Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

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05/31/17

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

Stopforeclosurefraud.com

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

05/31/17

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

CBC News

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

05/30/17

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

KQED

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

05/30/17

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

Housing Wire

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

05/29/17

David Dayen: HAMP Is Hurting Liberalism

Living Lies

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

05/28/17

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

Living Lies

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

05/28/17

The Money Trail vs. The Paper Trail Review

Living Lies

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

05/26/17

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

Living Lies

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

05/25/17

California district court upholds constitutionality of CFPB

Justice League

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

05/25/17

Foreclosure Mills Don’t Know Their Client

Living Lies

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

05/24/17

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

Living Lies

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

05/23/17

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

Cloudedtitlesblog.com

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

05/23/17

Trump budget surprise: Gutting the CFPB

Housing Wire

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

05/23/17

John Does, Jane Roes, Trusts and Zuni Trust

Living Lies

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

05/22/17

Welcome foreclosure relief for N.J. homeowners

NJ.com

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

05/21/17

The ChickenShit Club aka The United States Department of Justice

Living Lies

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

05/21/17

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

Living Lies

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

05/20/17

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

Justice League

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

05/19/17

Making Assignments in the Dark

Living Lies

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

05/18/17

Legislative Loophole May Make Foreclosures Easier

Afro.com

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

05/16/17

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

Consumerist.com

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

05/16/17

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

TheIntercept.com

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

05/15/17

Philadelphia sues Wells Fargo over discriminatory lending

Housing Wire

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

05/15/17

Is the Number of Foreclosures Going Up or Down?

Living Lies

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

05/15/17

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

Living Lies

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

05/12/17

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

Therealnews.com

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

05/12/17

MERS ASSIGNMENT FAIL: MORTGAGE ELECTRONIC REGISTRATION SIDESTEPS, INC.

4closurefraud.org

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

05/12/17

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

Housing Wire

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

05/11/17

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

Therealdeal.com

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

05/10/17

Texas orders Ocwen to stop acquiring new mortgage servicing rights

Housing Wire

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

05/10/17

Is Appraisal Fraud Still a Valid Claim?

Living Lies

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

05/10/17

“Illegal Loans”

Living Lies

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

05/09/17

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

NYpost.com

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

05/09/17

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

Washingtonexaminer.com

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

05/09/17

How Homeownership Became the Engine of American Inequality

NYtimes.com

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

05/09/17

Brooklyn Court Quietly Moves to Toss Out Hundreds of Foreclosure Cases

Justiceleaguetaskforce

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

05/09/17

MERS wins in four Pennsylvania county lawsuits

Justiceleaguetaskforce

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

05/08/17

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

NBCnews.com

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

05/08/17

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

Stopforeclosurefraud.com

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

05/07/17

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

4closurefraud.org

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

05/07/17

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

nypost.com

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

05/06/17

CFPB to Assess RESPA Mortgage Servicing Rule Effectiveness

Living Lies

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

05/05/17

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

Living Lies

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

05/04/17

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

Living Lies

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

05/04/17

Worcester woman allegedly faces 10th eviction attempt in 2 years

Masslive.com

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

05/02/17

Eleven Lowlights in the Wrong CHOICE Act

National Association of Consumer Advocates (NACA)

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

05/02/17

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

Huffpost

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

05/02/17

FannieGate: Obamacare Looting Scheme by diverting Fannie and Freddie Funds

Living Lies

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

05/02/17

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

Living Lies

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

05/01/17

Radian Whistle Blower Get Snubbed for Revealing False Reporting

Living Lies

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

05/01/17

Supreme Court rules cities can sue banks for predatory lending

Housingwire.com

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

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