Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

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Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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02/13/20

Fed Chair Tells Congress There Is a 10-Year “Game Plan” to Deal with Financial Crisis But No Plan to Deal with Americans Left Devastated By It Wall Street On Parade

Fed Chair Tells Congress There Is a 10-Year “Game Plan” to Deal with Financial Crisis But No Plan to Deal with Americans Left Devastated By It
During his testimony to the Senate Banking Committee yesterday, Federal Reserve Chairman Jerome Powell let it slip out, for the first time, that the Federal Reserve has had a 10-year game plan to deal with the financial crisis.

02/12/20

First Steven Mnuchin came for your homes… Medium.com

First Steven Mnuchin came for your homes…
Now, as Secretary of the Treasury, he’s going after more: your social safety net; read, Medicaid/Medicare, the Children’s Health Insurance Program, food stamps, student debt-forgiveness and if you believe that Social Security is safe, well… I’ve got a deal on a bridge you just can’t pass by.

02/12/20

A Proactive Approach to Loss Mitigation DS News

A Proactive Approach to Loss Mitigation
During the 2010s, our industry saw foreclosures fall to record lows as the economy experienced a full decade without a recession. At the same time, however, residential properties were negatively impacted by a host of natural disasters with a scope and frequency not seen before. As we now transition

02/11/20

Former Chase Home Lending CEO Mike Weinbach moving to Wells Fargo Housing Wire

Former Chase Home Lending CEO Mike Weinbach moving to Wells Fargo
Weinbach will lead consumer lending, which includes mortgages

02/11/20

New Rules Making Life Easier for Banks Living Lies

New Rules Making Life Easier for Banks
The most basic problem is still not addressed. The Volcker rule attempted to make banks play by rules of common sense, to which the banks rely that life is more complicated than that.

02/11/20

Foreclosures in Boston down 60 percent, hit 17-year low, mayor says WCVB

Foreclosures in Boston down 60 percent, hit 17-year low, mayor says
BOSTON — Foreclosures in Boston have dropped 61 percent since 2018, reaching a 17-year low, Mayor Marty Walsh announced Tuesday. Citywide, foreclosure executions were reduced from

02/11/20

The Government Takes a Step Toward Releasing Fannie Mae and Freddie Mac The Motley Fool

The Government Takes a Step Toward Releasing Fannie Mae and Freddie Mac
If privatization happens, the stock sale for these government-owned entities could be four times the largest IPO ever.

02/10/20

The Golden Age Of White Collar Crime Huffpost

The Golden Age Of White Collar Crime
A Slow-Motion Looting OVER THE LAST TWO YEARS, nearly every institution of American life has taken on the unmistakable stench of moral rot. Corporate behemoths like Boeing and Wells Fargo have traded blue-chip credibility for white-collar callousness.

02/10/20

Fox in the Henhouse: Koch-Backed Opponent of Consumer Financial Protection Bureau Chairs Taskforce to Evaluate Its Regulations Exposed By CMD

Fox in the Henhouse: Koch-Backed Opponent of Consumer Financial Protection Bureau Chairs Taskforce to Evaluate Its Regulations
When the the Consumer Financial Protection Bureau (CFPB) announced on the membership of its “Taskforce on Federal Consumer Financial Law,” on January 9, critics called foul and charged the group with a pro-industry, anti-consumer bias.

02/10/20

Front-loading is the next big step for digital mortgages Housing Wire

Front-loading is the next big step for digital mortgages
The digital mortgage has come a long way over the past few years, but one expert says the next big step will be front-loading the origination and funding processes using predictive algorithms.

02/08/20

Law Review: No foreclosure while reviewing loan modification application Sierra Sun

Law Review: No foreclosure while reviewing loan modification application
As you may recall, after the 2008 market crash and recession I wrote a handful of Law Review columns strongly criticizing institutional lenders for dealing unfairly with their borrowers. I met with innocent homeowners, many who were talked into filing applications for loan modifications, only afterwards to be foreclosed on by the lender. Most lost their homes. The foreclosing lenders did just fine.

