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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05/26/23

US mortgage giants were placed on credit watch. Here’s what that means for home buyers CNN

US mortgage giants were placed on credit watch. Here’s what that means for home buyers

Washington, DC CNN — The credit ratings of US mortgage giants Freddie Mac and Fannie Mae were put on watch for possible downgrade by Fitch Ratings late Thursday. A downgrade is not expected to happen, as a deal to resolve the debt ceiling standoff continues to be worked out in Washington, but even the warning is having an impact on mortgage rates. The warning came because the ratings for Fannie Mae and Freddie Mac are linked to the sovereign rating of the United States. The watch is a result of the ratings agency warning on Wednesday that America’s credit rating could be downgraded if the debt limit showdown was not resolved soon. Negotiations on the debt limit continue in the House of Representatives between mediators from the Biden administration and Speaker of the House Kevin McCarthy, R-Calif., at the Capitol in Washington, Wednesday, May 24, 2023. (AP Photo/J. Scott Applewhite) The latest on the debt ceiling impasse Fannie and Freddie, which guarantee roughly 70% of the country’s mortgages, do not directly issue mortgages to borrowers, but instead buy mortgages from lenders and repackage them for investors. They are each a government-sponsored enterprise, or GSE, chartered by Congress.
The aim of Freddie and Fannie is to provide liquidity into the mortgage market and enable a reliable flow of affordable funds to mortgage lenders. This ultimately allows more homeowners to borrow at more affordable rates. The enterprises buy loans from lenders, pools them and sells them as securities to investors. Because they are backed by the government, these securities are viewed as less risky than other investments and considered to be as creditworthy as the US government. But this flow of funds could be disrupted if the United States defaults on its debt, Fitch warned.

05/25/23

New Evidence Emerges that the Investigation of the Fed’s Trading Scandal by the Inspector General Has Been a Coverup from the Beginning Wall Street On Parade

New Evidence Emerges that the Investigation of the Fed’s Trading Scandal by the Inspector General Has Been a Coverup from the Beginning

Unlike his three immediate predecessors who chaired the Federal Reserve (Janet Yellen, Ben Bernanke and Alan Greenspan), who all had doctoral degrees in economics, the current Fed Chairman, Jerome Powell, has a law degree from Georgetown University. Given his legal education, one might have expected that when Fed Chair Powell became aware of the largest trading scandal in the Fed’s history in September of 2021, he would have done his legal due diligence to determine where to refer the matter for investigation.

05/25/23

What do I ask? Living Lies

What do I ask?

Because most lawyers and homeowners think they “know” the self-evident answers, they don’t ask the questions that would completely destroy the case against them. Just make a note that unless you ask, there is no obligation to give you answers. And unless you seek enforcement, the violation of the rules will go unnoticed and will not be a proper subject on appeal. You must ask in a timely, appropriate and proper manner. Your question must be clear as a bell. If your question is vague, then that invites evasive answers.

05/25/23

Keep Profits From Tax-Foreclosed Homes Investopedia

Keep Profits From Tax-Foreclosed Homes

If your local government seizes your property and sells it at an auction over unpaid taxes, they’re no longer allowed to keep the profits, the Supreme Court ruled Thursday. In the unanimous ruling, the court sided with Geraldine Tyler, 94, a Minneapolis resident whose condo was seized by Hennepin County in 2015 over $2,300 in unpaid property taxes and $12,700 in penalties and interest. While tax lien foreclosures are well-established law, the controversial part was what happened next: the county sold her house at an auction for $40,000 and kept the difference.

05/25/23

Distraught homeowner’s blind faith resulted in loan Servicer initiating foreclosure after denying assistance NonProfit Alliance of Consumer Advocates

Distraught homeowner’s blind faith resulted in loan Servicer initiating foreclosure after denying assistance

PALMDALE, CA, USA, May 25, 2023/EINPresswire.com/ -- In a heartwarming turn of events, the Nonprofit Alliance of Consumer Advocates has rescued distressed homeowner Yoni Majano, who found themselves trapped in blind faith due to someone close to the family. In 2019, the homeowner purchased a second house with a significantly higher interest rate based on false information that they would receive assistance from the lender to refinance and lower their rates. They were advised not to pay the mortgage on the second house.
After $79,051.75 delinquent on the mortgage with an interest rate of 6.75% and a monthly payment of $464.65, their lender, who turns out to be only a Servicer of the loan-initiated foreclosure proceedings. The homeowner applied for a loan modification from the lender but was rejected multiple times. As a result, the homeowner was left stressed and buried under a mountain of threatening foreclosure letters.

