Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

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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?

08/18/17

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

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.

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