Daily News related to the Foreclosure Crisis

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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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03/29/20

DannLaw Update on Covid-19 CARES Act passed by Congress and signed by the President Dann Law

DannLaw Update on Covid-19 CARES Act passed by Congress and signed by the President
I’ve been involved in politics and government for over 40 years and I can say definitively that I have not seen legislation that offers as much direct and immediate relief to distressed consumers, borrowers, small business owners and tenants as the Covid-19 stimulus package, known as the CARES Act that Congress passed on Friday, March 27. You can read an analysis of the bill here. You can read the legislation in its entirety here. While I’m generally pleased with the CARES Act, I do have two concerns:

03/28/20

The Federal Reserve Now Owns 15 Percent of the U.S. Treasury Market; At Its Current Rate, It Could Own the Whole Market in Less than Two Years Wall Street On Parade

The Federal Reserve Now Owns 15 Percent of the U.S. Treasury Market; At Its Current Rate, It Could Own the Whole Market in Less than Two Years
According to the U.S. Treasury, as of February 29, 2020, there was $16.9 trillion in marketable U.S. Treasury securities outstanding. Of that amount, at the end of February, the Federal Reserve held $2.47 trillion or 14.6 percent – making it, by far, the largest single holder of U.S. Treasuries anywhere in the world.

03/27/20

The next financial crisis: A collapse of the mortgage system Politico

The next financial crisis: A collapse of the mortgage system
The mortgage finance system could collapse if the Fed doesn’t step in with emergency loans to offset a coming wave of missed payments from borrowers crippled by the coronavirus pandemic.

03/27/20

RULES OF COURT: Judges Are Not Overlooking Anything Living Lies

RULES OF COURT: Judges Are Not Overlooking Anything
Sure there are some judges that don’t care what evidence is before them and make decisions based upon their own political bias. But nearly all judges are NOT doing that when it relates to foreclosure. They are just following the rules.

03/26/20

What is Financial Injury or Economic Damage? Living Lies

What is Financial Injury or Economic Damage?
homeowners who win foreclosures are not getting a free house. they are settling for less than the amount due to them.

03/26/20

CFPB Provides Flexibility During COVID-19 Pandemic CFPB

CFPB Provides Flexibility During COVID-19 Pandemic
The Consumer Financial Protection Bureau (Bureau) today announced that it is providing needed flexibility to enable financial companies to work with customers in need as they respond to the COVID-19 pandemic.

03/26/20

Stimulus Bill Allows Federal Reserve to Conduct Meetings in Secret; Gives Fed $454 Billion Slush Fund for Wall Street Bailouts Wall Street On Parade

Stimulus Bill Allows Federal Reserve to Conduct Meetings in Secret; Gives Fed $454 Billion Slush Fund for Wall Street Bailouts
The U.S. Senate voted 96-0 late yesterday on a massive bailout of Wall Street banks versus a short-term survival plan for American workers thrown out of their jobs – and potentially their homes.

03/26/20

Stimulus Bill Allows Federal Reserve to Conduct Meetings in Secret; Gives Fed $454 Billion Slush Fund for Wall Street Bailouts Wall Street On Parade

Stimulus Bill Allows Federal Reserve to Conduct Meetings in Secret; Gives Fed $454 Billion Slush Fund for Wall Street Bailouts
The U.S. Senate voted 96-0 late yesterday on a massive bailout of Wall Street banks versus a short-term survival plan for American workers thrown out of their jobs – and potentially their homes.

03/25/20

White House, Senate Agree To $2 Trillion Coronavirus Rescue Package NPR

White House, Senate Agree To $2 Trillion Coronavirus Rescue Package
The Trump administration and Senate Majority Leader Mitch McConnell announced early Wednesday that the White House and Senate had reached a deal for an unprecedented $2 trillion spending package aimed at propping up individuals, businesses and the nation's health care system amid the onslaught of the coronavirus pandemic.

03/25/20

Fla 4th DCA Gets It Right on Article 3 UCC Living Lies

Fla 4th DCA Gets It Right on Article 3 UCC
Finally! A court takes its time and analyzes the chain and discovers what? Insufficient proof of standing and ERROR on the part of the trial judge in preventing even a third party purchaser from introducing evidence that the endorsement of the note was a legal nullity.

03/24/20

Repeating the Mistakes of the 2008 Bailout The American Prospect

Repeating the Mistakes of the 2008 Bailout
We needed to rescue the financial system in 2008, and we need to support sectors like airlines and aerospace now—but TARP is the wrong model.

03/24/20

The New Tidal Wave of Foreclosures Living Lies

The New Tidal Wave of Foreclosures
Foreclosures should happen because someone was financially injured by nonpayment — not because someone wants more profit.

03/23/20

For First Time in History, Fed to Make Billions in Loans to Big and Small Businesses Wall Street On Parade

For First Time in History, Fed to Make Billions in Loans to Big and Small Businesses
Without one vote by an elected official, the Federal Reserve just became a brand new national legislative body. It will, without any oversight in Congress, decide what corporations and businesses to save and which to let fail.

03/23/20

How to Avoid Foreclosure During the Coronavirus Pandemic Asbarez

How to Avoid Foreclosure During the Coronavirus Pandemic
Due to the global Novel Coronavirus (COVID-19) outbreak, homeowners are now faced with unforeseen difficulties due to the unexpected economic turndown. Many are at risk of defaulting on their mortgage payments, or worse, foreclosure. However, relief is on the way.

03/23/20

Bankers Pledge Mortgage Help, but Want Billions NY Times

Bankers Pledge Mortgage Help, but Want Billions
Millions of borrowers may be unable to make payments on home loans next week. The mortgage industry says it’s willing to help, but needs the government to back it up.

03/23/20

The Fed Goes All In With Unlimited Bond-Buying Plan NY Times

The Fed Goes All In With Unlimited Bond-Buying Plan
The Federal Reserve will buy bonds as needed to calm markets, and will buy corporate debt in a series of emergency lending programs.

03/23/20

Potential wave of mortgage delinquencies could bankrupt the payment system CNBC

Potential wave of mortgage delinquencies could bankrupt the payment system
Last week the regulator for mortgage giants Fannie Mae and Freddie Mac announced a forbearance program for borrowers unable to pay their loans because of the effects of the coronavirus.

03/23/20

The Reason Why the PSA Becomes Part of the Loan Contract and Therefore the Borrower Has Standing to at Least Make Inquiries About the PSA Terms, Exhibits and Actual Workings of the Parties to It Living Lies

The Reason Why the PSA Becomes Part of the Loan Contract and Therefore the Borrower Has Standing to at Least Make Inquiries About the PSA Terms, Exhibits and Actual Workings of the Parties to It
The bottom line is that every decision regarding payoff, collection, forbearance and foreclosure must satisfy the conditions of the alleged REMIC securitization.

03/22/20

Banks Should Defer Household Debt to Protect the Economy Politico

Banks Should Defer Household Debt to Protect the Economy
Direct cash payments to American households will be a significant portion of the U.S. government’s response to the coronavirus crisis. The logic is clear:

03/20/20

COVID-19 Update, March 20, 2020 Dann Law

COVID-19 Update, March 20, 2020
Information regarding Foreclosure Stays or Prohibitions What is True: Today the Federal Government announced that no foreclosures will proceed in the next 60 days on loans that are insured by the Federal Housing Administration (FHA) or that are owned by Freddie Mac or Fannie Mae. While that covers a lot of loans most people don’t know the name of the owner or insurer of their loan, they only know the name of the company that collects the payments or servicer of their loan.

03/20/20

Federal Reserve to lend additional $1 trillion a day to large banks PBS

Federal Reserve to lend additional $1 trillion a day to large banks
WASHINGTON (AP) — The Federal Reserve moved with unprecedented force and speed Friday to pump huge amounts of cash into the financial system to ease disruptions that have escalated since the viral outbreak.

