

Living Lies

The Implied “Trust” and Discovery
If you look closely at the NOD, NOS, foreclosure complaint, and correspondence you see two things that are fairly constant — (1) they ALWAYS refer to the case as “US Bank” (or some other bank) and (2) they often don’t actually name a trust although it is implied.

10/09/17

Mortgage Servicer Ocwen Settles With State Regulators Over Escrow Claims

Daily Business Review

Mortgage Servicer Ocwen Settles With State Regulators Over Escrow Claims
As part of the deals, Ocwen must hire an auditor for an escrow review of about 8,000 to 10,000 loans.

10/06/17

IN NEW LAWSUIT, CORPORATIONS BAND TOGETHER TO STOP CONSUMERS FROM BANDING TOGETHER

The Intercept

IN NEW LAWSUIT, CORPORATIONS BAND TOGETHER TO STOP CONSUMERS FROM BANDING TOGETHER
A coalition consisting of the preeminent national business lobby, several financial services trade groups, and over a dozen business organizations in Texas have banded together — the way individuals might in a class-action lawsuit — to force the federal government to allow them to block class-action lawsuits.

10/06/17

City Council Passes Foreclosure Diversion Bill

CBS Philly

City Council Passes Foreclosure Diversion Bill
PHILADELPHIA (CBS) — Philadelphia City Council has passed a bill to help homeowners keep their houses, even if they’re behind on their real estate taxes.

10/06/17

Wells Fargo offering refunds nationwide for improper mortgage fees

Business Insider

Wells Fargo offering refunds nationwide for improper mortgage fees
In a scandal that extended wider than was previously known, Wells Fargo said it would offer refunds to tens of thousands of customers who were improperly charged fees on home

10/05/17

Foreclosures are back at recession-era levels and continuing to rise

CrainsNewYork.com

Foreclosures are back at recession-era levels and continuing to rise
The number of first-time foreclosures in the five boroughs reached 859 during the third quarter of the year, part of a dramatic increase to levels last seen at the start of the Great Recession, according to a report from real estate website PropertyShark.

10/05/17

A federal judge declares that current and former Wells Fargo executives can be sued for their fraud

DailyKos.com

A federal judge declares that current and former Wells Fargo executives can be sued for their fraud
A federal judge has decided that Wells Fargo’s current and former executives will have to face their shareholders’ lawsuit that demands that these executives be held personally liable for the fraudulent practices at the big bank.

10/05/17

How Is This Not Fraud?

Esquire

How Is This Not Fraud?
The single most incontrovertible—and inexcusable—failure of the Obama Administration was its phantom response to the self-evident fact that the entire Wall Street business model that nearly vaporized the world economy was simple fraud

10/05/17

Special Investigation: How America’s Biggest Bank Paid Its Fine for the 2008 Mortgage Crisis—With Phony Mortgages!

The Nation

Special Investigation: How America’s Biggest Bank Paid Its Fine for the 2008 Mortgage Crisis—With Phony Mortgages!
You know the old joke: How do you make a killing on Wall Street and never risk a loss? Easy—use other people’s money. Jamie Dimon

10/05/17

Behind JPMorgan Chase’s Bait-and-Switch

The Nation

Behind JPMorgan Chase’s Bait-and-Switch
Today we published a story about how JPMorgan Chase used other people’s money to pay off penalties assessed for the mortgage-related fraud that contributed to the 2008 financial crisis.

10/05/17

BofA Coerces Homeowners Into Keeping Quiet About Their Victory

Living Lies

BofA Coerces Homeowners Into Keeping Quiet About Their Victory
Most lawyers, most judges and most homeowners are under the mistaken impression that they cannot win a foreclosure battle. They don’t hear about all the homeowners who were successful. There are tens of thousands of them. Any news, like the $45 million verdict described in the article below, is squelched.

10/04/17

BOA Continues to Defraud REMIC Investors, Homeowners and the Courts

Living Lies

BOA Continues to Defraud REMIC Investors, Homeowners and the Courts
People forget to ask the question “why?” Why would a mega-bank lose or claim 20 times to have lost documents relating to modification

10/04/17

The ‘Monopoly Man’ Just Owned The Senate’s Equifax Hearing

Huffpost

The ‘Monopoly Man’ Just Owned The Senate’s Equifax Hearing
Rich Uncle Pennybags apparently likes to spend his free time at Senate hearings

10/04/17

CFPB issues interim final rule on mortgage servicer communication

Housing Wire

CFPB issues interim final rule on mortgage servicer communication
The Consumer Financial Protection Bureau issued an interim final rule to help mortgage servicers communicate with borrowers at risk of foreclosure, updating parts of the final rule published a year ago.

10/04/17

Waters' bill gives power to Fed to shut down megabanks

Housing Wire

Waters' bill gives power to Fed to shut down megabanks
After a year full of discovering multiple scandals at Wells Fargo, starting with the fake account scandal, several Representatives came together to introduce a bill that would give the federal government more control over megabanks.

10/03/17

Post-Equifax Breach, NACA Urges Senate Committee to Support Strong Consumer Protections

NACA

Post-Equifax Breach, NACA Urges Senate Committee to Support Strong Consumer Protections
NACA submitted a letter to the U.S. Senate Banking Committee to share its views for the Oct. 4 hearing on the Equifax cybersecurity breach. The Equifax breach is an object lesson

10/03/17

David Kester v Citimortgage, Inc., et al. is NOT TO BE PUBLISHED

Mycourthistory.com

David Kester v Citimortgage, Inc., et al. is NOT TO BE PUBLISHED
As of last week, Sept. 29, 2017, in the Arizona case of the Ninth Circuit Court of Appeals of David Kester v Citimortgage, Inc., et al., we have another precedent setting case that the courts have decided NOT to be published and to make public.

10/03/17

CitiMortgage Must Face Class Action for False notarization of Documents in Foreclosures

Living Lies

CitiMortgage Must Face Class Action for False notarization of Documents in Foreclosures
Where is the prejudice in requiring the foreclosing party to prove its case with facts raather than presumptions? There are two big takeaways:

10/03/17

Did your state Attorney General deny your LPS/Black Knight FOIA request? Contact the ACLU!

Living Lies

Did your state Attorney General deny your LPS/Black Knight FOIA request? Contact the ACLU!
The ACLU has initiated and assisted with legal actions in numerous instances where FOIA/Public Records Acts Requests have been denied in violation of state laws.

10/03/17

A Comeuppance For Bank Of America?

Huffpost

A Comeuppance For Bank Of America?
Susan Richardson, a Bank of America foreclosure victim, certainly hopes so. With bated breath she’s following a drama currently playing out in a California bankruptcy court.

10/02/17

Illinois Trial Court Overruled: Rescission IS Effective

Living Lies

Illinois Trial Court Overruled: Rescission IS Effective
As usual, the trial judge wanted no part of TILA Rescission. In December, 2016 the appellate court said the failure of Beneficial to respond to TILA Rescission notice within 20 days made the rescission final and irrevocable — something I have been saying to nay-sayers for 10 years.

09/28/17

Ocwen begins settling with states to remove mortgage servicing restrictions

Housing Wire

Ocwen begins settling with states to remove mortgage servicing restrictions
Back in April, more than 20 states clamped business restrictions on Ocwen Financial for alleged rampant errors with homeowners’ escrow accounts and other mortgage servicing issues.

09/28/17

Jury Verdict Expands to $298 Million in False Claims Act/FIRREA Case as Court Assesses Treble Damages and Penalties

Stopforeclosurefraud.com

Jury Verdict Expands to $298 Million in False Claims Act/FIRREA Case as Court Assesses Treble Damages and Penalties
A federal court in Texas recently entered a massive judgment against a mortgage originator for financial crisis conduct, transforming an already severe $93 million jury verdict into a $298 million punishment, and

09/27/17

Boston Community Capital Foreclosure Relief Initiative Awarded $100 Million in Federally Guaranteed Bond Funding

Boston Community Capital

Boston Community Capital Foreclosure Relief Initiative Awarded $100 Million in Federally Guaranteed Bond Funding
BOSTON, MA—The Community Reinvestment Fund, USA, (CRF) has issued $100 million in federally guaranteed bond funding to Aura Mortgage Advisors, an affiliate of nonprofit Boston Community Capital (BCC)

09/27/17

How the Bankruptcy System Is Failing Black Americans

Propublica.org

How the Bankruptcy System Is Failing Black Americans
Black people struggling with debts are far less likely than their white peers to gain lasting relief from bankruptcy, according to a ProPublica analysis. Primarily to blame

09/26/17

‘Hero’ Judge Urged by Homeowners to Nix $45 Million BofA Penalty

Bloomberg

‘Hero’ Judge Urged by Homeowners to Nix $45 Million BofA Penalty
A California couple who were dragged through a Bank of America Corp. foreclosure called “brazen” and “heartless” by a bankruptcy judge have joined the lender’s request to be spared from a $45 million punishment.

09/26/17

IS TRUMP’S “FORECLOSURE KING” IN OVER HIS HEAD?

Vanity Fair

IS TRUMP’S “FORECLOSURE KING” IN OVER HIS HEAD?
When Donald Trump was running for president, he vowed to pass a tax-reform bill the likes of which the country hadn’t seen for more than 30 years, which got a lot of people who

09/26/17

How You Can Easily Research State Records For Evidence Of Unremediated LPS Robo-Signing Fraud

Living Lies

How You Can Easily Research State Records For Evidence Of Unremediated LPS Robo-Signing Fraud
Many of the banks conducting foreclosures 2008-2013 relied on a few large foreclosure mills to litigate cases for them, and still do. For large banks, it made sense–consolidate your cases

09/25/17

SENATE REPUBLICANS PLAN TO SNEAKILY GUT MAJOR CONSUMER PROTECTION RULE

The Intercept

SENATE REPUBLICANS PLAN TO SNEAKILY GUT MAJOR CONSUMER PROTECTION RULE
In the middle of a consequential week for the future of American health care, Senate Republicans are hoping to sneak through a controversial nullification of a key rule from the Consumer Financial Protection Bureau.

09/24/17

Massachusetts First to Sue Equifax Over Massive Hack

New Economic Perspectives

Massachusetts First to Sue Equifax Over Massive Hack
NEP’s Bill Black was on The Real News Network and discussing that several government agencies and at least 34 state attorneys general have opened investigations into the Equifax data-breach scandal–which is ‘the gift that keeps on giving.’ You can view with transcript here.

09/22/17

“Harmless” Motion to Return Original Documents in Court File might Yield Explosive Effects

Living Lies

“Harmless” Motion to Return Original Documents in Court File might Yield Explosive Effects
The bottom line is that lawyers for the banks and servicers are using a device that looks harmless but creates a strong presumption that the original note exists, that the clerk of the court received it, and that it was apparently sent to the offices of the attorneys that represent the banks or servicers in foreclosure litigation. All this despite the fact that no original note was ever produced, shown, filed or admittted into evidence.

09/21/17

The Foreclosure Crisis and Its Impact on Today’s Housing Market

Stopforeclosurefraud.com

The Foreclosure Crisis and Its Impact on Today’s Housing Market
KCET- In recent years, the American public has been treated to a number of films about the 2008 housing crisis: the insightful documentary “The Queen of Versailles”, the dark, simmering “99 Homes”, and the Oscar nominated “The Big Short” to name a few.

09/20/17

Two Real Estate Investors Plead Guilty To Bid Rigging In Northern California

US Dept. of Justice

Two Real Estate Investors Plead Guilty To Bid Rigging In Northern California
Two real estate investors pleaded guilty for their role in conspiracies to rig bids at public real estate foreclosure auctions in Northern California, the Department of Justice announced.

09/20/17

Nardolillo V. Chase – Northern District of California: Motion to Dismiss Denied

Living Lies

Nardolillo V. Chase – Northern District of California: Motion to Dismiss Denied
See Nordolillo v. JPMorgan Chase Nardolillo v. Chase Analysis by Neil Garfield: Although Nardolillo’s case has merit, unfortunately he may lose because he already alleged that the loan was sold to a specific securitized trust. We already know the loans weren’t transferred to the trusts, so Nardolillo has already compromised his own case by making erroneous presumptions.

09/19/17

CFPB Takes Action Against Top Notch Funding for Lying in Loan Offers to NFL Players, Deepwater Horizon Victims, and 9/11 First Responders

CFPB

CFPB Takes Action Against Top Notch Funding for Lying in Loan Offers to NFL Players, Deepwater Horizon Victims, and 9/11 First Responders
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) took action today against Top Notch Funding and two individuals associated with the company for lying in loan offerings to consumers who were

09/19/17

AI Will Usher In Big Changes For Little Lawyers, Says BCG

Which-50.com

AI Will Usher In Big Changes For Little Lawyers, Says BCG
The number of junior lawyers, and the kinds of tasks they perform, will look vastly different as artifical intelligence makes its away into the data-rich legal industry. That’s a key finding a report released last week

09/19/17

Allied Home Mortgage ordered to pay $296 million for widespread FHA fraud

Housing Wire

Allied Home Mortgage ordered to pay $296 million for widespread FHA fraud
Nearly six years ago, the government sued Allied Home Mortgage, its various entities, and its president and CEO, Jim Hodge, for $834 million, claiming the company engaged

09/19/17

Jurisdiction and REMIC Trusts

Living Lies

Jurisdiction and REMIC Trusts
The upshot is that REMIC Trusts are fictitious names for the underwriters of bogus mortgage bonds issued in the name of a nonexistent REMIC Trust. It is the product of a disguised boiler room operation.

09/18/17

What’s Good for the Goose is Good for the Gander

Living Lies

What’s Good for the Goose is Good for the Gander
In the current judicial bubble, banks and servicers are almost always treated with far more leniency and and given far more leverage than borrowers — through the use of legal presumptions. This case is the exception

09/15/17

THE TRANSFERRING OF SERVICING RIGHTS TO AVOID REVIEWING COMPLETE MODIFICATION APPLICATION

Living Lies

THE TRANSFERRING OF SERVICING RIGHTS TO AVOID REVIEWING COMPLETE MODIFICATION APPLICATION
After years of litigating against alleged lenders, investors, servicers, and foreclosure trustee’s we are starting to see a clear trend of the servicing rights being transferred upon receiving a complete loan modification application.

09/15/17

7th Circuit's chief judge disagrees with newly retired Posner on pro se criticisms

Abajournal.com

7th Circuit's chief judge disagrees with newly retired Posner on pro se criticisms
Chief Judge Diane Wood of the Chicago-based 7th U.S. Circuit Court of Appeals is voicing her disagreement with newly retired Judge Richard Posner.

09/14/17

Homeowners affected by Irma can receive mortgage assistance

Local10.com

Homeowners affected by Irma can receive mortgage assistance
MIAMI - South Florida residents whose homes or businesses were damaged by Hurricane Irma are eligible to receive mortgage assistance and delay payments for up to 12 months.

09/14/17

Attorney Nick Wooten is Suing Banks in Illinois for Breaking Into Homes

Stopforeclosurefraud.com

Attorney Nick Wooten is Suing Banks in Illinois for Breaking Into Homes
Foreclosure defense attorney Nick Wooten has been making headlines as a consumer attorney since the earliest days of the foreclosure crisis.

09/14/17

Consent Judgments Undermine Foundation for Legal Presumptions Used by Banks and Servicers

Living Lies

Consent Judgments Undermine Foundation for Legal Presumptions Used by Banks and Servicers
When multiple banks and “servicers” entered into consent judgments to remediate foreclosures based upon false documents, they created an opportunity for foreclosure defense lawyers to show that there is an inherent lack of credibility of both

09/13/17

Stunning Admission of Signature Forgery In a Bank Foreclosure Case…Read the Testimony!

Matt Weidner Law

Stunning Admission of Signature Forgery In a Bank Foreclosure Case…Read the Testimony!
We all know that there have been widespread and well documented examples of document fraud and forgery in foreclosure cases. What I find most infuriating…is that…even after all these years, we see very little consequence for the banks and their lawyers that have engaged in these practices.

09/12/17

Rooker-Feldman, Res Judicata and Collateral Estoppel

Living Lies

Rooker-Feldman, Res Judicata and Collateral Estoppel
It’s obvious that Rooker Feldman and related doctrines are being misused again because of an underlying presumption that the homeowner is guilty of not paying a bona fide creditor according to the terms of a promissory note.

09/12/17

A TOP BANK REGULATOR IS IN HIS JOB ILLEGALLY, WATCHDOG ARGUES

The Intercept

A TOP BANK REGULATOR IS IN HIS JOB ILLEGALLY, WATCHDOG ARGUES
MOST PEOPLE REMEMBER the last day of a temp job. Maybe colleagues take you out to lunch; maybe you send that goodbye email promising to keep in touch.

09/12/17

Loan Fund Borrower Vicente's Tropical Supermarket and Brockton Neighborhood Health Center Team Up To Build A Healthier Brockton

Boston Community Capital

Loan Fund Borrower Vicente's Tropical Supermarket and Brockton Neighborhood Health Center Team Up To Build A Healthier Brockton
Boston Community Loan Fund borrower Vicente's Tropical Supermarket and Brockton Neighborhood Health Center have teamed up to bring fresh foods and healthy living resources to their neighborhood.

09/12/17

Ocwen is a Bad Player

Living Lies

Ocwen is a Bad Player
The application of legal presumptions and presumed exceptions to the hearsay rule has been leading courts across the country to conclude and assume facts that are opposite to the truth of the matter asserted by parties seeking to foreclose on loans.

09/11/17

Posner: Most judges regard pro se litigants as 'kind of trash not worth the time'

Abajournal.com

Posner: Most judges regard pro se litigants as 'kind of trash not worth the time'
Judge Richard Posner cites boredom with judging as well as rebuffed efforts to aid pro se litigants in a new interview explaining his decision to suddenly retire from the Chicago-based 7th U.S. Circuit Court of Appeals.

09/10/17

JPMorgan’s big secret is that their mortgage securitization operation was the same as everyone else’s

Justice League

JPMorgan’s big secret is that their mortgage securitization operation was the same as everyone else’s
Four years ago, JPMorgan Chase reached a then-record settlement with the Department of Justice after, among other things, the bank received a copy of a U.S. attorney’s draft complaint documenting its alleged role in underwriting fraudulent securities in the years leading up to the 2008 financial crisis.

09/10/17

Bill Black: Equifax Data Breach is a 10 out of 10 Scandal

Nakedcapitalism.com

Bill Black: Equifax Data Breach is a 10 out of 10 Scandal
In this Real News Network interview, financial regulation expert Bill Black discusses the hacking of consumer credit reporting giant Equifax, and the company’s ‘cynical’ handling of that data breach– a far-reaching disaster that borders on criminal.

09/10/17

For Struggling Consumers, a Cheaper Way to File for Bankruptcy

Wall Street Journal

For Struggling Consumers, a Cheaper Way to File for Bankruptcy
A nonprofit has developed an online program designed to help people prepare a chapter 7 filing without a lawyer

09/09/17

Identity theft protection following the Equifax data breach

CFPB

Identity theft protection following the Equifax data breach
Millions of Americans have been impacted by the recent Equifax data breach. Whether or not your personal information has been stolen, there are steps you can take to protect yourself and your credit.

