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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06/29/23 |
Tragic Death of JPMorgan Board Member Adds to the Bank’s String of Unusual Deaths | Wall Street On Parade |
Tragic Death of JPMorgan Board Member Adds to the Bank’s String of Unusual Deaths
On Sunday, James S. Crown died in an unusual single-car accident, reportedly on a motorsport racetrack at a “member-owned country club” in Aspen, Colorado. The Pitkin County Coroner’s Office said in a statement that “The official cause of death is pending autopsy, although multiple blunt force trauma is evident.” The Sheriff’s Office indicated that the earliest new information would be made available to the public is next week.
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06/27/23 |
CFPB Takes Action Against ACI Worldwide for Illegally Processing $2.3 Billion in Mortgage Payments that Homeowners Did Not Authorize | CFPB |
CFPB Takes Action Against ACI Worldwide for Illegally Processing $2.3 Billion in Mortgage Payments that Homeowners Did Not Authorize
ACI will pay a $25 million penalty for data handling practices that negatively impacted nearly 500,000 homeowners whose mortgages were serviced by Mr. Cooper
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06/27/23 |
This is the Bank Chart that Is Alarming Fed Insiders | Wall Street On Parade |
This is the Bank Chart that Is Alarming Fed Insiders
Between March 10 and May 1 of this year, three of the largest bank failures in U.S. history occurred.
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06/23/23 |
Home Flipping Activity Remains High Across Nation As Investor Profits Show Signs of Improving in First Quarter of 2023 | Attom Data |
Home Flipping Activity Remains High Across Nation As Investor Profits Show Signs of Improving in First Quarter of 2023
IRVINE, Calif. – June 22, 2023 — ATTOM, a leading curator of land, property, and real estate data, today released its first-quarter 2023 U.S. Home Flipping Report showing that 72,960 single-family homes and condominiums in the United States were flipped in the first quarter. Those transactions represented 9 percent of all sales.
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06/23/23 |
More than 2,600 Nebraska homeowners get help from $50 million pandemic relief fund | Nebraska Examiner |
More than 2,600 Nebraska homeowners get help from $50 million pandemic relief fund
OMAHA — More than 2,600 Nebraska property owners have received an average of $13,418 to help stay in their homes since the state early last year launched the pandemic-related Nebraska Homeowner Assistance Fund.
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06/23/23 |
Serious Delinquencies Continue to Improve in May | DSNews |
Serious Delinquencies Continue to Improve in May
According to Black Knight, reversing much of April's calendar-driven spike, the national delinquency rate fell 11 basis points in May 2023 to 3.10%–the lowest reported total rate since March 2023's record low of 2.92% The number of borrowers who were a single payment past due improved by 94,000 (-9.5%), erasing nearly half of the prior month's increase.
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06/22/23 |
Mortgage Reserve Accounts Aimed at Averting Foreclosure Could Help Narrow Black-White Homeownership Gap | Yahoo Finance |
Mortgage Reserve Accounts Aimed at Averting Foreclosure Could Help Narrow Black-White Homeownership Gap New research from FHLBank San Francisco and Urban Institute collaboration investigates ways to reduce mortgage default risk for vulnerable homeowners SAN FRANCISCO and WASHINGTON, June 22, 2023 (GLOBE NEWSWIRE) -- Efforts to close the persistent and detrimental Black-white homeownership gap, currently at 30 percentage points, must include not only measures to decrease the barriers to Black homeownership opportunity, but also mechanisms to ensure that homeownership is sustainable once achieved. Mortgage reserve accounts are among the innovative solutions that could help homeowners overcome temporary hardships and get back on track with their mortgage payments, instead of falling into foreclosure. |
06/21/23 |
Wall Street’s Most Dangerous Derivative Secrets Are Hiding in Plain Sight in a Regulator’s Report | Wall Street On Parade |
Wall Street’s Most Dangerous Derivative Secrets Are Hiding in Plain Sight in a Regulator’s Report
On March 17, 2022, the Federal Reserve began its interest rate hiking cycle, which has, thus far, evolved into 10 consecutive rate hikes, making it the fastest rate increases in 40 years. The Fed’s actions to tame inflation included four consecutive interest rate hikes of an aggressive 75 basis point hike (three quarters of one percent) on June 16, July 28, September 22, and November 3 of last year.