03/20/20

Actual Fiction and Legal Fiction: Why the Big Settlements Are Not Reducing Borrower Debt Living Lies

Actual Fiction and Legal Fiction: Why the Big Settlements Are Not Reducing Borrower Debt
It’s complicated. Giving the investors money was a pay down of the obligation owed by the investment Banks, not the Borrowers. It didn’t change anything in the trust. But that begs the real question. The trust never owned anything to begin with. The trust does not exist as a legal person under any law of any jurisdiction simply because there is absolutely nothing in it.

03/19/20

U.S. Orders Up To A Yearlong Break On Mortgage Payments NPR

U.S. Orders Up To A Yearlong Break On Mortgage Payments
Homeowners who have lost income or their jobs because of the coronavirus outbreak are getting some relief. Depending on their situation, they should be eligible to have their mortgage payments reduced or suspended for up to 12 months.

03/19/20

What Aggressive Discovery Looks Like and What Eventually Happens to Stonewalling Servicers and Banks Living Lies

What Aggressive Discovery Looks Like and What Eventually Happens to Stonewalling Servicers and Banks
If you persist you will most likely get an order compelling answers to interrogatories, production of documents and an award for attorney fees.

03/18/20

Fed Announces Program for Wall Street Banks to Pledge Plunging Stocks to Get Trillions in Loans at ¼ Percent Interest Wall Street On Parade

Fed Announces Program for Wall Street Banks to Pledge Plunging Stocks to Get Trillions in Loans at ¼ Percent Interest
The Federal Reserve Board of Governors announced at 6 P.M. last evening that it is following the direction of Steve Mnuchin, the former foreclosure king who now serves as U.S. Treasury Secretary, and authorizing the reinstatement of a hideously operated, multi-trillion dollar bailout program for Wall Street’s

03/18/20

National Foreclosure and Eviction News: Updates from MAAPL MAAPL

National Foreclosure and Eviction News: Updates from MAAPL
Foreclosures and Evictions have NOT stopped nationally… but there’s good news for those with FHA mortgages! (and maybe Fannie Mae and Freddie Mac… )

03/18/20

Motion to Vacate Judgment: Jurisdiction Is About Authority — Not Whether the Judge Was Wrong or Biased Living Lies

Motion to Vacate Judgment: Jurisdiction Is About Authority — Not Whether the Judge Was Wrong or Biased
Judges are required to consider anything in front of them, decide on its admissibility, and then give it the weight that the judge thinks it deserves. Pro se litigants have no way of knowing much about arguments concerning jurisdiction.

03/17/20

Virtual Depositions in Post Corona World Living Lies

Virtual Depositions in Post Corona World
Just a friendly reminder that it is now easier than ever to conduct virtual depositions from the comfort of your home work-space.

03/17/20

Who Can Foreclose? Living Lies

Who Can Foreclose?
The plain truth of SAP — Securitization in Practice — is that nobody who paid value received ownership of the debt and nobody who received an instrument of ownership of the mortgage paid value.

03/16/20

Fed Sets Off Panic with Plan to Eliminate Reserves at Wall Street’s Mega Banks Wall Street On Parade

Fed Sets Off Panic with Plan to Eliminate Reserves at Wall Street’s Mega Banks
Last evening, it became painfully clear that the Board of Governors at the Federal Reserve do not understand the inner workings of Wall Street. After prattling on

03/15/20

Federal Reserve cuts rates to zero and launches massive $700 billion quantitative easing program CNBC

Federal Reserve cuts rates to zero and launches massive $700 billion quantitative easing program
The Federal Reserve, saying “the coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States,” cut interest rates to essentially zero on Sunday and launched a massive

03/14/20

The Fed Has Pumped $9 Trillion into Wall Street Over the Past Six Months, But Mnuchin Says “This Isn’t Like the Financial Crisis” Wall Street On Parade

The Fed Has Pumped $9 Trillion into Wall Street Over the Past Six Months, But Mnuchin Says “This Isn’t Like the Financial Crisis”
On February 12, 2020, the Dow Jones Industrial Average closed at 29,551.42. Yesterday, March 13, the Dow closed at 23,185.62 -– a loss of 6,365.80 points in one month’s time, or 21.54 percent. In 2008,

03/13/20

The Fed Has 233 Secret Documents about JPMorgan’s Potential Role in the Repo Loan Crisis Wall Street On Parade

The Fed Has 233 Secret Documents about JPMorgan’s Potential Role in the Repo Loan Crisis
The Federal Reserve Board of Governors has acknowledged to Wall Street On Parade that it has 233 documents that might shed some light on why JPMorgan Chase was allowed by the Fed to draw down $158 billion of the reserves it held at the Fed last year,

03/12/20

Attachment Issues: Staple the Allonge to the Note or Else! JDSupra

Attachment Issues: Staple the Allonge to the Note or Else!
In attempting to fend off lenders’ mortgage foreclosure actions, borrowers will often assert defenses challenging the lenders’ right to foreclose. Two recent Connecticut Superior Court decisions provide cautionary tales on the basic tasks that must be performed when loans are assigned to ensure that the assignee will be able to foreclose. In these cases, the foreclosing plaintiffs were tripped up by something as simple as a staple attaching the allonge to the underlying note.

03/12/20

Another Court Refuses Lost Note Status to a Successor Lender JDSupra

Another Court Refuses Lost Note Status to a Successor Lender
Last year, we reported on a Massachusetts Land Court decision, which interpreted Uniform Commercial Code section 3-309 to conclude that a mortgagee cannot foreclose in reliance upon a lost note affidavit, because the 1990 version of UCC 3-309 requires the party seeking to enforce the note demonstrate possession prior to its loss. 32 states remain under the 1990 version,

03/12/20

Fed to pump in more than $1 trillion in dramatic ramping up of market intervention amid coronavirus meltdown CNBC

Fed to pump in more than $1 trillion in dramatic ramping up of market intervention amid coronavirus meltdown
The Federal Reserve stepped into financial markets Thursday for the second day in a row and the third time this week, this time dramatically ramping up asset purchases amid the turmoil created by the coronavirus.

03/12/20

Statement Regarding Treasury Reserve Management Purchases and Repurchase Operations New York Fed

Statement Regarding Treasury Reserve Management Purchases and Repurchase Operations
The Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York has released a new monthly schedule of Treasury securities operations and has updated the current monthly schedule of repurchase agreement (repo) operations.

03/12/20

How to Enforce Discovery Living Lies

How to Enforce Discovery
In a recent case decided in the State of Washington, the Judge correctly stated the elements of good discovery requests, the reasons for overruling objections to discovery and the reasons for sustaining objections to discovery:

03/11/20

There is no bank Living Lies

There is no bank
Foreclosures are based on illusion. If the debt is subject to claims of securitization there is no bank — by definition. That’s not an opinion. It is a fact. As soon as you allow use of that word “Bank” you are adding to the illusion that you owe money to a bank. You don’t. Refer instead to “the claimant” or, if you must, to “the trust”.

03/10/20

Banking on Bullshit The Nation

Banking on Bullshit
Anastasia Nesvetailova and Ronen Palan’s recent book argues that the financial system is built on a system that incentivizes sabotage and cheating.

03/10/20

You signed the contract, didn’t you? Living Lies

You signed the contract, didn’t you?
Shame and ignorance prevents a homeowner and frequently their lawyer from responding intelligently to that question often posed by the Judge in foreclosure cases. The judge’s question is perfectly reasonable. If you are saying you didn’t sign anything then the entire case is different than the usual case. He or she wants to know.

03/10/20

Deutsche Bank National Trust Company Legally Exists as a Company, But Not as Trustee for Borrower Loans Living Lies

Deutsche Bank National Trust Company Legally Exists as a Company, But Not as Trustee for Borrower Loans
Several readers have sent me information regarding DBNTC and pointed out that I had misstated the status of DBNTC in past articles. I think they were at least partially right. Thanks to all the readers who sent in comments and information.

