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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06/30/21

Supreme Court Ramirez Decision NCLC

Supreme Court Ramirez Decision
On June 25, 2021, the Supreme Court issued its anxiously awaited decision in TransUnion L.L.C. v. Ramirez, 2021 WL 2599472 (U.S. June 25, 2021). The 5-4 decision follows up on the Court’s 2016 decision in Spokeo, Inc. v. Robins, 136 S. Ct. 1540 (2016), which, like Ramirez, also addressed whether the injury a consumer suffered due to an inaccurate credit report met the concreteness requirement for Article III standing.

06/30/21

CFPB: lenders engaged in redlining, reported bad data Housing Wire

CFPB: lenders engaged in redlining, reported bad data
Agency identified "redlining," violations of the Truth in Lending Act, data disclosure errors

06/29/21

3 Things You Should Know About the New Mortgage Rules From The Consumer Financial Protection Bureau Floridians For Honest Lending

3 Things You Should Know About the New Mortgage Rules From The Consumer Financial Protection Bureau
Millions of homeowners around the country who are behind on their mortgage payments can look forward to added protections from foreclosure through the end of 2021 under new rules finalized by the Consumer Financial Protection Bureau.

06/29/21

FHFA won’t give servicers break on CFPB rule Housing Wire

FHFA won’t give servicers break on CFPB rule
Move clarifies how servicers should approach the month-long gap between the foreclosure moratorium expiration at the end of July, and the CFPB rule

06/29/21

Supreme Court declines to stop federal moratorium on evictions NBC

Supreme Court declines to stop federal moratorium on evictions
The U.S. Supreme Court on Tuesday declined to end the federal government's temporary ban on evictions, which now is scheduled to expire in July.

06/29/21

Supreme Court Opinion on federal moratorium on evictions U.S. Supreme Court

Supreme Court Opinion on federal moratorium on evictions
The U.S. Supreme Court declined to end the federal government's temporary ban on evictions.

06/29/21

CFPB beefs up protections for struggling homeowners, but will not ban foreclosures CNBC

CFPB beefs up protections for struggling homeowners, but will not ban foreclosures
About 2 million homeowners are still in some type of mortgage forbearance amid the health and financial fallout brought on by the Covid-19 pandemic. While the U.S. government extended

06/28/21

Advocates Push for Increased Enforcement and Later Rule Sunset to Prevent Improper Foreclosures as the CFPB Issues Final Servicing Rule NCLC

Advocates Push for Increased Enforcement and Later Rule Sunset to Prevent Improper Foreclosures as the CFPB Issues Final Servicing Rule
Washington, D.C. – Today, the Consumer Financial Protection Bureau (Bureau) released its final rule under the Real Estate Settlement Procedures Act (RESPA) related to helping homeowners impacted by the COVID-19 pandemic. The rule contains important consumer protections

06/26/21

Next Foreclosure Round Will Be Expensive Roy Oppenheim

Next Foreclosure Round Will Be Expensive
A new ruling from Florida’s Fourth District Court of Appeal could mean that the losing party—on any side of a foreclosure case—could be held accountable for attorney fees.

06/25/21

Loans as Securities Investments: Homeowners Are Due Their Share of the Profits. Without them there would be no profits. Without their homes there would be no certificates sold to investors. Living Lies

Loans as Securities Investments: Homeowners Are Due Their Share of the Profits. Without them there would be no profits. Without their homes there would be no certificates sold to investors.
Since the first time I seriously looked at what securities brokerage firms on Wall Street talking about derivatives and securitization (around 1970), I have always thought that the consumer contract was a disguised securities scheme

06/24/21

Biden-Harris Administration Announces Extension of COVID-19 Foreclosure Moratorium JD Supra

Biden-Harris Administration Announces Extension of COVID-19 Foreclosure Moratorium
Today, the Biden Administration announced an extension of the foreclosure moratorium for federally-backed mortgage loans (the “Presidential Announcement”). To implement the Presidential Announcement, the federal agencies (i.e., HUD/FHA, USDA, and VA) and GSEs (i.e., Fannie Mae and Freddie Mac) have announced (or are anticipated to announce) extensions of the foreclosure moratorium until July 31, 2021.

