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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06/30/22

Foundation Objections and Notices to Produce at Trial Living Lies

Foundation Objections and Notices to Produce at Trial
The assertion, allegation, or argument that the case even involves a trust or trustee requires a legal foundation. The legal foundation consists of a witness who is competent to testify about the jurisdiction in which the alleged trust was organized and is currently existing — or who can testify competently and credibly about the authenticity of the document that created the trust.

That document is a “Trust Agreement” although it could theoretically go by some other name. That is not likely because most lawyers who draft documents do so in the hope and belief that the document will be accepted, end to end, as what it purports to be. Any label other than “Trust Agreement” would diminish the authenticity of the document as having recited or memorialized the creation of the trust entity. Naming it anything other than “Trust Agreement” would raise questions rather than answer them.

06/30/22

Bill headed to Murphy would help low-income bidders buy foreclosed homes in NJ more easily North Jersey

Bill headed to Murphy would help low-income bidders buy foreclosed homes in NJ more easily
New Jersey may make it easier for family members, lower income bidders and community nonprofits to purchase foreclosed homes under a bill sent to Gov. Phil Murphy on Wednesday reworking the sheriff's sale process to prioritize these buyers and discourage large investors from flipping those properties. Under the “Community Wealth Preservation Program," New Jerseyans who have experienced foreclosure or their next of kin would get the first shot when the property goes up for auction, or the right of first refusal at the bid price.

06/29/22

Housing Slump Would Place Greatest Stress on Black, Hispanic Residents Pew Charitable Trusts

Housing Slump Would Place Greatest Stress on Black, Hispanic Residents
If the United States enters a recession and housing prices stagnate or fall, homeowners in parts of California, Delaware, Illinois, Indiana and New Jersey are most at risk of owing more than their houses are worth or losing their homes to foreclosure, according to a new analysis.

06/29/22

Stop Looking for John Does Living Lies

Stop Looking for John Does
A better use of your time is not to find the John Does and instead simply attack the names being used to assert the claim. The John Doe investigation can only be successful if conducted by government agencies. It requires a deep dive into securitization which the courts have made clear is not a basis for defense or even claims relating to recorded mortgages.

06/28/22

Chamber targets consumer bureau chief for 'reckless actions' Politico

Chamber targets consumer bureau chief for 'reckless actions'
The Chamber of Commerce is going after Consumer Financial Protection Bureau Director Rohit Chopra in a public campaign, accusing him of attempting to “radically reshape” American finance. The trade group, which represents businesses throughout the country, announced Tuesday it was launching an advertising drive targeting Chopra — an ally of Sen. Elizabeth Warren — for his efforts to rein in what he views as abuses in the financial industry.

06/28/22

Challenge the claim, not the system. Living Lies

Challenge the claim, not the system.
Yes they are part of a scheme in which if the facts were known, would be illegal and possibly criminal. The one thing you need to be careful about is challenging the system instead of the claim. If you want to win you need to challenge the claim. Systemic challenges are generally regarded as fringe conspiracy theories.

06/27/22

Homeowner of more than 50 years faces eviction from his own house Gothamist

Homeowner of more than 50 years faces eviction from his own house
For more than a decade, Ray Cortez had no idea he was living in a house he no longer owned. The 87-year-old former taxi driver bought the salmon-colored townhouse on St. Marks Place in Brooklyn with his first wife, Edelmira, in 1969, shortly after emigrating to the United States from Peru. The couple paid roughly $20,000 at the time, and Cortez spent the next 30 years paying off the mortgage, even after Edelmira died in 1975.

06/27/22

Don’t Go Too Far in Litigation Living Lies

Don’t Go Too Far in Litigation
Recent correspondence with some of my contributors reveals the completely understandable desire to paint the opposition as thieves. The simple answer is that you don’t need to do that and you probably will not be able to prove it until AFTER the foreclosure case is over. Even then, that proof will only be accepted in most cases if you won the foreclosure case.

06/24/22

U.S. Records 19k Foreclosure Starts in May DSNews

U.S. Records 19k Foreclosure Starts in May
Black Knight Inc. has released a “first look” the latest iteration of its Mortgage Monitor Report for May 2022, which looks at delinquency and foreclosure rates across the U.S. According to Black Knight, the national delinquency rate fell to 2.75% in May, continuing a downward trend that has materialized over the last few months. The delinquency rate was 2.80% in April, and 2.84% in March. The 2.75% rate also marks a record low for delinquencies.

06/23/22

Errors by the Judge do not establish foundation for vacating an order Living Lies

Errors by the Judge do not establish foundation for vacating an order
Greetings. I am recovering slowly from my heart attack and thank you to everyone who has sent me thoughts and prayers. I have recently received a question from multiple people citing case law or quotes from treatises about errors made by Judges. Non-lawyers jump to the conclusion that the presence of an error is sufficient to vacate a prior ruling. This is not the case. If the judge or justices reviewing the error determine that the outcome would not change by correcting the error of law or fact, then the ruling stands. Usually, that shows up on appeal as “per curium affirmed.”

06/23/22

Discovery you can’t afford to miss: the SEC! Clouded Titles

Discovery you can’t afford to miss: the SEC!
While everyone is getting the “rope-a-dope” from the banks and their mortgage loan servicers, no one’s looking to the enforcement arm of Wall Street … the revolving door into the United States Securities and Exchange Commission (“USSEC”). The author will abbreviate this agency, who is supposed to enforce violations of securities laws; however, seemingly, apparently hasn’t been doing so to the extent that We the People need them to.

06/22/22

Crypto Victims’ Cries for Help Are Piling Up at a Federal Complaint Center Wall Street On Parade

Crypto Victims’ Cries for Help Are Piling Up at a Federal Complaint Center
The Consumer Financial Protection Bureau (CFPB) is the federal agency that was created under the Dodd-Frank Act of 2010 in response to Wall Street’s harrowing abuses to average Americans in the leadup to the financial crash of 2008. One of its key benefits is that it has a complaint database where consumers can post their complaints to the agency, and the general public and reporters can read those complaints on a public website. The general public benefits by seeing what types of complaints are being made against a financial institution they might be considering doing business with and reporters can look for dangerous patterns that are emerging.

06/20/22

Here’s why this housing downturn is nothing like the last one CNBC

Here’s why this housing downturn is nothing like the last one
As quickly as mortgage rates are rising, the once red-hot housing market is cooling off. Home prices are still historically high, but there is concern now that they will ease up as well. All of this has people asking: Is today’s housing market in the same predicament that it was over a decade ago, when the 2007-08 crash caused the Great Recession?

06/17/22

How mortgage servicing deals could change following Fed rate hike National Mortgage News

How mortgage servicing deals could change following Fed rate hike
After a couple of new government-sponsored enterprise-backed mortgage servicing rights deals went up for bid following the federal officials’ latest interest rate hike, some in the market opined on how MSR buyers and sellers may change their strategies going forward.

06/16/22

Help is now available for more Californians who are behind on their mortgages LA Times

Help is now available for more Californians who are behind on their mortgages
Good news for homeowners who’ve been enduring bad times financially: The state is now offering to cover more Californians’ mortgage debt.

06/15/22

The Fed Fingers Its Worry Beads: Mortgage Rates Double in Six Months to 6.28 Percent; Crypto Crashes; Layoffs Explode in FinTech Wall Street On Parade

The Fed Fingers Its Worry Beads: Mortgage Rates Double in Six Months to 6.28 Percent; Crypto Crashes; Layoffs Explode in FinTech
Wall Street does not have exclusivity on the pain trade. There’s pain at the pump for average Americans, pain at the grocery store, and now, adding to the pain for American home buyers who have watched the cost of homes spiral upward over the past year, the national average on the 30-year fixed rate mortgage just spiked to 6.28 percent as of yesterday.

06/15/22

Protesters say new mortgages designed to prevent foreclosure trap them in debt GBH

Protesters say new mortgages designed to prevent foreclosure trap them in debt
(Cheryl and Dante Ortiz were diagnosed with different kinds of cancer in the same week. The couple faced mounting medical bills and had fallen behind on their mortgage. One day after a medical appointment, they rushed from the hospital to sign papers in an attempt to save their home in Southbridge, Massachusetts.

06/14/22

Mayor Bowser Launches $50 Million Homeowner Assistance Fund Mayor Muriel Bowser

Mayor Bowser Launches $50 Million Homeowner Assistance Fund
(Washington, DC) Today, Mayor Muriel Bowser and the DC Department of Housing and Community Development (DHCD) launched a new $50 million homeownership program to provide financial assistance to residents struggling to make housing related payments. Through the Homeowner Assistance Fund (HAF), beginning on June 22, 2022 , eligible homeowners can go to haf.dc.gov to apply for grant funding to cover mortgage payments and other property or housing expenses,

06/12/22

Foreclosure Alert! These States Have The Highest Rate Of Foreclosures In the US So Far In 2022 MFI Miami

Foreclosure Alert! These States Have The Highest Rate Of Foreclosures In the US So Far In 2022
Foreclosure Alert! It has been well over a decade since America’s foreclosure disaster. The primary cause was that too many Americans with poor credit were given variable-rate mortgages. Mortgage interest rates rose and many lost their jobs. As a result, they could not make monthly mortgage payments. Banks also faced defaults. Consequently, banks eventually owned tens of thousands of homes they could not manage. The foreclosure crisis caused entire neighborhoods to have vacant homes where people were pressured out by lenders. Unfortunately, the foreclosure problem has returned. The ATTOM property analysis states foreclosure filings hit a post-pandemic high in the first quarter of 2022. Foreclosures were at 78,271 for the first quarter of 2022. This is also a 39% from the previous quarter. In addition, it is also a 132% from the same period last year.

06/09/22

Residential Mortgage Foreclosure Moratorium Expires June 30, 2022 DISB

Residential Mortgage Foreclosure Moratorium Expires June 30, 2022
The District of Columbia Department of Insurance, Securities and Banking (DISB) wants residents to be aware that the District’s foreclosure moratorium on residential mortgages expires on June 30, 2022. On JUNE 30, 2022, the moratorium on residential foreclosures will expire. What does this mean for homeowners?

06/09/22

Governor Wolf Announces Funding to Support Affordable Housing Across Pennsylvania Governor Ton Wolf

Governor Wolf Announces Funding to Support Affordable Housing Across Pennsylvania
Governor Tom Wolf announced recipients of a new round of funding for housing programs made available through the Pennsylvania Housing Affordability and Rehabilitation Enhancement (PHARE) fund. The governor named 245 housing and community development initiatives in 67 counties that will share a portion of the total $48.4 million in PHARE funding for fiscal year 2021-22. The PHARE fund is managed by the Pennsylvania Housing Finance Agency.

06/09/22

NY Foreclosure Abuse Bill Still Not Signed National Mortgage Professional

NY Foreclosure Abuse Bill Still Not Signed
When the New York State Senate easily passed a controversial bill aimed at reforming foreclosure laws in May, it was expected that Gov. Kathy Hochul would quickly sign it into law. More than a month has passed and the bill still has not been signed. As of now there appears to be no hard timeline, as Hochul said during Tuesday’s Democratic gubernatorial debate that her office had more than 800 bills to review before she would sign them.

06/08/22

What to do if you get a pre-foreclosure notice on your home WIVB

What to do if you get a pre-foreclosure notice on your home
BUFFALO, N.Y. (WIVB) – Erie County Clerk Michael Kearns has a message for homeowners who receive a pre-foreclosure notice: Please stay in your home. Kearns held a press conference Wednesday to discuss what was termed a “significant increase” in pre-foreclosure notices received by 4,530 homeowners across Erie County from their mortgage provider. He was joined by Kate Lockhart, the Vacant and Abandoned Property Program Director for the WNY Law Center, and Sandy Becker, the Senior Housing Programs Director for Belmont Housing Resources of WNY.

06/08/22

Fannie and Freddie unveil plans to tackle the racial homeownership gap CNN

Fannie and Freddie unveil plans to tackle the racial homeownership gap
Mortgage giants Freddie Mac and Fannie Mae announced Wednesday a series of actions that aim to make it easier to buy a home and close the racial homeownership gap, in which 72% of White Americans are homeowners while only 42% of Black Americans own a home.

06/05/22

Serious mortgage delinquencies are up 55% over pre-pandemic levels. But what this means for the housing market isn’t what you might think Marketwatch

Serious mortgage delinquencies are up 55% over pre-pandemic levels. But what this means for the housing market isn’t what you might think
The number of borrowers who are three or more payments past due on their mortgage is up 55% over pre-pandemic levels, according to new data from mortgage technology and data provider Black Knight. While there were approximately 400,000 serious delinquencies remaining before the pandemic, today there are roughly 640,000, the data shows. And while that sounds very concerning, pros say it’s not what it seems. (You can see the lowest mortgage rates you may qualify for here.) Indeed, while the Black Knight data indicates the number of serious delinquencies has grown since before the pandemic, that particular figure doesn’t paint a complete picture of what’s happening in the broader housing market, explains Jacob Channel, senior economic analyst at

06/05/22

Grants available for homeowners who are delinquent taxes or late mortgages Alice Echo News Journal

Grants available for homeowners who are delinquent taxes or late mortgages
he last few years homeowners have struggled to keep up with their home mortgages. The Texas Department of Housing and Community Affairs (TDHCA) has began to administer monies from the Homeowners Assistance Fund (HAF) passed as part of the American Rescue Plan. This program helps qualified homeowners avoid foreclosure as a result of delinquent mortgage or property tax payments. These are grants, not loans. There is no repayment requirement.

06/05/22

New York Statute of Limitations on Mortgage Debt Governed by GOL Section 17-105, Not 17-101 JDSupra

New York Statute of Limitations on Mortgage Debt Governed by GOL Section 17-105, Not 17-101

A recurring issue in New York mortgage lending is under what circumstances the state's six-year statute of limitations on mortgage debts is extended or revived. The New York Court of Appeals ruled recently that this issue is governed by General Obligations Law (GOL) Section 17-105, which requires a written promise signed by the debtor to toll or revive a mortgage debt, rather than by the more general provision, GOL Section 17-101, which provides that a written acknowledgement of a debt is sufficient to revive other forms of debt. Batavia Townhouses, Ltd. v. Council of Churches Housing Dev. Fund Co., Inc., --- N.E.3d ----, 2022 WL 1631492 (N.Y. May 24, 2022).

06/05/22

NORTHAMPTON COUNTY RECEIVES HUD FUNDING TO COMBAT HOMELESSNESS The Valley Ledger

NORTHAMPTON COUNTY RECEIVES HUD FUNDING TO COMBAT HOMELESSNESS
Lamont McClure and the Northampton County Department of Community and Economic Development (DCED) announce the award of $3.04 million in funding from Housing and Urban Development (HUD). The grant includes $2,170,520 for the Community Development Block Grant (CDBG) program, $682,646 for the HOME Investment Partnerships program and $189,113 in an Emergency Solutions Grant. In addition the County has $10,578,600 in available Section 108 borrowing authority.

06/03/22

Finding a Lawyer Who Wants to Win Your Case Living Lies

Finding a Lawyer Who Wants to Win Your Case
The most common question I received is whether I know of a lawyer who “gets it” and who practices in the jurisdiction in which the subject property is located. We are not a lawyer referral service primarily because it is challenging and expensive to keep track of lawyers who will accept these engagements.

06/02/22

Funding Available to Stem Foreclosures in Ohio Public News Service

Funding Available to Stem Foreclosures in Ohio
Ohio homeowners who are struggling to stay afloat because of the pandemic may qualify for special assistance. A U.S. Foreclosure Market Report in April found foreclosure filings were down 8% from March, but still 160% higher than at the same point in 2021. Ohio has the third-highest rate, with one foreclosure filing for every 911 housing units.

06/02/22

Before you use the word “Default” know this Living Lies

Before you use the word “Default” know this:
Upon reflection, I think part of the problem is that most people including judges, don’t truly understand the meaning of the word “default.”

06/01/22

The important point is not so much being right as it is being the winner in litigation. Living Lies

The important point is not so much being right as it is being the winner in litigation.
I think the biggest problem for homeowners can be summed up in two sentences. First they believe there is something they should feel guilty about. Second, they don’t know the difference between (a) documents that can say anything and be prepared at any time and (b) original source (best evidence) documents.

06/01/22

New program helping Detroiters overcome foreclosures ClickonDetroit

New program helping Detroiters overcome foreclosures
DETROIT – It’s a new program to help people facing foreclosure as money and help is available to keep you in your home or help a tenant who is the victim of a landlord who owes big-time back taxes. They’re going door to door, spreading an important message as there’s help for those of you facing foreclosure.

06/01/22

Nonprofit Alliance of Consumer Advocates helped a Homeowner get caught up on her mortgage and get a lower interest rate PRweb

Nonprofit Alliance of Consumer Advocates helped a Homeowner get caught up on her mortgage and get a lower interest rate
COSTA MESA, CALIF. (PRWEB) JUNE 01, 2022 If someone is in a position where they cannot make their regular mortgage payments, a Loan Modification is a great way to save their right to homeownership and improve their financial situation. While forbearance may be a short-term solution, a loan modification will permanently modify their existing terms. For example, a lower interest rate, extended repayment period, and lower monthly payments may be the perfect solution for their financial situation. The goal of a Loan Modification is to lower the amount of money a homeowner owes to their Lender while preventing Foreclosure.

06/01/22

Senator Sherrod Brown Goes After 0-Count Felon Wells Fargo; Ignores 5-Count Felon JPMorgan Chase. Wall Street On Parade

Senator Sherrod Brown Goes After 0-Count Felon Wells Fargo; Ignores 5-Count Felon JPMorgan Chase
Wall Street On Parade was previously a big fan of Senator Sherrod Brown, the Chair of the Senate Banking Committee. Not so much anymore. Brown supported the nutty nomination of Saule Omarova to head the Office of the Comptroller of the Currency (OCC), the regulator of national banks, while attempting to spin the naysayers as part of a smear campaign.

05/27/22

It’s like baseball. 3 Strikes and they are out (not you) Living Lies

It’s like baseball. 3 Strikes and they are out (not you)
Batter up! When a player steps up to home plate to take a pitch it doesn’t matter that he tends to hit a lot of home runs. No run or point is tallied in the absence of actually hitting the ball over the fence. And if he swings and three pitches and misses, it doesn’t matter that he could have hit the ball or that dust got in his eye. Each miss is a strike and three strikes mean he is out of the lineup until the rotation puts him back at home plate.

I am coming back to the original strategy and tactics I advocated in 2006. But I would be more pointed about it by asking voir dire questions directed at the judge. It is not a common procedure but it ought to be.

The question is whether the judge has already made up his/her mind that the transaction was a loan and that there is an unpaid loan account owned by the named claimant — or if the court is open to the possibility that the attributes of a loan transaction were dropped and the payment to or on behalf of the homeowner might have only been part of a payment due to the homeowner for participating in a securitization transaction.