02/07/20

Wait! Somebody must have paid something right? Living Lies

Wait! Somebody must have paid something right?
How do you know what was paid by whom and when and what terms applied? The whole point here is that money was paid by investors who did not receive ownership to the debt, note or mortgage. Nor did they assign any equitable right to the debt, note or mortgage.

02/06/20

White paper lays the groundwork for public banks in the Northeast and Midwest Public Banking Institute

White paper lays the groundwork for public banks in the Northeast and Midwest
The Northeast-Midwest Institute, a Washington D.C.-based nonprofit nonpartisan public policy organization formed in 1976, published an instructive 100-page report in September 2019 that details how the 18 states of the Northeast and Midwest “should create, structure, and regulate a state bank to best achieve its goals and address the problems facing the state.” The paper describes the major models of public banking around the world and in the United States and explains how the issues faced by states in the region can be solved through the creation of a state bank.

02/06/20

CFPB Director Provides Update on Protection Practices DS News

CFPB Director Provides Update on Protection Practices
In the Consumer Financial Protection Bureau’s (CFPB) semiannual report to Congress, CFPB Director Kathleen Kranginger outlined the Bureau’s focus and advancements. According to Kraninger, she is focusing on two areas: “encouraging saving and unleashing innovation wherever appropriate and possible,” with the focus on giving power to consumers when choosing financial products.

02/06/20

First Circuit Bankruptcy Panel Affirms “Gavel Rule” as Determinative of When a Bankruptcy Debtor’s Right of Redemption Terminates JD Supra

First Circuit Bankruptcy Panel Affirms “Gavel Rule” as Determinative of When a Bankruptcy Debtor’s Right of Redemption Terminates
The Bankruptcy Appellate Panel for the First Circuit has affirmed an earlier decision that concluded a borrower’s right to redeem terminates when the gavel falls at a foreclosure auction, and not when a deed is recorded.

02/06/20

Pleading Civil Conspiracy and RICO Living Lies

Pleading Civil Conspiracy and RICO
I am currently working on multiple cases in which lawsuits for civil conspiracy and RICO will shortly be filed. I thought I would share with the public some of my observations and research.

02/05/20

How Can I find the Real Lender? Securitization in a Nutshell Living Lies

How Can I find the Real Lender? Securitization in a Nutshell
The point of securitization — as practiced by Wall Street is that there is no risk in lending to consumer borrowers. Under existing law that means there is no lender and there usually isn’t — except where a conventional loan get paid off in a securitization scheme.

02/04/20

Fraud Is Not What You Think It Is Living Lies

Fraud Is Not What You Think It Is
There are actually two different definitions of fraud. The lay definition is anything that is a lie. The legal definition goes much further than that and if you can’t satisfy the legal elements of fraud you won’t survive a motion to dismiss or motion to strike. It’s complicated like everything else.

02/03/20

Ex-OneWest Chief Surprises Wells Fargo With OCC Enforcement Living Lies

Ex-OneWest Chief Surprises Wells Fargo With OCC Enforcement
On Thursday, the OCC banned former Wells Fargo CEO John Stumpf from the banking industry and fined him $17.5 million (13 million pounds) to settle charges he failed to put a stop to sales misconduct

02/03/20

American Bar Assn. President Criticizes U.S. Legal System As Backward, Resistant to Change Forbes

American Bar Assn. President Criticizes U.S. Legal System As Backward, Resistant to Change
Judy Perry Martinez, president of the American Bar Association (ABA), has issued an unusually frank plea calling upon the legal profession to support reform of America’s backward legal system to better serve the public.“We need new ideas,” said Martinez. “We are one-fifth into the 21st century, yet we continue to rely on 20th-century processes, procedures and regulations. We need to retain 20th-century values but advance them using 21st-century approaches that can increase access to justice.”