09/08/17

The Equifax Data Breach: What to Do

FEDERAL TRADE COMMISSION

The Equifax Data Breach: What to Do
If you have a credit report, there’s a good chance that you’re one of the 143 million American consumers whose sensitive personal information was exposed in a data breach at Equifax, one of the nation’s three major credit reporting agencies.

09/08/17

Ocwen Financial Gets No Respect...

Huffpost.com

Ocwen Financial Gets No Respect...
Yes, they are truly the Rodney Dangerfield of mortgage servicers (not). During the past several months, Ocwen has played broadside of a barn for Federal and State regulators

09/07/17

Wells Fargo Buys Servicing Rights as Seneca's Mortgage Bet Ends

Bloomberg.com

Wells Fargo Buys Servicing Rights as Seneca's Mortgage Bet Ends
Wells Fargo & Co., the largest U.S. home lender, bought about $51 billion in servicing rights from an investment firm connected to Blackstone Group LP’s credit arm in a deal that depletes the investor’s mortgage portfolio.

09/07/17

Equifax reports massive data breach that could impact 143 million consumers

Housing Wire

Equifax reports massive data breach that could impact 143 million consumers
Equifax, one of the nation’s three largest credit reporting agencies, revealed Thursday that it was the victim of a “cybersecurity incident” that potentially impacts as many as 143 million U.S. consumers.

09/07/17

Attack the Legal Presumptions

Living Lies

Attack the Legal Presumptions
Legal presumptions lie at the very heart of the millions of wrongful foreclosures that have been approved by the courts and that will be approved in the future unless lawyers are able to successfully challenge the basic premises of the foreclosing party, to wit:

09/07/17

East Bay investor heads to prison for rigging foreclosure auctions during recession

East Bay Times

East Bay investor heads to prison for rigging foreclosure auctions during recession
WALNUT CREEK — A local real estate investor is going to prison for his role in a bid-rigging scheme that defrauded homeowners whose properties were foreclosed on during the height of the recession.

09/06/17

Audit Says Rhode Island Misspent Foreclosure Relief Money

US News and World Report

Audit Says Rhode Island Misspent Foreclosure Relief Money
A federal audit says Rhode Island charged $1.2 million in unnecessary expenses to a program established in 2010 to prevent foreclosures in the states hardest hit by the economic crisis.

09/05/17

WELLS FARGO, WHY ARE YOU STILL HERE?

Occupy.com

WELLS FARGO, WHY ARE YOU STILL HERE?
Reemember the things we learned from old movies as kids? Some of the ones I still think of, for some reason, are:

09/05/17

Wells Fargo Strikes Again

Living Lies

Wells Fargo Strikes Again
If you want to know why people in all political spectrums are angry enough to blow up stuff consider this: If any of us walked into Wells Fargo Bank and

09/02/17

Student loans missing chain of title paperwork being wiped out by courts

Mandelman Matters

Student loans missing chain of title paperwork being wiped out by courts
The New York Times, and specifically reporters Jessica Silver-Greenberg and Stacy Cowley, recently writing about defaulting student loans reported the following…

09/02/17

Nine years on, another Lehman Brothers bankruptcy

Justice League

Nine years on, another Lehman Brothers bankruptcy
The two affiliates, Lehman Brothers U.K. Holdings (Delaware) Inc and Lehman Pass-Through Securities Inc, were put into bankruptcy as part of a deal that will generate $485 million cash for the Lehman estate, according to court documents.

08/31/17

‘Nonprime has a nice ring to it’: the return of the high-risk mortgage

CNBC

‘Nonprime has a nice ring to it’: the return of the high-risk mortgage
It was about a decade ago that Dan Perl chucked it all in to go surfing in Mexico. As a veteran underwriter of subprime mortgages, he'd seen enough by April 2007 to know that there was serious trouble ahead. So

08/31/17

1st Cir. Rejects Borrowers’ Attempt to Void Loan Using Massachusetts’s ‘Obsolete Mortgage’ Statute

Stopforeclosurefraud.com

1st Cir. Rejects Borrowers’ Attempt to Void Loan Using Massachusetts’s ‘Obsolete Mortgage’ Statute
Lexology- The U.S. Court of Appeals for the First Circuit recently affirmed the dismissal of a lawsuit by borrowers seeking to enjoin a mortgage foreclosure sale, holding that

08/31/17

Wells Fargo’s Testimony Left Some Feeling Shortchanged

NYTimes.com

Wells Fargo’s Testimony Left Some Feeling Shortchanged
Did Wells Fargo mislead the United States Congress during hearings last fall when it characterized its widespread opening of unauthorized bank accounts as a one-off problem in an otherwise clean operation?

08/31/17

“Hardest Hit Fund” to Help Struggling Homeowners Spent Millions on Parties, Bonuses, Cars

Judicialwatch.org

“Hardest Hit Fund” to Help Struggling Homeowners Spent Millions on Parties, Bonuses, Cars
A multi-billion-dollar government program launched by Obama to help families hit by the housing crisis squandered millions on parties, employee bonuses, cars, and superfluous data storage. The program is

08/29/17

Fannie Mae, Freddie Mac suspend foreclosures and evictions in wake of Hurricane Harvey

Housing Wire

Fannie Mae, Freddie Mac suspend foreclosures and evictions in wake of Hurricane Harvey
Fannie Mae and Freddie Mac are extending additional relief to homeowners affected by the catastrophic flooding caused by Hurricane Harvey.

08/29/17

STATE-BOSTON RETIREMENT SYSTEM v BANK OF NOVA SCOTIA | This multitrillion-dollar suit can’t go unnoticed

Stopforeclosurefraud.com

STATE-BOSTON RETIREMENT SYSTEM v BANK OF NOVA SCOTIA | This multitrillion-dollar suit can’t go unnoticed
NY POST-
There was a major development in a lawsuit last week that every investor should know about — and worry about. But nobody is paying attention.

08/28/17

Predatory Installment Lending in 2017: States Battle to Restrain High-Cost Loans

NCLC

Predatory Installment Lending in 2017: States Battle to Restrain High-Cost Loans
This National Consumer Law Center survey updates our 2015 report that analyzed the strengths and gaps of the statutes in the 50 states and the District of Columbia that regulate installment loans. Our new analysis finds both gains and losses, and increasing pressure on states to weaken rules as restrictions on payday loans increase.

08/28/17

Is the Foreclosure Crisis Really Over?

Afro

Is the Foreclosure Crisis Really Over?
No. While there are fewer foreclosures than there were some years ago, we are far from out of the woods. In fact, Maryland is one of the top foreclosure states with one in every 776 property owners losing their homes.

08/26/17

Foreclosure of McCollum home canceled, but ownership still in doubt

Greenfield Recorder

Foreclosure of McCollum home canceled, but ownership still in doubt
BERNARDSTON — The day after a bank foreclosed on 72-year-old Bob McCollum’s home, a letter went out to the bank from the longtime carpenter’s debt collector, reversing the decision.

08/25/17

Trustee and Trust Are Different Entities: Trustees are Nominal and Not Real

Living Lies

Trustee and Trust Are Different Entities: Trustees are Nominal and Not Real
This case shows in detail the difference between a nominal party and a real party. It can be used to clarify cases where US Bank and others pretend that the Plaintiff is the Trustee. It isn’t. As trustees they are

08/25/17

Damning report finds state agencies wasted millions meant for struggling homeowners

Housing Wire

Damning report finds state agencies wasted millions meant for struggling homeowners
A damning new report from a federal watchdog shows that 19 state housing finance agencies wasted millions of dollars that should have gone to struggling homeowners as part of the government’s Hardest Hit Fund program.

08/24/17

Eleventh Circuit Moves Toward Bright Line Rule That Debtors Cannot Retain Real Property Post- Discharge Without Reaffirming the Mortgage Debt

Lexology

Eleventh Circuit Moves Toward Bright Line Rule That Debtors Cannot Retain Real Property Post- Discharge Without Reaffirming the Mortgage Debt
Last year, Burr & Forman lawyers won a decisive victory in the Eleventh Circuit, in the case of In re Failla, 838 F.3d 1170 (11th Cir. 2016). In Failla, the Eleventh Circuit held that a debtor who files a statement of intention to “surrender” his or her house in bankruptcy may not oppose the secured creditor’s foreclosure proceeding in state court.

08/24/17

BKR: Denial of Proof of Claim VOIDS the Lien

Living Lies

BKR: Denial of Proof of Claim VOIDS the Lien
This court decided in 2015 that if a party submits a proof of claim in support of a secured debt, the denial of the POC results in voiding the lien. Thus a successful attack in BKR Court on a POC submitted by or on behalf of a party who is a stranger to the debt not only loses the right to be paid in the BKR proceedings but also loses the lien as a matter of law. The express wording of the opinion means that the voiding of the lien survives the BKR proceedings which means it cannot be revived after discharge.

08/23/17

Loan sharks were meant to be eradicated. Now they're back

The Guardian

Loan sharks were meant to be eradicated. Now they're back
The loan sharks are back. The latest mutation of predatory lending practices is surfacing in US communities that experienced high rates of foreclosure during the subprime mortgage meltdown.

08/23/17

Response to QWR Response from Ocwen Re US Bank as Trustee of….hmmmm

Living Lies

Response to QWR Response from Ocwen Re US Bank as Trustee of….hmmmm
So you have sent a QWR (hopefully a good one that qualifies as a Qualified Written Request or Debt Validation Letter) and Ocwen responds with a shotgun approach intended to intimidate the lawyer or homeowner who reads it. I recently did an anlysis and drafted a potential response for another lawyer representing a homeowner. I thought I would share it with you.

08/22/17

Free Law Project Has Now Made Every PACER Opinion Searchable

Lawsitesblog.com

Free Law Project Has Now Made Every PACER Opinion Searchable
After nearly a year of effort, the Free Law Project has downloaded every opinion and order from the federal courts’ PACER system and has made them available for search through its RECAP archive of PACER documents.

08/21/17

CFPB investigates scandal-ridden Wells Fargo…again

Housing Wire

CFPB investigates scandal-ridden Wells Fargo…again
Guy Rolnik: The last time we sat down for an interview was in 2011, right after the Occupy Wall Street protests began and the growing discontent of many Americans with the financial system came into prominence. What has changed since then?

08/19/17

Eliot Spitzer: The U.S. Never Had the Will and the Ability to Hold the Most Powerful to Account

Justiceleaguetaskforce.com

Eliot Spitzer: The U.S. Never Had the Will and the Ability to Hold the Most Powerful to Account
Guy Rolnik: The last time we sat down for an interview was in 2011, right after the Occupy Wall Street protests began and the growing discontent of many Americans with the financial system came into prominence. What has changed since then?

08/19/17

Eliot Spitzer: The U.S. Never Had the Will and the Ability to Hold the Most Powerful to Account

Justiceleaguetaskforce.com

Eliot Spitzer: The U.S. Never Had the Will and the Ability to Hold the Most Powerful to Account
Guy Rolnik: The last time we sat down for an interview was in 2011, right after the Occupy Wall Street protests began and the growing discontent of many Americans with the financial system came into prominence. What has changed since then?

08/18/17

NAKED REMIC TRUSTEES

Living Lies

NAKED REMIC TRUSTEES
The Navarro case clearly explains the difference between a naked trustee who cannot sue or be sued in their own name and a real trustee who can. The answer is common sense — the trustee is naked if it is there in name only, like all REMIC Trustees where control, knowledge and accountability are removed from their “position” as trustee.

08/17/17

Partridge v. Nationstar Mortgage, LLC | FL 2DCA

Justiceleaguetaskforce.com

Partridge v. Nationstar Mortgage, LLC | FL 2DCA
Unfortunately for Nationstar, it has not established “that it was the holder or nonholder in possession for purposes of standing

08/17/17

Tampa Bay homeowners sue JPMorgan Chase for billing on already-paid mortgages

Justiceleaguetaskforce.com

Tampa Bay homeowners sue JPMorgan Chase for billing on already-paid mortgages
ST. PETERSBURG — Two Tampa Bay homeowners are suing JPMorgan Chase Bank for attempting to continue to collect on what they say were already-paid-off mortgages.

08/16/17

Neither God nor Rescission are Dead.

Living Lies

Neither God nor Rescission are Dead.
Although there are numerous actions and decisions that call into question whether TILA Rescission is effective and if so, when, the answer is clear even in the 9th Circuit where there are some decisions and even

08/16/17

Identifying Ocwen Properly in Pleadings

Living Lies

Identifying Ocwen Properly in Pleadings
Taken from a complaint filed by the CFPB, this should help those who want to sue Ocwen and want to make sure they are suing the right entity and making the correct allegations.

08/15/17

CA Supreme Court Clarified Title vs Sale Perfection

Living Lies

CA Supreme Court Clarified Title vs Sale Perfection
Once again, the devil being in the details, the attempt to treat perfection of title and perfection of sale goes down in flames in an Unlawful Detainer action in California.

08/14/17

US Bank Loses Uncontested Foreclosure

Living Lies

US Bank Loses Uncontested Foreclosure
U.S. Bank Trust, N.A. v. Monroe, 2017 WL 923326 (N.D.N.Y. March 8, 2017) This case is much more than a decision on diversity jurisdiction. The decision is important for that reason but even more substantively it lifts the hood over the “Trustees” of so-called REMIC Trusts.

08/11/17

What’s Keeping Foreclosures at Bay?

Dsnews.com

What’s Keeping Foreclosures at Bay?
The tiny state of Massachusetts, particularly around Cape Cod, could be a solid microcosm for the state of foreclosures in late 2017...However, the filing of foreclosure deeds was up statewide nearly 7 percent in the state and up 300 percent on the Cape?? a sign, the Times wrote, “that the backlog of auctions was continuing to be resolved.”

08/11/17

The Fed Wants to Make Life Easier for Big-Bank Directors

Nytimes.com

The Fed Wants to Make Life Easier for Big-Bank Directors
Amid reports Thursday that Stephen Sanger, chairman of the Wells Fargo board, may step down in the coming months, all eyes are on the bank’s directors and their oversight of the troubled institution.

08/11/17

New state program buys mortgages to avoid foreclosures

Newsday.com

New state program buys mortgages to avoid foreclosures
ALBANY — The state is stepping in to help 203 Long Island households facing foreclosure in a new way to combat zombie properties, Gov. Andrew M. Cuomo announced.

08/10/17

Thousands of Mass. Homeowners Getting Refunds After Homeowners Insurance Settlement

WHDH.com

Thousands of Mass. Homeowners Getting Refunds After Homeowners Insurance Settlement
Some Massachusetts homeowners were billed for property insurance they didn’t need. Now, thousands of residents are getting big payouts, and the Massachusetts Attorney General is warning other homeowners to be on guard.

08/10/17

PHH Agrees to Pay Over $74 Million to Resolve Alleged False Claims Act Liability Arising from Mortgage Lending

Stopforeclosurefraud.com

PHH Agrees to Pay Over $74 Million to Resolve Alleged False Claims Act Liability Arising from Mortgage Lending
PHH Corp. PHH Mortgage Corp. and PHH Home Loans (collectively, PHH) have agreed to pay the United States $74,453,802 to resolve allegations that they violated the False Claims Act by knowingly originating and underwriting mortgage loans insured by the

08/10/17

Add your name: Wells Fargo must root out fraud and corruption

Living Lies

Add your name: Wells Fargo must root out fraud and corruption
The John Chiang for California Governor is asking for a full, transparent investigation to fire executives responsible for the latest Wells Fargo scandals. At least he acknolwedged Wells Fargo is a criminal enterprise.

08/10/17

Blackstone Group profits from Stolen Middle Class Homes

Living Lies

Blackstone Group profits from Stolen Middle Class Homes
Editor’s Note: Blackstone Group’s special relationship with banks and county recorder’s offices allowed them to buy blocks of illegally foreclosed homes for pennies on the dollar. A significant percentage of these homes purchased in the foreclosure crisis had fraudulent paperwork, forged signatures, and were “owned” by MERS.

08/09/17

Attorney Linda Tirelli Defines Robo-Signing For Clueless Steven Mnuchin

HuffPost

Attorney Linda Tirelli Defines Robo-Signing For Clueless Steven Mnuchin
It seemed like the Treasury Secretary doth protest a bit too much as a Shakespearean drama unfolded at a July 27th meeting of the House Financial Services Subcommittee. Steven Mnuchin, like some wayward damsel in distress,

08/09/17

Attorney Linda Tirelli Defines Robo-Signing For Clueless Steven Mnuchin

HuffPost

Attorney Linda Tirelli Defines Robo-Signing For Clueless Steven Mnuchin
It seemed like the Treasury Secretary doth protest a bit too much as a Shakespearean drama unfolded at a July 27th meeting of the House Financial Services Subcommittee. Steven Mnuchin, like some wayward damsel in distress,

08/09/17

David Dayen at New Republic: Every day in America, somebody gets tossed out of a home based on false documents

Living Lies

David Dayen at New Republic: Every day in America, somebody gets tossed out of a home based on false documents
Back in January, after Donald Trump had nominated Steven Mnuchin as treasury secretary, I uncovered a leaked document from the California attorney general’s office that showed OneWest Bank repeatedly broke foreclosure laws under Mnuchin’s six-year reign as CEO and then chairman.

08/09/17

David Dayen: Revoke Wells Fargo’s Bank Charter

Living Lies

David Dayen: Revoke Wells Fargo’s Bank Charter
Last week Wells Fargo was caught forcing unwanted insurance on car loan borrowers. This week, they’ve been exposed profiting from a DIFFERENT kind of unwanted insurance: The latest inquiry, by officials at the Federal Reserve Bank of San Francisco, where the bank has its headquarters, involves a different, specialized type of insurance that is sold to consumers when they buy a car.

08/09/17

USDC Eastern PA: Prince v. BAC Home Loans Breach of Contract & RICO claim may proceed.

Living Lies

USDC Eastern PA: Prince v. BAC Home Loans Breach of Contract & RICO claim may proceed.
Congratulations to Pennsylvania attorney Joshua Thomas. See order here: Prince v. BAC Home Loans Eastern PA 2017 08 Decision A Federal judge agreed to hear charges of wire fraud and other charges from a homeowner who complains that he suffered loss and other damages in connection with a loan in which “Citimae” and others were involved.

08/08/17

WELLS FARGO'S LYIN' CHEATIN' WAYS: BANKING WITH A SOCIOPATHIC INSTITUTION AND HOW TO LET GO

Occupy.com

WELLS FARGO'S LYIN' CHEATIN' WAYS: BANKING WITH A SOCIOPATHIC INSTITUTION AND HOW TO LET GO
Are you facing serial cheating, abuse, lies, ongoing stress about money, issues of fidelity, questions about your future and are at a loss as to where to turn? Do you often feel angry, taken advantage of, less than, a voiceless victim? Did you put your trust and your nest egg,

08/08/17

Wells Fargo has ripped off Veterans, Auto Loan customers and Homeowners: The Feds do nothing.

