Articles Related To Mortgage Servicing Fraud

Date	Article Articles are added weekly	Source	Comment
07/21/24	CFPB’s New Mortgage Servicing Rule: A Post-Pandemic Overhaul	National Law Review	CFPB’s New Mortgage Servicing Rule: A Post-Pandemic Overhaul On July 10, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued its long-awaited Mortgage Servicing Proposed Rule to amend Regulation X. While mortgage servicers have operated under the current framework for more than 10 years – an approach that was refined following the Great Recession – the CFPB has telegraphed a desire post-pandemic to make modernizations to the Regulation X rules around default-servicing following the impact of the pandemic-era relief options.
07/19/24	Top 10 States with the Largest Number of Commercial Foreclosures in June 2024	ATTom Data	Top 10 States with the Largest Number of Commercial Foreclosures in June 2024 According to ATTOM’s newly released U.S. Commercial Foreclosure Report, there has been a steady rise in commercial foreclosures over the years, climbing from a low of 141 in May 2020 to 647 in June 2024. This trend showcases a consistent increase throughout the period.
07/18/24	U.S. Commercial Foreclosures Decrease in June 2024	ATTom Data	U.S. Commercial Foreclosures Decrease in June 2024 IRVINE, Calif. — July 18, 2024 — ATTOM, a leading curator of land, property, and real estate data, today released an updated monthly report on U.S. Commercial Foreclosures. The report reveals a continued increase in commercial foreclosures over the years, from a low of 141 in May 2020, to the current figure of 647 in June 2024. This represents the continuation of a steady increase throughout the period.
07/12/24	CFPB Proposes Revamped RESPA Mortgage Servicing Rules	National Law Review	CFPB Proposes Revamped RESPA Mortgage Servicing Rules On July 10, the CFPB announced proposed rules for mortgage servicers, aimed at helping homeowners avoid foreclosures. The new rules, which would modify RESPA and Regulation X’s existing mortgage servicing framework, are designed to streamline the process for obtaining mortgage assistance, and incentivize servicers to prioritize borrower aid over foreclosure.
07/11/24	Housing industry backs CFPB's mortgage servicing rule changes	MPA	Housing industry backs CFPB's mortgage servicing rule changes The Consumer Financial Protection Bureau (CFPB) has proposed overhauling how mortgage servicers handle struggling borrowers to make it easier for homeowners to receive assistance and avoid foreclosure. If implemented, the proposed changes would require mortgage servicers to prioritize helping borrowers rather than rushing to foreclose. The new rules will not apply to small servicers.
07/10/24	Streamlining Mortgage Servicing for Borrowers Experiencing Payment Difficulties (Regulation X)	CFPB	Streamlining Mortgage Servicing for Borrowers Experiencing Payment Difficulties (Regulation X) The Consumer Financial Protection Bureau (Bureau or CFPB) is proposing a rule that would amend regulations originally issued in 2013 regarding the responsibilities of mortgage servicers. The proposed amendments would streamline existing requirements when borrowers seek payment assistance in times of distress, add safeguards when borrowers seek help, and revise existing requirements with respect to borrower assistance. The proposed rule would also require servicers to provide certain communications in languages other than English, such as when a borrower is seeking payment assistance with their mortgage. The proposed rule, if finalized, would increase the likelihood that investors and borrowers can avert the costs of avoidable foreclosure.
07/10/24	CFPB Proposes Rules to Help Homeowners Avoid Foreclosure	CFPB	CFPB Proposes Rules to Help Homeowners Avoid Foreclosure The Consumer Financial Protection Bureau (CFPB) today proposed new rules to make it easier for homeowners to get help when they are struggling to pay their mortgage. The proposal, if finalized, would require mortgage servicers to focus on helping borrowers, not foreclosing, when a homeowner asks for help. The proposed changes would also make it simpler for servicers to offer assistance by reducing paperwork requirements, improve communication with borrowers, and ensure critical information is provided in languages borrowers understand. The CFPB is requesting comment about several other topics,
07/10/24	HUD Releases Revised Servicing Defect Taxonomy Proposal for Stakeholder Feedback	HUD	HUD Releases Revised Servicing Defect Taxonomy Proposal for Stakeholder Feedback WASHINGTON - Today, the U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA), is posting for stakeholder feedback a revised version of its proposed FHA Defect Taxonomy for Servicing Loan Reviews (the “Servicing Defect Taxonomy”). When final, the Servicing Defect Taxonomy will provide clear guidance to mortgage servicers regarding FHA’s servicing loan review process, FHA’s assessment of the severity of errors or non-compliance with its mortgage servicing policies, and the actions FHA may take in instances of servicer error or non-compliance.
