Articles Related To Mortgage Servicing Fraud

Date	Article Articles are added weekly	Source	Comment
10/10/25	ATTOM: Foreclosures Continued to Rise in the Third Quarter	Mortgage Orb	ATTOM: Foreclosures Continued to Rise in the Third Quarter There were 72,317 foreclosure starts nationwide in the third quarter, an increase of 2% compared with the second quarter and up 16% compared with year ago, according to ATTOM’s latest U.S. Foreclosure Market Report. States that had the greatest number of foreclosure starts in third quarter included Texas (9,736), Florida (8,909), California (7,862), Illinois (3,515) and New York (3,234). Major cities with a population of 200,000 or more that had the greatest number of foreclosure starts for the quarter included Houston (3,763); New York (3,452), Chicago (3,144), Miami (2,502); and Los Angeles (2,321).
10/09/25	New California Law on Servicing of Second Mortgages Causes Confusion Among Lenders and Servicers	Shepard Mullin	New California Law on Servicing of Second Mortgages Causes Confusion Among Lenders and Servicers On June 30, Governor Newsom signed into law AB 130, which includes a new provision to the California Civil Code, Section 2924.13. The new law (previously discussed here) became effective on July 1. The purpose of the law was purportedly to make it more difficult for loan servicers to non-judicially foreclose on so-called “zombie mortgages.” The section of AB 130 that created the new Civil Code provision was an add-on to a lengthy budget trailer bill, and there is no legislative history to fall back on with respect to certain vague or confusing provisions in the new law. After three months of attempting to service junior liens under the new law, loan servicers are discovering that there are problems associated with servicing loans under the new law. For example:
10/08/25	Nation’s largest mortgage lenders, service providers hit with allegations of price-fixing	Scotsman Guide	Nation’s largest mortgage lenders, service providers hit with allegations of price-fixing A class action lawsuit alleging a “nationwide conspiracy” designed to “artificially inflate residential mortgage rates and fees” has been filed against one of the largest mortgage service providers in the U.S., Optimal Blue, and 26 of the largest U.S. mortgage lenders. Filed on Oct. 3 in the U.S. District Court for the Middle District of Tennessee, the lawsuit claims these entities have operated a “data-sharing network” since at least 2019 that enables them “to orchestrate a price-fixing scheme.” Optimal Blue offers pricing software embedded in loan origination systems (LOSs) used by lenders to price home mortgages.
10/03/25	Class Action Alleging Deceptive Mortgage Acceleration Notice Language Proceeds	JD Supra	Class Action Alleging Deceptive Mortgage Acceleration Notice Language Proceeds A North Carolina federal court has allowed a putative class case to proceed on a theory that a residential mortgage servicer’s notice that it “may” accelerate is deceptive under the FDCPA and state law. On September, 16, 2025, a judge for the US District Court of the Middle District of North Carolina issued a memorandum opinion and order in the class action proceeding captioned Christel England et al. v. Selene Finance, LP, case number 23-cv-00847, denying the defendant servicer’s motion to dismiss a putative class action complaint. The putative class plaintiffs alleged that the servicer’s default notice is deceptive under the federal Fair Debt Collection Practices Act (FDCPA), the North Carolina Debt Collection Act, and the North Carolina Collection Agencies Act. The language of the notice at issue is familiar to the residential mortgage servicing industry. Titled Notice of Default and Intent to Accelerate, the notice states that:
10/02/25	California Enacts Mortgage Forbearance Act, Effective Immediately; Will Pose Compliance Challenges for Servicers	National Law Review	On September 22, 2025, California Gov. Gavin Newsom signed the Mortgage Forbearance Act into law, with an immediate effective date. The law, designed to provide emergency relief to California mortgage loan borrowers impacted by the various wildfires that occurred earlier in 2025, is in many ways reminiscent of the CARES Act forbearance framework from 2020. However, given that it is a state law, it has limitations compared to its predecessor. On the other hand, in situations where it does apply, the Mortgage Forbearance Act imposes additional burdens that will create compliance challenges for servicers.