05/23/23

Why homeowners should consider interlocutory appeals from orders denying enforcement of discovery demands Living Lies

Why homeowners should consider interlocutory appeals from orders denying enforcement of discovery demands

The practical effect of denial of discovery demands by the trial court is a ruling in favor of the party making a claim against the homeowner — even if the party had no standing. The homeowner is forced to litigate against a ghost — like going to a gunfight with no guns and no bullets. Most homeowners cannot afford to enter into a needless period of litigation with a party who lacks standing. Hence the ultimate result is the loss of a homestead to a fake claimant who may not even exist.

05/23/23

The Fed Has a New Scandal on Its Hands: Colluding with Central Banks to Rig Libor; Evidence Is Being Tweeted Out Wall Street On Parade

The Fed Has a New Scandal on Its Hands: Colluding with Central Banks to Rig Libor; Evidence Is Being Tweeted Out

The Fed has been under non-stop scandals for the past two years. It pumped out trillions of dollars in repo loans to Wall Street’s casino banks beginning on September 17, 2019 and then made up a hokey excuse to cover up its massive bailout of banks it is incompetent to supervise. After former Dallas Fed President, Robert Kaplan, was caught trading like a hedge fund kingpin while sitting on confidential Fed information, the Fed’s Board of Governors had the audacity to refer the matter to its own Inspector General, who reports to the Fed’s Board of Governors and can be fired by it. Not surprisingly, 19 months later there’s still no word on this investigation.

05/22/23

Attorney Richard Antognini Score Big Win in California Living Lies

Attorney Richard Antognini Score Big Win in California

Here is a case where a lawyer took the trouble to parse the words and documents down to their essence. And he won under circumstances where virtually all other attorneys and judges would have predicted defeat. This is what I have been talking about. The case decision is important for several reasons.

05/22/23

The Banking Crisis for the Biggest U.S. Banks Began in April 2022; By December 14 They Had Shed $457 Billion of Deposits Wall Street On Parade

The Banking Crisis for the Biggest U.S. Banks Began in April 2022; By December 14 They Had Shed $457 Billion of Deposits

Pretty much everything the average American has read about the banking crisis is wrong. And there is at least a prima facie case that could be made that Big Media is responsible for that misinformation.
Let’s start with the dozens of mainstream media reports that small banks were bleeding deposits and these deposits were flooding into the biggest banks in the U.S. as a safe haven. Those reports gave the distinct impression that the mega banks on Wall Street are viewed by Americans as a safe place to stash money, never mind that they blew up the U.S. financial system in 2008 and still have more than $200 trillion in derivatives lurking in the shadows.

05/19/23

New dataset traces Milwaukee’s long foreclosure crisis Marquette Law School

New dataset traces Milwaukee’s long foreclosure crisis

The dramatic consequences of the late 2000s subprime mortgage crisis on Milwaukee neighborhoods are well known, but specific data on foreclosures has been remarkably difficult to come by.
Previous studies have documented plummeting homeownership across the city (particularly on the north side), followed by a surge in out-of-state investment. But researchers have lacked public data on how many foreclosures occurred, who initiated them, which properties experienced them, and the subsequent ownership history of those parcels. To fill that gap, I have assembled a novel dataset of residential foreclosures matched to city parcel records for the years 1995 through 2022. This includes all detached single family homes, condos, duplexes, and triplexes. See the data note at the end of this article for details.