07/10/24	Foreclosure Activity in First Half of 2024 Down from Previous Year	ATTOM DATA	Foreclosure Activity in First Half of 2024 Down from Previous Year IRVINE, Calif. — July 11, 2024 — ATTOM, a leading curator of land, property and real estate data, today released its Midyear 2024 U.S. Foreclosure Market Report, which shows there were a total of 177,431 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in the first six months of 2024. That figure is down 4.4 percent from the same time period a year ago but up 7.8 percent from the same time period two years ago.
07/09/24	The Fund Created to Unwind a Failing Megabank Has a Problem: There’s No Money in It	Wall Street On Parade	The Fund Created to Unwind a Failing Megabank Has a Problem: There’s No Money in It Last week the American Banker published an opinion article by Arthur E. Wilmarth, Jr., the Professor Emeritus of Law at George Washington University. Wilmarth is the man who wrote the seminal book on the continuing threat to financial stability posed by U.S. megabanks – the same ones that blew up Wall Street and the U.S. economy in 2008. The title of Wilmarth’s article (paywall) is: “The FDIC’s resolution plan for failed megabanks is an empty promise.” The thrust of the article is this:
07/07/24	CFPB: Ineffective Loan Servicing is an Abusive Act or Practice	National Law Review	CFPB: Ineffective Loan Servicing is an Abusive Act or Practice In a consent order with a reverse mortgage servicer on June 18, 2024, the Consumer Financial Protection Bureau (CFPB) made the argument that failing to effectively service loans is abusive. The groundwork for this line of thinking was laid out by the current CFPB administration through various statements and guidance documents, but the public order represents the first time it was formally put in action against a loan servicer. While the consent order involves a reverse mortgage servicer, the implications of this theory of liability are far reaching, and certainly not limited to just reverse mortgages. The “Abusive” Standard As background, the Consumer Financial Protection Act of 2010 (CFPA) prohibits covered persons — like loan servicers — from either (1) materially interfering with the ability of a consumer to understand a term or condition of a consumer financial product or service, or (2) taking unreasonable advantage of: A lack of understanding on the part of the consumer of the material risks, costs, or conditions of the product or service; The inability of the consumer to protect the interests of the consumer in selecting or using a consumer financial product or service; or The reasonable reliance by the consumer on a covered person to act in the interests of the consumer. In its Policy Statement on Abusive Acts or Practices, released on April 3, 2023, the CFPB focused on how a borrower is not able to choose their loan servicer, laying the groundwork for how third-party servicing could lend itself to abusive acts or practices. The policy statement explains that a consumer’s inability to select their loan servicer at any point during the life of a loan means that the consumer is unable to protect their interests
07/02/24	The Supreme Court Crowns a King, Immunizing Future Criminal Acts Under Project 2025 – a Right Wing Manifesto	Wall Street On Parade	The Supreme Court Crowns a King, Immunizing Future Criminal Acts Under Project 2025 – a Right Wing Manifesto In the span of two business days, six of the nine justices on the U.S. Supreme Court have radically altered American democracy. On Friday, those six right-wing justices gutted the ability of federal government agencies to protect the waters Americans drink, the air they breathe, their ability to impose food and drug safety rules and worker protections. On Monday, the same six effectively crowned the President of the United States a king by immunizing the President from criminal prosecution for any conduct that can be construed as official acts. U.S. Supreme Court Justice Sonia Sotomayor issued a scathing dissent. (Scroll down to her dissent at this link.) To drive home the hubris of the majority’s decision, she read her dissent aloud in the courtroom, boldly enunciating her weightiest words. In her dissent, which was joined by Justices Elena Kagan and Ketanji Brown Jackson (who also wrote her own dissent), Sotomayor wrote: “Today’s decision to grant former Presidents criminal immunity reshapes the institution of the Presidency. It makes a mockery of the principle, foundational to our Constitution and system of Government, that no man is above the law. Relying on little more than its own misguided wisdom about the need for ‘bold and unhesitating action’ by the President, ante, at 3, 13, the Court gives former President Trump all the immunity he asked for and more. Because our Constitution does not shield a former President from answering for criminal and treasonous acts, I dissent.” Sotomayor adds that “There is a twisted irony in saying, as the majority does, that the person charged with ‘tak[ing] Care that the Laws be faithfully executed’ can break them with impunity.” She underscores her point with this: “The relationship between the President and the people he serves has shifted irrevocably. In every use of official power, the President is now a king above the law.”