09/23/25	Vermont court revives Ditech, US Bank foreclosure after note dispute	Mpa Mag	Vermont court revives Ditech, US Bank foreclosure after note dispute A Vermont Supreme Court decision has put a foreclosure case back on track after years of twists over who really owned the mortgage. Here’s what happened: Back in 2015, Ditech Financial LLC, which had taken over from Green Tree Servicing, started foreclosure proceedings against Karen Brisson. The loan dated to 2007, and like many in the industry know, the mortgage had already changed hands a few times – first with Chittenden Trust Company, then Everbank, then Green Tree, and finally Ditech. Brisson defaulted, and after a trial in 2018, the court sided with Ditech, confirming it held the original note and setting the amount owed. Brisson was given a six-month window to pay up or lose the property. But things didn’t go as planned. After the redemption period ended, Brisson filed for bankruptcy in 2019. The foreclosure was put on pause. Once she was discharged from bankruptcy, Ditech tried to get the case moving again and asked for a new sale date. The parties attempted mediation, but no deal was reached.
09/22/25	CFPB publishes its unified agenda for spring 2025	JD Supra	CFPB publishes its unified agenda for spring 2025 Recently, the U.S. Office of Management and Budget received the CFPB’s Spring 2025 Unified Agenda of Regulatory and Deregulatory Actions, outlining 25 regulatory activities at different stages of the administrative process. The Bureau’s agenda included nine entries at the prerule stage, ten entries at the proposed rule stage, five at the final rule stage, and one set for long-term review and action. The CFPB clarified that the timing of these actions is not binding and may change. In its notice, the CFPB also released a list of completed actions, which included regulatory action taken with respect to the FCRA and the reporting of medical debt, credit card penalty fees, and PACE financing.
09/18/25	ATTOM: Foreclosure Starts Continued to Rise in August	Mortgage Orb	ATTOM: Foreclosure Starts Continued to Rise in August Foreclosure starts were down slightly in August compared with July but were up 17% in compared with August 2024, according to ATTOM’s latest U.S. Foreclosure Market Report. Still, foreclosures remain near historical lows. States that had the greatest number of foreclosure starts in August included Texas (2,982), Florida (2,803), California (2,558), New York (1,207) and Illinois (1,170). In addition, completed foreclosures were up 5% compared with July and were up 41% compared with a year ago. States that had the greatest number of REOs in August included Texas (476), California (343), New York (319), Florida (276) and Illinois (232). A total of 35,697 U.S. properties saw foreclosure filings — default notices, scheduled auctions or bank repossessions — in August, down 1% compared with the previous month ago but up 18% compared with a year ago.
09/18/25	CFPB Spring 2025 Regulatory Agenda Mortgage Items	Ballard Spahr	CFPB Spring 2025 Regulatory Agenda Mortgage Items The CFPB recently released its Spring 2025 Regulatory Agenda. In this post, we focus on various residential mortgage-related items included in the Regulatory Agenda. We will address other aspects of the Regulatory Agenda in separate blog posts. To register for our webinar on the Regulatory Agenda, click here. An initial observation regarding the Regulatory Agenda in general is that it is very ambitious, with a total of 24 rulemaking items, plus one long term action, yet it is not clear how the CFPB could engage in this level of rulemaking given the significant reduction in force planned at the CFPB that we have reported on extensively, and most recently here and here , and also addressed in a recent podcast.
09/08/25	Fraud and the Statute of Limitations in Foreclosure Defense	Living Lies	Fraud and the Statute of Limitations in Foreclosure Defense One of the most common questions homeowners ask us is this: “If I discover fraud in my foreclosure case, is it too late to do anything about it?” Her is our answer. It depends. And here’s why. Why Fraud Changes Everything Every state has statutes of limitations (SOL) that set deadlines for filing lawsuits, including claims of fraud. But here’s the key: most states allow the clock to start ticking when the fraud is discovered, not when it happened. This is called the “discovery rule.” It means if you just uncovered evidence that your foreclosure was based on false documents, forged signatures, or fabricated assignments, you may still have a case—even years later.
09/04/25	Trump Is Accusing Foes With Multiple Mortgages of Fraud. Records Show 3 of His Cabinet Members Have Them.	Propublica	Trump Is Accusing Foes With Multiple Mortgages of Fraud. Records Show 3 of His Cabinet Members Have Them. The White House has targeted opponents, including a Fed governor, for having more than one primary residence on their loan papers. ProPublica found that, in one case, a Trump cabinet secretary got two such mortgages in quick succession.
