Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

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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.

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