06/06/24	The Fed Posts Historic Operating Losses As It Pays Out 5.40 Percent Interest to Banks	Wall Street On Parade	The Fed Posts Historic Operating Losses As It Pays Out 5.40 Percent Interest to Banks According to Federal Reserve data, for the first time in its history, the Fed has been losing money on a consistent monthly basis since September 28, 2022. As of the last reporting date of June 19, 2024, those losses add up to a cumulative $176 billion. As the chart above using Fed data shows, the losses thus far in 2024 have ranged from a monthly high of $11.076 billion in February to a low of $5.674 billion in May. These losses are separate and distinct from the unrealized losses the Fed is experiencing on the debt securities it holds on its balance sheet. It does not mark those losses to market since it intends to hold the securities to maturity and their principal is guaranteed at maturity by the U.S. government. The losses shown in the above chart are actual cash operating losses that result from the fact that the Fed is earning significantly less interest on its debt securities than the high rates of interest the Fed is paying out to depository banks on their reserves held at the Fed; to mutual funds on its reverse repo operations; and in dividend payments to the banks that are shareowners of the 12 regional Fed banks.
06/19/24	‘Zombie mortgages’ come back to haunt thousands of homeowners now facing foreclosure	NY Post	‘Zombie mortgages’ come back to haunt thousands of homeowners now facing foreclosure Thousands of homeowners face the risk of losing their homes due to “zombie mortgages” bought by companies — with some forcing foreclosures without their knowledge, according to a shocking report.. Many of the stunned homeowners took out second mortgages during the subprime lending housing bubble between 2004 and 2008 that they believed were written off — only to learn the mortgages have come back to haunt them. An investigation by NPR found at least 10,000 old second mortgages that foreclosure activity had been initiated on in just the last two years.
06/18/24	CFPB Takes Action Against Sutherland Global and NOVAD Management Consulting for Reverse Mortgage Servicing Failures	CFPB	CFPB Takes Action Against Sutherland Global and NOVAD Management Consulting for Reverse Mortgage Servicing Failures WASHINGTON, D.C. - The Consumer Financial Protection Bureau (CFPB) today ordered a reverse mortgage servicing operation to stop illegal activities that harmed older homeowners and caused them to fear losing their homes. The CFPB found that the customer service operation of Sutherland Global, its subsidiaries Sutherland Government Solutions and Sutherland Mortgage Services, and NOVAD Management Consulting had inadequate resources and staffing to handle as many as 150,000 borrowers. This caused systematic failures to respond to thousands of homeowner requests for assistance, and caused financial harm to borrowers, including losing out on home sales and paying unnecessary costs.
06/06/24	Top 10 U.S. Housing Markets Least At-Risk of Declines in Q1 2024	Attom	Top 10 U.S. Housing Markets Least At-Risk of Declines in Q1 2024 According to ATTOM’s newly released Q1 2024 Special Housing Risk Report, California, New Jersey, and Illinois once again had the highest concentrations of the most at-risk markets in the country, with significant clusters in the New York City and Chicago areas, as well as inland California. Conversely, less vulnerable markets were predominantly spread across the South and Midwest. The analysis also noted that the first-quarter patterns, based on gaps in home affordability, underwater mortgages, foreclosures, and unemployment, revealed that California, New Jersey, and Illinois accounted for 34 of the 50 U.S. counties most exposed to potential declines. As in previous years, these concentrations dominated the list of metropolitan areas more at risk of downturns.