03/09/20

TILA Rescission Is Law of the Land: It Might Also Be Dead Living Lies

TILA Rescission Is Law of the Land: It Might Also Be Dead
The recent denial of certiorari by SCOTUS of a clear case that was a virtual mirror of the case presented in 2015 in Countrywide v Jesinoski, shows that the courts are going to deny rescission rights under 15 USC §1635.

03/09/20

SIT — SAW — SAP: 2 Minute Primer on Securitization Living Lies

SIT — SAW — SAP: 2 Minute Primer on Securitization
Almost everyone thinks they have a basic understanding of the securitization of residential debt. They don’t. Here is a basic primer to organize your thinking on the subject. Remember this only applies to securitization of residential debt and not to other things like stock IPOs etc.

03/09/20

Fifth Third Bank Opened Fraudulent Accounts, Consumer Bureau Says NY Times

Fifth Third Bank Opened Fraudulent Accounts, Consumer Bureau Says
For more than eight years the bank ignored signs that employees were opening unauthorized accounts to meet aggressive sales goals, a federal regulator said in a lawsuit.

03/09/20

Foreclosure ruling for homeowner reversed after ‘near-blanket exclusion’ of evidence The Indiana Lawyer

Foreclosure ruling for homeowner reversed after ‘near-blanket exclusion’ of evidence
A Lake Superior judge who threw out a bank’s mortgage foreclosure lawsuit against a homeowner and entered judgment in her favor was reversed by the Indiana Court of Appeals, which found the court abused its discretion in ordering a “near-blanket exclusion” of the bank’s evidence.

03/06/20

Two Charts Explain Why Wall Street Banks Are Under So Much Selling Pressure Wall Street On Parade

Two Charts Explain Why Wall Street Banks Are Under So Much Selling Pressure
Yesterday, the Dow Jones Industrial Average of 30 large cap companies closed with a loss of 969.5 points or 3.58 percent. That was bad enough but the losses among the biggest Wall Street banks outpaced the Dow losses by a significant margin. Typically,

03/05/20

Our courts also have a big corruption problem Washington Post

Our courts also have a big corruption problem
When you bring up corruption in government, most people think of Congress and the executive branch — lobbyists getting favors from senators, agencies captured by the industries they regulate, that sort of thing. Almost no one thinks of judges.

03/05/20

New Foreclosure Defense in Massachusetts Nolo

New Foreclosure Defense in Massachusetts
In a recent case, a court declared a Massachusetts foreclosure invalid because the lender sent a potentially deceptive breach letter.

03/05/20

With the CFPB’s future uncertain, New York and other states want to step in Marketplace

With the CFPB’s future uncertain, New York and other states want to step in
This week, the Supreme Court heard arguments in a case involving the Consumer Financial Protection Bureau. The case is about the president’s ability to fire the head of the bureau, with or without cause. Backers of the consumer protection agency fear the decision could virtually unwind the agency altogether.

03/05/20

Foreclosure Scams Work Both Ways Living Lies

Foreclosure Scams Work Both Ways
It’s true that most foreclosures are scams designed to obtain revenue instead of paying off a debt. But it is also true that there are many who pray upon the desperation of distressed homeowners who frankly are so emotionally overwrought that they are not thinking straight.

03/05/20

Read Paatalo’s Post If you Are Having Trouble Believing What I am Telling You Living Lies

Read Paatalo’s Post If you Are Having Trouble Believing What I am Telling You
Everyone has trouble believing what happened under the “securitization” scheme concocted on Wall Street. Bottom Line: It was “extralegal” which is why it is “counterintuitive.” It is not legally possible to own a debt without paying value for it.

03/05/20

Mortgage rates fall to an all-time low Housing Wire

Mortgage rates fall to an all-time low
The average U.S. rate for a 30-year fixed mortgage fell to 3.29% this week, the lowest ever recorded by Freddie Mac in a series that goes back to 1971.

03/04/20

Fed’s $100 Billion Repo Intervention Falls Short Of Bank Demand Wall Streeet Journal

Fed’s $100 Billion Repo Intervention Falls Short Of Bank Demand
Big banks’ demand for central bank cash remained very strong on Wednesday, leading the Federal Reserve Bank to add a fresh $100 billion to the financial system.

03/04/20

Grants aid NeighborImpact post-home purchase counseling, foreclosure prevention KTVZ

Grants aid NeighborImpact post-home purchase counseling, foreclosure prevention
BEND, Ore. (KTVZ) -- Nearly half of Central Oregonians are housing cost-burdened: they spend more than 30% of their income on housing expenses.

03/04/20

The Number of resales of the Same Residential Loan is Infinite: Will the Real Holder in Due Course Please Stand Up? Living Lies

The Number of resales of the Same Residential Loan is Infinite: Will the Real Holder in Due Course Please Stand Up?
Distressed mortgage securitizations are special purpose vehicles that issue securities primarily to institutional investors; invest the proceeds mainly in distressed mortgage loans; and apply the

03/04/20

Realtor In Santa Clarita Cautions Homeowners: ‘Don’t Believe Everything The Bank Tells You’ KHTS

Realtor In Santa Clarita Cautions Homeowners: ‘Don’t Believe Everything The Bank Tells You’
A realtor in Santa Clarita is cautioning homeowners who may be having trouble with their mortgage not to believe everything their bank tells them about what can be done to solve the issue.

03/04/20

A $60 Billion Housing Grab by Wall Street NY Times

A $60 Billion Housing Grab by Wall Street
Chad Ellingwood wasn’t really in the market for a home in the summer of 2006. But when his best friend came

03/03/20

Here's what the Consumer Financial Protection Bureau has done CNN

Here's what the Consumer Financial Protection Bureau has done
The future of the Consumer Financial Protection Bureau, perhaps best known for forcing big banks like Wells Fargo to return money to customers they cheated, will be tested Tuesday when the Supreme Court hears a case on the constitutionality of the agency's structure.

03/03/20

Federal Reserve makes emergency rate cut amid coronavirus fears Housing Wire

Federal Reserve makes emergency rate cut amid coronavirus fears
The Federal Reserve unexpectedly cut its benchmark rate by half a percentage point in an effort to bolster the economy and calm coronavirus fears.

03/03/20

Remember the Interlocutory Appeal Living Lies

Remember the Interlocutory Appeal
Interlocutory appeals are appeals during the litigation. They are successful if the points in dispute are clearly presented and the case is made that the ruling is likely to shorten the litigation time or prevent

02/27/20

What Questions Should I Be Asking? Living Lies

What Questions Should I Be Asking?
Why is everyone using your name in foreclosures? A client who is pursuing an action against Bank of New York Mellon is properly refusing to admit or acknowledge that a trust exists and even if it does whether the trust has ever owned the debt — because without the debt a conveyance of an interest in the mortgage or deed of trust is void ab initio.

02/26/20

Attack the presumption or rebut it. That is your choice. Living Lies

Attack the presumption or rebut it. That is your choice.
This is how you determine if anyone owns loans:

02/25/20

Foreclosures to Increase Despite no Recession Think Realty

Foreclosures to Increase Despite no Recession
Most default servicers expect foreclosures to increase in 2020 despite no economic recession, according to a recent Auction.com survey.