Living Lies

Wells Fargo has ripped off Veterans, Auto Loan customers and Homeowners: The Feds do nothing.
New legal challenges are piling up for Wells Fargo as the U.S. banking giant tries to rebuild trust with customers and investors after a scandal over millions of unauthorized accounts.

08/08/17

Fannie and Freddie foreclose on almost 16,000 homes in May, almost 4 million since 2008

Living Lies

Fannie and Freddie foreclose on almost 16,000 homes in May, almost 4 million since 2008
Editor’s Note: Fannie and Freddie have foreclosed on almost 4 million homes since the financial crisis of 2008. The GSEs typically can’t prove they own the loan if it was securitized between 1999 and 2014. Did you know that Fannie Mae and Freddie cannot accept a note that is not properly endorsed and assigned?

08/08/17

1st DCA CA: Not so Fast on Rubber Stamping Foreclosures

Living Lies

1st DCA CA: Not so Fast on Rubber Stamping Foreclosures
As we have seen for months there have been a steady stream of cases in which the courts have turned back to the fundamental requirements of due process and the rule of law. Here the court reminds (again) that judicial notice is not a substitute for foundation of facts in dispute AND that the homeowner’s right to sue for wrongful foreclosure is NOT to be dismissed even if it is poorly worded.

08/04/17

Greenspan: Bond bubble about to break because of 'abnormally low' interest rates

CNBC

Greenspan: Bond bubble about to break because of 'abnormally low' interest rates
Former Federal Reserve Chairman Alan Greenspan issued a bold warning Friday that the bond market is on the cusp of a collapse that also will threaten stock prices.

08/04/17

Wells Fargo to pay $108 million for allegedly overcharging veterans on refis

Housing Wire

Wells Fargo to pay $108 million for allegedly overcharging veterans on refis
It seems that Wells Fargo literally can’t go one week without facing another scandal. Exactly one week ago, Wells Fargo revealed its latest scandal,

08/04/17

David Dayen Broadcasts: Wells Fargo deserves the Corporate Death Penalty

Living Lies

David Dayen Broadcasts: Wells Fargo deserves the Corporate Death Penalty
Today on Ring of Fire, Investigative Journalist, David Dayen, will join us to unpack the latest Wells Fargo Bank scandal and why he thinks they should receive the corporate death penalty.

08/04/17

The Mains Event: Demand that Attorney Generals Nationwide comply with LPS/Black Knight Consent Judgement

Living Lies

The Mains Event: Demand that Attorney Generals Nationwide comply with LPS/Black Knight Consent Judgement
Anyone who knows former FDIC Team Leader Eric Mains knows he is one tenacious ex-banker. In eight years of litigation, every court he has approached for relief has stonewalled his efforts to discover who owns his mortgage loan. Mains is still in his home despite

08/04/17

The Fannie Freddie Document Treasure Trove

Living Lies

The Fannie Freddie Document Treasure Trove
Editor’s Note: Former Secretary of Treasury Timothy Geitner was instrumental in greasing the runways for HAMP so the GSEs could steal homes. But he also engineered the theft of GSE investor profits while proclaiming Fannie Mae and Freddie Mae to be on the verge of collapse. Instead, the federal government,

08/03/17

6th Circuit: No waiver of due care and fair dealing

Living Lies

6th Circuit: No waiver of due care and fair dealing
This court has again returned us to the rule of law. You can’t screw up and then blame the victim for the problem or even allow the victim to suffer the damages.

08/03/17

Guliex: Silenced for applying the Rule of Law

Living Lies

Guliex: Silenced for applying the Rule of Law
The Justices of the Fifth District Court and courts especially in California have been interpreting procedural rules, laws of evidence, statutory and common law differently in foreclosure cases than they do in other cases where the issues are identical as to ownership and authority to collect a debt.

08/02/17

Treasury Secretary Mnuchin is angry about an unflattering nickname he wholeheartedly deserves

Business Insider

Treasury Secretary Mnuchin is angry about an unflattering nickname he wholeheartedly deserves
Steven Mnuchin is miffed as heck, and he’s not going to take it anymore. "I take great offense to anybody who calls me the foreclosure king," the Treasury Secretary and former Goldman Sachs banker told a Congressional hearing late last week.

08/02/17

NJ Supreme Court: If Borrower Abides By Terms Of Settlement Agreement, Lender Must Modify Mortgage

Living Lies

NJ Supreme Court: If Borrower Abides By Terms Of Settlement Agreement, Lender Must Modify Mortgage
Lawsuits arising out of foreclosures and mortgage modifications are common. (Even more common than lawsuits about gyms or health clubs if you can believe that.) Nearly every day there is a decision from the Appellate Division arising out of a residential foreclosure.

08/02/17

EverBank failed to comply with HUD Face-to-Face Requirements

Living Lies

EverBank failed to comply with HUD Face-to-Face Requirements
EverBank failed to comply with a condition precedent to foreclosure, imposed by HUD regulations, requiring that in the event of payment default, the mortgagee have a face-to-face meeting with the mortgagor, or make a reasonable effort to do so. This was a Massachussets Appeal Court case entitled Everbank v. Chacon, that was originally filed in the Chapter 7 bankruptcy court.

08/01/17

Donald Trump’s Pick For Key Bank Regulator Is A Foreclosure Kingpin, Of Course

Huffington Post

Donald Trump’s Pick For Key Bank Regulator Is A Foreclosure Kingpin, Of Course
Joseph Otting signed legal papers admitting the bank he ran forged documents to push Americans out of their homes. He also bought a mansion.

08/01/17

Give Wells Fargo the Corporate Death Penalty

New Republic

Give Wells Fargo the Corporate Death Penalty
The bank is a serial corporate criminal that has screwed over millions of Americans. Here's what the government should do about it.

08/01/17

U.S. Bank Screws the Investors —- AGAIN Reversed NY 1st App. Division

Living Lies

U.S. Bank Screws the Investors —- AGAIN Reversed NY 1st App. Division
The banks got away with it because of the complexity of the documents and the general failure of lawyers and others to read the documentation. But they also got away with it because nobody was raising a challenge — like this one where US Bank simply engaged in self-dealing, possibly fraud and certainly breach of contract and breach of fair dealing. Now, like a great sleeping giant, the investors are awakening.

07/31/17

Elizabeth Warren Finds $12 Billion in Bank Theft Against Americans, Then GOP Wants to Shut It Down

Bluedotdaily.com

Elizabeth Warren Finds $12 Billion in Bank Theft Against Americans, Then GOP Wants to Shut It Down
The Consumer Financial Protection Bureau just celebrated its sixth anniversary, but the Trump administration decided to start the process of killing it last week by seeking to nullify the agency’s progress regarding an arbitration rule.

07/29/17

A Pattern of Deception

HOWARD ON MORTGAGE FINANCE

A Pattern of Deception
On July 19, Judge Margaret Sweeney unsealed 33 additional documents produced in discovery for the lawsuit brought by the Fairholme Funds in the U.S. Federal Court of Claims. They were made available to the public early last week.

07/29/17

Pro Per Homeowner WINS tide-changing case in California Appellate Court 5th District: GULIEX v. PENNYMAC HOLDINGS LLC

Mathews-street-america.net

Pro Per Homeowner WINS tide-changing case in California Appellate Court 5th District: GULIEX v. PENNYMAC HOLDINGS LLC
Hoorays are ringing out in California! Another furtherance of remedy and right-thinking standing on the shoulders of 2016's CA State Supreme Court's other game-changing ruling on "borrower's standing" in YVANOVA. Here the GULIEX court on appeal found: "(Yvanova, supra, 62 Cal.4th at pp. 929, fn. 4, 937.) Based on Yvanova, the order sustaining the demurrer to the first three causes of action in Borrower's amended complaint cannot be upheld due to an absence of standing. Under Yvanova, Borrower has standing to challenge a foreclosure by an unauthorized entity."

07/29/17

Housing Bubble II: Bubble, Bubble, Toil and Trouble

Living Lies

Housing Bubble II: Bubble, Bubble, Toil and Trouble
This isn’t your father’s housing and mortgage market- Mark Hanson, Real Estate Analyst https://www.mhanson.com/ In 2007 the largest housing bubble in American history was inflating and literally popped overnight. The Mainstream media would prefer that you focus on the DC Circus Show than on the Case-Shiller charts that indicate that 2017 looks eerily familiar.

07/29/17

We stand corrected: Treasury Secretary Steve Mnuchin is the Mafia Kingpin of Robosigners

Living Lies

We stand corrected: Treasury Secretary Steve Mnuchin is the Mafia Kingpin of Robosigners
CNN is reporting that One West’s Steve Mnuchin is demanding that you don’t call him, ‘the Foreclosure King.’ The authors at Livinglies would be happy to oblige him. From now on we will refer to Steve Mnuchin as the Mafia Kingpin of Robosigners. Mnuchin is correct, he shouldn’t be treated as Royalty, but as the organized crime leader he is.

07/28/17

AG Healey Leads 20 State Coalition Urging Congress to Protect Legal Rights of Victimized Consumers

The Official Website of the Attorney General of Massachusetts

AG Healey Leads 20 State Coalition Urging Congress to Protect Legal Rights of Victimized Consumers
Leads Coalition of State Attorneys General in Letter to U.S. Senate Leadership BOSTON – Attorney General Maura Healey led a coalition of 20 attorneys general in urging U.S. Senate leaders not to repeal the Consumer Financial Protection Bureau’s (CFPB) Arbitration Rule, which stops companies from forcing consumers to sign away their legal rights.

07/27/17

Treasury Secretary Mnuchin: Do not call me the 'foreclosure king'

CNN

Treasury Secretary Mnuchin: Do not call me the 'foreclosure king'
Whatever you do, don't call Steven Mnuchin 'the foreclosure king.' It really ticks him off.
Democrats and housing advocates bestowed the title on Mnuchin after he was named by President Trump to serve as Treasury Secretary. They accused Mnuchin of having profited from the 2008 financial crisis by foreclosing on thousands of distressed homeowners while he was owner of housing lender IndyMac, which later was renamed OneWest.

07/27/17

Who is killing the CFPB’s arbitration rule?

Publicintegrity.org

Who is killing the CFPB’s arbitration rule?
Big Banks back representatives leading effort to stop regulation protecting right to class-action lawsuits
The financial industry’s hefty investment in the campaigns of House members appeared to pay off this week when that chamber voted to kill a new rule that allows consumers to file class-action lawsuits against banks and other institutions.

07/27/17

The Treasury Secretary Just Lied Under Oath

The Nation

The Treasury Secretary Just Lied Under Oath
Steve Mnuchin and Joseph Otting, the only two CEOs in the short and ignominious history of OneWest Bank, both testified before Congress on Thursday.

07/27/17

CA 5th DCA: Magical Presumptions Are Not Enough

Living Lies

CA 5th DCA: Magical Presumptions Are Not Enough
Finally the courts are coming back to real law as opposed to invented doctrine designed to let the banks win. The significance of this case cannot be overstated.

07/27/17

Bid Fraud — Costly Errors to County Clerks and Buyers

Living Lies

Bid Fraud — Costly Errors to County Clerks and Buyers
The moral of the story is don’t believe the title record, don’t believe the County Clerk, and don’t believe anything you think you know about the sale of property subject to a foreclosure judgment.

07/26/17

Another Pinellas foreclosure auction fools bidders, raises questions

Tampa Bay Times

Another Pinellas foreclosure auction fools bidders, raises questions
For the second time in six weeks, a company connected to lawyer Roy C. Skelton stood poised to profit from a Pinellas County foreclosure auction that confused even experienced real estate investors.

07/26/17

Fla 4th DCA Judgment for Borrower — Only Original Allonge Can Be Used

Living Lies

Fla 4th DCA Judgment for Borrower — Only Original Allonge Can Be Used
In Florida and most states following judicial foreclosure rules, the alleged foreclosing party must submit the original note to the court. An allonge is an instrument that is basically used to add additional room onto the note for endorsements. It is NOT an amendment to the note. The original allonge is required by law — in all 50 states — to be permanently affixed to the original note.

07/25/17

U.S. House Chooses Bank Lobbyists’ Demands Over Constituents’ Legal Rights

NACA

U.S. House Chooses Bank Lobbyists’ Demands Over Constituents’ Legal Rights
Washington, D.C. - The U.S. House voted to approve a resolution under the Congressional Review Act that would repeal a rule on arbitration issued by the Consumer Financial Protection Bureau.

07/25/17

House Votes to Strip Americans’ Right to Their Day in Court

NCLC

House Votes to Strip Americans’ Right to Their Day in Court
WASHINGTON, D.C. – Today, the U.S. House of Representatives voted to block a new Consumer Financial Protection Bureau (CFPB) rule that restores critical consumer rights. The CFPB’s rule, released earlier this month, prohibits the use of forced arbitration clauses

07/24/17

Jamie Dimon: You Make Us Embarrassed to be Americans

New Economic Perspectives

Jamie Dimon: You Make Us Embarrassed to be Americans
By William K. Black
July 24, 2017 Kansas City, MO
Jamie Dimon talked about his personal pain recently using the exact phrase that many of us have used to explain his personal anguish that “It’s almost an embarrassment to be an American citizen traveling around the world and listening to the stupid sh—t we have to deal with in this country.” The Wall Street Journal’s “Market Watch” described Dimon’s fervor.

07/24/17

More Docs And More Proof of a Scheme to Illegally Pilfer Fannie and Freddie

Valuewalk.com

More Docs And More Proof of a Scheme to Illegally Pilfer Fannie and Freddie
As they have for years, government lawyers continue to insist that the Net Worth Sweep was critically necessary to relieve Fannie and Freddie from a purported “death spiral” in which the GSEs would have to make draws on the Treasury commitment simply to pay dividends back to the Treasury. The reasoning was laid out in a brief that Treasury filed just last month in the Eighth Circuit Court of Appeals.

07/24/17

MERS and its “Parent” are trying to invade Oregon again, despite Supreme Court ruling!

Clouded Titles Blog

MERS and its “Parent” are trying to invade Oregon again, despite Supreme Court ruling!
For those of you in Oregon, you should be writing your legislators, especially the ones who are trying to pass the following Senate Bill (968), which would put MERS back into legislative existence again in Oregon, despite the Oregon Supreme Court’s rulings in Niday and Brandrup:

07/24/17

Investigator Bill Paatalo: Why JPMorgan Chase did not purchase $615 Billion of WaMu Loans

Living Lies

Investigator Bill Paatalo: Why JPMorgan Chase did not purchase $615 Billion of WaMu Loans
Investigator Bill Paatalo questions the practice of using “Substitution of Trustees”. Paatalo points out that WMAAC and WMMSC have never been dissolved and still exist. Although the loans did not go through the FDIC, Chase executes assignments from the FDIC in order to substitute trustees. In this article Paatalo demonstrates that JPMorgan Chase did not purchase ownership of $615 billion in Washington Mutal loans in three simple steps.

07/24/17

2d Circuit: If Trusts Are Not REMICs then Qui Tam Would Have Survived

Living Lies

2d Circuit: If Trusts Are Not REMICs then Qui Tam Would Have Survived
Here again the Truth seems to be the third rail of litigation if it is in any way related to the bogus “REMIC” “Trusts” or their “certificates” or their status in foreclosure litigation. None of it is real. Here again we have a case that bends down to pick up pennies while 100 dollar bills are flying overhead.

07/23/17

Standing At Inception: First DCA Goes En Banc

Stayinmyhome.com

Standing At Inception: First DCA Goes En Banc
Florida’s First District Court of Appeal recently voted en banc to reconsider the long-standing requirement that lenders prove their standing to foreclose at the inception of a lawsuit. Recognizing the importance of the issue, the 1DCA invited briefs from amicus curiae

07/22/17

Mich. foreclosure law is ‘gov’t-sanctioned thieving’

Living Lies

Mich. foreclosure law is ‘gov’t-sanctioned thieving’
The Supreme Court of the United States (SCOTUS) is being petitioned by several small property owners in Michigan who argue that they were victimized by the state’s abusive foreclosure law that allows the local government to steal their property and make hundreds of thousands of dollars in profit off of them.

07/21/17

Mini-CFPB? Pennsylvania attorney general launches consumer financial protection unit

Housing Wire

Mini-CFPB? Pennsylvania attorney general launches consumer financial protection unit
With the Consumer Financial Protection Bureau now entering its seventh year squarely in the crosshairs of the Republican Party, one state is taking matters into its own hands to ensure that its residents are protected from the unscrupulous practices of financial services companies, no matter what happens to the CFPB.

07/21/17

David Dayen: More Trump Populism: Hiring a Bank Lawyer to Attack CFPB Bank Rules

Living Lies

David Dayen: More Trump Populism: Hiring a Bank Lawyer to Attack CFPB Bank Rules
President Trump and Republicans in Congress have broadcast their every intention to gut the Consumer Financial Protection Bureau. The president’s budget attempted to defund it and leading Republicans have called for its director to be fired and replaced with a more Wall Street-compliant regulator.

07/21/17

Ocwen to Shell Out $56 Million in Class-Action Settlement

Living Lies

Ocwen to Shell Out $56 Million in Class-Action Settlement
Ocwen Financial Corporation (NYSE: OCN) on Thursday announced that has reached a $56 million settlement over a federal class-action lawsuit, the latest in a line of issues for the troubled servicer.

07/20/17

NACA Condemns Efforts in Congress to Repeal Arbitration Rule

NACA

NACA Condemns Efforts in Congress to Repeal Arbitration Rule
National Association of Consumer Advocates Condemns Efforts in Congress to Repeal Agency Rule That Restores Americans’ Legal Rights

07/19/17

Winter is Coming: Supreme Court Adopts New Bankruptcy Rules to Take Effect December 1, 2017

Stopforeclosurefraud.com

Winter is Coming: Supreme Court Adopts New Bankruptcy Rules to Take Effect December 1, 2017
Finally, after several years of debate, major changes have been approved that will have a profound impact on consumer bankruptcy cases.

07/19/17

GOP Moving Forward With Plan To Block New Legal Protections For Bank, Credit Card Customers

Consumerist.com

GOP Moving Forward With Plan To Block New Legal Protections For Bank, Credit Card Customers
The Consumer Financial Protection Bureau recently finalized new rules that prevent banks and other financial institutions from stripping customers of their constitutional right to a day in court. As expected, bank-backed lawmakers

07/19/17

Billions in Student Debt Could Disappear Because of Lost Paperwork

Vice

Billions in Student Debt Could Disappear Because of Lost Paperwork
The latest example of America's legal system being a total shitshow might actually help you out—if it doesn't screw you over first.

07/19/17

Quicken Loans Banged for $11 Million Appraissal Fraud

Living Lies

Quicken Loans Banged for $11 Million Appraissal Fraud
It comes as no surprise that a tiny subsidiary of Quicken was getting kickbacks on appraisal fees and that the appraisals were “MAI” (Made As Instructed.” This is one of the lynchpins of the illegal scheme.

