Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

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Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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05/30/19

Massachusetts Mortgage Holders Beware — Foreclosure Winning Bids May Now Need to Consider Development Potential of a Property Jdsupra

Massachusetts Mortgage Holders Beware — Foreclosure Winning Bids May Now Need to Consider Development Potential of a Property
Under Massachusetts law, a foreclosing lender has a duty of good faith and reasonable diligence to obtain the highest possible price for a property at auction.

05/30/19

Bill would require mediation before foreclosure Worcester Business Journal

Bill would require mediation before foreclosure
Foreclosures would have to go through mediation and a judicial process under a bill proposed by Sen. Nick Collins.

05/30/19

THE C&E, ASSIGNMENTS … AND YOUR RIGHT TO CHALLENGE THEM (PART 1) Clouded Titles Blog

THE C&E, ASSIGNMENTS … AND YOUR RIGHT TO CHALLENGE THEM (PART 1)
Scenario … “The Set-Up” You want to buy a home. You don’t have much money, but credit is plentiful, as long as you can “fog up a mirror”. You’re the “party of the first part” because

05/29/19

CFPB settles with BSI Financial Services over numerous mortgage servicing issues Housing Wire

CFPB settles with BSI Financial Services over numerous mortgage servicing issues
CFPB accused BSI of improperly handling mortgage servicing transfers

05/29/19

BSI Financial Consent Order and Stipulation CFPB

BSI Financial Consent Order and Stipulation
UNITED STATES OF AMERICA BUREAU OF CONSUMER FINANCIAL PROTECTION ADMINISTRATIVE PROCEEDING File No. 2019-BCFP-0006 In the Matter of: CONSENT ORDER SERVIS ONE, INC., d/b/a BSI FINANCIAL SERVICES

05/29/19

A real estate fortune built on a foundation of forged deeds and tangled titles Philly.com

A real estate fortune built on a foundation of forged deeds and tangled titles
For years, Orin Clybourn has been a notable success story among the army of entrepreneurs who scout Philadelphia for rundown properties to buy and “flip” for big bucks. He has quietly made more than $1 million this way. The circumstances behind his purchases have been unusual.

05/29/19

How to argue the “allonge” Living Lies

How to argue the “allonge”
Allonge. Additional paper firmly attached to Commercial Paper, such as a promissory note, to provide room to write endorsements.

05/28/19

Public Banks Are a Safer Alternative to Wall Street Medium.com

Public Banks Are a Safer Alternative to Wall Street
“It is hopeless to seek a better way, turn back” is the tired old refrain of the Wall Street lobby and their reliable allies who oppose even the exploration of public banking by California cities and counties.

05/28/19

First American left millions of real estate records exposed Housing Wire

First American left millions of real estate records exposed
Data included bank account details, mortgage information, tax records and phone numbers

05/28/19

My Final Word On Quiet Title Strategies Living Lies

My Final Word On Quiet Title Strategies
Most people do not have a clear understanding about Quiet Title, because it means one thing to them and another thing in court. The common misconception about quiet title is that it is a thing that just happens,

05/24/19

How to Distinguish the Promissory Note from the Debt in a Loan Transaction Living Lies

How to Distinguish the Promissory Note from the Debt in a Loan Transaction
It seems nothing gets a judge angrier than being challenged on the court’s misconception of law. In 42 years of trial experience my conclusion is

05/23/19

Bank bailouts propped up the financial system. But we should never repeat them. Washington Post

Bank bailouts propped up the financial system. But we should never repeat them.
A decade after the massive government bailouts for Wall Street, some of the financial intelligentsia in New York and Washington no longer seem to view them as a bad thing.

05/21/19

Did Ben Carson just mistake an REO for an Oreo? National Mortgage News

Did Ben Carson just mistake an REO for an Oreo?
WASHINGTON — Secretary of Housing and Urban Development Ben Carson appeared to be unaware of a basic housing term during a hearing Tuesday, confusing "real estate owned," or REO, with an Oreo cookie.

05/21/19

$65,000 Judgment Against U.S. Bank! Torrens Law Group

$65,000 Judgment Against U.S. Bank!
After we won a foreclosure case at trial, U.S. Bank challenged my client's right to recover her attorney's fees incurred defending herself against U.S. Bank. We defeated U.S. Bank at trial

05/21/19

Pump and Dump: When “Lenders” Have No Risk of Loss They Spend Millions Selling Defective Loan Products and Blame Borrowers Living Lies

Pump and Dump: When “Lenders” Have No Risk of Loss They Spend Millions Selling Defective Loan Products and Blame Borrowers
It’s easy to blame borrowers for loans that are in “default.” The American consensus is based upon “personal responsibility”; so when a loan fails the borrower simply failed. But this does not take into account

05/17/19

How Digitizing the Mortgage Process is Further Enabling Massive Fraud and Windfalls for the Banks Living Lies

How Digitizing the Mortgage Process is Further Enabling Massive Fraud and Windfalls for the Banks
Banks should be intermediaries, not the principals in a transaction. If you write a check your bank is not buying the TV. Original documentation and actual facts clears everything up. But what happens if original documentation disappears like it did in the mortgage meltdown?

05/14/19

New Jersey Creates Mortgage Servicers License as Part of Legislative Efforts to Curb Foreclosures in State Stopforeclosurefraud.com

New Jersey Creates Mortgage Servicers License as Part of Legislative Efforts to Curb Foreclosures in State
Consumer Financial Services LAW MONITOR- On April 29, New Jersey’s governor signed into law bill A4997, known as the Mortgage Servicers Licensing Act.