05/27/22

The Florida Department of Economic Opportunity Awards More Than $30 Million to Assist Florida’s Vulnerable Homeowners FloridaJobs.org

The Florida Department of Economic Opportunity Awards More Than $30 Million to Assist Florida’s Vulnerable Homeowners
TALLAHASSEE, Fla. – Today, the Florida Department of Economic Opportunity (DEO) announced that it has awarded more than $30 million in total relief, with more than $10 million awarded this week alone, to some of Florida’s most vulnerable homeowners through the Homeowner Assistance Fund (HAF). Yesterday, on behalf of the Department, DEO Secretary Dane Eagle sent a letter directly to mortgage lenders and service providers, urging them to delay foreclosure proceedings and service disruptions

05/26/22

7 ways banks and regulators are addressing diversity American Banker

7 ways banks and regulators are addressing diversity
From a proposed update of 1977’s Community Reinvestment Act to the launch of an AI-powered bot with a Spanish-language option, significant changes in the banking industry are having a dramatic impact on diversity, equity and inclusion.

05/26/22

Director of government financial watchdog Rohit Chopra looks for signs of stress as consumers increase debt to deal with inflation CNBC

Director of government financial watchdog Rohit Chopra looks for signs of stress as consumers increase debt to deal with inflation
Rohit Chopra leads the Consumer Financial Protection Bureau, the federal agency whose mission is to protect consumers from “abusive and deceptive financial practices.” As the director of the CFPB, he is keeping a close eye on trouble spots that could potentially cause another financial crisis.

05/26/22

11th Circuit Ct of Appeals Breaks New Ground — in favor of homeowners! Living Lies

11th Circuit Ct of Appeals Breaks New Ground — in favor of homeowners!
Daniels v. Select Portfolio Servicing, Inc., No. 19-10204 (11th Cir. May 24, 2022) The fact pattern sounds like something out of Gulliver’s travels. Statements are regularly sent to homeowners using the letterhead of a designated company who is claimed to be a servicer. Those statements are submitted because they are legally required to be sent to the homeowner. But they also are used as the foundation for claims to administer, collect or enforce the debt.

05/25/22

Fannie Mae Issues $5 Million ‘Innovation Challenge’ to Help Advance Racial Equity in HousingFannie Mae Issues $5 Million ‘Innovation Challenge’ to Help Advance Racial Equity in Housing Housing Online

Fannie Mae Issues $5 Million ‘Innovation Challenge’ to Help Advance Racial Equity in HousingFannie Mae Issues $5 Million ‘Innovation Challenge’ to Help Fannie Mae announced the launch of its 2022 Sustainable Communities Innovation Challenge (IC22), the company’s second such initiative, committing $5 million to attract innovative ideas that will help advance racial equity in housing.

05/25/22

The Fiction of Deceleration Violates Separation of Powers Living Lies

The Fiction of Deceleration Violates Separation of Powers
The State of New York, along with many other states is struggling with problems arising from an array of legal fictions created by the courts to justify claims for administration, collection, and enforcement of virtual debts (instead of actual debts in the real world).

05/24/22

Good news for home buyers? Fannie Mae chief economist says the U.S. housing market has finally turned a corner. Here’s why. Marketwatch

Good news for home buyers? Fannie Mae chief economist says the U.S. housing market has finally turned a corner. Here’s why.
The inventory shortage, high prices and rising interest rates have finally bitten. Single-family home sales fell sharply by 16.6% in April to a seasonally adjusted annualized rate of 591,000, according to Census Bureau data released Tuesday. That was the slowest rate of sales since April 2020 during the earliest days of the COVID-19 pandemic, offering respite for buyers that the market is cooling.

05/24/22

Kentucky homeowners can receive up to $35,000 in mortgage assistance. Do you qualify? Lexington Herald Reader

Kentucky homeowners can receive up to $35,000 in mortgage assistance. Do you qualify?
If you’ve struggled financially due to the coronavirus pandemic and need assistance making mortgage payments, help may be available in Kentucky. The Team Kentucky Homeowner Assistance Fund provides financial assistance to homeowners in hopes to mitigate COVID-related foreclosures. Read more at: https://www.kentucky.com/news/state/kentucky/article261580152.html#storylink=cpy

05/24/22

State Enforcement of Deceptive Consumer Financial Practices Just Became More Likely Living Lies

State Enforcement of Deceptive Consumer Financial Practices Just Became More Likely
Wall Street investment brokerage firms acting as investmetn banks or commerical banks are now jittery about the possibility of 50+ attorneys general taking a hard look at the sale of complex financial products to consumers.

05/23/22

The investment bank was the casting director and you were the audience. Living Lies

The investment bank was the casting director and you were the audience.
It is by exposing the virtual nature of the transactions that allows homeowners to win in high numbers. It is by suppressing the truth about the transactions that the Wall Street investment banks and securities brokers make all their money.

05/20/22

Senator Elizabeth Warren Lauds the New York Stock Exchange for Investor Protections. It’s Currently Trading Multiple Alleged Frauds. Wall Street On Parade

Senator Elizabeth Warren Lauds the New York Stock Exchange for Investor Protections. It’s Currently Trading Multiple Alleged Frauds.
Yesterday the Senate Banking Committee held a hearing to consider President Biden’s nominations for two Commissioners at the Securities and Exchange Commission (Jaime E. Lizárraga and Mark Toshiro Uyeda) as well as Michael Barr to be Vice Chairman for Supervision at the Federal Reserve Board of Governors. (For the skinny on Barr’s fitness to supervise megabanks on Wall Street, see our hold-your-nose report here and David Dayen’s eyepopping report here.)

05/20/22

Foreclosure wave sweeping US crests in Chicago Court House News

Foreclosure wave sweeping US crests in Chicago
CHICAGO (CN) — A report released in April by real estate data aggregator ATTOM has bestowed Chicago with a dubious honor. Amid a national surge in residential foreclosure rates, Chicagoans are currently losing their homes in greater numbers than in any other metro area in the country.

05/19/22

CFPB Metrics Report Shows Increased Scrutiny of Borrower Access to Servicers, Information, and Loss Mitigation Opportunities National Law Review

CFPB Metrics Report Shows Increased Scrutiny of Borrower Access to Servicers, Information, and Loss Mitigation Opportunities
This GT Alert covers the following: CFPB report on mortgage servicing COVID-19 pandemic response metrics for May-December 2021; Report metrics: Servicing Portfolio, Call Metrics, COVID-19 Hardship Forbearance Enrollments, COVID-19 Hardship Forbearance Exits, Delinquency, Borrower Profiles;

05/19/22

HomeHelpMN is accepting applications through June 17 to help Minnesotans avoid foreclosure MS Hale

HomeHelpMN is accepting applications through June 17 to help Minnesotans avoid foreclosure
Minnesotans who have fallen behind on their mortgages and face a foreclosure due to a financial hardship, caused by the COVID-19 pandemic, can now apply for government assistance through the new HomeHelpMN program. Applications for assistance opened on Tuesday, May 17 at HomeHelpMN.org. The application period will end on June 17.

05/19/22

Winning an FCRA case on the back end of a foreclosure … on appeal in the 9th Circuit Clouded Titles Blog

Winning an FCRA case on the back end of a foreclosure … on appeal in the 9th Circuit
IThe U.S. District Courts never cease to amaze this author given the blatant facts and allegations presented by the Plaintiff (Gross) in his FCRA case against CitiMortgage, Inc. The lower court justices nearly always rule for the banks no matter what. Could it be because the federal judges are vested in these banks and are conflicted out? This is why Judicial Watch puts out a list of financial records (those that have been obtained) of the federal court system’s judges’ for all to see and review (at the following link):

05/19/22

Fannie Mae Downgrades Housing, Origination Forecast DS News

Fannie Mae Downgrades Housing, Origination Forecast
In their latest forecast, Fannie Mae’s Economic and Strategic Group (ESR) has downgraded its GDP projections along with home sales and mortgage originations due to the current state of the economy.

05/19/22

Sudbury Offers Thousands In Mortgage Help To Residents Sudbury Patch

Sudbury Offers Thousands In Mortgage Help To Residents
SUDBURY, MA — Eligible Sudbury residents can get up to $3,000 in mortgage payment assistance, a program from the Sudbury Housing Trust made possible by funds from the federal ARPA stimulus package.

05/18/22

The Fed's $2.7 trillion mortgage problem Axios

The Fed's $2.7 trillion mortgage problem
If you took out a mortgage over the last couple of years, there's a good chance the holder of that loan is America's central bank — a consequence of its monetary stimulus efforts throughout the pandemic. Why it matters: The Fed will face a series of political and economic headaches as it attempts to move away from subsidizing home lending by shrinking its portfolio of mortgage-backed securities. The problem: Extracting itself from this market risks crashing the housing industry and creating intense political blowback for incurring financial losses.

05/18/22

Homeowners with Courage and Conviction Generally Win Foreclosure Cases Living Lies

Homeowners with Courage and Conviction Generally Win Foreclosure Cases
I often receive links to cases that either corroborate what I have been saying or challenge my conclusions. Many of those links are opinions from trial courts, and most of those are from Federal DIstrict judges (mainly because most, but not all, state court judges do not issue opinions justifying their rulings.

05/17/22

The Past Is the Present? New York Legislature Passes Retroactive Foreclosure Bill Mayer Brown

The Past Is the Present? New York Legislature Passes Retroactive Foreclosure Bill
It is not the easiest time to be in the mortgage business. Mortgage investors and servicers continue to deal with the fallout from the COVID-19 pandemic and its effects on borrowers. Rising interest rates could drain the plentiful supply of refinance business from prior years and deter hopeful homebuyers from seeking new financing. Now, the New York legislature has added another layer of complexity by passing a bill that would significantly impact the residential mortgage foreclosure process in New York

05/17/22

Should I Withhold Payment and Place the Money in Escrow Living Lies

Should I Withhold Payment and Place the Money in Escrow
Wall Street is quietly shifting pieces around on a chess board that the homeowner does not know exists and cannot see. There are several examples of this. A shift from U.S. Bank to U.S. Bank Trust, alleged transfers (without payment) of alleged “accounts” from one named trust to another, the rise of “Legal Title Trustee” instead of just trustee, and the list goes on.

05/16/22

CFPB Releases Report on Mortgage Servicing Metrics CFPB

CFPB Releases Report on Mortgage Servicing Metrics
Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) published a report examining mortgage servicers’ responses to the COVID-19 pandemic. The data, collected across 16 large servicers from May through December 2021, reveal homeowners continue to face significant risks and challenges connected to working with their mortgage servicers.

05/16/22

How to Defeat False Claims and Documents in Court Living Lies

How to Defeat False Claims and Documents in Court
The simple fact in almost every single foreclosure today is that the entity named as the claimant has absolutely no interest in the success or failure of the litigation. But they are addicted to the revenue that is generated from the permissive use of the claimant’s name.

05/13/22

‘Foreclosure Abuse Prevention Act’ awaits New York governor’s signature The bill is expected to be signed by early June, but the process could drag until the end of the year Housing Wire

‘Foreclosure Abuse Prevention Act’ awaits New York governor’s signature
Homeowners in New York who are knee-deep in foreclosure litigation may soon get a break, as a piece of legislation making its way to Gov. Kathy Hochul’s desk could discharge a swath of foreclosure cases pending in state and appellate courts. If Hochul signs the bill as-is, the statute of limitations for a lender to start a foreclosure action will be reverted to six years, as was the case prior to the Court of Appeals’ 2021 decision in Freedom Mortgage Corporation vs. Engel.

05/13/22

‘Foreclosure Abuse Prevention Act’ awaits New York governor’s signature The bill is expected to be signed by early June, but the process could drag until the end of the year Housing Wire

‘Foreclosure Abuse Prevention Act’ awaits New York governor’s signature
Homeowners in New York who are knee-deep in foreclosure litigation may soon get a break, as a piece of legislation making its way to Gov. Kathy Hochul’s desk could discharge a swath of foreclosure cases pending in state and appellate courts. If Hochul signs the bill as-is, the statute of limitations for a lender to start a foreclosure action will be reverted to six years, as was the case prior to the Court of Appeals’ 2021 decision in Freedom Mortgage Corporation vs. Engel.

05/13/22

$280 million in assistance available for homeowners financially impacted by the pandemic Funding will prevent foreclosures and utility shut-offs Times Bulletin

$280 million in assistance available for homeowners financially impacted by the pandemic Funding will prevent foreclosures and utility shut-offs
COLUMBUS — The Ohio Housing Finance Agency (OHFA) wants to remind Ohio homeowners that help is available if they’re facing foreclosure as a result of financial hardship due to the pandemic. The Save the Dream Ohio program provides assistance to eligible Ohio homeowners who are facing foreclosure or cannot afford to pay their mortgage, utility bills or other related housing costs as a result of economic hardship caused by the COVID-19 pandemic.

05/11/22

'A Historic Day:' Low-Income Detroiters Facing Eviction Or Foreclosure Will Get Free Lawyers Deadline Detroit

'A Historic Day:' Low-Income Detroiters Facing Eviction Or Foreclosure Will Get Free Lawyers
Thanks to a mix of federal aid, charitable help and a city council vote, qualifying Detroiters won't attend eviction or foreclosure hearings without an attorney.

05/11/22

U.S. FORECLOSURE ACTIVITY IN APRIL 2022 DECLINES SLIGHTLY Yahoo Finance

U.S. FORECLOSURE ACTIVITY IN APRIL 2022 DECLINES SLIGHTLY
Wed, May 11, 2022, 12:01 AM·5 min read Foreclosure Starts Remain Unchanged from Last Month; While Completed Foreclosures Decrease 36 Percent from Last Month IRVINE, Calif., May 11, 2022 /PRNewswire/ -- ATTOM, a leading curator of real estate data nationwide for land and property data, today released its April 2022 U.S. Foreclosure Market Report, which shows there were a total of 30,674 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 8 percent from a month ago but up 160 percent from a year ago.

05/11/22

A Promissory Note is NOT a debt. It is evidence of the debt and terms of repayment. Living Lies

A Promissory Note is NOT a debt. It is evidence of the debt and terms of repayment.
I can remember back when Nova Law Center was an old building on what had been a World War II airstrip. My fellow students and I would satisfy our need for speed on those runways. That was in 1974. I also remember my contracts professor, Samuel Bader (RIP). He pounded into our heads a simple but elusive fact of law. The note is not the debt. it is evidence of a debt.

05/10/22

Ohio lawmaker introduces bill that would make it harder for corporations to buy foreclosed homes in bulk WOSU

Ohio lawmaker introduces bill that would make it harder for corporations to buy foreclosed homes in bulk
A state lawmaker has introduced a bill that could help first-time homebuyers navigate the challenges posed by the current real estate market. The bill, SB334, is sponsored by Sen. Bill Blessing (R-Colerain Township). it would make it tougher for corporations to buy homes in bulk.

05/10/22

How Appellate Courts Get it Wrong Living Lies

How Appellate Courts Get it Wrong
The main reason that Appellate Courts get it wrong when a homeowner appeals a decision is that the homeowner admits the basic legally required components (elements) of a foreclosure action. In arguing the point the typical homeowner fails to address the issue of whether the loan still existed, whether the obligation was unpaid, and who has the “loan” on their books and records. In addition, this is probably a carryover from the labels that were used at trial — loan, lender, and servicer.

05/09/22

If the house is sold, is there anything I can do? Living Lies

If the house is sold, is there anything I can do?
At least 40% of the inquiries received by my office ask what they can do after the auction has occurred or even after the REO property has been liquidated. As I have stated repeatedly in the past, the further you go procedurally the less likely you are to obtain any relief. If you want any of this reality to change, you need to elect representatives to Congress and state legislatures who truly intend to block efforts seeking to enforce a virtual loan account instead of a real one.

05/05/22

FHA Amends CWCOT Post-Foreclosure Sales Rule DS News

FHA Amends CWCOT Post-Foreclosure Sales Rule
The Federal Housing Administration (FHA) has issued its Mortgagee Letter (ML) 2022-08, “Expanding Affordable Housing Supply Through FHA’s Claims Without Conveyance of Title.” By issuing ML 2022-08, the FHA will be adding an initial 30-day exclusive sales period for Claims Without Conveyance of Title (CWCOT) post-foreclosure sales for owner-occupants, HUD-approved non-profits, and governmental entities.

05/05/22

Bringing Federal Consumer Claims State Court 50 State Analysis Sstanding Rules NCLC

Bringing Federal Consumer Claims State Court 50 State Analysis Sstanding Rules
TThe Supreme Court’s decision in TransUnion L.L.C. v. Ramirez, 141 S. Ct. 2190 (2021), creates serious constitutional standing obstacles for consumer litigation in federal court, particularly for class actions and claims seeking statutory damages or intangible injuries.

05/08/22

Biden Administration’s Continued Efforts to Connect Homeowners to Pandemic Relief Gold Rush Cam

Biden Administration’s Continued Efforts to Connect Homeowners to Pandemic Relief
May 8, 2022 - WASHINGTON - The Secretaries of Housing and Urban Development Marcia L. Fudge, Veterans Affairs Denis McDonough, Agriculture Tom Vilsack and Treasury Janet L. Yellen are calling on servicers of federally backed mortgages to make every effort to ensure no individual or family unduly experiences unnecessary hardship or foreclosure while assistance is available under the Homeowner Assistance Fund. The pandemic’s economic and public health impacts put millions of homeowners at risk of losing their homes. For this reason, President Biden’s American Rescue Plan established HAF to provide close to $10 billion in financial support to help families weather these challenges and remain in their homes. We are strongly urging all servicers of federally backed mortgages to pause foreclosure proceedings when they are notified by a HAF program administrator of a pending HAF application to avoid unnecessary harm to vulnerable homeowners.

05/06/22

Money available for homeowners affected by pandemic Times Reporter

Money available for homeowners affected by pandemic
COLUMBUS — The state has money for homeowners who are facing foreclosure as a result of financial hardship due to the pandemic. The Save the Dream Ohio program provides help to eligible Ohio homeowners who are facing foreclosure or cannot afford to pay their mortgage, utility bills or other related housing costs as a result of economic hardship caused by the COVID-19 pandemic.

05/05/22

Powell Says Fed Doesn’t Have a Credibility Problem with the American People – Despite Gallup Poll Showing Lowest Confidence Since 2008 Financial Crisis Wall Street On Parade

Powell Says Fed Doesn’t Have a Credibility Problem with the American People – Despite Gallup Poll Showing Lowest Confidence Since 2008 Financial Crisis
At the Fed’s press conference yesterday, Federal Reserve Chair Pro Tempore Jerome Powell was asked by Mike McKee of Bloomberg Television a series of questions on monetary policy which ended with this: “Are you concerned about Fed credibility with the American people?” Powell answered the monetary policy questions but did not directly address the credibility issue. McKee then repeated the question, phrased as follows: “Do you think the Fed has a credibility problem?”