07/18/17

NY Times: Student Debt Getting Wiped Out by Fraudulent Claims of Securitization

Living Lies

NY Times: Student Debt Getting Wiped Out by Fraudulent Claims of Securitization
Dozens of lawsuits to collect student loans are being dismissed — essentially wiping out the debt. The reason, just like homeowner loans, is that the chain of title on the loans is broken, inconsistent and jsut plain wrong, resulting in lawsuits being filed against students for nonexistent loans — i.e., where the student didn’t borrow money. Like homeowners, it is a numbers game.

07/17/17

Monday Morning Cup of Coffee: Wells Fargo prepares to unveil digital mortgage

Housing Wire

Monday Morning Cup of Coffee: Wells Fargo prepares to unveil digital mortgage
The digital mortgage revolution is about to take a mammoth step forward, as the nation’s largest mortgage lender is preparing to go digital.

07/14/17

HUD Did Not Conduct Rulemaking or Develop Formal Procedures for Its Single- Family Note Sales Program

Office Of Inspector General

HUD Did Not Conduct Rulemaking or Develop Formal Procedures for Its Single- Family Note Sales Program
The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General audited HUD’s rulemaking process for its single family note sales program. We initiated the audit due to the large amount of Federal Housing Administration claims paid on note sales and because our office has never audited the single-family note sales program.

07/14/17

Wells Fargo stuck mortgage borrowers with extra fees, whistle-blower's lawsuit says

LA Times

Wells Fargo stuck mortgage borrowers with extra fees, whistle-blower's lawsuit says
As Wells Fargo & Co. continues to be hit with fallout from its sham-accounts scandal, the bank is facing allegations that it put the screws to customers in yet another way: by slapping them with fees for delays in processing mortgage applications.

07/13/17

Firm Successfully Prevents Foreclosure In Zullo v. HMC Assets, 16 MISC 000413

Glenn F. Russell, Jr & Associates, P.C.

Firm Successfully Prevents Foreclosure In Zullo v. HMC Assets, 16 MISC 000413
After a four and one-half year battle, on July 06, 2017, the Firm successfully achieved a ruling from the Land Court that the foreclosing entity HMC Assets, as Trustee for The CAM III Trust, failed to meet the strict statutory requirements in order to use the Massachusetts non judicial foreclosure process under G.L. c. 244, §14, and G.L. c. 183, §21, and therefore could not hold the foreclosure auction sale.

07/13/17

FDIC Chairwoman: Mortgage Industry ‘Didn’t Think Borrowers Were Worth Helping’

Pro Publica

FDIC Chairwoman: Mortgage Industry ‘Didn’t Think Borrowers Were Worth Helping’
Outgoing Federal Deposit Insurance Corporation Chairwoman Sheila C. Bair's revealing exit interview by the New York Times' Joe Nocera has generated plenty of buzz.

07/11/17

Cordray takes on Wall Street with consumer protection rule

Sfchronicle.com

Cordray takes on Wall Street with consumer protection rule
Richard Cordray, the director of the Consumer Financial Protection Bureau, on Monday lobbed a golden apple of discord into the middle of Wall Street.

07/11/17

How Obama’s Failure To Prosecute Wall Street Set The Stage For Trump’s Win

Huffingtonpost

How Obama’s Failure To Prosecute Wall Street Set The Stage For Trump’s Win
A “chickenshit club” of prosecutors who only pursue easy targets managed to change history, a veteran Wall Street reporter argues in a new book.

07/11/17

Congress Should Embrace Rule That Restores Consumer Choice

NACA

Congress Should Embrace Rule That Restores Consumer Choice
Statement of Christine Hines, Legislative Director, National Association of Consumer Advocates Sen. Tom Cotton (R-Ark.) appears to be intent on depriving American consumers of critical choices when they face big banks and predatory lenders.

07/11/17

It's About to Get a Lot Easier to Sue Your Bank for Screwing You Over

Vice.com

It's About to Get a Lot Easier to Sue Your Bank for Screwing You Over
Unless Republicans in Congress decide to kill a new regulation, that is. It's almost unheard of for the federal government to ban anything done by Wall Street bankers.

07/10/17

CFPB Releases Final Rule to Limit Forced Arbitration in Financial Contracts

NACA

CFPB Releases Final Rule to Limit Forced Arbitration in Financial Contracts
WASHINGTON, D.C. – The CFPB has issued (link is external) its long-anticipated and widely supported rule (link is external) that will restore consumers’ right to join together in court to hold bad actors in the financial industry accountable when they break the law.

07/09/17

MERS Lacks Legal Authority and Public Accountability

Deadly Clear

MERS Lacks Legal Authority and Public Accountability
Harvard Amicus Brief on MERS
Some of the best quotes
Excellent overview of a sham concept set to nationalize our land records. It must stop! Findsen Law

07/07/17

CFPB Updates Know Before You Owe Rule

Mortgagenewsdaily.com

CFPB Updates Know Before You Owe Rule
The Consumer Financial Protection Bureau (CFPB) has announced final updates to it "Know Before You Owe" mortgage disclosure rule which went into effect on October 3, 2015. The changes are intended to formalize guidance on the rule and provide greater clarity and certainty.

07/07/17

Delaware Supreme Court rules Holder must prove it owns Note: Shrewsbury v. The Bank of NY Mellon

Living Lies

Delaware Supreme Court rules Holder must prove it owns Note: Shrewsbury v. The Bank of NY Mellon
The Delaware Supreme Court has ruled you must own note and mortgage in order to foreclose — which is what I have been saying for 12 years. A lot of good that will do the millions of people who lost their homes to parties that did not have ownership of the note and mortgage.

07/06/17

NO TRUST ASSETS: In the eye of the storm

Living Lies

NO TRUST ASSETS: In the eye of the storm
This is one more nail in the coffin of false securitization: the only assets attributed to apparent “Buyers” were those related to and including servicer advances. By severing the investors from their positions as creditors, <\p>

07/04/17

Republicans side with banks over consumers

USA Today

Republicans side with banks over consumers
Faced with a choice between helping their constituents or helping themselves to a campaign donation haul, House Republicans are siding with deep pockets.

07/03/17

RED Herring: VOID, VOIDABLE — What difference does it make?

Living Lies

RED Herring: VOID, VOIDABLE — What difference does it make?
Just a short note this Holiday extended weekend. The banks have raised the whole issue of void or voidable based upon the potential for ratification. That is a red herring. The fact that something COULD happen does not mean it DID happen.

07/03/17

10th Circuit Challenges SCOTUS on TILA Rescission — Pohl v US Bank, “Trustee”

Living Lies

10th Circuit Challenges SCOTUS on TILA Rescission — Pohl v US Bank, “Trustee”
“Courts are still inventing doctrine out of whole cloth allowing banks to escape liability and responsibility for their wrongful acts. This decision is so far off the charts that it will most certainly be reversed.”

06/30/17

How the Home Flipping Industry Is Pushing Poor People Out of Their Homes

Alternet

How the Home Flipping Industry Is Pushing Poor People Out of Their Homes
The United States has entered a new phase of residential foreclosure. The basic narrative is shocking: House-flippers are being allowed to push troubled homeowners out of their houses.

06/28/17

Recent Case Decision Summaries

Living Lies

Recent Case Decision Summaries
Hat tip to Carlton Fields I have excerpted their case summaries relevant to foreclosure. They did a great job of providing key words for searches.

06/27/17

Despite exposés and embarrassments, hundreds of judges preside in New York without law degrees

Abajournal.com

Despite exposés and embarrassments, hundreds of judges preside in New York without law degrees
The news releases are sent out with considerable regularity, brief and basic accounts of actions taken by the New York State Commission on Judicial Conduct: A judge is sanctioned for misconduct on the bench;

06/27/17

MERS and Securitization

Living Lies

MERS and Securitization
Excerpt from Garfield’s Guide to Foreclosure Defense
There are three flavors of securitization of loans:
The concept of sharing risk in a large pool of loans
The documents creating the infrastructure for securitization
The actual transactional behavior of the participants

06/26/17

VERIZZO v. BANK OF NEW YORK MELLON | FL 2DCA

Stopforeclosurefraud.com

VERIZZO v. BANK OF NEW YORK MELLON | FL 2DCA
We are again required to reverse a final judgment of foreclosure because of the plaintiff’s failure to prove at trial the existence of standing at the inception of the case

06/26/17

JPMorgan Chase Bombshell: The Mortgage Liens were Released and then Foreclosed anyways

Living Lies

JPMorgan Chase Bombshell: The Mortgage Liens were Released and then Foreclosed anyways
Transcript Reveals How JPM Chase “Got away with it” — selling loans that were already sold, releasing liens and then foreclosing on nonexistent liens

06/25/17

‘Homeownership was a mirage’: How home buyers say their American dream became a nightmare

Indystar.com

‘Homeownership was a mirage’: How home buyers say their American dream became a nightmare
Home ownership seemed out of reach to Ashley Glenn. That is, until a friend told her about an Indianapolis company run by Christians who help people that don't qualify for traditional mortgages.

06/25/17

Foreclosure Prevention is Paying Off claim the GSEs

Living Lies

Foreclosure Prevention is Paying Off claim the GSEs
The GSEs claim to have prevented more than 49,000 foreclosures in the first quarter, an increase of nearly 5,000 preventions compared to Q4, according to the Federal Housing Finance Agency’s Q1 Foreclosure Prevention Report. Unfortunately, the majority of these loans that were prevented from being foreclosed upon were held by parties that had no evidence of standing or ownership, and therefore had no right to negotiate.

06/22/17

US Office of the Solicitor General files Amicus Brief in Investor False Claims Suit re: Schneider v JP Morgan Chase

Stopforeclosurefraud.com

US Office of the Solicitor General files Amicus Brief in Investor False Claims Suit re: Schneider v JP Morgan Chase
IN THE UNITED STATES COURT OF APPEALS FOR THE DISTRICT OF COLUMBIA CIRCUIT UNITED STATES OF AMERICA, EX REL. LAURENCE SCHNEIDER, ET AL., Plaintiffs, LAURENCE SCHNEIDER, Plaintiff-Appellant, v. JPMORGAN CHASE BANK, NATIONAL ASSOCIATION; JPMORGAN CHASE & CO.; CHASE HOME FINANCE, LLC, Defendants-Appellees.

06/21/17

9th Circuit: Assignment in Breach of PSA is Voidable not Void. Here is why they are wrong

Living Lies

9th Circuit: Assignment in Breach of PSA is Voidable not Void. Here is why they are wrong
SAN JUAN, Puerto Rico — Elvis Guzman opened the letter, saw it was in English and took it to his lawyer for translation.

06/21/17

Puerto Rico Grapples With Foreclosure Crisis as Thousands Lose Homes

NBCnews.com

Puerto Rico Grapples With Foreclosure Crisis as Thousands Lose Homes
SAN JUAN, Puerto Rico — Elvis Guzman opened the letter, saw it was in English and took it to his lawyer for translation.

06/19/17

US TREASURY REPORT A GIFT TO WALL STREET, A THREAT TO CFPB AND EVERYONE ELSE

USPirg.org

US TREASURY REPORT A GIFT TO WALL STREET, A THREAT TO CFPB AND EVERYONE ELSE
Last week, the U.S. Treasury Department came out with a report mandated by a Presidential executive order.

06/19/17

Trump plan gives more power to one regulator: Treasury Secretary Steven Mnuchin

Washingtonexaminer.com

Trump plan gives more power to one regulator: Treasury Secretary Steven Mnuchin
The Trump administration's long-awaited recommendations for financial reform would reduce the power of regulators in favor of letting banks operate more freely, with one notable exception: More influence and authority would be given to one regulator, the Treasury secretary.

06/19/17

Trump plan gives more power to one regulator: Treasury Secretary Steven Mnuchin

Washingtonexaminer.com

Trump plan gives more power to one regulator: Treasury Secretary Steven Mnuchin
The Trump administration's long-awaited recommendations for financial reform would reduce the power of regulators in favor of letting banks operate more freely, with one notable exception: More influence and authority would be given to one regulator, the Treasury secretary.

06/19/17

Banking On Wells Fargo: Financial Russian Roulette for Suckers

Occupy.com

Banking On Wells Fargo: Financial Russian Roulette for Suckers
Welcome! Step right up – pull the handle, blow on the dice and have a drink on us... or better yet a Dum Dum lollipop on your way to homelessness.

06/19/17

Refinancing mortgage? Maybe you don’t need that appraisal after all

Miami Herald

Refinancing mortgage? Maybe you don’t need that appraisal after all
Do we always need an appraiser to tell us what a house is worth? The two biggest sources of mortgage financing in the country — Freddie Mac and Fannie Mae — think not. With no formal public announcement, on June 19 Freddie Mac began phasing in its plan to transition to appraisal-free mortgage for certain loan applications.

06/19/17

Investigator Bill Paatalo BlockBuster Finding: WaMu Investor Code “AO1? Revealed – Chase Stipulates It Represents “WaMu Asset Acceptance Corp.”

Living Lies

Investigator Bill Paatalo BlockBuster Finding: WaMu Investor Code “AO1? Revealed – Chase Stipulates It Represents “WaMu Asset Acceptance Corp.”
High praise to Attorney Ron Freshman in San Diego, CA and his paralegal Kimberly Cromwell who recently obtained this remarkable “Stipulation of Fact” from JPMorgan Chase Bank’s counsel.

06/18/17

MOAB: The Mothers of all Bubbles coming to a Town near You

Living Lies

MOAB: The Mothers of all Bubbles coming to a Town near You
Editor’s Note: Right before the housing bubble burst in 2008 the American public was being told by the media and government that the economy was sound. We are now in the 9th year of an artificial recovery. If you look at the real economic indicators, we are at the tipping point that will likely make the 2008 Bubble look like a dress rehearsal for the real thing.

06/16/17

39 million households are paying more for housing than they can afford

CNN.com

39 million households are paying more for housing than they can afford
Nearly 39 million households can't afford their housing, according to the annual State of the Nation's Housing Report from Harvard's Joint Center for Housing Studies.

06/16/17

10 states suffering the most from foreclosures

USA Today

10 states suffering the most from foreclosures
Foreclosures in May were down 19% from the previous year, the 20th straight month of year-over-year declines, according to data released by ATTOM Data Solutions.

06/16/17

What Housing Recovery? Real Home Prices Still 16% Below 2007 Peak

Living Lies

What Housing Recovery? Real Home Prices Still 16% Below 2007 Peak
Since the financial crisis, home equity has gone from being America’s biggest driver of (illusory) wealth to one of the biggest sources of economic inequality.

06/16/17

Senate Judiciary Committee chair wants answers on where all the mortgage settlement money went

Living Lies

Senate Judiciary Committee chair wants answers on where all the mortgage settlement money went
Earlier this month, the Trump administration’s Department of Justice put a stop to an Obama administration tactic of dictating that some companies send settlement funds to unaffiliated third parties, a practice that Republicans criticized as a “slush fund” operation.

06/16/17

Treasury Report Recommends Keeping Data From Consumers

Living Lies

Treasury Report Recommends Keeping Data From Consumers
An agency created to protect the interests of American consumers may be gutted by the Trump administration’s pursuits to cut back federal regulations.

06/16/17

What They Want to Hide Tells You Who They Are

Billmoyers.com

What They Want to Hide Tells You Who They Are
The Treasury Department has released their report on financial regulations they want to scrap. Spoiler alert:

06/16/17

Trump names son’s wedding planner to lead federal housing office

Yahoo News

Trump names son’s wedding planner to lead federal housing office
President Trump has named Lynne Patton, senior adviser during his presidential campaign and former vice president of the Eric Trump Foundation, as the head of federal housing programs in New York.

06/16/17

Cordray fights back against House Republican contempt threat

National Mortgage News

Cordray fights back against House Republican contempt threat
WASHINGTON — A House Financial Services Committee report sharply criticizing the Consumer Financial Protection Bureau’s handling of the Wells Fargo phony-accounts scandal was biased and left out key information, according to Richard Cordray, the agency’s director.

06/15/17

Bankr WD Mo. Rejects 11th Circuit’s Meaning of “Surrender” in §521(a)(2) in Denying Wells Fargo’s Motion to Compel Debtor to Surrender Home

Nacba.org

Bankr WD Mo. Rejects 11th Circuit’s Meaning of “Surrender” in §521(a)(2) in Denying Wells Fargo’s Motion to Compel Debtor to Surrender Home
The court is asked to consider the meaning of the word “surrender” in § 521(a)(2)(A) in an unusual context: where a secured creditor obtains stay relief, fails to timely foreclose, and mistakenly releases its lien, and the debtor who stated she would surrender the real estate attempts to leverage that mistake into a possible windfall.

06/15/17

It’s time to stop blaming poor people for the financial crisis

Washington Post

It’s time to stop blaming poor people for the financial crisis
There's a popular theory of what caused the 2007-2008 housing crisis that goes something like this: The problem started when greedy bankers gave poor people loans to buy houses that lenders knew they couldn't afford.

06/15/17

Nationwide Title Clearing: Custom-made Assignments so you can illegally Foreclose!

Living Lies

Nationwide Title Clearing: Custom-made Assignments so you can illegally Foreclose!
Investigator Bill Paatalo discovered a disturbing article written by Michael O’Connell, the COO for Nationwide Title Clearing, a company that creates tens of thousands of assignments as a third-party contractor.

06/14/17

86 percent of low-income Americans' civil legal issues get inadequate or no legal help, study says

ABA Journal

86 percent of low-income Americans' civil legal issues get inadequate or no legal help, study says
A new report reveals the extent of the “justice gap” experienced by low-income Americans.

06/14/17

Wells Fargo Is Accused of Making Improper Changes to Mortgages

NY Times

Wells Fargo Is Accused of Making Improper Changes to Mortgages
Even as Wells Fargo was reeling from a major scandal in its consumer bank last year, officials in the company’s mortgage business were putting through unauthorized changes to home loans held by customers in bankruptcy, a new class action and other lawsuits contend.

06/14/17

Goodbye to the Consumer Finance Protection Bureau

Bill Moyers

Goodbye to the Consumer Finance Protection Bureau
One of President Trump’s key campaign promises was to dismantle much of the protection put into place after the 2008 financial crisis.

06/14/17

David Dayen: Gorsuch’s First Opinion: Let Debt Collectors Run Amok

Living Lies

David Dayen: Gorsuch’s First Opinion: Let Debt Collectors Run Amok
Justice Neil Gorsuch’s first Supreme Court opinion won’t earn much notice in his biographies. The unanimous decision reads more like a grammatical lesson, scrutinizing one line of text in a decades-old statute.

06/14/17

Consent Order Reveals Multiple Sales of “Title”

Living Lies

Consent Order Reveals Multiple Sales of “Title”
Bill Paatalo wrote me an email (see below) that is actually an article. If you ever thought that the banks were in any way playing by the rules, maybe this article will be the straw that breaks the camel’s back.

