Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

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01/31/18

Stunner: Court of Appeals reverses earlier ruling, declares CFPB constitutional

Housing Wire

Stunner: Court of Appeals reverses earlier ruling, declares CFPB constitutional
PHH’s challenge to CFPB leadership structure rebuked by full Court of Appeals

01/31/18

Former Fannie Mae employee accused of taking bribes, selling foreclosures below market value

Housing Wire

Former Fannie Mae employee accused of taking bribes, selling foreclosures below market value
A former Fannie Mae employee allegedly made more than $1 million by accepting bribes and approving the sales of foreclosed properties at below market value to herself and to brokers in exchange for kickbacks.

01/31/18

Court of Appeals rules against CFPB, vacates PHH’s $100M fine for alleged RESPA violations

Housing Wire

Court of Appeals rules against CFPB, vacates PHH’s $100M fine for alleged RESPA violations
While the main story coming out of Wednesday’s stunning decision from the Court of Appeals for the District of Columbia Circuit was the court upholding the constitutionality of the Consumer Financial Protection Bureau, the CFPB didn’t escape unscathed.

01/31/18

TILA Rescission Notice Does NOT Require Justification

Living Lies

TILA Rescission Notice Does NOT Require Justification
Again we return to the issue of rescission under TILA. And again I am correcting the mistaken view that the grounds for sending the notice of rescission must somehow be established before sending it,

01/29/18

Bank of America to Pay $3.4M Whistleblower Settlement Over Foreclosure Practices

Daily Business Review

Bank of America to Pay $3.4M Whistleblower Settlement Over Foreclosure Practices
The lawsuit alleged the bank was using rubber-stamped promissory note endorsements in violation of a consent judgment.

01/26/18

New York Foreclosures At All-Time High, America At All-Time Low

White Plains Daily Voice

New York Foreclosures At All-Time High, America At All-Time Low
Foreclosure auctions in the U.S. are at an 11-year low -- but not in New York.

01/26/18

EDITORIAL: Amazingly, consumer protection bureau now has it in for consumers

Chicago Sun Times

EDITORIAL: Amazingly, consumer protection bureau now has it in for consumers
Too bad there is no bureau to protect the Consumer Financial Protection Bureau....

01/26/18

FRAUDCLOSURE: NOW HIRING – SELECT PORTFOLIO SERVICING CHAIN OF TITLE SPECIALIST

4closurefraud.org

FRAUDCLOSURE: NOW HIRING – SELECT PORTFOLIO SERVICING CHAIN OF TITLE SPECIALIST
Job Summary: Provides assistance in demonstrating the Investor has the appropriate legal authority to initiate actions through a complete Chain of Title, by

01/25/18

Lawsuit claiming public being milked for access to court records advances

Ars Technica

Lawsuit claiming public being milked for access to court records advances
A lawsuit that claims the public is being overcharged by the US government's website for accessing federal court records just took a major step forward. A federal judge overseeing the litigation against PACER,

01/25/18

Miami Judge Sanctions Law Firm, Treasury Secretary Mnuchin's Former Bank for 'Frivolous' Foreclosure

Daily Business Review

Miami Judge Sanctions Law Firm, Treasury Secretary Mnuchin's Former Bank for 'Frivolous' Foreclosure
Miami-Dade Circuit Judge Pedro P. Echarte Jr. sanctioned Treasury Secretary Steven Mnuchin’s former bank, California-based OneWest Bank, and its law firm for filing a frivolous foreclosure against a widow.

01/25/18

Ten years after foreclosures hit Cleveland hard, full recovery remains elusive

Crainscleveland.com

Ten years after foreclosures hit Cleveland hard, full recovery remains elusive
he public radio program Marketplace, which is exploring how the financial crisis and its aftermath changed the country in a project called Divided Decade, this week focused on Cleveland and the city's efforts to dig out of the foreclosure crisis.

