Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

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04/25/24

CFPB takes action to stop illegal junk fees in mortgage servicing
The Consumer Financial Protection Bureau (CFPB) is ramping up its efforts to combat junk fees charged by mortgage servicers, as well as other illegal practices. CFPB examinations have found servicers charging illegal junk fees. Examples include prohibited property inspection fees. It has evidence of mortgage providers sending deceptive notices to homeowners. There is also evidence of violation of loss mitigation rules that help struggling borrowers stay in their homes. In response to the CFPB's findings, financial institutions refunded junk fees to borrowers and stopped their illegal practices.

04/24/24

Supervisory Highlights, Issue 33 (Spring 2024)
This is the 33rd edition of Supervisory Highlights. The findings in this report cover select examinations regarding mortgage servicing, that were completed from April 1, 2023 through December 31, 2023. FULL REPORT Read the full report

04/24/24

CFPB Takes Action to Stop Illegal Junk Fees in Mortgage Servicing
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today published an edition of Supervisory Highlights describing the agency’s actions to combat junk fees charged by mortgage servicers, as well as other illegal practices. CFPB examinations found servicers charging illegal junk fees, such as prohibited property inspection fees; sending deceptive notices to homeowners; and violating loss mitigation rules that help struggling borrowers stay in their homes. In response to the CFPB’s findings, financial institutions refunded junk fees to borrowers and stopped their illegal practices.

04/24/24

CFPB shares update on combating mortgage servicer ‘junk fees’
A new report published by the Consumer Finance Protection Bureau (CFPB) shared some of the agency’s recent findings on the mortgage servicing market, including some revelations from its ongoing scrutiny of “junk fees” charged by banks and other lenders. Per its “Supervisory Highlights, Mortgage Servicing Edition” report, the CFPB noted that its examiners continue to find mortgage servicers assessing what it called “exploitative illegal fees,” including improper late fees and unnecessary property inspection fees.

04/19/24

Top 10 States with the Highest Number of Commercial Foreclosure in March 2024
According to ATTOM’s newly released U.S. Commercial Foreclosure Report, there is a persistent uptrend in commercial foreclosures over the years, starting from a minimum of 141 in May 2020 and reaching 625 in March 2024. This signifies a consistent rise over the entire period.

04/18/24

The Professor Who Wrote the Seminal Book on Wall Street Megabanks Calls Today’s Financial System “Dangerously Unstable”
George Washington University Law Professor, Arthur Wilmarth, has done it again. After authoring the seminal book on the insidious evolution and enormous dangers still posed by the Wall Street megabanks (Taming the Megabanks: Why We Need a New Glass-Steagall Act) Wilmarth is now out with a new, gripping paper. In the paper’s abstract, Wilmarth explains how the risks posed by the Wall Street megabanks in 2008 have become exponentially more dangerous today. He writes:

04/16/24

Fannie Mae’s New Mortgage-Scoring System Aims to Lift MBS Demand
Fannie Mae is selling agency mortgage backed securities designed to appeal to socially minded investors, as the mortgage giant looks to draw more buyers into the market to help fill a void left by the Federal Reserve stopping purchases.

04/14/24

Taking on the housing crisis in Massachusetts could include foreclosure prevention program
We need more affordable housing. This is something I hear over and over as state representative throughout my district of Somerville and Medford. When speaking with a group of high school students from my district recently, I asked about their top priority – it was housing. Is this a typical concern for teenagers? This is where we are today.
Families also need protections now. I am also working to include a policy I filed to create a Massachusetts foreclosure prevention program that would require lenders to engage in conferences with homeowners to review all available prevention options well before an impending foreclosure. Losing a home to foreclosure is devastating for a family, especially when alternatives might have been available but were not explored. This would provide protections for homeowners and go a long way to stopping unnecessary foreclosures.
A crisis of this magnitude requires a number of bold policy ideas. The housing crisis also requires us to work together as communities to support people in need of housing. I look forward to working with constituents to continue to take on the housing crisis in Somerville, Medford and throughout Massachusetts. Christine Barber is state representative for the 34th Middlesex District, which includes Somerville and Medford.

04/12/24

Foreclosures are rising, but it’s not yet alarming
The real estate market is experiencing a slight rise in foreclosure activity following an extended period of moratoria that paused any foreclosures during the pandemic. The uptick in foreclosures could signal homeowner distress due to recent difficult economic circumstances but also account for foreclosures that were in the pipeline prior to the pandemic.