06/13/17

THE REAL THREAT TO WALL STREET REFORM IS THE TREASURY DEPARTMENT, NOT CONGRESS

The Intercept

THE REAL THREAT TO WALL STREET REFORM IS THE TREASURY DEPARTMENT, NOT CONGRESS
THE TREASURY DEPARTMENT’S first report recommending changes to the financial regulatory system wildly differs from the plan to dismantle Dodd-Frank that House Republicans passed — and the Trump administration endorsed — just last week.

06/11/17

Rep. Matt Cartwright: Why reopening Wall Street 'casino' wrong choice for Main Street

Mcall.com

Rep. Matt Cartwright: Why reopening Wall Street 'casino' wrong choice for Main Street
When the 2007 financial crisis struck, Wall Street was the epicenter. Big banks tricked Americans into mortgages they couldn't afford through predatory lending practices. Then, they packaged those doomed mortgages into securities, which they traded as triple-A securities, even though they knew they were rotten at the core.

06/09/17

Post-Foreclosure Stress Disorder: Barriers Keeping Buyers from Market

Dsnews.com

Post-Foreclosure Stress Disorder: Barriers Keeping Buyers from Market
U.S. homeownership rates have been at a 50-year low despite improving local job markets and historically low mortgage rates. Research commissioned by the National Association of Realtors (NAR) said there are five main barriers

06/08/17

Breaking Up the Banks Is Easier Than You Might Think

Thenation.com

Breaking Up the Banks Is Easier Than You Might Think
Donald, listen, whatever you’ve done so far, whatever you’ve messed up, there’s one thing you could do that would make up for a lot. It would be huge! Terrific! It could change our world for the better in a big-league way! It could save us all from economic disaster! And it isn’t even hard to grasp or complicated to do. It’s simple, in fact. Reinstitute the Glass-Steagall Act. Let me explain.

06/07/17

Your consumer protections, on the brink of destruction in Congress

NYDailynews.com

Your consumer protections, on the brink of destruction in Congress
When Congress sought to make sure that abuses by the financial industry that put our economy on the brink of collapse would never be repeated, it created the Consumer Financial Protection Bureau. Since its founding in 2011, the CFPB has delivered resoundingly, providing $12 billion in relief to 29 million consumers wronged by banks and other institutions.

06/07/17

Secret Printer Code Could Be Breakthrough for Homeowners

Living Lies

Secret Printer Code Could Be Breakthrough for Homeowners
It seems more likely than not that the fabrications and forgeries of documents used in foreclosure and in trading were ultimately printed on a printer that conformed to Federal requirements. This could identify several facts about the documents that the banks and servicers have been denying for years.

06/06/17

Justice Department Weighs In Against Wells Fargo in a Whistle-Blower Suit

NYTimes.com

Justice Department Weighs In Against Wells Fargo in a Whistle-Blower Suit
Fresh woes for Wells Fargo and a victory for two of its whistle-blowers occurred late Tuesday when the Justice Department filed a friend-of-the-court brief in a lawsuit brought against the bank by two former employees, who were fired after they tried to report misdeeds they had observed to their supervisors.

06/05/17

Ocwen Loses Bid for Early Test of CFPB’s Constitutionality

Bloomberg BNA

Ocwen Loses Bid for Early Test of CFPB’s Constitutionality
A federal judge June 2 blocked Ocwen Financial Corp.’s bid to test the constitutionality of the Consumer Financial Protection Bureau in the early stage of a closely watched enforcement case ( Cons. Fin. Protection Bureau v. Ocwen Fin. Corp. , S.D. Fla., 17-cv-80495, 6/2/17 ).

06/05/17

Collateral & Securitization Failures: There was no Loan in most Refinances

Living Lies

Collateral & Securitization Failures: There was no Loan in most Refinances
Below is a link to a video where GlobalCollateral’s Chief Commercial Officer Ted Leveroni discusses collateral settlement failures and he basically states that the securitization failed. Collateral fail and securitization fail are exactly the same thing.

06/05/17

Does the Trust Even Exist? Probably Not.

Living Lies

Does the Trust Even Exist? Probably Not.
The fact is that many trusts do not exist as “legal persons.” The drafting of an instrument declaring the intent to create a trust does not create a trust until it is signed by a trustor.

06/03/17

GLASS-STEAGALL ACT REDUX INTRODUCED INTO THE SENATE

Clouded Titles Blog

GLASS-STEAGALL ACT REDUX INTRODUCED INTO THE SENATE
For those of you that are interested in the reintroduction of the Glass-Steagall Act (which banned the banks from getting into the securities business) by Democratic Massachusetts Senator Elizabeth Warren, here’s a copy of the latest poop:

06/01/17

The Bankers Behind the Financial Crisis Actually Got Promoted

Vice

The Bankers Behind the Financial Crisis Actually Got Promoted
Millions lost their homes and jobs, and not only did the bankers not go to jail, most of them got new and better gigs, according to a new study.

06/01/17

THE IRONY: OCWEN SUES FIDELITY INFORMATION SERVICES OVER ‘FRAUDULENT, ABUSIVE BILLING SCHEME’

4closurefraud.org

THE IRONY: OCWEN SUES FIDELITY INFORMATION SERVICES OVER ‘FRAUDULENT, ABUSIVE BILLING SCHEME’
Ocwen Financial Corp. has filed a lawsuit in California Superior Court alleging that Fidelity Information Services LLC (FIS) inflated its monthly rate and charged Ocwen for a variety of expenses while serving as its monitor for a 2015 mortgage servicing settlement case.

05/31/17

Peters v. THE BANK OF NEW YORK MELLON | FL 2DCA

Stopforeclosurefraud.com

Peters v. THE BANK OF NEW YORK MELLON | FL 2DCA
– Because the Bank failed to prove its ownership of the lost note that it attempted to reestablish and enforce, we reverse

05/31/17

Document forgery in financial industry more common than you'd think, past employees say

CBC News

Document forgery in financial industry more common than you'd think, past employees say
Employees in Canada's financial industry are speaking out about falsifying documents, telling Go Public that potentially criminal acts — like forging and photocopying customer signatures, adding initials to blank documents and using Wite-Out to conceal information — are more common than most people would think.

05/30/17

From Foreclosure to Eviction: One Family’s Struggle to Recover

KQED

From Foreclosure to Eviction: One Family’s Struggle to Recover
When Vanessa and Richard Bulnes got an eviction notice, it felt sadly ironic. The Bulneses were unable to pay the rent because their corporate landlord took three years to remediate high levels of lead in the backyard soil, which caused Vanessa to lose her business — a family home child care that she had run for more than 20 years.

05/30/17

Court of Appeals hands Wells Fargo victory over Los Angeles in fair housing lawsuit

Housing Wire

Court of Appeals hands Wells Fargo victory over Los Angeles in fair housing lawsuit
Wells Fargo may be facing a lawsuit from the city of Philadelphia over alleged discriminatory lending practices against minority borrowers, but a federal Court of Appeals just handed the bank a victory in a similar lawsuit brought by the city of Los Angeles back in 2013.

05/29/17

David Dayen: HAMP Is Hurting Liberalism

Living Lies

David Dayen: HAMP Is Hurting Liberalism
I wanted to circle back to this point I made on our foreclosure panel that I really do think expresses both the frustration and the danger I and some other commentators are feeling about the situation. Simply put, HAMP is hurting liberalism. It’s putting a face of bureaucratic incompetence on a program designed to help people.

05/28/17

Ready to jump back into the Mortgage Minefield? Take these precautions.

Living Lies

Ready to jump back into the Mortgage Minefield? Take these precautions.
Despite knowing what I know about the corrupt practices of the Federal Reserve, Government sponsored enterprises- Fannie Mae and Freddie Mac; not to mention originators, lenders, trustees, and the banks themselves- I decided the benefits of home ownership outweighed

05/28/17

The Money Trail vs. The Paper Trail Review

Living Lies

The Money Trail vs. The Paper Trail Review
Homeowners trying to receive evidence of the money trail are stonewalled from obtaining the documents that would help them to prove their case and prevail. Discovery is often blocked on ordinary grounds or on the basis of relevance.

05/26/17

Fed violates deployed US Marine despite PHH Mortgage’s Fraudulent Conduct

Living Lies

Fed violates deployed US Marine despite PHH Mortgage’s Fraudulent Conduct
A veteran of four tours of duty in the Middle East, Jacob McGreevey relishes a good fight. When the longtime Marine became convinced his former lender had illegally foreclosed on his Vancouver home, he didn’t hesitate.

05/25/17

California district court upholds constitutionality of CFPB

Justice League

California district court upholds constitutionality of CFPB
A U.S. district court judge in the Central District of California defended the constitutionality of the Consumer Financial Protection Bureau after rejecting multiple challenges to the bureau’s authority to issue civil investigative demands

05/25/17

Foreclosure Mills Don’t Know Their Client

Living Lies

Foreclosure Mills Don’t Know Their Client
So here is “the thing.” In the thousands of cases I have reviewed or been counsel or lead counsel I have yet to encounter a foreclosure mill who actually represents the foreclosing party. They represent the Servicer only. This has slipped out in admissions of counsel on several different occasions so this isn’t some fringe conspiracy theory; it is a fact.

05/24/17

PMI Insurance: Coverage, Overcharges, Kickbacks and Maybe a Duty to Mitigate Losses — and Article 3 Standing in a Nutshell

Living Lies

PMI Insurance: Coverage, Overcharges, Kickbacks and Maybe a Duty to Mitigate Losses — and Article 3 Standing in a Nutshell
Rather than write my own article on RESPA, kickbacks, PMI insurance and “Reinsurance” I will simply quote a 2008 case that basically lays out the doctrines applicable to a claim for treble damages under RESPA

05/23/17

U.S. SUPREME COURT DENIES WRIT IN THE ROBINSON CASE AGAINST MERS!

Cloudedtitlesblog.com

U.S. SUPREME COURT DENIES WRIT IN THE ROBINSON CASE AGAINST MERS!
On May 22, 2017, the United States Supreme Court declined to hear the matter of Daniel and Darla Robinson vs. Mortgage Electronic Registration Systems, Inc. and MERSCORP Holdings, Inc.

05/23/17

Trump budget surprise: Gutting the CFPB

Housing Wire

Trump budget surprise: Gutting the CFPB
The impact of President Donald Trump’s 2018 federal budget proposal would certainly be felt in the housing industry via the 13% cut to the budget of the Department of Housing and Urban Development, but that’s hardly the only impactful move that the budget proposal holds.

05/23/17

John Does, Jane Roes, Trusts and Zuni Trust

Living Lies

John Does, Jane Roes, Trusts and Zuni Trust
Since the banks, servicers, originators, aggregators and others maintain radio silence as to what is going on and who is doing anything it should come as no surprise that lawyers will find it necessary to resort to “placeholder names” because they don’t yet know the actual name of an entity they have figured out must be involved but whose name is being withheld.

05/22/17

Welcome foreclosure relief for N.J. homeowners

NJ.com

Welcome foreclosure relief for N.J. homeowners
If you listen to the Wall Street folks for any length of time, you would think our housing troubles are over. While major housing markets like San Francisco, New York, Las Vegas and Dallas may be getting traction these days, that traction hasn't made it way to many New Jersey communities, especially in South Jersey.

05/21/17

The ChickenShit Club aka The United States Department of Justice

Living Lies

The ChickenShit Club aka The United States Department of Justice
From Pulitzer Prize–winning journalist Jesse Eisinger, a blistering account of corporate greed and impunity, and the reckless, often anemic response from the Department of Justice.

05/21/17

David Dayen Repost: Inside the Abortive FBI Investigation of Illegal Foreclosure in Florida

Living Lies

David Dayen Repost: Inside the Abortive FBI Investigation of Illegal Foreclosure in Florida
The massive probe threatened to implicate the biggest banks in America, but sent just one woman to prison. Six years ago, FBI agents in Jacksonville, Florida, wrote a memo to their bosses in Washington, DC, that could have unraveled the largest consumer fraud in American history.

05/20/17

The story behind the only bank prosecuted after the 2008 financial crisis

Justice League

The story behind the only bank prosecuted after the 2008 financial crisis
After the 2008 financial crisis took millions of investment dollars from Americans, shell shocked financial advisers and briefly turned the country upside down, only one bank was indicted:

05/19/17

Making Assignments in the Dark

Living Lies

Making Assignments in the Dark
Editor’s Note: In this industry article, Nationwide Title Clearing, Inc. insinuates that a bank should obtain a chain of title report before assigning a note to ensure that the manufactured paperwork creates the appearance of a clear chain of title.

05/18/17

Legislative Loophole May Make Foreclosures Easier

Afro.com

Legislative Loophole May Make Foreclosures Easier
Thanks to a new law designed to address blighted and abandoned properties and a growing number of house flippers, it may not take long or much to lose your home in Prince George’s County.

05/16/17

Former Wells Fargo Employee Claims Bank Defrauded Government Of $1.4B In Foreclosure Funding

Consumerist.com

Former Wells Fargo Employee Claims Bank Defrauded Government Of $1.4B In Foreclosure Funding
There has been no shortage of lawsuits filed against Wells Fargo in recent years, from accusations the bank pushed mortgages on borrowers who couldn’t repay them to claims the company pressed employees to engage in fraudulent conduct with regard to customer accounts.

05/16/17

STEVE MNUCHIN’S OLD COMPANY JUST SETTLED FOR $89 MILLION FOR RIPPING OFF THE GOVERNMENT ON DODGY LOANS

TheIntercept.com

STEVE MNUCHIN’S OLD COMPANY JUST SETTLED FOR $89 MILLION FOR RIPPING OFF THE GOVERNMENT ON DODGY LOANS
FOR FOUR YEARS during Treasury Secretary Steven Mnuchin’s tenure as chair of OneWest Bank, its reverse-mortgage subsidiary Financial Freedom ripped off the government by

05/15/17

Philadelphia sues Wells Fargo over discriminatory lending

Housing Wire

Philadelphia sues Wells Fargo over discriminatory lending
Earlier this month, the Supreme Court ruled that cities have the right to sue banks over discriminatory mortgage lending practices, but the ruling established a standard that might be tough for the city in question to prove. Now, one city is going to put that standard to the test.

05/15/17

Is the Number of Foreclosures Going Up or Down?

Living Lies

Is the Number of Foreclosures Going Up or Down?
It depends who you ask, when you ask and where you ask. The Wall Street Banks have been very effective at putting out stories to make it appear that foreclosures are

05/15/17

Default, Foreclosure and the impact on physical and mental health function

Living Lies

Default, Foreclosure and the impact on physical and mental health function
Neuroscientists have concluded that chronic stress and cortisol damage the brain. Although there are no formal studies to date on the health ramifications of default, prolonged litigation, and post-foreclosure trauma,

05/12/17

Lawyer with Responsibility for Mortgage Crisis Appointed to Take Care of Mortgage Banks

Therealnews.com

Lawyer with Responsibility for Mortgage Crisis Appointed to Take Care of Mortgage Banks
Donald Trump is distinguishing himself as a president unconcerned with traditional protocols of running the government - in particular,

05/12/17

MERS ASSIGNMENT FAIL: MORTGAGE ELECTRONIC REGISTRATION SIDESTEPS, INC.

4closurefraud.org

MERS ASSIGNMENT FAIL: MORTGAGE ELECTRONIC REGISTRATION SIDESTEPS, INC.
Over the years we have seen various Assignment Fails such as BOGUS and BAD BENE. Some even had effective dates as 09/09/9999, while others had forged signatures or were put together by someone with very poor Photoshop skills. Today, we present a new variation of a MERS assignment that is polluting land records across the county

05/12/17

They're back: Wells Fargo prepares to issue private-label mortgage bonds

Housing Wire

They're back: Wells Fargo prepares to issue private-label mortgage bonds
Wells Fargo is planning its reentrance into the private mortgage-backed security market for the first time since the financial crisis, a head of the bank’s consumer lending division announced, according to an article by Dan Freed for Reuters.

05/11/17

Miami-Dade has the second highest rate of repeat foreclosures of any major market

Therealdeal.com

Miami-Dade has the second highest rate of repeat foreclosures of any major market
Miami-Dade County has the second-highest rate of repeat foreclosures of any major housing market, topped only by New York City, according to a newly released report from Attom Data Solutions.

05/10/17

Texas orders Ocwen to stop acquiring new mortgage servicing rights

Housing Wire

Texas orders Ocwen to stop acquiring new mortgage servicing rights
The Texas Department of Savings and Mortgage Lending recently ordered Ocwen Financial Corporation to cease and desist, adding its name to a growing list of states and regulators coming after the mortgage servicer over alleged violations of state and federal law.

05/11/17

Miami-Dade has the second highest rate of repeat foreclosures of any major market

Therealdeal.com

Miami-Dade has the second highest rate of repeat foreclosures of any major market
Miami-Dade County has the second-highest rate of repeat foreclosures of any major housing market, topped only by New York City, according to a newly released report from Attom Data Solutions.

05/10/17

Is Appraisal Fraud Still a Valid Claim?

Living Lies

Is Appraisal Fraud Still a Valid Claim?
It should come as no surprise that 10 years after the crash, Bloomberg reports that most U.S. homes are worth less now than before the crash, with many homes worth less than when they were purchased or refinanced long before the crash. Appraisal fraud was thus institutionalized to the dismay of the licensed appraisers and subsequent “drive-by” appraisals done by real estate agents. The question is whether this fraud is NOW actionable. I think it is.

05/10/17

“Illegal Loans”

Living Lies

“Illegal Loans”
Lots of loans have provisions that are illegal. As far as I know the only illegal provision of a loan that could make debt, note and mortgage go away, i.e., becomes void in its entirety (versus the provision containing the illegal language), or that entitles the borrower to recover all his payments or more is a usury statute in a state where the statute specifically provides that remedy.

05/09/17

What’s really going on between Goldman Sachs and the federal government?

NYpost.com

What’s really going on between Goldman Sachs and the federal government?
Just for laughs, let’s start out with this idea — that Goldman Sachs acts as an agent of the federal government. Let’s see if I can persuade you.

05/09/17

Elizabeth Warren's preferred SEC nominee is married to an attorney at the big banks' go-to law firm

Washingtonexaminer.com

Elizabeth Warren's preferred SEC nominee is married to an attorney at the big banks' go-to law firm
Sen. Elizabeth Warren's pick as a new financial regulator is a staffer of hers married to an attorney at a firm representing the very big banks he would regulate, and whom Warren loves to chastise.

05/09/17

How Homeownership Became the Engine of American Inequality

NYtimes.com

How Homeownership Became the Engine of American Inequality
An enormous entitlement in the tax code props up home prices — and overwhelmingly benefits the wealthy and the upper middle class.

05/09/17

Brooklyn Court Quietly Moves to Toss Out Hundreds of Foreclosure Cases

Justiceleaguetaskforce

Brooklyn Court Quietly Moves to Toss Out Hundreds of Foreclosure Cases
BROOKLYN — Kings County Supreme Court is about to quietly dismiss thousands of foreclosure cases on Tuesday — in what lawyers say will deal a severe blow to homeowners with pending cases.