06/24/21

Here Come Wall Street Rental Communities: What Could Possibly Go Wrong? Wall Street On Parade

Here Come Wall Street Rental Communities: What Could Possibly Go Wrong?
If you’ve been following our reporting of JPMorgan Chase since Chairman and CEO Jamie Dimon has been at the helm, you’re aware of one striking fact: this bank has a pattern of getting into bed with unsavory characters:

06/24/21

FACT SHEET: Biden-Harris Administration Announces Initiatives to Promote Housing Stability By Supporting Vulnerable Tenants and Preventing Foreclosures White House

FACT SHEET: Biden-Harris Administration Announces Initiatives to Promote Housing Stability By Supporting Vulnerable Tenants and Preventing Foreclosures
Across America, a strong economic recovery is taking hold. Since President Biden took office, more than two million jobs have been created. The American Rescue Plan is working,

06/24/21

CDC extends eviction moratorium a month, says it’s last time WHDH

CDC extends eviction moratorium a month, says it’s last time
WASHINGTON (AP) — The Biden administration has extended the nationwide ban on evictions for a month to

06/23/21

Fed Chair Powell Misleads House Hearing on Wall Street’s Bailout Programs Wall Street On Parade

Fed Chair Powell Misleads House Hearing on Wall Street’s Bailout Programs
Yesterday the House Select Subcommittee on the Coronavirus Crisis convened a hearing at 2 p.m. to receive testimony from Federal Reserve Chairman Jerome Powell. The title of the hearing was “Lessons Learned: The Federal Reserve’s Response to the Coronavirus Pandemic.”

06/23/21

“Securitization” is not the sale of homeowner debt and is not the product of free market transactions. Living Lies

“Securitization” is not the sale of homeowner debt and is not the product of free market transactions
Securitization is a lie. And so far nearly everyone, including homeowners, believes the lie. Small wonder that the courts also believe it — especially when homeowners admit the truth of the lie.

06/23/21

VA Allows Further Deferral of Forborne Payments, Allowing Borrowers to Resume Their Regular Monthly Payments NCLC

VA Allows Further Deferral of Forborne Payments, Allowing Borrowers to Resume Their Regular Monthly Payments
CONTENTS VA Allows Further Deferral of Forborne Payments, Allowing Borrowers to Resume Their Regular Monthly Payments
The VA’s Final Rule Is Significantly More Protective Than Their Original Proposal
New Options for VA Borrowers Unable to Afford Their Pre-Hardship Mortgage Payments

06/23/21

Biden Dismisses Calabria as FHFA Head DSNews

Biden Dismisses Calabria as FHFA Head
FHFA spokesperson Raffi Williams confirmed to reporters at Politico that Mark Calabria, the agency's director, has been dismissed.

06/22/21

LA County supervisors extend moratorium on evictions through Sept. 30 Los Angelos Daily News

LA County supervisors extend moratorium on evictions through Sept. 30
Supervisor Sheila Kuehl recommended the extension — which she said is protecting tens of thousands of residents from eviction — and also acknowledged that small landlords are struggling and need assistance.

06/22/21

Longer lifeline for struggling homeowners sought by Consumer Financial Protection Bureau CBS

Homeowners behind on their mortgages could soon win extra time to get caught up, a federal consumer watchdog agency tells CBS MoneyWatch.

06/22/21

Everyone assumes that the company claiming to be a servicer is a servicer. But it isn’t. Living Lies

Everyone assumes that the company claiming to be a servicer is a servicer. But it isn’t.
Servicing is about money. If the money paid by homeowners is not deposited by their own employees into a financial account owned by the company claiming to be a servicer, then they have no right to record the receipt of such money. And they don’t.