08/30/25	Summertime Done Come and Gone My Oh My, August 26, 2025 - But Who Can Unlearn All the Facts That I’ve Learned: Facts Matter for Summary Judgment	JD Supra	Summertime Done Come and Gone My Oh My, August 26, 2025 - But Who Can Unlearn All the Facts That I’ve Learned: Facts Matter for Summary Judgment In a recent foreclosure action, Plaintiff Lakeview Loan Servicing, LLC (“Lakeview”) sought summary judgment against Defendant Andrew Branley (“Branley”). Lakeview claimed that Branley executed a Note to JPMorgan Chase Bank, N.A. (“Chase”) on June 12, 2013, in the principal amount of $317,091.00, secured by a mortgage and a Consolidation, Extension and Modification Agreement (“CEMA”) of the same date. The mortgage and CEMA were recorded in August 2013. Lakeview asserted that the Note was endorsed in blank, transferred to Lakeview and that an Assignment of Mortgage from Chase, dated February 6, 2019, was recorded shortly thereafter. Lakeview maintained it had physical possession of the original Note prior to commencing the action in June, 2023 and that Branley had been in default since April 1, 2020. Branley opposed, arguing that Lakeview failed to prove it held the Note at commencement of the foreclosure action. He challenged the affidavit from Lakeview’s servicer, Flagstar Bank, for not confirming review of Lakeview’s own records, for omitting any statement that the original Note was examined and for lacking supporting business records. He also disputed the amount owed, claiming he borrowed only $6,001.67 under the CEMA and asserted that the 2019 Assignment of Mortgage referenced only the original 2010 mortgage, not the Consolidated Mortgage or Consolidated Note, raising questions about Lakeview’s ownership.
08/25/25	Foreclosure Starts Jumped in July as Mortgage Delinquencies Ebbed	Mortgage Orb	Foreclosure Starts Jumped in July as Mortgage Delinquencies Ebbed Foreclosure starts jumped 4.3% in July compared with June and were up 7.61% compared with July 2024, according to ICE Mortgage Technology’s First Look report. There were about 32,000 foreclosure starts nationwide for the month, according to the firm’s data. In addition, foreclosure sales surged 9.68% to reach 6,900 for the month. That’s up about 25% year-over-year.
08/24/25	DFPI Orders Mortgage Lender to Pay $2.3 Million for Per Diem Interest Overcharges	National Law Review	DFPI Orders Mortgage Lender to Pay $2.3 Million for Per Diem Interest Overcharges On August 18, the California Department of Financial Protection and Innovation (DFPI) announced a $2.3 million settlement with a former mortgage lender and servicer for alleged violations of the California Residential Mortgage Lending Act and California Financing Law. According to the DFPI, the company improperly charged thousands of California borrowers per diem interest in excess of what is permitted under state law.
08/15/25	Fannie Mae issues new servicing rules for temporary buydowns	Housing Wire	Fannie Mae issues new servicing rules for temporary buydowns Fannie Has asked servicers to implement the new rules immediately, with mandatory compliance starting Nov. 1. Fannie Mae has updated its servicing guidelines for temporary interest-rate buydowns, calling for immediate adoption ahead of a Nov. 1 mandate. The changes outline how to apply buydown funds in different workout scenarios, along with updated borrower notification requirements.
08/07/25	AG Campbell Secures $2 Million Settlement With Mortgage Loan Servicer For Violating Consumer Protection, Foreclosure Prevention Laws	Mass Attorney General	AG Campbell Secures $2 Million Settlement With Mortgage Loan Servicer For Violating Consumer Protection, Foreclosure Prevention Laws BOSTON — Attorney General Andrea Joy Campbell today announced that her office has reached a $2 million settlement with a Texas-based residential mortgage loan servicer, Cypress Loan Servicing LLC (Cypress), formerly known as Rushmore Loan Management Services LLC. The settlement resolves allegations that the company violated Massachusetts’ consumer protection, foreclosure prevention, and debt collection laws, putting homeowners at unnecessary and unlawful risk of foreclosure. As part of the settlement, Cypress will pay $2 million to the Commonwealth; make extensive changes to its business practices to ensure compliance with applicable Massachusetts law; and regularly report on its compliance with the settlement to the Attorney General’s Office (AGO). In addition to penalties to the state, the monetary payment is expected to provide restitution for certain impacted consumers who experienced foreclosure. “When mortgage loan servicers like Cypress violate our critical consumer protection and foreclosure prevention laws, they aren’t just breaking the rules – they are causing real pain and instability for Massachusetts residents and families,” said AG Campbell. “I am proud to announce this settlement, which will help ensure compliance with meaningful consumer protections and put mortgage servicers on notice that Massachusetts will not tolerate unlawful practices that put profit over people.” The AGO alleged that Cypress engaged in significant violations of the Massachusetts foreclosure-prevention law, known as Section 35B, which was enacted in 2012 in the wake of the foreclosure crisis and requires mortgage servicers to make a good faith effort to help financially struggling borrowers avoid foreclosures, including by providing required notice of borrowers’ right to pursue an affordable loan modification on certain mortgage loans. In reviewing loan modification applications under 35B, creditors must consider the consumer’s ability to pay, as well as other factors, such that any resulting loan modification is affordable. The AGO alleged that in many instances, Cypress unlawfully required consumers to pay large upfront down payments that were not subject to an affordability analysis as a threshold requirement to entering an otherwise affordable loan modification. Thus, consumers who could not afford these down payments were unable to access the modification and some ultimately were forced into an otherwise preventable foreclosure.