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06/15/23 |
The CFPB intends to identify ways to simplify and streamline the existing mortgage servicing rules | CFPB |
The CFPB intends to identify ways to simplify and streamline the existing mortgage servicing rules
Borrowing to buy a home is one of the biggest financial decisions a family will make. Mortgage servicers are the companies responsible for processing payments and managing mortgage accounts, and they play a critical role in assisting homeowners with repayment. Borrowers don’t choose these companies – servicers are chosen by the lender or investor that owns the mortgage.
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06/15/23 |
Housing Market Slowdown Across U.S. Starting to Affect Upscale and Western Markets More Than Others | Attom Data |
Housing Market Slowdown Across U.S. Starting to Affect Upscale and Western Markets More Than Others IRVINE, Calif. — June 15, 2023 — ATTOM, a leading curator of land, property, and real estate data, today released a Special Housing Impact Report spotlighting how the recent downturn in the U.S. housing market is starting to affect counties around the nation, based on key measures from the first quarter of 2023. The report shows that the Western region and other more-upscale areas around the country are bearing the greater brunt so far from the slowdown, than other parts of the U.S., with larger-than-average declines in home values or increases in underwater mortgage rates and foreclosure activity. In contrast, lower-priced markets across the country have experienced relatively less impact from the market downturn that started in the middle of last year. |
06/14/23 |
FHA Offers New Multi-Language Resources | DS News |
FHA Offers New Multi-Language Resources Home / Market Trends / Affordability / FHA Offers New Multi-Language Resources Print This Post Print This Post FHA Offers New Multi-Language Resources in Affordability, D&I, Daily Dose, Default Servicing, DEI, Featured, FHA/VA/HUD, Government, Government, Lending and Originations, Loss Mitigation, Market Trends, News, Real Estate, REO, Traditional 4 days ago The Federal Housing Administration (FHA) is making available in Chinese, Korean, Spanish, Tagalog, and Vietnamese, more than 30 single-family mortgage documents and related resources used in the origination of FHA-insured mortgages. The educational resources are accessible from FHA’s new language access web page and are intended to assist lenders, servicers, housing counselors, and other FHA program participants in explaining information related to FHA-insured mortgages to those with limited English proficiency prior to borrowers executing legal documents in English, as required by law. This first set of translations is part of ongoing efforts by FHA to remove language access barriers for consumers whose preferred language may not be English, and a part of HUD Secretary Marcia L. Fudge’s commitment to making equity a leading compass within the Biden-Harris Administration. |
06/12/23 |
Rhode Island General Assembly passes bill sponsored by Sen. Euer that extends foreclosure protections | Whats Up Newp |
Rhode Island General Assembly passes bill sponsored by Sen. Euer that extends foreclosure protections
STATE HOUSE – A bill sponsored by Sen. Dawn Euer and Rep. Leonela Felix that would help homeowners facing foreclosure has passed the House and Senate and heads to the governor’s desk for his signature.
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06/08/23 |
In search of the perfect foreclosure victim Readers take issue with portrayal of Brooklyn homeowner battling lender | The Real Deal |
In search of the perfect foreclosure victim
Readers take issue with portrayal of Brooklyn homeowner battling lender
Home foreclosure stories, like eviction stories, trigger two very different reactions.
One is sympathy for the homeowner, who is enduring a traumatic, life-changing event that could have been avoided. Inevitably some observers call the lenders cruel, the courts uncaring and the politicians corrupt.
The other reaction is from those who consider foreclosures essential for a functioning housing market (foreclosure makes mortgages possible) and focus on the homeowner’s role. They look for evidence that the borrower made irresponsible decisions and should deal with the consequences.
Which brings us to a Gothamist story Wednesday about New York’s courts pushing foreclosure cases along without assessing — as state law requires — whether the homeowner can afford a lawyer or should be given free representation.