05/05/22

TRID may be another easy win for Homeowners Living Lies

TRID may be another easy win for Homeowners
since loss mitigation is a statutory condition precedent to foreclosure, there is a failure to comply with the condition that requires loss mitigation exhaustion before pursuing foreclosure, the steamrolling of homeowners is not just wrong, it is also a breach of statutory duty for which the homeowner can seek injunctive relief, damages, and attorney fees. TILA-RESPA integrated disclosures (TRID) is a series of guidelines that dictate what

05/04/22

The First City To Launch Its Own Bank Next City

The First City To Launch Its Own Bank
What becomes possible when the public owns the bank? Philadelphia wants to find out, with a public bank venture intended to support small businesses and break down the racial wealth gap.

05/04/22

ICE to Buy Mortgage-Software Firm Black Knight for $13.1 Billion Bloomberg

ICE to Buy Mortgage-Software Firm Black Knight for $13.1 Billion
$13.1 billion deal expands ICE’s reach into U.S. mortgage data
Transaction a win for former Black Knight chairman Bill Foley

05/04/22

Homeowners Alert! You Are Corresponding With Machines, Not People. Living Lies

Homeowners Alert! You Are Corresponding With Machines, Not People.
Most people do not spend their time keeping up with advances in technology. When it comes to their front door they know it has arrived. For about 12 years I have been telling people that there is a “high probability” that no human is making any decision and no human is doing anything with respect to their alleged loan account. The only exceptions are (1) a lawyer appearing in court and (2) a robowitness appearing at trial knowing only the content of a prepared script.

05/03/22

FCRA Might Be Fertile Ground for Individual and Class Actions Especially under CFPB Rules Living Lies

FCRA Might Be Fertile Ground for Individual and Class Actions Especially under CFPB Rules
if the CRC does not perform the investigation or performs it incorrectly, you can sue them. In a world where the ability to access credit matters more than the ability to access savings, nothing could be more important than these provisions under the Fair Credit Reporting Act (FCRA).

05/03/22

Bill to Stop Foreclosures Heads to Hochul, Under Heavy Pushback from Banks The City

Bill to Stop Foreclosures Heads to Hochul, Under Heavy Pushback from Banks
The state legislature has passed a measure intended to counter a court ruling that made it easier for lenders to win cases against homeowners. Sponsors say industry warnings about unintended consequences are overblown.

05/02/22

Emotional Distress Damages After Latest Supreme Court Decision NCLC

Emotional Distress Damages After Latest Supreme Court Decision
This article describes what does and does not change after the Supreme Court’s April 28, 2022, ruling in Cummings v. Premier Rehab Keller, P.L.L.C., that emotional distress damages are not available under federal discrimination causes of action based on the Rehabilitation Act of 1973 and the Patient Protection and Affordable Care Act (ACA).

05/02/22

Why the CFPB Announcement is Very Important Living Lies

Why the CFPB Announcement is Very Important
when the time comes that a judge enters an order or judgment containing findings of fact, for example, that the records of the designated “servicer” are not business records that are not exempt from the hearsay rule, the poop will hit the fan.

05/02/22

“Court Bias” is an Unproductive Rabbit Hole Living Lies

“Court Bias” is an Unproductive Rabbit Hole
Practically every email and inquiry I get contains complaints about court bias. It is as though people think that there are humans on this planet who have no opinion or bias. They point out examples of being steamrolled, ignored or otherwise wiped out in foreclosure litigation and they blame the opposing lawyers for being evil (which they might be) and they blame the judge for being biased (which is probably true in most cases). * Here is my answer to all of that: Bias is not a sin. Nor is it insurmountable.

04/29/22

CFPB Bites of the Month - April Top 10 JDSupra

CFPB Bites of the Month - April Top 10
We thank you for reading our Top 10 and listening to our CFPB Bites of the Month webinars over the past two years. In this month's article, we share some of our top "bites" for the prior month covered during the April 20 webinar. So, what happened at the CFPB in the past month?

04/29/22

How Bias Works Against Justice in Foreclosure Litigation Living Lies

How Bias Works Against Justice in Foreclosure Litigation
If one takes a neutral view there is an inescapable and undeniable conclusion: millions of homes have been forced to sale, depriving the owners of property and money, and causing untold damage to families and careers without the court knowing to a reasonable degree of certainty that the loan account even exists.

04/28/22

Interpleader Might Be Useful in Revealing the Absence of Any Unpaid Loan Account Living Lies

Interpleader Might Be Useful in Revealing the Absence of Any Unpaid Loan Account
One of my constant comment contributors recently informed me and others that she was trying a new tack. She writes “My attorneys are making a demand that any refi money be placed with the Court and that the judge decides who he wants to pay.”

04/27/22

Global Megabanks Are Tanking – The Same Ones the Fed Bailed Out in 2019 Wall Street On Parade

Global Megabanks Are Tanking – The Same Ones the Fed Bailed Out in 2019
As long-term readers of Wall Street On Parade know well, we have regularly warned that the failure of Congress to meaningfully reform Wall Street by restoring the Glass-Steagall Act poses a national security threat to our nation in times of crisis. Instead of meaningful reform, Congress has stood by and watched the Fed bail out the global banks repeatedly since 2008 – either with direct loans or by keeping interest rates artificially low (“administered rates”) or through trillions of dollars in asset purchases from the banks (what the Fed prefers to call Quantitative Easing).

04/27/22

Living Truth: CFPB Moving Against FINTECH Companies Living Lies

Living Truth: CFPB Moving Against FINTECH Companies
It’s time to give a thumbs up to the agency that has up till now befuddled homeowners. The absence of regulation of nonbank FINTECH companies has been a giant loophole through which wealth was converted from homeowners to investment banks. I am pleasantly surprised by an announcement from the CFPB that will start monitoring and investigating these companies like Black Knight, Fiserv and CoreLogic — i.e., the REAL servicers who are involved in the collection of money that nobody is entitled to receive.

04/26/22

When the homeowners loses in the trial court what are the options? Living Lies

When the homeowners loses in the trial court what are the options?
Foreclosure litigation is a very special type of case. Normal rules of limitation and basic requirements of proof have been softened in favor of giving lawyers the opportunity of saying they represent a Bank that is the trustee of a trust. Those lawyers don’t need to assert that the trust owns any underlying obligation owed by the homeowner to the named Bank as trustee. It is all implied. And they never are required to show proof of authority to represent the bank. In fact, they have no contact with the bank.

04/25/22

Cleveland leads the nation in new foreclosure filings, Ohio third among states News5 Cleveland

Cleveland leads the nation in new foreclosure filings, Ohio third among states
CLEVELAND — New numbers out show the nation’s foreclosure rate is on the rise with Ohio one of the states with the sharpest increase and Cleveland number one among all major cities.

04/25/22

Texas Homeowner Harriet Nicholson is On the Road Seeking Justice Laws In NY

Texas Homeowner Harriet Nicholson is On the Road Seeking Justice
Nicholson knows Nationstar is plotting to steal her home because they know the judicial system is rigged against homeowners in Texas.
Nicholson v. The Bank of New York Mellon
(1:22-cv-03177)
District Court, S.D. New York
APR 19, 2022 | REPUBLISHED BY LINY : APR 25, 2022

04/25/22

JURISDICTIONAL CHALLENGES MUST NOT BE AIMED AT THE MERITS OF THE CLAIM Living Lies

JURISDICTIONAL CHALLENGES MUST NOT BE AIMED AT THE MERITS OF THE CLAIM
“Jurisdiction” is a term used to define whether or not the court has any authority to hear the case. Filing a bogus claim DOES invoke the jurisdiction of the court as long as it complies with the basic rules of court. Just because you call it a jurisdictional challenge doesn’t make it a jurisdictional challenge. The jurisdiction of the court is based upon several factors,

04/22/22

Supreme Court Supports Equitable Tolling Extend Legal Deadlines NCLC

Supreme Court Supports Equitable Tolling Extend Legal Deadlines
A unanimous Supreme Court on April 21, 2022, issued an important ruling applicable when consumer practitioners have difficulty meeting a limitations period found in consumer legislation. In Boechler, P.C. v. Commissioner of Internal Revenue, 2022 WL 1177496 (U.S. April 21, 2022), the Court ruled

04/22/22

2021 update - Olympic Gold Medalist Cindy Brown Wins Hearing and Stunning Court Victory on Constitutional Right to Due Process and Dignity for Self-Represented Litigants Facing Vexatious Litigant Motions Sherry Hernandez

2021 update - Olympic Gold Medalist Cindy Brown Wins Hearing and Stunning Court Victory on Constitutional Right to Due Process and Dignity for Self-Represented Litigants Facing Vexatious Litigant Motions
School Lawyer and civil rights attorney Raye Mitchell delivers research and support in Cindy Brown vs. The Bank of New York Mellon in defending vexatious litigant claims by bank attorneys-The Ryan Firm APC.

04/22/22

So you think you’re in default, eh? Clouded Titles

So you think you’re in default, eh?
The author of this post will try to keep things simple without passing judgment. There is no doubt here that we are collectively living in troubled times. The rash of foreclosures continues now that the eviction moratoriums have been lifted for the most part. Those who did not undertake a loan modification or request a forbearance (that was actually granted) are probably feeling the sting of communication by the mortgage loan servicers in their mailing out of late notices on unpaid and delinquent mortgage loans. According to the terms of the mortgage or deed of trust (depending on which “state” you’re in), there is a specific section on Default. Understand that it’s the mortgage loan servicer’s obligation to collect the mortgage loan debt and route payments to the “lender”, no matter WHO that lender might be. The problem with defaults, loan modifications and the like is that so many of the loans out there today are securitized through the MERS® System. Since the MERS® System was taken over by the same company that owns the New York Stock Exchange, the information coming out of this entity is scarce to non-existent. Generally, if you miss a payment, the servicer is going to notify you by certified mail. You may have to sign for the letter. The biggest mistake that homeowners make is ignoring these letters, when in fact, this could be the very start of a long, drawn-out process where you can obtain a lot of useful and vital information that your attorney could use in a foreclosure defense posture, without having to pay gobs in legal fees. What is a QWR? That process is called a Qualified Written Request (QWR) under RESPA (the Real Estate Settlement Procedures Act) § 6. You can easily research this section of the law and discover that RESPA allows you to send a QWR to the servicer’s bona fide QWR address and ask the servicer to send you specific information, which is discussed below.

04/22/22

DannLaw Covid 19 Update 16–and hopefully our last Dann Law

DannLaw Covid 19 Update 16–and hopefully our last
The End of Covid Forbearance is here. Time to rework your loan. DannLaw founder Marc DannMortgage forbearance and other programs made available to homeowners during the COVID-19 pandemic are about to end. That means millions of homeowners are or will soon be pursuing loan modifications or other work out options with their lenders.

04/22/22

How to use your knowledge of securitization to win foreclosure and quiet title cases Living Lies

How to use your knowledge of securitization to win foreclosure and quiet title cases
In an effort to show the relevancy of securitization in the collection businesses established with each new transaction with homeowners, I have had some discussions about the usefulness of knowing who has access to funds paid by homeowners and who gets paid any money as a creditor of the homeowner.

04/21/22

Foreclosure Activity at New High Since the Pandemic Began Realtor Magazine

Biden Has Nominated a Man from the Sandy Weill/Robert Rubin/Tim Geithner School of Wall Street Hubris to Head Regulation at the Fed
Foreclosure starts and bank repossessions are at their highest numbers in the last two years. Most pandemic-initiated moratoriums have lifted by now and lenders are starting to resume foreclosures. Still, foreclosure activity remains well below historical levels. The number of properties with a foreclosure filing during the first quarter of 2022 climbed 39% compared to the previous quarter. Foreclosure filings are up much higher—132%—compared to a year ago, according to ATTOM Data Solutions’ Q1 2022 U.S. Foreclosure Market Report.

04/20/22

Biden Has Nominated a Man from the Sandy Weill/Robert Rubin/Tim Geithner School of Wall Street Hubris to Head Regulation at the Fed Wall Street On Parade

Biden Has Nominated a Man from the Sandy Weill/Robert Rubin/Tim Geithner School of Wall Street Hubris to Head Regulation at the Fed
In addition to being a law professor at the University of Michigan, Michael Barr also holds the title as the “Joan and Sanford Weill Dean of Public Policy at the University of Michigan’s Gerald R. Ford School of Public Policy.” The Ford School sits in a building called the Joan and Sanford Weill Hall, which was given that name as the result of a $5 million donation from the Weills. To anyone who hasn’t been in a coma since the Wall Street crash of 2008 –

04/20/22

Homeowner Beliefs and Fears Drive Losses in Court Living Lies

Homeowner Beliefs and Fears Drive Losses in Court
There is no “YES”. There are many people who get angry with me for ascribing some blame to the homeowners themselves for the toxic economic environment and the judicial environment resulting in the victimization of homeowners.

04/19/22

MERS and the problem of false agency Living Lies

MERS and the problem of false agency
Since the beginning of this century, The initial transaction with homeowners was the product of multiple layers of paperwork, most of which were neither identified nor accessed by consumers or their professional advisers. * Here is the deal:

04/18/22

A mortgage giant crunched 47 years of housing data. Here's what it found Inman

A mortgage giant crunched 47 years of housing data. Here's what it found
The new Fannie Mae Home Price Index aims to capture a broader picture of the housing market. What it found was the fastest annual pace of home price growth in nearly half a century

04/18/22

Notices To and From Servicer Might Mean Nothing at All Living Lies

Notices To and From Servicer Might Mean Nothing at All
In homeowner finance, ALL claims start with notices from third parties with whom the homeowner has previously had no communication. My suggestion is that homeowners start challenging those letters, statements, and notices as soon as they arrive. Such challenges make “tracks in the sand” for later use in litigation.

04/17/22

MAAPL for Housing Justice—$60K for Grace’s 60th! MAAPL.org

MAAPL for Housing Justice—$60K for Grace’s 60th!

Hi Everyone, Grace Ross here. I’m honored that the Mass Alliance Against Predatory Lending is celebrating my 60th birthday with a $60,000 fund raiser for the amazing work to bring justice to… everyone, really, in the US, given our country’s historically high rate of foreclosures.
Ever since I was a kid, my birthday candle wish was always about everyone having a home. That seemed just a reasonable and necessary thing — every human being should have a safe place to rest their head. Giving now will help reach that dream.
So, here I am today — working with MAAPL’s amazing, diverse leadership. If we succeed in this fight for justice, we’ll accomplish something never done before in US history: return vast stolen wealth and land. This foreclosure crisis — the worst since the one that fed the American Revolution— was started by the lenders. For the first time in history, after the Civil Rights Movement’s fights winning and ending the use of law to deny people of color the ability to own their home. Redlining and what was known as reverse redlining were outlawed. (This was where the few people of color who could get mortgages were given mortgages that were what is now called “doomed to foreclose”) And, for the first time, women got out from under needing their husband’s credit for a mortgage.
Those streams of folks came into being able to get a mortgage under the law to own their home only to find themselves targeted by the same reverse redlining practices. Those practices were sufficiently successful by the end of the 1990s that the lending industry started applying them to white folks – primarily working class white men – as well.
Foreclosure has affected every walk of life. We can now prove bank practices are not only civilly illegal, but usually criminally too. After 13 years of fighting, MAAPL is poised to turn this tide. How? With enough organizing and legal staff to blow away the prejudiced lie that people ”bought too much house” — most mortgages were targeted refinances, loans guaranteed to lose the home.
Join our online Celebration & Virtual Fundraiser with music, stories of hope and hard earned wins, plus the plan to bring the wealth home. #Black/Brown Wealth Matters
How? With your help. MAAPL needs $60,000 to hire organizing staff. Will you donate to make history with us?
Our movement also is looking for $360,000 in investment money for my birthday —a whole different way to contribute— for huge, multi-party, legal cases. Be in touch with me, Grace and I can connect you with this transformative and handsome investment opportunity.
And thanks for the honor, everyone.

04/16/22

State fund helps homeowners Record Eagle

State fund helps homeowners
TRAVERSE CITY — Hundreds of Michigan homeowners have already applied for grants to cover financial hardships brought on by the pandemic, and Traverse City has become the latest partner to the Michigan Homeowners Hardship Assistance Fund.

04/15/22

Preserving the Property Preservation Space DS News

Preserving the Property Preservation Space
Kerry Medel is Client Relationship Manager for Brookstone Management LLC, a nationwide firm specializing in preserving and maintaining vacant, pre-foreclosure, and REO assets.

04/15/22

Don’t wait until the end: Interlocutory appeals succeed where the issues are narrow Living Lies

Don’t wait until the end: Interlocutory appeals succeed where the issues are narrow
Aggressive litigation means basically that the lawyer or pro se litigant uses every tool in the box to force the opposition onto its heels or out of the courtroom. Each state has its own rules and laws governing interlocutory appeals.

04/14/22

Calif. AG encourages COVID-impacted reverse mortgage borrowers to seek relief Reverse Mortgage Daily

Calif. AG encourages COVID-impacted reverse mortgage borrowers to seek relief
Rob Bonta, the attorney general for the state of California, issued an alert this week to encourage more of the state’s residents to avail themselves of the California Mortgage Relief Program that includes assistance for forward and reverse mortgage borrowers who have been financially impacted by the economic effects of the COVID-19 coronavirus pandemic.

04/14/22

Hawaii Court of Appeals - Bank of N.Y. Mellon v. Colton, 146 Haw. 577 (2020) -- More evidence of judicial bias in US state courts? Scott Stafne

Hawaii Court of Appeals - Bank of N.Y. Mellon v. Colton, 146 Haw. 577 (2020) -- More evidence of judicial bias in US state courts?
OPINION OF THE COURT BY WADSWORTH, J. Defendant/Counterclaim Plaintiff-Appellant Mary Lee Colton (Colton) appeals from the judgment entered on February 10, 2017, by the Circuit Court of the Third Circuit (Circuit Court)1Link to the text of the note pursuant to Hawai'i Rules of Civil Procedure (HRCP) Rule 54(b) (February 10, 2017 ...read more

04/14/22

Capital Markets, eClosing, Borrower Intelligence, Automation Products; Fannie and Freddie Relentless Changes Mortgage News Daily

Capital Markets, eClosing, Borrower Intelligence, Automation Products; Fannie and Freddie Relentless Changes
It’s Thursday. What should we talk about today? Elon Musk’s bid for Twitter? How about the jump in adjustable-rate locks as evidenced by the MBA’s figures? (Are your LOs well-versed in them?) Their share of applications last week was at 7.4 percent, which was the highest share since June 2019. How about this unique measure of wage inflation?

04/13/22

Take Charge America Offers Arizona Residents Free Rent & Mortgage Counseling, Guidance in Qualifying for $25,000 in Mortgage Assistance Business Wire

Take Charge America Offers Arizona Residents Free Rent & Mortgage Counseling, Guidance in Qualifying for $25,000 in Mortgage Assistance
-Arizonans facing foreclosure, eviction or struggling to pay their mortgage or rent can receive one-on-one housing counseling services from nonprofit agency Take Charge America, including the possibility of qualifying for up to $25,000 in mortgage assistance through the state’s Homeowner Assistance Fund.