02/03/20

Fed Chair Powell Has Gone Rogue on Repo Loans and the Volcker Rule Wall Street On Parade

Fed Chair Powell Has Gone Rogue on Repo Loans and the Volcker Rule
According to the data made available on the public website of the New York Fed, since September 17, 2019 it has funneled a cumulative total of $6.6 trillion to some of the 24 trading houses on Wall Street that are known as its “primary dealers.”

01/31/20

Lordy, there's a tape of Trump discussing VA loan legislation Housing Wire

Lordy, there's a tape of Trump discussing VA loan legislation
Bill Edwards, the former chairman of Mortgage Investors Corp., or MIC, the now-defunct lender that once was the largest originators of VA loans, complained to Trump on the video about new regulations aimed at preventing so-called loan churning.

01/30/20

The Fed Wants to Loosen Rules Around Big Banks and Venture Capital NY Times

The Fed Wants to Loosen Rules Around Big Banks and Venture Capital
Proposed tweaks to the Volcker Rule, which curbs bank risk-taking, would allow firms to invest heavily in funds backing start-ups.

01/30/20

Wells Fargo Borrowers Win Cert. In Foreclosure Suit Wells Fargo Borrowers Win Cert. In Foreclosure Suit Case Link Law360.com

Wells Fargo Borrowers Win Cert. In Foreclosure Suit
A California federal judge has certified a nationwide class of Wells Fargo mortgage borrowers who say the bank breached its contract by denying them home loan modifications, while excluding proposed subclasses of borrowers bringing consumer protection, wrongful foreclosure and emotional distress claims.

In partially granting the certification bid Wednesday, U.S. District Judge William Alsup approved a class definition that encompasses Wells Fargo mortgage borrowers who qualified for a home loan modification between 2010 and 2018 but were not offered it due to a software glitch and whose homes were later foreclosed upon

01/30/20

Miami Judge Survives Call for Recusal in Foreclosure Suit Marred by Forgery Claims Law.com

Miami Judge Survives Call for Recusal in Foreclosure Suit Marred by Forgery Claims
Judges are bound by a strict code of ethics that says even the appearance of impropriety warrants removal, but allegations in this case didn't pass the appellate panel's scrutiny.

01/30/20

Contrary of Mythical Bank PR, Foreclosure Crisis is Not Over Living Lies

Contrary of Mythical Bank PR, Foreclosure Crisis is Not Over
In an economy that is driven by consumer spending, the consumers are being left with nothing to spend except more debt. Investment banks continue to cloak illegal schemes to obtain revenue through illegally weaponizing the process of foreclosure. And contrary to the now popular belief propagated by the banks, the figures are staggering.

01/28/20

Fed Repos Have Plowed $6.6 Trillion to Wall Street in Four Months; That’s 34% of Its Feeding Tube During Epic Financial Crash Wall Street On Parade

Fed Repos Have Plowed $6.6 Trillion to Wall Street in Four Months; That’s 34% of Its Feeding Tube During Epic Financial Crash
According to the data made available on the public website of the New York Fed, since September 17, 2019 it has funneled a cumulative total of $6.6 trillion to some of the 24 trading houses on Wall Street that are known as its “primary dealers.”

01/28/20

Kelly Legal Group Offers Free Foreclosure Defense Consultations in February Kelley Legal Group

Kelly Legal Group Offers Free Foreclosure Defense Consultations in February
During these complimentary consultations, a KLG attorney will advise prospective clients of their options with regards to the foreclosure of their property; they can then choose whether they’d like to have KLG represent them in their foreclosure case or if they would prefer to take matters into their own hands, armed with new knowledge about their situation.

01/28/20

Norfolk County Register of Deeds promotes foreclosure assistance programs Wicked Local

Norfolk County Register of Deeds promotes foreclosure assistance programs
Norfolk County Register of Deeds William P. O’Donnell recently reminded homeowners who are struggling to pay their mortgage or facing foreclosure that there are consumer programs available to help them out.