04/12/24

‘Zombie second mortgages’ behind Connecticut’s spike in foreclosures in March, expert says
Connecticut saw the second-highest foreclosure rate in the country last month, according to an ATTOM report released this week. ATTOM — a California-based company that curates land, property, and real estate data — released a report showing that Connecticut trailed only Illinois in foreclosure rates. Sarah Porris, a West Hartford-based foreclosure defense attorney, opined that so-called "zombie second mortgages" are a main driver in the foreclosure spike.

04/11/24

VA to offer new loan assistance program for eligible veterans and families to avoid foreclosure
COLORADO, USA (KRDO) - Starting next month, the Department of Veterans Affairs (VA) will begin to offer its new Veteran's Affairs Servicing Purchase Program (VASP) to help tens of thousands of veterans avoid foreclosure on their homes. Starting May 31, the VA expects their VASP to be able to assist upwards of 40,000 eligible veterans, active-duty service members, as well as surviving spouses with VA-guaranteed home loans who may be experiencing drastic financial hardship.

04/11/24

The Black Swan Rears Its Head: The Fed Has Negative Capital Using GAAP Accounting
The Fed’s unprecedented experiments with years of ZIRP (Zero Interest Rate Policy) and QE (Quantitative Easing), where it bought up trillions of dollars of low-yielding U.S. Treasuries and agency Mortgage-Backed Securities (MBS) and quietly parked them on its balance sheet, are now posing a threat to the Fed’s flexibility in conducting monetary policy. (Since 2008, the Fed’s concept of conducting monetary policy has come to enshrine serial Wall Street mega bank bailouts as a regular part of its monetary policy. Large and growing cash losses at the Fed may seriously crimp such future bailouts.)

04/10/24

U.S. Foreclosure Activity Increases Quarterly in Q1 2024
IRVINE, Calif. — April 11, 2024 — ATTOM, a leading curator of land, property, and real estate data, today released its Q1 2024 U.S. Foreclosure Market Report, which shows a total of 95,349 U.S. properties with a foreclosure filing during the first quarter of 2024, up 3 percent from the previous quarter but down less than 1 percent from a year ago.
The report also shows a total of 32,878 U.S. properties with foreclosure filings in March 2024, down less than 1 percent from the previous month and down 10 percent from a year ago.
“Q1 2024’s foreclosure data reveals a market in transition, with slight increases in filings and starts, alongside a notable decrease in REO properties,” explains Rob Barber, CEO at ATTOM. “While foreclosures remain relatively stable, we’re closely monitoring these trends. Homeowners continue to hold significant equity, contributing to a persistently hot housing market.”
Foreclosure starts increase nationwide A total of 67,657 U.S. properties started the foreclosure process in Q1 2024, up 2 percent from the previous quarter and up 4 percent from a year ago.
States that had 100 or more foreclosures starts in Q1 2024 and saw the greatest quarterly increase included, New Hampshire (up 43 percent); Illinois (up 26 percent); Florida (up 22 percent); Rhode Island (up 21 percent); and Nevada (up 16 percent).

04/05/24

Housing Market 2024: 5 States With the Highest Foreclosure Rates
Foreclosure rates are on the rise. As of February, there were nearly 33,000 properties in foreclosure, an 8% increase from the year prior, according to a new report from ATTOM.

04/01/24

Jamie Dimon Huddles in Private with Biden Bigwigs as His Bank Faces More Crime Charges
Remember that time in 2016 when Attorney General Loretta Lynch decided she would take a private meeting with Bill Clinton on her plane as it was parked on the tarmac in Phoenix – while his wife, Hillary Clinton, was under federal investigation for using an unsafe private email server at her New York home to receive classified government emails when she was Secretary of State?
What President Biden’s Vice President, Kamala Harris, and his Chief of Staff, Jeff Zients, did in mid-March was equally scandalous. Harris had a “one-on-one lunch at the White House” with Jamie Dimon, the Chairman and CEO of the most crime-riddled bank in the United States, JPMorgan Chase. Zients also separately met with Dimon. That reporting comes courtesy of reporters Joshua Franklin and James Politi of the Financial Times (paywall). It has not been disputed by the Biden administration. Dimon’s private meetings in Was

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