04/13/22

Candidates for Office and Lawyers for Consumers Are Missing the Brass Ring Living Lies

Candidates for Office and Lawyers for Consumers Are Missing the Brass Ring
We need to elect candidates who run on an anti-bank platform. That means getting to them when they are just sorting out whether they will run or when they first start running. Any message that ties current day-to-day problems for citizens to the banks will resonate.r

04/11/22

Law Practices at Foreclosure Mills Could Lead to Prosecution Living Lies

Law Practices at Foreclosure Mills Could Lead to Prosecution
I doubt if it comes as any real surprise to the many law firms that quickly organized to file claims against consumers — especially homeowners. But the money was just too good to turn it down. In an article in the New York Law Journal by Jason Grant, he reveals that Attorney General Letitia James sued a law firm for

04/11/22

Fannie Mae announces title insurance shake up Housing Wire

Fannie Mae announces title insurance shake up
In a selling guide announcement released last week, Fannie Mae announced that it would be accepting written opinion letters from an attorney in lieu of a title insurance policy “in limited circumstances.”

04/08/22

CFPB’s appeal to Ocwen suit off to a rough start Housing Wire

CFPB’s appeal to Ocwen suit off to a rough start
U.S. Court of Appeals ruled that most complaints against servicer are barred because of 2014 consent order The Consumer Financial Protection Bureau’s attempt to revive a mortgage servicing misconduct lawsuit against Ocwen Financial Corp. is in choppy waters.

04/08/22

40-yr, Jumbo, Co-op, Audit, Credit, Homebuyer Tools; Freddie and Fannie Program News Mortgage News Daily

40-yr, Jumbo, Co-op, Audit, Credit, Homebuyer Tools; Freddie and Fannie Program News
The risk-free 2-year Treasury began 2022 yielding .73 and is now at 2.52 percent! Does your company offer 2-1 buydown loans? Do your LOs even know what a 2-1 buydown loan is? (If they don’t, bring them up to speed internally or through a program like XINNIX.) Things are changing.

04/07/22

RON is here to stay – Here’s what you need to know Housing Wire

RON is here to stay – Here’s what you need to know
Remote Online Notarization is a hot topic in the real estate title industry for good reason. An ALTA Vendor Survey showed that RON transactions increased by 547% from 2019 to 2020. While the pandemic thrust RON into the mainstream of the industry,

04/07/22

Compliance priorities on the horizon for 2022 ABA

Compliance priorities on the horizon for 2022
Predicting the new year’s compliance developments is easier in some years than others. In some years, a large piece of legislation (such as Dodd-Frank) must be implemented by regulators and the year (or in Dodd-Frank’s case, several years) will be dominated by new proposals and regulations to sort out.

04/07/22

Fannie and Freddie issue guidance implementing foreclosure hold for HAF applicants Consumer Finance Monitor

Fannie and Freddie issue guidance implementing foreclosure hold for HAF applicants
As previously reported, the Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac will require servicers to suspend foreclosure activities for up to 60 days if the servicer has been notified that a borrower has applied for assistance from the Treasury Department’s Homeowner Assistance Fund (HAF).

04/07/22

How Evidence Works for and Against the Consumer/Homeowner Living Lies

How Evidence Works for and Against the Consumer/Homeowner
It is easy to get lost in the weeds. Don’t make up your own words or definitions because your definitions have no relevance to your case. Do hold the accusing side to their words and to the legally accepted definitions of those words as contained in statutes and cases.

04/06/22

DannLaw, Zimmerman Law Offices file class action against Wells Fargo, say bank discriminated against Black borrowers The Dann Law Firm

DannLaw, Zimmerman Law Offices file class action against Wells Fargo, say bank discriminated against Black borrowers
-- Claiming that Wells Fargo has engaged in a “…pervasive pattern and practice of placing Black Americans at a disadvantage in comparison to White Americans with respect to their applications for mortgage loans,” attorneys from DannLaw and the Zimmerman Law Offices filed a class action lawsuit against the giant bank in the United States District Court for the Eastern District of New York on Tuesday, April 6, 2022.

04/06/22

Why it is important that it is not PennyMac or Ocwen etc. (It’s usually Fiserv) Living Lies

Why it is important that it is not PennyMac or Ocwen etc. (It’s usually Fiserv)
The biggest problem for nearly everyone viewing these pages is that besides the legal and financial jargon, the concepts are difficult to understand. So I keep getting questions and comments that basically amount to “So what” What difference does it make whether the named servicer is performing those functions or it is someone else?”

04/05/22

Why the UCC Matters in Foreclosure Cases Living Lies

Why the UCC Matters in Foreclosure Cases
The problem as illustrated by many scholarly articles and articles on this blog is that courts are given to treat plaintiffs and claimants as holders in due course without anyone asking them to do so.

04/04/22

After reaching historic lows, the foreclosure pipeline is starting to fill Inman

After reaching historic lows, the foreclosure pipeline is starting to fill
Although the numbers remain below historical levels, ‘it’s not going to be a surprise when we see the foreclosure numbers starting to rise,’ according to Daren Blomquist of Auction.com

04/04/22

Helping borrowers hold mortgage servicers accountable CFPB

Helping borrowers hold mortgage servicers accountable
On Monday, the Consumer Financial Protection Bureau (CFPB) filed a friend-of-the-court (“amicus”) brief in McCoy v. Wells Fargo Bank, N.A., a case in which two mortgage borrowers sued their loan servicer for refusing to answer their questions about their loans.

04/04/22

Mortgage Payment to Income Ratio Getting Into Pre-Meltdown Territory Mortgage News Daily

Mortgage Payment to Income Ratio Getting Into Pre-Meltdown Territory
Black Knight's latest Mortgage Monitor report was released this morning and it provided more timely insight on home price appreciation than last week's home price indices (HPIs) from FHFA and S&P Case-Shiller. The Mortgage Monitor's price data covers February whereas the other HPIs were limited to January.

04/03/22

The Morrises are now up at the Mass. SJC: to be HEARD, this MONDAY, 040422 at about 10:30am (time is not exact). MAAPL.org

The Morrises are now up at the Mass. SJC: to be HEARD, this MONDAY, 040422 at about 10:30am (time is not exact).
HSBC Bank USA v. MorrisSJC-13191 View Docket
Webcast Home Page

Summary: Mortgage Foreclosure-- This is a challenge to an eviction action after a mortgage foreclosure claiming that the underlying loan was predatory.

This is our first chance to show the Massachusetts Supreme Judicial Court that it needs to stand up for the people of Massachusetts, especially the people of color and communities with a higher percentage of people of color who were targeted for the illegal, predatory, and, in fact, “prohibited” discriminatory loans that the industry across the board has rampantly engaged in.

We have all been horrified by what the Massachusetts Supreme Judicial Court did to Alton King and said was ok to be done to everybody similarly situated. That is, anybody who is “post foreclosure” and needs fees waived to be able to fight for their rights in our courts can be denied. (Although we are fighting that in the lower courts and getting there… )

We have an opportunity to show the SJC that we are watching and that they need to do the right thing. Please put THIS Monday on your calendar.

We are still checking if observers can be in the Courtroom itself BUT that would be the most impressive. If you can’t make it OR we find out we can’t witness in person PLS plan to watch - we will figure out a way to let the court know how many people are watching!

Webcast Home Page
They need to know how many people are watching and how many people are going to be paying attention to whether they choose the people of Massachusetts over the mega-banks or not and whether they start the process of reparations and healing that we have a Constitutional right to.
Much love, Grace
MAAPL.org

04/03/22

UNCOVERED: A Greenwood judge auctioned foreclosed properties. His wife and children bought dozens. Index-Journal

UNCOVERED: A Greenwood judge auctioned foreclosed properties. His wife and children bought dozens.
Once a month, investors across the state turn up to the local seat of government looking for a bargain on real estate. On a Monday morning in Greenwood, they form a loose circle beside the big windows in the courthouse’s mid-century lobby, awaiting a chance to buy properties away from owners who can’t afford them anymore.

04/01/22

You Don’t Need to Call a Forensic Investigator as an Expert: He or she can be called as a fact witness thus avoiding any requirements to qualify an expert. Living Lies

You Don’t Need to Call a Forensic Investigator as an Expert: He or she can be called as a fact witness thus avoiding any requirements to qualify an expert.
I keep getting messages from homeowners who are furious with the corrupt system of the courts because they tried to call a witness to testify as an expert and they failed. Calling an expert means you must fulfill numerous requirements. One of them, the threshold question, is whether an expert is even needed.

04/01/22

NY Modifies Foreclosure Provisions JDSupra

NY Modifies Foreclosure Provisions
Effective immediately, New York S.B. 7698 has amended foreclosure requirements for residential mortgages by adding clarification that any complaint served in a proceeding initiated on a residential mortgage covering a one to four family dwelling must contain the affirmative allegation that at the time the proceeding is commenced (for loans governed by section six-l or six-m of the banking law) the plaintiff has complied with section six-l or six-m of the banking law. The bill further clarified that it shall be a defense to an action to foreclose a mortgage if a lender violates any provision of section six-l or six-m of the banking law or section thirteen hundred four of the Real Property Actions & Proceedings Law, for loans governed by these provisions.

03/31/22

It’s the small stuff that reveals the fraud Living Lies

It’s the small stuff that reveals the fraud
Several contributors to the blog have identified specific information regarding the true owner and operator of physical mail addresses used in connection with correspondence, statements, and notices sent out under the letterhead of some company that is claimed to be a servicer.

03/29/22

HMDA: The top 10 FHA lenders by volume in 2021 Housing Wire

HMDA: The top 10 FHA lenders by volume in 2021
Freedom Mortgage Corp. takes the top spot, originating $25.5 billion worth of FHA loans

03/29/22

Geoff Walsh of National Consumer Law Center (NCLC) publishes very informative article regarding foreclosure Living Lies

Geoff Walsh of National Consumer Law Center (NCLC) publishes very informative article regarding foreclosure
Almost everyone writing articles about consumer finance, mortgage loans, and servicing is now in agreement that there are viable meritorious defenses for the consumer. True, they are not obvious to the casual observer, which is part of the problem.

03/28/22

Gary Dubin on the Attack in California: Simple Truths About Foreclosure Defense Living Lies

Gary Dubin on the Attack in California: Simple Truths About Foreclosure Defense
Dubin reports that the status of judicial consensus in California is pretty much the way it was before he entered the battle in Hawaii. I think he is starting to change that with inventive ways to educate the courts and give them pause before they rubber-stamp another foreclosure.

03/25/22

So do I owe the money or not? Living Lies

So do I owe the money or not?
I think that the best answer you can give is no, there is not any money owed. You can only “go there” (money owed) if you describe the transaction as a loan. But every loan has some basic common sense characteristics or attributes:
There is no other reason or intent to give the consumer any money.
The transaction is legal — i.e., it complies with all federal and state laws, rules, and regulations governing lending and servicing.
The transaction creates a loan account reflected on the general ledger of the lender as an asset receivable.
The lender has an actual risk of loss if scheduled payments are not received.
The lender has funded the transaction by using its own assets or its own credit, wherein the lender is liable for repayment of the funds loaned to the lender.
The lender owns the loan account receivable when the transaction cycle is complete.
The lender’s business plan is to earn a profit through repayment of the loan together with interest and other fees or, as is frequently asserted, the profit is earned through the sale of the loan.
If the loan originated with the intent to sell it in the secondary market, the intent is to receive payment in exchange for a conveyance of the underlying obligation.

03/25/22

Financial assistance program helps homeowners affected by pandemic Upper Michigans Source

Financial assistance program helps homeowners affected by pandemic
MARQUETTE, Mich. (WLUC) - If you are a homeowner that has been affected by the pandemic, there may be financial aid available for you. It’s no secret the pandemic has impacted us in many ways, including our money. However, the Michigan State Housing Development Authority (MSHDA) is offering some relief for homeowners.

03/25/22

'It’s a feeling of security' | Charlotte organization helps prevent foreclosures and keep families in their homes WCNC

'It’s a feeling of security' | Charlotte organization helps prevent foreclosures and keep families in their homes
CHARLOTTE, N.C. — Losing your home to foreclosure can be a traumatic event. That is why one organization is committed to helping families keep the roof over their heads. Plants fill every room of army veteran, Leon Grier’s East Charlotte home. “The greens really help relax me when I come out and look out the window, look at my pond,” Grier said.

03/24/22

Why we are still living with lies Living Lies

Why we are still living with lies
Nobody realized that investment securities brokers were seeking to convert themselves into a printing press for hypothetical money. They were allowing investment banks to securitize imagination. Any hypothetical event, movement or data can be securitized. Anything can be an asset class just because some investment bank says so.

03/23/22

These 3 Charts Strongly Suggest the U.S. Stock Market Has an Invisible Hand Propping It Up Wall Street On Parade

These 3 Charts Strongly Suggest the U.S. Stock Market Has an Invisible Hand Propping It Up
As someone who has watched trading screens for the past 36 years, it’s pretty easy to spot a fake market. As the charts below indicate, there is an invisible hand (or hands) pushing this stock market up when it should be plunging. The likely suspects are U.S. Treasury Secretary Janet Yellen’s Plunge Protection Team

03/23/22

About that “servicer” Living Lies

About that “servicer”
If you refer to the company that has been named as the “servicer” for your “loan”, as your servicer or your lender, you are already wrong. Regardless of what company is named as “servicer”, it is not receiving any payment that you have ever directed to them or any predecessor company that was designated as “Servicer” (most likely by a FINTECH company operating under license, and acting for an investment bank that does NOT own any indebtedness owed by you to anyone. The big “tell” is that their “Payment History” lacks any reference to disbursements.

03/22/22

Bankruptcy Dollar Amounts Going Up NCLC

Bankruptcy Dollar Amounts Going Up
Bankruptcy Code § 104(b) provides that the exemption amounts and other dollar figures in the Code are automatically adjusted for inflation every three years. The adjustments are based on changes to the Consumer Price Index for All Urban Consumers published by the Dept. of Labor, rounded to the nearest $25. New dollar amounts take effect on April 1, 2022, and will apply to all cases filed on or after that date.

03/22/22

Challenging SPS on a WAMU Origination Living Lies

Challenging SPS on a WAMU Origination
The underlying obligations had long since been eliminated by the process of securitization. But by not reporting the elimination of the loan account receivable, Wall Street has been able to maintain the illusion that they still exist.

03/21/22

If you don’t know how to read between the lines, you miss everything Living Lies

If you don’t know how to read between the lines, you miss everything
So in a minor release, you have the following, trumpeting the legal prowess of the Orrick firm, representing Credit Suisse and its subsidiary DLJ. A lawsuit was filed purportedly on behalf of U.S. Bank seeking to enforce repurchase obligations that DLJ had issued and which Credit Suisse would be required to honor if they were valid.

03/21/22

The Bank Foxes are Guarding the SEC Chicken Coop! Living Lies

The Bank Foxes are Guarding the SEC Chicken Coop!
If anything is crystal clear today, it is that there is no federal or state government agency that is going to help the consumer or specifically homeowners. In this re-publish of an article by RICHARD BOWEN, the complicity of the SEC in adding and abetting securitization illusions and delusions is readily apparent.

03/20/22

Federal Open Market Committee Raises Interest Rates As The Country Recovers From The Covid-19 Pandemic. Fed Plan 6 More Rate Increases MFI-Miami

Federal Open Market Committee Raises Interest Rates As The Country Recovers From The Covid-19 Pandemic. Fed Plan 6 More Rate Increases
The Federal Open Market Committee of the Federal Reserve raised interest rates for the first time in four years. Thus, marking an end to the easy money that gave rise to the hottest mortgage market in American history. The Federal Open Market Committee was predicted to raise the federal funds rate by 25 basis points. The FOMC designed the move to slow the pace of inflation by increasing the cost of mortgage borrowing. Inflation hit 7.9% for the year that ended in February. It is unknown if it slows the frenetic pace of a housing market with historically low supply.

03/19/22

Foreclosures are on the rise. Here’s what that says about the housing market Market Watch

Foreclosures are on the rise. Here’s what that says about the housing market
In January there was a seven-fold increase in foreclosure starts as compared to December, with roughly 33,000 loans referred to foreclosure, according to a report from mortgage data and analytics company Black Knight. What’s more, data from real estate data analytics firm ATTOM Data Solutions revealed that lenders repossessed 2,634 U.S. properties through completed foreclosures in February 2022, which is an increase of 70% from last year (though it’s still down 45% from last month).

03/18/22

Fla. R. Civ. P. 1.115 Conflicts with F.S. 679.203 Living Lies

Fla. R. Civ. P. 1.115 Conflicts with F.S. 679.203
F.S. 679.203: a security interest is not enforceable against the debtor or third parties with respect to the collateral and does not attach unless: … (b) Value has been given… [e.s.] Fla. R. Civ. P. 1.115:

03/17/22

JP Morgan Settles with Manhattan DA for “Hypothetical” Data reports and Fraudulent Lending Practices Living Lies

JP Morgan Settles with Manhattan DA for “Hypothetical” Data reports and Fraudulent Lending Practices
Once consumers and homeowners get it out of their head that they were not paid as part of a loan transaction and instead they were paid for participating in an undisclosed securities scheme, they will easily see that the money paid to them, coupled with a promise to pay it back, was a ruse in which the homeowner got paid only temporarily, offset by an even larger liability (including interest and fees).

03/17/22

The Fed’s Lack of Transparency Is Harming the Dollar as the World’s Reserve Currency Wall Street On Parade

The Fed’s Lack of Transparency Is Harming the Dollar as the World’s Reserve Currency
Yesterday, it was widely reported in the business press that Saudi Arabia is considering pricing its oil deals with China in China’s own currency, the Yuan, rather than in U.S. Dollars, which is the currency of choice for the bulk of the global oil trade. While it should be noted that this talk has been making headlines for the past four years without actually coming to fruition, the U.S. should stop taking the respected status of the Dollar for granted.

03/16/22

Mortgage demand falls as interest rates surge to multiyear highs CNBC

Mortgage demand falls as interest rates surge to multiyear highs
A sharp jump in mortgage rates last week soured demand from both current homeowners and potential homebuyers, causing mortgage applications to drop. With rates now back on the expected upward trajectory, following a brief drop at the start of the Russian invasion of Ukraine, mortgage volume is likely to fall further in the coming weeks.

03/16/22

The Fog of War Is Providing a Smoke Screen for Trading Losses at a Dangerously Unreformed Wall Street Wall Street On Parade

The Fog of War Is Providing a Smoke Screen for Trading Losses at a Dangerously Unreformed Wall Street
We received an email alert from the House Financial Services Committee last Sunday indicating that its Subcommittee on Investor Protection, Entrepreneurship and Capital Markets will hold a hearing on March 30 titled: “Oversight of America’s Stock Exchanges: Examining Their Role in Our Economy.” You can file that hearing under too little, too late.

