Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

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11/30/21

JP Nonprofit ESAC Distributing $1.3M in Emergency Mortgage Funding
Jamaica Plain nonprofit Ecumenical Social Action Committee (ESAC) has been granted emergency foreclosure prevention funds to distribute to Boston homeowners who have been financially affected by COVID-19.

11/30/21

How Likely Is It That a Homeowner Will Win a Foreclosure Case?
The answer to this question depends upon the homeowner — not the judge.

11/29/21

The fallacy of construing negative decisions as bad decisions for homeowners
It’s not the job of courts to save litigants from their own admissions. Here is a simple rule: if you admit the existence of the loan account receivable and you admit the rights of the servicer and the currently named claimant, you have no viable basis to challenge standing or enforceability. “Yes, but” doesn’t count in court.

11/28/21

A class action has been brought in the Eastern District of New York against defendant Select Portfolio Servicing, Inc.,
(“SPS”), a servicing agent for residential mortgage loans, unlawful and deceptive acts, practices and misconduct in connection with the ownership and servicing of residential mortgage loans, including, but not limited to the following:

(i) making representations that late fees will be charged, and charging late fees, after the loan has been accelerated which is prohibited by the standard form mortgage agreement and the laws of the State of New York and other states, including, but not limited to, New Jersey, Pennsylvania, Massachusetts, Vermont and California;

(ii) charging excessive and unreasonable inspection fees despite occupancy, which is in violation of the standard form mortgage agreement and Fannie Mae industry guidelines and regulations;

(iii) violating RESPA, 12 U.S.C. § 2605(e) by failing to timely and adequately respond to homeowner’s Qualified Written Requests concerning improper late fees and failing to take corrective action.

11/28/21

Dan Kildee leading effort to provide Michiganders with housing support
FLINT, Mich. (WJRT) - (11/28/2021) - Congressman Dan Kildee is announcing new efforts in Congress, helping Michigan families make educated decisions about housing and homeownership. In a letter, Kildee and 36 other Members of Congress are urging Congress to fully fund the U.S. Department of Housing and Urban Development’s Housing Counseling Assistance Program for the upcoming fiscal year.

11/27/21

Lend a Hand helped Patricia cover one month's mortgage to help her prevent foreclosure
The following is a profile submitted by South Shore Community Action Council on behalf of one of its clients who has been helped by The Patriot Ledger's Lend a Hand campaign. The person's name has been changed to protect their privacy.

11/26/21

NY homeowners, facing foreclosure due to pandemic, could be eligible for aid
BINGHAMTON, NY (WSKG)—Federal funding is on the way to New York homeowners who are at risk of foreclosure. Households behind on their mortgages, property taxes and other housing expenses can get up to $50,000 in aid through the state’s recently-approved Homeowners Assistance Fund.

11/26/21

Housing Instability and Socioeconomic Disparities in Health: Evidence from the U.S. Economic Recession
While a number of studies have observed the effects of housing instability on health outcomes, fewer have emphasized pre-existing socioeconomic disparities in health and the influence of housing instability on subsequent health outcomes in the wake of the economic recession.

11/26/21

HOW THEY DID IT: CONVENTIONAL LOAN TRANSACTION EXPLAINED
The following link leads to an oversimplified chart of a conventional loan transaction, leaving out the actual people at each step and leaving out several of the computer servers:

11/24/21

Servicer Advances Are an Illusion Too
Like everything else, “servicer advances” is a false label. There is no money being advanced. But there is money received by institutional investors who bought certificates under the mistaken belief that they were mortgage-backed securities. They receive that money regardless of whether or not payments are made by homeowners.

11/23/21

Letter to FHFA re: Enterprise Regulatory Capital Framework Proposal
Re: Notice of Proposed Rulemaking and Request for Comments – RIN 2590-AB17

11/23/21

Optical Illusions and Cognitive Delusions Are the Foundations For Erroneous Decisions by Homeowners, Their Lawyers, and Judges
By the time most lawyers are retained to represent a homeowner, the homeowner has already created damage. The lawyer’s task is magnified by the need to first perform damage control before asserting claims and defenses.

11/22/21

Are Foreclosure Lawyers Lying?
The simple answer is maybe. But even the act of avoiding information that would inform the lawyer that his assertion or argument in court is false, does not make a case for accusing the Lawyer of lying. This is very frustrating for most people.

11/19/21

PODCAST: Helping homeowners At the height of the COVID-19 pandemic, more than four million homeowners—credit union members among them—needed mortgage assistance. While many have recovered, there is still a need to support homeowners as they come out of forbearance. Helping homeowners depends on exceptional member care and communication. It also means considering what other support can be offered and what process changes can be made to deliver optimal outcomes.

11/19/21

THERE IS NO CONFLICT BETWEEN ARTICLE 3 AND ARTICLE 9 OF UCC: THE COURTS ARE JUST PLAIN WRONG
CASE DECISIONS ARE NOT SCRIPTURE. But they are precedent and you can expect that once a decision is rendered by an appellate court in a specific jurisdiction all the lower courts in that jurisdiction will most likely follow the reasoning and application of the law in that appellate decision.

11/19/21

NY foreclosure ban does not apply to shell companies, judge rules
As the pandemic drags on, New York’s foreclosure moratorium is starting to crack. On Nov. 12, an Orange County judge ruled that Wilmington Savings Fund could foreclose on and sell the home at 6 Turtle Knoll in Monroe.

11/18/21

NY homeowners behind on mortgages get $539M from feds
New York on Thursday became the first state in the nation to receive U.S. Treasury approval for Homeowner Assistance Fund aid. Nearly $539 million — the amount Gov. Kathy Hochul requested — will be distributed to homeowners at the greatest risk of foreclosure or displacement. The money is part of a $10 billion federal program in the American Rescue Plan.