06/06/24	The Consumer Financial Protection Bureau Is Making Enemies in All the Right Places	Wall Street On Parade	The Consumer Financial Protection Bureau Is Making Enemies in All the Right Places Fresh off a big win at the U.S. Supreme Court on May 16, the Consumer Financial Protection Bureau (CFPB) is wasting no time in its heady pursuit of financial bad actors preying on the little guy. On Monday, the federal agency announced it was creating a public registry to help law enforcement, investors and the public check the history of repeat offenders in finance. The CFPB already offers consumers who have been victimized by a financial firm the ability to file a public complaint with the CFPB. The agency then quickly demands a written response from the alleged wrongdoer. Repeat offenders dislike the fact that these complaints go into a permanent database at the CFPB, which can be mined by the public, reporters, attorneys and prosecutors looking for patterns of fraud. (For how Wall Street On Parade put that complaint database to good use, read our report: The Apple Credit Card Provided through Goldman Sachs Has Created a Living Hell According to Consumer Complaints.)
06/03/24	Consumer watchdog creates corporate ‘repeat offender’ registry	The Hill	Consumer watchdog creates corporate ‘repeat offender’ registry The federal government’s top consumer watchdog is establishing a registry to track companies and people who repeatedly break consumer protection laws, the Consumer Financial Protection Bureau (CFPB) announced Monday.
06/04/24	Freddie (and Fannie) and the Coming Nightmare on Main Street	National Review	Freddie (and Fannie) and the Coming Nightmare on Main Street Government-sponsored mortgage companies are growing larger and riskier in service of social policy. During the financial crisis, the federal government bailed out several financial institutions. But two in particular, Fannie Mae and Freddie Mac, the government-sponsored mortgage giants, stood out. Taxpayers shelled out $191 billion to support them — combined, this was the largest bailout in American history — and for the past decade and a half the two institutions have been under government control. Americans who thought the government would rein in Fannie and Freddie after their failures were sorely mistaken. The companies have only gotten larger. The Biden administration in particular has tried to make Fannie and Freddie bigger, and the result ...
06/02/24	$517,000,000,000 in Unrealized Losses Hit US Banking System, FDIC Says 63 Lenders on ‘Problem List’	Daily HODL	$517,000,000,000 in Unrealized Losses Hit US Banking System, FDIC Says 63 Lenders on ‘Problem List’ A US banking regulator says $384 million will soon be handed to victims of an online bank’s illegal practices. Unrealized losses in the US banking system are once again on the rise, according to new numbers from the Federal Deposit Insurance Corporation (FDIC). In its Quarterly Banking Profile report, the FDIC says banks are now saddled with more than half a trillion dollars in paper losses on their balance sheets, due largely to exposure to the residential real estate market.
05/30/24	Academic Study Provides Hard Numbers to the Sick, Revolving Door Culture at Goldman Sachs, JPMorgan and Citigroup	Wall Street On Parade	Academic Study Provides Hard Numbers to the Sick, Revolving Door Culture at Goldman Sachs, JPMorgan and Citigroup On January 18, 2019 the Cambridge University Press published a stunning research paper from the Journal of Institutional Economics. The paper provides the hard numbers to support the thesis that federal banking and securities regulators have arrived at a deep understanding and acceptance that the more connections they acquire while working in government and the more prominent their position becomes – the fatter their future paycheck will be once they make the leap to a megabank on Wall Street.
05/30/24	These Two Commercial Foreclosures Speak Volumes About How Bad The Market Is	Yahoo Finance	These Two Commercial Foreclosures Speak Volumes About How Bad The Market Is Two recent transactions involving failed class-A office properties in two different markets speak volumes about the depth of the commercial sector‘s crisis. Fort Worth's Burnett Plaza has dominated the city's skyline as its tallest building since 1983. In San Jose, the property at 3100 North First Street was similar to one of the city's premier commercial destinations. Both properties became distressed assets that sold for pennies on the dollar.