03/16/22

QWR: How to use RESPA Living Lies

QWR: How to use RESPA
RESPA is a consumer protection statute that regulates the real estate settlement process, including loan servicing and assignments. 12 U.S.C. § 2601(a). In 2010, RESPA was amended pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203, 124 Stat. 1376 (2010), which, among other things, added provisions governing the way in which federal mortgage loan servicers responded to requests for information (“RFIs”) or assertions of error from borrowers. Dodd-Frank also created the CFPB, which is responsible for promulgating rules and regulations implementing RESPA.

03/15/22

Why Consumers (Homeowners) Don’t Owe the Money Living Lies

Why Consumers (Homeowners) Don’t Owe the Money
Any lawyer can win these cases by simply challenging the basic premises of the action, to wit: the existence, status, and ownership of the presumed loan account. there is no experience of default by any creditor. That means that the declaration of default is false. And that means that the conditions precedent to foreclosure are absent. This is the sticking point that derails most defense narratives.

03/14/22

Using the Homeowner Assistance Fund program to help borrowers prevent foreclosure CFPB

Using the Homeowner Assistance Fund program to help borrowers prevent foreclosure
As of March 1, 2022, over 768,000 mortgage borrowers remain in active forbearance. Many of these consumers are seriously delinquent and at risk of foreclosure unless they receive loss mitigation assistance from their servicers. The CFPB remains focused on preventing avoidable foreclosures to the maximum extent possible and expects mortgage servicers to do the same.

03/14/22

Uptick In Foreclosures? Fraudulent Transfers? Clouded Titles Blog

Uptick In Foreclosures? Fraudulent Transfers?
Years ago, when this author wrote Clouded Titles (his second work, which followed The Credit Restoration Primer, now in its 5th edition), now in its Mayday Edition, he set up an alert in his Google system settings to detect any reference to the phrase Mortgage Electronic Registration Systems, Inc.

03/14/22

The Queer World of Foreclosures Coupled with Fake claims of Servicing Living Lies

The Queer World of Foreclosures Coupled with Fake claims of Servicing
Hat tip to Miles on this first one. A 2020 Sarasota, Florida Judgment illustrates the deep gaps between reality and fantasy in today’s world of foreclosure. This one is about a claimant (Plaintiff) named the “LSF11 Master Participation Trust” (more on that later) which is no more real than the infamous LSF9 Master Participation Trust.

03/11/22

Miami Judge Beatrice Butchko Kicked Off Foreclosure Case For Holding Mortgage Servicer And Their Lawyers Accountable MFI-Miami

Miami Judge Beatrice Butchko Kicked Off Foreclosure Case For Holding Mortgage Servicer And Their Lawyers Accountable
The Florida 3rd DCA has kicked a Miami Judge Beatrice Butchko off a foreclosure case. They also made the unusual move of barring her from considering an order to show cause. The proposed show cause order alleges Bank of New York Mellon and others associated with the case committed perjury. The appeals court said the case began as a straightforward mortgage foreclosure. However, it transformed into an ever-escalating battle that no longer resembles its original form.

03/11/22

Help available for Collier County residents facing foreclosure, eviction, housing instability Gulf Shore Business

Help available for Collier County residents facing foreclosure, eviction, housing instability
Collier County is expanding its scope to help more residents who are struggling to pay rent, mortgage or utilities. The county has allocated $7 million of the American Rescue Plan Act funds toward lessening the housing affordability issue. Qualifications include proof of income between 81% and 140% area median income (AMI), Collier County residency and financial strain during COVID-19.

03/11/22

New York Amends Contact Requirements for Certain Delinquent Borrowers JDSupra

New York Amends Contact Requirements for Certain Delinquent Borrowers
A&B ABstract: On February 24, Governor Kathy Hochul signed into law Assembly Bill 8771 (2022 N.Y. Laws 48), amending single point of contact requirements for certain delinquent borrowers. What changes does the measure require for servicer protocols?

03/11/22

Wells Fargo Rejected Half Its Black Applicants in Mortgage Refinancing Boom Bloomberg

Wells Fargo Rejected Half Its Black Applicants in Mortgage Refinancing Boom
When Mauise Ricard III paid a $560.43 application fee to Wells Fargo & Co. on Valentine’s Day in 2020 to refinance his mortgage on a four-bedroom brick colonial in a leafy suburb of Atlanta, he had every reason to expect an easy ride.

03/11/22

Oregon Case Directly Corroborates My Analysis of Business Record Exception to Hearsay Living Lies

Oregon Case Directly Corroborates My Analysis of Business Record Exception to Hearsay
The bottom line and the importance of this analysis is that the basis for any claim in foreclosure is the enforcement of an unpaid debt and the proof of its existence and status, along with the proof of a default.

03/11/22

Citigroup, Goldman Sachs and JPMorgan Are in the Hot Seat: Sever Cozy Ties with Russia or Earn the Wrath of U.S. and EU Clients Wall Street On Parade

Citigroup, Goldman Sachs and JPMorgan Are in the Hot Seat: Sever Cozy Ties with Russia or Earn the Wrath of U.S. and EU Clients
Russia began its brutal invasion of Ukraine on February 24. Two days later the European Commission, U.S., U.K. and Canada announced sweeping sanctions, which have grown in granular details since then. By early this week, hundreds of corporations with the most famous brands in the world had announced that they were closing their stores in Russia, or ceasing to ship their products there, or severing joint business operations in a rebuke to Russia’s illegal war in Ukraine.

03/10/22

Florida’s foreclosure rate 2nd highest in U.S. WFLA

Florida’s foreclosure rate 2nd highest in U.S.
TAMPA, Fla. (WFLA) — Across the whole of the United States, foreclosures increased 11% from January. The state with the highest number of foreclosures was California, but Florida wasn’t far behind at No. 2, according to ATTOM, a real estate analyst company.

03/10/22

Barbarians at the Gate – In Russia and on Wall Street Wall Street On Parade

Barbarians at the Gate – In Russia and on Wall Street
This morning Kremlin spokesman Dmitry Peskov told reporters on a conference call that the economic sanctions imposed on Russia by the West were “absolutely unprecedented.” He went on to say that those sanctions made it “very hard to forecast anything.”

03/10/22

And for all those naysayers who assert “impossibility” of defense Living Lies

And for all those naysayers who assert “impossibility” of defense
Consider the recent success of Attorney Gary Dubin who just sent me a court order involving a California case he filed against the foreclosure and securitization players. He survived demurrer, received an order declaring the case to be “complex” and he successfully argued for a jury trial.

03/09/22

Verification of Foreclosure Complaints Is Also Fictional Living Lies

Verification of Foreclosure Complaints Is Also Fictional
Anyone who reads my blog knows that I have repeatedly asserted one fundamental rule. If you are going to attack the basis of the claim against a homeowner, you need to start very early. If you don’t, both of the allegations and the implied allegations will become baked into the case. That will give rise to inferences of fact and presumptions of law that can kill any later defense.

03/08/22

Mortgage Delinquency Rate Falls to 20-Year Low DS News

Mortgage Delinquency Rate Falls to 20-Year Low
According to CoreLogic, the nation’s delinquency rate in the U.S. in December 2021 hit its lowest recorded point since at least January 1999, as found in its monthly Loan Performance Insights Report.

03/07/22

The Big Question on Wall Street Is Which Banks Owe $41 Billion on Credit Default Swaps on Russia Wall Street On Parade

The Big Question on Wall Street Is Which Banks Owe $41 Billion on Credit Default Swaps on Russia
There is a known $41 billion in Credit Default Swaps (CDS) on Russian debt. There is likely many billions more in unknown amounts. There are also billions more in Credit Default Swaps on state-owned Russian corporate debt and non state-owned Russian corporate debt.

03/07/22

Fictional Financial Characters We Think Are Real: Donald Duck is your creditor and Pluto is your servicer. Living Lies

Fictional Financial Characters We Think Are Real: Donald Duck is your creditor and Pluto is your servicer.
Reno, Nevada. In 2009, 16 banks hired 16 highly prominent law firms to take deposition testimony from an expert on the process of securitizing debt. He had been named as an expert witness in a class-action lawsuit against MERS (Mortgage Electronic Registration Systems, Inc., MERSCorp etc — actually three distinct entities, one of which, the main one whose name used as a billboard in foreclosures, has no assets, no employees, and nothing to do).

03/04/22

What you don’t know can hurt you. Who is an “Issuer?” Living Lies

What you don’t know can hurt you. Who is an “Issuer?”
No default (no loss) means no claim. No claim means no remedy. intrepid souls are wandering into the weeds trying to find out what it means that PennyMac Mortgage Investment Trust (PMIT) is referred to as an approved issuer of “securities.” The short answer is that none of it is true. PMIT does not own nor has it paid for any aspect of any debt, note or mortgage. What it issues as “Securities” is completely irrelevant to the instruments signed by the homeowner.

03/03/22

Pro Bono: How to find your case today Jacksonville Daily Record

Pro Bono: How to find your case today
There are many ways to get involved in providing pro bono services in our community, from reaching out directly to a legal services provider, working with a voluntary Bar association and participating in outreach events. Another way to find the right case or event for you is to check out the Florida Pro Bono Matters website at floridaprobonomatters.org.

03/04/22

What you don’t know can hurt you. Who is an “Issuer?” Living Lies

What you don’t know can hurt you. Who is an “Issuer?”
No default (no loss) means no claim. No claim means no remedy. intrepid souls are wandering into the weeds trying to find out what it means that PennyMac Mortgage Investment Trust (PMIT) is referred to as an approved issuer of “securities.” The short answer is that none of it is true. PMIT does not own nor has it paid for any aspect of any debt, note or mortgage. What it issues as “Securities” is completely irrelevant to the instruments signed by the homeowner.

03/02/22

Russian money flows through U.S. real estate NBC

Russian money flows through U.S. real estate
As President Joe Biden vows to punish Russia with financial sanctions by seizing yachts, mansions and other assets, members of the real estate community and lawmakers are skeptical about how successful he’ll be at getting access to the money Russians have been pouring into real estate for decades.

03/01/22

The Mediation Strategy Living Lies

The Mediation Strategy
The two things most overlooked by most lawyers for homeowners in litigation are discovery demands (and enforcement) and mediation. These strategies bring the real issue to the early attention of the court — that the opposition is unable or unwilling to produce the corroborating evidence that the lawyer wants the court to simply presume to be true.

03/01/22

Mortgage rates plunge just as home prices set another record CNBC

Mortgage rates plunge just as home prices set another record
Mortgage rates are sinking as markets contend with the ramifications of Russia’s attack on Ukraine, and that means home prices are likely to continue surging. The average rate on the popular 30-year fixed mortgage had risen close to a full percentage point from the start of this year up until last Friday, when it hit 4.18%, according to Mortgage News Daily. It then fell to 4.04% Monday and 3.9% on Tuesday. That is the largest two-day drop since March 2020, the start of the pandemic.

03/01/22

Appendix H to Part 1026 — Closed-End Model Forms and Clauses CFPB

Appendix H to Part 1026 — Closed-End Model Forms and Clauses
Interactive Bureau Regulations 12 CFR Part 1026 (Regulation Z) THIS VERSION IS THE CURRENT REGULATION

02/26/22

Vindication Comes In Small Packages Clouded Titles

Vindication Comes In Small Packages
The reason for the article on vindication is due to recent events occurring within a court case in the State of Kansas in the U.S. District Court, Wichita Division, where the Osceola County Forensic Examination was cited, under protest, with a motion to strike made by attorneys for the Bank of New York Mellon, which was denied by the Court. This means the Osceola County Forensic Examination sticks as evidence in the case. Needless to say, the lawyers for BONY Mellon were not happy. The Amended Complaint is shown below:
IN THE UNITED STATES DISTRICT COURT DISTRICT OF KANSAS CARLOS E. MORAL and ) JULIE K. MORAL, ) ) Plaintiffs, ) ) v. ) Case No. 6:21-cv-01070-HLT-TJJ
) PHH MORTGAGE CORPORATION; ) OCWEN LOAN SERVICING, LLC; ) BANK OF NEW YORK MELLON ) TRUST COMPANY, NATIONAL ) ASSOCIATION; and INDECOMM ) HOLDINGS, INC. d/b/a INDECOMM ) GLOBAL SERVICES, ) ) Defendants. ) ) FIRST AMENDED COMPLAINT

02/25/22

ELDERLY HOMEOWNER FIGHTING FOR HER LIFE IN UNLAWFUL FORECLOSURE Ed Valejo

ELDERLY HOMEOWNER FIGHTING FOR HER LIFE IN UNLAWFUL FORECLOSURE
79 YEAR OLD ELDERLY HOMEOWNER FIGHTING FOR HER LIFE IN UNLAWFUL FORECLOSURE IN CALIFORNIA AGAINST U.S. BANK TRUST, N.A. AND ATTORNEYS: WRIGHT, FINLAY & ZAK, LLP. 4665 MACARTHUR COURT, SUITE 200 NEW PORT BEACH, CA 92660 TEL: (949) 477-5050 FAX: (949) 608-9142 They have been reported to the California BAR and the DFPI: Eunju Chagolla (she/her/hers), CFE, CPA Financial Institutions Manager, Debt Collectors Licensing California Department of Financial Protection & Innovation www.dfpi.ca.gov DFPI regulations@dfpi.ca.gov Fax to (213) 897-8860

02/25/22

It’s starting again. Foreclosures on the rise and everyone is “surprised.” Living Lies

It’s starting again. Foreclosures on the rise and everyone is “surprised.”
Homeowners have always legally and morally been entitled to bargain for and share in the infinite profits generated by securitization. So far they have received nothing. Homeowners have never been in default because to be in default there must be a lender, successor lender or creditor who has paid value for an unpaid underlying obligation due from the homeowner. No such party exists in the world of Wall Street “innovation.”

02/24/22

CFPB Initiative to Address Home Valuations DSNews

CFPB Initiative to Address Home Valuations
The Consumer Financial Protection Bureau (CFPB) recently outlined options to ensure that computer models used to help determine home estimates are accurate and fair. The options will now be reviewed to determine their potential impact on small businesses.

02/24/22

New housing program in Orange County helping homeowners fight foreclosure 12 News Now

New housing program in Orange County helping homeowners fight foreclosure
The Texas Department of Housing and Community Affairs launched the program statewide this week. A new program that's part of the American Rescue Plan will help homeowners across Texas who are in trouble. “If you have delinquent taxes, this would be your help. and I would encourage anybody who can to take advantage of this,” said Orange County tax assessor Karen Fisher. She said the Texas Department of Housing and Community Affairs launched the program statewide this week.

02/24/22

Illinois has $250 million to prevent a wave of COVID-related foreclosures Chicago Business

Illinois has $250 million to prevent a wave of COVID-related foreclosures
As new foreclosure filings surge, the state housing agency is offering up to $30,000 to homeowners who are still delinquent on payments because of COVID-related job losses.

02/24/22

Vacant Properties Trend Downward While Foreclosure Starts Surge Sevenfold National Mortgage Professional

Vacant Properties Trend Downward While Foreclosure Starts Surge Sevenfold
Vacant properties are inching downward in the first quarter of 2022, while foreclosure starts have surged sevenfold in January. KEY TAKEAWAYS

02/23/22

Court tosses Sacramento’s mortgage-lending lawsuit against Wells Fargo. Here’s why Sacramento Bee

Court tosses Sacramento’s mortgage-lending lawsuit against Wells Fargo. Here’s why
A lawsuit Sacramento launched against Wells Fargo three years ago over alleged discriminatory lending is ending without compensation to the city or to people who bought homes with expensive and risky loans. Read more at: https://www.sacbee.com/news/equity-lab/article258270123.html#storylink=cpy

02/23/22

Fannie Mae’s February Forecast Revises Nearly Everything Mortgage News Daily

Fannie Mae’s February Forecast Revises Nearly Everything
Fannie Mae’s economists have again stepped up their expectations for the Fed’s response to escalating inflation. A 7.5 percent annual increase in the January Consumer Price Index (CPI), a 40-year high, prompted Fannie’s Economic & Strategic Research (ESR) Group to raise its forecast for a March increase in the Fed funds rate from 25 basis points to 50.

02/23/22

Mortgage applications drop to lowest level in over 2 years CNBC

Mortgage applications drop to lowest level in over 2 years
Climbing mortgage rates are hitting both potential homebuyers and refinance candidates. Total mortgage applications decreased 13.1% last week to the lowest level since December 2019, according to the Mortgage Bankers Association. Applications to refinance dropped 15% weekly and were 56% lower than one year ago.

02/23/22

How much can a lawyer help a homeowner in distress? Living Lies

How much can a lawyer help a homeowner in distress?
have repeatedly stated that to get traction in the uphill battle of defending property from unlawful foreclosure claims, you need a lawyer. Being right is not enough. The playbook of your opposition is based almost entirely on outlasting you. This is because of loopholes the pleading rules and preapproved pleading forms for foreclosure. But how much good can the lawyer do? The answer is a lot if you start early.

02/22/22

Homeowners should unite in collective action not just for themselves but for all consumers who think they are paying off a loan Living Lies

Homeowners should unite in collective action not just for themselves but for all consumers who think they are paying off a loan
One very interested reader has corresponded with me about the unwillingness of the courts to act properly — and I agree with her. She cites many improper moves like what is being upheld their bad decisions and misconduct…holding cases without jurisdiction, meeting in the judge chambers, making deals with the attorney, allowing a case or cases when the party has answered the complaint and the other party did not and a counterclaim filed and judge ignores,

02/22/22

The Fed Just Added Short-Selling and Margin Loans to Its List of Trading Restrictions for Fed Officials – Opening a Big Can of Worms Wall Street On Parade

The Fed Just Added Short-Selling and Margin Loans to Its List of Trading Restrictions for Fed Officials – Opening a Big Can of Worms
On October 21 of last year, when the Fed originally announced its list of trading restrictions that it planned to impose on Fed officials, it made no mention of restricting its officials from short-selling (making bets on a decline in price) or preventing Fed officials from trading on margin. But when the Fed announced its finalized rules last Friday, “short sales or purchasing securities on margin” were added to the list of prohibitions. Why do we find that noteworthy? Because

02/21/22

Who Serves More People of Color in Mortgage Lending: Banks or Nonbanks? Urban Wire

Are the Big 4 Accounting Firms Focused on their Public Duty or Optimizing their Payday?
Part of a series of civil rights laws, the Community Reinvestment Act (CRA) was passed in 1977 to fight explicitly racist redlining policies. The CRA requires federal bank regulators—the Office of the Comptroller of the Currency, the Federal Reserve, and the Federal Deposit Insurance Corporation—to evaluate the performance of banks and thrifts to determine how well each meets “the credit needs of its entire community, including low- and moderate-income neighborhoods.” Independent mortgage banks and credit unions—or nonbanks—are not subject to the CRA.

