Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

2020

2019

2018

2017

2016

2015

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1990's
January | February | March | April | May | June | July | August | September | October | November | December
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.
Articles |The FORUM |Law Library |Videos | Fraudsters & Co. |File Complaints |How they STEAL |Search MSFraud |Contact Us

 Date

Article

Articles are added weekly 

Source

  Comment

08/02/20

Stimulus Package Not 'Imminent,' As Bipartisan Talks Roll Into Next Week Newsweek

Stimulus Package Not 'Imminent,' As Bipartisan Talks Roll Into Next Week
With millions of Americans hoping for further stimulus checks and enhanced unemployment benefits, talks to secure a bipartisan agreement on further relief have been branded productive but are not near an agreement.

08/02/20

DISGRACED MINI-ME LAWYER MARK STOPA BITCH SLAPPED BY JUDGE MFI-Miami

DISGRACED MINI-ME LAWYER MARK STOPA BITCH SLAPPED BY JUDGE
It seems as if someone wrote a book about Mark Stopa and his wife, Adrienne Federico People keep asking me for the latest information regarding mini-me lawyer Mark Stopa. Here it is in a nutshell. It seems to be the only activity with Stopa’s lawsuits is against Kevin Cannon.

08/02/20

How I Bought a House and Joined the Foreclosure Generation Daily Beast

How I Bought a House and Joined the Foreclosure Generation
When the economy imploded in 2007, millions of young homeowners saw their property values disintegrate. The American Dream was never the same.

07/31/20

ALERT! Migrating from fake notes to eNotes: If consumers don’t stop this they will be without any defense to any abusive practice and any fake account started in their name Living Lies

ALERT! Migrating from fake notes to eNotes: If consumers don’t stop this they will be without any defense to any abusive practice and any fake account started in their name
The banks have been securitizing data not debt. Now they are trying to make data the substitute for the real thing. In other words, screw the investors, screw the consumers, screw the government and the banks take everything.

07/31/20

Housing Is A Human Right. Our President Disagrees WBUR

Housing Is A Human Right. Our President Disagrees
The ongoing movement for racial justice shines a bright light on inequality that persists in our country, and housing discrimination is one of the most profound and devastating examples.

07/30/20

U.S. economy plunges at titanic 32.9% rate in 2nd quarter and points to drawn-out recovery Marketwatch

U.S. economy plunges at titanic 32.9% rate in 2nd quarter and points to drawn-out recovery
The numbers: An economy badly battered by the coronavirus shrank at a record 32.9% annual pace in the second quarter, underscoring just how big a hole the U.S. finds itself in as it labors to recover from the deepest recession in American history.

07/29/20

WELLS FARGO HIT WITH PROPOSED CLASS ACTION IN FLORIDA … UPDATE! Clouded Titles Blog

WELLS FARGO HIT WITH PROPOSED CLASS ACTION IN FLORIDA … UPDATE!
Wells Fargo Bank NA has done it again! A Florida couple has filed a proposed class action lawsuit against the lender, claiming (on behalf of all other interested parties) that the bank altered their second mortgage loan, thus screwing up their chain of title,

07/28/20

CFPB Misses the Mark — Overkill Against Someone Trying to Help and Underkill Against the Banks Living Lies

CFPB Misses the Mark — Overkill Against Someone Trying to Help and Underkill Against the Banks
I think that the CFPB, FTC and SEC continue to miss the point. The base of “deceptive and unsubstantiated representations” comes from the banks and their lawyers.

07/26/20

Kudlow says next round of coronavirus relief will include $1,200 checks and extension of eviction moratorium Business Insider

Kudlow says next round of coronavirus relief will include $1,200 checks and extension of eviction moratorium
Larry Kudlow, Trump's top economic advisor, said Sunday that the next round of coronavirus relief will include additional $1,200 checks to Americans as well as an extension of the federal eviction moratorium.

07/26/20

Firm Petitions SJC for Direct Appellate Review In LaRace v. WF - (a/k/a Ibanez II) Glenn Russell

Firm Petitions SJC for Direct Appellate Review In LaRace v. WF - (a/k/a Ibanez II)
In the latest chapter of our decade-plus representation of the LaRace family regarding the defense of their home from a wrongful foreclosure, on the morning of July 13, 2020, we filed our Motion to file the LaRace Petition for Direct Appellate Review ("DAR") Late (with proposed DAR) with the Massachusetts Supreme Judicial Court.

07/24/20

No Default Occurs When a Homeowner Ceases Making Payments — Unless the Payment is Missed by A Creditor Who Owns the Debt and Who Suffers a Financial Loss Because the Payment was Not Made Living Lies

No Default Occurs When a Homeowner Ceases Making Payments — Unless the Payment is Missed by A Creditor Who Owns the Debt and Who Suffers a Financial Loss Because the Payment was Not Made
Practitioners should attack the default letter and stop pretending it doesn’t count or doesn’t exist.

07/23/20

Leading Civil Rights & Housing Groups Condemn President’s Effort to Gut Fair Housing, Use of Incendiary Racial Rhetoric for Political Gain NCLC

Leading Civil Rights & Housing Groups Condemn President’s Effort to Gut Fair Housing, Use of Incendiary Racial Rhetoric for Political Gain
Fair housing advocates denounce Trump’s newest effort to eliminate a critical tool to desegregate communities and call on the president to instead concentrate on ensuring housing equity during a pandemic

07/22/20

More Wells Fargo customers say the bank decided to pause their mortgage payments without asking NBC News

More Wells Fargo customers say the bank decided to pause their mortgage payments without asking
Mortgage borrowers in 14 states have now told courts, lawyers or NBC News that they have been forced into forbearance plans by Wells Fargo without asking.

07/22/20

Customers shocked Wells Fargo hasn’t been counting mortgage payments NBC News

Customers shocked Wells Fargo hasn’t been counting mortgage payments
Wells Fargo put people in a program that puts a hold on their mortgages to protect them during the coronavirus pandemic — even though customers in 14 states didn’t need the help. Now their mortgage payments aren’t being credited.

07/22/20

Opposing counsel is concealing from the court that no such party exists and is attempting to work around this fatal deficiency by “designating” a fake creditor rather than representing a real one. Living Lies

Opposing counsel is concealing from the court that no such party exists and is attempting to work around this fatal deficiency by “designating” a fake creditor rather than representing a real one.
The inability of the Defendant to name a viable creditor should not translate as a burden of proof shifting to the defendant. Nor should it translate as the basis for any

07/21/20

Baker Extends Moratorium On Evictions, Foreclosures In Massachusetts CBS Boston

Baker Extends Moratorium On Evictions, Foreclosures In Massachusetts
BOSTON (CBS) — Massachusetts Gov. Charlie Baker has extended the state’s moratorium on evictions and foreclosures for another 60 days. The law will keep tenants and homeowners impacted by the coronavirus pandemic in their homes

07/21/20

Dodd-Frank Is 10 Years Old Today and the Fed Is Back to Bailing Out Wall Street Wall Street On Parade

Dodd-Frank Is 10 Years Old Today and the Fed Is Back to Bailing Out Wall Street
Today marks the 10th Anniversary of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, named after its two sponsors,

07/20/20

The Fed Rides to the Rescue of JPMorgan and Citi Again – This Time It’s Their Commercial Real Estate Mortgages Wall Street On Parade

The Fed Rides to the Rescue of JPMorgan and Citi Again – This Time It’s Their Commercial Real Estate Mortgages
Quietly, on July 13, the New York Fed published a list of asset-backed loans that it had approved for eligibility in one of its emergency lending programs,

07/20/20

COVID-19 Update 10–forbearance, evictions, collections, and more Dann Law

COVID-19 Update 10–forbearance, evictions, collections, and more
A lot has happened since we issued our first COVID-19 on March 13. In our tenth update we’ll take a look at recent developments, discuss impending challenges and opportunities, issue a couple warnings, and dispense some sage advice…

07/19/20

An eviction and foreclosure crisis is looming Salon

An eviction and foreclosure crisis is looming
An eviction and foreclosure crisis is looming Expect the economic situation to decay tremendously between now and fall 2020

07/17/20

Mass Attorney General Wants Eviction & Foreclosure Moratorium Extended Beyond August 18, Due To Pandemic Framingham Source

Mass Attorney General Wants Eviction & Foreclosure Moratorium Extended Beyond August 18, Due To Pandemic
BOSTON – With the moratorium on evictions and foreclosures set to expire in just over a month, Attorney General Maura Healey is calling on Governor Charlie Baker to use his statutory authority to extend the law

07/17/20

Forbearance Plan Numbers at Lowest Levels Since May Mortgage News Daily

Forbearance Plan Numbers at Lowest Levels Since May
There was another decline in forbearance starts this past week and the number of loans in active plans also fell for the third straight week. Black Knight's weekly report on COVID-19 related forbearances reported a total

07/16/20

Foreclosure Filings Slowing in 2020 DS News

Foreclosure Filings Slowing in 2020
Foreclosure filing have sagged to an all-time low in the first six months of the year, according to ATTOM Data Solution’s Midyear 2020 U.S. Foreclosure Market Report.

07/16/20

Congressional hearing: Servicers dropped the ball on forbearance clarity Housing Wire

Congressional hearing: Servicers dropped the ball on forbearance clarity
The House Financial Services Subcommittee on oversight and investigations held a hearing on Thursday examining how servicers provided clarity and information on the CARES Act and forbearance options for borrowers.

07/16/20

Mortgage rates fall below 3% for first time ever CNN

Mortgage rates fall below 3% for first time ever
Mortgage rates fell below 3% for the first time ever as the economy continues to struggle from the effects of the coronavirus pandemic.

07/16/20

Troy Harlow has always made sure to pay his mortgage on time. Wells Fargo had other plans for him. NBC

Troy Harlow has always made sure to pay his mortgage on time. Wells Fargo had other plans for him.
Lawyers say they've found cases in 11 states in which Wells Fargo has wrongly claimed borrowers asked to pause mortgage payments during the COVID-19 pandemic.

07/15/20

Warnings Grow: “We Are in a Massive Economic Downturn” Wall Street On Parade

Warnings Grow: “We Are in a Massive Economic Downturn”
Yesterday, Federal Reserve Governor Lael Brainard gave a speech via webcast to the National Association for Business Economics. She warned,

07/13/20

Wells Fargo buys $14B of delinquent mortgages tied to pandemic American Banker

Wells Fargo buys $14B of delinquent mortgages tied to pandemic
Wells Fargo has purchased $14 billion of delinquent government-backed mortgages this month, leading the pack among servicers beginning to feel the balance-sheet pinch of the coronavirus pandemic.

07/10/20

Demand the Massachusetts Supreme Judicial Court Take Its Knee Off Our Necks! MAAPL

Demand the Massachusetts Supreme Judicial Court Take Its Knee Off Our Necks!
MASS ALLIANCE AGAINST PREDATORY LENDING/BRING OUR WEALTH HOME started this petition to Chief Justice Ralph D. Gants Massachusetts Supreme Judicial Court/Mass SJC Rescind its decision denying court access to Alton King and all homeowners who were illegally foreclosed and made indigent.

07/10/20

It’s time to reassess the role of investment banks, originators, servicers and other players claiming “securitization” before the next foreclosure tidal wave. Living Lies

It’s time to reassess the role of investment banks, originators, servicers and other players claiming “securitization” before the next foreclosure tidal wave.
Since foreclosures are about to start another meteoric rise, this would be a good time to write a new article on what went wrong the last time, what is going on now, and what is still likely to go wrong this time.

07/09/20

How Banks Can Avoid a Repeat of the 2008 Foreclosure Crisis Harvard Business Review

How Banks Can Avoid a Repeat of the 2008 Foreclosure Crisis
U.S. homeowners are struggling to stay on top of their mortgages — and the problem is likely to get worse. According to real-estate data firm Black Knight,

07/08/20

COVID, COURTS, CIVIL UNREST, PANIC, FEAR AND FORECLOSURES = A COMBINATION FOR DELAY Clouded Titles

COVID, COURTS, CIVIL UNREST, PANIC, FEAR AND FORECLOSURES = A COMBINATION FOR DELAY
The Federal Housing Finance Agency (FHFA) has extended moratoriums on foreclosures and evictions until at least August 31, 2020. If you have a mortgage that is backed by Fannie Mae and Freddie Mac,

07/07/20

From the Horse’s Mouth: WAMU Originated “Loans” Are not Assets of Chase or Even Any trust If the Sale was to a “Depositor” Living Lies

From the Horse’s Mouth: WAMU Originated “Loans” Are not Assets of Chase or Even Any trust If the Sale was to a “Depositor”
This article brings to the forefront a central issue that Wall Street cannot escape unless we let them: in the context of securitization, the paper transfers to the “depositor” is not a sale even if it is treated as a sale by the “Seller.” That means that

07/05/20

Firm Defends The Use of Affidavits Filed By Borrowers Under G.L. c. 183, Section 5B Glenn Russell

Firm Defends The Use of Affidavits Filed By Borrowers Under G.L. c. 183, Section 5B
In recent years homeowners fighting foreclosure have sought to utilize G.L. c. 183, Section 5B to file Affidavits "to clarify the state of title". G.L. c. 183, Section 5B states as follows:

07/04/20

TEXAS GOVERNOR UNDER FIRE FOR CLOSING NIGHT CLUBS … AND OTHER STUFF, INCLUDING FORECLOSURE NEWS! Clouded Titles Blog

TEXAS GOVERNOR UNDER FIRE FOR CLOSING NIGHT CLUBS … AND OTHER STUFF, INCLUDING FORECLOSURE NEWS!
I’m including the latest breaking news, including foreclosure-related cases, for your review and rumination.