01/28/20

Single Mom Loses Saugus Home In ‘Illegal’ Foreclosure, Realtor In Santa Clarita Fighting For Justice KHTS

Single Mom Loses Saugus Home In ‘Illegal’ Foreclosure, Realtor In Santa Clarita Fighting For Justice
After a single mom from Saugus lost her home in an allegedly illegal foreclosure, a realtor in Santa Clarita is teaming up with his wife, a real estate attorney, in a pro bono fight for justice.

01/28/20

Release | SPECIAL REPORT: Goldman Sachs’ Twenty-Year RAP Sheet of Repeated Illegal Conduct Better Markets

Release | SPECIAL REPORT: Goldman Sachs’ Twenty-Year RAP Sheet of Repeated Illegal Conduct
Washington, D.C. – On the eve of Goldman Sachs’ first investor day, Better Markets releases a RAP Sheet Report detailing two decades of illegal behavior by Goldman Sachs as reflected in major legal actions against the bank and tallying up the enormous bailouts the bank received in connection with the 2008 financial crash:

01/28/20

How Can I Stop a Foreclosure in Alabama? The Courier Journal

How Can I Stop a Foreclosure in Alabama?
Fortunately, according to data Attom Data Solutions, foreclosure activity for the U.S. as a whole through the first half of 2019 was down yet again. Most metropolitan areas analyzed have enjoyed steady declines since 2010 and are currently at below pre-recession foreclosure rates. Unfortunately, Alabama foreclosure rates do not follow the national trend

01/28/20

Exclusive report: The “financial motive” behind SCOTUS case aimed at killing consumer bureau Salon

Exclusive report: The “financial motive” behind SCOTUS case aimed at killing consumer bureau
Most amicus briefs urging Supreme Court to gut CFPB were driven by clear "financial motive," watchdog says

01/28/20

New rules are gutting consumer watchdog group from the inside, legal experts say CNBC

New rules are gutting consumer watchdog group from the inside, legal experts say
The agency created in the wake of the 2008 financial crisis to protect consumers from abuse is being gutted from the inside, according to some consumer advocates and legal experts.

01/28/20

Citibank, Which Foreclosed on Homes Under an Alias, Illegally Held Homes Off the Market for More than Five Years Says Regulator Wall Street On Parade

Citibank, Which Foreclosed on Homes Under an Alias, Illegally Held Homes Off the Market for More than Five Years Says Regulator
On October 11 of last year, in a bland press release that drew little mainstream media attention, the Federal regulator of national banks, the Office of the Comptroller of the Currency, announced that Citibank

01/28/20

If they are not a trustee, why do they say they are? Living Lies

If they are not a trustee, why do they say they are?
It is often true that BONY, Deutsche, or US Bank et al will refer to themselves as “trustee” in the context of a REMIC trust that actually may not exist. They are merely following the party line for which they are being paid.

01/27/20

Wells Fargo executives are getting the treatment Wall Street deserved after 2008 The Week

Wells Fargo executives are getting the treatment Wall Street deserved after 2008
After the 2008 financial crisis, American lawmakers set a terrible precedent. The big banks faced billions in fines, and new regulations were imposed on them.

01/27/20

CFPB defines 'abusiveness' but draws advocates' fire Banking Dive

CFPB defines 'abusiveness' but draws advocates' fire
The Consumer Financial Protection Bureau (CFPB) clarified the definition of an "abusive" act or practice as one in which "the harm to consumers outweighs the benefit," according to an agency statement Friday.

01/27/20

MegaBank Tax Scam Hits Europe With Startling Similarities to Securitization Living Lies

MegaBank Tax Scam Hits Europe With Startling Similarities to Securitization
organized white-collar crime of unimaginable magnitude.” “Suffice it to say, the goal was to fool the financial system so that two investors could claim refunds for dividend taxes that were paid just once.”