05/09/17

MERS wins in four Pennsylvania county lawsuits

Justiceleaguetaskforce

MERS wins in four Pennsylvania county lawsuits
The Commonwealth Court of Pennsylvania, by a majority opinion, ruled in MERS’favor in four lawsuits filed by the Recorders of four Pennsylvania Counties (Delaware, Berks, Bucks and Chester), locking in another victory for the company.

05/08/17

Why Republicans Want to Declaw the Nation’s Consumer Financial Watchdog Agency

NBCnews.com

Why Republicans Want to Declaw the Nation’s Consumer Financial Watchdog Agency
A new bill aims to dismantle the powers of the Consumer Financial Protection Bureau, the independent watchdog that protects consumers and investors and has saved Americans almost $12 billion since it was created six years ago.

05/08/17

Reverse Mortgage Solutions, Inc. v. Estate of Ruby Hayes

Stopforeclosurefraud.com

Reverse Mortgage Solutions, Inc. v. Estate of Ruby Hayes
Florida Supreme Court gift to Banksters … BACKFIRES. Statute of Limitations ruled VALID with REVERSE MORTGAGES. Death do you proud.

05/07/17

CHAIN OF TITLE: A NO TRESPASSING SIGN IN FRONT OF A FORECLOSURE

4closurefraud.org

CHAIN OF TITLE: A NO TRESPASSING SIGN IN FRONT OF A FORECLOSURE
DAVID DAYEN’S CHAIN OF TITLE CONFIRMS WHAT YOU ALWAYS SUSPECTED: THE GAME IS RIGGED Chain of Title should be required reading in every college-level business ethics class in America.

05/07/17

Repeat foreclosures in the city have reached an all-time high

nypost.com

Repeat foreclosures in the city have reached an all-time high
New York homeowners are in default mode — again. The city leads the nation in repeat foreclosure filings And the winner in all this is the residential mortgage servicing industry, which collects monthly payments and cashes in on fees for every homeowner’s misfortune.

05/06/17

CFPB to Assess RESPA Mortgage Servicing Rule Effectiveness

Living Lies

CFPB to Assess RESPA Mortgage Servicing Rule Effectiveness
The Consumer Financial Protection Bureau (CFPB) is planning to assess the effectiveness of the Real Estate Settlement Procedures Act (RESPA) mortgage servicing rule.

05/05/17

CitiBank Whisteblower Richard Bowen: They’re Back! Fannie and Freddie Ride Again

Living Lies

CitiBank Whisteblower Richard Bowen: They’re Back! Fannie and Freddie Ride Again
It looks as if Fannie Mae and Freddie Mac have not learned from their previous enabling of banks leading to the financial crisis. In fact, it looks as if the two are still using the same business model;

05/04/17

Don’t Forget FOIA Requests — Info on Bidding and Title

Living Lies

Don’t Forget FOIA Requests — Info on Bidding and Title
Hat Tip to George Riley George sent in a Freedom of Information Act (FOIA) request to the Veterans Administration (VA) seeking information on who was the creditor and what role the VA had in connection with his loan. What he found was a “new version of the note,” and the fact that Wells Fargo who foreclosed received title to the property and then paid the VA the exact amount of their “credit bid”. While not completely dispositive of the issue this shows that the VA was in fact the creditor and that representations from Wells Fargo that they were the owner of the loan were false.

05/04/17

Worcester woman allegedly faces 10th eviction attempt in 2 years

Masslive.com

Worcester woman allegedly faces 10th eviction attempt in 2 years
Marjorie Evans was nearly in tears as she watched repo men, police officers and locksmiths converge on her Worcester home Thursday morning.

05/02/17

Eleven Lowlights in the Wrong CHOICE Act

National Association of Consumer Advocates (NACA)

Eleven Lowlights in the Wrong CHOICE Act
Congress is considering a bill called the “Financial CHOICE Act,” (H.R. 10), a dreadful proposal that promises to threaten Americans’ economic security, reminiscent of the destruction caused by the 2008 financial crisis. The bill is sponsored by U.S. House Financial Services Committee Chairman Jeb Hensarling of Texas.

05/02/17

Congress Is About To Confirm Another Former Goldman Sachs Honcho For Trump

Huffpost

Congress Is About To Confirm Another Former Goldman Sachs Honcho For Trump
WASHINGTON ? The Senate on Monday cleared the way to confirm Jay Clayton as chairman of the Securities and Exchange Commission, making a Wall Street power lawyer one of the nation’s top financial regulators.

05/02/17

FannieGate: Obamacare Looting Scheme by diverting Fannie and Freddie Funds

Living Lies

FannieGate: Obamacare Looting Scheme by diverting Fannie and Freddie Funds
Steve Mnuchin stated Monday on Fox News that President Obama engineered the “Net Worth Sweep” (NWS) in August 2012 to divert funds from the two Government Sponsored Entities (GSEs) to pay for Obamacare, after Congress refused to fund the low-income insurance subsidies critical to keep afloat the Affordable Care Act (ACA).

05/02/17

H.R. 1694 Passes: Fannie and Freddie Open Records Act of 2017

Living Lies

H.R. 1694 Passes: Fannie and Freddie Open Records Act of 2017
Last week H.R. 1694 passed in the House of Representatives. This bill will make Fannie Mae and Freddie Mac subject to the requirements of the Freedom of Information Act, which would make their records available to the public on request.

05/01/17

Radian Whistle Blower Get Snubbed for Revealing False Reporting

Living Lies

Radian Whistle Blower Get Snubbed for Revealing False Reporting
What happens to the “loan” when Radian (or some other loan insurer) pays all or part of the loan? This runs to the nub of the fraudulent scheme based on false claims of securitization. If Radian paid off whoever is claiming the right to foreclose on your property then NORMALLY your liability would remain the same, now due to Radian (or Radian and the forecloser, in the event of partial payment).

05/01/17

Supreme Court rules cities can sue banks for predatory lending

Housingwire.com

Supreme Court rules cities can sue banks for predatory lending
The Supreme Court handed down a landmark ruling, stating cities can sue banks for discriminatory mortgage lending practices, but cautioned that the burden of proof could be difficult to achieve.

04/29/17

Ocwen takes Massachusetts, Illinois to court to fight mortgage restrictions

PiggyBankBlog.com

Ocwen takes Massachusetts, Illinois to court to fight mortgage restrictions
This is a .housingwire.com article. Nonbank says that states’ restrictions will cause “significant harm” to consumers. Last week, a raft of state regulators clamped new business restrictions on Ocwen Financial for alleged rampant errors with homeowners’ escrow accounts and other issues at the nonbank

04/28/17

A Whistle Was Blown, but Who Was Listening?

NYTimes.com

A Whistle Was Blown, but Who Was Listening?
The Securities and Exchange Commission calls itself the whistle-blower’s advocate. But one participant in the agency’s lauded whistle-blower program isn’t so sure.

04/28/17

Florida Attorney Mark Stopa: The party seeking foreclosure must demonstrate that it has standing to foreclose.

Living Lies

Florida Attorney Mark Stopa: The party seeking foreclosure must demonstrate that it has standing to foreclose.
PATRICK WALSH AND CATHERINE WALSH, Appellants, v. BANK OF NEW YORK MELLON TRUST, ETC., ET AL., Appellees. Case No. 5D15-1898.District Court of Appeal of Florida, Fifth District.

04/27/17

Richard Bowen: Is the Fed Really Interested In Protecting Consumers or Is It just Lip Service?

Living Lies

Richard Bowen: Is the Fed Really Interested In Protecting Consumers or Is It just Lip Service?
Eric Ben Artzi … is a former risk officer at Deutsche Bank. Mr. Ben-Artzi was one of three former Deutsche Bank employees turned whistleblowers who in 2010-2011 notified regulators of improper accounting at Deutsche. What was discovered resulted in a five-year investigation and a $55 million settlement

04/24/17

Powell v. WELLS FARGO BANK, NA | FL 4DCA

Stopforeclosurefraud.com

Powell v. WELLS FARGO BANK, NA | FL 4DCA
– neither party disputes the validity of the special indorsement appearing on the allonge filed with the original complaint, the Bank was required to prove a chain of transfers starting with the indorsee, GreenPoint Mortgage.

04/22/17

David Dayen: The CFPB Just Sued a Crooked Mortgage Servicer, but Indicted Itself

Living Lies

David Dayen: The CFPB Just Sued a Crooked Mortgage Servicer, but Indicted Itself
n December 2013, the Consumer Financial Protection Bureau and 49 states issued a $2.1 billion consent order against Ocwen, one of America’s largest mortgage companies, for “violating consumer financial laws at every stage of the mortgage servicing process.” Three and a half years later

04/21/17

Here's a detailed breakdown of Ocwen's new restrictions by state

Housing Wire

Here's a detailed breakdown of Ocwen's new restrictions by state
The servicing issues at Ocwen Financial are allegedly so widespread that some states are placing stricter restrictions on the nonbank, beyond freezing the company’s ability to acquire new mortgage servicing rights.

04/21/17

Elizabeth Warren on Big Banks and Their (Cozy Bedmate) Regulators

New York Times

Elizabeth Warren on Big Banks and Their (Cozy Bedmate) Regulators
Wells Fargo’s board and management are scheduled to meet shareholders at the company’s annual meeting Tuesday in Ponte Vedra Beach, Fla. With the phony account-opening scandal still making headlines, and

04/20/17

CFPB sues Ocwen, alleges total failure of mortgage servicing process

Housng Wire

CFPB sues Ocwen, alleges total failure of mortgage servicing process
April 20, 2017 is turning into D-Day for Ocwen Financial. On Thursday, a group of state banking regulators issued a series of cease-and-desist orders to Ocwen that prohibit the acquisition of new mortgage servicing

04/19/17

Securitization May Create Securities Out of Loans and MBS

Living Lies

Securitization May Create Securities Out of Loans and MBS
There is an untested theory that could have significant impact if it was attempted by experienced securities counsel. The foundation lies in the way that mortgage loans were sold first to consumers as loan products and then traded in the secondary and tertiary markets as “investments.”

04/17/17

A Bank Even a Socialist Could Love

InTheseTimes.com

A Bank Even a Socialist Could Love
“Money is a utility that belongs to all of us,” says Walt McRee. McRee is a velvety-voiced former broadcaster now plotting an audacious challenge to the financial system.

04/14/17

Citi continues moving away from mortgages as originations plummet

Living Lies

Citi continues moving away from mortgages as originations plummet
Citigroup first-quarter earnings show that the bank is continuing to move further and further away from mortgages and into other lines of business (The bigger question is why is Citi moving away from originating and servicing consumer mortgages).

04/13/17

Wall Street’s House of Cards: Let’s Play Bankster Three Card Monte

Occupy.com

Wall Street’s House of Cards: Let’s Play Bankster Three Card Monte Welcome to another edition of “Homeowner Hunger Games.” Step right up ladies and gentlemen! Try to beat the house if you dare! Keep your eye on the queen and show me the green – put up your money, you’ve got this! You may already be a winner. Fill in that paper work. We’re here to help!

04/13/17

The Saga of Wells Fargo – Are Banks Reaping What They Sow?

Living Lies

The Saga of Wells Fargo – Are Banks Reaping What They Sow?
Recent headlines bowled me over: Wells Fargo being forced to reinstate employees – whistleblowers – who reported the ethics issues to their superiors, and pay their back pay! Their Board of Directors report decision laying the responsibility of the 2 million plus unauthorized bank and credit accounts on the bank’s former CEO

04/12/17

Edmonds v. US Bank National Association | FL 2DCA

Stopforeclosurefraud.com

Edmonds v. US Bank National Association | FL 2DCA
– Because the appellees failed to establish that notice of default was given as required by paragraph 22 of the mortgage

04/11/17

Hawaii Attorney Gary Dubin: Ten Most Important Ways of Surviving the Rule Ritual in Foreclosure Summary Judgment Proceedings

Living Lies

Hawaii Attorney Gary Dubin: Ten Most Important Ways of Surviving the Rule Ritual in Foreclosure Summary Judgment Proceedings
Attorney Gary Dubin’s Foreclosure Workshop: An Updated Working Checklist of the Ten Most Important Ways of Surviving the Rule Ritual in Foreclosure Summary Judgment Proceedings

04/11/17

The damning 2004 report that Wells Fargo chose to ignore

Stopforeclosurefraud.com

The damning 2004 report that Wells Fargo chose to ignore
An internal Wells Fargo report prepared 12 years ago — in August 2004 — eerily foretold the fake account scandal that has recently shaken Wells Fargo to its core.

04/10/17

Bank of America, N.A. v. Reyes-Toledo

JUSTIA USLaw

Bank of America, N.A. v. Reyes-Toledo
Bank of America, N.A. filed a complaint seeking to foreclose on Homeowner’s property. Homeowner asserted numerous defenses, including

04/10/17

Wells Fargo v Lang | NYSC

Stopforeclosurefraud.com

Wells Fargo v Lang | NYSC
– $480,000 Mortgage Declared Time-Barred, Foreclosure Dismissed with Prejudice.

04/08/17

New York Law: New Requirement on Lenders in Foreclosure Process Is Constitutional

Living Lies

New York Law: New Requirement on Lenders in Foreclosure Process Is Constitutional
A new law in New York that says lenders’ legal representatives must bring all the necessary documentation to foreclosure settlement conferences with mortgage holders has been upheld by a judge.

04/07/17

Lessons to Learn About Mortgage Lawsuits from First Circuit Decision

Culiklaw.com

Lessons to Learn About Mortgage Lawsuits from First Circuit Decision
Many important principles of mortgage and foreclosure law are dealt with in a recent case from the First Circuit Court of Appeals, the federal appeals court covering Massachusetts.

04/07/17

A Federal Reserve Bank Ignored Insider Trading Investigation When Re-Appointing Its President

Theintercept.com

A Federal Reserve Bank Ignored Insider Trading Investigation When Re-Appointing Its President
NEW DOCUMENTS OBTAINED by a Federal Reserve watchdog group suggest that the Federal Reserve Bank of Richmond’s board of directors may have known that its president was under federal investigation when the board re-appointed him to a new term.

04/07/17

Subscribe to David Dayen’s Newsletter

Living Lies

Subscribe to David Dayen’s Newsletter
David Dayen, author of the book Chain of Title, has launched a newsletter. If you are a fan of David Dayen, who has been instrumental in bringing foreclosure fraud issues to the national level, subscribe here:

04/07/17

Michigan Foreclosure King Republican David Trott of MI-11 introduces bill to enrich his foreclosure business

Living Lies

Michigan Foreclosure King Republican David Trott of MI-11 introduces bill to enrich his foreclosure business
Republican Congressman David Trott from Michigan’s 11th Congressional District has a long and sordid history profiting from the “human misery” caused when his foreclosure business threw victims of the Bush Recession out of their homes. He didn’t just run a foreclosure-based law firm. He created a vertically integrated machine to ensure that he got profit every step of the way:

04/07/17

May v Nationstar Mortgage: Reckless Indifference resulting in Mental Anguish results in 500k punitive damages award

Living Lies

May v Nationstar Mortgage: Reckless Indifference resulting in Mental Anguish results in 500k punitive damages award
Jeannie K. May, Plaintiff-Appellee,
v.
Nationstar Mortgage, LLC, Defendant-Appellant.
Jeannie K. May, Plaintiff-Appellant,
v.
Nationstar Mortgage, LLC, Defendant-Appellee.

04/07/17

Republicans accuse CFPB of dawdling on Wells Fargo probe

Piggy Bank Blog

Republicans accuse CFPB of dawdling on Wells Fargo probe
Republican lawmakers escalated their accusations that the Consumer Financial Protection Bureau was slow to start investigating allegedly fraudulent sales practices at Well Fargo & Co., saying the agency joined in well after other regulators.

04/06/17

7th Cir. Rejects Borrower’s Claims Against Mortgagee, Other Parties Under Rooker-Feldman

Lexology.com

7th Cir. Rejects Borrower’s Claims Against Mortgagee, Other Parties Under Rooker-Feldman
The U.S. Court of Appeals for the Seventh Circuit recently affirmed the dismissal of a borrower’s lawsuit against his mortgagee, its former employees, counsel and appellate counsel, and the original mortgagee’s software platform creator, under various federal and state consumer protection statutes and common law torts.

04/06/17

Trump wants to cut off poor people’s legal lifeline

Thinkprogress.org

Trump wants to cut off poor people’s legal lifeline
Without legal aid, there will be little assistance for those facing eviction, domestic violence, or huge amounts of debt.

04/06/17

FANNIE MAE: Lenders are advised that steps are being taken to suspend use of the “MERS as Original Mortgagee”

Stopforeclosurefraud.com

FANNIE MAE: Lenders are advised that steps are being taken to suspend use of the “MERS as Original Mortgagee”
FANNIE MAE: Lenders are advised that steps are being taken to suspend use of the “MERS as Original Mortgagee” authorized change to the Maine security instrument (Form 3020)

04/06/17

Fed's Kashkari says JPMorgan's Jamie Dimon is dead wrong about banks

CNBC.com

Fed's Kashkari says JPMorgan's Jamie Dimon is dead wrong about banks
Minneapolis Fed President Neel Kashkari is taking on the financial world's perhaps most well-known and powerful name — JPMorgan Chase CEO Jamie Dimon, whom the central bank official said recently made "demonstrably false" statements about the industry.

04/05/17

BLACKROCK ALLOCATION TARGET SHARES: SERIES S PORTFOLIO v. WELLS FARGO BANK, N.A. | SDNY

Stopforeclosurefraud.com

BLACKROCK ALLOCATION TARGET SHARES: SERIES S PORTFOLIO v. WELLS FARGO BANK, N.A. | SDNY
– Plaintiffs claim that Defendant discovered pervasive documentation errors, breaches of seller representations and warranties (“R&Ws”), and systemic loan-servicing violations, but disregarded its contractual obligations to protect Plaintiffs therefrom because, among other consequences, doing so would have exposed Defendant to liability for its own RMBS-related misconduct

04/05/17

Republicans attack consumer financial watchdog as they push for his firing

LATimes.com

Republicans attack consumer financial watchdog as they push for his firing
The chairman of a powerful House committee welcomed the nation’s top consumer financial watchdog to a hearing Wednesday by expressing surprise he showed up, and hoped he never does so again.

04/04/17

Despite Trump's claims, bank regulation hasn't slowed lending

CNBC.com

Despite Trump's claims, bank regulation hasn't slowed lending
Foreclosure victims have been virtually invisible in Washington since the financial crisis. But they may finally get an ally.

04/04/17

May v. NATIONSTAR MORTGAGE, LLC | 8th Cir.