07/03/20

Bill Would Extend Eviction Moratorium for One Year After Emergency Lifts – Massachusetts Lawyers Weekly Lawyers Weekly

Bill Would Extend Eviction Moratorium for One Year After Emergency Lifts – Massachusetts Lawyers Weekly
A group of lawmakers, including one of the leaders of the Housing Committee, will push for lasting housing relief inthe coming weeks that would keep a mandatory pause on evictions and foreclosures in place for more than a year.

07/03/20

Federal Regulators Are Mortgaging The Country To Wall Street Huffpost

Federal Regulators Are Mortgaging The Country To Wall Street
Federal regulators quietly shredded the most significant banking reform enacted after the 2008 financial crisis last month.

07/02/20

How to Use the Business Records Exception to Hearsay Rule to Keep Out “Servicer” Records in Foreclosure Cases Living Lies

How to Use the Business Records Exception to Hearsay Rule to Keep Out “Servicer” Records in Foreclosure Cases
Fundamentally you must understand that the investment banks want you and everyone else to look only at the payments history — not the debt, who owns it and whether anyone suffered a loss resulting from any lack of payment by the homeowner.

07/02/20

U.S. Fed buys $22.7 billion of mortgage bonds, sells none Reuters

U.S. Fed buys $22.7 billion of mortgage bonds, sells none
The Federal Reserve bought $22.705 billion of agency mortgage-backed securities in the week from Jun. 25 to Jul. 1, compared with $22.859 billion purchased the previous week, the New York Federal Reserve Bank said on Thursday.

07/02/20

Avoiding Foreclosure at All Costs DS News

Avoiding Foreclosure at All Costs
As policymakers continue to discuss how to react to the current economic disruption, new research aims to highlight lessons from the last major economic crisis. In a series of briefs, Harvard University’s

07/01/20

Supreme Court ruling that CFPB may continue to operate is win for consumers, major blow to lenders, scam artists Dann Law

Supreme Court ruling that CFPB may continue to operate is win for consumers, major blow to lenders, scam artists
The U.S. Supreme Court’s decision in Seila Law v. Consumer Financial Protection Bureau marked the culmination of a years-long attack against the agency by the business community, Congressional Republicans, and the Trump administration.

06/29/20

FHFA Provides Tenant Protections FHFA

FHFA Provides Tenant Protections
Today, to help renters in multifamily properties stay in their homes and to support multifamily property owners during the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) are allowing servicers to extend forbearance agreements

06/29/20

Certified Forensic Loan Auditors and Andrew Lehman Reach Settlement Agreement With the CFPB Getoutofdebt.org

Certified Forensic Loan Auditors and Andrew Lehman Reach Settlement Agreement With the CFPB
The issue between the Consumer Financial Protection Bureau (CFPB) and Certified Forensic Loan Auditors and Andrew Lehman get really nasty there for a while but it looks like it is one judge signature from being behind them now.

06/29/20

Fractured SCOTUS Ruling Keeps CFPB Alive, But Gives More Oversight to President Law.com

Fractured SCOTUS Ruling Keeps CFPB Alive, But Gives More Oversight to President
Justices Elena Kagan, Ruth Bader Ginsburg, Stephen Breyer and Sonia Sotomayor agreed with Chief Justice John Roberts Jr. on the severability question but disagreed that the single-director structure was unconstitutional.

06/29/20

High court gives Trump power to fire consumer bureau chief Politico

High court gives Trump power to fire consumer bureau chief
The justices ruled that the president has unfettered discretion to fire the head of the CFPB but rejected arguments that the bureau should be shut down.

06/26/20

Are We in for Another Housing Crisis? Tuck

Are We in for Another Housing Crisis?
Tuck professor Brian Melzer looks at the similarities and differences between the 2008 World Financial Crisis and the economic shock of the Covid-19 pandemic.

06/25/20

USDA Extends Foreclosure And Eviction Relief On Single Family Housing Direct Loans LA Daily Post

USDA Extends Foreclosure And Eviction Relief On Single Family Housing Direct Loans
WASHINGTON, D.C. — U.S. Department of Agriculture (USDA) Deputy Under Secretary for Rural Development Bette Brand has announced USDA extended foreclosure and eviction moratorium for all Single Family Housing Direct Home Loans through Aug. 31, 2020.

06/25/20

Forbearance is Major Cause of Lender Overlays Mortgage News Daily

Forbearance is Major Cause of Lender Overlays
In his analysis of current mortgage credit tightening for the Joint Center on Housing Studies excerpted here earlier, Don Layton included a special section on lender overlays.

06/23/20

NY's $17M settlement with Caliber mortgage company includes help for homeowners Newsday

NY's $17M settlement with Caliber mortgage company includes help for homeowners
New York’s top prosecutor has reached a $17 million settlement with Caliber Home Loans Inc. that includes help for homeowners facing hardships.

06/23/20

Treatment of Certain COVID-19 Related Loss Mitigation Options Under the Real Estate Settlement Procedures Act (RESPA), Regulation X; Interim Final Rule CFPB

Treatment of Certain COVID-19 Related Loss Mitigation Options Under the Real Estate Settlement Procedures Act (RESPA), Regulation X; Interim Final Rule
The Bureau issued this interim final rule to amend Regulation X. The amendments temporarily permit mortgage servicers to offer certain loss mitigation options

06/23/20

Wall Street Docuseries 'The Con' Set for Virtual Premiere (Exclusive) HollyWood Reporter

Wall Street Docuseries 'The Con' Set for Virtual Premiere (Exclusive)
Abramorama will use ABCinemaNOW for a live-streaming premiere on Aug. 5.

06/22/20

Foreclosure and Receiver Issues in the United States during COVID-19 JDSupra

Foreclosure and Receiver Issues in the United States during COVID-19
Updated as of June 22, 2020. The following memorandum provides an overview of the responses of courts and local and state governments of certain jurisdictions in the United States, as well as of the United States federal government, to the COVID-19 outbreak. The analysis has a particular focus on mortgage foreclosures and evictions.

06/22/20

Stanford study finds home foreclosures can have devastating, long-term impacts Stanford News

Stanford study finds home foreclosures can have devastating, long-term impacts
As the pandemic-ravaged U.S. economy braces for a likely wave of housing foreclosures, a new study shows that losing a home can have painful ramifications that extend far beyond the immediate financial damage.

06/22/20

CFPB Proposal Would Encourage Unaffordable Mortgage Lending and Threaten Access to Credit NCLC

CFPB Proposal Would Encourage Unaffordable Mortgage Lending and Threaten Access to Credit
The number of US home mortgage delinquencies has surged to the highest level in nine years as the coronavirus pandemic continues to hit family finances.

06/22/20

US home-mortgage delinquencies surge to the highest level in 9 years Business Insider

US home-mortgage delinquencies surge to the highest level in 9 years
The number of US home mortgage delinquencies has surged to the highest level in nine years as the coronavirus pandemic continues to hit family finances.

06/21/20

Mitch McConnell fails tenants, struggling landlords. Everybody, really | Editorial NJ.com

Mitch McConnell fails tenants, struggling landlords. Everybody, really | Editorial
In New Jersey cities, many thousands of families will soon be homeless, once the governor lifts his moratorium on evictions during the pandemic. Some are already being evicted, illegally. Yet even a decent landlord is in an impossible situation without federal help. And Mitch McConnell is standing in the way.

06/21/20

U.S. banks are ‘swimming in money’ as deposits increase by $2 trillion amid the coronavirus CNBC

It’s the banking world’s version of the rich getting richer. A record $2 trillion surge in cash hit the deposit accounts of U.S.

06/19/20

Mortgage Forbearances Down by 57,000 DS News

Mortgage Forbearances Down by 57,000
The latest data from the Black Knight McDash Flash Forbearance Tracker shows that the number of mortgages in active forbearance fell for the third week in a row.

06/18/20

AMERICAN FORECLOSURES … DIVIDED WE FALL Clouded Titles

AMERICAN FORECLOSURES … DIVIDED WE FALL
THE MORATORIUMS ARE GOING AWAY SOON If you’re a homeowner who has been affected by the coronavirus to the point of losing a paycheck and not being able to make your mortgage payments,

06/17/20

CFPB Attempts to Clarify Servicer Credit Reporting Requirements Mortgage News Daily

CFPB Attempts to Clarify Servicer Credit Reporting Requirements
There has apparently been considerable confusion regarding servicer obligations to report to credit agencies regarding loans in forbearance.

06/17/20

Purchase Applications Hit 11yr High, Refi Boom Continues Mortgage News Daily

Purchase Applications Hit 11yr High, Refi Boom Continues
Mortgage Application volumes continued to grow during the week ended June 12 as mortgage rates reached new lows and states allowed more businesses to reopen.

06/17/20

Fannie, Freddie extend pause on foreclosures Seeking Alpha

Fannie, Freddie extend pause on foreclosures
Fannie Mae (OTCQB:FNMA -1.9%) and Freddie Mac (OTCQB:FMCC -1.6%) are extending their single-family moratorium on foreclosures and evictions by two months until at least Aug. 31, 2020, the Federal Housing and Finance Agency said.

06/16/20

Consumer Protection Panel Actually Wants to Deregulate Wall Street, Lawsuit Alleges Mother Jones

Consumer Protection Panel Actually Wants to Deregulate Wall Street, Lawsuit Alleges
In October 2019, the Consumer Financial Protection Bureau—tasked with enforcing federal regulations on financial institutions—announced the creation of a new task force

06/12/20

The Looming Bank Collapse The Atlantic

The Looming Bank Collapse
After months of living with the coronavirus pandemic, American citizens are well aware of the toll it has taken on the economy: broken supply chains, record unemployment, failing small businesses. All of these factors are serious and could mire the United States in a deep, prolonged recession. But there’s another threat to the economy, too. It lurks on the balance sheets of the big banks,

06/12/20

Are Lawyers Missing the Boat Again on Foreclosure Defense? Living Lies

Are Lawyers Missing the Boat Again on Foreclosure Defense?
The problem is that while most people think everyone has been bought off, and to a certain extent that is true, the real problem is that the clever plan of securitization is so counter-intuitive

06/12/20

Effective Foreclosure Prevention in a Crisis DSNews

Effective Foreclosure Prevention in a Crisis
Proactive and relatively short-term mortgage forbearance paired with pragmatic loss mitigation solutions has proven to be the most effective combination

06/11/20

The Housing Vultures The New York Review Of Books

The Housing Vultures
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 by Aaron Glantz

06/11/20

FHFA Extends Forbearance Flexibilities DSNews

FHFA Extends Forbearance Flexibilities
The Federal Housing Finance Agency (FHFA) has announced that it is extending several loan origination flexibilities currently offered by Fannie Mae and Freddie Mac

06/09/20

Fed’s Repo Loans to Wall Street Skyrocket by 230 Percent Week Over Week Wall Street On Parade

Fed’s Repo Loans to Wall Street Skyrocket by 230 Percent Week Over Week
The Federal Reserve is desperately hoping that the pandemic, the coast-to-coast protests and the military generals’ scathing rebuke of the President’s plan to “dominate” grannies and college kids

06/05/20

CFPB Warns Servicers and Lenders to Adhere to CARES Act Mortgage News Daily

CFPB Warns Servicers and Lenders to Adhere to CARES Act
A joint release from the Consumer Financial Protection Bureau (CFPB) and the Conference of State Bank Supervisors cautions mortgage servicers about their obligations in complying with the

06/05/20

PREPARING FOR THE FORECLOSURE ONSLAUGHT Clouded Titles

PREPARING FOR THE FORECLOSURE ONSLAUGHT
Understand that my postulations on this blog serve as warning signals for “how to head ’em off at the pass” and my notions are served by supporting case law. I consider Rhode Island to be a hopeless case when it comes to MERS-related cases.

06/02/20

Covid-19 State Foreclosure Moratoriums and Stays NCLC

Covid-19 State Foreclosure Moratoriums and Stays
The following are summaries of actions certain states have taken in response to the Covid-19 crisis to limit home foreclosures. The list may not be complete, as state and local governments continue to adopt new emergency measures at a fast pace.

06/01/20

Richardson gone, but foreclosure fight lives on Apalachicola Times

Richardson gone, but foreclosure fight lives on
Nearly a year after her death, the work of Apalachicola artist Susan Richardson is living on in the courts, as her brother, with the help of a Miami attorney, is continuing to wage her lonely, multi-year mission to save her home from foreclosure. Bruce Jacobs, a former Miami prosecutor who for

06/01/20

Will Lawyers Stand Up to Defend Working-Class Consumers? Working-Class Perspectives

Will Lawyers Stand Up to Defend Working-Class Consumers?
Three months into the COVID-19 pandemic, more than 40 million Americans have lost their jobs. 4.2 million homeowners have placed their mortgages in forbearance. Hundreds of thousands more are in default and have not yet worked out agreements with lenders to fend off foreclosure. Rent, credit card, student loan, and other bills are clogging the mailboxes of working-class families.