01/25/18

N.J. leads the nation in foreclosures. See which county had the most

Nj.com

N.J. leads the nation in foreclosures. See which county had the most
New Jersey once again claimed the infamous honor of leading the nation in foreclosures in 2017. But that's largely because foreclosures take longer to play out in New Jersey, and there are signs things are definitely improving.

01/24/18

Pennsylvania now requires nonbank servicers to be licensed to operate in state

Housing Wire

Pennsylvania now requires nonbank servicers to be licensed to operate in state
Nonbank mortgage servicers have five months to get licensed in the state of Pennsylvania if they want to keep operating in the state.

01/24/18

BankThink Misguided data freeze keeps CFPB from doing its job: Elizabeth Warren

American Banker

BankThink Misguided data freeze keeps CFPB from doing its job: Elizabeth Warren
During the fallout from the financial crisis, I worked with Congress to design the Consumer Financial Protection Bureau to stand up for consumers and hold accountable the giant corporations that had crashed the economy. Congress gave

01/24/18

$20M windfall for UC law schools in wrongful foreclosure suit shrinks to $150K

ABA Journal

$20M windfall for UC law schools in wrongful foreclosure suit shrinks to $150K
A federal judge has vacated a punitive damages award against Bank of America that gave $20 million to the University of California’s five law schools in a wrongful foreclosure case.

01/24/18

$35 Million and All is Forgiven

Living Lies

$35 Million and All is Forgiven
Foreclosure law exists in its own separate universe. Ordinarily the final administrative finding that there were deficiencies in servicing and foreclosure processing would create, at a minimum,

01/24/18

When and What is Consummation of Contract?

Living Lies

When and What is Consummation of Contract?
Like many other “Black letter law” situations, when it comes to foreclosures the courts are ignoring all precedent, statutes, rules and regulations when they consider a loan contract consummated when one party signs documents — without the other side showing it signed documents and performed its obligations. Without consideration passing both ways, there is no contract to enforce.

01/24/18

All Seattle’s new wealth couldn’t save many homeowners from foreclosure

Seattle Times

All Seattle’s new wealth couldn’t save many homeowners from foreclosure
A decade after the banking collapse and the start of the mortgage crisis — which disproportionately targeted minorities and women — people who lost personal battles and homes still are struggling to recover.

01/23/18

How the foreclosure crisis turned four Seattle women into crusaders against predatory lending

Seattle Times

How the foreclosure crisis turned four Seattle women into crusaders against predatory lending
The housing crisis of a decade ago turned home prices and people’s futures upside down. While the nation rebounded and the Seattle area launched into a historic economic revival, some homeowners found themselves facing foreclosure. Here are the stories of four women who fought to save their homes — and found a common cause.

01/23/18

Newly Defanged, Top Consumer Protection Agency Drops Investigation of High-Cost Lender

ProPublica

Newly Defanged, Top Consumer Protection Agency Drops Investigation of High-Cost Lender
In 2013, ProPublica published an investigation of the subprime lender World Finance. World was charging annual

01/22/18

PUERTO RICO CAN’T AFFORD ANOTHER CRISIS, IT NEEDS A MORATORIUM ON ALL FORECLOSURES

Newsweek

PUERTO RICO CAN’T AFFORD ANOTHER CRISIS, IT NEEDS A MORATORIUM ON ALL FORECLOSURES
Two days after Hurricane María passed through Puerto Rico, I was able to get in a car and begin what would be the daily task for the next couple of weeks of looking for water and gas.

01/22/18

Tax Lien Law Haunts Massachusetts Property Owners(Pt. 1)

The New England Center for Investigative Reporting

Tax Lien Law Haunts Massachusetts Property Owners(Pt. 1)
Imagine losing your home and all your equity because you failed to pay a $500 water or sewer bill. As dozens of cities and towns in Massachusetts turn to for-profit companies to go after delinquent taxpayers and balance their books, the consequences can be harsh – big legal fees, high interest rates and even foreclosures and evictions.