06/21/21

Banks and Foreclosure Mills Exploit Confusion About Assignments of Mortgage and Endorsements of Notes Living Lies

Banks and Foreclosure Mills Exploit Confusion About Assignments of Mortgage and Endorsements of Notes
so far, the banks have been exceedingly successful, causing the foreclosure of millions of homes by people who don’t own and never wanted to own the obligation.

06/21/21

Support Bruce Jacobs, Esq. and Floridabulldog.org: They are telling truth to power Living Lies

Support Bruce Jacobs, Esq. and Floridabulldog.org: They are telling truth to power
Congrats to Florida Bulldog on running a story that the media giants are not only failing to continue their investigative reporting, but refusing to print stories produced from other credible sources on the huge subject of fraudulent foreclosures.

06/19/21

With moratorium ending, more than 8 million households face foreclosure or eviction CBS

With moratorium ending, more than 8 million households face foreclosure or eviction
Even as the nation rebounds from the coronavirus pandemic, more than 2 million homeowners are behind on their mortgages and risk being forced out of their homes in a matter of weeks, a new Harvard University housing report warns.

06/18/21

The housing market outsmarted the foreclosure crisis Housing Wire

The housing market outsmarted the foreclosure crisis
Loss mitigation waterfalls, forbearance and whole lot of equity are giving borrowers a fighting chance

06/18/21

Miami judge warns big banks to stop playing cruel foreclosure games with people’s homes Florida Bull Dog

Miami judge warns big banks to stop playing cruel foreclosure games with people’s homes
Miami-Dade Circuit Court Judge Beatrice Butchko is warning national banking giants and their counsel they’ll pay a hefty price if they commit fraud or violate due process or ethics rules to drive mortgage debtors out of their homes.

06/18/21

JPMorgan, Citigroup and BofA Ruled Not “Fit” to Participate in Huge European Bond Offering Because of Past Crimes Wall Street On Parade

JPMorgan, Citigroup and BofA Ruled Not “Fit” to Participate in Huge European Bond Offering Because of Past Crimes
How embarrassing it must be for Jerome Powell, Chairman of the Federal Reserve, that three of the largest banks in the U.S. that are supervised by the Fed, have been deemed not trustworthy enough by the

06/18/21

With Autopen technologies, something is missing — a person. Living Lies

With Autopen technologies, something is missing — a person.
People and lawyers often say that the judge would not listen. That isn’t true. The judge is listening. He or she is just not hearing well founded objections raised in a timely manner.

06/17/21

United States: CFPB Takes Actions To Limit COVID-19-Related Mortgage Foreclosures Mondaq

United States: CFPB Takes Actions To Limit COVID-19-Related Mortgage Foreclosures
On April 5, the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking (NPR) to amend Regulation Z, specifically to "prevent avoidable foreclosures" due to the COVID-19 pandemic "as the emergency federal foreclosure protections expire."

06/17/21

“Servicer” reports are not exceptions to the rule against permitting hearsay as evidence Living Lies

“Servicer” reports are not exceptions to the rule against permitting hearsay as evidence
The rule against hearsay does not only impact oral statements—it also applies to written documents, and, unless the proffered evidence falls within one of the multitude of hearsay exceptions or statements that are otherwise categorized as nonhearsay, it is inadmissible in court.

06/16/21

Eviction protections for renters will extend beyond June in these locations CNBC

Eviction protections for renters will extend beyond June in these locations
With millions of Americans still behind on their rent, some states and cities will continue to ban evictions after the national moratorium expires.

06/16/21

Why knowledge of accounting is important to understand how the apparent debt vanishes in the context of securitization. Living Lies

Why knowledge of accounting is important to understand how the apparent debt vanishes in the context of securitization.
The big change occurred when the Wall Street securities firms forced securitization practices over the line. Whereas the purpose of securitization had always been to reduce risk, the investment banks meant to eliminate it.

06/15/21

Securitization Refined For Defense of Foreclosure Living Lies

Securitization Refined For Defense of Foreclosure
Homeowners attempt to “disprove” the presumed facts by raising questions. But the questions are directed to the judge instead of to their predator. The judge has no obligation to answer such questions and in the absence of some procedural reason raised by the homeowner will and must decide in favor of the fraudster because the victim failed to properly defend.