01/24/20

How Bernie Sanders’ Radical Plan to Fix Markets Could Save Capitalism Barrons

How Bernie Sanders’ Radical Plan to Fix Markets Could Save Capitalism
Can a socialist reform markets? The idea might sound like a contradiction. But anyone interested in the health of the American economy needs to take a hard look at the policies of the often-caricatured Sen. Bernard Sanders. His ideas force a reckoning with assumptions embedded in American politics about who gets to have power in the marketplace.

01/24/20

What Happened To All The Homes Lost During The Foreclosure Crisis? Texas Public Radio

What Happened To All The Homes Lost During The Foreclosure Crisis?
After the Great Recession, hundreds of thousands of families lost their homes — but those houses and apartments didn’t disappear into thin air. Journalist Aaron Glantz studied what happened after the crash for his book: "Homewreckers: How a Gang of Wall Street Kingpins, Hedge Fund Magnates, Crooked Banks, and Vulture Capitalists Suckered Millions Out of Their Homes and Demolished the American Dream."

01/24/20

The Law Offices of Patrick Binakis Provides New York Homeowners Foreclosure Pro Bono Assistance at Nassau County Bar Association Menafn

The Law Offices of Patrick Binakis Provides New York Homeowners Foreclosure Pro Bono Assistance at Nassau County Bar Association
MENAFN - Newswire) WOODSIDE, N.Y., January 24, 2020(Newswire.com) - President and founder of the Law Offices of Patrick Binakis, P.C., Patrick Binakis, Esq., recently volunteered at the "NCBA Pro Bono Open House," held at the Nassau County Bar Association in Mineola, NY, where he assisted distressed homeowners facing foreclosures .

01/23/20

New York introduces legislation to create an electronic public banking platform and state digital currency Public Banking Institute

New York introduces legislation to create an electronic public banking platform and state digital currency
In November, New York State Assemblymember Ron Kim, Senator Julia Salazar, and Cornell law professor Robert Hockett, a member of the Public Banking Institute Advisory Board, announced their Inclusive Value Ledger (IVL) proposal. Jordana Rosenfeld reports in Vice that the bills — Assembly Ordinance 8686, and Senate Ordinance 6792 — would create the country’s first publicly owned electronic banking platform, as well as a digital currency that can be exchanged for goods and services within the state.

01/23/20

Goldman Sachs: The Vampire Squid’s Alum Control Two Fed Banks, the U.S. Treasury, the European Central Bank and the Bank of England Wall Street On Parade

Goldman Sachs: The Vampire Squid’s Alum Control Two Fed Banks, the U.S. Treasury, the European Central Bank and the Bank of England
The head of the Federal Reserve Bank of Dallas (Robert S. Kaplan), the head of the Federal Reserve Bank of Minneapolis (Neel Kashkari), the Secretary of the U.S. Treasury (Steve Mnuchin), the President of the European Central Bank (Mario Draghi) and the head of the Bank of England (Mark Carney) all have two things in common: they sit atop vast amounts of money and they are all alums of Goldman Sachs.

01/22/20

Nearly a Decade Ago, This Oakland Mom Protested and Won Her House Back KQED

Nearly a Decade Ago, This Oakland Mom Protested and Won Her House Back
Less than a mile from a West Oakland house that a group of mothers, widely known as Moms 4 Housing, occupied in protest against real estate speculation sits another house, another mom with a similar story.

01/22/20

The Man Who Advises the New York Fed Says It and Other Central Banks Are “Fueling a Ponzi Market” Wall Street On Parade

The Man Who Advises the New York Fed Says It and Other Central Banks Are “Fueling a Ponzi Market”
On Monday, a member of the New York Fed’s own Investor Advisory Committee on Financial Markets, Scott Minerd, published a critique which he headlined as follows: “Global Central Banks Fueling a Ponzi Market,” with this scary subhead: “Ultimately, investors will awaken to the rising tide of defaults and downgrades.”