08/05/25	Why Mortgage Servicers Need a Closed-Loop Payment System Against Evolving Fraud	Mortgage Orb	Why Mortgage Servicers Need a Closed-Loop Payment System Against Evolving Fraud The digital age, while bringing unparalleled efficiency, has also ushered in an era of increasingly sophisticated financial fraud. For mortgage servicers, who handle vast sums of money and sensitive customer data, the threat of wire and ACH fraud is a persistent and growing concern. Despite the obvious risks, a surprising number of institutions continue to rely on traditional, manual verification methods that are inherently vulnerable to exploitation by bad actors. These manual methods have been proven to be largely ineffective against many of today’s fraud tactics, which include but are not limited to wire-fraud/misdirected funds, phishing attacks via spoofed emails, malicious insider changing details, etc. The industry needs a fundamental shift toward more secure, automated processes, particularly the adoption of closed-loop payment systems, to effectively combat this evolving threat.
00/03/25	Bombshell Mers Admission Collapses 15+ Years	DAVE KRIEGER	Bombshell Mers Admission Collapses 15+ Years This section is a republish from a report from Bill Paatalo, PI ... on MERS! DAVE KRIEGER AUG 3 As you may remember, everyone wanted to sue MERS because they thought the patented process was flawed. Eventually, attorneys figured out that MERS (even though a directive from its board of directors in 2011 said NOT to file suits on behalf of MERS, because everyone was countersuing) had a parent, MERSCORP, Inc. (which later changed to MERSCORP Holdings, Inc. … which later sold to Intercontinental Exchange Inc. “ICE”, who also owns the New York Stock Exchange, in October of 2018). Now everyone is finding out that MERS was just a computer system. That computer system is controlled mostly by mortgage loan servicers who own what they input as to the data consumers might find when they do Servicer ID searches in the MERS System®. We already know that MERS (Mortgage Electronic Registration Systems, Inc.) does not claim any pecuniary interest in the loan. Thus, MERS (through its agents and assigns) cannot transfer something it did not own in the first place. That makes the assignment document fraudulent as to its misrepresentative content. To put it another way (without stepping into legal shit) … there are laws on the books in every state that allow you to challenge assignments, which are allegedly “encumbrances of record” according to your mortgage loan security instrument. So, IMHO, the Courts collectively are full of shit (and so are the law firms dishing this opinion out) that you can’t attack documents in your chain of title. Bill makes a great point about title insurers paying attention to what’s coming. Now this posted PDF is quite lengthy and contains a lot of context links, help is always there when you’re in distress.
07/24/25	ICE: Foreclosure Starts, Mortgage Delinquency Rate Increased in June	Mortgage Orb	ICE: Foreclosure Starts, Mortgage Delinquency Rate Increased in June There were roughly 31,000 foreclosure starts nationwide in June, an increase of nearly 10% compared with May and up 36.5% compared with June 2024, according to ICE Mortgage Technology’s First Look report. In addition, the mortgage delinquency rate increased to 3.35%, up 4.74% compared with May but down 3.8% compared with June 2024. As of the end of the month there were about 1.834 million homes in some stage of delinquency, an increase of about 90,000 compared with the previous month but down about 39,000 compared with a year earlier.