06/14/21

Back to Basics: Here is what you need to know when you start defending against foreclosures and other collections Living Lies

Back to Basics: Here is what you need to know when you start defending against foreclosures and other collections
Although you issued a promise to pay, it does not currently appear as an asset on the books of any company or person. THAT ABSENCE IS A FATAL DEFECT IN ANY CLAIM AGAINST YOU.

06/12/21

When Justice Vindicates … Clouded Titles Blog

When Justice Vindicates …
Score a move forward for Miami-Dade foreclosure defense lawyer Bruce Jacobs. An Ackerman foreclosure mill attorney and his clients are in hot water with Miami-Dade Circuit Court Judge Beatrice Butchko

06/11/21

How the Lawyers for the Banks Lie to You and the Courts Living Lies

How the Lawyers for the Banks Lie to You and the Courts
documents that pledged, sold, transferred anything relating to transactions with homeowners were regularly fabricated with false information and then used in subsequent documents as though there was actual trading going on. But there wasn’t. And there isn’t.

06/10/21

Change the Rules, Forms and Procedures to Comply With Existing Law Living Lies

Change the Rules, Forms and Procedures to Comply With Existing Law
Back when we all made live appearances at seminars for lawyers seeking Continuing Legal Education, I would go to any CLE seminar that involved banking, securities, property law, contract law, or litigation.

06/10/21

Alleged Perjured Testimony and Robo-Signing From the Banks Bruce Jacobs

Alleged Perjured Testimony and Robo-Signing From the Banks
Friday, June 25th is going to be an important day. Judge Beatrice Butchko of the Miami-Dade Circuit Court ordered a partner at Akerman and his clients to a hearing about their alleged perjured testimony during an evidentiary hearing.

06/10/21

Millions Could Face Eviction With Federal Moratorium Ending And A Logjam In Aid NPR

Millions Could Face Eviction With Federal Moratorium Ending And A Logjam In Aid
Mehran Mossaddad has spent much of the pandemic scared and lying awake at night. He's a single dad with an 10-year-old daughter living outside Atlanta.

06/09/21

Stop Assuming You Know Investment Banking Living Lies

Stop Assuming You Know Investment Banking
What is hearsay evidence? The greatest challenge in unraveling the securitization mess is that that courts, judges, homeowners, and lawyers think they know what they are talking about. They do not.

06/08/21

Why the Ban on Hearsay Evidence Is So Damn Important in Foreclosures Living Lies

Why the Ban on Hearsay Evidence Is So Damn Important in Foreclosures
What is hearsay evidence? The old Rules on Evidence did not define hearsay. Evidence is hearsay if the probative value is not based on the personal knowledge of a person. The knowledge is that of another person and is not a witness to the case.

06/07/21

Former Cuban political prisoner on the verge of eviction wins reprieve in court Miami Herald

Former Cuban political prisoner on the verge of eviction wins reprieve in court
Former Cuban political prisoner Ana Lazara Rodriguez, who was on the verge of eviction Friday after being served with a writ of possession — the final document in the eviction process that gives recipients 24 hours to vacate the premises — was granted a reprieve Monday by Miami Circuit Judge Peter R. Lopez,

06/07/21

Why are you need to understand the difference between the mortgage and the note Living Lies

Why are you need to understand the difference between the mortgage and the note
Most pro se litigants and many attorneys start the defense with “yes, but”. But the successful defense starts with “what obligation?”

06/05/21

Eviction and foreclosure are top concerns of ALICE population during pandemic Culpeper Star Exponent

Eviction and foreclosure are top concerns of ALICE population during pandemic
Eviction or foreclosure is a top concern of households identified as ALICE—an acronym for asset limited, income constrained, employed—during the COVID-19 pandemic, according to a survey conducted by the Rappahannock United Way.