05/30/20

Briefs Filed In LaRace v. Wells Fargo Bank N.A. as Trustee (U.S. Bank v. Ibanez II) Glenn Russell

Briefs Filed In LaRace v. Wells Fargo Bank N.A. as Trustee (U.S. Bank v. Ibanez II)
Our ongoing decade-plus defense of the LaRace family to save their home is now pending before the Massachusetts Appeals Court under Ca. No. 2019-P-1507 The Opening Briefs have now been filed in this case See our brief here

05/29/20

April's Forbearance Requests Slow to a Relative Trickle Mortgage News Daily

April's Forbearance Requests Slow to a Relative Trickle
Black Knight says its research is showing that the numbers of new forbearance plans for homeowners financially affected by the COVID-19 pandemic have slowed to a trickle compared to the tidal wave in early April.

05/28/20

COVID-19 has created a financial crisis. Pa. legal aid programs help stabilize families | Opinion Pennsylvania Capital-Star

COVID-19 has created a financial crisis. Pa. legal aid programs help stabilize families | Opinion
Before COVID-19, millions of Pennsylvanians struggled to get by each month. Across the Commonwealth, people face barriers to employment or have severe disabilities that keep them from working.

05/22/20

Goldman Sachs’ Mortgage Relief Involves Relieving You Of Your Mortgage By Relieving You Of Your House DealBreaker

Goldman Sachs’ Mortgage Relief Involves Relieving You Of Your Mortgage By Relieving You Of Your House
Like every other bank on earth, Goldman Sachs had to settle allegations that it helped create the last global financial crisis by wrapping up the mortgage equivalent of literal excrement in gold and getting them proclaimed triple-A before selling them on to investors.

05/21/20

In Last Bailout, the Fed Outsourced Management to the Banks Being Bailed Out – then Paid them Huge Fees for their Work Wall Street On Parade

In Last Bailout, the Fed Outsourced Management to the Banks Being Bailed Out – then Paid them Huge Fees for their Work
Many of the darkest secrets of the Federal Reserve’s bailout of Wall Street banks during the 2007 to 2010 financial crisis are cryptically contained in the government audit of the Fed’s emergency lending programs that was released to the public on July 21, 2011.

05/19/20

Mortgage servicers failed homeowners during the last recession. Let's not let that happen again. ConnPIRG

Mortgage servicers failed homeowners during the last recession. Let's not let that happen again.
Tens of millions of Americans with mortgages have been put in a tough spot by the coronavirus crisis. As of May 3, around 4 million homeowners were in forbearance plans, and mortgage delinquencies were on the rise. Many more consumers will likely seek forbearance or loan modifications in the weeks and months ahead.

05/18/20

Can you force securitization players to identify the creditor? Living Lies

Can you force securitization players to identify the creditor?
The creditor is by definition the party who claims to own the debt. If they own the debt then they are reporting the debt as an asset receivable on their accounting records. Since investors

05/16/20

Consumer bureau draws fire for pro-business tilt during crisis Politico

Consumer bureau draws fire for pro-business tilt during crisis
The Consumer Financial Protection Bureau is relaxing rules designed to shield Americans from abuse during the coronavirus crisis, saying the moves are necessary to give businesses flexibility during the pandemic.

05/15/20

Whistleblower: Wall Street Has Engaged in Widespread Manipulation of Mortgage Funds Pro Publica

Whistleblower: Wall Street Has Engaged in Widespread Manipulation of Mortgage Funds
Securities that contain loans for properties like hotels and office buildings have inflated profits, the whistleblower claims. As the pandemic hammers the economy, that could increase the chances of another mortgage collapse.

05/15/20

Pace of Loans Entering Forbearance Slows DS News

Pace of Loans Entering Forbearance Slows
Close to 9% of all active mortgage loans are in forbearance as of this week, according to the latest data from Black Knight’s McDash Flash.

05/14/20

COUNTRYWIDE’S AMERICA’S WHOLESALE LENDER SCAM CREATING TITLE ISSUES DECADES LATER MFI-Miami

COUNTRYWIDE’S AMERICA’S WHOLESALE LENDER SCAM CREATING TITLE ISSUES DECADES LATER
MFI-Miami has been receiving lots of phone calls lately about the now-defunct Countrywide Financial’s America’s Wholesale Lender scam.

05/13/20

FHFA Announces Payment Deferral as New Repayment Option for Homeowners in COVID-19 Forbearance Plans FHFA

FHFA Announces Payment Deferral as New Repayment Option for Homeowners in COVID-19 Forbearance Plans
Washington, D.C. – Today, to help homeowners who are in COVID-19 related forbearance, the Federal Housing Finance Agency (FHFA) has announced that Fannie Mae and Freddie Mac (the Enterprises) are making available a new payment deferral option. The payment deferral option allows

05/13/20

The Fed Hasn’t Spent a Dime Yet for Main Street Versus $735 Billion for Wall Street Wall Street On Parade

The Fed Hasn’t Spent a Dime Yet for Main Street Versus $735 Billion for Wall Street
The stimulus bill known as the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) was signed into law by President Donald Trump on March 27. Among its many features

05/12/20

BlackRock Begins Buying Junk Bond ETFs for the Fed Today: It’s Already at Work for the Central Bank of Israel Wall Street On Parade

BlackRock Begins Buying Junk Bond ETFs for the Fed Today: It’s Already at Work for the Central Bank of Israel
It’s off to the races today for BlackRock. The New York Fed, with authority from the Federal Reserve Board and backstopped with taxpayers’ money, will begin

05/11/20

CONSENT ORDER Specialized Loan Servicing CFPB

CONSENT ORDER Specialized Loan Servicing
The Bureau of Consumer Financial Protection (Bureau) has reviewed certain mortgage servicing practices of Specialized Loan Servicing, LLC (Respondent, as defined below),

05/08/20

The Bailout Is Working — for the Rich Pro Publica

The Bailout Is Working — for the Rich
The economy is in free fall but Wall Street is thriving, and stocks of big private equity firms are soaring dramatically higher. That tells you who investors think is the real beneficiary of the federal government’s massive rescue efforts.

05/08/20

REPUBLICANS ARE USING THE CORONAVIRUS CRISIS TO WIN LONG-DESIRED BANK DEREGULATION, RAISING POTENTIAL FOR BANK FAILURES Mortgage News Daily

REPUBLICANS ARE USING THE CORONAVIRUS CRISIS TO WIN LONG-DESIRED BANK DEREGULATION, RAISING POTENTIAL FOR BANK FAILURES
REPUBLICAN LAWMAKERS and finance industry lobbyists are using the coronavirus pandemic to press regulators into rapidly waiving financial safeguards for community banks.

05/08/20

Servicers on the Hook as 4.1 Million Loans Now in Forbearance Mortgage News Daily

Servicers on the Hook as 4.1 Million Loans Now in Forbearance
Black Knight reports that, as of May 7, there were 4.1 million loans in forbearance, up from 3.8 million in the company's last report

05/08/20

U.S. Financial System “Monitor” Failed to Flash Warning as Fed Pumped $6 Trillion Emergency Liquidity into Wall Street Wall Street On Parade

U.S. Financial System “Monitor” Failed to Flash Warning as Fed Pumped $6 Trillion Emergency Liquidity into Wall Street
The Office of Financial Research (OFR) was created under the Dodd-Frank financial reform legislation of 2010 to keep the Financial Stability Oversight Council (F-SOC) informed on emerging threats

05/07/20

THE GREAT REALIZATION: SECURITIZATION AND MORTGAGE BACKED SECURITIES ARE PURE MYTH Living Lies

THE GREAT REALIZATION: SECURITIZATION AND MORTGAGE BACKED SECURITIES ARE PURE MYTH.
The Great Realization is that securitization is a myth. A very profitable myth. A myth that resulted in profits that were geometrically higher than any transaction with any homeowner, consumer or borrower.

05/07/20

Congress Sets Up Taxpayers to Eat $454 Billion of Wall Street’s Losses. Where Is the Outrage? Wall Street On Parade

Congress Sets Up Taxpayers to Eat $454 Billion of Wall Street’s Losses. Where Is the Outrage?
Beginning on March 24 of this year, Larry Kudlow, the White House Economic Advisor, began to roll out the most deviously designed bailout of Wall Street in the history of America.

05/06/20

Foreclosure and Receiver Issues in the United States during COVID-19 JDSupra

Foreclosure and Receiver Issues in the United States during COVID-19
Summary The following memorandum provides an overview of the responses of courts and local and state governments of certain jurisdictions, as well as of the federal government, to the COVID-19 outbreak. The analysis has a particular focus on mortgage foreclosures and evictions,

05/06/20

Feds adding insult to injury: Another giveaway to the banks. If the “creditor” is getting paid with servicer advances then the debt should be reduced — and so should the payments. Living Lies

Feds adding insult to injury: Another giveaway to the banks. If the “creditor” is getting paid with servicer advances then the debt should be reduced — and so should the payments.
It is a very real thing. Everyone is getting paid (and now by the government), while the debt of homeowners is never reduced or credited.

05/05/20

Feinstein Supports Bill Creating $75 Billion Fund to Prevent Evictions, Foreclosures Yubanet.com

Feinstein Supports Bill Creating $75 Billion Fund to Prevent Evictions, Foreclosures
The Great Realization is that securitization is a myth. A very profitable myth. A myth that resulted in profits that were geometrically higher than any transaction with any homeowner, consumer or borrower.

05/05/20

Fed Chair Powell Has Upwards of $11.6 Million Invested with BlackRock, the Firm that Will Manage a $750 Billion Corporate Bond Bailout Program for the Fed Wall Street On Parade

Fed Chair Powell Has Upwards of $11.6 Million Invested with BlackRock, the Firm that Will Manage a $750 Billion Corporate Bond Bailout Program for the Fed
Most Americans likely assume that Jerome Powell, the Chairman of the Federal Reserve, is an economist, like the prior chairs of the Fed over the past 40 years. He’s not.

05/05/20

YAY! Apparently I hit a nerve. Lots of flack coming my way! Living Lies

YAY! Apparently I hit a nerve. Lots of flack coming my way!
There is an old saying that when you start getting lots of flack, you know you are close to the target. It is confirmation. Lately the old attacks on me have been renewed with vigor!

05/04/20

JPMorgan, Wells Fargo, Citigroup and Fossil Fuel Industry Get Bailed Out Under Fed’s “Main Street” Lending Program Wall Street On Parade

JPMorgan, Wells Fargo, Citigroup and Fossil Fuel Industry Get Bailed Out Under Fed’s “Main Street” Lending Program
U.S. Treasury Secretary Steve Mnuchin and Federal Reserve Chairman Jerome Powell have apparently never walked down a Main Street in America. We make that statement because

05/04/20

Deficiency Judgments — Yes You can Win Them Living Lies

Deficiency Judgments — Yes You can Win Them
As for the deficiency judgment, it is unusual to seek such a judgment and the only party that can contest it is the borrower.

05/04/20

Forbearance Problem Remains Huge, But The Pace is Slowing Mortgage News Daily

Forbearance Problem Remains Huge, But The Pace is Slowing
The Mortgage Bankers Association (MBA) has confirmed the findings that Black Knight reported on Monday morning that, while the number of forbearances in effect as a result of the COVID-19 pandemic

05/04/20

If you are asking for forbearance here is some suggested language you should consider with your lawyer Living Lies

If you are asking for forbearance here is some suggested language you should consider with your lawyer
Disclaimer and Caveat: I/we are requesting forbearance simply because you claim to be either a creditor or someone who is authorized to represent a creditor who has paid value for

05/03/20

Here's How The Pandemic Affected Housing/Mortgage Markets in March Mortgage News Daily

Here's How The Pandemic Affected Housing/Mortgage Markets in March
Black Knight's new Mortgage Monitor restates some of the statistics on COVID-19 related forbearance plans it released late last week

05/03/20

Opinion: Avoid a housing crisis in the wake of COVID-19 The Herald News

Opinion: Avoid a housing crisis in the wake of COVID-19
Prohibiting foreclosure and eviction actions temporarily is merely a stop-gap that does nothing to protect families in preserving their housing into the future. These federal and state laws have fallen short of fixing the potentially irreversible consequences of missing mortgage and rent payments. The federal government should adopt a Mortgage and Rent Payment Protection Program (“MRPPP”) where consumers can quickly apply for an unsecured loan for up to three times their monthly mortgage payment amount or three times their monthly rent payment amount. The loan would be interest free and paid back over 60-72 months.

05/03/20

If you’re skipping your mortgage payments, watch out for this costly mistake Market Watch

If you’re skipping your mortgage payments, watch out for this costly mistake
More than 3.5 million mortgage borrowers have requested forbearance — they need to weigh their options carefully

05/02/20

Minnesota homeowners, loan servicers navigate details of mortgage relief Star Tribune

Minnesota homeowners, loan servicers navigate details of mortgage relief
They're finding a need for clarification at a time when uncertainty and skepticism are intensifying.

05/01/20

The Curious Distraction of Applying “Adverse Possession” Rules to Foreclosures that are Time Barred by Statutes of Limitation. Living Lies

The Curious Distraction of Applying “Adverse Possession” Rules to Foreclosures that are Time Barred by Statutes of Limitation.
The reference to “adverse possession” in any of these cases is not about legally changing title due to the statute of limitations enabling adverse possession. I know what that looks like. Possession that is adverse is not

05/01/20

DannLaw COVID-19 Update 9–knowledge is power Dann Law

DannLaw COVID-19 Update 9–knowledge is power
If there is one thing homeowners, consumers, and small business owners need from the federal government, their banks and mortgage servicers as they attempt to make sound financial decisions in the midst of the coronavirus crisis is reliable information. Of course, that’s exactly what they’re not getting.