05/29/24	CFPB Releases Report Highlighting Junk Fees in Mortgage Servicing	National Law Review	CFPB Releases Report Highlighting Junk Fees in Mortgage Servicing On April 24, 2024, the CFPB unveiled its latest edition of Supervisory Highlights, shedding light on its ongoing battle against what it deems as “junk fees” imposed by mortgage servicers. The report highlights the CFPB’s ongoing concerns regarding the assessment of what it deems as “exploitative illegal fees” by mortgage servicers. Examiners from the agency identify various instances where mortgage servicers continue to levy such fees, ranging from unnecessary property inspection charges to improper late fees.
05/29/24	Hundreds of Thousands of Americans May See Mortgage Payments Double	Newsweek	Hundreds of Thousands of Americans May See Mortgage Payments Double Homeowners who secured cheaper, short-term mortgage rates could face higher monthly payments, in some cases almost doubling, this year as the term of their home loans comes to an end at a time when borrowing costs are elevated. Adjustable-rate mortgages, or ARMs, tend to offer relatively cheaper rates, but for shorter terms that could be between three to 10 years. After that, the borrower may be forced to pay market rates for a new loan, compared to the fixed rate that homebuyers typically get for a 30-year mortgage. In the current market, there are 1.7 million homes that were bought using ARMs secured since 2019, according to Bloomberg. Some of these loans may see their term mature this year, which could result in monthly payments going up.
05/29/24	Massachusetts AG Campbell discusses state's housing crisis	Turnto10	Massachusetts AG Campbell discusses state's housing crisis (WJAR) — The Massachusetts Attorney General Andrea Campbell and other state leaders toured a manufactured housing community in Taunton Wednesday morning. Campbell highlighted how her office is addressing the housing crisis in the Bay State. There are hundreds of homes like these tucked in the Oak Hill Housing Community in Taunton.
05/24/24	Wells Fargo offers $24K to family to move out of foreclosed home. They declined.	MassLive	Wells Fargo offers $24K to family to move out of foreclosed home. They declined. PALMER — A bank foreclosing on a town family now is offering them $24,000 in a moveout payment, but the longtime residents don’t want it, instead saying they just want their home — and can pay for it. The Kalogeras family of Palmer is expected to vacate their home by July 1 after a judge ruled in favor of their foreclosure. Two years ago, a Housing Court judge ordered the family to pay $1,000 each month in use and occupancy fees to the bank, according to court documents.
05/24/24	Riley Keough Appreciates Fast Legal Action in Foreclosure Threat: 'Anything to Protect Graceland' (Exclusive Source)	People	Riley Keough Appreciates Fast Legal Action in Foreclosure Threat: 'Anything to Protect Graceland' (Exclusive Source) A source tells PEOPLE Riley Keough is "appreciative of the swift legal actions" behind halting the attempted foreclosure sale of Elvis Presley's Graceland estate The Daisy Jones & the Six star previously filed a lawsuit claiming Naussany Investments & Private Lending LLC's attempt to sell the property was "fraudulent" Tennessee Attorney General Jonathan Skrmetti recently announced that he would "[look] into" the mysterious company's attempt to sell Graceland "Graceland is one of the most iconic landmarks in the State of Tennessee, and the Presley family have generously shared it with the world since Elvis’s passing," Skrmetti wrote in a press release on Thursday. Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer??, from celebrity news to compelling human interest stories. "Elvis made Memphis the center of the music universe, and Graceland stands as a monument to his legacy and a fond remembrance for his family," he continued. "My office has fought fraud against homeowners for decades, and there is no home in Tennessee more beloved than Graceland." "I have asked my lawyers to look into this matter, determine the full extent of any misconduct that may have occurred, and identify what we can do to protect both Elvis Presley’s heirs and anyone else who may be similarly threatened," Skrmetti added.
