Daily News related to the Foreclosure Crisis The biggest unpunished heist in human history - Max Keiser |
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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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Article Articles are added weekly |
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08/26/23 |
ICE, Black Knight announce FTC agreement that clears way for $11.7 billion buyout | Jacksonville Daily Record |
ICE, Black Knight announce FTC agreement that clears way for $11.7 billion buyout Intercontinental Exchange Inc. and Black Knight Inc. announced an agreement with the Federal Trade Commission late Aug. 25 that clears the way for ICE to complete its $11.7 billion buyout of Jacksonville-based Black Knight. The companies expect to close the deal Sept. 5, which is 16 months after announcing a merger agreement. The deal has been held up by FTC antitrust concerns that the merged company would control too much of the U.S. mortgage technology market. Black Knight dominates the market for processing home loans, with nearly two-thirds of all first mortgage loans in the U.S. processed through its system. Atlanta-based ICE is mainly known as the operator of the New York Stock Exchange but it also has a large mortgage technology subsidiary. |
08/25/23 |
The housing market will be stuck in a rut for a long time even if the US avoids a recession, Fannie Mae says | Business Insider |
The housing market will be stuck in a rut for a long time even if the US avoids a recession, Fannie Mae says The housing market isn't coming out of its deep freeze anytime soon, even if the US economy manages to steer away from a recession in the next year, according to Fannie Mae economists. |
08/24/23 |
Zombie Foreclosures Hold Steady During Third Quarter, Still With Minimal Impact Around Most Of U.S. | ATTom Data |
Zombie Foreclosures Hold Steady During Third Quarter, Still With Minimal Impact Around Most Of U.S. IRVINE, CA – Aug. 24, 2023 —ATTOM, a leading curator of land, property, and real estate data, today released its third-quarter 2023 Vacant Property and Zombie Foreclosure Report showing that 1.3 million (1,277,612) residential properties in the United States are vacant. That figure represents 1.3 percent, or one in 79 homes, across the nation – the same as in the second quarter of this year. |
08/24/23 |
Fitch Spotlights RMBS Delinquency Trends, Borrower Assistance Impacts | DSnews |
Fitch Spotlights RMBS Delinquency Trends, Borrower Assistance Impacts Mortgage servicers nationwide continue to work with struggling homeowners to avoid loan default, as early delinquencies remain flat and late stage delinquencies show positive movement, according to Fitch Ratings’ 1Q23 U.S. RMBS Servicer Metric Report. |
08/24/23 |
Black homeowners facing foreclosure can find help at an unlikely place — a farmer’s market | Calavia-Robertson | NJ.com |
Black homeowners facing foreclosure can find help at an unlikely place — a farmer’s market | Calavia-Robertson In between stands selling fresh fruit and green veggie smoothies at the East Orange Farmer’s Market, Veronica Fairweather sets up her own shop. She throws a black tablecloth on a white plastic table, lines it neatly with brochures and one-sheets and, voilà, she’s open for business. But the 39-year-old real estate broker, known mostly by her social media moniker “Veronica, The Broker,” isn’t selling your typical farmer’s market fare: She’s here hoping to connect with people of color whose homes are in foreclosure. |
08/24/23 |
More Than 1 Million U.S. Homes Are Standing Vacant | Investopedia |
More Than 1 Million U.S. Homes Are Standing Vacant About 1.3 million homes in the U.S. stood vacant in the third quarter, representing 1.3%, or one in 79 residential properties. 1 ATTOM Data. “2023 Vacant Property and Zombie Foreclosure Report” |
08/24/23 |
Zombie Foreclosures Began ‘Ticking Up’ in Q3 | DSnews |
Zombie Foreclosures Began ‘Ticking Up’ in Q3 ATTOM Data has released its new third quarter market trends report highlighting the blight of zombie homes and the impact they are having on the economy. All in all, the report, which covers the third quarter of 2023, found that there were 1,277,612 vacant properties in the country. That figure represents 1.3%, or 1-in-79 homes, across the nation—the same as in the second quarter of this year. |
08/23/23 |
Deposits at the 25 Largest Banks Are Setting Lower Lows as Smaller Bank Deposits Set Higher Highs | Wall Street On Parade |
Deposits at the 25 Largest Banks Are Setting Lower Lows as Smaller Bank Deposits Set Higher Highs |
08/22/23 |
S&P Downgrades Credit Ratings on Five Banks, Puts Three Others on Negative Outlook | Wall Street On Parade |
S&P Downgrades Credit Ratings on Five Banks, Puts Three Others on Negative Outlook |
08/22/23 |
2023 Updates to the Illinois Mortgage Foreclosure Law and Property Registration Considerations for Lenders in Illinois | National Law Review |
2023 Updates to the Illinois Mortgage Foreclosure Law and Property Registration Considerations for Lenders in Illinois |
08/18/23 |
Oregon Bankruptcy Court Decides a Post-Foreclosure, but Post-Petition Eviction of a Borrower Violates the Automatic Stay | JD Supra |