01/22/18

Deutsch Bank National Trust Company Was Crushed in Texas in 2015. Why isn’t anyone listening?

Living Lies

Deutsch Bank National Trust Company Was Crushed in Texas in 2015. Why isn’t anyone listening?
When a judge looks carefully at the record, the bank loses. The use of Deutsch’s name in the style of the case still shows that Judges are considering the Plaintiff to be

01/20/18

MA Foreclosure Rate Higher Than National Average: New Report

Wayland Patch

MA Foreclosure Rate Higher Than National Average: New Report
Massachusetts had a higher than average rate of foreclosure filings in the United States for 2017, according to a new report.

01/20/18

YOU THINK YOUR LANDLORD IS BAD? TRY RENTING FROM WALL STREET

The Intercept

YOU THINK YOUR LANDLORD IS BAD? TRY RENTING FROM WALL STREET
RENITA BARBEE, 52, was still grieving the death of her mother last fall when she received another shock. Her landlord, the Wall Street rental

01/20/18

Connecticut Ranks High Among States In Foreclosure Activity

Hartford Courant

Connecticut Ranks High Among States In Foreclosure Activity
The worst of the residential foreclosure crisis may be in Connecticut’s rearview mirror, but a report this week still ranks the state high among all states for homeowners with troubled mortgages.

01/19/18

Christiana Trust/Wilmington Savings Crash and Burn on Standing and More

Living Lies

Christiana Trust/Wilmington Savings Crash and Burn on Standing and More
In this mortgage foreclosure case, the underlying mortgage was passed around like the flu, giving rise to a complexity of ownership

01/18/18

Citigroup: The Poster Child of Bad Mortgages!

Richardmbowen.com

Citigroup: The Poster Child of Bad Mortgages!
This past Sunday the PBS documentary produced by WNET, New York, about Sherry Hunt, one of my former chief underwriters (Sherry blew the whistle on Citigroup four years after I was thrown out for warning about their bad mortgages), and myself aired on KERA Channel 13, Dallas PBS.

01/18/18

Wells Fargo “Explains” Securitization

Living Lies

Wells Fargo “Explains” Securitization
This is a blatant attempt at deception — a deceit without which none of the Trusts would be recognized as legal entities much less the owner of loans.

01/17/18

Ocwen Admission Confounds Judges and Experts

Living Lies

Ocwen Admission Confounds Judges and Experts
This is a blatant attempt at deception — a deceit without which none of the Trusts would be recognized as legal entities much less the owner of loans.

01/16/18

Wells Fargo, Ocwen and Fake REMIC Trust Crash on Standing

Living Lies

Wells Fargo, Ocwen and Fake REMIC Trust Crash on Standing
What is surprising about this case is that there was any appeal. The trial court had no choice but to dismiss the foreclosure claim.

01/16/18

“MERS” Entities and RoboMills are now “off the hook”!

Cloudedtitlesblog.com

“MERS” Entities and RoboMills are now “off the hook”!
Consent Order Terminations were issued this past week by the five federal agencies that imposed them on MERSCORP Holdings, Inc. (f/k/a MERSCORP, Inc.), its baby bastard child,

01/15/18

Castillo v. Nationstar | CA DC-

Stopforeclosurefraud.com

Castillo v. Nationstar | CA DC-
This is one of the few cases where the settlement is public. The order explains some of it, but the Elizabeth Letcher declaration has the meat.

01/15/18

Federal Reserve Board announces termination of enforcement actions against 10 banking organizations, civil monetary penalties against five of the 10, and termination of two joint orders against service providers LPS & MERSCORP

Stopforeclosurefraud.com

Federal Reserve Board announces termination of enforcement actions against 10 banking organizations, civil monetary penalties against five of the 10, and termination of two joint orders against service providers LPS & MERSCORP
The Federal Reserve Board on Friday announced the termination of enforcement actions related to residential mortgage loan servicing and foreclosure processing issued in 2011 and 2012 against 10 banking organizations.