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06/08/23 |
U.S. Foreclosure Activity Sees Spike In May 2023 | Attom Data |
U.S. Foreclosure Activity Sees Spike In May 2023 IRVINE, Calif. — June 8, 2023 — ATTOM, a leading curator of land, property, and real estate data, today released its May 2023 U.S. Foreclosure Market Report, which shows there were a total of 35,196 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 7 percent from a month ago and up 14 percent from a year ago. |
06/06/23 |
JPMorgan and Citigroup Are Using the Same Accounting Maneuver as Silicon Valley Bank on Hundreds of Billions of Underwater Debt Securities | Wall Street On Parade |
JPMorgan and Citigroup Are Using the Same Accounting Maneuver as Silicon Valley Bank on Hundreds of Billions of Underwater Debt Securities As we reported yesterday, Silicon Valley Bank was not even on the “Problem Bank List” maintained by the Federal Deposit Insurance Corporation (FDIC) when it imploded in a span of 48 hours in March. According to testimony by the Federal Reserve’s Vice Chairman for Supervision, Michael Barr, on March 28 before the Senate Banking Committee, depositors had yanked $42 billion of their deposits from the bank on March 9 and had queued up to grab another $100 billion on March 10 when it was abruptly put into FDIC receivership. Had the FDIC not stepped in, Silicon Valley Bank would have lost 85 percent of its deposits in a two-day stretch. |
06/05/23 |
Consumer Financial Protection Bureau Issues “Zombie Mortgage” Advisory Opinion | JD Supra |
Consumer Financial Protection Bureau Issues “Zombie Mortgage” Advisory Opinion The Consumer Financial Protection Bureau (CFPB) issued an advisory opinion last month to affirm that the Fair Debt Collection Practices Act (FDCPA) and its implementing Regulation F prohibit a debt collector, as that term is defined in the statute and regulation, from suing or threatening to sue to collect a time-barred debt. The advisory opinion concerns “piggyback” mortgages “in which high-interest second mortgages were issued simultaneously with the origination of the first mortgage.” |
06/05/23 |
This ‘Retired’ Big Island Attorney Is Still A Fierce Advocate For The Little Guy | Civilbeat |
This ‘Retired’ Big Island Attorney Is Still A Fierce Advocate For The Little Guy Courts This ‘Retired’ Big Island Attorney Is Still A Fierce Advocate For The Little Guy Will Rosdil came out of retirement to take on the case of a man who lost his home to foreclosure. He's still at it. |
06/02/23 |
Disgraced Silvergate Bank Hints It May Not Be Able to Cover All of Its Deposits; Fed Slaps It with a Cease and Desist Consent Order | Wall Street On Parade |
Disgraced Silvergate Bank Hints It May Not Be Able to Cover All of Its Deposits; Fed Slaps It with a Cease and Desist Consent Order
Last week, on Tuesday, May 23, the Federal Reserve and California Department of Financial Protection and Innovation (the state banking regulator) hit the collapsed federally-insured bank, Silvergate Bank, and its parent, Silvergate Capital Corporation, with an enforcement action called a “Cease and Desist Consent Order.” The action was not announced to the public until yesterday.
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06/01/23 |
Nonprofit Alliance of Consumer Advocates Steps in to Prevent Foreclosure on Elizabeth Siliezar's Home | NonProfit Alliance of Consumer Advocates |
Nonprofit Alliance of Consumer Advocates Steps in to Prevent Foreclosure on Elizabeth Siliezar's Home
OAKLEY, CA, USA, June 1, 2023/EINPresswire.com/ -- In a heartwarming turn of events, Elizabeth Siliezar, a resident of Oakley, CA, has been spared from the devastating consequences of foreclosure, thanks to the relentless efforts of the Nonprofit Alliance of Consumer Advocates. Facing financial hardship after her husband abandoned her and struggling to raise her grandchildren, Siliezar found herself on the verge of losing her cherished home due to mounting debts and exorbitant fees charged by the bank.
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06/01/23 |
Advocates call for foreclosure protection and rent control in Massachusetts | WWLP |
Advocates call for foreclosure protection and rent control in Massachusetts
BOSTON (WWLP) – With the housing crisis in the state and effects still being felt by the pandemic, housing advocates rallied at the State House Thursday in support of foreclosure protection and rent control.
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