07/24/25	Premier Member Editorial: It’s Time to Rethink Mortgage Servicing. Here’s Why.	MBA Newslink	Premier Member Editorial: It’s Time to Rethink Mortgage Servicing. Here’s Why. I’ll start with a simple truth: too many lenders are still treating mortgage servicing like a side business rather than a strategic asset. That needs to change. I’ve spent the better part of my career advising mortgage companies, banks, and credit unions on how to improve performance—and right now, servicing is one of the most overlooked opportunities in our industry. For years, it’s lived in the shadow of origination. But in 2025, with volumes down, margins compressed, and borrower expectations higher than ever, the spotlight is shifting. Servicing isn’t just something you have to do. It’s something you can do better—and by doing so, gain a real edge.
07/24/25	Homeowners Losing Patience With Mortgage Servicers	National Mortgage Professional	Homeowners Losing Patience With Mortgage Servicers Mortgage originators may be winning over borrowers, but their servicing counterparts are losing ground fast. According to the newly released J.D. Power 2025 U.S. Mortgage Servicer Satisfaction Study, customer satisfaction with mortgage servicers has dropped significantly this year, highlighting a growing divide in the customer experience between origination and servicing.
07/23/25	The Pro Se Litigant and Today’s Court Systems …	Living Lies	The Pro Se Litigant and Today’s Court Systems … It’s going to be an uphill battle unless you understand the forum you’re in! From our friend and Foreclosure Defense expert Dave Krieger (OP-ED)— This post is being initiated to stimulate your thought process as to what many perceive as the most hated, corrupt judicial system in America, especially in the foreclosure arenas around the country. This particular post is being offered to everyone equally, because we all benefit from the educational use of its ideas. Between 2009 and 2016, over 10.2-million homes were foreclosed on. In my estimation, roughly 99.9% of those foreclosures were illegal. Based on the information that continues to surface, many litigants are finding that:
07/18/25	"Thank you for calling the FBI, now get lost"	Zero Hedge	"Thank you for calling the FBI, now get lost" Today, I called the FBI office in Detroit, relevant to their investigation of the Detroit judge receiving bribes. Deadline Detroit \| Detroit News: FBI Investigating Detroit Judge Andrea Bradley-Baskin I was transferred to the FBI tip line. This rather shocking event then transpired-- I was asked by the Tip Line officer to recount why I was calling. When I tried to give her some brief input as to who I was and how I came upon this information, she cut me off, stating that she did not care about this. This is relevant because within a few minutes, she was asking how I came across the information.
07/17/25	California Enacts New Mortgage Servicing and Foreclosure Standards	National Law Review	California Enacts New Mortgage Servicing and Foreclosure Standards On June 30, California Governor Newsom has signed AB 130, a budget trailer bill related to housing. This legislation includes new requirements for mortgage servicers of subordinate mortgages, defined in the bill, and took effect immediately. The text of the new statute, which comprises a very small portion of the full bill, may be found (here).
07/16/25	Thousands of veterans get help from Congress to save their homes from foreclosure	NPR	Thousands of veterans get help from Congress to save their homes from foreclosure The Senate has passed a long-awaited fix for veterans designed to keep many from losing their homes, after a series of stumbles by the VA left thousands of veterans on the verge of foreclosure.
07/16/25	Congress Passes Legislation to Help Protect Veterans from Foreclosure by Reauthorizing Partial Claims with VA Home Loans	Ballard Spahr	Congress Passes Legislation to Help Protect Veterans from Foreclosure by Reauthorizing Partial Claims with VA Home Loans The U.S. Senate recently passed H.R. 1815, the VA Home Loan Program Reform Act, to reauthorize partial claims with U.S. Department of Veterans Affairs (VA) guaranteed home loans. The U.S. House of Representatives passed the legislation in May 2025, and the legislation now moves to President Trump for his signature.
07/15/25	White House advisor announces major mortgage loan changes for Fannie Mae, Freddie Mac	The Street	White House advisor announces major mortgage loan changes for Fannie Mae, Freddie Mac Securing a mortgage loan and saving for a down payment are widely considered the most difficult steps of the homebuying process. While income, credit score, outstanding debts, and traditional assets are included in mortgage loan assessments, digital assets are not. William Pulte, the Trump administration's newly appointed director of the Federal Housing Finance Agency (FHFA), has revealed plans to integrate bitcoin and other cryptocurrencies into the mortgage loan application process.