01/15/18

A Little Bit of Foreclosure Soap Won’t Wash Away Those Unclean Hands

Huffington Post

A Little Bit of Foreclosure Soap Won’t Wash Away Those Unclean Hands
It sounds almost biblical; a pronouncement from up high and a warning that those who crave riches must do so by ethical means: so-called “clean hands.”

01/15/18

Financial Industry Caught with Its Hand in the Cookie Jar

Living Lies

Financial Industry Caught with Its Hand in the Cookie Jar
Leveraged loan investors are now concerned about whether they are funding a loan to one entity and then “by succession” ending up with another borrower with a different credit profile, reputation, etc.

01/11/18

DEUTSCHE BANK NAT’L TRUST CO. V. BURKE: NEITHER DEUTSCHE BANK NOR ANY MORTGAGE SERVICER ACTING ON ITS BEHALF HAS THE RIGHT TO FORECLOSE

4closurefraud.org

DEUTSCHE BANK NAT’L TRUST CO. V. BURKE: NEITHER DEUTSCHE BANK NOR ANY MORTGAGE SERVICER ACTING ON ITS BEHALF HAS THE RIGHT TO FORECLOSE
DEUTSCHE BANK NAT’L TRUST CO. V. BURKE: NEITHER DEUTSCHE BANK NOR ANY MORTGAGE SERVICER ACTING ON ITS BEHALF HAS THE RIGHT TO FORECLOSE ~ FINAL DECLARATORY JUDGMENT
STEPHEN Wm SMITH, Magistrate Judge.
Judgment is rendered in favor of defendants John and Joanna Burke against plaintiff Deutsche Bank National Trust Co., as Trustee of the

01/10/18

New York City foreclosures rise to post-crisis high

Housing Wire

New York City foreclosures rise to post-crisis high
There haven’t been this many homes in foreclosure in New York City since the housing crisis, but the news isn’t quite as bad as it seems, a new report shows.

01/10/18

Fact Check: Robo-witness knows nothing

Living Lies

Fact Check: Robo-witness knows nothing
Information is admitted in evidence only after a proper foundation has been laid. If the witness knows nothing about the foundation the evidence should not be admitted as evidence.

01/09/18

Trump Administration Waives Punishment For Convicted Banks, Including Deutsche — Which Trump Owes Millions

Stopforeclosurefraud.com

Trump Administration Waives Punishment For Convicted Banks, Including Deutsche — Which Trump Owes Millions
The Trump administration has waived part of the punishment for five megabanks whose affiliates were convicted and fined for manipulating global interest rates. One of the Trump administration waivers

01/09/18

Trustee v Active Trustee US Bank Fails to show or even attempt to show it is an active trustee

Living Lies

Trustee v Active Trustee US Bank Fails to show or even attempt to show it is an active trustee
While this case discusses diversity and other issues concerning US Bank “as trustee” the reasoning and ruling clearly expose the truth about pleading irregularities by attorneys who purport to represent US Bank or a REMIC Trust.

01/04/18

Trump administration delays Obama fair housing rule, Castro says move “guts” rule

Housing Wire

Trump administration delays Obama fair housing rule, Castro says move “guts” rule
Earlier this year, Department of Housing and Urban Development Secretary Ben Carson said that HUD will look to “reinterpret” a controversial fair housing rule issued by the Obama administration in 2015.

01/04/18

Settlement with mortgage firm for questionable foreclosure practices may affect 300 N.H. residents

Concord Monitor

Settlement with mortgage firm for questionable foreclosure practices may affect 300 N.H. residents
Around 300 Granite Staters may be in line for some money now that New Hampshire has joined most other states in a legal settlement with PHH Mortgage Co. over questionable home mortgage foreclosure practices during the Great Recession.

01/04/18

FDIC win against PwC could finally force auditors to look for fraud

Market Watch

FDIC win against PwC could finally force auditors to look for fraud
A federal judge has given the Federal Deposit Insurance Corp. a big win against PricewaterhouseCoopers, a decision that could cost the auditor more than $1 billion in damages and finally put auditors on the hook for detecting fraud.

