Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

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04/26/19

Foreclosed homes affect families, neighborhoods, senator says. We have a plan to manage the crisis.
While New Jersey still outpaces the rest of the nation in foreclosure activity, there's been a sizeable drop in the number of foreclosed homes since the recession. Still, there were 18,801 foreclosures begun last year.

04/25/19

Morgan Stanley to pay $150 million for pushing toxic mortgage bonds on California's teachers and public employees
Morgan Stanley has agreed to a $150 million settlement to resolve claims that it misrepresented the poor-quality of pre-crisis mortgage bonds and cost California teachers and public employees

04/25/19

Second Judge rules Wells Fargo must submit to discovery related to computer “glitch” that led to unjust foreclosures
Judges in Ohio and New York believe a credible cause of action against Wells exists CLEVELAND, OHIO, UNITED STATES, April 25, 2019 /EINPresswire.com/ -- DannLaw attorneys seeking to hold

04/25/19

How to read responses from the alleged “Servicer”
The human mind fills in voids wherever they occur. The mind fills it in with data that normally occurs between one data point and another. So when we read a response from “the servicer” our minds

04/24/19

Applying Common Sense and Law to Assignments of Mortgaget
Every time a homeowner wins in foreclosure the investors are actually protected. It’s the sale of the property and/or entry of the foreclosure judgment that cuts investors off from their investment. Weird, right?

04/23/19

Does Sending an FDCPA Validation Request Stop Foreclosure? Yes, Says One Court
Many debt collectors are engaged in foreclosure. And under the Fair Debt Collection Practices Act, debt collectors are required to stop collecting when a consumer sends a request for verification or validation of the debt.

04/23/19

U.S. Bank, N.A. “as Trustee” Facing Sanctions In Miami
“It’s unusual that we’re in this position, but it’s unusual that any bank would dare do what they’re doing and think they are above the law like this.” – Bruce Jacobs, Miami Foreclosure Defense Lawyer

04/20/19

I’ve Seen Goldman Sachs From the Inside. We Need Public Banks.
or far too long, Wall Street has wreaked havoc on people’s personal financial stability and our economy as a whole. I should know. As a managing director at Goldman Sachs

04/19/19

Maxine Waters and Elizabeth Warren Propose Plans to Stop “Crime Spree” of Banks
On my way out the door for the weekend, but wanted to post this. It’s validation of what we all know. But it also puts a plan on the table to stop the continuing damage and heal some of the damage caused by the banks.

04/19/19

9th Circuit Inches Toward Decision of “America’s Wholesale Lender”
The issue is jurisdiction. Lawyers filed papers for AWL but AWL was dissolved as a corporation. The lawyers countered with the allegation, on appeal, that AWL was a fictitious name for Countrywide without specifying the location of CW.

04/18/19

A New Plan to Make Wall Street Pay for Creating the Foreclosure Crisis
Last week, as Rep. Maxine Waters, D-Calif., convened a House Financial Services Committee hearing, featuring the CEOs of Wall Street’s biggest banks, the financial watchdog group Better Markets released a stunning report

04/18/19

Wells Fargo accused of misleading homeowners in mortgage crisis aftermath
Wells Fargo is being accused of misleading homeowners who were seeking to lower their home payments in the aftermath of the mortgage crisis.

04/18/19

C&E Strategy is the beginning of a successful attack on the claimed enforcement of a mortgage or deed of trust.
Attacks on technical deficiencies of assignments of mortgage is a great place to start, but it is not the finish line.

04/17/19

DiTech: The Pretense Continues
DiTech was not a lender. It was a sales agent or loan broker. Nonetheless a new agreement has been executed in which major creditors of DiTech are resurrecting the illusion

04/16/19

Deutsche Bank: Here’s What Maxine Waters Should Be Subpoenaing
According to today’s New York Times, Democrats now in charge of the House Intelligence and Financial Services Committees, have issued subpoenas to Deutsche Bank, JPMorgan Chase, Bank of America and Citigroup, related to the President’s finances and/or Russian money laundering.

04/16/19

Fannie Mae Explains Securitization and Distribution of Ownership of Debt
As a quasi government agency Fannie Mae is forced to be forthcoming about its role in lending. But the wording of disclosures mostly come from Wall Street investment banks.

04/13/19

DEFEATING DIVERSITY IN FORECLOSURE ACTIONS
Even in its most liberal stature, the U.S. 9th Circuit Court of Appeals has again, redefined and re-explained that REMIC trusts can end up costing you lots of money in litigation,

04/12/19

Research Study on Ongoing Crime Spree by Wall Street Mega Banks Gets News Blackout: Here’s Why
One day before Democrats on the House Financial Services Committee held an historic grilling of the CEOs of the mega banks on Wall Street, the nonprofit watchdog, Better Markets, released an in-depth research report

04/12/19

General Electric agrees to pay $1.5B civil penalty over subprime mortgages
General Electric has agreed to pay a $1.5 billion settlement for accounting violations related to a now-defunct business that handled subprime mortgages.