02/21/22

WHICH MAINSTREAM MEDIA NEWS OUTLET WILL BE FIRST TO REPORT EVIDENCED JUDICIAL TREASON VIOLATIONS IN THE FIRST CIRCUIT FEDERAL COURT? Mohan Harrihar

WHICH MAINSTREAM MEDIA NEWS OUTLET WILL BE FIRST TO REPORT EVIDENCED JUDICIAL TREASON VIOLATIONS IN THE FIRST CIRCUIT FEDERAL COURT?
To All Referenced Mainstream Media Outlets, Please be advised, the attached LEGAL NOTICE, officially filed with the US Court of Appeals (1st Circuit) on February 20, 2022, documents

02/21/22

Are the Big 4 Accounting Firms Focused on their Public Duty or Optimizing their Payday? Wall Street On Parade

Are the Big 4 Accounting Firms Focused on their Public Duty or Optimizing their Payday?
Editor’s Note: Auditors have come under a harsh light over their failure to detect massive frauds over the past two decades. The Big 5 are now the Big 4 as a result of Arthur Andersen’s audit failures with the energy company, Enron. Despite the sagging reputations of the remaining Big 4, conflicts of interest continue to pervade this profession. This is the news beat of Francine McKenna, a CPA, veteran financial reporter and now an independent journalist writing for Substack. In the article below, McKenna provides an overview of where things stand today and profiles three recent cases of Big 4 audit failures:

02/18/22

Banks Sink – Throwing More Cold Water on All That Talk that Megabanks Are a Great Investment Wall Street On Parade

Banks Sink – Throwing More Cold Water on All That Talk that Megabanks Are a Great Investment
There are apparently stock-picking analysts across Wall Street pumping out buy recommendations on stocks to the public who have never cast their eyes on those chilling derivative charts published quarterly by the Office of the Comptroller of the Currency. If the analysts had cast their eyes on those charts, the last thing they would be recommending right now are megabank stocks. We’re talking specifically about JPMorgan Chase, Goldman Sachs, Citigroup, Bank of America and Morgan Stanley, which, together, control approximately 90 percent of the hundreds of trillions of dollars (notional/face amount) in derivatives held by all 4,900 banks and bank holding companies in the U.S. We’re also talking about the foreign banks that are significant derivative counterparties to these and other banks — such as Deutsche Bank, Credit Suisse, Nomura and Barclays.

02/17/22

Murphy adds $10M to program that helps homeowners avoid foreclosure New Jersey Monitor

Murphy adds $10M to program that helps homeowners avoid foreclosure
Gov. Phil Murphy is allocating $10 million in federal COVID funds to a state program aimed at preventing foreclosures. The state Housing and Mortgage Finance Agency will use the dollars from the federal American Rescue Plan to offer financial assistance to some homeowners facing foreclosure and renovate and sell properties left vacant.

02/17/22

FBI Raids and Subpoenas Have Been Occurring on Wall Street. What’s Up? Wall Street On Parade

FBI Raids and Subpoenas Have Been Occurring on Wall Street. What’s Up?
Yesterday, the Wall Street Journal dropped the bombshell that the Justice Department has been conducting raids on prominent short-sellers, including Muddy Waters’ Carson Block and Andrew Left of Citron Research. The Journal reported that the Justice Department “has seized hardware, trading records and private communications….”

02/17/22

Think Lenders are Not Liable? Think again! Dallas case illustrates the point Living Lies

Think Lenders are Not Liable? Think again! Dallas case illustrates the point
On September 23, 2021, a bankruptcy court in Dallas handed down a 145-page ruling in Bailey Tool & Mfg. Co. v. Republic Bus. Credit, LLC (In re Bailey Tool & Mfg. Co.), 2021 Bankr. LEXIS 3502 (Bankr. N.D. Tex. 2021), provided its answers to some of these questions, offering a cautionary tale of the potential consequences of a court viewing lender loan recovery conduct as overly aggressive behavior in a distressed situation.

02/16/22

Legal Aid Assists Struggling Homeowners with Foreclosure Prevention and Mortgage Relief Legal Aid Foundation of Santa Barbara County

Legal Aid Assists Struggling Homeowners with Foreclosure Prevention and Mortgage Relief
Across the county, financial hardships have either been created or exacerbated by the COVID-19 pandemic. For homeowners who experienced reductions in income due to hardships like illness or job loss, paying their mortgage has been difficult. In response, the federal government allocated funds to create the California Mortgage Relief Program,

02/16/22

Robo-signing? Yes it is still going on (especially at Chase). That means that consumers are being sued for debts they don’t owe. Living Lies

Robo-signing? Yes it is still going on (especially at Chase). That means that consumers are being sued for debts they don’t owe.
Why robo signing? Because there is no creditor to sign it. And that is because there is no unpiad loan account on the accounting ledger of any company. There are just payment histories. You will never see disbursements to creditors from”servicers.” There are no unpaid accounts because everyone gets paid thorugh the sales of multiple levels of securities, the proceeds of which pay everyone in the securitization scheme far more than they ever paid the consumer as a “loan.”

02/16/22

Follow the Money Behind Senator Pat Toomey and His Boycott of the Vote on Fed Nominees Wall Street On Parade

Follow the Money Behind Senator Pat Toomey and His Boycott of the Vote on Fed Nominees
Yesterday, Senator Pat Toomey (R-PA), the Ranking Member of the Senate Banking Committee, orchestrated a boycott among his Republican colleagues on the Committee. Republicans refused to attend the scheduled vote at 2:15 p.m. yesterday for President Biden’s nominees to serve on the Federal Reserve. Without the presence of Republicans, the Committee lacked a quorum and could not vote.

02/15/22

ASSEMBLY BILL NO. 2170 California Legislature

ASSEMBLY BILL NO. 2170
An act to add Section 2924p to the Civil Code, relating to foreclosure. LEGISLATIVE COUNSEL'S DIGEST AB 2170, as introduced, Grayson. Residential real property: foreclosure sales.

02/15/22

Since the Fed Announced It Was “Tapering” Last November, It’s Actually Added $332 Billion in Liquidity with New Debt Security Purchases Wall Street On Parade

Since the Fed Announced It Was “Tapering” Last November, It’s Actually Added $332 Billion in Liquidity with New Debt Security Purchases
If you’re wondering why inflation is running hotter than it has in 40 years and why St. Louis Fed President James Bullard has broken with protocol and is openly criticizing the Fed on television for falling behind the curve on inflation, here’s a key part of that story.

02/15/22

The Payment History is not the Loan Account. Only the Loan Account Can show the Balance. If there is no Loan Account receivable on the Accounting Ledger there is no Balance. If there is no Balance there is no Balance Due. Living Lies

The Payment History is not the Loan Account. Only the Loan Account Can show the Balance. If there is no Loan Account receivable on the Accounting Ledger there is no Balance. If there is no Balance there is no Balance Due.
The problem starts with the Homeowner, who thinks that because he or she applied for a loan, they received it. This assumption is completely unfounded. The law is mostly procedural and logical. It requires building a foundation for a fact to be accepted as true. If there is no foundation, there is no fact. Every case I have ever won has been based on a lack of foundation.

02/14/22

Why the SEC Needs to Regulate Falsely Labeled “Mortgage Backed Securities” Living Lies

Why the SEC Needs to Regulate Falsely Labeled “Mortgage Backed Securities”
The SEC should be regulating these transactions because the investment banks are evading regulation through claiming an exemption that defines their financial product as a private contract and not a security subject to regulation by the agency. But they still label the financial product as a “mortgage backed security.” It does not take a legal genius to know that they can’t have it both ways. Either it is a security or it is not.

02/14/22

Fannie Mae to Transition the Transfer Agent / Certificate Registrar / Paying Agent Role on Single-Family REMIC Residuals Fannie Mae

Fannie Mae to Transition the Transfer Agent / Certificate Registrar / Paying Agent Role on Single-Family REMIC Residuals
Fannie Mae will be transitioning the Transfer Agent/ Certificate Registrar / Paying Agent role from U.S. Bank to Common Securitization Solutions (CSS), LLC for real estate mortgage investment conduit (REMIC) residuals ultimately backed by Single-Family MBS pools and on all remaining Single-Family MBS definitive pools. The transition is currently scheduled to become effective March 1, 2022. CSS will engage J.P. Morgan Chase to assist in its Paying Agent role.

02/12/22

FEBRUARY 12, 2022 – BANK MUST PROVE AMOUNTS DUE AND OWING (TO A PENNY) Torrens Law Group

FEBRUARY 12, 2022 – BANK MUST PROVE AMOUNTS DUE AND OWING (TO A PENNY)
In foreclosure cases, don’t forget that the bank must not only prove a loan default and legal standing to foreclose, but must also prove the amounts due and owing to be entitled to a judgment of foreclosure. Keep in mind that if you are going to challenge the amounts due and owing, you should be specific and attack specific amounts the bank is claiming.

02/11/22

Court decision redefines covered errors in mortgage servicer loss mit National Mortgage News

Court decision redefines covered errors in mortgage servicer loss mit
A Second Circuit decision, Naimoli v. Ocwen Loan Servicing, issued in January, now provides that a loan servicer’s errors in handling a loss mitigation application are covered errors relating to the servicing of the mortgage — an important distinction under the Real Estate Settlement Procedures Act (RESPA) and its implementing regulation, Regulation X, 12 C.F.R. § 1024.35. The ruling could have a chilling effect on loss mitigation and may open the door to new damages claims by borrowers.

02/11/22

CHILDREN LED STREET THEATER, IN PROTEST OF EVICTIONS AND FORECLOSURES DigiBoston

CHILDREN LED STREET THEATER, IN PROTEST OF EVICTIONS AND FORECLOSURES
A group of students will be gathering to raise awareness about keeping families in their homes. According to a media release, on Feb. 13, at 1 p.m., fifth graders involved in Boston Workers Circle and youth from City Life/Vida Urbana “will speak out to stop non-emergency evictions and foreclosures in the pandemic

02/11/22

Did a mortgage holder violate the Homeowner Bill of Rights (HBOR) by foreclosing when the property owner rejects an offer for a trial loan modification plan? First Tuesday Journal

Did a mortgage holder violate the Homeowner Bill of Rights (HBOR) by foreclosing when the property owner rejects an offer for a trial loan modification plan?
Billesbach v. Specialized Loan Servicing LLC Facts: An owner defaults on the mortgage on their home. The mortgage holder initiates foreclosure proceedings without first discussing foreclosure alternatives. The owner files a complaint under the California Homeowner Bill of Rights (HBOR) alleging the mortgage holder violated the HBOR by failing to conduct a pre-foreclosure workout.

02/11/22

The Fed Responds to Report that Fed Chair Powell Traded During FOMC Blackout Periods Wall Street On Parade

The Fed Responds to Report that Fed Chair Powell Traded During FOMC Blackout Periods
A Fed spokesperson has provided Wall Street On Parade with a detailed response to our article yesterday, which documented that trades were made in accounts in which Fed Chair Jerome Powell had a financial interest during a Federal Open Market Committee (FOMC) meeting in 2015 and another in 2019.

02/10/22

Foreclosure Activity Highest Since Pandemic Began Realtor Magazine

Foreclosure Activity Highest Since Pandemic Began
Completed foreclosures have reached their highest level since March 2020. Foreclosure filings, which include default notices, scheduled auctions, or bank repossessions, jumped by 29% in January over December and are up by 139% compared to a year ago, according to the January 2022 U.S. Foreclosure Market Report, released by ATTOM Data Solutions.

02/10/22

Activist Group Reports that Fed Chair Powell Traded During FOMC Restricted Periods: We Fact-Checked It and It’s True Wall Street On Parade

Activist Group Reports that Fed Chair Powell Traded During FOMC Restricted Periods: We Fact-Checked It and It’s True
An anonymous activist group called Occupy the Fed reported in a Substack article on Sunday that Fed Chair Jerome Powell traded on the final day of a Federal Open Market Committee (FOMC) meeting on April 29, 2015, when he was a Fed Governor, and also on the final day of an FOMC meeting on December 11, 2019, when he was Fed Chair.

02/09/22

Foreclosure Defense and Complaint for Abuse of Process or Wrongful Foreclosure: Almost nobody understands the concept of splitting the note and mortgage. Living Lies

Foreclosure Defense and Complaint for Abuse of Process or Wrongful Foreclosure: Almost nobody understands the concept of splitting the note and mortgage.
The reason that certain words are used separately in legal forums is that the legal system has created separate definitions and functions for each such term. The following terms, usually used interchangeably in and out of court has caused most of the confusion and the opportunity to create and pursue false claims:

02/09/22

Jerome Powell’s Term as Fed Chair Ended Last Saturday. The Senate Has Not Reconfirmed Him. What’s Up? Wall Street On Parade

Jerome Powell’s Term as Fed Chair Ended Last Saturday. The Senate Has Not Reconfirmed Him. What’s Up?
At 3:00 p.m. last Friday, the Federal Reserve quietly released the following statement: “The Federal Reserve Board on Friday named Jerome H. Powell as Chair Pro Tempore, pending Senate confirmation to a second term as Chair of the Board of Governors. The action, effective February 5, enables him to continue to carry out his duties as Chair after the expiration of his term on the same day, and while the confirmation process is underway.

02/08/22

Kentucky assistance fund launched to help homeowners avoid foreclosures Whas11

Kentucky assistance fund launched to help homeowners avoid foreclosures
KENTUCKY, USA — Gov. Andy Beshear has launched a federally backed assistance fund that’s aimed at helping pandemic-affected homeowners avoid foreclosure. The program is funded through $85.4 million in federal American Rescue Plan Act funds that the state received to protect homeowners impacted by COVID-19. The governor launched the program Monday along with the Kentucky Housing Corp. Under the program, qualifying homeowners can visit the website to apply for up to $35,000 in assistance.

02/08/22

Jamie Dimon Lands in the Cross Hairs of Senate Banking Committee Chair Sherrod Brown Wall Street On Parade

Jamie Dimon Lands in the Cross Hairs of Senate Banking Committee Chair Sherrod Brown
As Wall Street On Parade, two trial lawyers, the U.S. Department of Justice, the Senate’s Permanent Subcommittee on Investigations and one of the bank’s former lawyers have suggested, the largest bank in the United States, JPMorgan Chase, has enshrined crime as a business model.

02/08/22

Wading through the difference between substantive claims or theories and the procedural opportunities to present them Living Lies

Wading through the difference between substantive claims or theories and the procedural opportunities to present them
A recent exchange of correspondence from a good client of mine (one of the legacy cases I am still directly litigating) produced questions and answers that mirror literally hundreds of inquiries I receive every week. I offer the following as guidance to both lawyers and clients.

02/08/22

Like it or not, desktop appraisals are here to stay Housing Wire

Like it or not, desktop appraisals are here to stay
Industry stakeholders take wait and see approach to desktop appraisal option, to start in March

02/08/22

Fannie Mae settles foreclosure discrimination case affecting Dayton, others for $53M Dayton Daily News

Fannie Mae settles foreclosure discrimination case affecting Dayton, others for $53M
A leading source of mortgage financing has agreed to pay $53 million to settle a lawsuit claiming the institution treated foreclosed homes in communities of color less favorably than in predominantly white neighborhoods, in the Dayton region and dozens of other metro areas.

02/07/22

Fannie Mae pays $53M to settle recession-era discrimination suit Housing Wire

Fannie Mae pays $53M to settle recession-era discrimination suit
The sum is the largest settlement for REO maintenance discrimination

02/07/22

Western Progressive LLC is named as Trustee or even Attorney on many forms, notices and recorded documents in foreclosures. Who is this Luxembourg LLC and Why do all paths lead back to Ocwen? Living Lies

Western Progressive LLC is named as Trustee or even Attorney on many forms, notices and recorded documents in foreclosures. Who is this Luxembourg LLC and Why do all paths lead back to Ocwen?
why such a company would ever be seen as a qualified party to (a) serve as a trustee on a deed of trust (b) make any claims whatsoever and (c) allow its name to be used by FINTECH service providers operating under contract with Merrill Lynch and its “successor” Bank of America.

02/05/22

Complaint Filed With the Mass. AGO Mohan Harrihar

Complaint Filed With the Mass. AGO
Evidenced RICO/COLLUSION VIOLATIONS involving the Massachusetts Office of the Attorney General (MA AGO) and Boston law firm - NELSON MULLINS RILEY & SCARBOROUGH, LLP. The Boston firm previously served as retained legal counsel to Bank Defendants - WELLS FARGO, US BANK and CITIGROUP in the ongoing $42B Federal lawsuit - HARIHAR v US BANK et al (Docket No. 15-cv-11880, US District Court, Boston, MA).

02/04/22

NJ bill would turn foreclosed homes into affordable housing, keep families in their homes NorthJersey.com

NJ bill would turn foreclosed homes into affordable housing, keep families in their homes
To ensure that housing nonprofits purchasing foreclosed homes commit to transforming blighted structures into affordable housing, lawmakers amended a foreclosure bill in committee Thursday. Under A793, New Jersey would make it easier for family members or low-income buyers to purchase foreclosed homes by removing barriers in sheriffs sales.

02/04/22

NYC-area homeowners among the most vulnerable to foreclosure in the US: study NY Post

NYC-area homeowners among the most vulnerable to foreclosure in the US: study
Homeowners in the New York City metropolitan area are among the most vulnerable to foreclosure nationwide as middle-class wage earners struggle to keep up with surging housing costs, according to a report.

02/03/22

Wells Fargo Bank Illegal Foreclosure of 15 W. Spring St., Alexandria, VA American Legal News

Wells Fargo Bank Illegal Foreclosure of 15 W. Spring St., Alexandria, VA
The home was illegally foreclosed on in March of 2018 It was an illegal Foreclosure - Here are the documents to prove it: It has been stated in court by Lawyers from Troutman Pepper Hamilton Sanders for Wells Fargo Bank that they owned the loan and foreclosed on it- But, Wells Fargo Bank in taped conversations with owner Janice Wolk Grenadier deny that and put it in writing directly to the Court and in a Notarized letter:

02/03/22

Residents demand action on COVID-19 housing equity bill Lowell Sun

Residents demand action on COVID-19 housing equity bill
WESTFORD — Residents from across Massachusetts and representatives from the Homes For All Massachusetts coalition gathered at First Parish Church United Monday to draw attention to the state’s housing crisis. Focused primarily on the COVID-19 Housing Equity Bill, also known as “An act to prevent COVID-19 evictions and foreclosures and promote an equitable housing recovery,”

02/03/22

When Repos Blew Up in 2019, Hedge Funds Were $800 Billion Short U.S. Treasury Futures; Then Margins Blew Out Wall Street On Parade

When Repos Blew Up in 2019, Hedge Funds Were $800 Billion Short U.S. Treasury Futures; Then Margins Blew Out
New details have emerged to provide a fuller picture of the turmoil that was taking place in the dark corners of markets when the overnight repo market blew up on September 17, 2019 and the Fed had to run to the rescue with trillions of dollars in cumulative loans that went on for months.

02/02/22

“Payment History” is not the loan receivable account Living Lies

“Payment History” is not the loan receivable account
The payment history is not the loan receivable account by definition and it is never presented as such. Failure to recognize this obscure fact often results in failure. But those who do understand it, raise their chances of a successful defense from unlikely to very likely.