07/15/25	Bill Would Channel Billions From Fannie/Freddie Sale Towards Affordable Housing	Mortgage Point	Bill Would Channel Billions From Fannie/Freddie Sale Towards Affordable Housing With federal interest swelling regarding the privatization of Fannie Mae and Freddie Mac, Reps. Tom Suozzi and Nicole Malliotakis have introduced a bipartisan bill calling for the federal government to dedicate as much as $250 billion received from ending the conservatorship of Fannie and Freddie to be invested in the construction of up to affordable housing. Under the Housing for U.S. Act, union labor would be contracted to build up to 3.5 million housing units, dedicated specifically for middle-class Americans. After 10 years, the remaining funds would be used for deficit reduction.
07/15/25	Fraud Alert: Some Non-QM Lenders Excluding Loans Involving Certain Appraisers, Borrowers	National Mortgage Professional	Fraud Alert: Some Non-QM Lenders Excluding Loans Involving Certain Appraisers, Borrowers Fannie Mae warns of multi-state, broker-led mortgage fraud linked with investment properties, a settlement company, multiple LLCs
07/14/25	CFPB Terminates Two Consent Orders Addressing Overdraft Fees and Mortgage Servicing Violations	MPA Mag	CFPB could be eyeing LO compensation, mortgage servicing rule changes While the Consumer Financial Protection Bureau (CFPB) may look much different after it is downsized, it still has several mortgage-related issues in its sights. A mortgage attorney said the agency still has a list of mortgage industry issues on its agenda.
07/10/25	CFPB Terminates Two Consent Orders Addressing Overdraft Fees and Mortgage Servicing Violations	National Law Review	CFPB Terminates Two Consent Orders Addressing Overdraft Fees and Mortgage Servicing Violations On July 1, the CFPB terminated two separate consent orders, one involving a federal credit union and the other involving a national mortgage servicer. Both orders stemmed from 2024 enforcement actions and involved alleged violations of the Consumer Financial Protection Act (CFPA), with the mortgage servicing matter also receiving violations of the Real Estate Settlement Procedures Act, the Truth in Lending Act, and the Homeowners Protection Act.
07/08/25	Investors snap up growing share of US homes as traditional buyers struggle to afford one	AP News	Investors snap up growing share of US homes as traditional buyers struggle to afford one LOS ANGELES (AP) — Real estate investors are snapping up a bigger share of U.S. homes on the market as rising prices and stubbornly high borrowing costs freeze out many other would-be homebuyers. Nearly 27% of all homes sold in the first three months of the year were bought by investors -- the highest share in at least five years, according to a report by real estate data provider BatchData. Between 2020 and 2023, the share of homes bought by investors averaged 18.5%. All told, investors bought 265,000 homes in the January-March quarter, an increase of 1.2% from the same period a year earlier, the firm said. Despite the modest annual increase, the rise in the share of investor home purchases is more a reflection of how much the housing market has slowed as traditional buyers face growing affordability constraints, according to BatchData.
07/06/25	Hundreds of people in New Hampshire have had their property sold out from under them by scammers. Here’s why	Yahoo News	Hundreds of people in New Hampshire have had their property sold out from under them by scammers. Here’s why The FBI in Boston reports that between 2019 and 2023, New Hampshire homeowners were scammed out of more than $4 million in quit claim deed fraud. Quit claim deeds transfer an owner’s interest in a property to another party and releases the owner from any future claims of ownership over the property. Scammers can forge these deeds in order to sell the property, take out a mortgage, or rent it to unsuspecting tenants. Local ABC news station WMUR 9 in New Hampshire reported that 239 people were victims of deed fraud in between 2019 and 2023 and that homeowners must take steps to protect themselves — particularly if they own any vacant properties. Here’s what to know and how to ensure you’re not the victim of this kind of scam.
07/02/25	Welcome Back, Wells Fargo!	Racket News	Welcome Back, Wells Fargo! The past two decades have been tough ones for Wells Fargo and the many victims of its sprawling crime wave. While the banking industry is full of scammers, Wells took turning time honored street-hustles into multi-billion dollar white-collar hustles to a new level. The Federal Reserve announced last month that Wells Fargo is no longer subject to the asset growth restriction the Fed finally enforced in 2018 after multiple scandals. This was a major enforcement action that prohibited Wells from growing existing loan portfolios, purchasing other bank branches or entering into any new activities that would result in their asset base growing. Upon hearing the news that Wells was being released from the Fed’s penalty box, my mind turned to this pivotal moment in the classic movie “Slapshot.”