01/21/20

Bernie Sanders Hasn’t Quite Captured What Wall Street Does: It’s Actually a Fraud-Monetization System with a Money-Printing Unit Called the New York Fed Wall Street On Parade

Bernie Sanders Hasn’t Quite Captured What Wall Street Does: It’s Actually a Fraud-Monetization System with a Money-Printing Unit Called the New York Fed
Senator Bernie Sanders has come closer than anyone on the Presidential campaign trail in defining what Wall Street actually does. Sanders has repeatedly stated at his rallies that “the business model of Wall Street is fraud.”

01/22/20

Did you get the loan? Did you Pay? Circular reasoning produces circular responses. Living Lies

Did you get the loan? Did you Pay? Circular reasoning produces circular responses.
It’s not like anyone can make any claim. To get in court you must own the claim and the claim must be real. If there is a hole in a parking lot that the supermarket should have fixed, that doesn’t mean YOU fell in it and got hurt. Maybe someone else did and they have a potential claim that they have not filed. Or maybe nobody got hurt and there is no claim.

01/21/20

CFPB planning to eliminate DTI requirement from QM lending rules Housing Wire

CFPB planning to eliminate DTI requirement from QM lending rules
Over the last several months, a number of the nation’s largest lenders and housing trade groups have called on the Consumer Financial Protection Bureau to make changes to the Ability to Repay/Qualified Mortgage rule.

01/19/20

$Billions$ in Welfare Go to Mega Banks Who Caused Financial Crisis Living Lies

$Billions$ in Welfare Go to Mega Banks Who Caused Financial Crisis
JPMorgan Chase, the largest bank in the world, made $36.4 billion in 2019. That was the highest profit of any bank in world history. The news, reported Tuesday, sent the company’s stock up by 2 percent. In the fourth quarter of 2019, the company took in $8.5 billion, also a record, making it the tenth largest publicly traded company in the world, with a market cap of $437 billion.

01/17/20

Interesting NY Ruling Creates Some Unusual Questions About Bank of America and Countrywide. Living Lies

Interesting NY Ruling Creates Some Unusual Questions About Bank of America and Countrywide.
As I have previously stated the alleged merger of Bank of America with Countrywide is by no means a foregone conclusion, although lawyers invoke the merger as the basis for ownership and authority over loans.

01/17/20

Here’s How the Fake Unemployment Number Was Created to Subdue Anger Against Wall Street Wall Street On Parade

Here’s How the Fake Unemployment Number Was Created to Subdue Anger Against Wall Street
On February 3, 2015, Jim Clifton, the Chairman and CEO of the iconic 85-year old polling company, Gallup, penned an article for his company in which he called the reported unemployment number issued by the U.S. Government “The Big Lie.”

01/16/20

BNY Mellon faces suit over foreclosures from the housing crash The Real Deal

BNY Mellon faces suit over foreclosures from the housing crash
Bank of New York Mellon faces a reckoning from residential foreclosure cases in New York that date back to the subprime mortgage crisis. The bank — along with its debt-collector partners Shellpoint Mortgage Servicing and law firm McCabe, Weisberg & Conway — are accused by a class-action lawsuit of systematically trying to foreclose on mortgages after the state’s six-year statute of limitations had passed.

01/15/20

Former Fannie Mae employee gets 6 years in prison for making $1 million on shady foreclosure sales Housing Wire

Former Fannie Mae employee gets 6 years in prison for making $1 million on shady foreclosure sales
A former Fannie Mae employee will spend more than the next six years in prison after being found guilty of accepting more than a million dollars in bribes and kickbacks in exchange for selling Fannie Mae-owned foreclosures for less than market value.