05/01/20

Wall Street’s Financial Crisis Preceded COVID-19: Chart and Timeline Wall Street On Parade

Wall Street’s Financial Crisis Preceded COVID-19: Chart and Timeline
If a reputable polling outfit were to ask Americans what caused the current financial crisis on Wall Street, they would say the coronavirus COVID-19 pandemic. If Americans were asked in the same poll

05/01/20

Major Consumer Protections Announced Response Covid-19 NCLC

Major Consumer Protections Announced Response Covid-19br> This article, which will be updated as developments warrant, lists actions Congress, governors, federal and state agencies, and businesses are taking to protect consumers in light of the COVID-19 epidemic. These actions include suspensions on foreclosures, evictions, and terminations of ...

04/30/20

AMERICA BRACES FOR MASS FORECLOSURES AS ECONOMY RE-OPENS! Clouded Titles Blog

AMERICA BRACES FOR MASS FORECLOSURES AS ECONOMY RE-OPENS!
As expected, I’m getting backchannel feeds on the serious uptick in foreclosures, especially in the GSE-related foreclosure arena. So here’s the immediate concerns, based on my current research:

04/30/20

Have towns been profiting from abandoned properties? Living Lies

Have towns been profiting from abandoned properties?
One of the things that I have always wondered about was why cities, towns, counties and states did not take a far more aggressive attitude toward Wall Street banks in the mortgage meltdown. In particular why they didn’t attack false claims in foreclosures that were based upon fabricated, forged, backdated, and false documentation.

04/29/20

This Chart Shows How the Fed Manipulated Junk Bonds to Help the Dow Wall Street On Parade

This Chart Shows How the Fed Manipulated Junk Bonds to Help the Dow
Thus far, the highly controversial corporate bond buying programs that the Federal Reserve first announced on March 23 have yet to spend a dime according to a spokesperson for the New York Fed, the regional Fed bank

04/29/20

Deadly Loans, Toxic Results Living Lies

Deadly Loans, Toxic Results
I referred to “deadly transaction” and others have referred to the transactions with homeowners as financial weapons of mass destruction. What do we mean?

04/28/20

Unsanitized: Mortgage Servicers Trying to Steal Homes, Again The American Prospect

Unsanitized: Mortgage Servicers Trying to Steal Homes, Again
Those of us who have done some work on foreclosures over the years know that what mortgage companies tell their borrowers only has a passing relationship to the truth. After the financial crisis,

04/27/20

Mortgage Movies Journal KingCast

Mortgage Movies Journal
KingCast Presents: More Courts Protecting Dirty Bankster Lawyers -- The Mark Rattan File.

04/27/20

No Lump Sum Required at the End of Forbearance” says FHFA’s Calabria FHFA

No Lump Sum Required at the End of Forbearance” says FHFA’s Calabria
To combat ongoing misinformation, the Federal Housing Finance Agency (FHFA) reiterated that borrowers in forbearance with a Fannie Mae or Freddie Mac (the Enterprises)-backed mortgage are not required to repay the missed payments in one lump sum.

04/27/20

Three Card Monty: Why is Pandemic Relief Going to Servicers? Why are they not claiming relief for REMIC Trusts? Will homeowner debts be reduced by Federal payments to “Servicers?” Living Lies

Three Card Monty: Why is Pandemic Relief Going to Servicers? Why are they not claiming relief for REMIC Trusts? Will homeowner debts be reduced by Federal payments to “Servicers?”
By failing to require a credit to homeowners when the Federal government makes payments on claimed obligations, the bailout is simply adding to profit of investment banks, servicers and foreclosure mills. They are eating their cake and having it too. Obligations are paid off but their claim against homeowners remains unchanged.

04/26/20

Mortgage Relief Homeowners Affected Covid-19 NCLC

Mortgage Relief Homeowners Affected Covid-19
The COVID-19 pandemic has made it harder for millions of homeowners to pay their mortgages. To reduce the risk of widespread foreclosures, Congress recently passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

04/25/20

Homeowners: You have options for your mortgage during the pandemic, but you might not get the full story Sun-Sentinel

Homeowners: You have options for your mortgage during the pandemic, but you might not get the full story
Most out-of-work homeowners frightened by the thought of suspending their mortgage payments can rest easy. Regardless of what their mortgage servicer tells them, the 70% of borrowers with federally backed loans won’t be on the hook to repay those missed payments all at once at the end.

04/24/20

Expansive New Massachusetts Law Upends Process for Residential Evictions and Foreclosures in Wake of COVID-19, Effectively Alters Terms of Mortgages JDSupra

Expansive New Massachusetts Law Upends Process for Residential Evictions and Foreclosures in Wake of COVID-19, Effectively Alters Terms of Mortgages
Massachusetts has passed an expansive law aimed at protecting tenants and homeowners during ?the COVID-19 emergency – “An Act Providing For A Moratorium On Evictions And ?Foreclosures During The COVID-19 Emergency” (“Act”). The law will remain in effect for 120 ?days, or 45 days after the Commonwealth’s emergency declaration ends, whichever comes first. ?The Act provides a mechanism to extend the moratorium for an additional 90 days if necessary, ?subject to the caveat appearing at the end of this paper. ?

04/24/20

Mortgage bailout balloons by half a million more loans in one week CNBC

Mortgage bailout balloons by half a million more loans in one week
As the economic shutdown drags on and job losses mount, more borrowers are opting to delay their monthly mortgage payments through mortgage forbearance plans.

04/24/20

MBS Day Ahead: No Grand Mortgage Market Backstop = No Surprise Mortgage News Daily

MBS Day Ahead: No Grand Mortgage Market Backstop = No Surprise
Given the size and scope of the unemployment/forbearance issue, mortgage investors have been rightfully concerned about the timeliness of payments, and perhaps even the solvency of existing mortgage market backstops

04/24/20

3.4 Million Loans Already in Forbearance - Black Knight Mortgage News Daily

3.4 Million Loans Already in Forbearance - Black Knight
March is typically the strongest month of the year for mortgage performance, probably because, according to Black Knight the receipt of tax refunds allows delinquent borrowers to catch up on their payments. However,

04/24/20

This will probably get me in plenty of hot water with lawyers. Homeowners should be winning foreclosures most of the time. The reason they don’t? — Ineffective Counsel. Living Lies

This will probably get me in plenty of hot water with lawyers. Homeowners should be winning foreclosures most of the time. The reason they don’t? — Ineffective Counsel.
The problem is not the judges. The problem is the lawyers who walk into court believing that the loan is real, claimant is real, the claim is real and that they are only looking for technical ways to get their client out of a valid deal.

04/23/20

How Judges, Attorney, Homeowners and Even Investors Get it Wrong about “RMBS” Living Lies

How Judges, Attorney, Homeowners and Even Investors Get it Wrong about “RMBS”
The main point is that the “MB” in RMBS” is “BS.” The certificates are not mortgage backed — as has been repeatedly determined by competent courts considering the status of holders of those certificates.

04/22/20

The Problem With those Powers of Attorney Living Lies

The Problem With those Powers of Attorney
Powers of Attorney are part of the strategy engineered by investment banks on Wall Street. Here is the problem with the POA or LPOA strategy.

04/22/20

Fannie and Freddie will now buy loans in mortgage bailout program, in a bid to loosen lending CNBC

Fannie and Freddie will now buy loans in mortgage bailout program, in a bid to loosen lending
The Federal Housing Finance Agency, regulator of Fannie Mae and Freddie Mac, announced that the two mortgage giants will now buy home loans that go into the government’s forbearance program just after they close.

04/21/20

Why Homeowners Lose Their Homes to Crooked Banks Living Lies

Why Homeowners Lose Their Homes to Crooked Banks
The first and foremost thing about this is that where any loan is subject to claims of securitization, that claim is false. So no investor ever bought any loan, debt, note or mortgage. Not ever.

04/20/20

Massachusetts Eviction and Foreclosure Moratorium For COVID-19 Emergency Signed Into Law The Massachusetts Real Estate Law Blog

Massachusetts Eviction and Foreclosure Moratorium For COVID-19 Emergency Signed Into Law
Unprecedented, Sweeping Prohibition on Residential and Commercial Evictions Enacted Without Corresponding Mortgage and Tax Relief to Property Owners

04/20/20

Securitization Claims Are a Matter of Facts and Reality, Not Opinion Living Lies

Securitization Claims Are a Matter of Facts and Reality, Not Opinion
I am in constant contact with several very supportive readers who, understanding part of the process of securitization, have then launched their own version of what happened. So this article is intended to give those who are interested a peak at reality and facts

04/20/20

Instead of Draining the Swamp, the Swamp Is Draining the U.S. Treasury via the New York Fed Wall Street On Parade

Instead of Draining the Swamp, the Swamp Is Draining the U.S. Treasury via the New York Fed
The Federal Reserve’s role under the U.S. law that governs it (the Federal Reserve Act) is to function as the nation’s central bank and lender of last resort to deposit-taking commercial banks in a crisis and to set monetary policy to achieve the dual objectives of stable prices (preventing deflation as well as runaway inflation) while maximizing employment.

04/20/20

MERS RULES IN THE FIRST U.S. CIRCUIT COURT OF APPEALS; SCREWS 2 HOMEOWNERS Clouded Titles Blog

MERS RULES IN THE FIRST U.S. CIRCUIT COURT OF APPEALS; SCREWS 2 HOMEOWNERS
Believe it or not, the U.S. Circuit Courts of Appeal are still in operation despite the corona-crisis. Last Friday, the appellate panel screwed two homeowners in REMIC foreclosure cases.

04/20/20

Excluded From Bailouts, Mortgage Servicers Face Cash Crunch NY Times

Excluded From Bailouts, Mortgage Servicers Face Cash Crunch
Lawmakers and lobbyists warn that missed house payments could leave servicers insolvent but federal officials are not sold on the need for a rescue.

04/19/20

Massachusetts lawmakers pass ban on evictions, foreclosures during coronavirus crisis WCVB

Massachusetts lawmakers pass ban on evictions, foreclosures during coronavirus crisis
Massachusetts lawmakers have sent to Republican Gov. Charlie Baker a bill they say would provide a safety net for renters, homeowners, and small businesses grappling with the economic fallout of the coronavirus state or emergency. The legislation approved Friday prohibits all non-essential evictions and foreclosures and provides mortgage borrowers with forbearance options and protects tenants from late fees.

04/18/20

Poll Shows Majority of Americans Support Canceling Rent and Suspending Mortgage Payments During Pandemic Common Dreams

Poll Shows Majority of Americans Support Canceling Rent and Suspending Mortgage Payments During Pandemic
New polling from the think tank Data for Progress shows that a majority of Americans across the political spectrum support canceling rent payments and suspending home mortgage payments during the coronavirus pandemic

04/17/20

There’s a Significant Risk of Cascading Defaults in Form of a “Debtors’ Strike” Wolf Street

There’s a Significant Risk of Cascading Defaults in Form of a “Debtors’ Strike”
The bailouts are better described as organized protection racket run by banks, hedge funds, private equity investors & large corporations.

04/17/20

COVID-19 Update 8: Thoughts on the CARES Act, Planning for life after the pandemic Marc Dann

COVID-19 Update 8: Thoughts on the CARES Act, Planning for life after the pandemic
I was mildly enthusiastic about the CARES Act immediately after it was passed because it appeared to be substantially different from the stimulus plan crafted by the federal government during the Great Recession of 2008.

04/17/20

U.S. Stimulus May Merely Delay Coronavirus Foreclosure Wave Bloomberg Law

U.S. Stimulus May Merely Delay Coronavirus Foreclosure Wave
Mortgage relief included in the federal stimulus package last month may not be enough to save homeowners facing balloon payments when the forbearance period ends.

04/17/20

If it’s not a loan, then what was it? Living Lies

If it’s not a loan, then what was it?
As many homeowners are still finding out, they are confronted by a pallet of entities who are constantly rotating as though the mortgage scene was some giant display. Like their lawyers they are completely confused

04/16/20

COVID-19 Mortgage Forbearance: What To Know Before You Delay Payment Forbes

COVID-19 Mortgage Forbearance: What To Know Before You Delay Payment
Millions of individuals and families across the country are facing financial hardships during the coronavirus crisis. According to the Pew Research Center,

04/16/20

Here Are the Contracts Showing How $4.5 Trillion in Stimulus Was Outsourced to Wall Street Wall Street On Parade

Here Are the Contracts Showing How $4.5 Trillion in Stimulus Was Outsourced to Wall Street
Bloomberg News has an article up today with the headline: “The Fed Loves Main Street as much as Wall Street This Time.” The article is accompanied

04/16/20

A COVID-19 crisis looms in the mortgage industry, experts warn Phys.org

A COVID-19 crisis looms in the mortgage industry, experts warn
Berkeley Haas Professors Nancy Wallace and Richard Stanton were some of the few voices to forewarn of the massive risk posed by shoddy practices in the mortgage industry prior to the 2008 financial crisis.