Oregon Bankruptcy Court Decides a Post-Foreclosure, but Post-Petition Eviction of a Borrower Violates the Automatic Stay On August 4, 2023, the bankruptcy court for the District of Oregon determined that proposed actions by a lender to enforce a pre-bankruptcy petition foreclosure judgment and evict a borrower—after the borrower filed for bankruptcy—were in violation of the automatic stay. The court, however, did allow the lender the ability to pursue sanctions, criminal charges, and civil claims against the borrower for refusing to relinquish possession of the property after the bankruptcy filing (In re Natache D. Rinegard-Guirma, Case No. 22-31651-dwh13 (Bankr. D. Or. 2023)). This decision serves as a reminder of the broad protections of the automatic stay, while providing some avenues for relief for lenders far down the foreclosure and eviction process. |
08/17/23 |
Florida Foreclosure Defense Strategies That Will Prevent Your Lender From Taking Your Home | MFI-Miami |
Florida Foreclosure Defense Strategies That Will Prevent Your Lender From Taking Your Home
The following Florida foreclosure defense strategies can act as a way to bar a lender from taking your home. However, there are other factors you need to keep in mind. Florida judge assigned to your foreclosure case could be a wild card.
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08/17/23 |
Average long-term US mortgage rate climbs to highest level in more than 20 years | Dayton Daily News |
Average long-term US mortgage rate climbs to highest level in more than 20 years The average long-term U.S. mortgage rate jumped this week to its highest level in 20 years, grim news for would-be homebuyers already facing high home prices caused a lack of supply |
08/17/23 |
CFPB Penalizes Freedom Mortgage and Realty Connect for Illegal Kickbacks | CFPB |
CFPB Penalizes Freedom Mortgage and Realty Connect for Illegal Kickbacks WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action against Freedom Mortgage Corporation (Freedom) for providing illegal incentives to real estate brokers and agents in exchange for mortgage loan referrals. Freedom provided real estate agents and brokers with numerous incentives — including cash payments, paid subscription services, and catered parties — with the understanding they would refer prospective homebuyers to Freedom for mortgage loans. This conduct violated the Real Estate Settlement Procedures Act and its implementing regulation. |
08/17/23 |
Navigating California’s New Foreclosure Laws: A Guide for Institutions | JD Supra |
Navigating California’s New Foreclosure Laws: A Guide for Institutions
On July 26, 2023, the CFPB released its Summer 2023 Supervisory Highlights, which focuses on alleged unfair, deceptive, and abusive acts or practices (UDAAP) violations found in recent supervisory examinations. The report also detailed violations caused by insufficient technology controls.
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08/17/23 |
Cook County loses appeal for compensation from 2000s foreclosure crisis | The Real Deal |
Cook County loses appeal for compensation from 2000s foreclosure crisis |
08/16/23 |
Update on the New York Foreclosure Abuse Prevention Act: Challenges and Current Considerations | Dechert |
Update on the New York Foreclosure Abuse Prevention Act: Challenges and Current Considerations |
08/16/23 |
Mega Banks Take Down Stock Prices after a Fitch Warning About a Possible Downgrade to JPMorgan Chase and Its Peers | Wall Street On Parade |
Mega Banks Take Down Stock Prices after a Fitch Warning About a Possible Downgrade to JPMorgan Chase and Its Peers |
08/15/23 |
Second chance for foreclosed property owners in Schuyler County | WENY |
Second chance for foreclosed property owners in Schuyler County SCHUYLER COUNTY, N.Y. (WENY) -- Schulyer County is giving one last chance for foreclosed property owners to avoid loosing their land. Offers can be submitted to the County Treasurer by September 18th for consideration. If accepted, the property deed will be returned to the former owner. |
08/15/23 |
Connecticut Court Reconciles Case Involving State’s Mortgage Assistance Program | DSnews |
Connecticut Court Reconciles Case Involving State’s Mortgage Assistance Program The Rolling Stones sang “you can’t always get what you want, but sometimes, you get what you need.” That tune has practical application to Connecticut foreclosures, particularly after the Supreme Court issued its opinion in KeyBank v. Yazar, 2023 Conn. Lexis 169. That case addressed whether the statutory pre-suit Emergency Mortgage Assistance Program (EMAP) notice requirement under EAMP implicates subject matter jurisdiction. It also addressed whether a second EMAP notice is required after a case has been dismissed on procedural grounds. It is the Connecticut Supreme Court’s first opinion on EMAP, which is a state loss mitigation program |
08/15/23 |
Wall Street Mega Banks and Their Disgraceful Bailout Charts Since the Repeal of the Glass-Steagall Act in 1999 | Wall Street On Parade |
Wall Street Mega Banks and Their Disgraceful Bailout Charts Since the Repeal of the Glass-Steagall Act in 1999 |
08/14/23 |
UBS to pay $1.4 billion over fraud in residential mortgage-backed securities | CNBC |
UBS to pay $1.4 billion over fraud in residential mortgage-backed securities Swiss bank UBS agreed to pay a combined $1.4 billion in civil penalties over fraud and misconduct in its offering of residential mortgage-backed securities dating back to the global financial crisis, federal prosecutors announced Monday. |
08/13/23 |
State urged to pick up pace to end ‘equity theft’ | Mass Lawyers Weekly |
State urged to pick up pace to end ‘equity theft’
Look no further than the immediate aftermath of the U.S. Supreme Court’s ruling in Dobbs v. Jackson Women’s Health Organization, et al. for a recent example of how nimble and proactive state legislative leaders can be when they see a legal tidal wave cresting on the horizon.