05/18/23

Fake Foreclosures Using the Fannie Mae Name Living Lies

Fake Foreclosures Using the Fannie Mae Name

The central issue is not whether the homeowner owes a “servicer” any money. The central issue is whether the homeowner owes a creditor money. Wall Street securities firms (Investment Banks) have many tricks by which they make fictitious claims appear to come alive. It is like those movies in which animated characters join the “Real-Life” figures. We accept this because we are there to be entertained, and we do not concern ourselves that neither animated characters nor the “real-life” characters are, in fact, real. They are imaginary, and we watch them to be entertained. And to be entertained, we must accept the story and characters as true.
Securitization and foreclosure are the same. The animated characters are those “mortgage-backed securities,” and the “real-life” characters are either fictional names of nonexistent entities or fictional use of names of business entities that technically exist but have no business interests in creating to a claim to collect money from anyone.
But in this case, the ticket price is always in six or seven figures. The homeowner may eventually lose the house to a non-creditor party, or the investors will lose their money by buying certificates that convey no interest in any loans. But this does not stop Wall Street intermediaries and sham conduits from being named by ignorant lawyers as being the parties on whose behalf a foreclosure is initiated.
One of the favorite tools used to force the sale of homesteads strictly for profit and not to pay off any debt is invoking the name “FANNIE MAE.”

05/18/23

The Banking Crisis Has Produced Extraordinary Testimony about Land Mines Lurking in the U.S. Banking System Wall Street On Parade

The Banking Crisis Has Produced Extraordinary Testimony about Land Mines Lurking in the U.S. Banking System

On Wednesday, March 8 of this year, the holding company for the federally-insured Silvergate Bank announced it was winding down the bank. It had little choice but to do so. It was experiencing a bank run and had incinerated its reputation by focusing on deposits from crypto companies, including those majority-owned by indicted crypto kingpin, Sam Bankman-Fried.
According to testimony from the Chairman of the Federal Deposit Insurance Corporation (FDIC), Martin Gruenberg, before the Senate Banking Committee on March 28, “in the fourth quarter of 2022, Silvergate Bank experienced an outflow of deposits from digital asset customers that, combined with the FTX deposits, resulted in a 68 percent loss in deposits – from $11.9 billion in deposits to $3.8 billion.”

05/18/23

Out-of-state banks own nearly all of Bangor’s vacant homes Bangor Daily News

Out-of-state banks own nearly all of Bangor’s vacant homes

Nearly all of Bangor’s vacant residential properties are owned by out-of-state banks or investment holdings, according to the city’s code enforcement director. And it can be difficult, if not impossible, to track down the right person to facilitate a sale.
Out-of-state banks or investment holdings own 56 of the 70 total vacant residential properties in Bangor, according to Jeff Wallace, Bangor’s code enforcement director. The remaining 14 vacant properties are owned by individuals.

05/17/23

Why $1 Billion Settlement Won’t Stop Wells Fargo or Anyone Else From Starting Fake Accounts Living Lies

Why $1 Billion Settlement Won’t Stop Wells Fargo or Anyone Else From Starting Fake Accounts

The problem with free speech is that it enables people to lie without fear. It is the dominant method of securing patrons for your business, votes for your candidate, and investors for your stock. Although frequently illegal, it doesn’t stop anyone from doing it. Only the lowly go to jail. The real big liars go on to make more pornographic profits. The recent $1 Billion Settlement between Wells Fargo and its investors highlights this continuing problem.

05/16/23

While you were sleeping, your client lost their house Living Lies

While you were sleeping, your client lost their house

Bill Paatalo published his analysis and frustration with the way that lawyers create “shades of gray” when there is nothing to be seen. See

05/15/23

Foreclosure: To Appeal or not to Appeal Living Lies

Foreclosure: To Appeal or not to Appeal

The best practical time to challenge the pretender lender in any jurisdiction is when the homeowner receives a “notice” (usually unsigned) announcing that some company is now their servicer. That is a lie, and effective use of the Administrative Process provided by statute can stop them.

05/14/23

'We can help': Non-profit organization offering help to eligible Texas homeowners at risk of foreclosure 12 News Now

'We can help': Non-profit organization offering help to eligible Texas homeowners at risk of foreclosure

BEAUMONT, Texas — For some Americans, it is getting harder to make ends meet amid the rising cost of housing. Some homeowners are at risk of foreclosure, and a Southeast Texas non-profit organization is hoping to provide them with relief. Kirkni Richardson works with Legacy Community Development. The non-profit organization has taken in 1,000 applications from Southeast Texas families for a homeowners assistance program.