04/16/20

Watch out for foreclosure relief scams: If they promise a result or ask for money up front or ask for your deed run like hell Living Lies

Watch out for foreclosure relief scams: If they promise a result or ask for money up front or ask for your deed run like hell
Use your head. If anyone promises you a result or guarantees a result they are lying. If the solution being pitched to you is “just do this,” forget it. If it is too good to be true then it isn’t true. If the scheme was that good, the banks would have already lost everything.

04/15/20

Magic Bullet? Maybe this: the foreclosure “team” are all witnesses, not claimants Living Lies

Magic Bullet? Maybe this: the foreclosure “team” are all witnesses, not claimants
The fact that the foreclosure players know — or even witnessed — the fact that you refused to make any further payments makes them a witness, not a claimant.

04/14/20

You got the loan didn’t you? Maybe not. Living Lies

You got the loan didn’t you? Maybe not.
STOP ADMITTING THINGS YOU KNOW NOTHING ABOUT. STOP USING WORDS YOU KNOW NOTHING ABOUT. OK so let’s address that.

04/14/20

Allow Consumers to Enforce Their Rights in the Fallout from Any Wrongdoing or Crisis NACA

Allow Consumers to Enforce Their Rights in the Fallout from Any Wrongdoing or Crisis
Protecting consumers from scams, fraud, and deceptive conduct is essential in a time of crisis. In fact,

04/14/20

Submit Comments to CFPB on Securitization Scam. Here are mine: Living Lies

Submit Comments to CFPB on Securitization Scam. Here are mine:
GO to this link and submit your comment. Feel free to cut and paste mine.

04/14/20

Opinion: Missing so far from the prescription for a coronavirus economic recovery: public banks Market Watch

Opinion: Missing so far from the prescription for a coronavirus economic recovery: public banks
Just as FDR had his Reconstruction Finance Corp., we need a network of national, state and local public banks as we forge a 21st-century New Deal that creates a post-pandemic economy that works for all of us

04/13/20

American Workers Get a 4-Month Safety Net; Wall Street Gets a 4 to 5-Year Bailout Wall Street On Parade

American Workers Get a 4-Month Safety Net; Wall Street Gets a 4 to 5-Year Bailout
The stimulus bill passed by Congress and signed into law by President Trump in March, (the CARES Act), increases the miserly amount most states provide in unemployment

04/13/20

“Moratoriums” Are really PR Cover for Banks to Continue with Illegal Foreclosures Living Lies

“Moratoriums” Are really PR Cover for Banks to Continue with Illegal Foreclosures
Ron DeSantis, governor of Florida has issued a moratorium on foreclosures. He was acting on behalf of the investment banks that funded his campaign. If they re-start foreclosures on their own they come under attack.

04/11/20

Gov. Baker wants a bill banning evictions and foreclosures by next week Taunton Gazette

Gov. Baker wants a bill banning evictions and foreclosures by next week
BOSTON —Gov. Charlie Baker hopes lawmakers can resolve differences and send him a viable bill pausing all eviction and foreclosure proceedings statewide by next week, he said Saturday while touting aid that will flow to undocumented immigrants who are ineligible for unemployment benefits.

04/11/20

Are you a homeowner seeking forbearance on your mortgage? Watch out for these red flags Market Watch

Are you a homeowner seeking forbearance on your mortgage? Watch out for these red flags
Homeowners are asking for breaks on their mortgage payments in droves, as millions of Americans face the prospect of unemployment or reduced income because of the coronanvirus pandemic. But requesting forbearance on your mortgage isn’t foolproof.

04/10/20

Why is the Address of the Trustee and Trust the Same as Ocwen? Living Lies

Why is the Address of the Trustee and Trust the Same as Ocwen?
The first notice is the hook to your self-destruction. The simple answer is that the trust exists nowhere except as a fiction created by word salad in the name of the claimant. I thought that this was self evident, But based upon some recent questions people are still confused about this.

04/09/20

The CARES Act, Consumer Bankruptcy, and Mortgage Servicing: What to Know and Potential Pitfalls National Law Review

The CARES Act, Consumer Bankruptcy, and Mortgage Servicing: What to Know and Potential Pitfalls
Enacted March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) places short-term obligations and restrictions on lenders and servicers of federally backed loans.

04/09/20

12 Banks Agree To Defer Mortgage Payments For Homeowners In Boston WBUR

12 Banks Agree To Defer Mortgage Payments For Homeowners In Boston
Boston Mayor Marty Walsh said the city has secured agreements with a dozen banks to allow homeowners to defer mortgage payments for at least the next three months.

04/09/20

Coronavirus Emergency: Mortgage Relief for Consumers - How States Can Help NCLC

Coronavirus Emergency: Mortgage Relief for Consumers - How States Can Help
As the coronavirus emergency causes the shutdown of cities and towns and forces businesses to close, millions of consumers are facing a sharp decrease or loss of their income for the foreseeable future.

04/09/20

The New York Fed, Owned by Multinational Banks, Is Nationalizing Capital Markets Wall Street On Parade

The New York Fed, Owned by Multinational Banks, Is Nationalizing Capital Markets
For the first time in the history of the Federal Reserve, it has signed on to a plan with Congress to nationalize the unmanageable debts of global banks and other multinational corporations and put the U.S. taxpayer on the hook for the losses.

04/09/20

How the Coronavirus Crisis Could Create a Historic Mortgage Meltdown Nationalinterest.org

How the Coronavirus Crisis Could Create a Historic Mortgage Meltdown
17 million people out of work mean millions can't pay their mortgage. Sadly, the aid that is out there could spawn a foreclosure crisis of historic proportions.

04/09/20

COVID19 Recession Will Be Bonanza for Wall Street Banks, Servicers Living Lies

COVID19 Recession Will Be Bonanza for Wall Street Banks, Servicers
stop thinking you are getting away with something if you win in foreclosure. When you win you’re only getting part of what would be due to you in a fair open market full disclosure trading environment. Release from the debt, note and mortgage is only partial payment of what is owed to you — not the other way around.

04/08/20

Brilliant Analysis of Securitization Sleight of Hand Living Lies

Brilliant Analysis of Securitization Sleight of Hand
Thanks to the Virus, I had some free time to catch-up on Neil’s blogs and radio shows; as such, I just listened to your piece with Charles on the Christiana Trust counter-suit. One thing that took me by surprise is that Rushmore is seemingly linked to that trust (or phantom trust).

04/07/20

How the Coronavirus Bailout Repeats 2008’s Mistakes: Huge Corporate Payoffs With Little Accountability Propublica

How the Coronavirus Bailout Repeats 2008’s Mistakes: Huge Corporate Payoffs With Little Accountability
As the government rushes to aid the economy, how that’s done, who benefits and who is left behind matter. So far, the signs are ominous.

04/07/20

Many Struggling Homeowners Not Getting The Mortgage Relief U.S. Promised NPR

Many Struggling Homeowners Not Getting The Mortgage Relief U.S. Promised
Homeowners who've lost their jobs or income say their lenders are demanding punishing terms if they take part in what's supposed to be a government effort to help them.

04/07/20

DannLaw Covid-19 Update 7 Dann Law

DannLaw Covid-19 Update 7
Many of our clients are still sorting through the various types of assistance offered via the CARES Act and the various executive orders signed by the President and the governor of the state in which they live. But learning about the programs and benefits that are now available is only half the equation. The other: deciding whether it’s in your best interest to take advantage of them.

04/07/20

No Martha this is an opportunity — not a tragedy — for the public to deal with mortgage “servicers” Living Lies

No Martha this is an opportunity — not a tragedy — for the public to deal with mortgage “servicers”
Wall Street sees this as another opportunity to bag a bailout. Don’t let them. The alarm bells are going off. Giving relief to homeowners is going to collapse the entire financial system! The sky is falling!

04/07/20

How to Challenge The Credibility of Documents Offered to Support Foreclosure Living Lies

How to Challenge The Credibility of Documents Offered to Support Foreclosure
Legal presumptions are not meant to be used as a means for achieving an illegal or unjust result. But they do exactly that when apparently facially valid documents are left unchallenged.

04/06/20

The Fed Apparently Thinks It’s Going to Lose $454 Billion on Its Wall Street Bailout Wall Street On Parade

The Fed Apparently Thinks It’s Going to Lose $454 Billion on Its Wall Street Bailout
On Thursday, March 26, in the midst of a growing panic on Wall Street over a lack of liquidity for toxic debt, the Federal Reserve Chairman Jerome Powell did something unprecedented. He appeared live on the Today show.

04/06/20

Pandemics, Property Transfer Breakdowns… The Digital Real Estate Industry Is Coming Deeds.com

Pandemics, Property Transfer Breakdowns… The Digital Real Estate Industry Is Coming
The latest impetus to digitalize real estate might just turn out to be the tipping point. Practically overnight, COVID-19 is a defining element of our time.

04/06/20

Resetting the Bomb Matt Taibi

Resetting the Bomb
Another era of debt-fueled profiteering is ending with a bailout. How we’re institutionalizing the unfairness economy

04/06/20

Coronavirus mortgage bailout: ‘There is going to be complete chaos,’ says industry CEO CNBC

Coronavirus mortgage bailout: ‘There is going to be complete chaos,’ says industry CEO
A broad coalition of mortgage and finance industry leaders on Saturday sent a plea to federal regulators, asking for desperately needed cash to keep the mortgage system running during the coronavirus pandemic, as requests from borrowers for the federal mortgage forbearance program are pouring in at an alarming rate.

04/06/20

New CFPB Mortgage Guidance Does More for Servicers than Consumers NCLC

New CFPB Mortgage Guidance Does More for Servicers than Consumers
Washington, D.C. – Late last Friday, the Consumer Financial Protection Bureau (CFPB) issued a one-sided policy guidance providing enormous flexibility to mortgage servicers while failing to ensure that distressed consumers can get access to crucial information and foreclosure-avoidance procedures.

04/06/20

White Paper: Immediate Actions For CFPB To Address COVID-19 Crisis Medium.com

White Paper: Immediate Actions For CFPB To Address COVID-19 Crisis
The coronavirus pandemic is creating overwhelming needs. First, above all else, are the dire health problems threatening the lives of so many Americans. Second is dealing with the fallout to the economy from the abrupt halt to much business activity throughout the country.

04/06/20

How to Make Your Point That Borrowers Only Owe Money to Parties That Actually Own the Debt Living Lies

How to Make Your Point That Borrowers Only Owe Money to Parties That Actually Own the Debt
“First, as explained by the court in Bank of Miami Beach v. Fidelity Casualty Co. of New York (Fla. 1970) 239 So.2d 97, 99: “[A] mortgage lien and a mortgage debt are two entirely different legal concepts or `species.’ ” First Amer. Title Ins. v. Xwarehouse Lending, 177 Cal.App.4th 106, 118 (Cal. Ct. App. 2009)

04/06/20

Consumers were slammed in the Great Recession. The CFPB’s former director warns worse could be on the way Vox

Consumers were slammed in the Great Recession. The CFPB’s former director warns worse could be on the way
Richard Cordray is worried about Americans losing their homes and falling victim to loan sharks and scams amid the coronavirus crisis.

04/05/20

Nims v. Bank of New York Mellon Appeals Court Ruling Glenn Russell

Nims v. Bank of New York Mellon Appeals Court Ruling
On March 03, 2020, the Massachusetts Appeals Court issued their Opinion in Nims v. Bank of New York Mellon, Ca. No. 2019-P-0179. see Our previous blog entry on this case here The Panel ruled against our argument, while at the same time acknowledging

04/04/20

Unsanitized: How People Seeking Bankruptcy Will Suffer in the Pandemic The American Prospect

Unsanitized: How People Seeking Bankruptcy Will Suffer in the Pandemic
Max Gardner is one of America’s great bankruptcy attorneys. For years, he’s been running a “bankruptcy boot camp” for his fellow attorneys, in his wooded redoubt in the hills of North Carolina. Normally the event has a few dozen lawyers. He did his first webinar boot camp about a week ago: 776 attorneys signed up. “I really fear something worse than the Great Depression,” Gardner told me. “Every system is going to be overwhelmed.”

04/04/20

WILL THERE BE AN UPTICK IN FORECLOSURES ONCE THE CORONA-CRISIS IS OVER? Clouded Titles

WILL THERE BE AN UPTICK IN FORECLOSURES ONCE THE CORONA-CRISIS IS OVER?
This post is not for the faint of heart nor is it designed to make you more paranoid than most of you probably already are. It is designed to impart some common sense rationality into dealing with the post-traumatic issues of what we collectively are all perceiving as a “crisis”.

04/04/20

Do You Know Who Owns Your Mortgage? It's Important if You are Planning to Defer Payments The Motley Fool

Do You Know Who Owns Your Mortgage? It's Important if You are Planning to Defer Payments
If a lender is holding your mortgage, deferment options will be a lot more flexible. But if your mortgage has been sold on the secondary market, it's much more complicated.

04/04/20

Opinion: This hard truth about the mortgage markets isn’t being told Market Watch

Opinion: This hard truth about the mortgage markets isn’t being told
Real estate industry sees no problem, hears no problem, speaks no problem Everyone wants to know what impact the coronavirus and the government response to it will have on housing markets. While it is too early to hazard a guess, some things are becoming increasingly clear.

04/03/20

How Homeowners Can Weaponize Mediation Process Living Lies

How Homeowners Can Weaponize Mediation Process
STANDING: If you don’t raise the issue and present it logically and credibly the issue vanishes because the judge is not going to do the work for you. That is not part of a judge’s job description.