02/25/20

Mortgage Cancellation Secrets Reveals How To Stop A New York Foreclosure Sale Date Menafn

Mortgage Cancellation Secrets Reveals How To Stop A New York Foreclosure Sale Date
(MENAFN - Uply Media Inc ) (Brooklyn, NY) - What could you do to stop a foreclosure auction sale date in NYC? Mortgage Cancellation Secrets discusses tips to stop a New York foreclosure sale date,

02/25/20

CFPB Issues Winter 2020 Supervisory Highlights JD Supra

CFPB Issues Winter 2020 Supervisory Highlights
Mortgage Servicing and Loss Mitigation With a focus on compliance with the loss mitigation provisions of Regulation X, the CFPB’s first finding was that servicers failed to notify borrowers in writing of the servicer’s

02/25/20

The Massachusetts Supreme Judicial Court Considers the Effect of a State-Mandated Default Notice on the Validity of Non-Judicial Foreclosures JD Supra

The Massachusetts Supreme Judicial Court Considers the Effect of a State-Mandated Default Notice on the Validity of Non-Judicial Foreclosures
The Massachusetts Supreme Judicial Court (“SJC”) heard argument on February 13, 2020, on whether compliance with a state-mandated default notice could, nevertheless, void foreclosure sales in Massachusetts. Specifically, the SJC examined whether the provision of the state-mandated notice has the potential to deceive a borrower where it describes a period for reinstating a loan that varies (to the benefit of the borrower) from the period contained in the mortgage.

02/25/20

FHA seeks fast action on foreclosure-sale proposal National Mortgage News

FHA seeks fast action on foreclosure-sale proposal
The Department of Housing and Urban Development asked mortgage servicers and other stakeholders to respond quickly to a proposed set of foreclosure-sale policy improvements so it can finalize them soon.

02/25/20

Wall Street Banks, Insurers Sell Off — Dangerously Linked by Derivative Trades Wall Street On Parade

Paul Krugman Returns to Perpetuating the Big Lie for Wall Street
If the federal government wants to quarantine the most dangerous threat to the financial health of the United States, it will impose a lockdown and decontamination of the federally-insured banks that are holding tens of trillions of dollars in derivative trades. Yesterday, the stock market rout outed the worst of these actors.

02/25/20

Appeal Ruling On Motion to Lift BKR Stay Within 14 days Living Lies

Appeal Ruling On Motion to Lift BKR Stay Within 14 days
See U.S. Supreme Court ruling in Ritzen Group, Inc. v. Jackson Masonry, L.L.C., 2020 WL 201023 (U.S. Jan. 14, 2020) I think this latest ruling means that for homeowners who win that motion the foreclosure mill is stuck unless they successfully appeal within 14 days.

02/24/20

Court Reverses Foreclosure Case Dismissal on Note Enforcement DS News

Court Reverses Foreclosure Case Dismissal on Note Enforcement
Last month the Third DCA reversed the lower court’s dismissal of a foreclosure action filed by HSBC Bank USA, National Association (“HSBC” or “the Bank”) against the borrowers and a subsequent title holder, Florida Kalanit 770 LLC (“Florida Kalanit”). HSBC Bank v. HSBC Bank USA, Nat’l Ass’n v. Florida Kalanit.

02/24/20

Deutsche Memos Tell the Story Living Lies

Deutsche Memos Tell the Story
The obvious import of these memos is that Deutsche wants to be able to claim plausible deniability. But secondarily it places responsibility on servicers to have knowledge that

02/21/20

US government fines Wells Fargo $3 billion for its 'staggering' fake-accounts scandal CNN

US government fines Wells Fargo $3 billion for its 'staggering' fake-accounts scandal
Wells Fargo was hit with a $3 billion fine Friday by federal authorities outraged by the millions of fake accounts created at the troubled bank over many years.

02/21/20

How to Use Expert Witness Testimony in Foreclosure Defense Living Lies

How to Use Expert Witness Testimony in Foreclosure Defense
While exclusion of expert witness testimony is expressly considered a drastic step, the court is under virtually no constraints as to the weight it gives to such testimony.

02/20/20

Nonprofit Alliance of Consumer Advocates Helps Another Foreclosed Distraught Homeowner Get Their Home Back Thru a Trustee Sale Reversal From 3rd Party Highest Bidder Benzinga

Nonprofit Alliance of Consumer Advocates Helps Another Foreclosed Distraught Homeowner Get Their Home Back Thru a Trustee Sale Reversal From 3rd Party Highest Bidder
Mr Geoffrey & Kathleen Scheuerman of San Diego California were devastated when they learned their lender since 2006, foreclosed on them on 10/28/2019 at 10:30 a.m. on a loan that they only owed $466,065.00 on. Their home was valued at close to $800,000.00 but it was more than just the dollars and cents, it was their home of over 14 years.

02/20/20

The Myth About How Greedy Borrowers Caused the Financial Crisis and Should Pay By Losing Their Homes Living Lies

The Myth About How Greedy Borrowers Caused the Financial Crisis and Should Pay By Losing Their Homes
The law needs to be changed to permit securitization schemes to designate a specific receiver or player to act as the real party in interest — or

02/19/20

CFPB Identifies Mortgage Servicing Violations DS News

CFPB Identifies Mortgage Servicing Violations
The Consumer Financial Protection Bureau (CFPB) has released its Winter 2020 edition of its Supervisory Highlights. discussing the Bureau’s examinations findings in the areas of debt collection, mortgage servicing, payday lending, and student loan servicing that were completed between April 2019 and August 2019.

02/19/20

Paul Krugman Returns to Perpetuating the Big Lie for Wall Street Wall Street On Parade

Paul Krugman Returns to Perpetuating the Big Lie for Wall Street
Paul Krugman, the New York Times columnist who won the 2008 Nobel Memorial Prize in Economic Sciences, is back to pedaling his Big Lie that Wall Street banks were not responsible for the financial crash of 2008 or the ensuing housing crash.

02/18/20

Homeowners Join Class Action Lawsuit Against Roxbury Based BlueHub Capital Alleging Predatory Lending Practices WGBH

Homeowners Join Class Action Lawsuit Against Roxbury Based BlueHub Capital Alleging Predatory Lending Practices
A group of 14 homeowners filed a class-action suit in Massachusetts Superior Court Friday against a Roxbury based non-profit, alleging that they are the victims of predatory lending practices while facing foreclosure or financial hardship. The lawsuit, financed by the Neighborhood Assistance Corporation of America (NACA) was hand delivered to the offices of BlueHub Capital — formerly Boston Community Capital — and several of the homeowners allegedly victimized by its practices. Bruce Marks, NACA's founder and CEO, represents the homeowners who joined the lawsuit, and turned to BlueHub Capitol for assistance.

02/18/20

Fed Slashes 14-Day Repo Loans to $25 Billion; Will Cut Further in March Wall Street On Parade

Fed Slashes 14-Day Repo Loans to $25 Billion; Will Cut Further in March
Federal Reserve Chairman Jerome Powell sat through two days of grueling hearings before the House Financial Services Committee and Senate Banking Committee last week. At numerous times, the Fed and Powell were portrayed by Congressional members as sugar daddies for Wall Street while aloof to the financial suffering of the average American.

02/18/20

Strange Stuff on Wall Street: Big Job Cuts, Fed Bailout, Record Markets Wall Street On Parade

Strange Stuff on Wall Street: Big Job Cuts, Fed Bailout, Record Markets
HSBC has become the latest bank with a big Wall Street footprint to announce job cuts. After announcing that its 2019 profits fell by about a third, it said it would cut 35,000 jobs over the next three years.

02/18/20

Quiet Title — Not as Easy as It Sounds But It Could Lead to Successful Strategies and Tactics Living Lies

Quiet Title — Not as Easy as It Sounds But It Could Lead to Successful Strategies and Tactics
The failures to disclose material facts providing the real context of the “loans” deprived borrowers of choice between lenders and deprived them of the opportunity of bargaining for terms that were based upon the economic reality — that the main point of the loan origination was not the loan but rather the sale of unregistered securities.

02/17/20

Paatalo Scores Again: Where do those payments go? Living Lies

Paatalo Scores Again: Where do those payments go?
As I have repeatedly stated on these pages, commingling funds from investors with (a) other investors and (b) third parties is the root of the securitization scheme and the basis upon which the brokerage houses (investment banks) are able to convert your money to their money.

