Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

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12/27/20

Important wins, but unmet needs, in new stimulus package
New stimulus checks, broadband access and rental aid welcome, but foreclosure and student loan relief absent WASHINGTON, DC – Advocates welcomed the new stimulus bill passed by Congress last night, but warned that it has critical gaps that should be immediately filled by the incoming Biden Administration.

12/27/20

Millions face eviction, poverty as unemployment benefits expire while COVID-19 relief bill in limbo
Jo Marie Hernandez doesn’t know how she and her 4-year-old daughter will survive after her unemployment aid lapsed this weekend. Hernandez, who lives in Olean, New York, is on the brink of losing her home in days after she lost her job as a customer service associate at a gas station in the spring. Enduring prolonged unemployment, she's struggled to make ends meet and has nothing left in savings to keep her afloat.

12/21/20

FHA Extends Foreclosure Moratorium, Expands Forbearance Options
The Federal Housing Administration (FHA) and HUD announced, a few weeks following FHFA's similar announcement, the fourth extension of its foreclosure and eviction moratorium through February 28, for homeowners with FHA-insured single-family mortgages covered under the Coronavirus Relief and Economic Security (CARES) Act. The FHFA in early December stated its extension would run "at least" through January.

12/21/20

Why we need rule changes in the court systems: Judicial Fairness and Judicial Economy
In the next wave of foreclosures coming in 2021, we can stop them if we can simply require an allegation from claimants that they own the underlyign obligation. After that the homeowner can ask for proof of that assertion. If there is no proof, then the claim fails.

12/21/20

Research Arm of Congress Confirms that Mnuchin Never Released Bulk of CARES Act Money Earmarked for Fed’s Emergency Loans
On November 27, Wall Street On Parade reported that U.S. Treasury Secretary Steve Mnuchin had failed to turn over to the Federal Reserve 75 percent of the $454 billion that Congress had earmarked in the CARES Act for the Fed’s emergency lending programs. We wrote at the time:

12/18/20

Important wins, but unmet needs, in new stimulus package
New stimulus checks, broadband access and rental aid welcome, but foreclosure and student loan relief absent WASHINGTON, DC – Advocates welcomed the new stimulus bill passed by Congress last night, but warned that it has critical gaps that should be immediately filled by the incoming Biden Administration.

12/18/20

Evictions Are Violence: Millions Could Lose Homes Amid COVID Pandemic If Federal Moratorium Expires
Millions across the U.S. could be forced from their homes in the middle of the pandemic if Congress does not extend the federal eviction moratorium that is due to expire at the end of December.

12/18/20

The OCC Is a Problem Agency
It's time to say it loud and clear: the OCC is a problem agency. Here's a list of only some of the issues from the past year:

12/18/20

Q3 Shows Signs of Effective Foreclosure Prevention Actions
The government-sponsored enterprises (GSEs) completed 539,451 foreclosure prevention actions during the third quarter of this year, according to new data from the Federal Housing Finance Agency (FHFA).

12/18/20

Help me change the rules if you want a different outcome
I am writing a template petition for filing in the Supreme Court of each state to change the rules and the preapproved form pleadings. The one glaring omission (because it was never necessary before) is to allege and prove loss.

12/17/20

Fed Chair Powell Opens a Big Can of Worms at His Press Conference
There was a jaw-dropping exchange between Politico reporter Victoria Guida and Fed Chair Jerome Powell at his press conference yesterday following the two-day meeting of the Fed’s Federal Open Market Committee (FOMC).

12/16/20

What Happened With Your “Loan” — By admitting that you received a loan you lose.
The plain truth is that homeowners are losing their cases through assymetry of information. They think they understand when they do not have a clue. They are admitting the obvious, which turns out to wholly untrue. In so doing they give the court no choice but to enter judgment aganst them.

12/15/20

Compared to the Last Three Treasury Secretaries, Janet Yellen Is Mother Teresa
President-elect Joe Biden’s nomination of Janet Yellen as Treasury Secretary is being viewed cautiously in some progressive circles. As the post-financial crisis Chair of the Federal Reserve under President Obama,

12/15/20

Chase loses again after trying sneaky maneuver
Neither Chase nor anyone else actually has a claim or a case against the homeowner if the premise is that either Chase or some other named “trustee” owns the loan through the magical process of “securitization”.

12/14/20

Repurchase agreements only advance the myth that loans were purchased in the first place.
Investors would do much better if they stopped litigating the duty to enforce repurchase agreements. The repurchase agreement is void because there was no purchase. There are better claims to make that are more easily proven

12/14/20

MONEYMapped: The Risk of Eviction and Foreclosure in U.S. States
Alongside potential obstacles such as job loss, financial insecurity, and a subsequent inability to cover many upcoming bills, many Americans are now facing potential home loss as well.

12/14/20

Trump Regulator Set to Consider Approving the Banking Model that Ushered in the Great Depression – Uninsured Deposits
Seven banking and credit union associations have sent a letter to the Office of the Comptroller of the Currency (OCC), the regulator of national banks in the U.S., spelling out the dangers of the OCC approving a pending bank charter that would allow a national bank to

12/11/20

Foreclosures May Be Subject to ‘Drastic Changes’ Next Year
In the latest episode of DS5’s Inside the Industry, we’re speaking with Elizabeth Squires, Director of Client Account Management at Safeguard Properties. She discusses the impact COVID-19 has had on the property preservation sector and foreclosure volumes. Squires also speaks about what challenges 2021 may bring. "Our issues in volume are subject to drastic changes, based on many external factors," Squires says about foreclosures next year.