05/14/19

The Big Hoax: Are “Sales” of “Loans” and “Servicing” Real? Living Lies

The Big Hoax: Are “Sales” of “Loans” and “Servicing” Real?
References to sales of loans and servicing rights are usually merely false assertions to distract homeowners and lawyers from looking at what is really happened. By accepting the premise that the loan was sold you are accepting that the loan was (a) real and (b) owned by the party who was designated to appear as a “Seller.”

05/13/19

What is the difference between the note and the debt? What difference does it make? Living Lies

What is the difference between the note and the debt? What difference does it make?
NOTE: This case reads like law review article. It is well worth reading and studying, piece by piece.

05/11/19

The Bank MUST Have Proof It Mailed Default Letter to You Torrens Law Group

The Bank MUST Have Proof It Mailed Default Letter to You

The Bank MUST Have Proof It Mailed Default Letter to You
Most conventional mortgages have a particular paragraph that has been the subject of a great deal of litigation in foreclosure cases: the infamous Paragraph 22.

05/10/19

Former Countrywide CEO Angelo Mozilo says the financial crisis wasn’t his fault: ‘We did what we felt was right’ CNBC

Former Countrywide CEO Angelo Mozilo says the financial crisis wasn’t his fault: ‘We did what we felt was right’
Subprime loans were just a small part of the problem, he adds. But most historical accounts differ: Loans to unqualified buyers are generally seen as the flame that lit the financial crisis’s fuse.

05/08/19

How to Write an Appeal Without Looking Silly Living Lies

How to Write an Appeal Without Looking Silly
Besides strict compliance with all appellate rules, lawyers must be in strict compliance with common sense.

05/07/19

Foreclosure Defense Revisited Living Lies

Foreclosure Defense Revisited
Originally published in October, 2008 this is a revised version of an article that correctly articulated the main weak points in the cases being presented for enforcement of mortgages and deeds of trust. Back then

05/07/19

Freddie Mac is "Reimagining" Servicing to Benefit the Customer Mortgage News Daily

Freddie Mac is "Reimagining" Servicing to Benefit the Customer
Freddie Mac is undertaking a new initiative designed to align the servicing process to a more customer service focus, especially for distressed homeowners.

05/07/19

VA mortgage lenders hit with federal subpoenas Politico

VA mortgage lenders hit with federal subpoenas
Federal investigators have issued subpoenas to several mortgage lenders that make loans to military veterans, seeking information on delinquencies and payments.

05/07/19

Republicans move to abolish CFPB Housing Wire

Republicans move to abolish CFPB
If a handful of Republicans in the Senate have their way, the Consumer Financial Protection Bureau will not exist for much longer, as for at least the third time in the last few years, Republicans are trying to kill the CFPB.

05/07/19

How About Leaving Fannie Mae and Freddie Mac Alone? Bloomberg

How About Leaving Fannie Mae and Freddie Mac Alone?
People in Congress and the Trump administration keep repeating — lately with added emphasis — that something must be done about Fannie Mae and Freddie Mac, the giant mortgage banks that have been wards of the state ever since their failure in the 2008 financial crisis.

05/06/19

Two Foreclosures, One Property, One Owner, Both Claiming Possession of the Original Note, Neither Claiming Ownership of the Debt Living Lies

Two Foreclosures, One Property, One Owner, Both Claiming Possession of the Original Note, Neither Claiming Ownership of the Debt
Originally posted in November, 2008 this illustrates what happens when you destroy notes and then “recreate” them for purposes of claiming you have the original in court.

05/05/19

You're on the deed, but not on the mortgage! Can you fight the foreclosure? Torrens Law Group

You're on the deed, but not on the mortgage! Can you fight the foreclosure?
Sometimes we represent folks who are on the deed to a property, but they are not on the mortgage. Often this is because they purchased the property at a homeowners association foreclosure auction, and now the first mortgage company is coming through with its foreclosure.

05/03/19

Why Accounting Firms and Investment Bankers Should Be Sued Living Lies

Why Accounting Firms and Investment Bankers Should Be Sued
Originally posted in September 2008, here is my update of issues that lawyers, regulators, judges and even borrowers have still not quite absorbed:

05/02/19

Consumer Financial Protection Bureau Files Suit Against Lexington Law, PGX Holdings, and Related Entities CFPB

Consumer Financial Protection Bureau Files Suit Against Lexington Law, PGX Holdings, and Related Entities
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today filed a complaint against PGX Holdings Inc. and subsidiaries Progrexion Marketing Inc., Progrexion Teleservices Inc., eFolks LLC, and CreditRepair.com Inc.; and against John C. Heath, Attorney at Law PLLC, which does business as Lexington Law.

05/01/19

MERS owner, Intercontinental Exchange, is buying Simplifile for $335 million Housing Wire

MERS owner, Intercontinental Exchange, is buying Simplifile for $335 million
ICE is the parent company of the New York Stock Exchange and is also a provider of data and listings services, and the company bought MERS last year. And now, ICE is buying Simplifile, which operates one of the largest networks connecting the agents and jurisdictions that underpin residential mortgage records

05/01/19

Tell Us What You Know About the Consumer Financial Protection Bureau. We’re Investigating. ProPublica

Tell Us What You Know About the Consumer Financial Protection Bureau. We’re Investigating.
The Consumer Financial Protection Bureau was created by Congress in the aftermath of the financial crisis to police companies and protect people from unfair, deceptive or abusive practices. Since the start of the Trump administration,

05/01/19

Banks Switching Tactics As “REMIC” Deficiencies Are Revealed Living Lies

Banks Switching Tactics As “REMIC” Deficiencies Are Revealed
First the investment banks told the servicers to initiate foreclosure which they were more than happy to do since they were being paid ridiculous sums of money to do whatever they were told to do.

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