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08/11/23 |
CFPB Report Details UDAAP Violations Uncovered During Recent Supervisory Examinations | JD Supra |
CFPB Report Details UDAAP Violations Uncovered During Recent Supervisory Examinations
On July 26, 2023, the CFPB released its Summer 2023 Supervisory Highlights, which focuses on alleged unfair, deceptive, and abusive acts or practices (UDAAP) violations found in recent supervisory examinations. The report also detailed violations caused by insufficient technology controls.
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08/11/23 |
HUD: Foreclosure moratorium in place for Maui homeowners with government-backed loans | Hawaii News Now |
HUD: Foreclosure moratorium in place for Maui homeowners with government-backed loans
HONOLULU (HawaiiNewsNow) - Following President Biden’s major disaster declaration for Maui County on Monday, several relief measures are being made available to impacted homeowners.
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08/10/23 |
Foreclosure Filings Up 5% Year-Over-Year in July | DSnews |
Foreclosure Filings Up 5% Year-Over-Year in July ATTOM has released its July 2023 U.S. Foreclosure Market Report, which shows there were a total of 31,877 U.S. properties with foreclosure filings—default notices, scheduled auctions or bank repossessions—down 9% from a month ago, but up 5% from a year ago. "The slight decline in foreclosure filings we are seeing is yet another sign of a rebounding housing market," said Rob Barber, CEO at ATTOM. |
08/10/23 |
US set to unveil long-awaited crackdown on real estate money laundering | Reuters |
US set to unveil long-awaited crackdown on real estate money laundering NEW YORK, Aug 10 (Reuters) - The U.S. Treasury Department will soon propose a rule that would effectively end anonymous luxury-home purchases, closing a loophole that the agency says allows corrupt oligarchs, terrorists and other criminals to hide ill-gotten gains. The long-awaited rule is expected to require that real estate professionals such as title insurers report the identities of the beneficial owners of companies buying real estate in cash to the Treasury's Financial Crimes Enforcement Network (FinCEN). |
08/10/23 |
Loan Servicing Market Is Thriving Worldwide During The Forecast Period 2023-2030 | 360 Research Reports |
Loan Servicing Market Is Thriving Worldwide During The Forecast Period 2023-2030 Loan Servicing Market PUNE, MAHARASHTRA, INDIA, August 10, 2023/EINPresswire.com/ -- "Loan Servicing Market" [2023-2030] Research Report Analysis and Outlook Insights | Latest Updated Report | The Loan Servicing Market is segmented into Regions, Applications (Homeowner, Local Bank, Company), and Types (Conventional Loans, Conforming Loans, FHA Loans, Private Money Loans, Hard Money Loans). The report presents the research and analysis provided within the Loan Servicing Market Research is meant to benefit stakeholders, vendors, and other participants in the industry. This report is of 103 Pages long. The Loan Servicing market is expected to grow annually by magnificent (CAGR 2023 - 2030). Who is the largest manufacturers of Loan Servicing Market worldwide? |
08/10/23 |
U.S. Foreclosure Activity Dips In July 2023 While Lender Repossessions Continue To Climb | ATTom Data |
U.S. Foreclosure Activity Dips In July 2023 While Lender Repossessions Continue To Climb August 10, 2023 — ATTOM, a leading curator of land, property, and real estate data, today released its July 2023 U.S. Foreclosure Market Report, which shows there were a total of 31,877 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 9 percent from a month ago but up 5 percent from a year ago. |
08/09/23 |
Mortgage payoff fraud rises 532% quarter-over-quarter: CertifID | Housing Wire |
Mortgage payoff fraud rises 532% quarter-over-quarter: CertifID With home sale transactions down, fraudsters are turning to mortgage payoff fraud to secure bigger payouts. Mortgage payoff fraud occurs when a title company mistakenly sends a mortgage payoff to a fraudulent bank account after receiving wiring instructions that appear to be from the mortgage servicer. The instructions, however, are actually from fraudsters. |
08/08/23 |
Fannie Mae CEO: ‘Housing today is a tale of two markets. We need to make it work for everyone’ | Yahoo Finance |
