Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

 Date

Article

Articles are added weekly 

Source

  Comment

03/27/24

Billionaire Larry Fink of BlackRock, Which Grabbed Fed Bailouts in 2020-2021, Lectures Struggling Seniors on Making More Sacrifices
Yesterday, billionaire Larry Fink, Chairman and CEO of the giant investment manager BlackRock, released his annual letter to shareholders. In it, Fink revives the same ole trope that billionaires Kenneth Langone and Stanley Druckenmiller were taking on a road show in 2013. Back then the billionaire propaganda was called: “Generational Theft: How Entitlement Spending is Stealing Opportunity from America’s Youth.”
Every time there is talk of raising taxes on the super-rich, some of whom pay less in taxes than plumbers and teachers through a tricked-up tax dodge known as “carried interest,” the billionaires launch a concerted effort to scapegoat struggling seniors living on an average monthly Social Security retirement benefit of $1772.51.
The inability of younger Americans to save enough for retirement couldn’t possibly have anything to do with Wall Street gobbling up two-thirds of lifetime retirement savings in fees, as Frontline documented back in 2013. The late John Bogle explained in the program that if a person works for 50 years and receives the typical long-term return of 7 percent on their 401(k) plan and Wall Street’s fees are 2 percent, almost two-thirds of their retirement account will go to Wall Street. Wall Street On Parade checked the math and documented it for our readers.

03/23/24

or How My Blood Pressure Went Through The Roof
What I do can in no way compare to the stress that an emergency room doctor experiences, however, that does not lessen the fact that I deal with a very different kind of stress on a daily basis.
Part of the reason for this is that I take each foreclosure case that I defend PERSONALLY, that is as if it were my own residence.
Many law firms sought to take on these cases back circa 2008-2016, and did little more than shuffle the chairs around on the deck of the titanic, with the ship ultimately sinking to the bottom of the ocean.
Indeed, it is true, that the odds of successfully defending these cases is not very high, but this also depends upon the specific objective of the client, and/or their individual definition of the term “success” under their specific circumstances and objectives.

03/26/24

FHFA assisted nearly 44,000 troubled homeowners in Q4 2023
Fannie Mae and Freddie Mac completed 43,903 foreclosure prevention actions in the fourth quarter of 2023, according to a new report published by the Federal Housing Finance Agency (FHFA).

03/26/24

Foreclosure Prevention and Finance Report
Foreclosure Prevention and Finance Report Fourth Quarter 2023

03/22/24

ICE: Mortgage Delinquencies Fell in February as Loan Performance Remained Strong
The U.S. mortgage delinquency rate fell to 3.34% in February, a decrease of 1.29% compared with January and down 3.24% compared with February 2023, according to ICE Mortgage Technology’s First Look report. While the number of borrowers one payment behind rose modestly by 10,000, those 60 days late as well as those 90 or more days past due both fell to their lowest levels in three months. Overall, the report paints a picture of ongoing strong loan performance. About 1.782 million residential properties were delinquent (30 days or more past due but not in foreclosure) in February, a decrease of about 21,000 compared with the previous month and down about 29,000 compared with a year ago.

03/19/24

Alarming Increase In South Carolina Foreclosures
South Carolina had the highest foreclosure rate in America last month, according to ATTOM – one of the nation’s leading sources of land, property and real estate data. The Palmetto State also showed the highest annual increase in foreclosure rates – an alarming uptick of 51 percent which ran “counter to the national trend.” Of interest? Neighboring North Carolina and Georgia showed 52 percent and 34 percent reductions in their annual foreclosure rates last month, ranking No. 1 and No. 3 in the nation, respectively. Things were already looking grim for the Palmetto State on this front. In 2023, South Carolina had the nation’s sixth-worst foreclosure rate – clocking in at 0.38 percent. Its capital city of Columbia also had the nation’s fourth-worst foreclosure rate among municipalities – registering at 0.55 percent. According to ATTOM’s data, there was one foreclosure for every 4,279 housing units nationwide last month. In South Carolina, however, that number climbed to one for every 2,248 housing units. In Columbia, there was one filing for every 1,478 housing units. South Carolina’s capital city had the worst foreclosure rate last month of any metropolitan statistical area in America, according to ATTOM. Spartanburg and Florence ranked third- and fifth-worst, respectively.