02/02/22

New Book Takes a Hard Look at How Hedge Funds Have Designed Trades to Tap into the Fed’s Money Spigot Wall Street On Parade

New Book Takes a Hard Look at How Hedge Funds Have Designed Trades to Tap into the Fed’s Money Spigot
As we reported on Monday, there’s a new book out from Simon & Schuster with the provocative title: The Lords of Easy Money: How the Federal Reserve Broke the American Economy. The book, written by bestselling author Christopher Leonard, is sprinkled with eye popping revelations – particularly in

02/01/22

New Questions Emerge: Is the New York Fed Working for the American People or the Wall Street Banks that Own It? Wall Street On Parade

New Questions Emerge: Is the New York Fed Working for the American People or the Wall Street Banks that Own It?
Adding to a very long laundry list of questions about exactly whom the New York Fed serves, is the help-wanted ad that was posted four days ago. The ad is for a Financial Planning & Analysis Expert to work at the New York Fed’s headquarters in lower Manhattan. One part of the job description is this: “modelling of potential investment opportunities.”

02/01/22

Tax Forms Are Routinely Used to Convince Homeowners That They Have a LoanAccount Living Lies

Tax Forms Are Routinely Used to Convince Homeowners That They Have a LoanAccount
I receive information from many different sources. I analyze that information for relevance, materiality, and utility in connection with Foreclosure Defense. One of the things that has been brought to my attention by a contributor is the erroneous conclusion that is reached by homeowners when they receive tax forms from the “servicer.”

02/01/22

Virtual Loan Accounts and Virtual Creditors Have Now Graduated to Virtual Land and Virtual Mortgages Living Lies

Virtual Loan Accounts and Virtual Creditors Have Now Graduated to Virtual Land and Virtual Mortgages
Some people are going to lose a great deal of money because they pledged real money for fake land and fake mortgage loans. It has already been happening in the lending marketplace under fake claims of securitization.

01/31/22

What is a Qualified Written Request (QWR)? CFPB

What is a Qualified Written Request (QWR)?
A Qualified Written Request, or QWR, is written correspondence that you or someone acting on your behalf can send to your mortgage servicer. Instead of a QWR, you can also send your servicer a Notice of Error or a Request for Information.

01/31/22

Use of QWR and DVL is extremely important in counteracting the tracks laid down by securitization that fake a contractual relationship with the homeowner Living Lies

Use of QWR and DVL is extremely important in counteracting the tracks laid down by securitization that fake a contractual relationship with the homeowner
If you are not willing to challenge the basic assumptions of the loan or debt, then you probably should not even start any challenge or defense. If you are willing to do that you will probably win or force the “dark side” into a settlement that you find favorable to your interests.

01/31/22

Lancaster County program aims to help families at risk for foreclosure WGAL

Lancaster County program aims to help families at risk for foreclosure
LANCASTER COUNTY, Pa. — It's the job of the Lancaster County Court of Common Pleas to handle foreclosure cases when homeowners no longer pay their mortgage. Those cases often end with the bank selling the home to get the money owed. Foreclosures are expected to go up this year because of the pandemic, but a new program is working to keep families in their homes.

01/30/22

MAAPL

MAAPL Call-In NOW! Friday, January 28th (and leave messages on weekend if needed)

Reverse Foreclosures’ Injuries &
Tell the Judiciary Committee report out Anti-foreclosure bills! Your voice gets results! Call your state Representative & Senator.
Also call Judiciary Committee Co-Chairs Senator Jamie Eldridge (617-722-1120) and Representative Michael Day (617-722-2396)
Ask them to favorably report out of their committee:

  • · S/952/H1717: Moratorium on Non-Judicial Foreclosure
  • · S1065/H1615: Foreclosure Review Division
  • · H1807: Real Estate Title Protection Act

Make focused & important calls today* to get our bills reported out favorably.
Here’s what you do:
If you don’t know who your representative or senator is, go to WhereDoIVoteMa.com. Type in your address. It will tell you whom your state Senate and Representatives are and their phone numbers.
For each of the 4 calls, what do I say? Leave the message below (Legislator’s offices may be empty but staff check phones regularly):
“Hello, my name is . I live in name of your town.
Please favorably report out each of these bills:
S/952/H1717: A Moratorium on Non-Judicial Foreclosure. Non-judicial foreclosure of residential property leads to civil and criminal violations. We need a moratorium on it and require pre-foreclosure mediation instead. Lynn had a 97% success rate resolving the city’s foreclosures via mediation.
S1065/H1615: Foreclosure Review Division. This court is needed to fix the rampant illegalities non-judicial foreclosure produces. Few judges k now this area of law well. They must be located in a special court division where homeowners can go for justice.
H1807: Real Estate Title Protection Act: homeowners must rely solely on documents recorded in the Registries of Deeds for accurate information. It requires the real party in interest be named as mortgagee, creates filing deadlines, modernizes fines in related criminal statutes and requires monthly mortgage statements to inform homeowners for the first time not only the mortgage servicer, but mortgagee and note-owner.
Please, as my Legislator/Judiciary Chair, will you get these three bills reported out favorably?
Thank you.”
  • Once in every two-year session of our state Legislature, the laws that we are proposing (“Bills”) must get reported out of the committees that they were assigned to by a certain deadline or they are essentially dead for the 2-year session. That deadline is the middle of next week.

When you have finished calling the 2 co-chairs and your Representative and Senator, e-mail Grace Ross, MAAPL coordinator. Tell her who your Legislators are and that you asked them get RETPA reported favorably out of the Judiciary Committee: maaplinfo@yahoo.com

01/29/22

2022 NCLC Consumer Protection Federal Priorites NCLC

2022 NCLC Consumer Protection Federal Priorites
To achieve economic justice for low-income and other disadvantaged people and to address the racial and economic inequality that the pandemic has made so apparent, we need major changes in federal consumer protections. The steps listed are common-sense reforms rooted in basic fairness that will fight fraud and help keep consumers in their homes, cars, and jobs so they can invest their wages in their local businesses and communities.

01/29/22

EVIDENCED RICO/COLLUSION VIOLATIONS INVOLVING MASSACHUSETTS OFFICE OF THE ATTORNEY GENERAL AND NELSON MULLINS RILEY & SCARBOROUGH, LLP Mohan Harrihar

EVIDENCED RICO/COLLUSION VIOLATIONS INVOLVING MASSACHUSETTS OFFICE OF THE ATTORNEY GENERAL AND NELSON MULLINS RILEY & SCARBOROUGH, LLP
01-29-2022 BREAKING NEWS (BOSTON, MA): As the campaign for Massachusetts Governor begins, voters are reminded of the evidenced RICO/COLLUSION VIOLATIONS involving the Massachusetts Office of the Attorney General (MA AGO) and Boston law firm - NELSON MULLINS RILEY & SCARBOROUGH, LLP. The Boston firm previously served as retained legal counsel to Bank Defendants - WELLS FARGO, US BANK and CITIGROUP in the ongoing $42B Federal lawsuit - HARIHAR v US BANK et al (Docket No. 15-cv-11880, US District Court, Boston, MA).

01/28/22

Column: The housing crisis is not over Lawrence Eagle Tribune

Column: The housing crisis is not over
As we enter a new year amid a new COVID surge, tens of thousands of renters and homeowners are at risk of losing their homes — an unacceptable trauma for our families and communities. As a nonprofit community development corporation, Lawrence CommunityWorks (LCW), develops affordable housing and helps local families build the assets and skills they need to thrive. Since the pandemic began,

01/27/22

Why It’s Time for Foreclosure Tech Innovation Housing Wire

Why It’s Time for Foreclosure Tech Innovation
Collateral valuation is a critical component of mortgage lending and the home sales With the federal foreclosure moratorium expiring in 2022, the market will undoubtedly see growth in foreclosure transactions as it tries to catch up on both past and present loans. The return to working foreclosure is a perfect opportunity for those in the industry, whether on the servicing or legal side, to examine ways to improve efficiencies, stay compliant and keep up with demand.

01/27/22

A Government Study Shows that Wall Street Megabanks Have Dramatically Shifted their Derivative Exposure to Corporations Wall Street On Parade

A Government Study Shows that Wall Street Megabanks Have Dramatically Shifted their Derivative Exposure to Corporations
The last thing a volatile stock market needs right now is more surprises from the dark corners of Wall Street. Unfortunately, we can guarantee you that more surprises are coming in the way of uncleared derivatives blowing up on the balance sheets of publicly-traded corporations.

01/27/22

Complaint to CFPB — En Masse! Living Lies

Complaint to CFPB — En Masse!
I think everyone should send a complaint to the CFPB as follows: * Like millions of other homeowners, I have been trying to get one simple answer to one simple question: What is the current status of any unpaid loan account receivable due from me? And for years we have all failed to get any response that answered the question. Here is yet another example of how that question is evaded.

01/26/22

HUD AWARDS $1.4 MILLION TO SUPPORT HOUSING COUNSELING PROGRAMS IN NEW JERSEY Insider NJ

HUD AWARDS $1.4 MILLION TO SUPPORT HOUSING COUNSELING PROGRAMS IN NEW JERSEY
Awards provide HUD-approved housing counseling agencies and intermediaries with funding to maintain and expand critical services for the nation’s renters, homebuyers, and homeowners. WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) on Monday awarded $51.4 million in housing counseling grants to 177 HUD-approved housing counseling agencies and intermediary organizations.

01/26/22

If you want to win the defense of a foreclosure case, STOP AND THINK! Living Lies

If you want to win the defense of a foreclosure case, STOP AND THINK!
it is the failure to contest every element of every piece of correspondence, notice, or pleading that produces the “inevitable” result. People like to talk about the corruption of the courts and maybe they are right to a certain extent. Court bias is a problem. But a good part of that problem comes from the lack of proper litigation in defense of bogus claims.

01/26/22

Wells Fargo Deal Paying $12 Million for Mortgage Errors Approved Bloomberg Law

Wells Fargo Deal Paying $12 Million for Mortgage Errors Approved
Software error denied loan changes since 2013, plaintiffs say Affected loan borrowers to get up to $19,000 Wells Fargo agreed to pay $12 million to more than 1,800 mortgage borrowers to resolve litigation alleging a calculation error in the bank’s software wrongly assessed their eligibility for loan modifications, according to a settlement agreement approved by an Ohio federal court. The deal will provide $9.1 million to class members with the remainder going to pay attorneys’ fees and costs, the U.S. District Court for the Southern District of Ohio said Tuesday. Each class member will receive between $1,000 to $19,000 under the deal

01/25/22

The REMIC and “Servicer” LIE Living Lies

The REMIC and “Servicer” LIE
see https://www.fhfa.gov/SupervisionRegulation/LegalDocuments/Documents/Litigation/FHFA_v_JP_Morgan_Complaint.pdf In a complaint filed on September 2, 2011, the Federal Housing Finance Association alleged the following: A mortgage servicer is necessary to manage the collection of proceeds from the mortgage loans. The servicer is responsible for collecting

01/25/22

Federal Agency Censors Names of Banks in a Bombshell Study on Wall Street’s Dangerous Derivatives Wall Street On Parade

Federal Agency Censors Names of Banks in a Bombshell Study on Wall Street’s Dangerous Derivatives
The Office of Financial Research (OFR) is the federal agency created under the Dodd-Frank financial reform legislation of 2010. Its role is to provide early warnings to U.S. bank regulators and the public of systemic risks that threaten U.S. financial stability, so that another 2008-style Wall Street crisis can never again devastate the U.S. economy.

01/24/22

N.J. rolls out new COVID relief program for homeowners facing foreclosure WHYY

N.J. rolls out new COVID relief program for homeowners facing foreclosure
New Jersey Gov. Phil Murphy on Monday announced a relief program for homeowners facing foreclosure or displacement because of the coronavirus pandemic.

01/24/22

ready, AIIM, fire! How investment banks use AI to simulate communication between homeowners and US Bank, N.A. Living Lies

ready, AIIM, fire! How investment banks use AI to simulate communication between homeowners and US Bank, N.A.
IT IS ALL SIMULATION, SMOKE, MIRRORS AND LIES. YOU DON’T OWE THE DEBT THEY CLAIM YOU OWE. THEY OWE YOU MONEY. see also https://livinglies.me/2017/02/03/us-bank-business-rent-a-name-trustee/ AIIM is not a misspelling. The Association for Intelligent Information Management (AIIM), founded as

01/21/22

JPMorgan’s Board Made Jamie Dimon a Billionaire as the Bank Rigged Markets, Laundered Money, and Admitted to Five Felony Counts Wall Street On Parade

JPMorgan’s Board Made Jamie Dimon a Billionaire as the Bank Rigged Markets, Laundered Money, and Admitted to Five Felony Counts
Yesterday’s headline making the rounds was that JPMorgan Chase’s Board had given its Chairman and CEO, Jamie Dimon, a pay raise to $34.5 million for 2021 that was 10 percent more than 2020.

01/21/22

Court authorizes class action against Carrington over servicing fees Housing Wire

Court authorizes class action against Carrington over servicing fees
Plaintiffs claim servicer violated Maryland's statutes by illegally charging $5 for monthly payments online or by phone

01/21/22

Missouri: Good New$ For “lenders” is bad new$ for “borrowers” Living Lies

Missouri: Good New$ For “lenders” is bad new$ for “borrowers”
Missouri law has long upheld properly conducted foreclosure sales, even if the sale price seems unusually low. In good news for lenders, and indeed for all parties to a sale, another court of appeals has rejected a borrower’s effort to overturn this policy and upheld a challenged foreclosure sale.

01/20/22

State announces settlement with hundreds of mortgage loan originators” The Telegraph

State announces settlement with hundreds of mortgage loan originators
On Wednesday, the Illinois Department of Financial and Professional Regulation and financial regulatory agencies from 42 other states announced settlements with 441 mortgage loan originators nationwide who the agencies say falsely claimed to have completed annual continuing education as required under state and federal law. Twenty-three of the loan originators hold licenses in Illinois.

01/20/22

Fannie Mae Forecasts a “Return to 'New' Normal” Mortgage News Daily

Fannie Mae Forecasts a “Return to 'New' Normal”
Fannie Mae’s Economic & Strategic Research (ESR) Group writes that it expects 2022 to be a year “of transition for both the economy and the housing market.” While it hedges its bet as to whether COVID-19 will end any time soon, it expects the market and policy choices driven by the pandemic to be gradually be replaced by more typical pre-COVID economic and housing patterns.

01/20/22

The End of New York’s Foreclosure Moratorium JDSupra

The End of New York’s Foreclosure Moratorium
The hardship stays provided under New York’s COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 (EEFPA) officially ended on January 15, 2022. The EEFPA was the legislature’s response to protect New Yorkers affected by a financial hardship caused by the COVID-19 pandemic from the threat of immediate foreclosure or eviction.

01/20/22

Institutional Bias Must End For the Sake of Society Living Lies

Institutional Bias Must End For the Sake of Society
I have been inundated by emails and comments from people who are frustrated by the apparent futility of challenging claims whose success depends solely and entirely on the ability of the lawyer for a designated claimant to outlast their targets — i.e. consumers of fake debt products.

01/20/22

Is Citigroup Under Orders from Its Regulators to Break Itself Up? Wall Street On Parade

Is Citigroup Under Orders from Its Regulators to Break Itself Up?
The last thing that Fed Chairman Powell needs in his second term are the sleazy details of the Fed’s trading scandal being released by investigators and to have to bail out the same megabank that Fed Chair Bernanke secretly bailed out from December 2007 through at least mid-July 2010. Obviously, we’re talking about Citigroup.

01/19/22

A Nomura Document May Shed Light on the Repo Blowup and Fed Bailout of the Gang of Six in 2019 Wall Street On Parade

A Nomura Document May Shed Light on the Repo Blowup and Fed Bailout of the Gang of Six in 2019
There are numerous reasons that members of Congress, bank regulators, and mainstream media don’t want to talk about the repo blowup in 2019 and the massive Fed bailout that followed. Economist Michael Hudson previously explained how the Fed lacked authority to bail out a handful

01/19/22

Desktop appraisal option to start in March Housing Wire

Desktop appraisal option to start in March
The option will allow valuations based on tax records and property listing information

01/19/22

Getting a piece of the pie: How securitization can work FOR homeowners and not against them Living Lies

Getting a piece of the pie: How securitization can work FOR homeowners and not against them
There is no sale of the obligation, note or mortgage and so there is no securitization of debt. By splitting the attributes of behavior from the provisions of the executed documents and changing the description of the behavior, an investment bank could, in essence, sell the apparent debt an unlimited number of times without ever recording the sale of the debt, note or mortgage.

01/18/22

If you don’t know procedure you don’t know how to win. Living Lies

If you don’t know procedure you don’t know how to win.
The claim of securitization is present in virtually every case of a loan account receivable. It is a false claim. All subsquent claims to administer, collect or enforce the alleged loaon account receivable are therefore also false.

01/17/22

New Court Appellate Court Reveals Dangers of Forbearance and Modification Agreements Living Lies

New Court Appellate Court Reveals Dangers of Forbearance and Modification Agreements
See I have long argued that any correspondence or agreements executed by homeowners as “borrowers” presented a danger of waiving all of their home equity. This is true as to the fundamental equation and to the statute of limitations.

01/16/22

United States District Court - Gary Victor Dubin v. Christie Adams, et al., Scott Stafne

United States District Court - Gary Victor Dubin v. Christie Adams, et al.,
Constitutional Law, Human Rights Law, Law and Society, Social Justice, Philosophy Of Law

01/16/22

State of Georgia to announce new mortgage assistance program WRDW

State of Georgia to announce new mortgage assistance program
COLUMBUS, Ga. (WTVM) - The Georgia Department of Community Affairs (DCA) is set to announce a new program that will provide residents with mortgage assistance. With stimulus funds totaling $354 million, the Georgia Homeowner Assistance Fund will assist homeowners with mortgage, delinquencies, defaults, foreclosures, and past-due utilities, according to officials.

01/15/22

Organization working to match Schenectady-area homeowners facing foreclosure with grants Daily Gazette

Organization working to match Schenectady-area homeowners facing foreclosure with grants
SCHENECTADY — The pandemic-era moratorium on mortgage foreclosures has expired, prompting Schenectady housing and neighborhood organization BCNI to sound the alert about grants of up to $50,000 available for struggling homeowners.

01/15/22

NY eviction moratorium expires, residents urged to apply for rent relief, protection ABC7NY

NY eviction moratorium expires, residents urged to apply for rent relief, protection
NEW YORK (WABC) -- New York let its eviction and foreclosure moratorium expire on Saturday, but will once again let people apply for eviction protection and rent relief.