04/03/20

Will the Coronavirus Crisis Become a Foreclosure Crisis? One New Measure Might Help. National Interest

Will the Coronavirus Crisis Become a Foreclosure Crisis? One New Measure Might Help.
Yesterday, the federal government took another step to assist beleaguered homeowners and mortgage holders affected by the coronavirus pandemic and subsequent economic crash.

04/03/20

MERS CLASS ACTION COMPLAINT FOR FRAUD FOR THE COUNTY RECORDERS AJX

MERS CLASS ACTION COMPLAINT FOR FRAUD FOR THE COUNTY RECORDERS
MERS CLASS ACTION COMPLAINT FOR FRAUD FOR THE COUNTY RECORDERS, 2020

04/03/20

Mortgage Firms Teeter Near Crisis That Regulators Saw Coming Bloomberg

Mortgage Firms Teeter Near Crisis That Regulators Saw Coming
Nonbank financial firms spent years lobbying against tougher regulation and stricter capital requirements, arguing that their emerging dominance in mortgage lending didn’t pose a risk to the financial system.

04/03/20

Default Mortgage Servicing in the Face of the Coronavirus MBA

Default Mortgage Servicing in the Face of the Coronavirus
Summary: During the years from 2008 to 2018, the mortgage servicing industry learned so much about what causes default and employed a wide variety of loss mitigation programs specific to the type of loan, the Investor and the reason for default.

04/02/20

Mortgage Foreclosure Moratorium – Potential Pitfalls and Mitigating Litigation Risks National Law Review

Mortgage Foreclosure Moratorium – Potential Pitfalls and Mitigating Litigation Risks
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) became law. In addition to providing relief to various industries and businesses,

04/02/20

LESSONS LEARNED … INTER ALIA Clouded Titles

LESSONS LEARNED … INTER ALIA
The month of March certainly roared in like a lion when it comes to court cases. There are 3 of them which are integral to learning about foreclosure defense as to the “what to do” and “what not to do”, or in the alternative, what to “take away” from the herein discussed cases versus “what is irrelevant” and unimportant in them.

04/02/20

Fed’s Balance Sheet Blasts to $5.8 Trillion; Suggests Fed Is Back to Bailing Out Foreign Banks along with Wall Street Wall Street On Parade

Fed’s Balance Sheet Blasts to $5.8 Trillion; Suggests Fed Is Back to Bailing Out Foreign Banks along with Wall Street
At 4:30 p.m. today, the Federal Reserve released the shocking details of what it has been up to in the past week. Its balance sheet has skyrocketed from $5.3 trillion as of March 25 to $5.85 trillion yesterday, a growth of $557 billion in one week’s time.

04/02/20

Motions for Recusal: Don’t Poke the Bear Unless You Know You Can Kill It Living Lies

Motions for Recusal: Don’t Poke the Bear Unless You Know You Can Kill It
It simply isn’t enough to say that there might be a conflict or bias. You need hard evidence that the bias or conflict exists. In this case if persuasion is involved you probably have insufficient grounds for asking for recusal and you will probably end up with a judge who sees your efforts as desperate, lacking in substance.

04/01/20

Opinion Financial tsunami threatens housing sector Natonal Mortgage News

Opinion Financial tsunami threatens housing sector
The housing sector was barely mentioned in the CARES Act, but the impact of the rescue effort for consumers and business is bearing down on the industry like a giant wave.

04/01/20

It’s Not Difficult: Parties Who Pursue Foreclosure Must Be the Same Party Who Has A Stake in the Outcome Living Lies

It’s Not Difficult: Parties Who Pursue Foreclosure Must Be the Same Party Who Has A Stake in the Outcome
Foreclosure litigation is actually quite simple. But lawyers from foreclosure mills are attempting to make it complex. If you let them you will lose. If you confront them it is likely you will win.

04/01/20

Another financial crisis is brewing in the mortgage market Curbed

Another financial crisis is brewing in the mortgage market
Mortgage payments are on pause because of coronavirus, but the resulting domino effect of that could be disastrous

04/01/20

Readout of Call of the Task Force on Nonbank Mortgage Liquidity U.S. Treasury

Readout of Call of the Task Force on Nonbank Mortgage Liquidity
WASHINGTON – On March 30, U.S. Treasury Secretary Steven T. Mnuchin convened a call of the Task Force on Nonbank Mortgage Liquidity to discuss conditions and activities in the mortgage servicing markets.

04/01/20

Wall Street Had Cut 68,000 Jobs and Received Trillions in Emergency Loans Prior to COVID-19 Anywhere in the World Wall Street On Parade

Wall Street Had Cut 68,000 Jobs and Received Trillions in Emergency Loans Prior to COVID-19 Anywhere in the World
On March 26 Federal Reserve Chairman Jerome Powell went on the Today show to deliver one message: “There is nothing fundamentally wrong with our economy.”

04/01/20

Citigroup, an Admitted Felon with a History of Abusing Customers, Is Handling Billions from the Stimulus Bill Wall Street On Parade

Citigroup, an Admitted Felon with a History of Abusing Customers, Is Handling Billions from the Stimulus Bill
Yesterday CNBC reported that Citigroup is one of the banks selected by the Small Business Administration to handle billions of dollars earmarked in last week’s stimulus bill to help small businesses get back on their feet and keep their employees paid during the coronavirus crisis.

03/31/20

Stop Blaming the Judge Living Lies

Stop Blaming the Judge
The more you blame the judges, the further you get from the goal. Judges are like umpires in a baseball game. If you don’t throw the ball there is no need to call a ball or a strike or foul. Blaming judges for not throwing the ball, catching it, and calling whether it is right or wrong disempowers the homeowner. The Judge is not there to throw, catch or hit balls.

03/31/20

Elizabeth Warren and Others Warn That Pandemic is Exposing Underbelly of Corrupt Financial System Living Lies

Elizabeth Warren and Others Warn That Pandemic is Exposing Underbelly of Corrupt Financial System
Only people who have studied securitization understand the fact that securitization as practiced creates an existential threat to our society, our laws and the individual hopes and dreams of anyone who is not in on the game.

03/30/20

Fannie and Freddie Farce: How the Securities Brokerage Firms Are Using the Names of the GSE’s as Cover for False Claims Living Lies

Fannie and Freddie Farce: How the Securities Brokerage Firms Are Using the Names of the GSE’s as Cover for False Claims
There are lots of false assumptions about The Government Sponsored Entities. First, just because they are called “Government sponsored” doesn’t mean that the Federal Government is actually backing all of their activities.

03/30/20

BEFORE WE START GIVING BAILOUT MONEY TO THE BANKS AGAIN, HOW ABOUT WE TAKE THIS AS OUR SECOND CHANCE TO SET THINGS RIGHT? Living Lies

BEFORE WE START GIVING BAILOUT MONEY TO THE BANKS AGAIN, HOW ABOUT WE TAKE THIS AS OUR SECOND CHANCE TO SET THINGS RIGHT?
Look up anything I am saying here. There is universal agreement that we got the “bailout” wrong in 2008, at least in part. It ended up rewarding the securities brokerage companies for bad behavior with money and prestige because we allowed them to “convert” (like religion) to commercial banks.

03/30/20

NY’s 90-day Mortgage Waiver Has Big Limitations City Limits

NY’s 90-day Mortgage Waiver Has Big Limitations
Amid the coronavirus crisis, Governor Andrew Cuomo signed an executive order to compel state-regulated financial institutions to waive mortgage payments for 90 days but the executive order does not apply to all mortgage loans.

03/30/20

DannLaw Update Number 6 on Corona Virus: Observations and Clarifications re the CARES Act Dann Law

DannLaw Update Number 6 on Corona Virus: Observations and Clarifications re the CARES Act
Now that we’ve had additional time to review the CARES Act, we would like to share some clarifications and observations along with advice about how to deal with bills and other financial obligations that may be coming due on April 1.

03/29/20

DannLaw Update on Covid-19 CARES Act passed by Congress and signed by the President Dann Law

DannLaw Update on Covid-19 CARES Act passed by Congress and signed by the President
I’ve been involved in politics and government for over 40 years and I can say definitively that I have not seen legislation that offers as much direct and immediate relief to distressed consumers, borrowers, small business owners and tenants as the Covid-19 stimulus package, known as the CARES Act that Congress passed on Friday, March 27. You can read an analysis of the bill here. You can read the legislation in its entirety here. While I’m generally pleased with the CARES Act, I do have two concerns:

03/28/20

The Federal Reserve Now Owns 15 Percent of the U.S. Treasury Market; At Its Current Rate, It Could Own the Whole Market in Less than Two Years Wall Street On Parade

The Federal Reserve Now Owns 15 Percent of the U.S. Treasury Market; At Its Current Rate, It Could Own the Whole Market in Less than Two Years
According to the U.S. Treasury, as of February 29, 2020, there was $16.9 trillion in marketable U.S. Treasury securities outstanding. Of that amount, at the end of February, the Federal Reserve held $2.47 trillion or 14.6 percent – making it, by far, the largest single holder of U.S. Treasuries anywhere in the world.

03/27/20

The next financial crisis: A collapse of the mortgage system Politico

The next financial crisis: A collapse of the mortgage system
The mortgage finance system could collapse if the Fed doesn’t step in with emergency loans to offset a coming wave of missed payments from borrowers crippled by the coronavirus pandemic.

03/27/20

RULES OF COURT: Judges Are Not Overlooking Anything Living Lies

RULES OF COURT: Judges Are Not Overlooking Anything
Sure there are some judges that don’t care what evidence is before them and make decisions based upon their own political bias. But nearly all judges are NOT doing that when it relates to foreclosure. They are just following the rules.

03/26/20

What is Financial Injury or Economic Damage? Living Lies

What is Financial Injury or Economic Damage?
homeowners who win foreclosures are not getting a free house. they are settling for less than the amount due to them.

03/26/20

CFPB Provides Flexibility During COVID-19 Pandemic CFPB

CFPB Provides Flexibility During COVID-19 Pandemic
The Consumer Financial Protection Bureau (Bureau) today announced that it is providing needed flexibility to enable financial companies to work with customers in need as they respond to the COVID-19 pandemic.

03/26/20

Stimulus Bill Allows Federal Reserve to Conduct Meetings in Secret; Gives Fed $454 Billion Slush Fund for Wall Street Bailouts Wall Street On Parade

Stimulus Bill Allows Federal Reserve to Conduct Meetings in Secret; Gives Fed $454 Billion Slush Fund for Wall Street Bailouts
The U.S. Senate voted 96-0 late yesterday on a massive bailout of Wall Street banks versus a short-term survival plan for American workers thrown out of their jobs – and potentially their homes.

03/26/20

Stimulus Bill Allows Federal Reserve to Conduct Meetings in Secret; Gives Fed $454 Billion Slush Fund for Wall Street Bailouts Wall Street On Parade

Stimulus Bill Allows Federal Reserve to Conduct Meetings in Secret; Gives Fed $454 Billion Slush Fund for Wall Street Bailouts
The U.S. Senate voted 96-0 late yesterday on a massive bailout of Wall Street banks versus a short-term survival plan for American workers thrown out of their jobs – and potentially their homes.

03/25/20

White House, Senate Agree To $2 Trillion Coronavirus Rescue Package NPR

White House, Senate Agree To $2 Trillion Coronavirus Rescue Package
The Trump administration and Senate Majority Leader Mitch McConnell announced early Wednesday that the White House and Senate had reached a deal for an unprecedented $2 trillion spending package aimed at propping up individuals, businesses and the nation's health care system amid the onslaught of the coronavirus pandemic.

03/25/20

Fla 4th DCA Gets It Right on Article 3 UCC Living Lies

Fla 4th DCA Gets It Right on Article 3 UCC
Finally! A court takes its time and analyzes the chain and discovers what? Insufficient proof of standing and ERROR on the part of the trial judge in preventing even a third party purchaser from introducing evidence that the endorsement of the note was a legal nullity.

03/24/20

Repeating the Mistakes of the 2008 Bailout The American Prospect

Repeating the Mistakes of the 2008 Bailout
We needed to rescue the financial system in 2008, and we need to support sectors like airlines and aerospace now—but TARP is the wrong model.

03/24/20

The New Tidal Wave of Foreclosures Living Lies

The New Tidal Wave of Foreclosures
Foreclosures should happen because someone was financially injured by nonpayment — not because someone wants more profit.

03/23/20

For First Time in History, Fed to Make Billions in Loans to Big and Small Businesses Wall Street On Parade

For First Time in History, Fed to Make Billions in Loans to Big and Small Businesses
Without one vote by an elected official, the Federal Reserve just became a brand new national legislative body. It will, without any oversight in Congress, decide what corporations and businesses to save and which to let fail.

03/23/20

How to Avoid Foreclosure During the Coronavirus Pandemic Asbarez

How to Avoid Foreclosure During the Coronavirus Pandemic
Due to the global Novel Coronavirus (COVID-19) outbreak, homeowners are now faced with unforeseen difficulties due to the unexpected economic turndown. Many are at risk of defaulting on their mortgage payments, or worse, foreclosure. However, relief is on the way.

03/23/20

Bankers Pledge Mortgage Help, but Want Billions NY Times

Bankers Pledge Mortgage Help, but Want Billions
Millions of borrowers may be unable to make payments on home loans next week. The mortgage industry says it’s willing to help, but needs the government to back it up.