03/19/24

During Spring Bank Panic of 2023, Liquidity Advances from FHLBs Topped Those of Q4 2008, when Wall Street Was in Collapse
According to data from the Federal Deposit Insurance Corporation, and using a graph from the St. Louis Fed above, the liquidity crisis among banks in the spring of last year was far more dramatic than has been acknowledged by banking regulators.
According to the data, during the worst financial crisis since the Great Depression (at the end of the fourth quarter of 2008 when Wall Street was in a state of collapse), banks had borrowed a total of $790 billion in advances from Federal Home Loan Banks (FHLBs). But during the bank panic in the spring of last year, those FHLB advances topped the Q4 2008 number, registering $804 billion as of March 31, 2023.

03/13/24

Wall Street Mega Banks Have Drawn a Law-Free Zone Around Themselves – The Media Is Complicit
From revoking the American people’s right to a jury trial in matters involving Wall Street; to brazenly thumbing their nose at anti-trust law; to trading the stock of their own bank in the darkness of their own dark pools; to forming their own stock exchange; to committing serial felonies without being criminally prosecuted or having their bank charters revoked – Wall Street mega banks have drawn a law-free zone around themselves and are more dangerous today than they have ever been in U.S. history.

03/11/24

U.S. Foreclosure Activity Continues to See an Annual Increase
ATTOM, a leading curator of land, property, and real estate data, today released its February 2024 U.S. Foreclosure Market Report, which shows there were a total of 32,938 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions – down 1 percent from last month but up 8 percent from a year ago. “The annual uptick in U.S. foreclosure activity hints at shifting dynamics within the housing market,” said Rob Barber, CEO at ATTOM. “These trends could signify evolving financial landscapes for homeowners, prompting adjustments in market strategies and lending practices. We continue to closely monitor these trends to comprehend their complete effect on foreclosure activity.” Foreclosure completion numbers decrease annually in 28 states Lenders repossessed 3,397 U.S. properties through completed foreclosures (REOs) in February 2024, down 14 percent from last month and 11 percent from a year ago.

03/11/24

FDIC Data Contradicts Fed Chair Powell: Shows Real Estate Problems Have Skyrocketed at Largest U.S. Banks, Not the Smaller Regionals
On Sunday, February 4, the CBS program 60 Minutes aired a taped interview with Federal Reserve Chairman Jerome Powell. The actual interview had occurred three days earlier and was conducted by 60 Minutes interviewer Scott Pelley. Two noteworthy things happened in connection with that interview: First, CBS did not indicate above the transcript of the interview that Powell’s comments had been materially shortened in the program that aired on TV; secondly, Powell calls the real estate problem at the largest banks “manageable” while shifting the more serious real estate loan problem to “smaller and regional banks.”

03/11/24

Hello All
In the course of my occupation as a foreclosure defense attorney, I have truly become to understand the true meaning of being a “counselor” During the past decade and one-half, I have experienced some truly heartbreaking and tragic circumstances related to foreclosure.
Going back to the “Great Recession”. circa 2008 - 2018, I witnessed many unfortunate situations play out, which I know is but a microcosm of the entire universe of devastating events related to foreclosure that play out daily.
The casual observer is usually ready to quip that, “hey the deadbeat isn’t paying the mortgage, so what is the issue?”.
The “issue” is that the financial industry is making trillions off the backs of individuals that probably never should have been approved fopr a loan. The reason these folks were “approved” is due to the “wonderful” concept of “mortgage securitization”.
That is after the mortgage loan is “originated”, the original “lender” sells the right to the payment from the underlying mortgage note out to the “secondary mortgage market.

03/09/24

Another Challenging Week
However, probably the most excruciating part of the week was the case I argued before the United States District Court for The District of Massachusetts, before the Honorable Judge Young, William G. (“Judge Young”).
Judge Young is actually quite famous as the Judge that heard the infamous New Bedford Masachusetts “Big Dan’s” rape trial involving a horrific incident in 1983. This later became the subject of the 1988 movie “The Accused” starring Jodie Foster.
Those not familiar with the subject of foreclosure, or having only superficial exposure to mortgage foreclosure view the subject superficially as merely a loan that is not being paid, and therefore the “deabeat” must be “kicked to the curb”.
However, in the brave new world of “mortgage securitization”, most times the original lender that the borrower took the loan out from, very quickly (usually within 3 months) “sold” the “loan” into the secondary mortgage market.
A detailed description of the “securitization processs” would be well beyond the limited writing space available here. However, that said, the process involves myultiple transfers (sales) of “the right to payment” from the (Note [“loan”]).
The reason for this is the “securitization” is set up to be “bankruptcy remote”. That is the process wanted to insure the “institutional investors” [end user] purchasers that the stream of payments from the underlying notes would not be affected should one of the links in the chain go bankrupt.
However, the “geniuses” who set up the “securitization paradigm” failed to truly grasp the concept that there are mainly two different types of “mortgage theory” jurisdictions in the United States. These two types of jurisdictions are known as “Lien Theory”, and “Title Theory”. There is also an “Intermediary Theory”, in which 11 States use a “blending” of Lien and Title Theory, see the breakdown here.
A very brief explanation describing these theories is that in a “Title Theory” mortgage jurisdiction when you undertake a mortgage, you actually deed/convey the [defeasible fee] title to your property to the “lender” [to secure the Note], but retain the “right of redemption”, which is that if you pay off the Note, the title to the Property is then conveyed back to you. However, in a “Lien Theory State”, the borrower retains their title, and the lender possesses a lien that can be enforced upon default.