02/17/20

Will the Bubble Burst? Living Lies

Will the Bubble Burst?
We are now on the longest stock bubble in history – stocks are up way above the tech boom. GDP was 4% then and 2% now. The difference? The government is STILL printing money and dumping it on the financial institutions in the form of overnight repo lending money – almost all of which is going right back into the stock market thus extending this bubble artificially.

02/13/20

Bankruptcy courts punished Synergy Law again and again. Its customers kept losing their homes anyway. San Antonio Express-News

Bankruptcy courts punished Synergy Law again and again. Its customers kept losing their homes anyway.
Ron and Ann Jones were watching Fox News one night in early 2018 when they saw a commercial that made them sit up. A company called Synergy Law said it could help people modify their home loans.

02/13/20

Another Person Dies Fighting Fake Foreclosure by Wells Fargo Living Lies

Another Person Dies Fighting Fake Foreclosure by Wells Fargo
Larry Delassus, of Hermosa Beach, California, lost his house two years ago after the bank thought he was behind on his property taxes but it was actually his neighbor

02/13/20

Fed Chair Tells Congress There Is a 10-Year “Game Plan” to Deal with Financial Crisis But No Plan to Deal with Americans Left Devastated By It Wall Street On Parade

Fed Chair Tells Congress There Is a 10-Year “Game Plan” to Deal with Financial Crisis But No Plan to Deal with Americans Left Devastated By It
During his testimony to the Senate Banking Committee yesterday, Federal Reserve Chairman Jerome Powell let it slip out, for the first time, that the Federal Reserve has had a 10-year game plan to deal with the financial crisis.

02/12/20

First Steven Mnuchin came for your homes… Medium.com

First Steven Mnuchin came for your homes…
Now, as Secretary of the Treasury, he’s going after more: your social safety net; read, Medicaid/Medicare, the Children’s Health Insurance Program, food stamps, student debt-forgiveness and if you believe that Social Security is safe, well… I’ve got a deal on a bridge you just can’t pass by.

02/12/20

A Proactive Approach to Loss Mitigation DS News

A Proactive Approach to Loss Mitigation
During the 2010s, our industry saw foreclosures fall to record lows as the economy experienced a full decade without a recession. At the same time, however, residential properties were negatively impacted by a host of natural disasters with a scope and frequency not seen before. As we now transition

02/11/20

Former Chase Home Lending CEO Mike Weinbach moving to Wells Fargo Housing Wire

Former Chase Home Lending CEO Mike Weinbach moving to Wells Fargo
Weinbach will lead consumer lending, which includes mortgages

02/11/20

New Rules Making Life Easier for Banks Living Lies

New Rules Making Life Easier for Banks
The most basic problem is still not addressed. The Volcker rule attempted to make banks play by rules of common sense, to which the banks rely that life is more complicated than that.

02/11/20

Foreclosures in Boston down 60 percent, hit 17-year low, mayor says WCVB

Foreclosures in Boston down 60 percent, hit 17-year low, mayor says
BOSTON — Foreclosures in Boston have dropped 61 percent since 2018, reaching a 17-year low, Mayor Marty Walsh announced Tuesday. Citywide, foreclosure executions were reduced from

02/11/20

The Government Takes a Step Toward Releasing Fannie Mae and Freddie Mac The Motley Fool

The Government Takes a Step Toward Releasing Fannie Mae and Freddie Mac
If privatization happens, the stock sale for these government-owned entities could be four times the largest IPO ever.

02/10/20

The Golden Age Of White Collar Crime Huffpost

The Golden Age Of White Collar Crime
A Slow-Motion Looting OVER THE LAST TWO YEARS, nearly every institution of American life has taken on the unmistakable stench of moral rot. Corporate behemoths like Boeing and Wells Fargo have traded blue-chip credibility for white-collar callousness.

02/10/20

Fox in the Henhouse: Koch-Backed Opponent of Consumer Financial Protection Bureau Chairs Taskforce to Evaluate Its Regulations Exposed By CMD

Fox in the Henhouse: Koch-Backed Opponent of Consumer Financial Protection Bureau Chairs Taskforce to Evaluate Its Regulations
When the the Consumer Financial Protection Bureau (CFPB) announced on the membership of its “Taskforce on Federal Consumer Financial Law,” on January 9, critics called foul and charged the group with a pro-industry, anti-consumer bias.

02/10/20

Front-loading is the next big step for digital mortgages Housing Wire

Front-loading is the next big step for digital mortgages
The digital mortgage has come a long way over the past few years, but one expert says the next big step will be front-loading the origination and funding processes using predictive algorithms.

02/08/20

Law Review: No foreclosure while reviewing loan modification application Sierra Sun

Law Review: No foreclosure while reviewing loan modification application
As you may recall, after the 2008 market crash and recession I wrote a handful of Law Review columns strongly criticizing institutional lenders for dealing unfairly with their borrowers. I met with innocent homeowners, many who were talked into filing applications for loan modifications, only afterwards to be foreclosed on by the lender. Most lost their homes. The foreclosing lenders did just fine.

02/07/20

Wait! Somebody must have paid something right? Living Lies

Wait! Somebody must have paid something right?
How do you know what was paid by whom and when and what terms applied? The whole point here is that money was paid by investors who did not receive ownership to the debt, note or mortgage. Nor did they assign any equitable right to the debt, note or mortgage.

02/06/20

White paper lays the groundwork for public banks in the Northeast and Midwest Public Banking Institute

White paper lays the groundwork for public banks in the Northeast and Midwest
The Northeast-Midwest Institute, a Washington D.C.-based nonprofit nonpartisan public policy organization formed in 1976, published an instructive 100-page report in September 2019 that details how the 18 states of the Northeast and Midwest “should create, structure, and regulate a state bank to best achieve its goals and address the problems facing the state.” The paper describes the major models of public banking around the world and in the United States and explains how the issues faced by states in the region can be solved through the creation of a state bank.

02/06/20

CFPB Director Provides Update on Protection Practices DS News

CFPB Director Provides Update on Protection Practices
In the Consumer Financial Protection Bureau’s (CFPB) semiannual report to Congress, CFPB Director Kathleen Kranginger outlined the Bureau’s focus and advancements. According to Kraninger, she is focusing on two areas: “encouraging saving and unleashing innovation wherever appropriate and possible,” with the focus on giving power to consumers when choosing financial products.

02/06/20

First Circuit Bankruptcy Panel Affirms “Gavel Rule” as Determinative of When a Bankruptcy Debtor’s Right of Redemption Terminates JD Supra

First Circuit Bankruptcy Panel Affirms “Gavel Rule” as Determinative of When a Bankruptcy Debtor’s Right of Redemption Terminates
The Bankruptcy Appellate Panel for the First Circuit has affirmed an earlier decision that concluded a borrower’s right to redeem terminates when the gavel falls at a foreclosure auction, and not when a deed is recorded.

02/06/20

Pleading Civil Conspiracy and RICO Living Lies

Pleading Civil Conspiracy and RICO
I am currently working on multiple cases in which lawsuits for civil conspiracy and RICO will shortly be filed. I thought I would share with the public some of my observations and research.

02/05/20

How Can I find the Real Lender? Securitization in a Nutshell Living Lies

How Can I find the Real Lender? Securitization in a Nutshell
The point of securitization — as practiced by Wall Street is that there is no risk in lending to consumer borrowers. Under existing law that means there is no lender and there usually isn’t — except where a conventional loan get paid off in a securitization scheme.

02/04/20

Fraud Is Not What You Think It Is Living Lies

Fraud Is Not What You Think It Is
There are actually two different definitions of fraud. The lay definition is anything that is a lie. The legal definition goes much further than that and if you can’t satisfy the legal elements of fraud you won’t survive a motion to dismiss or motion to strike. It’s complicated like everything else.