Stopforeclosurefraud.com

May v. NATIONSTAR MORTGAGE, LLC | 8th Cir.
Foreclosure victims have been virtually invisible in Washington since the financial crisis. But they may finally get an ally. – $500k Damages – Evidence that Nationstar acted with a reckless indifference to her rights is legally sufficient to establish the requisite mental state to support the punitive damages awarded by the jury

04/04/17

AN ENEMY OF THE WALL STREET FORECLOSURE MACHINE IS RUNNING TO UNSEAT A GOP LAWMAKER IN CALIFORNIA

The Intercept

AN ENEMY OF THE WALL STREET FORECLOSURE MACHINE IS RUNNING TO UNSEAT A GOP LAWMAKER IN CALIFORNIA
Foreclosure victims have been virtually invisible in Washington since the financial crisis. But they may finally get an ally. Katie Porter, a University of California-Irvine professor and public interest lawyer who authored one of the first academic studies of foreclosure fraud, and who helped thousands of California homeowners as a monitor of the national foreclosure fraud settlement, announced yesterday that she will run for Congress in California’s 45th Congressional district, against two-term Republican incumbent Mimi Walters.

04/03/17

Katie Porter, California mortgage settlement monitor and Warren protégé, running for Congress

Housing Wire

Katie Porter, California mortgage settlement monitor and Warren protégé, running for Congress
The coming battle for control of Congress in 2018 has a new combatant, one that would bring significant experience in the mortgage space to the House of Representatives.

04/03/17

Allen v. WILMINGTON TRUST, NA | FL 2DCA

Stopforeclosurefraud.com

Allen v. WILMINGTON TRUST, NA | FL 2DCA
– the Trust did not meet its burden of proving it satisfied the condition precedent of giving notice of acceleration

04/03/17

Wells Fargo faces another Investor lawsuit over defective mortgage securities

Living Lies

Wells Fargo faces another Investor lawsuit over defective mortgage securities
Too Big to Fail behemoth Wells Fargo faces another lawsuit over faulty residential mortgage-backed securities. As investors become aware of the fraudulent securities purchased, more lawsuits are sure to be ignited.

04/03/17

District Judge in NY Knocks down Attempt to Avoid Statute of Limitations

Living Lies

District Judge in NY Knocks down Attempt to Avoid Statute of Limitations
Ten years have expired since the alleged “default” occurred. Without any other action the maintenance of the property has been paid by somebody through the conduit of an alleged servicer probably using investor funds without investors knowing anything about it. Now suddenly someone, actually ANYONE, wants a judgment of foreclosure. They want a judgment for “unjust enrichment” as if that wasn’t rubbing salt in the wound of their incredibly wrongful foreclosure in the first instance.

04/03/17

Florida Supreme Court dismisses motion for rehearing in case concerning Florida Statute of Limitations

Living Lies

Florida Supreme Court dismisses motion for rehearing in case concerning Florida Statute of Limitations
Last week a Manhattan court ruled in Costa v. Deutsche Bank that Deutsche Bank had failed to foreclose within the six year window and was therefore barred from collecting the debt. In the same week, the Florida Supreme Court denied a motion for rehearing in Bartram v. U.S. Bank regarding the statute of limitations in foreclosure cases, therefore ruling that there is no statute of limitation on mortgage debt in Florida.

04/03/17

Understanding Consumer Experiences: Insights from CFPB’s 2016 Consumer Response Annual Report

CFPB

Understanding Consumer Experiences: Insights from CFPB’s 2016 Consumer Response Annual Report
Since beginning to accept consumer complaints more than five years ago, we have handled approximately 1,136,000 complaints. The insights we get from the questions consumers ask and the complaints they submit help us to better understand the problems consumers experience in the financial marketplace.

03/31/17

Elderly woman tries to make sense of eviction from longtime home

SFchronicle.com

Elderly woman tries to make sense of eviction from longtime home
Three weeks ago, Dorothy DeBose was given 10 minutes to vacate the house she’s lived in for most of her life.

03/31/17

How a Cruel Foreclosure Drove a Couple to the Brink of Death

Vice.com

How a Cruel Foreclosure Drove a Couple to the Brink of Death
A married couple resorted to self-harm after being physically and psychologically terrorized by Bank of America over their house—until a judge fined the bank $46 million.

03/31/17

Wells Fargo must face litigation on defective mortgages: U.S. judge

Reuters.com

Wells Fargo must face litigation on defective mortgages: U.S. judge
A federal judge on Thursday said Wells Fargo & Co (WFC.N) must face litigation seeking to hold it responsible for billions of dollars of claimed investor losses stemming from its alleged failures as a trustee overseeing risky residential mortgage-backed securities.

03/30/17

Schneiderman keeps foreclosure prevention program afloat with $10M infusion

Therealdeal.com

Schneiderman keeps foreclosure prevention program afloat with $10M infusion
New York Attorney General Eric Schneiderman will provide $10 million to keep a foreclosure-prevention service afloat until next year.

03/30/17

Law deans were unaware of judge's largesse in wrongful foreclosure case

ABAJournal.com

Law deans were unaware of judge's largesse in wrongful foreclosure case
Some law deans were surprised to learn that a federal bankruptcy judge had decided to give their schools $4 million each in punitive damages awarded in a California couple’s wrongful foreclosure case against Bank of America.

03/28/17

Sundquist v. Bank of America: $45 Million for violations of Automatic Stay

Living Lies

Sundquist v. Bank of America: $45 Million for violations of Automatic Stay
In most cases, the damages awarded to homeowners are so paltry that they do little to punish unlawful conduct or to deter future behavior by servicers. The banks continue their crime spree unabated. Those days may be over. A bankruptcy court in Sacramento, California recently...

03/28/17

ONCE MERS ENTERS THE PICTURE, YOU’VE GOT ISSUES!

CloudedTitlesBlog.com

ONCE MERS ENTERS THE PICTURE, YOU’VE GOT ISSUES!
I just received an email from a reader who is worried about the mess his daughter and son-in-law got themselves into with the purchase of their new home using a MERS-originated mortgage (MOM) … after writing a response to him, I decided to put my answer on this blog for the benefit of others who think that having a MERS mortgage is “no big deal”. He even talked to a little old lady in John O’Brien’s office up in Salem, Massachusetts who acted like it was no big deal that MERS was involved.

03/25/17

Eric Mains: “Acceptable Casualties”

Living Lies

Eric Mains: “Acceptable Casualties”
At the request of Eric Mains, former FDIC employee, I am publishing his comments on the foreclosure situation and the the banking crisis. ACCEPTABLE CASUALTIES

03/22/17

Phil Murphy just unveiled a plan to make Wall St. clean up N.J. home foreclosures

NJ.com

Phil Murphy just unveiled a plan to make Wall St. clean up N.J. home foreclosures
Is New Jersey's sky-high foreclosure rate actually the answer to its affordable housing crisis? Phil Murphy thinks so. The Democratic front-runner for governor has unveiled a new plan he says would take New Jersey from first in the nation in foreclosures to near first in the nation for affordable housing, courtesy of Wall Street's banks.

03/22/17

MERS Ownership Intentionally Obfuscated

Living Lies

MERS Ownership Intentionally Obfuscated
In an ongoing California Appeal (that will go unnamed at this time), a homeowner’s attorney obtained a routine MERS corporate disclosure statement in response to an opening appellate brief he had filed. The attorney shared the disclosure statement with a colleague in Hawaii who noticed that MERS claimed it was owned by its holding company who was owned by

03/21/17

9th Circuit Opens Door to Modification Fraud and RESCISSION: Oskoui v Chase

Living Lies

9th Circuit Opens Door to Modification Fraud and RESCISSION: Oskoui v Chase
I have had many judges express their concerns privately and publicly. They all point to two main things that disturbs them. One is the apparent randomness of modifications and the other is the pattern of musical servicers that change regularly. They worry that this indicates something deeper is going on but that homeowners and their lawyers are not concentrating on these factors.

03/21/17

This Lawmaker Just Gave the Perfect Defense of a Consumer Watchdog the GOP Is Trying to Kill

Time.com

This Lawmaker Just Gave the Perfect Defense of a Consumer Watchdog the GOP Is Trying to Kill
A Democratic lawmaker slammed opponents of a federal consumer watchdog Tuesday, denouncing them for promoting big business interests while hiding behind a pretense of constitutional concerns.

03/21/17

NY Fed president compares Wells Fargo fake account scandal to subprime mortgage crisis

Housing Wire

NY Fed president compares Wells Fargo fake account scandal to subprime mortgage crisis
The president of the Federal Reserve Bank of New York told the Banking Standards Board in London on Tuesday that he sees quite a few similarities between the Wells Fargo fake account scandal and the subprime mortgage crisis of the late 2000’s...

03/18/17

Why would Goldman Sachs buy Delinquent and Defective Mortgages?

Living Lies

Why would Goldman Sachs buy Delinquent and Defective Mortgages?
Just last year Goldman Sachs entered into settlements with state and federal governments over the sale of toxic mortgage backed securities to investors while subsequently shorting the very same securities they were selling...

03/17/17

How ‘Consumer Relief’ After Mortgage Crisis Can Enrich Big Banks

NYTimes.com

How ‘Consumer Relief’ After Mortgage Crisis Can Enrich Big Banks
In every multibillion dollar settlement with a big bank that peddled faulty mortgage securities, a major provision has been a requirement that the bank provide “consumer relief.”...

03/17/17

ATTOM: Foreclosure activity hits 11-year low

Living Lies

ATTOM: Foreclosure activity hits 11-year low
But foreclosure starts increased in 15 states...

03/16/17

Suffolk County Launches Foreclosure Prevention Hotline

WSHU.org

Suffolk County Launches Foreclosure Prevention Hotline
Suffolk County Executive Steve Bellone has unveiled a Foreclosure Prevention Hotline to help alleviate the number of foreclosures in the county. The hotline will connect residents with free resources and services to help them prevent foreclosures...

03/16/17

Bailee Letter Shows LPS is Central to Data Records

Living Lies

Bailee Letter Shows LPS is Central to Data Records
Based upon my analysis I concluded years ago that there were (a) no creditors and (b) virtually no actual servicers. The servicers and the Trusts and the so-called beneficiaries under a deed of trust are all manifestations of an illusion created by Wall Street...

03/15/17

Save the federal consumer watchdog: The CFPB protects us all

NYDailyNews.com

Save the federal consumer watchdog: The CFPB protects us all
President Trump’s determination to eviscerate the Consumer Financial Protection Bureau proves that he prioritizes the coffers of the megabanks over the pocketbooks of the Americans he vowed to defend during his campaign...

03/14/17

Your Wallet Will Suffer If This Agency Is Gutted

NerdWallet.com

Your Wallet Will Suffer If This Agency Is Gutted
The Consumer Financial Protection Bureau has saved Americans $12 billion, but many businesses and congressional conservatives want to eliminate it...

03/14/17

Deception of the Day: Fannie Mae Announces “Winners” of its Latest Non-Performing Loan Sale

Living Lies

Deception of the Day: Fannie Mae Announces “Winners” of its Latest Non-Performing Loan Sale
Editor’s note: There are no “winners” when it comes to the purchase of Fannie Mae’s non-performing loans. These loans, in the majority of cases, were never delivered to the trusts and often require the fabrication of notes and assignments to create the illusion of legitimacy. Fannie Mae, the quasi-governmental lender, is well aware that these loans are...

03/14/17

Higher credit scores are on the way, thanks to new standards

CNBC

Higher credit scores are on the way, thanks to new standards
Consumers may be one step closer to a higher credit score. A recent report by the Consumer Financial Protection Bureau outlined...

03/14/17

The End of Make Home Affordable aka the Modification Hell Act

Living Lies

The End of Make Home Affordable aka the Modification Hell Act
The Making Home Affordable (MHA) program did what it intended to do- it Greased the Runways so unsuspecting homeowners operating in good faith would be forced into default...

03/14/17

DEFENSE ATTORNEY SAYS JUDGES KNOWINGLY CREATE FORECLOSURES IN FAMILY COURT

Pennsylvaniabulletin.com

DEFENSE ATTORNEY SAYS JUDGES KNOWINGLY CREATE FORECLOSURES IN FAMILY COURT
Speaking on guarantee of anonymity, an attorney who does pro bono legal work says that the court system in Pennsylvania, is the precise cause of many foreclosures...

03/14/17

Carty v. Bank of America, NA | FL 4DCA

Stopforeclosurefraud.com

Carty v. Bank of America, NA | FL 4DCA
a genuine issue of material fact was created by the two different versions of the note filed by the appellee bank...

03/14/17

Dave Krieger’s Clouded Titles: MISSOURI SUPREME COURT UPHOLDS SANCTIONS AGAINST WELLS FARGO!

Living Lies

Dave Krieger’s Clouded Titles: MISSOURI SUPREME COURT UPHOLDS SANCTIONS AGAINST WELLS FARGO!
Whether you’ve caught wind of this or not, Missouri Attorney Greg Leyh will have a shot in front of a rural Missouri county jury to convince them that Wells Fargo’s (and others’) actions in wrongfully foreclosing against David and Crystal Holm of Clinton County warrant serious money damages...

03/14/17

Justice Sweeney talks building blocks of foreclosures at Columbian Lawyers meeting

Brooklyn Daily Eagle

Justice Sweeney talks building blocks of foreclosures at Columbian Lawyers meeting
The Columbian Lawyers Association hosted Justice Peter Sweeney and attorney Joseph Etra for a continuing legal education (CLE) seminar, “The Building Blocks of Foreclosures,” ...

03/10/17

Trump’s Plan on Fannie and Freddie? Clues May Emerge Soon

NY Times

Trump’s Plan on Fannie and Freddie? Clues May Emerge Soon
Fixing Fannie Mae and Freddie Mac, the mortgage finance giants that still operate under government supervision, is nowhere near the top of the Trump administration’s to-do list....

03/10/17

LivingLies Foreclosure Survey Results: Delay, Defend and Destroy

Living Lies

LivingLies Foreclosure Survey Results: Delay, Defend and Destroy
Several weeks ago we asked our readers to take a brief survey. The results are revealing and expose an egregious pattern of fraud and abusive lending practices...

03/10/17

GOP marks National Consumer Protection Week by voting to 'obliterate' class-action lawsuits

LA Times

GOP marks National Consumer Protection Week by voting to 'obliterate' class-action lawsuits
Te Republican-controlled House voted late Thursday to approve the Fairness in Class Action Litigation Act, which purports to protect consumers but does the opposite by making it harder for people to join class-action lawsuits...

03/09/17

How 90% of American Households Lost an Average of $17,000 in Wealth to Plutocrats in 2016

BillMoyers.com

How 90% of American Households Lost an Average of $17,000 in Wealth to Plutocrats in 2016
America has always been great for the richest 1 percent, and it’s rapidly becoming greater. Confirmation comes from recent work by...

03/09/17

Nationstar facing CFPB fine over HMDA violations

Housing Wire

Nationstar facing CFPB fine over HMDA violations
Nationstar Mortgage is facing a fine from the Consumer Financial Protection Bureau over the nonbank’s alleged failure to comply with the reporting requirements of the Home Mortgage Disclosure Act...

03/09/17

Mortgage Resolution Servicing, LLC (“MRS”) v JP Morgan Chase | Amended RICO Statement

stopforeclosurefraud.com

Mortgage Resolution Servicing, LLC (“MRS”) v JP Morgan Chase | Amended RICO Statement
UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK...

03/08/17

Execution of Fabricated Documents

Living Lies

Execution of Fabricated Documents
We are all familiar with robo-signing. It is the practice of using a person’s name and signature on multiple documents when in fact the person did not sign the...

03/08/17

THE TRANSFERRING OF SERVICING RIGHTS TO AVOID REVIEWING COMPLETE MODIFICATION APPLICATIONS

4closureFraud.org

THE TRANSFERRING OF SERVICING RIGHTS TO AVOID REVIEWING COMPLETE MODIFICATION APPLICATIONS
After years of litigating against alleged lenders, investors, servicers, and foreclosure trustee’s we are starting to see a clear trend of the servicing rights being transferred upon receiving a complete loan modification application. What is an alleged lender – this...

03/06/17

Foss: Foreclosure prevention still needed

dailygazette.com

Foss: Foreclosure prevention still needed
Foreclosure seemed imminent, and DJ began packing up her house. But then she got some very good news: Her bank had agreed to modify her mortgage. Her monthly payments would be manageable again, and she wouldn't lose her home....

03/06/17

New York should fund help to prevent foreclosures

newsday.com

New York should fund help to prevent foreclosures
It’s a scenario thousands of Long Island homeowners experience each year. Perhaps it begins with a lost job or an illness. That quickly turns into a missed mortgage payment, and then a second. Homeowners find themselves in delinquency and in danger of foreclosure...

03/04/17

TFH 3/5 | Foreclosure Workshop #28: Bank of America v. Reyes-Toledo — An Important Starting Point for Exposing “The Great Deception” Hiding Who Is Really Foreclosing on American Homeowners

stopforeclosurefraud.com

TFH 3/5 | Foreclosure Workshop #28: Bank of America v. Reyes-Toledo — An Important Starting Point for Exposing “The Great Deception” Hiding Who Is Really Foreclosing on American Homeowners
Hawaii has now joined Connecticut, Florida, New Mexico, New York, Ohio, Oklahoma, and Vermont as the result of another recent landmark foreclosure-related decision of the Hawaii Supreme Court, the most comprehensive of its kind yet, adopting the principle that a foreclosing plaintiff has the evidentiary burden to establish its right to enforce a promissory note at the time it commenced its action...

03/02/17

Kentucky AG Beshear: Settlement with MERSCORP (MERS) National Mortgage Recording Company Provides Better Protections for Kentucky Homeowners

stopforeclosurefraud.com

Kentucky AG Beshear: Settlement with MERSCORP (MERS) National Mortgage Recording Company Provides Better Protections for Kentucky Homeowners
FRANKFORT, Ky. (Feb. 28, 2017) – Attorney General Andy Beshear today announced a multimillion dollar settlement with a national mortgage recording company that will provide Kentucky homeowners with some of the best protections in the country...

03/02/17

CFPB Oversight Uncovers And Corrects Credit Reporting Problems

CFPB

CFPB Oversight Uncovers And Corrects Credit Reporting Problems
Bureau Report Outlines Accuracy and Other Issues That Bureau Supervision Has Taken Action to Address...

02/27/17

Senate Adds Another Foreclosure Kingpin To Trump’s Cabinet

The Huffington Post

Senate Adds Another Foreclosure Kingpin To Trump’s Cabinet
The Senate voted on Monday evening, 72 to 27, to confirm Wilbur Ross as secretary of commerce...

02/24/17

Foreclosures spike 18%

Deadly Clear

Foreclosures spike 18%
IMHO foreclosures abound because the majority of loan collateral went through Fannie and Freddie who, it appears, maintained an interest and guarantee, are the real party in interest and are still hiding debt...

02/24/17

Score One for the Bank Whistle-Blowers

New York Times

Score One for the Bank Whistle-Blowers
Here is something to celebrate: The United States Supreme Court just handed whistle-blowers one of their bigger wins in a long time....

02/23/17

Ocwen SEC filing reveals details of CFPB mortgage servicing investigation

Housing Wire

Ocwen SEC filing reveals details of CFPB mortgage servicing investigation
During a call with investors to discuss the company’s fourth-quarter earnings, Ocwen Financial CEO Ron Faris said resolving the Consumer Financial Protection Bureau’s investigation into the company’s mortgage servicing practices...