03/23/20

The Fed Goes All In With Unlimited Bond-Buying Plan NY Times

The Fed Goes All In With Unlimited Bond-Buying Plan
The Federal Reserve will buy bonds as needed to calm markets, and will buy corporate debt in a series of emergency lending programs.

03/23/20

Potential wave of mortgage delinquencies could bankrupt the payment system CNBC

Potential wave of mortgage delinquencies could bankrupt the payment system
Last week the regulator for mortgage giants Fannie Mae and Freddie Mac announced a forbearance program for borrowers unable to pay their loans because of the effects of the coronavirus.

03/23/20

The Reason Why the PSA Becomes Part of the Loan Contract and Therefore the Borrower Has Standing to at Least Make Inquiries About the PSA Terms, Exhibits and Actual Workings of the Parties to It Living Lies

The Reason Why the PSA Becomes Part of the Loan Contract and Therefore the Borrower Has Standing to at Least Make Inquiries About the PSA Terms, Exhibits and Actual Workings of the Parties to It
The bottom line is that every decision regarding payoff, collection, forbearance and foreclosure must satisfy the conditions of the alleged REMIC securitization.

03/22/20

Banks Should Defer Household Debt to Protect the Economy Politico

Banks Should Defer Household Debt to Protect the Economy
Direct cash payments to American households will be a significant portion of the U.S. government’s response to the coronavirus crisis. The logic is clear:

03/20/20

COVID-19 Update, March 20, 2020 Dann Law

COVID-19 Update, March 20, 2020
Information regarding Foreclosure Stays or Prohibitions What is True: Today the Federal Government announced that no foreclosures will proceed in the next 60 days on loans that are insured by the Federal Housing Administration (FHA) or that are owned by Freddie Mac or Fannie Mae. While that covers a lot of loans most people don’t know the name of the owner or insurer of their loan, they only know the name of the company that collects the payments or servicer of their loan.

03/20/20

Federal Reserve to lend additional $1 trillion a day to large banks PBS

Federal Reserve to lend additional $1 trillion a day to large banks
WASHINGTON (AP) — The Federal Reserve moved with unprecedented force and speed Friday to pump huge amounts of cash into the financial system to ease disruptions that have escalated since the viral outbreak.

03/20/20

Actual Fiction and Legal Fiction: Why the Big Settlements Are Not Reducing Borrower Debt Living Lies

Actual Fiction and Legal Fiction: Why the Big Settlements Are Not Reducing Borrower Debt
It’s complicated. Giving the investors money was a pay down of the obligation owed by the investment Banks, not the Borrowers. It didn’t change anything in the trust. But that begs the real question. The trust never owned anything to begin with. The trust does not exist as a legal person under any law of any jurisdiction simply because there is absolutely nothing in it.

03/19/20

U.S. Orders Up To A Yearlong Break On Mortgage Payments NPR

U.S. Orders Up To A Yearlong Break On Mortgage Payments
Homeowners who have lost income or their jobs because of the coronavirus outbreak are getting some relief. Depending on their situation, they should be eligible to have their mortgage payments reduced or suspended for up to 12 months.

03/19/20

What Aggressive Discovery Looks Like and What Eventually Happens to Stonewalling Servicers and Banks Living Lies

What Aggressive Discovery Looks Like and What Eventually Happens to Stonewalling Servicers and Banks
If you persist you will most likely get an order compelling answers to interrogatories, production of documents and an award for attorney fees.

03/18/20

Fed Announces Program for Wall Street Banks to Pledge Plunging Stocks to Get Trillions in Loans at ¼ Percent Interest Wall Street On Parade

Fed Announces Program for Wall Street Banks to Pledge Plunging Stocks to Get Trillions in Loans at ¼ Percent Interest
The Federal Reserve Board of Governors announced at 6 P.M. last evening that it is following the direction of Steve Mnuchin, the former foreclosure king who now serves as U.S. Treasury Secretary, and authorizing the reinstatement of a hideously operated, multi-trillion dollar bailout program for Wall Street’s

03/18/20

National Foreclosure and Eviction News: Updates from MAAPL MAAPL

National Foreclosure and Eviction News: Updates from MAAPL
Foreclosures and Evictions have NOT stopped nationally… but there’s good news for those with FHA mortgages! (and maybe Fannie Mae and Freddie Mac… )

03/18/20

Motion to Vacate Judgment: Jurisdiction Is About Authority — Not Whether the Judge Was Wrong or Biased Living Lies

Motion to Vacate Judgment: Jurisdiction Is About Authority — Not Whether the Judge Was Wrong or Biased
Judges are required to consider anything in front of them, decide on its admissibility, and then give it the weight that the judge thinks it deserves. Pro se litigants have no way of knowing much about arguments concerning jurisdiction.

03/17/20

Virtual Depositions in Post Corona World Living Lies

Virtual Depositions in Post Corona World
Just a friendly reminder that it is now easier than ever to conduct virtual depositions from the comfort of your home work-space.

03/17/20

Who Can Foreclose? Living Lies

Who Can Foreclose?
The plain truth of SAP — Securitization in Practice — is that nobody who paid value received ownership of the debt and nobody who received an instrument of ownership of the mortgage paid value.

03/16/20

Fed Sets Off Panic with Plan to Eliminate Reserves at Wall Street’s Mega Banks Wall Street On Parade

Fed Sets Off Panic with Plan to Eliminate Reserves at Wall Street’s Mega Banks
Last evening, it became painfully clear that the Board of Governors at the Federal Reserve do not understand the inner workings of Wall Street. After prattling on

03/15/20

Federal Reserve cuts rates to zero and launches massive $700 billion quantitative easing program CNBC

Federal Reserve cuts rates to zero and launches massive $700 billion quantitative easing program
The Federal Reserve, saying “the coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States,” cut interest rates to essentially zero on Sunday and launched a massive

03/14/20

The Fed Has Pumped $9 Trillion into Wall Street Over the Past Six Months, But Mnuchin Says “This Isn’t Like the Financial Crisis” Wall Street On Parade

The Fed Has Pumped $9 Trillion into Wall Street Over the Past Six Months, But Mnuchin Says “This Isn’t Like the Financial Crisis”
On February 12, 2020, the Dow Jones Industrial Average closed at 29,551.42. Yesterday, March 13, the Dow closed at 23,185.62 -– a loss of 6,365.80 points in one month’s time, or 21.54 percent. In 2008,

03/13/20

The Fed Has 233 Secret Documents about JPMorgan’s Potential Role in the Repo Loan Crisis Wall Street On Parade

The Fed Has 233 Secret Documents about JPMorgan’s Potential Role in the Repo Loan Crisis
The Federal Reserve Board of Governors has acknowledged to Wall Street On Parade that it has 233 documents that might shed some light on why JPMorgan Chase was allowed by the Fed to draw down $158 billion of the reserves it held at the Fed last year,

03/12/20

Attachment Issues: Staple the Allonge to the Note or Else! JDSupra

Attachment Issues: Staple the Allonge to the Note or Else!
In attempting to fend off lenders’ mortgage foreclosure actions, borrowers will often assert defenses challenging the lenders’ right to foreclose. Two recent Connecticut Superior Court decisions provide cautionary tales on the basic tasks that must be performed when loans are assigned to ensure that the assignee will be able to foreclose. In these cases, the foreclosing plaintiffs were tripped up by something as simple as a staple attaching the allonge to the underlying note.

03/12/20

Another Court Refuses Lost Note Status to a Successor Lender JDSupra

Another Court Refuses Lost Note Status to a Successor Lender
Last year, we reported on a Massachusetts Land Court decision, which interpreted Uniform Commercial Code section 3-309 to conclude that a mortgagee cannot foreclose in reliance upon a lost note affidavit, because the 1990 version of UCC 3-309 requires the party seeking to enforce the note demonstrate possession prior to its loss. 32 states remain under the 1990 version,

03/12/20

Fed to pump in more than $1 trillion in dramatic ramping up of market intervention amid coronavirus meltdown CNBC

Fed to pump in more than $1 trillion in dramatic ramping up of market intervention amid coronavirus meltdown
The Federal Reserve stepped into financial markets Thursday for the second day in a row and the third time this week, this time dramatically ramping up asset purchases amid the turmoil created by the coronavirus.

03/12/20

Statement Regarding Treasury Reserve Management Purchases and Repurchase Operations New York Fed

Statement Regarding Treasury Reserve Management Purchases and Repurchase Operations
The Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York has released a new monthly schedule of Treasury securities operations and has updated the current monthly schedule of repurchase agreement (repo) operations.

03/12/20

How to Enforce Discovery Living Lies

How to Enforce Discovery
In a recent case decided in the State of Washington, the Judge correctly stated the elements of good discovery requests, the reasons for overruling objections to discovery and the reasons for sustaining objections to discovery:

03/11/20

There is no bank Living Lies

There is no bank
Foreclosures are based on illusion. If the debt is subject to claims of securitization there is no bank — by definition. That’s not an opinion. It is a fact. As soon as you allow use of that word “Bank” you are adding to the illusion that you owe money to a bank. You don’t. Refer instead to “the claimant” or, if you must, to “the trust”.

03/10/20

Banking on Bullshit The Nation

Banking on Bullshit
Anastasia Nesvetailova and Ronen Palan’s recent book argues that the financial system is built on a system that incentivizes sabotage and cheating.

03/10/20

You signed the contract, didn’t you? Living Lies

You signed the contract, didn’t you?
Shame and ignorance prevents a homeowner and frequently their lawyer from responding intelligently to that question often posed by the Judge in foreclosure cases. The judge’s question is perfectly reasonable. If you are saying you didn’t sign anything then the entire case is different than the usual case. He or she wants to know.

03/10/20

Deutsche Bank National Trust Company Legally Exists as a Company, But Not as Trustee for Borrower Loans Living Lies

Deutsche Bank National Trust Company Legally Exists as a Company, But Not as Trustee for Borrower Loans
Several readers have sent me information regarding DBNTC and pointed out that I had misstated the status of DBNTC in past articles. I think they were at least partially right. Thanks to all the readers who sent in comments and information.

03/09/20

TILA Rescission Is Law of the Land: It Might Also Be Dead Living Lies

TILA Rescission Is Law of the Land: It Might Also Be Dead
The recent denial of certiorari by SCOTUS of a clear case that was a virtual mirror of the case presented in 2015 in Countrywide v Jesinoski, shows that the courts are going to deny rescission rights under 15 USC §1635.

03/09/20

SIT — SAW — SAP: 2 Minute Primer on Securitization Living Lies

SIT — SAW — SAP: 2 Minute Primer on Securitization
Almost everyone thinks they have a basic understanding of the securitization of residential debt. They don’t. Here is a basic primer to organize your thinking on the subject. Remember this only applies to securitization of residential debt and not to other things like stock IPOs etc.

03/09/20

Fifth Third Bank Opened Fraudulent Accounts, Consumer Bureau Says NY Times

Fifth Third Bank Opened Fraudulent Accounts, Consumer Bureau Says
For more than eight years the bank ignored signs that employees were opening unauthorized accounts to meet aggressive sales goals, a federal regulator said in a lawsuit.

03/09/20

Foreclosure ruling for homeowner reversed after ‘near-blanket exclusion’ of evidence The Indiana Lawyer

Foreclosure ruling for homeowner reversed after ‘near-blanket exclusion’ of evidence
A Lake Superior judge who threw out a bank’s mortgage foreclosure lawsuit against a homeowner and entered judgment in her favor was reversed by the Indiana Court of Appeals, which found the court abused its discretion in ordering a “near-blanket exclusion” of the bank’s evidence.

03/06/20

Two Charts Explain Why Wall Street Banks Are Under So Much Selling Pressure Wall Street On Parade

Two Charts Explain Why Wall Street Banks Are Under So Much Selling Pressure
Yesterday, the Dow Jones Industrial Average of 30 large cap companies closed with a loss of 969.5 points or 3.58 percent. That was bad enough but the losses among the biggest Wall Street banks outpaced the Dow losses by a significant margin. Typically,

03/05/20

Our courts also have a big corruption problem Washington Post

Our courts also have a big corruption problem
When you bring up corruption in government, most people think of Congress and the executive branch — lobbyists getting favors from senators, agencies captured by the industries they regulate, that sort of thing. Almost no one thinks of judges.

03/05/20

New Foreclosure Defense in Massachusetts Nolo

New Foreclosure Defense in Massachusetts
In a recent case, a court declared a Massachusetts foreclosure invalid because the lender sent a potentially deceptive breach letter.

03/05/20

With the CFPB’s future uncertain, New York and other states want to step in Marketplace

With the CFPB’s future uncertain, New York and other states want to step in
This week, the Supreme Court heard arguments in a case involving the Consumer Financial Protection Bureau. The case is about the president’s ability to fire the head of the bureau, with or without cause. Backers of the consumer protection agency fear the decision could virtually unwind the agency altogether.

03/05/20

Foreclosure Scams Work Both Ways Living Lies

Foreclosure Scams Work Both Ways
It’s true that most foreclosures are scams designed to obtain revenue instead of paying off a debt. But it is also true that there are many who pray upon the desperation of distressed homeowners who frankly are so emotionally overwrought that they are not thinking straight.