06/27/25	Fannie & Freddie Establish Joint Venture To Advance FinTech Services	Mortgage Point	Fannie & Freddie Establish Joint Venture To Advance FinTech Services A new report revealed that U.S. Financial Technology, LLC (U.S. Fin Tech) was established by Fannie Mae and Freddie Mac (the Enterprises) to replace Common Securitization Solutions (CSS), their jointly owned heritage business. The name U.S. Fin Tech more accurately captures its vital role in offering businesses cutting-edge, creative technology and business solutions. CSS, currently officially known as U.S. Financial Technology LLC, is a Delaware-based business that is governed by the Federal Housing Finance Agency (FHFA) and co-owned by Freddie Mac and Fannie Mae.
06/26/25	Today’s podcast episode: What is Happening at the Federal Agencies That is Relevant to the Residential Mortgage and Settlement Service Industries	Ballard Spahr	Today’s podcast episode: What is Happening at the Federal Agencies That is Relevant to the Residential Mortgage and Settlement Service Industries We are releasing today on our podcast show a repurposed webinar that we produced on June 11, 2025 entitled “What is happening at the federal agencies that is relevant to the residential mortgage and settlement service industries.” During this podcast, we will inform you about recent developments at federal agencies, including the CFPB, HUD/FHA, OCC, FDIC, FRB and USDA (collectively, the “Agencies”), as well as Congress, the White House, states and the courts. Some of the issues we consider are:
06/20/25	Percent of Properties Seriously Underwater by State for the First Quarter 2025	ATTOM DATA	Percent of Properties Seriously Underwater by State for the First Quarter 2025 ATTOM’s latest data on the proportion of seriously underwater mortgages for the first quarter 2025 show that the percentage of seriously underwater homes nationwide remained relatively steady nationally and increased from 2.5% in the fourth quarter of 2024 to 2.8% in the first quarter of 2025. Although a 0.4% increase, the finding compares favorably to the 6.6% rate that was reported in the first quarter of 2020. This article reports on the latest trends in the percentage of properties seriously underwater by state. The term “seriously underwater” refers to properties where the loan balance exceeds the market value by at least 25%.
06/15/25	ATTOM: Foreclosure Starts Decreased in April, While Completed Foreclosures Increased	Mortgage Orb	ATTOM: Foreclosure Starts Decreased in April, While Completed Foreclosures Increased A total of 35,498 U.S. properties saw foreclosure filings — default notices, scheduled auctions or bank repossessions — in May, down 1% compared with April but up 9% from a year ago, according to ATTOM. Lenders started the foreclosure process on 24,165 properties in May, down 4% from the previous month but up 8% from a year ago. States that had the greatest number of foreclosure starts in May included Texas (3,077), Florida (2,780), California (2,641), Illinois (1,242), and New York (1,222). Lenders repossessed 3,844 U.S. properties through completed foreclosures (REOs) in May, up 7% from April and up 34% from May 2024. States that had the greatest number of REOs included Texas (460), California (300), Pennsylvania (257), Michigan (236) and Florida (234). “Foreclosure activity in May reflected a mixed picture with fewer starts but a continued rise in completed foreclosures,” says Rob Barber, CEO at ATTOM, in the report. “This suggests that while fewer new defaults are being initiated, lenders may still be working through a backlog of existing cases. We’ll be watching closely in the months ahead to see how these
06/15/25	VIOLATING THE SPIRIT OF AMERICA: HOME EQUITY THEFT IN MASSACHUSETTS	PacificaLegal.org	VIOLATING THE SPIRIT OF AMERICA: HOME EQUITY THEFT IN MASSACHUSETTS Table of Contents Executive Summary The Calkinses Lose the American Dream Home Equity Theft Violates Property Rights An Unjust System An Unconstitutional System On a Mission to End Home Equity Theft Nationwide Crushing the Spirits of Commonwealth Families Hundreds of Homes Taken Millions in Savings Lost Massachusetts Institutions Grossly Profit Local Governments Private Investors Fixing the Three-Legged Stool: Balancing the Interests of Homeowners, Local Governments, and Private Investors Legislative Reform Local Administrative Changes Court Rulings

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