02/03/20

Ex-OneWest Chief Surprises Wells Fargo With OCC Enforcement Living Lies

Ex-OneWest Chief Surprises Wells Fargo With OCC Enforcement
On Thursday, the OCC banned former Wells Fargo CEO John Stumpf from the banking industry and fined him $17.5 million (13 million pounds) to settle charges he failed to put a stop to sales misconduct

02/03/20

American Bar Assn. President Criticizes U.S. Legal System As Backward, Resistant to Change Forbes

American Bar Assn. President Criticizes U.S. Legal System As Backward, Resistant to Change
Judy Perry Martinez, president of the American Bar Association (ABA), has issued an unusually frank plea calling upon the legal profession to support reform of America’s backward legal system to better serve the public.“We need new ideas,” said Martinez. “We are one-fifth into the 21st century, yet we continue to rely on 20th-century processes, procedures and regulations. We need to retain 20th-century values but advance them using 21st-century approaches that can increase access to justice.”

02/03/20

Fed Chair Powell Has Gone Rogue on Repo Loans and the Volcker Rule Wall Street On Parade

Fed Chair Powell Has Gone Rogue on Repo Loans and the Volcker Rule
According to the data made available on the public website of the New York Fed, since September 17, 2019 it has funneled a cumulative total of $6.6 trillion to some of the 24 trading houses on Wall Street that are known as its “primary dealers.”

01/31/20

Lordy, there's a tape of Trump discussing VA loan legislation Housing Wire

Lordy, there's a tape of Trump discussing VA loan legislation
Bill Edwards, the former chairman of Mortgage Investors Corp., or MIC, the now-defunct lender that once was the largest originators of VA loans, complained to Trump on the video about new regulations aimed at preventing so-called loan churning.

01/30/20

The Fed Wants to Loosen Rules Around Big Banks and Venture Capital NY Times

The Fed Wants to Loosen Rules Around Big Banks and Venture Capital
Proposed tweaks to the Volcker Rule, which curbs bank risk-taking, would allow firms to invest heavily in funds backing start-ups.

01/30/20

Wells Fargo Borrowers Win Cert. In Foreclosure Suit Wells Fargo Borrowers Win Cert. In Foreclosure Suit Case Link Law360.com

Wells Fargo Borrowers Win Cert. In Foreclosure Suit
A California federal judge has certified a nationwide class of Wells Fargo mortgage borrowers who say the bank breached its contract by denying them home loan modifications, while excluding proposed subclasses of borrowers bringing consumer protection, wrongful foreclosure and emotional distress claims.

In partially granting the certification bid Wednesday, U.S. District Judge William Alsup approved a class definition that encompasses Wells Fargo mortgage borrowers who qualified for a home loan modification between 2010 and 2018 but were not offered it due to a software glitch and whose homes were later foreclosed upon

01/30/20

Miami Judge Survives Call for Recusal in Foreclosure Suit Marred by Forgery Claims Law.com

Miami Judge Survives Call for Recusal in Foreclosure Suit Marred by Forgery Claims
Judges are bound by a strict code of ethics that says even the appearance of impropriety warrants removal, but allegations in this case didn't pass the appellate panel's scrutiny.

01/30/20

Contrary of Mythical Bank PR, Foreclosure Crisis is Not Over Living Lies

Contrary of Mythical Bank PR, Foreclosure Crisis is Not Over
In an economy that is driven by consumer spending, the consumers are being left with nothing to spend except more debt. Investment banks continue to cloak illegal schemes to obtain revenue through illegally weaponizing the process of foreclosure. And contrary to the now popular belief propagated by the banks, the figures are staggering.

01/28/20

Fed Repos Have Plowed $6.6 Trillion to Wall Street in Four Months; That’s 34% of Its Feeding Tube During Epic Financial Crash Wall Street On Parade

Fed Repos Have Plowed $6.6 Trillion to Wall Street in Four Months; That’s 34% of Its Feeding Tube During Epic Financial Crash
According to the data made available on the public website of the New York Fed, since September 17, 2019 it has funneled a cumulative total of $6.6 trillion to some of the 24 trading houses on Wall Street that are known as its “primary dealers.”

01/28/20

Kelly Legal Group Offers Free Foreclosure Defense Consultations in February Kelley Legal Group

Kelly Legal Group Offers Free Foreclosure Defense Consultations in February
During these complimentary consultations, a KLG attorney will advise prospective clients of their options with regards to the foreclosure of their property; they can then choose whether they’d like to have KLG represent them in their foreclosure case or if they would prefer to take matters into their own hands, armed with new knowledge about their situation.

01/28/20

Norfolk County Register of Deeds promotes foreclosure assistance programs Wicked Local

Norfolk County Register of Deeds promotes foreclosure assistance programs
Norfolk County Register of Deeds William P. O’Donnell recently reminded homeowners who are struggling to pay their mortgage or facing foreclosure that there are consumer programs available to help them out.

01/28/20

Single Mom Loses Saugus Home In ‘Illegal’ Foreclosure, Realtor In Santa Clarita Fighting For Justice KHTS

Single Mom Loses Saugus Home In ‘Illegal’ Foreclosure, Realtor In Santa Clarita Fighting For Justice
After a single mom from Saugus lost her home in an allegedly illegal foreclosure, a realtor in Santa Clarita is teaming up with his wife, a real estate attorney, in a pro bono fight for justice.

01/28/20

Release | SPECIAL REPORT: Goldman Sachs’ Twenty-Year RAP Sheet of Repeated Illegal Conduct Better Markets

Release | SPECIAL REPORT: Goldman Sachs’ Twenty-Year RAP Sheet of Repeated Illegal Conduct
Washington, D.C. – On the eve of Goldman Sachs’ first investor day, Better Markets releases a RAP Sheet Report detailing two decades of illegal behavior by Goldman Sachs as reflected in major legal actions against the bank and tallying up the enormous bailouts the bank received in connection with the 2008 financial crash:

01/28/20

How Can I Stop a Foreclosure in Alabama? The Courier Journal

How Can I Stop a Foreclosure in Alabama?
Fortunately, according to data Attom Data Solutions, foreclosure activity for the U.S. as a whole through the first half of 2019 was down yet again. Most metropolitan areas analyzed have enjoyed steady declines since 2010 and are currently at below pre-recession foreclosure rates. Unfortunately, Alabama foreclosure rates do not follow the national trend

01/28/20

Exclusive report: The “financial motive” behind SCOTUS case aimed at killing consumer bureau Salon

Exclusive report: The “financial motive” behind SCOTUS case aimed at killing consumer bureau
Most amicus briefs urging Supreme Court to gut CFPB were driven by clear "financial motive," watchdog says

01/28/20

New rules are gutting consumer watchdog group from the inside, legal experts say CNBC

New rules are gutting consumer watchdog group from the inside, legal experts say
The agency created in the wake of the 2008 financial crisis to protect consumers from abuse is being gutted from the inside, according to some consumer advocates and legal experts.

01/28/20

Citibank, Which Foreclosed on Homes Under an Alias, Illegally Held Homes Off the Market for More than Five Years Says Regulator Wall Street On Parade

Citibank, Which Foreclosed on Homes Under an Alias, Illegally Held Homes Off the Market for More than Five Years Says Regulator
On October 11 of last year, in a bland press release that drew little mainstream media attention, the Federal regulator of national banks, the Office of the Comptroller of the Currency, announced that Citibank

01/28/20

If they are not a trustee, why do they say they are? Living Lies

If they are not a trustee, why do they say they are?
It is often true that BONY, Deutsche, or US Bank et al will refer to themselves as “trustee” in the context of a REMIC trust that actually may not exist. They are merely following the party line for which they are being paid.

01/27/20

Wells Fargo executives are getting the treatment Wall Street deserved after 2008 The Week

Wells Fargo executives are getting the treatment Wall Street deserved after 2008
After the 2008 financial crisis, American lawmakers set a terrible precedent. The big banks faced billions in fines, and new regulations were imposed on them.