03/05/20

Read Paatalo’s Post If you Are Having Trouble Believing What I am Telling You Living Lies

Read Paatalo’s Post If you Are Having Trouble Believing What I am Telling You
Everyone has trouble believing what happened under the “securitization” scheme concocted on Wall Street. Bottom Line: It was “extralegal” which is why it is “counterintuitive.” It is not legally possible to own a debt without paying value for it.

03/05/20

Mortgage rates fall to an all-time low Housing Wire

Mortgage rates fall to an all-time low
The average U.S. rate for a 30-year fixed mortgage fell to 3.29% this week, the lowest ever recorded by Freddie Mac in a series that goes back to 1971.

03/04/20

Fed’s $100 Billion Repo Intervention Falls Short Of Bank Demand Wall Streeet Journal

Fed’s $100 Billion Repo Intervention Falls Short Of Bank Demand
Big banks’ demand for central bank cash remained very strong on Wednesday, leading the Federal Reserve Bank to add a fresh $100 billion to the financial system.

03/04/20

Grants aid NeighborImpact post-home purchase counseling, foreclosure prevention KTVZ

Grants aid NeighborImpact post-home purchase counseling, foreclosure prevention
BEND, Ore. (KTVZ) -- Nearly half of Central Oregonians are housing cost-burdened: they spend more than 30% of their income on housing expenses.

03/04/20

The Number of resales of the Same Residential Loan is Infinite: Will the Real Holder in Due Course Please Stand Up? Living Lies

The Number of resales of the Same Residential Loan is Infinite: Will the Real Holder in Due Course Please Stand Up?
Distressed mortgage securitizations are special purpose vehicles that issue securities primarily to institutional investors; invest the proceeds mainly in distressed mortgage loans; and apply the

03/04/20

Realtor In Santa Clarita Cautions Homeowners: ‘Don’t Believe Everything The Bank Tells You’ KHTS

Realtor In Santa Clarita Cautions Homeowners: ‘Don’t Believe Everything The Bank Tells You’
A realtor in Santa Clarita is cautioning homeowners who may be having trouble with their mortgage not to believe everything their bank tells them about what can be done to solve the issue.

03/04/20

A $60 Billion Housing Grab by Wall Street NY Times

A $60 Billion Housing Grab by Wall Street
Chad Ellingwood wasn’t really in the market for a home in the summer of 2006. But when his best friend came

03/03/20

Here's what the Consumer Financial Protection Bureau has done CNN

Here's what the Consumer Financial Protection Bureau has done
The future of the Consumer Financial Protection Bureau, perhaps best known for forcing big banks like Wells Fargo to return money to customers they cheated, will be tested Tuesday when the Supreme Court hears a case on the constitutionality of the agency's structure.

03/03/20

Federal Reserve makes emergency rate cut amid coronavirus fears Housing Wire

Federal Reserve makes emergency rate cut amid coronavirus fears
The Federal Reserve unexpectedly cut its benchmark rate by half a percentage point in an effort to bolster the economy and calm coronavirus fears.

03/03/20

Remember the Interlocutory Appeal Living Lies

Remember the Interlocutory Appeal
Interlocutory appeals are appeals during the litigation. They are successful if the points in dispute are clearly presented and the case is made that the ruling is likely to shorten the litigation time or prevent

02/27/20

What Questions Should I Be Asking? Living Lies

What Questions Should I Be Asking?
Why is everyone using your name in foreclosures? A client who is pursuing an action against Bank of New York Mellon is properly refusing to admit or acknowledge that a trust exists and even if it does whether the trust has ever owned the debt — because without the debt a conveyance of an interest in the mortgage or deed of trust is void ab initio.

02/26/20

Attack the presumption or rebut it. That is your choice. Living Lies

Attack the presumption or rebut it. That is your choice.
This is how you determine if anyone owns loans:

02/25/20

Foreclosures to Increase Despite no Recession Think Realty

Foreclosures to Increase Despite no Recession
Most default servicers expect foreclosures to increase in 2020 despite no economic recession, according to a recent Auction.com survey.

02/25/20

Mortgage Cancellation Secrets Reveals How To Stop A New York Foreclosure Sale Date Menafn

Mortgage Cancellation Secrets Reveals How To Stop A New York Foreclosure Sale Date
(MENAFN - Uply Media Inc ) (Brooklyn, NY) - What could you do to stop a foreclosure auction sale date in NYC? Mortgage Cancellation Secrets discusses tips to stop a New York foreclosure sale date,

02/25/20

CFPB Issues Winter 2020 Supervisory Highlights JD Supra

CFPB Issues Winter 2020 Supervisory Highlights
Mortgage Servicing and Loss Mitigation With a focus on compliance with the loss mitigation provisions of Regulation X, the CFPB’s first finding was that servicers failed to notify borrowers in writing of the servicer’s

02/25/20

The Massachusetts Supreme Judicial Court Considers the Effect of a State-Mandated Default Notice on the Validity of Non-Judicial Foreclosures JD Supra

The Massachusetts Supreme Judicial Court Considers the Effect of a State-Mandated Default Notice on the Validity of Non-Judicial Foreclosures
The Massachusetts Supreme Judicial Court (“SJC”) heard argument on February 13, 2020, on whether compliance with a state-mandated default notice could, nevertheless, void foreclosure sales in Massachusetts. Specifically, the SJC examined whether the provision of the state-mandated notice has the potential to deceive a borrower where it describes a period for reinstating a loan that varies (to the benefit of the borrower) from the period contained in the mortgage.

02/25/20

FHA seeks fast action on foreclosure-sale proposal National Mortgage News

FHA seeks fast action on foreclosure-sale proposal
The Department of Housing and Urban Development asked mortgage servicers and other stakeholders to respond quickly to a proposed set of foreclosure-sale policy improvements so it can finalize them soon.

02/25/20

Wall Street Banks, Insurers Sell Off — Dangerously Linked by Derivative Trades Wall Street On Parade

Paul Krugman Returns to Perpetuating the Big Lie for Wall Street
If the federal government wants to quarantine the most dangerous threat to the financial health of the United States, it will impose a lockdown and decontamination of the federally-insured banks that are holding tens of trillions of dollars in derivative trades. Yesterday, the stock market rout outed the worst of these actors.

02/25/20

Appeal Ruling On Motion to Lift BKR Stay Within 14 days Living Lies

Appeal Ruling On Motion to Lift BKR Stay Within 14 days
See U.S. Supreme Court ruling in Ritzen Group, Inc. v. Jackson Masonry, L.L.C., 2020 WL 201023 (U.S. Jan. 14, 2020) I think this latest ruling means that for homeowners who win that motion the foreclosure mill is stuck unless they successfully appeal within 14 days.

02/24/20

Court Reverses Foreclosure Case Dismissal on Note Enforcement DS News

Court Reverses Foreclosure Case Dismissal on Note Enforcement
Last month the Third DCA reversed the lower court’s dismissal of a foreclosure action filed by HSBC Bank USA, National Association (“HSBC” or “the Bank”) against the borrowers and a subsequent title holder, Florida Kalanit 770 LLC (“Florida Kalanit”). HSBC Bank v. HSBC Bank USA, Nat’l Ass’n v. Florida Kalanit.

02/24/20

Deutsche Memos Tell the Story Living Lies

Deutsche Memos Tell the Story
The obvious import of these memos is that Deutsche wants to be able to claim plausible deniability. But secondarily it places responsibility on servicers to have knowledge that

02/21/20

US government fines Wells Fargo $3 billion for its 'staggering' fake-accounts scandal CNN

US government fines Wells Fargo $3 billion for its 'staggering' fake-accounts scandal
Wells Fargo was hit with a $3 billion fine Friday by federal authorities outraged by the millions of fake accounts created at the troubled bank over many years.

02/21/20

How to Use Expert Witness Testimony in Foreclosure Defense Living Lies

How to Use Expert Witness Testimony in Foreclosure Defense
While exclusion of expert witness testimony is expressly considered a drastic step, the court is under virtually no constraints as to the weight it gives to such testimony.

02/20/20

Nonprofit Alliance of Consumer Advocates Helps Another Foreclosed Distraught Homeowner Get Their Home Back Thru a Trustee Sale Reversal From 3rd Party Highest Bidder Benzinga

Nonprofit Alliance of Consumer Advocates Helps Another Foreclosed Distraught Homeowner Get Their Home Back Thru a Trustee Sale Reversal From 3rd Party Highest Bidder
Mr Geoffrey & Kathleen Scheuerman of San Diego California were devastated when they learned their lender since 2006, foreclosed on them on 10/28/2019 at 10:30 a.m. on a loan that they only owed $466,065.00 on. Their home was valued at close to $800,000.00 but it was more than just the dollars and cents, it was their home of over 14 years.

02/20/20

The Myth About How Greedy Borrowers Caused the Financial Crisis and Should Pay By Losing Their Homes Living Lies

The Myth About How Greedy Borrowers Caused the Financial Crisis and Should Pay By Losing Their Homes
The law needs to be changed to permit securitization schemes to designate a specific receiver or player to act as the real party in interest — or

02/19/20

CFPB Identifies Mortgage Servicing Violations DS News

CFPB Identifies Mortgage Servicing Violations
The Consumer Financial Protection Bureau (CFPB) has released its Winter 2020 edition of its Supervisory Highlights. discussing the Bureau’s examinations findings in the areas of debt collection, mortgage servicing, payday lending, and student loan servicing that were completed between April 2019 and August 2019.

02/19/20

Paul Krugman Returns to Perpetuating the Big Lie for Wall Street Wall Street On Parade

Paul Krugman Returns to Perpetuating the Big Lie for Wall Street
Paul Krugman, the New York Times columnist who won the 2008 Nobel Memorial Prize in Economic Sciences, is back to pedaling his Big Lie that Wall Street banks were not responsible for the financial crash of 2008 or the ensuing housing crash.

02/18/20

Homeowners Join Class Action Lawsuit Against Roxbury Based BlueHub Capital Alleging Predatory Lending Practices WGBH

Homeowners Join Class Action Lawsuit Against Roxbury Based BlueHub Capital Alleging Predatory Lending Practices
A group of 14 homeowners filed a class-action suit in Massachusetts Superior Court Friday against a Roxbury based non-profit, alleging that they are the victims of predatory lending practices while facing foreclosure or financial hardship. The lawsuit, financed by the Neighborhood Assistance Corporation of America (NACA) was hand delivered to the offices of BlueHub Capital — formerly Boston Community Capital — and several of the homeowners allegedly victimized by its practices. Bruce Marks, NACA's founder and CEO, represents the homeowners who joined the lawsuit, and turned to BlueHub Capitol for assistance.

02/18/20

Fed Slashes 14-Day Repo Loans to $25 Billion; Will Cut Further in March Wall Street On Parade

Fed Slashes 14-Day Repo Loans to $25 Billion; Will Cut Further in March
Federal Reserve Chairman Jerome Powell sat through two days of grueling hearings before the House Financial Services Committee and Senate Banking Committee last week. At numerous times, the Fed and Powell were portrayed by Congressional members as sugar daddies for Wall Street while aloof to the financial suffering of the average American.

02/18/20

Strange Stuff on Wall Street: Big Job Cuts, Fed Bailout, Record Markets Wall Street On Parade

Strange Stuff on Wall Street: Big Job Cuts, Fed Bailout, Record Markets
HSBC has become the latest bank with a big Wall Street footprint to announce job cuts. After announcing that its 2019 profits fell by about a third, it said it would cut 35,000 jobs over the next three years.

02/18/20

Quiet Title — Not as Easy as It Sounds But It Could Lead to Successful Strategies and Tactics Living Lies

Quiet Title — Not as Easy as It Sounds But It Could Lead to Successful Strategies and Tactics
The failures to disclose material facts providing the real context of the “loans” deprived borrowers of choice between lenders and deprived them of the opportunity of bargaining for terms that were based upon the economic reality — that the main point of the loan origination was not the loan but rather the sale of unregistered securities.

02/17/20

Paatalo Scores Again: Where do those payments go? Living Lies

Paatalo Scores Again: Where do those payments go?
As I have repeatedly stated on these pages, commingling funds from investors with (a) other investors and (b) third parties is the root of the securitization scheme and the basis upon which the brokerage houses (investment banks) are able to convert your money to their money.

02/17/20

Will the Bubble Burst? Living Lies

Will the Bubble Burst?
We are now on the longest stock bubble in history – stocks are up way above the tech boom. GDP was 4% then and 2% now. The difference? The government is STILL printing money and dumping it on the financial institutions in the form of overnight repo lending money – almost all of which is going right back into the stock market thus extending this bubble artificially.

02/13/20

Bankruptcy courts punished Synergy Law again and again. Its customers kept losing their homes anyway. San Antonio Express-News

Bankruptcy courts punished Synergy Law again and again. Its customers kept losing their homes anyway.
Ron and Ann Jones were watching Fox News one night in early 2018 when they saw a commercial that made them sit up. A company called Synergy Law said it could help people modify their home loans.

02/13/20

Another Person Dies Fighting Fake Foreclosure by Wells Fargo Living Lies

Another Person Dies Fighting Fake Foreclosure by Wells Fargo
Larry Delassus, of Hermosa Beach, California, lost his house two years ago after the bank thought he was behind on his property taxes but it was actually his neighbor

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.

January | February | March | April |May | June | July | August | September | October | November | December
 

copyright MSFraud.org