02/22/17

Supreme Court breathes new life into whistleblower case against Wells Fargo

Justice League

Supreme Court breathes new life into whistleblower case against Wells Fargo
With a ruling Tuesday, the U.S. Supreme Court revived a long-running whistleblower lawsuit that accused Wachovia’s investment bank of violating accounting rules and skirting internal controls...

02/22/17

Expert Testimony and Expert Reports

Living Lies

Expert Testimony and Expert Reports
Homeowners are dismayed and even claim court bias when the report of a self-proclaimed expert is barred from evidence. Or they become equally incensed when the court allows the report into evidence but gives it zero weight in rendering a decision. But the court is, to that extent, merely following the rules that govern what Judges should or should not do.

02/21/17

Big Banks Could Get Back in the Mortgage Market in a Big Way

Mortgage News Daily

Big Banks Could Get Back in the Mortgage Market in a Big Way
For the past six years, there has been a quiet revolution in the mortgage market: Big banks like JPMorgan (NYSE: JPM), Bank of America (NYSE: BAC) and Citibank (NYSE: C) have moved out and nonbank lenders

02/21/17

Republicans make killing consumer protections a top priority

L.A. Times

Republicans make killing consumer protections a top priority
There’s a lot important stuff going down that our leaders need to deal with — immigration, climate change, Russians running amok. So what are Republican lawmakers doing? They’re busy with legislation aimed at stripping Americans of consumer protections.

02/21/17

Uribe v. CARRINGTON MORTGAGE SERVICES, LLC | TX 4DCA – …”the appellee to establish its right to foreclose was forged and therefore void, the trial court erred in granting the appellee’s motion for summary judgment”

stopforeclosurefraud.com

Uribe v. CARRINGTON MORTGAGE SERVICES, LLC | TX 4DCA – …”the appellee to establish its right to foreclose was forged and therefore void, the trial court erred in granting the appellee’s motion for summary judgment”
Maria Jilma URIBE and Jose Carlos Uribe, Appellants, v. CARRINGTON MORTGAGE SERVICES, LLC on behalf of Wells Fargo Bank NA, as Trustee for Carrington Mortgage Loan Trust, Series 2006-NC4 Asset Backed Pass Through Certificates, Appellee.

02/21/17

Fannie and Freddie Launch Flex Modification Program: No Paperwork Required in Some Cases

Living Lies

Fannie and Freddie Launch Flex Modification Program: No Paperwork Required in Some Cases
Fannie Mae and Freddie Mac have launched a new loan modification program for troubled mortgages known as “Flex Modification.” The GSE’s have an issue with rising defaults and questionable paperwork and the Flex Modification allows them to modify the underlying defective “loan” and gloss over the false endorsements, assignments and chain of title issues. Brilliant!.

02/20/17

Consumer Financial Protection Bureau v HARBOUR PORTFOLIO ADVISORS, LLC – CFPB Has Authority To Request Seven Years’ Worth Of Foreclosure Documents

stopforeclosurefraud.com

Consumer Financial Protection Bureau v HARBOUR PORTFOLIO ADVISORS, LLC – CFPB Has Authority To Request Seven Years’ Worth Of Foreclosure Documents
OPINION AND ORDER GRANTING PETITION TO ENFORCE CIVIL INVESTIGATIVE DEMANDS [1]
On November 29, 2016, Petitioner Consumer Financial Protection Bureau (the “Bureau”) petitioned this Court to enforce Civil Investigative Demands (“CIDs”) that the Bureau issued to Respondents on September 8, 2016. (Id.) For the reasons that follow, the Bureau’s petition is GRANTED..

02/20/17

Foreclosures can happen with reverse mortgages

Globe and Mail

Foreclosures can happen with reverse mortgages
Anything that sounds easy comes with risks. And one risk of using a reverse mortgage to pay for retirement, albeit a rare risk, is foreclosure.

02/20/17

California regulator reveals what Ocwen did wrong

Housing Wire

California regulator reveals what Ocwen did wrong
Over the course of last year, Ocwen Financial detailed its efforts to rid itself of the mortgage servicing restrictions placed on it by a 2015 settlement with the California Department of Business Oversight over claims...

02/20/17

2d Florida DCA Knocks Down CitiMortgage – PennyMac Dance

Living Lies

2d Florida DCA Knocks Down CitiMortgage – PennyMac Dance
The Second District Court of Appeal in Florida has issued an opinion that diligently follows the law and the facts. This decision should serve as the blue print of foreclosure defense in all cases involving the dance between CitiMortgage and PennyMac. It is a shell game and the Court obviously is growing weary of the claims of “immunity” issued by the banks in foreclosure cases.

02/20/17

Trump’s first budget would end program to help low-income Americans get lawyers

Think Progress

Trump’s first budget would end program to help low-income Americans get lawyers
A small, efficient, 40-year-old program to provide legal aid to middle- and low-income clients in civil proceedings is facing the budget ax, according to a New York Times report on the early stages of the Trump administration’s internal budget planning.

02/17/17

Wells Fargo whistle-blower finds vindication after 15 years

San Francisco Chronicle

Wells Fargo whistle-blower finds vindication after 15 years
“I’ve been vindicated,” Ian Minto quietly told himself. It was late September last year.

02/16/17

Consumer Agency Can Demand Answers About Foreclosed Homes, Judge Rules

NYTimes.com

Consumer Agency Can Demand Answers About Foreclosed Homes, Judge Rules
At a time when many Republicans are urging President Trump to weaken the Consumer Financial Protection Bureau, a federal judge has now upheld its authority to issue a subpoena in a housing finance investigation.

02/16/17

Court of Appeals agrees to rehear CFPB case, agency to fight "unconstitutional" ruling

Housing Wire

Court of Appeals agrees to rehear CFPB case, agency to fight "unconstitutional" ruling
If President Donald Trump wants to fire Consumer Financial Protection Bureau Director Richard Cordray, he’s going to have to wait a little longer to do it, as the U.S. Court of Appeals for the District of Columbia Circuit ruled Thursday in favor of the CFPB.

02/14/17

Say goodbye to the controversial CFPB consumer complaint database?

Housing Wire

Say goodbye to the controversial CFPB consumer complaint database?
The Consumer Financial Protection Bureau’s consumer complaint database might not make it too much further past the one-millionth-complaint threshold due to a Republican-led effort to repeal the much-criticized database.

02/14/17

Senate confirms former Goldman Sachs banker Steven Mnuchin as Treasury secretary

CSmonitor.com

Senate confirms former Goldman Sachs banker Steven Mnuchin as Treasury secretary
The GOP-controlled Senate easily confirmed Steven Mnuchin as Treasury secretary, with those opposed taking issue with his part in the Wall Street crisis.

02/14/17

Ted Cruz introduces bill to abolish CFPB

Washington Ezaminer

Ted Cruz introduces bill to abolish CFPB
Texas conservative Sen. Ted Cruz on Tuesday introduced legislation to "abolish" the Consumer Financial Protection Bureau, highlighting the threat to the agency from the Right.

02/14/17

Citigroup’s Crime Spree Against Americans Continues With Slaps on the Wrist

Living Lies

Citigroup’s Crime Spree Against Americans Continues With Slaps on the Wrist
Last week, the Consumer Financial Protection Bureau (CFPB) charged two units of the Wall Street mega bank, Citigroup, with insidious fraudulent acts against homeowners while it imposed a modest $28.8 million in relief and penalties...

02/12/17

No place like home: America’s eviction epidemic

The Guardian

No place like home: America’s eviction epidemic
Soaring rents and low wages have hit the poorest families in the US hard. Harvard sociologist Matthew Desmond introduces an extract from his heartbreaking book about the crisis...

02/11/17

As foreclosures grow, Secaucus and North Bergen sign on for help

NorthJersey.com

As foreclosures grow, Secaucus and North Bergen sign on for help
North Bergen will be one of the first towns in Hudson County to enter a shared services agreement to provide foreclosure prevention resources to homeowners who are close to losing their homes...

02/10/17

Chris Christie signs bill to stop Sandy-related foreclosures

Philly.com

Chris Christie signs bill to stop Sandy-related foreclosures
TRENTON, N.J. (AP) - Gov. Chris Christie signed legislation Friday aimed at preventing mortgage foreclosures on houses damaged by Superstorm Sandy but not before he derided lawmakers over the measure's wording and possible effects....

02/10/17

Worcester city councilor, anti-foreclosure group suing attorney general

Telegram.com

Worcester city councilor, anti-foreclosure group suing attorney general
WORCESTER — Local anti-foreclosure activists and a city councilor are suing Attorney General Maura T. Healey over a ruling that derailed an attempted ballot initiative last year. "This is a small salvo in a larger fight," said anti-foreclosure activist Grace Ross, one of several Worcester plaintiffs, including ...

02/10/17

Foreclosure Litigation Strategy Takes Aim at Seniors, Attorneys Say

Law.com

Foreclosure Litigation Strategy Takes Aim at Seniors, Attorneys Say
Felicia El Hassan had already lost one house. During turbulent times decades earlier in communist Cuba, she’d been forced to surrender property before fleeing to America. The 86-year-old woman thought those days ...

02/09/17

Here's a snapshot of the CFPB monthly mortgage complaints

Housing Wire

Here's a snapshot of the CFPB monthly mortgage complaints
Two charts show state of mortgage complaints. The Consumer Financial Protection Bureau highlighted mortgage complaints in its latest monthly complaint snapshot...

02/09/17

BONAFIDE PROPERTIES, LLC v. E-TRADE BANK | FL 5DCA

Stopforeclosurefraud.com

BONAFIDE PROPERTIES, LLC v. E-TRADE BANK | FL 5DCA
We find that E-Trade failed to prove that it had authority to assign the mortgage to itself.

02/09/17

CitiGroup Whistleblower Richard Bowen: The Immaculate Corruption

Living Lies

CitiGroup Whistleblower Richard Bowen: The Immaculate Corruption
Full Measure with Sharyl Attkisson: The Immaculate Corruption featuring Richard Bowen. Photo: Sharyl Attkisson

02/06/17

Maine robo-signing scandal resurfaces with Treasury nomination

Portland Press Herald

Maine robo-signing scandal resurfaces with Treasury nomination
A group opposed to Steven Mnuchin's appointment says the information contradicts his statements on how his bank handled mortgages during the financial crisis.

02/06/17

Can you really call it a loan when the money came from a thief?

Living Lies

Can you really call it a loan when the money came from a thief?
Perhaps this summary might help some people understand why bad loans were the object of lending instead of good loans. The end result in the process was always to steer everyone into foreclosure.

02/03/17

Here’s how and why CitiMortgage is leaving mortgage servicing

Living Lies

Here’s how and why CitiMortgage is leaving mortgage servicing
Editor’s Note: CitiMortgage is the 6th largest loan servicer in the United States. Citi is now exiting the lucrative industry of mortgage servicing and foreclosing on loans it doesn’t own. Citi was fined $28.8 million dollars last week for servicing improprieties.

02/03/17

WANTED: CitiMortgage Materials, Documents and Manuals

Living Lies

WANTED: CitiMortgage Materials, Documents and Manuals
Do you or someone you know have access to CitiMortgage servicing, foreclosure, modification or other manuals that may shed light on CitiMortgage’s procedures and policies? Did you obtain any CitiMortgage documents through discovery in your own case?

02/02/17

NYE LAVALLE: ROBO-LAWYERS & ROBOWITNESS COMMIT FRAUD ON A FLORIDA COURT

Stopforeclosurefraud.com

NYE LAVALLE: ROBO-LAWYERS & ROBOWITNESS COMMIT FRAUD ON A FLORIDA COURT
McGlinchy Stafford Robo-Lawyers Kathleen Angione & Daniel Pasky Go Over The Top To Intentionally Deceive A Good, Honorable & Inquisitive Judge In A Volusia County, Florida Court With the Known Introduction of Fabricated Evidence

02/01/17

MASS VOTERS SUE FOR TIME TO PRESERVE THE RIGHTS OF 77,344 FORECLOSED HOMEOWNERS

InCityTimesWorcester.org

MASS VOTERS SUE FOR TIME TO PRESERVE THE RIGHTS OF 77,344 FORECLOSED HOMEOWNERS
From Grace Ross and the Mass Alliance Against Predatory Lending: Today, at the 10 a.m. Press Conference, Massachusetts voters who had attempted to put the law to minimize homeowners’ ability to reverse an illegal foreclosure on the ballot for this past November announced their filing of a suit in the Supreme Judicial Court of Massachusetts.

02/01/17

Wells Fargo Foreclosure: Another Unconscionable Foreclosure Tale

Living Lies

Wells Fargo Foreclosure: Another Unconscionable Foreclosure Tale
In 1998, Leanne Labadee bought a three-unit home on Ogden Street in Penn Yan for $75,000. The 50-year-old faithfully paid her mortgage every month, the majority of the time with money orders. She never missed a payment. Like many, she received notices

01/31/17

CFPB Orders Prospect Mortgage to Pay $3.5 Million Fine for Illegal Kickback Scheme

Consumer Finance Protection Bureau

CFPB Orders Prospect Mortgage to Pay $3.5 Million Fine for Illegal Kickback Scheme
Real Estate Brokers and Mortgage Servicer That Took Kickbacks from Prospect Also Ordered to Pay $495,000

01/30/17

Trump treasury pick Mnuchin misled Senate on foreclosures, Ohio cases show

Living Lies

Trump treasury pick Mnuchin misled Senate on foreclosures, Ohio cases show
The Columbus Dispatch
President Donald Trump’s nominee for U.S. treasury secretary was untruthful with the Senate during the confirmation process, documents uncovered by The Dispatch show.

01/30/17

SIGN THE PETITION: Oppose “foreclosure king” Steve Mnuchin

Living Lies

SIGN THE PETITION: Oppose “foreclosure king” Steve Mnuchin
A bombshell news report has revealed that California prosecutors believed Steven Mnuchin, Trump’s pick for treasury secretary, and his company may have been responsible for “widespread misconduct” and violations of foreclosure law...

01/30/17

TILA RESCISSION: Who Pays the Money?

Living Lies

TILA RESCISSION: Who Pays the Money?
While everyone is resisting the idea of enforcing rescission, some are asking the right questions. Here is the answer.

01/29/17

Missouri Wrongful Foreclosure: Trial Court Awards over $3 Million Including Punitive Damages and Quiet Title

Living Lies

Missouri Wrongful Foreclosure: Trial Court Awards over $3 Million Including Punitive Damages and Quiet Title
Missouri had been impenetrable. Things change. This case finds that neither the GSE nor anyone else in the chain had the power to enforce the paper because they did not really have ownership of the loan, that their title was false, that quiet title is granted to plaintiffs, that foreclosure was wrongful, that compensatory damages are awarded and that punitive damages would be awarded. Total Judgment $3 million +.
Important takeaways —

01/27/17

A government Wells Fargo complaint website has vanished. Sen. Elizabeth Warren wants to know why

LA Times

A government Wells Fargo complaint website has vanished. Sen. Elizabeth Warren wants to know why
Sen. Elizabeth Warren wants the acting Labor secretary to explain why a website for complaints from Wells Fargo & Co. employees has disappeared, and she has requested an update on the department’s investigation into the bank’s unauthorized-accounts scandal.

01/23/17

CFPB Orders Citi Subsidiaries to Pay $28.8 Million for Giving the Runaround to Borrowers Trying to Save Their Homes

Stopforeclosurefraud.com

CFPB Orders Citi Subsidiaries to Pay $28.8 Million for Giving the Runaround to Borrowers Trying to Save Their Homes
Mortgage Servicers Kept Borrowers in the Dark About Options, Demanded Excessive Paperwork
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took separate actions against CitiFinancial Servicing and CitiMortgage, Inc. for giving the runaround to struggling homeowners seeking options to save their homes.

01/23/17

Here’s Another Way Wells Fargo Took Advantage Of Customers

ProPublica

Here’s Another Way Wells Fargo Took Advantage Of Customers
Four former employees say that Wells Fargo made clients in its Los Angeles region pay for missing deadlines to lock in interest rates on loans, even though the delays were the bank’s fault.

01/21/17

MAAPL Introduces Anti-Foreclosure Legislation for 2017

Mass Alliance Against Predatory Lending

MAAPL Introduces Anti-Foreclosure Legislation for 2017
Anti-foreclosure activists celebrate the filing of nine pieces of legislation by the Massachusetts Alliance Against Predatory Lending (MAAPL), which together offer a comprehensive resolution to the continuing rate of foreclosures, year after year, and their ever-increasing cumulative impact on the people of Massachusetts, our communities, and the Commonwealth’s entire economy.

01/19/17

Treasury Pick Steve Mnuchin Denies It But Victims Describe His Bank As A Foreclosure Machine

The Intercept

Treasury Pick Steve Mnuchin Denies It But Victims Describe His Bank As A Foreclosure Machine
TREASURY SECRETARY NOMINEE Steve Mnuchin kicked off his confirmation hearing Thursday with a defiant opening statement, mostly defending his record as CEO of OneWest Bank. He cast himself .

01/12/17

Trump Team Signals It Will Oust CFPB's Cordray

National Mortgage News

Trump Team Signals It Will Oust CFPB's Cordray
The Trump administration gave the first clear sign Thursday that it intends to dismiss Consumer Financial Protection Bureau Director Richard Cordray.

01/06/17

Mnuchin's Bank Was Reprimanded by the Same Department He May Lead

The Atlantic

Mnuchin's Bank Was Reprimanded by the Same Department He May Lead
Documents show that state prosecutors and Treasury Department regulators believed Steve Mnuchin's bank was mishandling foreclosures at the height of the financial crisis.

01/04/17

Even Convicted Jack Abramoff Says GOP Attempt To Gut Ethics Office Was A Bad Idea

Justice League

Even Convicted Jack Abramoff Says GOP Attempt To Gut Ethics Office Was A Bad Idea
Jack Abramoff, the former lobbyist whose sprawling corruption case helped prompt the creation of the Office of Congressional Ethics, on Tuesday bashed House Republicans’ short-lived attempt to weaken the office

01/03/17

House Republicans Drop Efforts To Gut Ethics Watchdog After Onslaught Of Criticism
Lawmakers, watchdog groups and the president-elect were critical of the move.

Huffington Post

House Republicans Drop Efforts To Gut Ethics Watchdog After Onslaught Of Criticism
WASHINGTON ? After a torrent of bad headlines, countless phone calls to member offices, and two tweets from President-elect Donald Trump, House Republicans dropped their plans to gut the Office of Congressional Ethics Tuesday, just minutes before the House was set to gavel i

01/03/17

Former CFPB attorney pretty much just confirmed the worst fears of the mortgage industry
We may be right, after all

Housing Wire

Former CFPB attorney pretty much just confirmed the worst fears of the mortgage industry
Since its inception, my desk received voluminous feedback from the mortgage industry on the insider operations at the Consumer Financial Protection Bureau. The HousingWire newsroom’s efforts to work with the CFPB on addressing these issues resulted in a mixed bag of responses, ranging from super helpful to highly combative.

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