05/14/23

6th Circuit: Tennessee judicial foreclosure time-barred JD Supra

6th Circuit: Tennessee judicial foreclosure time-barred

On May 4, the U.S. Court of Appeals for the Sixth Circuit affirmed a lower court’s decision in a judicial foreclosure action, holding that a bank’s lawsuit was barred by Tennessee’s 10-year statute of limitations for actions to enforce liens on real property. The appellate court also refused to establish an equitable lien on the property in favor of the bank.

05/12/23

A Holder is not a Holder in Due Course Living Lies

A Holder is not a Holder in Due Course

The second requirement is usually completely ignored by the homeowner, the lawyers, and the judge. But it is still there. The possessor of the note, once that is established and confirmed by competent evidence, must allege and prove that it is authorized to enforce the note. By legal definition accepted in all jurisdictions, a holder is not a holder in due course even if they satisfy the two aforesaid requirements

05/11/23

Why you would use a declaration or affidavit from anyone Living Lies

Why you would use a declaration or affidavit from anyone

Why you would use a declaration or affidavit from anyone: As context for QWR and DVL demands.
As context for discovery
As context for motions to compel discovery and for sanctions
As context for motion in limine
As context for a memorandum in opposition to a motion for summary judgment
As context motion to dismiss or a motion for clarification
As context for the motion and memorandum of the homeowner asking for Summary Judgment
As context for Motion to Strike due to inconsistent positions, assertions, or documents
As context for a memorandum of law supporting objections and motions to strike during trial Get the picture?

05/11/23

At Year End, 4,127 U.S. Banks Held $7.7 Trillion in Uninsured Deposits; JPMorgan Chase, BofA, Wells Fargo and Citi Accounted for 43 Percent of That Wall Street On Parade

At Year End, 4,127 U.S. Banks Held $7.7 Trillion in Uninsured Deposits; JPMorgan Chase, BofA, Wells Fargo and Citi Accounted for 43 Percent of That

If the dark secrets about the U.S. banking system that federal regulators have been keeping since the financial crash of 2008 are allowed to be aired in public Congressional hearings as a result of the current banking crisis – and mainstream media will grow a backbone and cover those hearings – it could help the U.S. avoid a catastrophic financial reckoning down the road.

05/11/23

FORECLOSURE ACTIVITY NATIONWIDE SHOWS SLIGHT DECLINE IN APRIL 2023 Attom Data

FORECLOSURE ACTIVITY NATIONWIDE SHOWS SLIGHT DECLINE IN APRIL 2023

IRVINE, Calif., May 11, 2023 /PRNewswire/ -- ATTOM, a leading curator of land, property, and real estate data, today released its April 2023 U.S. Foreclosure Market Report, which shows there were a total of 32,977 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 10 percent from a month ago but up 8 percent from a year ago.

05/10/23

Getting your words and their words straight in foreclosure litigation Living Lies

Getting your words and their words straight in foreclosure litigation

I am having a spirited exchange with a very experienced trial lawyer on the West Coast. We are discussing whether some declaration should be filed in a pending case where a Motion for Summary Judgment is pending. My answer is no, but a procedural objection should be raised on two grounds:

05/09/23

How good is an “expert” affidavit in foreclosure litigation Living Lies

How good is an “expert” affidavit in foreclosure litigation

Very few people have studied the use of expert testimony, and fewer still have understood it. Start with the basics: An Expert is a person with knowledge beyond the scope of knowledge of the judge. So if you want someone accepted as an expert, you need to show that it is more likely than not that this witness will testify about something that the court concedes (formally or informally) it does not yet know.

05/08/23

Deposits at JPMorgan Chase, Bank of America and Wells Fargo Shrank by $465 Billion Y-O-Y; More than Twice the Total of 4,000 Small Banks Wall Street On Parade

Deposits at JPMorgan Chase, Bank of America and Wells Fargo Shrank by $465 Billion Y-O-Y; More than Twice the Total of 4,000 Small Banks

Since the banking crisis began making headlines at expensive media real estate, the narrative has been that deposits are fleeing the small commercial banks and flooding into the biggest banks that are perceived as too-big-to-fail and thus offer a safer venue for deposits. Because these mega banks are the same ones that the Fed has been bailing out since the financial crisis of 2008, that narrative requires believing that our fellow Americans are dumber than a stump.