05/23/24	Thousands Of U.S. Homes Foreclosed In April As Market Shows Mixed Recovery Signs	Yahoo Finance	Thousands Of U.S. Homes Foreclosed In April As Market Shows Mixed Recovery Signs Thousands Of U.S. Homes Foreclosed In April As Market Shows Mixed Recovery Signs April saw a surge in home foreclosures, with thousands of properties repossessed nationwide. Last month saw an 8% increase in repossessions from the previous month, totaling over 2,900, despite a year-over-year decrease in foreclosure filings. States like Illinois, Pennsylvania, and California led with the highest numbers of completed foreclosures, highlighting regional disparities in economic recovery and housing stability. According to foreclosure data tracked by ATTOM, Illinois led the states with 244 completed foreclosures, followed by Pennsylvania with 241 and California with 233. The numbers, albeit lower than the previous year, represent a rise over the prior month, suggesting that certain areas are still grappling with the economic aftershocks of recent years.
05/23/24	Why Zombie second mortgages are threatening thousands of Americans' homes	NPR	Why Zombie second mortgages are threatening thousands of Americans' homes A new NPR investigation finds thousands of homeowners face foreclosure over so-called zombie second mortgages. The loans come back to life after they get bought up by debt collectors.
05/23/24	Attorney General looking into attempted foreclosure of Elvis Presley’s Graceland home	CNN	Attorney General looking into attempted foreclosure of Elvis Presley’s Graceland home Tennessee Attorney General Jonathan Skrmetti is looking into the attempted foreclosure auction of Elvis Presley’s iconic Memphis home, known as Graceland, by an alleged private investment company. On Wednesday, Naussany Investments and Private Lending LLC dropped its foreclosure efforts against Graceland. Danielle Riley Keough, Presley’s granddaughter and heir, filed a lawsuit earlier this month to halt the foreclosure sale claiming Naussany Investment’s paperwork was bogus and an attempt to defraud the family.
05/23/24	It looks like Graceland won't be auctioned off. But how did the possibility ever occur?	Commercial Appeal	It looks like Graceland won't be auctioned off. But how did the possibility ever occur? Amid the ongoing foreclosure debacle of the Graceland estate, Shelby County Register of Deeds said that they do not have a deed of trust on file for the property. A representative from the Shelby County Register of Deeds said that this was extremely uncommon and that a typical document filed during foreclosure proceedings like an assignment of substitute trustee or substitute trustee's deed were not on file in the office either. Wednesday morning, a Memphis judge ruled that a foreclosure auction of Elvis Presley’s iconic Graceland estate cannot proceed. Chancellor JoeDae Jenkins issued the ruling in Shelby County Chancery Court in Memphis. Representatives from the company behind the sale did not appear in court. Shortly after the hearing, The Daily Memphian reported that "someone claiming to represent the company," said in an email statement Naussany Investments and Private Lending would be dropping their case.
05/22/24	SEC Charges Intercontinental Exchange and Nine Affiliates Including the New York Stock Exchange with Failing to Inform the Commission of a Cyber Intrusion	SEC.gov	SEC Charges Intercontinental Exchange and Nine Affiliates Including the New York Stock Exchange with Failing to Inform the Commission of a Cyber Intrusion Washington D.C., May 22, 2024 — The Securities and Exchange Commission today announced that The Intercontinental Exchange, Inc. (ICE) agreed to pay a $10 million penalty to settle charges that it caused the failure of nine wholly-owned subsidiaries, including the New York Stock Exchange, to timely inform the SEC of a cyber intrusion as required by Regulation Systems Compliance and Integrity (Regulation SCI).
05/22/24	Graceland foreclosure sale halted as Presley estate’s lawsuit moves forward	AP News	Graceland foreclosure sale halted as Presley estate’s lawsuit moves forward MEMPHIS, Tenn. (AP) — A judge on Wednesday said Elvis Presley’s estate could be successful in arguing that a company’s attempt to auction Graceland is fraudulent as he halted a foreclosure sale of the beloved Memphis tourist attraction. Later Wednesday, a statement from someone who appeared to be a representative of the company said it would drop its claim, which the Presley estate has argued is based on fake documents. Online court records did not immediately show any legal filings suggesting the claim had been dropped.