01/15/20

JPMorgan’s Historic Earnings Confirm that Fed Loans Are Subsidizing Profits on Wall Street Wall Street On Parade

JPMorgan’s Historic Earnings Confirm that Fed Loans Are Subsidizing Profits on Wall Street
The New York Fed is back to subsidizing billions of dollars in profits at Wall Street’s trading houses, just as it did during the financial crisis.

01/14/20

Notarize makes notarization platform available to all financial institutions MPA Mag

Notarize makes notarization platform available to all financial institutions
Notarize has made its online notarization platform available to all financial institutions. Through the platform, members of credit unions and banks can now use their mobile devices and computers to sign and notarize documents in minutes.

01/14/20

Oregon Requires Certain Documents Related to Termination of Tenancy, Forcible Entry or Detainer, and Foreclosure to Include Information Regarding Assistance Available for Veterans JDSUPRA

Oregon Requires Certain Documents Related to Termination of Tenancy, Forcible Entry or Detainer, and Foreclosure to Include Information Regarding Assistance Available for Veterans
Oregon recently passed a bill, House Bill 2530 (HB 2530), which requires certain information regarding assistance that may be available to veterans be provided when a person sends or serves the following documents to a veteran: (i) a notice of termination of tenancy; (ii) a summons in an action for forcible entry or detainer; (iii) a summons in an action to foreclose a lien upon residential real property; and (iv) a notice of foreclosure of a residential trust deed. Specifically, these documents must include the following information:

01/14/20

‘Lost’ mortgage payment leads to foreclosure threats for Pasco woman WFLA

‘Lost’ mortgage payment leads to foreclosure threats for Pasco woman
AIRIPEKA, Fla. (WFLA) – First-time homebuyer Cortnie Norfleet tried to get ahead on her mortgage – and ended up threatened with foreclosure. Norfleet paid her first mortgage payment to Parkside Lending and then was notified the next day that her mortgage had been sold to the mortgage company Mr. Cooper.

01/14/20

Repo Securities: Where is the value paid for the debt? Living Lies

Repo Securities: Where is the value paid for the debt?
Hidden far away from public view and mainstream media is an enormous fight over who should suffer what loss over the labyrinth of defaults in the “mortgage bonds” also known as “mortgage backed certificates.” Within this fight it is clear that current law is simply nonexistent and ineffectual in achieving a legal or just result. It is the investors and borrowers who are consistently left out in the cold.

01/13/20

United States: United States Supreme Court Clarifies When The Statute Of Limitations For FDCPA Claims Begins To Run Mondaq

United States: United States Supreme Court Clarifies When The Statute Of Limitations For FDCPA Claims Begins To Run
In May 2018, we wrote about an interesting Fair Debt Collections Practices Act ("FDCPA") case in the Third Circuit. In that case, the en banc Third Circuit unanimously held that the FDCPA's one-year statute of limitations begins to run on the date that the violation occurs, not on the date that the plaintiff discovers the violation.

01/13/20

Are the Fed’s Repo Loans Being Repaid by Wall Street’s Trading Houses or Just Rolled Over and Over? Wall Street On Parade

Are the Fed’s Repo Loans Being Repaid by Wall Street’s Trading Houses or Just Rolled Over and Over?
Last Friday, the usually reliable and fact-intensive financial website, Wolf Street, threw a hissy fit over how the Wall Street Journal (and by extension, Wall Street On Parade) is reporting the tallies for the repo loans that the New York Fed has been pumping out every business day since September 17, 2019 to the trading houses on Wall Street.

01/13/20

We are accepting applications for our Advisory Committees CFPB

We are accepting applications for our Advisory Committees
To ensure that the CFPB hears from a variety of external experts with diverse viewpoints, we established the Consumer Advisory Board, the Community Bank Advisory Council, the Credit Union Advisory Council, and the Academic Research Council.

01/13/20

2020 ROUNDUP: HOW TO WIN AND HOW TO LOSE FORECLOSURES Living Lies

2020 ROUNDUP: HOW TO WIN AND HOW TO LOSE FORECLOSURES
Let me first stop you from referring to your nonpayment as a default. It is not a default if you stopped making payments to someone who lacked any authority to collect them.