05/03/23

We just want to stay in our home’: Springfield residents protest decision to foreclose a woman’s house Western Mass News

We just want to stay in our home’: Springfield residents protest decision to foreclose a woman’s house

SPRINGFIELD, MA. (WGGB/WSHM) - A rally tonight in Springfield to keep one local woman’s house from being foreclosed. Dozens of Springfield residents came out to show their support for a local woman who’s fighting to stay in her house on Wednesday night. “We just want to stay in our home,” said Barbara Williams. Barbara Williams has lived in her Springfield house for more than a decade. After losing her job in 2016, Williams said Fannie Mae started the foreclosure process. “I purchased my house in good faith,” said Williams. “I lost my job and I fell behind in my payments. Now I have regained my income, I have remarried. I raised my children here and I had one child left at home when my house was foreclosed on.” Wednesday night, friends, neighbors, and community leaders gathered at her house protesting the efforts to take back Williams’ home. The rally was organized by the Springfield No One Leaves organization, which fights to keep locals in their home following foreclosures. “We’re always there to help,” said Sue Gamelli, one of the organizers. “We are not a service organization, what we teach you to do is to fight for yourself.”

05/03/23

This Maine foreclosure has taken more than a decade. All that’s left is an empty lot. Bangor Daily News

This Maine foreclosure has taken more than a decade. All that’s left is an empty lot.

A Sanford man abandoned his home after he lost his job in 2010 and could no longer pay the mortgage.
What followed was a mess of red tape, delays and botched attempts at selling and foreclosing on a house from which he still isn’t free. The city leveled the decrepit home a year ago, deeming it dangerous. But the owner continued to be charged for lawn maintenance and property inspection. An empty lot is all that is left.
These stories are playing out across Maine, although numbers of dangerous properties in mortgage defaults are hard to come by. Part of the reason is the large number of federal mortgages in Maine and across the country with layers of loan servicers. Some homes have been hung up in the process since the mortgage crisis of the Great Recession.

05/03/23

Governor Hochul Announces Support For Homeowners, Tenants and Public Housing Residents As Part of FY 2024 Budget New York State

Governor Hochul Announces Support For Homeowners, Tenants and Public Housing Residents As Part of FY 2024 Budget

Adds $391 Million for New York's Emergency Rental Assistance Program to Support Thousands More Tenants and Families, Including New York City Housing Authority Residents and Section 8 Voucher Recipients
Creates Nation-Leading Program to Combat Childhood Lead Exposure in Residential Buildings in 24 High-Risk Areas
Expands Governor's Pioneering Buffalo Program Statewide With $50 Million Homeowner Stabilization Fund to Support Critical Home Repairs in 10 High-Need Communities
Provides $40 Million for the Homeowner Protection Program to Assist Homeowners in Default and Foreclosure in Every County of the State

05/03/23

Short Sellers Cratered Silvergate Bank and First Republic; They’re Now Targeting PacWest and Numerous Other Regional Banks Wall Street On Parade

Short Sellers Cratered Silvergate Bank and First Republic; They’re Now Targeting PacWest and Numerous Other Regional Banks

President Joe Biden is putting the national security of the United States at risk by not suspending the short-selling of federally-insured banks. Concerns over the safety and soundness of the U.S. financial system could cause money flight out of the U.S., impacting the strength of the U.S. dollar and a loss of confidence by our foreign allies.
This is also a matter that impacts the financial lives of every American, because every American – rich, poor or middle class – will suffer the consequences in terms of ability to access bank credit and higher fees on that credit as a result of rebuilding the rapidly depleting federal Deposit Insurance Fund that protects bank deposits.

05/03/23

Who is a legally authorized servicer? Living Lies

Who is a legally authorized servicer?

Here is a simple tip: if the same company is named in other similar actions and that company did not receive the proceeds of the repossession or foreclosure, then the claim and the process was faked through and through. Hint: ask for proof or even a statmeent under oath that the company named as “creditor” is inteded and expected to receive money from the successful outcome of the repo or foreclosure.

05/02/23

Homeowner Strategy in Foreclosure Litigation Living Lies

Homeowner Strategy in Foreclosure Litigation

Court procedure is a long and tedious process during which the parties make their points and counterpoints. If you don’t make the point evident, you lose. If you don’t make the counterpoint, you lose. If you lose, the opposition wins. This is about the rules, not justice or the pursuit of truth.

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