01/04/18

Money v Paper

Living Lies

Money v Paper
If the actual facts fail to show ownership of the debt, then paper instruments indicating transfer of a mortgage (or a note) are just that: paper.

01/03/18

Property owner claims Caliber Home Loans Inc. is attempting to collect a mortgage that was satisfied years ago

Pennrecord.com

Property owner claims Caliber Home Loans Inc. is attempting to collect a mortgage that was satisfied years ago
PHILADELPHIA – A Philadelphia consumer alleges debt collectors are attempting to collect on a mortgage that was satisfied in 2011.

01/03/18

A Pathetic Slap on the Wrist: PHH will pay $45 Million over Mortgage Servicing Failures. Those wrongfully Foreclosed eligible for $840 Payment.

Living Lies

A Pathetic Slap on the Wrist: PHH will pay $45 Million over Mortgage Servicing Failures. Those wrongfully Foreclosed eligible for $840 Payment.
PHH, a loan servicer, will pay $45 million as part of a nationwide settlement over mortgage servicing and foreclosure issues during the housing crisis, a group of 49 state Attorney General’s announced Wednesday.

01/03/18

Did Ocwen push a family to the Breaking Point?

Living Lies

Did Ocwen push a family to the Breaking Point?
Ocwen is a debt-collector that is known to cause an incredible amount of stress and trauma to families who have the misfortune of having Ocwen assigned as their loan servicer.

01/03/18

David Dayen: The CEO of Wells Fargo Might Be In Big, Big Trouble

Living Lies

David Dayen: The CEO of Wells Fargo Might Be In Big, Big Trouble
A group of plaintiffs in Utah, with the help of some US Senators, have put the executive in a jam.

01/03/18

Beshear: Nearly 550 Kentuckians Faced With Home Foreclosures Eligible for Payments

Lex18.com

Beshear: Nearly 550 Kentuckians Faced With Home Foreclosures Eligible for Payments
FRANKFORT, KY.– Attorney General Andy Beshear today announced nearly 550 Kentuckians who faced foreclosures on their homes from New Jersey-based PHH Mortgage Company are eligible for payment through a multistate settlement against the company.

01/02/18

Maine Supreme Court rules for homeowner whose only adversaries were third-party debt-collector "servicers" who could not prove ownership of and injury to any debt-owner!

Mathews-Street-America.net

Maine Supreme Court rules for homeowner whose only adversaries were third-party debt-collector "servicers" who could not prove ownership of and injury to any debt-owner!
I and hundreds of thousands, make that MILLIONS of homeowners have the SAME formulaic systemic protocol and algorithm leashed upon us by self-proclaimed "mortgage-servicers" who can not prove agency relationship with a "principle" owner of the debt they're collecting on.

01/02/18

$119,000 Sanctions for Discharge Injunction Violations

National Consumer Bankruptcy Rights Center

$119,000 Sanctions for Discharge Injunction Violations
Continuous confusing contact with the discharged debtors by the mortgage servicer was appropriately sanctioned at $1,000 per violation notwithstanding

01/02/18

Bankers anxious as Trump mulls credit union regulator for CFPB

National Mortgage News

Bankers anxious as Trump mulls credit union regulator for CFPB
The Trump administration’s consideration of J. Mark McWatters to lead the Consumer Financial Protection Bureau is stoking fears among bankers that he will show favor to credit unions once in office.

01/01/18

“DISGRACEFUL”: ELIZABETH WARREN ENRAGED OVER C.F.P.B.’S ORWELLIAN REBRANDING

Vanity Fair

“DISGRACEFUL”: ELIZABETH WARREN ENRAGED OVER C.F.P.B.’S ORWELLIAN REBRANDING
Among the list of things Republicans are contractually obligated to vilify like a deranged evangelical preacher railing against the sins of the Village People, the Consumer Financial Protection Bureau ranks near the top.

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