01/14/22

2d Circuit Federal Appeals Court Upholds Homeowner’s Right to Sue for RESPA Violations Living Lies

2d Circuit Federal Appeals Court Upholds Homeowner’s Right to Sue for RESPA Violations
See Naimoli v. Ocwen Loan Servicing, LLC, 20-1683-cv, at *15 (2d Cir. Jan. 7, 2022) The following was decided by the court to be covered violations, including a catch-all provision in which anything related to “servicing” is included:

01/14/22

Economist Michael Hudson Says the Fed “Broke the Law” with its Repo Loans to Wall Street Trading Houses Wall Street On Parade

Economist Michael Hudson Says the Fed “Broke the Law” with its Repo Loans to Wall Street Trading Houses
Even within economic circles, there is a growing nervousness that the Federal Reserve, the central bank of the United States – with the power to

01/14/22

Foreclosure program paying off in Largo's battle against blight TBNWeekly

Foreclosure program paying off in Largo's battle against blight
ORANGE COUNTY, Fla. — The Central Florida eviction and foreclosure market is beginning to heat up as landlords and creditors look to finally shed their dead weight two years into the pandemic, a real estate attorney said.

01/14/22

Evictions, foreclosures heat up as legal system races to catch up WFTV

Evictions, foreclosures heat up as legal system races to catch up
ORANGE COUNTY, Fla. — The Central Florida eviction and foreclosure market is beginning to heat up as landlords and creditors look to finally shed their dead weight two years into the pandemic, a real estate attorney said.

01/13/22

What will servicing look like in 2022? Housing Wire

What will servicing look like in 2022?
Communication, borrower education and training of consumer-facing staff are critical

01/13/22

U.S. FORECLOSURE ACTIVITY DROPS TO AN ALL-TIME LOW IN 2021 PR Newswire

U.S. FORECLOSURE ACTIVITY DROPS TO AN ALL-TIME LOW IN 2021
today released its Year-End 2021 U.S. Foreclosure Market Report, which shows foreclosure filings— default notices, scheduled auctions and bank repossessions — were reported on 151,153 U.S. properties in 2021, down 29 percent from 2020 and down 95 percent from a peak of nearly 2.9 million in 2010, to the lowest level since tracking began in 2005.

01/13/22

$2.7 Billion in Credit Default Swaps Blew Up One Day Before the Fed Launched Its Repo Loan Bailouts in 2019 Wall Street On Parade

$2.7 Billion in Credit Default Swaps Blew Up One Day Before the Fed Launched Its Repo Loan Bailouts in 2019
On September 16, 2019, exactly one day before the Federal Reserve would embark on its first emergency repo loan operations since the financial crisis of 2008, $2.7 billion in credit default swaps (CDS) on a single name blew up.

01/13/22

Example of Homeowner Doing Her Homework Living Lies

Example of Homeowner Doing Her Homework
You can have this done for you by a competent forensic investigator or you can do it yourself using FOIA (Freedom of Information Act) requests and other means. What is clear is that the procedures for QWR and DVL do not produce answers, although they do provide the foundation for lawsuits for statutory violations.

01/12/22

How Those Refi’s Were Turned Into Gold by the Investment Banks Living Lies

How Those Refi’s Were Turned Into Gold by the Investment Banks
Most people cannot conceive of why they should have been paid more at the purported “Closing” of their transaction than what they received or what they think was paid on their behalf.

01/12/22

Rea Life NJ Case: First Horizon Home Loans named as “lender” in 6 figure “loan,” foreclosed by EverBank who get judgment, judgement assigned to MTGLQ Investments who pays $100 Living Lies

Rea Life NJ Case: First Horizon Home Loans named as “lender” in 6 figure “loan,” foreclosed by EverBank who get judgment, judgement assigned to MTGLQ Investments who pays $100
First Horizon Home Loans files a foreclosure complaint in 2015, and during the proceeding, assigns the mortgage to Everbank who obtains judgment and Writ of Sale. Everbank assigns its Credit Bid to MTGLQ Investors, and the Bergen County Sheriff carries out the sale and issues the attached Deed for $100.00.

01/12/22

Judge Rakoff Signs a Dangerous Protective Order in Whistleblower Case Against 5-Count Felon JPMorgan Chase Wall Street On Parade

Judge Rakoff Signs a Dangerous Protective Order in Whistleblower Case Against 5-Count Felon JPMorgan Chase
On January 6, Senior U.S. District Court Judge Jed Rakoff signed a dangerous Protective Order in the Shaquala Williams v JPMorgan Chase case which resides in the Southern District of New York. Williams is a whistleblower who

01/11/22

On March 31, the Fed Has to Name Names under Four of its Emergency Loan Programs to Wall Street. Will the Media Censor that News Also? Wall Street On Parade

On March 31, the Fed Has to Name Names under Four of its Emergency Loan Programs to Wall Street. Will the Media Censor that News Also?
It’s now day 13 since the Fed released the names of the Wall Street trading houses that borrowed $4.5 trillion cumulatively, just in the fourth quarter of 2019, from the Fed’s repo loan facility. Not one mainstream media

01/11/22

Mainstream Media Has Morphed from Battling the Fed in Court in 2008 to Groveling at its Feet Today Wall Street On Parade

Mainstream Media Has Morphed from Battling the Fed in Court in 2008 to Groveling at its Feet Today
The Fed has kept a very tight lid on the names of the banks that received emergency loans from three of its funding facilities that it abruptly launched in mid March 2020.

01/11/22

Foreclosure Inventory at 23 Year Low Mortgage News daily

Foreclosure Inventory at 23 Year Low
The national delinquency rate declined for the 7th consecutive month in October. CoreLogic’s Loan Performance Insights Report for the month says that loans that were 30 or more days past due, including those in foreclosure represented 3.8 percent of all active mortgages.

01/10/22

Homeowners need to understand that they are investors, not borrowers. Living Lies

Homeowners need to understand that they are investors, not borrowers.
In nearly all cases that the amount of money paid to a “prior lender” is entirely or mostly fictional in all cases of refinancing and nearly all cases in purchase money mortgages. As long as the same underlying investment bank is the same for both the Buyer and Seller or the same for both the new “Lender” and the old “lender.”

01/10/22

Mortgage Relief Program announced for homeowners impacted by COVID-19 KATC

Mortgage Relief Program announced for homeowners impacted by COVID-19
Homeowners financially impacted by COVID-19 can now get assistance through a federally funded program. Governor John Bel Edwards announced the launch of the Louisiana Homeowner Assistance Fund, a federally funded relief program for homeowners financially impacted by COVID-19 who are behind on their mortgages and at risk of foreclosure.

01/09/22

JANUARY 9, 2022 – “BUT JUDGE, IF I COULD JUST EXPLAIN!” AVOIDING COMMON TRAPS OF REPRESENTING YOURSELF IN COURT Torrens Law Group

JANUARY 9, 2022 – “BUT JUDGE, IF I COULD JUST EXPLAIN!” AVOIDING COMMON TRAPS OF REPRESENTING YOURSELF IN COURT
Good Afternoon! I hope this newsletter finds you doing well. For this week’s newsletter, I want to offer a few useful tips in case you ever find yourself in a lawsuit but cannot afford legal counsel.

01/09/22

And this is why we have appellate courts … Clouded Titles

And this is why we have appellate courts …
The United States Court of Appeals for the Second Circuit has reversed and remanded a RESPA-related case back to the District Court for the Western District of New York in a case involving Ocwen Loan Servicing, LLC’s (NOTE: Ocwen has been purchased by PHH Mortgage of New Jersey.) alleged failure to record the homeowner’s mortgage instruments and its actions in losing key mortgage documents. The district court found for Ocwen in its summary judgment motion, stating that the Plaintiff’s asserted “errors” did not fall within Regulation X’s “catch-all provision”. The appellate court disagreed and reversed the lower court’s decision and sent the case back for further proceedings as directed by the appellate court. This case involved an alleged defaulted loan and a subsequent loan modification. The homeowner, Kim Naimoli, sued Ocwen because Ocwen denied her loan modification because of its own failure to record the mortgage documents. Takeways? Of note here is that Ocwen failed to record the mortgage. What lien right does it have it the mortgage document isn’t publicly recorded? There is no specific notice to the world, is there?

01/08/22

Foreclosures Soar 94% From 1 Year Ago Motley Fool

Foreclosures Soar 94% From 1 Year Ago
When the COVID-19 pandemic first hit and unemployment became rampant, it became clear that many homeowners would risk losing their homes if aid wasn't doled out immediately. The government responded with mortgage forbearance -- an option that predates the pandemic, but one that wasn't universally guaranteed.

01/08/22

Part memoir, part history by a lawyer who fought foreclosures on family farms in the 1980s Texarkana Gazette

Part memoir, part history by a lawyer who fought foreclosures on family farms in the 1980s
Sarah Vogel returns to that grim era in "The Farmer's Lawyer," which recounts her work as the lead attorney for a group of North Dakota farmers whose lawsuit against the U.S. Department of Agriculture led to a nationwide class action that eventually overturned the heavy-handed lending practices that drove rampant farm foreclosures. Part memoir, part populist political history and part courtroom drama, Vogel's book is a charming, at times compelling recollection of a singular time in U.S. agriculture.

01/07/22

Cindy Brown News Alert Breaking the Insidious Silence Scott Stafne

Cindy Brown News Alert Breaking the Insidious Silence
Fresh off a California court victory in the Cindy Brown vs. Bank of New York Mellon case, this report showcases the ongoing crisis of inequalities in access to civil justice facing all Americans regardless of income or race and sets the stage for a long-awaited trial court showdown on March 15, 2022.

01/07/22

20-1683-cv Kim Naimoli v. Ocwen Loan Servicing, LLC Marc Dann

20-1683-cv Kim Naimoli v. Ocwen Loan Servicing, LLC
Appeal from the United States District Court
20 for the Western District of New York
21 No. 18 Civ. 06180 (EAW), Elizabeth A. Wolford, District Judge, Presiding.
22 (Argued April 5, 2021; Decided January 7, 2022)

01/07/22

Preventing a New York State housing emergency NY Daily News

Preventing a New York State housing emergency
The impending expiration of the eviction moratorium in New York State on Jan. 15, an undersupply of affordable housing and ongoing barriers to emergency rental assistance are all leading New York and many other states into a perilous winter of housing instability.

01/07/22

History of the American mortgage The Roanoke Times

History of the American mortgage
Homeownership has long been a part of the American Dream. Whether your generation, your grandparents’ generation, or your great-great-grandparents’ generation, most people equate the thought of owning a home with achieving the right type of success. After all, owning property can help you build wealth, give you access to equity, and offer something tangible to be passed down for generations.

01/07/22

How Much of That Bonu$ on Wall $treet Should Be Yours? Each Time You Use an Installment Plan You Are Creating a Huge Bonus to an Investment Banker Living Lies

How Much of That Bonu$ on Wall $treet Should Be Yours? Each Time You Use an Installment Plan You Are Creating a Huge Bonus to an Investment Banker
Some of the facts recited here are taken from the true story of one entrepreneur who turned $25,000 into $300 Million. Has anyone ever asked how entrepreneurs with only $25,000 to their name in 2001 now have a net worth of $300,000,000? Has anyone done the math? That money could not possibly have come from making loans using $25,000.

01/07/22

HUD Comes to the Aid of Colorado Wildfire Victims DSNews

HUD Comes to the Aid of Colorado Wildfire Victims
The U.S. Department of Housing & Urban Development (HUD) has announced that it is offering federal disaster assistance for areas in Colorado impacted by straight-line winds and wildfires from December 30 that continue to linger.

01/07/22

A Busy Week Glenn Russell

A Busy Week
Today, I thought I would discuss what you should expect when you decide to “challenge” a foreclosure. I also wanted to discuss the different types of “foreclosure jurisdictions”, and different types of “mortgage theory jurisdictions. I will also emphasize the extremely unfair (and unconstitutional) non-judicial foreclosure process, and why I believe that it should be struck down.

01/07/22

These Charts Are the Smoking Guns in the Fed’s 2019-2020 Emergency Repo Loan Bailouts Wall Street On Parade

These Charts Are the Smoking Guns in the Fed’s 2019-2020 Emergency Repo Loan Bailouts
Nine days ago the Fed released the names of the Wall Street trading houses that had borrowed a cumulative total of $4.5 trillion in emergency repo loans from the Fed during just the last quarter of 2019.

01/06/22

Wall Street Banks Have an Alibi for their $11.23 Trillion in Emergency Repo Loans from the Fed – It’s a Doozy Wall Street On Parade

Wall Street Banks Have an Alibi for their $11.23 Trillion in Emergency Repo Loans from the Fed – It’s a Doozy
From September 17, 2019 through July 2, 2020, the trading units of the Wall Street megabanks (both domestic and foreign) took a cumulative total of $11.23 trillion in emergency repo loans from the Federal Reserve.

01/06/22

Finding the FINTECH Companies who really do the work of “servicing” payments and disbursements. Living Lies

Finding the FINTECH Companies who really do the work of “servicing” payments and disbursements.
Here is an example of someone who is asking tough questions that the banks and their lawyers will never answer. They won’t answer because any answer that is truthful would lead inevitably to the revelation that there is an absence of a loan account receivable and therefore any right to collect on it.

01/05/22

A Return to Robo-Signing: JPMorgan Chase Has Unleashed a Lawsuit Blitz on Credit Card Customers Pro Publica

A Return to Robo-Signing: JPMorgan Chase Has Unleashed a Lawsuit Blitz on Credit Card Customers
Early in 2020, as the pandemic gripped the nation, JPMorgan Chase offered to help customers weather the crisis by taking a temporary pause on mortgage, auto and credit card payments.

01/05/22

Meet Jed Rakoff, the Judge Who Exposed the "Rigged Game" Matt Taibi

Meet Jed Rakoff, the Judge Who Exposed the "Rigged Game"
On November 27, 2011, a federal judge named Jed Rakoff threw out a $285 million regulatory settlement between Citigroup and the Securities and Exchange Commission, blasting it as “neither fair, nor reasonable, nor adequate, nor in the public interest.”

01/05/22

Mortgage relief comes to California as thousands face foreclosure Fox40

Mortgage relief comes to California as thousands face foreclosure
SACRAMENTO, Calif. (KTXL) — The nation’s biggest effort to help homeowners who are struggling to pay their mortgage because of the pandemic is underway in California. The effort is called the California Mortgage Relief Program, and those who are in need can begin applying for federal funds on Wednesday.

01/05/22

THREADING THE NEEDLE: IT IS WHAT THEY DON’T SAY THAT REVEALS THE TRUTH — AND YOU CAN USE IT! Living Lies

THREADING THE NEEDLE: IT IS WHAT THEY DON’T SAY THAT REVEALS THE TRUTH — AND YOU CAN USE IT!
So talk about splitting hairs — here is a statement from a company that is claimed by third parties to be the servicer of a “loan.” Note that the parties making the claim do NOT swear that PennyMac is servicing claims to administer, collect and enforce for

01/05/22

20 state attorneys general take aim at mortgage servicers Housing Wire

20 state attorneys general take aim at mortgage servicers
Some Federal Housing Administration-approved mortgage servicers have routinely flouted the agency’s loan modification program, according to Washington, D.C. Attorney General Karl Racine and 20 other state attorneys general.

01/04/22

Foreclosures have cost Massachusetts homeowners nearly $100 million in equity since 2014 WGBH

Foreclosures have cost Massachusetts homeowners nearly $100 million in equity since 2014
omeowners in more than 30 cities and towns in Massachusetts collectively lost an estimated $97 million in equity through foreclosures over a six-year period, according to a new study by the libertarian Pacific Legal Foundation.

01/04/22

loanDepot brings Ginnie Mae loan servicing in-house Housing Wire

loanDepot brings Ginnie Mae loan servicing in-house
loanDepot announced this week that it will begin servicing Ginnie Mae loans in-house, following a 2021 decision to do the same for Fannie Mae and Freddie Mac-backed loans.

01/04/22

Why I Think Homeowners Are Entitled to Receive a Second Payment From Investment Banks Living Lies

Why I Think Homeowners Are Entitled to Receive a Second Payment From Investment Banks
All homeowners who think they have a mortgage loan have received one payment at a “closing” — or a payment allegedly made on their behalf. For reasons explained elsewhere on this blog, such payments on their behalf are mostly fictional where the underlying investment bank is the same “director” of funds.

01/04/22

Redditors Raged Against the News Blackout of the Fed’s Bailout – Then All Hell Broke Loose When They Learned the Wall Street Banks Literally Own the New York Fed Wall Street On Parade

Redditors Raged Against the News Blackout of the Fed’s Bailout – Then All Hell Broke Loose When They Learned the Wall Street Banks Literally Own the New York Fed
We were attempting to hold the Fed, Big Media, and the Wall Street megabanks accountable with our article yesterday on mainstream media’s news blackout of the Fed’s release of the names of the Wall

01/03/22

Homeowners in New York can now apply for mortgage help Rochester First

Homeowners in New York can now apply for mortgage help
ALBANY, N.Y. (WTEM) — Starting Monday, January 3, those who have struggled to pay their mortgage because of the coronavirus pandemic can now apply for money to put towards their back payments.

01/03/22

Why You Should Get to Know Credit Default Swaps Living Lies

Why You Should Get to Know Credit Default Swaps
The investment banker was acting as the agent or conduit for both the actual creditor (“investor) who was lending the money to an investment bank and the homeowner “debtor” (borrower) was “borrowing” the money.

01/03/22

There’s a News Blackout on the Fed’s Naming of the Banks that Got Its Emergency Repo Loans; Some Journalists Appear to Be Under Gag Orders Wall Street On Parade

There’s a News Blackout on the Fed’s Naming of the Banks that Got Its Emergency Repo Loans; Some Journalists Appear to Be Under Gag Orders
Four days ago, the Federal Reserve released the names of the banks that had received $4.5 trillion in cumulative loans in the last quarter of 2019 under its emergency repo loan operations for a liquidity crisis that has yet to be credibly explained.

01/02/22

It’s not technical — It is very real! Securitization changed both sides of what appeared to be a loan transaction. It is now unrecognizable to lawyers. Living Lies

It’s not technical — It is very real! Securitization changed both sides of what appeared to be a loan transaction. It is now unrecognizable to lawyers.
Here is a line from another lawyer that I spoke with: SECURITIZATION CHANGED THE BARGAIN. ONLY THE FINANCE SIDE GOT WHAT THEY WANTED. People often criticize the points I make an appearance, articles, and pleadings because they think I am raising technical objections that won’t change anything. “You got the loan, didn’t you?” Actually no — virtually none of the transactions with homeowners

01/01/22

New Year's Day 2022 Glenn Russell

New Year's Day 2022
Over the last ten years, my usual practice is to sit down and assess what took place during the past year and then set forth a business plan for the coming new year. This year is a little different because I started planning for 2022 roughly about June of 2021. I started planning early, as it was obvious to see the handwriting on the wall for what is coming. Thus, unlike past years, I had a little extra time this year on New Year’s Day 2022.

01/01/22

2022: Recap of what we know about foreclosures and securitization Living Lies

2022: Recap of what we know about foreclosures and securitization
Here is a line from another lawyer that I spoke with: “The investment banks were not selling securities and they can’t say that they were because if they did say that then they would be saying that they were subject to registration requirements for initial public offerings. Their entire position is based on the

01/01/22

Consumer Law Rights Taking Effect 2022 NCLC

Consumer Law Rights Taking Effect 2022
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