Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

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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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