04/11/19

Cal. 3d DCA: WRONGFUL FORECLOSURE — You Can Cancel the Assignment, Notice of Default, Notice of Sale and Reverse the Sale.
This decision “Not for publication” takes one more step toward unravelling the false claims of securitization that resulted in millions of fake foreclosures over at least 15 years

04/10/19

Florida Bankers Association Admission to Florida Supreme Court: “Original Notes Were Eliminated”
Courtesy of Bill Paatalo, I have located the stark 2009 admission by the Florida Bankers Association that original notes were destroyed contemporaneously with the loan closing.

04/10/19

Bill seeks to hold judges accountable
BOSTON — Judges in Massachusetts might soon be in for a surprise, as a local legislator is pushing the state to start checking in with them every seven years.

04/09/19

Stop Feeling Guilty — Be A Warrior
Shame is the reason why most borrowers don’t contest foreclosures. That shame turns to intense anger when they realize that they were used, screwed, abused and now they are

04/09/19

MA Attorney General Secures $2 Million From National Mortgage Servicer Over Unfair And Unaffordable Loan Modifications
A national mortgage servicing company will pay $2 million and undertake affordable loan modifications for affected Massachusetts homeowners, Attorney General Maura Healey announced today. The settlement resolves allegations that Caliber Homes Loans Inc. (Caliber) failed to help borrowers avoid foreclosure and instead gave homeowners unaffordable loan modifications with ballooning monthly payments they could not afford.

04/08/19

Steve Eisman and FrontPoint Were Shorting Wall Street Banks While the Dumb Fed Was Giving FrontPoint Emergency Loans – and that’s not the Worst Part of this Story
Steve Eisman is one of the central characters in the Michael Lewis bestselling book, The Big Short. In the movie of the same name,

04/08/19

CERTO v. BANK OF NEW YORK MELLON
FL 1st DCA – An agreement to which Mellon is not a party does not evidence a transfer of the Note to Mellon. Thus, the documents Mellon introduced below and that it cites on appeal do not evidence its purchase of the debt or an effective transfer or valid assignment to it.

04/05/19

Miami-Dade Judge Rules Retroactive Provision in Florida's Foreclosure Law is Unconstitutional
Judge David Miller's wrote that the specific application of the Florida Fair Foreclosure Act—a 2013 law created in response to the housing crisis— to a case before him was at odds with the Florida Constitution.

04/05/19

Discovery from REMIC Rules
I have added to my templates for discovery questions and requests relating to a claimant that is named “XYZ Bank, N.A. as trustee for the ABCDE Corp. Trust Series 12345-4321A Certificates” and where, as in most cases,

04/04/19

You Elected Them To Write New Laws Theyre Letting Corporations Do It Instead
Each year, state lawmakers across the U.S. introduce thousands of bills dreamed up and written by corporations, industry groups and think tanks. Disguised as the work of lawmakers, these so-called “model” bills

04/04/19

San Francisco Chronicle: California can’t divert mortgage relief funds to pay off state debt
In a former job, Neil Barofsky’s title was SIGTARP – the Special Inspector General overseeing the Troubled Assets Relief Program. He was one of the

04/03/19

UCC: The Internet is no substitute for law school
he way that borrowers lose cases is by picking out one thing from a case or statute and treating it as a magic bullet. If the law were that simple a computer would be deciding all cases.

04/02/19

Common Sense Prevails: SCOTUS Broadens Primary Liability for Fraudulent Schemes
For quite some time, the courts have struggled with the concept of primary liability for a lying liar and secondary liability for a liar who passes on the lie knowing that it was a lie. Scotus, in the Lorenzo decision has now said that is a distinction without a difference.

04/01/19

Begging to Lose Money? Think About It!
There are two morals to this story. First always use a legal and financial adviser if you are about to make the largest investment of your life. Second, there is no such thing as boilerplate or standard clauses.

04/01/19

After a Decade of Cheap Money, the Federal Reserve Still Has No Exit Strategy
Everything the Federal Reserve did to cause the housing crash was done on a much larger scale, not just in 2008, but in every year since.

04/01/19

MMT Scholars’ Predictive and Policy Successes – Part A
By William K. Black March 31, 2019 Bloomington, MN Introduction The second article in this series deals with Modern Monetary Theory’s (MMT) predictive and policy successes. The article has three, separately published, parts.

04/01/19

Why Homeowners Should Win Foreclosures: It’s the Moral Thing to Do.
The reason why thousands of cases have been confidentially settled with satisfactions of mortgages, payment of attorney’s fees and damages is that the banks are willing to pay anything necessary to preserve the tree (certificates) and the branches (derivatives) and the leaves (minibonds and contracts like credit default swaps). The risk to the investment bank is enormous if the tree falls.

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