06/04/21

Forbearances Tumble Due to May Expirations Mortgage News Daily

Forbearances Tumble Due to May Expirations
The number of loans in forbearance declined sharply over the course of the past week. Black Knight said the number of homeowners exiting their plans jumped to the highest level in four weeks due to end-of-May expirations. There were also noticeable declines in the number of borrowers returning to the program as well as new participants.

06/03/21

How to Understand the Game of Foreclosure: Baseball and Debt Living Lies

How to Understand the Game of Foreclosure: Baseball and Debt
It is very challenging for someone like me to find the best words to describe what the Wall Street banks are doing. Back in 2006, I used the food processor analogy. I said if you put the apple, orange, and banana in the food processor it is impossible to bring the apple to court with you because you can’t reinvent it. It’s gone. That was interesting but it didn’t help as many people as I wanted.

06/03/21

Consumer Harm & the Foreclosure Moratorium DSNews

Consumer Harm & the Foreclosure Moratorium
The Consumer Financial Protection Bureau (CFPB) once again raised warning flags for the mortgage industry with their recent proposal to prohibit servicers from initiating foreclosures until after December 31, 2021. However, regardless of the proposed rules, the need for streamlined, scalable processes to address a sudden influx of hardship requests is becoming increasingly urgent.

06/03/21

Lessons Learned from Spokeo v Robins Clouded Titles Blog

Lessons Learned from Spokeo v Robins
The whole idea behind the ruling in Spokeo was narrow in nature. The U.S. Supreme Court (May 16, 2016) was asked whether Robins (the consumer bringing suit against the people search engine Spokeo) had standing to maintain an action in federal court under the Fair Credit Reporting Act.

06/03/21

Revised PPP Loan Forgiveness Applications and Guidance - Update #4 JD Supra

Revised PPP Loan Forgiveness Applications and Guidance - Update #4
Below are 10 important things to know about the Paycheck Protection Program (“PPP”) Loan Forgiveness ?Applications and the detailed instructions for the revised and updated applications posted on May 24, 2021, ?as well as other forgiveness procedures as updated by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, ?and Venues Act (the “Economic Aid Act” or “PPP2 Act”).

06/02/21

Strict Foreclosure Under New York Law—2.0 Law.com

Strict Foreclosure Under New York Law—2.0
In this edition of her Secured Transactions column, Barbara M. Goodstein discusses '111 West 57th Inv. LLC v. 111 W57 Mezz Inv’r LLC', an Appellate Division ruling that is interesting for its interpretation as to the persons entitled to notice of and a right to object to a strict foreclosure under §§9-620 and 9-621.

06/02/21

Oregon reinstates moratorium on foreclosures through at least June 30 OregonLive

Oregon reinstates moratorium on foreclosures through at least June 30
Oregon homeowners who have fallen behind on their mortgages due to the coronavirus pandemic will be protected from facing foreclosure until at least the end of the month.

06/02/21

It's About to Get Easier for Over a Million Homeowners to Refinance Their Mortgages Money

It's About to Get Easier for Over a Million Homeowners to Refinance Their Mortgages
Two new mortgage refinance programs launching this summer should make it a little easier for lower-income borrowers to save on their home loan payments.

06/02/21

Call to Action: A Major New Project for Homeowners —Grass Roots Petition to Change Rules of Foreclosure Living Lies

Call to Action: A Major New Project for Homeowners —Grass Roots Petition to Change Rules of Foreclosure
Many of you are aware that I am involved with APON (American Property Owners Network) in Project Rule Change involving a Petition for changes in the rules, procedures, and preapproved forms currently utilized in foreclosure.

06/01/21

Here we go again with Jay Patterson Mandelman Matters

Here we go again with Jay Patterson
In this episode, Martin talks with Jay Patterson about the possible foreclosures looming in the near future after things start to return to normal after the pandemic and what will happen with forbearances.

06/01/21

Forbearance re-entries making life difficult for servicers Housing Wire

Forbearance re-entries making life difficult for servicers
Servicers’ forbearance portfolio volumes managed to drop one basis point last week to 4.18%, the 13th consecutive week of declines. However, some unfortunate trends are beginning to crystalize.

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