03/07/24

Steve Mnuchin, Trump’s Treasury Secretary/Foreclosure Kingpin, Joins with Hedge Fund Guys to Grab a Teetering, Federally-Insured Bank for $2 a Share
Former Trump Treasury Secretary, Steve Mnuchin, has teamed up with his pals from his days as a foreclosure kingpin at OneWest and assorted hedge funds/private equity guys, to pull a coup d’etat at the teetering New York Community Bancorp (NYCB), parent of Flagstar Bank.

03/07/24

Senator Elizabeth Warren Calls Fed Chair Powell “Weak-Kneed”; Says He Is “Driving Efforts Inside the Fed” to Gut Higher Capital Requirements
Engaged Americans are watching in real time a replay of how Wall Street mega banks in 2008 created the worst financial collapse since the Great Depression, then used their campaign money and lobbying clout to intimidate Congress and the Obama administration into passing the pathetically watered down financial “reform” legislation known as Dodd-Frank in 2010. The Fed has been bailing out the mega banks’ excesses and casino style of banking ever since. The same dynamic is playing out today with the proposal by three federal banking regulators (the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency and the Federal Reserve) to strengthen the capital requirements on the 37 largest banks in the U.S. – less than one percent of all banks in the U.S. For important background on the capital proposal, see our reports below:

03/06/24

Wall Street Mega Banks Have Created a Circular Firing Squad with Credit Derivatives and Capital Relief Trades – with the Fed’s Blessing
On June 11, 2015, the Office of Financial Research (OFR) released a sobering report on how banks were reducing their requirements to hold adequate capital against potential losses by engaging in non-transparent “capital relief trades” with potentially questionable counterparties. The OFR researchers summarized the problem as follows: “Capital relief transactions may have benefits to banks. But, even if real risk transfer is involved, these transactions can pose financial stability concerns by increasing interconnectedness, transforming credit risk into counterparty risk, and obscuring capital adequacy to investors and counterparties. And while bank supervisors have extensive data about banks, they may have less information about the nonbanks who are selling credit risk to those banks and ultimately bearing the risk of loss.”

03/02/24

What Is a Mortgage Servicer, and How Do You Avoid a Shady One?
Your mortgage lender can sell the servicing of your loan to a different company. You can’t stop that, but you can protect yourself.
Q: Here at Ask Real Estate, we recently received a reader’s question about poor treatment by mortgage servicers. Many first-time home buyers don’t realize that the lender that approves their mortgage could turn around and sell the servicing rights to a company they’ve never heard of. Now the homeowner might have to deal with a mortgage servicer that has bad customer service, charges late fees when it shouldn’t, or makes needless demands on borrowers. How can you protect yourself from having to do business with a bad mortgage servicer?
A: A mortgage lender is a company that loans you money, but it isn’t necessarily the one that manages your loan. That’s a mortgage servicer, and unfortunately, you cannot choose your servicer. They’re responsible for sending statements, accepting payments and managing escrow accounts. They also charges various fees, many of which they keep, and can initiate foreclosure. Loan servicing can always be sold.
“There is no incentive for good customer service,” said Sarah B. Mancini, co-director of advocacy at the National Consumer Law Center.

03/01/24

Mortgage Delinquencies Edged Up Slightly in December But Remain at Historical Lows
The national mortgage delinquency rate increased to 3.1% in December, an increase of 0.2 percentage points compared with November and an increase of 0.1 percentage points compared with December 2022, according to CoreLogic’s Loan Performance Insights Report. Seventeen states posted annual overall mortgage delinquency increases, led by Louisiana (up by 0.4 percentage points) and Hawaii (up by 0.3 percentage points). The U.S. foreclosure rate remained at 0.3% for the 22nd consecutive month.

copyright MSFraud.org