01/27/20

CFPB defines 'abusiveness' but draws advocates' fire Banking Dive

CFPB defines 'abusiveness' but draws advocates' fire
The Consumer Financial Protection Bureau (CFPB) clarified the definition of an "abusive" act or practice as one in which "the harm to consumers outweighs the benefit," according to an agency statement Friday.

01/27/20

MegaBank Tax Scam Hits Europe With Startling Similarities to Securitization Living Lies

MegaBank Tax Scam Hits Europe With Startling Similarities to Securitization
organized white-collar crime of unimaginable magnitude.” “Suffice it to say, the goal was to fool the financial system so that two investors could claim refunds for dividend taxes that were paid just once.”

01/24/20

How Bernie Sanders’ Radical Plan to Fix Markets Could Save Capitalism Barrons

How Bernie Sanders’ Radical Plan to Fix Markets Could Save Capitalism
Can a socialist reform markets? The idea might sound like a contradiction. But anyone interested in the health of the American economy needs to take a hard look at the policies of the often-caricatured Sen. Bernard Sanders. His ideas force a reckoning with assumptions embedded in American politics about who gets to have power in the marketplace.

01/24/20

What Happened To All The Homes Lost During The Foreclosure Crisis? Texas Public Radio

What Happened To All The Homes Lost During The Foreclosure Crisis?
After the Great Recession, hundreds of thousands of families lost their homes — but those houses and apartments didn’t disappear into thin air. Journalist Aaron Glantz studied what happened after the crash for his book: "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."

01/24/20

The Law Offices of Patrick Binakis Provides New York Homeowners Foreclosure Pro Bono Assistance at Nassau County Bar Association Menafn

The Law Offices of Patrick Binakis Provides New York Homeowners Foreclosure Pro Bono Assistance at Nassau County Bar Association
MENAFN - Newswire) WOODSIDE, N.Y., January 24, 2020(Newswire.com) - President and founder of the Law Offices of Patrick Binakis, P.C., Patrick Binakis, Esq., recently volunteered at the "NCBA Pro Bono Open House," held at the Nassau County Bar Association in Mineola, NY, where he assisted distressed homeowners facing foreclosures .

01/23/20

New York introduces legislation to create an electronic public banking platform and state digital currency Public Banking Institute

New York introduces legislation to create an electronic public banking platform and state digital currency
In November, New York State Assemblymember Ron Kim, Senator Julia Salazar, and Cornell law professor Robert Hockett, a member of the Public Banking Institute Advisory Board, announced their Inclusive Value Ledger (IVL) proposal. Jordana Rosenfeld reports in Vice that the bills — Assembly Ordinance 8686, and Senate Ordinance 6792 — would create the country’s first publicly owned electronic banking platform, as well as a digital currency that can be exchanged for goods and services within the state.

01/23/20

Goldman Sachs: The Vampire Squid’s Alum Control Two Fed Banks, the U.S. Treasury, the European Central Bank and the Bank of England Wall Street On Parade

Goldman Sachs: The Vampire Squid’s Alum Control Two Fed Banks, the U.S. Treasury, the European Central Bank and the Bank of England
The head of the Federal Reserve Bank of Dallas (Robert S. Kaplan), the head of the Federal Reserve Bank of Minneapolis (Neel Kashkari), the Secretary of the U.S. Treasury (Steve Mnuchin), the President of the European Central Bank (Mario Draghi) and the head of the Bank of England (Mark Carney) all have two things in common: they sit atop vast amounts of money and they are all alums of Goldman Sachs.

01/22/20

Nearly a Decade Ago, This Oakland Mom Protested and Won Her House Back KQED

Nearly a Decade Ago, This Oakland Mom Protested and Won Her House Back
Less than a mile from a West Oakland house that a group of mothers, widely known as Moms 4 Housing, occupied in protest against real estate speculation sits another house, another mom with a similar story.

01/22/20

The Man Who Advises the New York Fed Says It and Other Central Banks Are “Fueling a Ponzi Market” Wall Street On Parade

The Man Who Advises the New York Fed Says It and Other Central Banks Are “Fueling a Ponzi Market”
On Monday, a member of the New York Fed’s own Investor Advisory Committee on Financial Markets, Scott Minerd, published a critique which he headlined as follows: “Global Central Banks Fueling a Ponzi Market,” with this scary subhead: “Ultimately, investors will awaken to the rising tide of defaults and downgrades.”

01/21/20

Bernie Sanders Hasn’t Quite Captured What Wall Street Does: It’s Actually a Fraud-Monetization System with a Money-Printing Unit Called the New York Fed Wall Street On Parade

Bernie Sanders Hasn’t Quite Captured What Wall Street Does: It’s Actually a Fraud-Monetization System with a Money-Printing Unit Called the New York Fed
Senator Bernie Sanders has come closer than anyone on the Presidential campaign trail in defining what Wall Street actually does. Sanders has repeatedly stated at his rallies that “the business model of Wall Street is fraud.”

01/22/20

Did you get the loan? Did you Pay? Circular reasoning produces circular responses. Living Lies

Did you get the loan? Did you Pay? Circular reasoning produces circular responses.
It’s not like anyone can make any claim. To get in court you must own the claim and the claim must be real. If there is a hole in a parking lot that the supermarket should have fixed, that doesn’t mean YOU fell in it and got hurt. Maybe someone else did and they have a potential claim that they have not filed. Or maybe nobody got hurt and there is no claim.

01/21/20

CFPB planning to eliminate DTI requirement from QM lending rules Housing Wire

CFPB planning to eliminate DTI requirement from QM lending rules
Over the last several months, a number of the nation’s largest lenders and housing trade groups have called on the Consumer Financial Protection Bureau to make changes to the Ability to Repay/Qualified Mortgage rule.

01/19/20

$Billions$ in Welfare Go to Mega Banks Who Caused Financial Crisis Living Lies

$Billions$ in Welfare Go to Mega Banks Who Caused Financial Crisis
JPMorgan Chase, the largest bank in the world, made $36.4 billion in 2019. That was the highest profit of any bank in world history. The news, reported Tuesday, sent the company’s stock up by 2 percent. In the fourth quarter of 2019, the company took in $8.5 billion, also a record, making it the tenth largest publicly traded company in the world, with a market cap of $437 billion.

01/17/20

Interesting NY Ruling Creates Some Unusual Questions About Bank of America and Countrywide. Living Lies

Interesting NY Ruling Creates Some Unusual Questions About Bank of America and Countrywide.
As I have previously stated the alleged merger of Bank of America with Countrywide is by no means a foregone conclusion, although lawyers invoke the merger as the basis for ownership and authority over loans.

01/17/20

Here’s How the Fake Unemployment Number Was Created to Subdue Anger Against Wall Street Wall Street On Parade

Here’s How the Fake Unemployment Number Was Created to Subdue Anger Against Wall Street
On February 3, 2015, Jim Clifton, the Chairman and CEO of the iconic 85-year old polling company, Gallup, penned an article for his company in which he called the reported unemployment number issued by the U.S. Government “The Big Lie.”

01/16/20

BNY Mellon faces suit over foreclosures from the housing crash The Real Deal

BNY Mellon faces suit over foreclosures from the housing crash
Bank of New York Mellon faces a reckoning from residential foreclosure cases in New York that date back to the subprime mortgage crisis. The bank — along with its debt-collector partners Shellpoint Mortgage Servicing and law firm McCabe, Weisberg & Conway — are accused by a class-action lawsuit of systematically trying to foreclose on mortgages after the state’s six-year statute of limitations had passed.

01/15/20

Former Fannie Mae employee gets 6 years in prison for making $1 million on shady foreclosure sales Housing Wire

Former Fannie Mae employee gets 6 years in prison for making $1 million on shady foreclosure sales
A former Fannie Mae employee will spend more than the next six years in prison after being found guilty of accepting more than a million dollars in bribes and kickbacks in exchange for selling Fannie Mae-owned foreclosures for less than market value.