11/17/21

REVERSE “MORTGAGES” ARE SUBJECT TO SAME DEFENSES AS ANY OTHER HOMEOWNER TRANSACTION
I am getting a lot more inquiries about reverse mortgages in which Foreclosure is threatened. That’s far, there appears to be no difference in the challenges and offenses available to homeowner homeowners between what is ordinarily falsely described as a “conventional Loan” and a “reverse mortgage loan.” The goal of the finance side of these transactions is the same: the sale of securities.

11/16/21

Foreclosed Homes Should Go To Families, Not Flippers: NJ Lawmaker
New Jersey Assemblywoman: "Black and Brown wealth is hemorrhaging through the loss of foreclosed property."

11/16/21

Black Knight fka Lender Processing Systems — Short memories can hurt you
Frankly, I am frequently bewildered by the astonishment of people who should know better. Everything that I report on my blog is derived from actual concrete reliable data and information and previous legal proceedings in which there were administrative findings of fact and legal consequences

11/15/21

STOP BLAMING JUDGES: Their position is wrong but NOT unreasonable
I have often been confronted with a situation in which there are reports of a judge that is bullying the lawyers or litigants. The result is that homeowners are blaming judges for entering rulings or judgments and cutting arguments short. And the perception is that the judges are part of some vast conspiracy to deny due process to homeowners.

11/12/21

Banking Agencies: Mortgage Servicers Should Prepare For Increased Scrutiny
The CFPB, OCC, FDIC, NCUA, and state financial regulators issued a statement this week ending the temporary supervisory and enforcement flexibility provided to mortgage servicers due to the COVID-19 pandemic by the agencies.

11/12/21

If you don’t understand the job of being a judge, then you can’t possibly win
The bottom line is that if you start off with a hostile attitude toward the judge, the possibility of a successful result for anyone defending a case diminishes to practically zero. Likewise for the litigant who expects the judge to carry water for one party or the other. Judges don’t carry water. They merely watch it and weigh it. That is their job.

11/11/21

New mortgage refinance programs from Fannie Mae and Freddie Mac are expanding to reach more homeowners
For Stacey Foley, refinancing her mortgage was a no-brainer. After paying roughly 4.25% in interest on her existing home loan, refinancing at 3.25% with limited closing costs has saved her $200 monthly. “Two hundred dollars doesn’t sound like a lot of money, but over a year it is,” Foley said.

11/10/21

Regulators done playing nice with mortgage servicers
Temporary flexibility in supervision and enforcement given due to the Covid-19 pandemic is no longer valid

11/10/21

Unilateral Mistake: Equitable Defenses Explained — How homeowners can get the upper hand and defend against enforcement of contract that is different from the one they knew or intended
Homeowners are missing out on a huge opportunity for economic gain that balances the power between Wall Street and consumers.

11/09/21

Discovery Aimed at Insurance Accounts Might Yield Beneficial Results for Homeowners Challenging the Rights to Administer, collect or Enforce
if the payment is directed to the company claiming to be a servicer on behalf of a non-existing creditor, the homeowner’s liability for the scheduled payment is not reduced. Like most foreclosure sales, the proceeds from insurance are used as free money or revenue by all of the participants in the fake process of servicing.

11/05/21

How Wall Street is Committing the Perfect Crime
Back in 2006 on TV, I said something like this: “Given the size and scope of this illegal enterprise, there probably are not enough available assets in the world to purchase and hide from public scrutiny. The banks will inevitably expand into fields in which they have no interest, just like lending. The only way they can hide their illicit gains is by laundering them through the purchase, sale, and trading of assets, some of which will be just as fictitious as the alleged loans they are allegedly creating.”

11/04/21

Want to allege fraud? Not so fast
Both homeowners and lawyers like to throw around the term “fraud upon the court.” But it actually ends up diminishing the credibility of both. There are several reasons why you should not allege fraud unless you have indisputable sold proof that the documents and/or oral arguments were filled with statements that were known to be false when they were made.

11/03/21

Damned if you do, damned if you don’t. How the “failure” of rating agencies on Wall Street directly impacted homeowners.
I think the article presents some very valuable information, insight and analysis. But it fails to take into account the central weakness. * see Credit rating failure 47.full * The certificates that are referred to as “mortgage-backed securities” are neither mortgage-backed nor securities

11/03/21

Fed sings the 'transitory' inflation refrain, unveils bond-buying 'taper'
WASHINGTON, Nov 3 (Reuters) - The Federal Reserve threw its weight back behind the drive for a full U.S. jobs recovery on Wednesday, restating its belief that current high inflation is "expected to be transitory" and, despite risks to that view, arguing that price pressures will ease and pave the way for stronger employment and economic growth in the months to come.

11/03/21

Zillow will stop buying and renovating homes and cut 25% of its workforce
The real estate company Zillow announced it's throwing in the towel on a program in which it bought, renovated and resold homes itself.

11/02/21

Those letters from the lawyer for the “servicer”: PHH
It is true that someone will execute a release of the lien. What is not true is that they have any authority to do so — nor is it true that PHH has any right to receive any money, whether it is a monthly payment or a payoff.

11/01/21

Servicers prepare for $10B homeowner assistance fund
Treasury said it will approve HAF plans in the coming weeks, but servicers still have questions

11/01/21

About that letter you receive from the company claimed to be your servicer: PennyMac
People keep getting letters and they tend to treat the information as real simply because it is in writing. That is the nub of the Wall Street scheme — send out written communication and documents without regard to the truth and people will assume that the document or letter would not have been sent if at least someone didn’t think it was true.

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