12/11/20

Foreclosures May Be Subject to ‘Drastic Changes’ Next Year
In the latest episode of DS5’s Inside the Industry, we’re speaking with Elizabeth Squires, Director of Client Account Management at Safeguard Properties. She discusses the impact COVID-19 has had on the property preservation sector and foreclosure volumes. Squires also speaks about what challenges 2021 may bring. "Our issues in volume are subject to drastic changes, based on many external factors," Squires says about foreclosures next year.

12/11/20

80% Annual Decline in Foreclosures Show Prevention Measures are Working
The various types of foreclosure filings - default notices, scheduled auctions, and actual lender repossessions - declined in November. RealtyTrac, a subsidiary of ATTOM Data Solutions said

12/11/20

Think You Have a Loan? Think Again! Don’t allow the Wall Street “investment banks” to steal back money that was earned by homeowners.
Without knowing it, you are probably doing business with a Wall Street securities brokerage firm calling itself an “investment bank.” You didn’t know because they were never disclosed. And the money they paid to you was not a loan — at least not for them it wasn’t.

12/11/20

US foreclosure activity eases as FHFA extends moratoriums
Foreclosure activity is set to slow down through the holiday as the Federal Housing Finance Agency (FHFA) announced an extension of its foreclosure and eviction ban through the end of January 2021.

12/10/20

Foreclosure filings are way down. There’s a reason
One of these is not like the others: Homeowners are still struggling to meet their monthly mortgage bills, the coronavirus is on the rise, the economy is scuffling and foreclosures filings are way down.

12/10/20

Statement Regarding CFPB Revamp of Mortgage Rules That Will Protect Lenders from Legal Liability for Peddling Unaffordable Loans, Increase Foreclosures, and Create Instability in the Mortgage Market
Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB or Bureau) released two final rules revising the standards for determining a borrower’s ability to repay a mortgage and further limiting lender liability despite the lessons of the previous financial crisis, which led to millions of unnecessary foreclosures. By removing protections and creating a new exception to the rule,

12/09/20

CFPB Settlement With Nationwide dba Mr. Cooper Betrays Homeowners
These are “friendly” settlements. Mr. Cooper, lied and cheated their way into multiple foreclosures. The answer we are told is not to do anything about the illegal foreclosures. The answer is to pay a few cents on each dollar for the extensive damages caused by wrongful, illegal fabricated foreclosures.

12/09/20

Contrasting the Foreclosure Crisis From the Obama Era and the Looming Eviction Crisis Facing a New Biden Presidency
Guest: Aaron Glantz is a Peabody Award-winning radio, print and television journalist. He is a senior reporter at Reveal and the author of several books including his latest, Homewreckers: How a Gang of Wall Street Kingpins, Hedge Fund Magnates, Crooked Banks, and Vulture Capitalists Suckered Millions Out of Their Homes and Demolished the American Dream.

12/04/20

OCC Says JPMorgan Chase Has $29.1 Trillion of Custody Assets; That’s $8 Trillion More than the Assets of All Banks in the U.S.
On November 24 the Office of the Comptroller of the Currency (OCC) fined JPMorgan Chase $250 million for wrongdoing that was apparently too deplorable to be spoken out loud to the public. The specific details were cloaked in this phrase: “failure to maintain adequate internal controls and internal audit over its fiduciary business.”

12/04/20

Another satisfied homeowner
“Not everybody needs a lawyer. I didn’t. I had one who sucked. It’s better to have no lawyer than one who doesn’t want to fight for you. I also read your blog. I won. Thank you.”

12/04/20

The case for reformation and damages for past, current and future attempts at foreclosure of alleged loans that were falsely claimed to have been securitized.
A lot of people are asking me what I am up to counter this reign of fraud and terror by the investment banks. Here is a sneak peek at some recent work I am doing on a rough draft of what might turn out to be a class action. Comments from lawyers are invited.

12/02/20

Don’t Listen To Your Lender. You Can Fight Reverse Mortgage Foreclosures And Win!
Like the conventional mortgage lenders before them, reverse mortgage lenders have people convinced they can’t fight reverse mortgage foreclosures. Yet, MFI-Miami has again debunked the propaganda of sleaze from the Wall Street oligarchs. Just like we did with foreclosures on conventional mortgages.

12/02/20

FHFA Extends Foreclosure and REO Eviction Moratoriums
Foreclosure moratorium applies to Enterprise-backed mortgages; eviction moratorium applies to Enterprise-owned properties

12/01/20

NY Requires Mortgage Servicer’s Information be Included in Certain Foreclosure-Related Documents
New York Governor Andrew Cuomo recently signed into law a bill, Senate Bill 4190 (SB 4190), that requires the name and number of the mortgage servicer to be included in certain documents in connection with residential mortgage foreclosure actions.

12/01/20

Mass. SJC Holds ‘Hybrid’ Foreclosure Notice Not Inaccurate or Deceptive
The Massachusetts Supreme Judicial Court recently held a “hybrid notice” related to foreclosure was neither inaccurate nor deceptive where the notice…

12/01/20

How and Why to Litigate Foreclosure and Eviction Defenses
Wall Street Transactions with Homeowners Are Not Loans * I think the biggest problem for people understanding the strategies that I have set forth on this blog is that they don’t understand the underlying principles.

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