01/15/20

JPMorgan’s Historic Earnings Confirm that Fed Loans Are Subsidizing Profits on Wall Street Wall Street On Parade

JPMorgan’s Historic Earnings Confirm that Fed Loans Are Subsidizing Profits on Wall Street
The New York Fed is back to subsidizing billions of dollars in profits at Wall Street’s trading houses, just as it did during the financial crisis.

01/14/20

Notarize makes notarization platform available to all financial institutions MPA Mag

Notarize makes notarization platform available to all financial institutions
Notarize has made its online notarization platform available to all financial institutions. Through the platform, members of credit unions and banks can now use their mobile devices and computers to sign and notarize documents in minutes.

01/14/20

Oregon Requires Certain Documents Related to Termination of Tenancy, Forcible Entry or Detainer, and Foreclosure to Include Information Regarding Assistance Available for Veterans JDSUPRA

Oregon Requires Certain Documents Related to Termination of Tenancy, Forcible Entry or Detainer, and Foreclosure to Include Information Regarding Assistance Available for Veterans
Oregon recently passed a bill, House Bill 2530 (HB 2530), which requires certain information regarding assistance that may be available to veterans be provided when a person sends or serves the following documents to a veteran: (i) a notice of termination of tenancy; (ii) a summons in an action for forcible entry or detainer; (iii) a summons in an action to foreclose a lien upon residential real property; and (iv) a notice of foreclosure of a residential trust deed. Specifically, these documents must include the following information:

01/14/20

‘Lost’ mortgage payment leads to foreclosure threats for Pasco woman WFLA

‘Lost’ mortgage payment leads to foreclosure threats for Pasco woman
AIRIPEKA, Fla. (WFLA) – First-time homebuyer Cortnie Norfleet tried to get ahead on her mortgage – and ended up threatened with foreclosure. Norfleet paid her first mortgage payment to Parkside Lending and then was notified the next day that her mortgage had been sold to the mortgage company Mr. Cooper.

01/14/20

Repo Securities: Where is the value paid for the debt? Living Lies

Repo Securities: Where is the value paid for the debt?
Hidden far away from public view and mainstream media is an enormous fight over who should suffer what loss over the labyrinth of defaults in the “mortgage bonds” also known as “mortgage backed certificates.” Within this fight it is clear that current law is simply nonexistent and ineffectual in achieving a legal or just result. It is the investors and borrowers who are consistently left out in the cold.

01/13/20

United States: United States Supreme Court Clarifies When The Statute Of Limitations For FDCPA Claims Begins To Run Mondaq

United States: United States Supreme Court Clarifies When The Statute Of Limitations For FDCPA Claims Begins To Run
In May 2018, we wrote about an interesting Fair Debt Collections Practices Act ("FDCPA") case in the Third Circuit. In that case, the en banc Third Circuit unanimously held that the FDCPA's one-year statute of limitations begins to run on the date that the violation occurs, not on the date that the plaintiff discovers the violation.

01/13/20

Are the Fed’s Repo Loans Being Repaid by Wall Street’s Trading Houses or Just Rolled Over and Over? Wall Street On Parade

Are the Fed’s Repo Loans Being Repaid by Wall Street’s Trading Houses or Just Rolled Over and Over?
Last Friday, the usually reliable and fact-intensive financial website, Wolf Street, threw a hissy fit over how the Wall Street Journal (and by extension, Wall Street On Parade) is reporting the tallies for the repo loans that the New York Fed has been pumping out every business day since September 17, 2019 to the trading houses on Wall Street.

01/13/20

We are accepting applications for our Advisory Committees CFPB

We are accepting applications for our Advisory Committees
To ensure that the CFPB hears from a variety of external experts with diverse viewpoints, we established the Consumer Advisory Board, the Community Bank Advisory Council, the Credit Union Advisory Council, and the Academic Research Council.

01/13/20

2020 ROUNDUP: HOW TO WIN AND HOW TO LOSE FORECLOSURES Living Lies

2020 ROUNDUP: HOW TO WIN AND HOW TO LOSE FORECLOSURES
Let me first stop you from referring to your nonpayment as a default. It is not a default if you stopped making payments to someone who lacked any authority to collect them.

01/10/20

California governor to create state's own version of CFPB Banking Dive

California governor to create state's own version of CFPB
California Democratic Gov. Gavin Newsom is expected to unveil plans for the state to create its own version of the Consumer Financial Protection Bureau (CFPB), the Los Angeles Times reported Thursday.

01/10/20

Loans Claimed to be Owned by Fannie Mae Have Probably Been Sold to Private Investors Living Lies

Loans Claimed to be Owned by Fannie Mae Have Probably Been Sold to Private Investors
There is a shroud of mystery around the entire role of the FHA. Its purpose is to guarantee loans, which was expanded to buy loans. It was never a lender. But the process of buying loans was just as complicated as everything else where securitization of debt is claimed. In most cases it “bought” loans from parties who never owned the debt and therefore had nothing to sell.

01/09/20

FINANCIAL SERVICES SUPERINTENDENT LINDA A. LACEWELL ANNOUNCES CREATION OF CONSUMER PROTECTION TASK FORCE, REINFORCING DEPARTMENT’S COMMITMENT TO PROTECT NEW YORKERS DFS New York

FINANCIAL SERVICES SUPERINTENDENT LINDA A. LACEWELL ANNOUNCES CREATION OF CONSUMER PROTECTION TASK FORCE, REINFORCING DEPARTMENT’S COMMITMENT TO PROTECT NEW YORKERS
Task Force Will Help Implement Extensive Consumer Protection Proposals Included in Governor Cuomo’s 2020 State of the State Agenda

01/08/20

Consumer Law Changes Taking Effect In 2020 NCLC

Consumer Law Changes Taking Effect In 2020
This article lists federal and state consumer law changes that already are scheduled to go into effect in 2020. The article also lists several changes that were effective in December of 2019.

01/08/20

Corridor Agreement” Opens More Questions on Role of BONY Mellon Living Lies

Corridor Agreement” Opens More Questions on Role of BONY Mellon
SO BONY mellon is known to be named as “trustee” over what is probably a nonexistent trust with nonexistent beneficiaries since investors do not qualify as beneficiaries of any trust.

01/07/20

Labels Lie: Everything They Say is a Lie Living Lies

Labels Lie: Everything They Say is a Lie
The moral of the story is don’t admit anything, not even the default. There is no default if the party demanding payment has no right to do so.

01/03/20


Cuomo Signs Bill Strengthening Court Protections For People Facing Foreclosures
Kings County Politics

Cuomo Signs Bill Strengthening Court Protections For People Facing Foreclosures
After months of intensive lobbying by lawmakers and attorneys, Governor Andrew Cuomo late last month signed a bill (A.5619/S.5160) into law will protect defendants in foreclosure court from a legal loop-hole in regards to raising the defense of “standing.”

01/03/20


The Doomsday Machine Returns: Citibank Has Sold Protection on $858 Billion of Credit Default Swaps
Wall Street On Parade

The Doomsday Machine Returns: Citibank Has Sold Protection on $858 Billion of Credit Default Swaps
Lily Tomlin is credited with the quote: “No matter how cynical you get, it is impossible to keep up.” Wall Street regularly brings that message home.

01/02/20


Why Is Wall Street the Only Industry in America With Access to the Fed’s Endless Money Machine?
Wall Street On Parade

Why Is Wall Street the Only Industry in America With Access to the Fed’s Endless Money Machine?
Consumers represent two-thirds of GDP in the United States. And yet, when consumers run into trouble, they don’t get a handout from the Federal Reserve – they are forced to file bankruptcy.

01/02/20

Collection Letters Can Renew Statute of Limitations Living Lies

Collection Letters Can Renew Statute of Limitations
The courts had previously protected borrowers as much as possible. Now there is a distinct trend in which even claims barred by SOL can be renewed and energized.

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