Fannie Mae CEO: ‘Housing today is a tale of two markets. We need to make it work for everyone’ It’s hard to make sense of today’s housing market. The swirl of statistics and headlines can seem confusing and contradictory. Is the housing market relatively strong and healthy? Or is it struggling and out of balance? |
08/08/23 |
Moody’s Cuts Credit Ratings on 10 Banks; Places 4 of the 15 Largest Banks in U.S. on Review for Possible Downgrade | Wall Street On Parade |
Moody’s Cuts Credit Ratings on 10 Banks; Places 4 of the 15 Largest Banks in U.S. on Review for Possible Downgrade |
08/07/23 |
The 25 Largest U.S. Banks Are Seeing the Largest Fall in Deposits in 38 Years With No Signs of Letting Up | Wall Street On Parade |
The 25 Largest U.S. Banks Are Seeing the Largest Fall in Deposits in 38 Years With No Signs of Letting Up |
08/07/23 |
Intercontinental Exchange, Black Knight and the Federal Trade Commission Jointly Agree to Dismiss Federal Court Case, Pending Settlement Negotiations | Yahoo Finance |
Intercontinental Exchange, Black Knight and the Federal Trade Commission Jointly Agree to Dismiss Federal Court Case, Pending Settlement Negotiations -Intercontinental Exchange, Inc. (NYSE: ICE) and Black Knight, Inc. (NYSE: BKI) announced today that, amid progress toward a potential resolution, they have jointly stipulated, along with the Federal Trade Commission (FTC), to dismiss the preliminary injunction proceeding in the United States District Court seeking to block the close of ICE’s previously announced acquisition of Black Knight. |
08/04/23 |
State urged to comply with Supreme Court ruling | Salem News |
State urged to comply with Supreme Court ruling BOSTON — The state’s Land Court is being asked to take steps to stop the practice of “equity theft” from homeowners who fall behind on their property taxes, in response to a recent Supreme Court ruling. In a letter to Chief Justice of the Land Court Gordon Piper, Holliston-based attorney Christopher M. Perry asks the court to take immediate “remedial action” to bring the state into compliance with the high court’s ruling in a Minnesota tax foreclosure case. He said the high court’s ruling made it clear that home “equity theft” is unconstitutional. |
08/04/23 |
‘It shouldn’t be this difficult:’ Pa. homeowners desperate as mortgage aid struggles drag on | Philadelphia Iquirer |
‘It shouldn’t be this difficult:’ Pa. homeowners desperate as mortgage aid struggles drag on Broken promises. Months without water. Facing foreclosure with no clear answers. Desperate homeowners are stuck in the middle as Pennsylvania struggles to overhaul a troubled mortgage relief program. |
08/04/23 |
Top 10 U.S. States Posting Mid-Year Declines in Foreclosure Filings | ATTom Data |
Top 10 U.S. States Posting Mid-Year Declines in Foreclosure Filings According to ATTOM’s recently released Mid-Year 2023 U.S. Foreclosure Market Report, ATTOM CEO Rob Barber noted, “Similar to the first half of 2022, foreclosure activity across the United States maintained its upward trajectory, gradually approaching pre-pandemic levels in the first half of 2023. Although overall foreclosure activity remains below historical norms, the notable surge in foreclosure starts indicates that we may continue to see a rise in foreclosure activity in the coming years.” |
08/03/23 |
The Fitch Downgrade of U.S. Debt: What You Need to Know | Wall Street On Parade |
The Fitch Downgrade of U.S. Debt: What You Need to Know |
08/03/23 |
Nonprofit Alliance of Consumer Advocates Rescues Jennifer Jackson from Foreclosure, Saving Her Home and Financial Future | NonProfit Alliance of Consumer Advocates |
Nonprofit Alliance of Consumer Advocates Rescues Jennifer Jackson from Foreclosure, Saving Her Home and Financial Future CALIENTE, CA, UNITED STATES, August 3, 2023/EINPresswire.com/ -- In a heartwarming success story, Jennifer Jackson, an Oregon resident, was facing the imminent threat of foreclosure on her beloved home due to unforeseen health issues and the financial strain of the COVID-19 pandemic. Thanks to the timely intervention of the Nonprofit Alliance of Consumer Advocates (N.A.C.A), Jennifer can now breathe a sigh of relief, as they stepped in and prevented the foreclosure, securing a brighter future for her and her family. |
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