Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

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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.

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