01/10/20

California governor to create state's own version of CFPB Banking Dive

California governor to create state's own version of CFPB
California Democratic Gov. Gavin Newsom is expected to unveil plans for the state to create its own version of the Consumer Financial Protection Bureau (CFPB), the Los Angeles Times reported Thursday.

01/10/20

Loans Claimed to be Owned by Fannie Mae Have Probably Been Sold to Private Investors Living Lies

Loans Claimed to be Owned by Fannie Mae Have Probably Been Sold to Private Investors
There is a shroud of mystery around the entire role of the FHA. Its purpose is to guarantee loans, which was expanded to buy loans. It was never a lender. But the process of buying loans was just as complicated as everything else where securitization of debt is claimed. In most cases it “bought” loans from parties who never owned the debt and therefore had nothing to sell.

01/09/20

FINANCIAL SERVICES SUPERINTENDENT LINDA A. LACEWELL ANNOUNCES CREATION OF CONSUMER PROTECTION TASK FORCE, REINFORCING DEPARTMENT’S COMMITMENT TO PROTECT NEW YORKERS DFS New York

FINANCIAL SERVICES SUPERINTENDENT LINDA A. LACEWELL ANNOUNCES CREATION OF CONSUMER PROTECTION TASK FORCE, REINFORCING DEPARTMENT’S COMMITMENT TO PROTECT NEW YORKERS
Task Force Will Help Implement Extensive Consumer Protection Proposals Included in Governor Cuomo’s 2020 State of the State Agenda

01/08/20

Consumer Law Changes Taking Effect In 2020 NCLC

Consumer Law Changes Taking Effect In 2020
This article lists federal and state consumer law changes that already are scheduled to go into effect in 2020. The article also lists several changes that were effective in December of 2019.

01/08/20

Corridor Agreement” Opens More Questions on Role of BONY Mellon Living Lies

Corridor Agreement” Opens More Questions on Role of BONY Mellon
SO BONY mellon is known to be named as “trustee” over what is probably a nonexistent trust with nonexistent beneficiaries since investors do not qualify as beneficiaries of any trust.

01/07/20

Labels Lie: Everything They Say is a Lie Living Lies

Labels Lie: Everything They Say is a Lie
The moral of the story is don’t admit anything, not even the default. There is no default if the party demanding payment has no right to do so.

01/03/20


Cuomo Signs Bill Strengthening Court Protections For People Facing Foreclosures
Kings County Politics

Cuomo Signs Bill Strengthening Court Protections For People Facing Foreclosures
After months of intensive lobbying by lawmakers and attorneys, Governor Andrew Cuomo late last month signed a bill (A.5619/S.5160) into law will protect defendants in foreclosure court from a legal loop-hole in regards to raising the defense of “standing.”

01/03/20


The Doomsday Machine Returns: Citibank Has Sold Protection on $858 Billion of Credit Default Swaps
Wall Street On Parade

The Doomsday Machine Returns: Citibank Has Sold Protection on $858 Billion of Credit Default Swaps
Lily Tomlin is credited with the quote: “No matter how cynical you get, it is impossible to keep up.” Wall Street regularly brings that message home.

01/02/20


Why Is Wall Street the Only Industry in America With Access to the Fed’s Endless Money Machine?
Wall Street On Parade

Why Is Wall Street the Only Industry in America With Access to the Fed’s Endless Money Machine?
Consumers represent two-thirds of GDP in the United States. And yet, when consumers run into trouble, they don’t get a handout from the Federal Reserve – they are forced to file bankruptcy.

01/02/20

Collection Letters Can Renew Statute of Limitations Living Lies

Collection Letters Can Renew Statute of Limitations
The courts had previously protected borrowers as much as possible. Now there is a distinct trend in which even claims barred by SOL can be renewed and energized.

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