05/20/24	Graceland is headed for foreclosure as Elvis Presley's granddaughter fights sale and alleges fraud	CBS	Graceland is headed for foreclosure as Elvis Presley's granddaughter fights sale and alleges fraud Elvis Presley's Graceland Mansion, a popular tourist attraction and the singer's final resting place, is at the center of a court fight as it appears to be headed for a foreclosure auction later this week. But Elvis' granddaughter, actor Riley Keough, is fighting back with a lawsuit that alleges fraud.
05/20/24	The Curious Money Trail Behind the Supreme Court/Clarence Thomas Decision to Rescue a Federal Agency that Wall Street Hates	Wall Street On Parade	The Curious Money Trail Behind the Supreme Court/Clarence Thomas Decision to Rescue a Federal Agency that Wall Street Hates Last Thursday, in a stunning 7-2 win for the little guys and gals in America, the U.S. Supreme Court handed down its decision in Consumer Financial Protection Bureau et al v Community Financial Services Association of America, Ltd., et al. Making the decision all the more stunning, it was written by Clarence Thomas, the sitting justice who has been under withering attack in the press for selling out to special interests. (There is speculation that the Thomas name is on the decision to quiet the media uproar against him.) The two dissenting votes came from Justices Samuel Alito (target of a ProPublica investigation in 2023) and Neil Gorsuch, around whom conflicts of interest controversy is also swirling.
05/19/24	Housing experts revise mortgage rate forecasts for remainder of 2024	Yahoo Finance	Housing experts revise mortgage rate forecasts for remainder of 2024 At the beginning of the year, housing experts and homebuyers looked forward to better buying conditions — interest rates were poised to drop, a shift expected to free up inventory and cool surging home prices. That outlook has mostly changed. Nearly halfway through 2024, the highly anticipated interest rate cuts have yet to happen, home prices are still growing, and affordability remains a challenge. "We all expected that at this point in the year, we would see stronger home sales activity, and interest rates [would be] down," Jessica Lautz, deputy chief economist at the National Association of Realtors (NAR), told Yahoo Finance. "[Rates] moved back up into the 7% range, and that does put a damper on home sales activity, and it changes who can purchase a home."
05/19/24	The Supreme Court ruled to protect the CFPB. Here's why it matters for your money	NPR	The Supreme Court ruled to protect the CFPB. Here's why it matters for your money NPR's Tamara Keith speaks with Rohit Chopra, the director of the U.S. Consumer Financial Protection Bureau, about a Supreme Court decision that validated how the bureau is funded.
05/18/24	$384,000,000 To Be Handed To 191,000 Victims of Banking Giant’s Illegal Practices: Consumer Financial Protection Bureau	Daily HODL	$384,000,000 To Be Handed To 191,000 Victims of Banking Giant’s Illegal Practices: Consumer Financial Protection Bureau A US banking regulator says $384 million will soon be handed to victims of an online bank’s illegal practices. The Consumer Financial Protection Bureau says 191,000 people will receive the windfall of cash, which will be given to former customers of Texas-based Think Finance. The agency filed a lawsuit against the lender in 2017, accusing the company of tricking customers into repaying loans they did not owe. The firm’s loans in 17 states were considered illegal, void and uncollectable. Now, the CFPB says it’s beginning to distribute $384 million from its victims relief fund to support people who got caught in the scam.
05/16/24	The U.S. Government's Involvement In "Foreclosure Genocide" Revealed by William Paatalo	Scott Stafne	The U.S. Government's Involvement In "Foreclosure Genocide" Revealed by William Paatalo Late last year, in the U.S. Bankruptcy Court for the Eastern District of Washington, a proof of claim was filed on behalf of an alleged “secured creditor” named “U.S. Bank Trust, as Trustee of LB-Igloo Series IV Trust.” Subsequently, this alleged creditor filed the following proposed order, which surprisingly, was paid for by the “U.S. Treasury” as revealed in the docket.

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