Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

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08/25/18

Why Does Wells Fargo Still Exist?
Wells Fargo executives know that everyone hates them. In the last two years, the bank has launched three separate marketing campaigns hoping to clean up its public image, only to see each effort thwarted by fresh, catastrophic scandals

08/23/18

Can Your Mortgage Become “Obsolete” If Your Note is Accelerated Early and What is The Obsolete Mortgage Act?
Massachusetts mortgage law says that if your bank doesn’t foreclose within five years of the mortgage’s maturity date, then the mortgage is considered discharged. This law is the Obsolete Mortgage Act. G.L. c. 260, § 33.

08/22/18

MCGINNIS v AMERICAN HOME MORTGAGE SERVICING, INC.,
My gratitude to David McCrae out of Texas for sending me this recently published decision. Servicing is so sleazy and normally the courts don't get it. Judge Branch, joined by two other judges, apparently have gotten it right once. The jury found against Homeward on all claims and awarded McGinnis $3,506,000 in damages ($6,000 for economic injury, $500,000 for emotional distress, and $3,000,000

08/21/18

FDLE agents raid office of St. Petersburg attorney Mark Stopa
Agents of the Florida Department of Law Enforcement raided the St. Petersburg offices of suspended foreclosure defense attorney Mark Stopa Tuesday morning.

08/21/18

Fannie and Freddie Are Now Under Federal Agency Conservatorship
A federal court’s August ruling in Sisti v. Federal Housing Finance Agency, 2018 WL 3655578 (D.R.I. Aug. 2, 2018), has the potential to revolutionize Fannie Mae and Freddie Mac foreclosure procedures in the majority of states that allow nonjudicial foreclosures.

08/20/18

Homeowner using Wells Fargo glitch admission against them
Let the blowback begin. A New York homeowner last week fought back against the denial of a mortgage modification by Wells Fargo — using as a cudgel in the bitter spat the bank’s admission just weeks earlier that a computer glitch wrongly denied hundreds of customers home loan help.

08/18/18

It Isn’t Supposed to be This Way
Frank (aka Frankie) Schnarrs, a client and friend, died at the hands of Thurston County officials yesterday evening. Particularly its Prosecutor Jon Tunheim, its Auditor Mary Hall, and Superior Court Judges Murphy and Lanese. State officials Governor Jay Inslee and Attorney General Bob Ferguson failed my friend, and the people of Washington, by not ensuring Thurston County officials complied with their duties under state law.

08/17/18

Foreclosed homeowners allege bias in Worcester Housing Court
The Supreme Judicial Court has agreed to hear a case involving a group of foreclosed homeowners who say Worcester Housing Court judges are biased against litigants who represent themselves -- in particular those homeowners working with a Worcester anti-foreclosure group.

08/15/18

RBS bankers joked about destroying the US housing market
RBS bankers joked about destroying the US housing market after making millions by trading loans that staff described as “total fucking garbage”, according to transcripts released as part of a $4.9bn (£3.8bn) settlement with US prosecutors.

08/14/18

Lawsuit in Virgin Islands (U.S. Territory) Exposes the Underbelly of Forced Foreclosures that Harmed Investors and Borrowers
I almost stopped reading this lawsuit because I thought they were casting Ocwen and Altisource as victims. And to a limited extent that is true. But upon close reading this lawsuit is about what the investors lost to the unrelenting full court press to foreclose at the expense of investors and obvious huge harm to homeowners who were ready willing and able to pay for modified loans.

08/14/18

The Trump administration is dismantling financial protections for the military
The federal government’s top consumer watchdog has decided it no longer needs to proactively supervise banks, credit card companies, and other lenders that deal with members of the military and their families to make sure they’re not committing fraud or abuse.

08/14/18

Homeowners Facing Foreclosure Get Free Mediation Counseling Against Lenders
NEWARK, NJ - A new state program will offer mediation counseling services to New Jersey residents facing foreclosure, giving them at least a fighting chance when going up against lenders during the legal process. The New Jersey Housing and Mortgage Finance Agency is using $1 million to fund the program to help up to 2,000 homeowners facing foreclosure.

08/13/18

Congress Wakes Up to Continuing Lies from Major Banks
The takeaway from this is that when Wells Fargo lies it is telling a whopper. The same is true for Chase, Citi and Bank of America. They tell lies that lead to ruin of working American families and they don’t care. Their only concern is protecting the fraudulent scheme that brought trillions of dollars in illicit revenue to them and then paying a “cost of doing business” fine or settlement that is literally a few cents on the dollars.

08/10/18

What If Banks Were Publicly Owned? In LA, This May Soon Be A Reality.
Voters will decide in November whether to take city money out of the hands of big banks.
By David Dayen

08/10/18

Why Public Banks Are Suddenly Popular
There's only one in America—in North Dakota. But a growing movement is pushing for them across America, from L.A. to D.C.

08/10/18

They trusted Habitat for Humanity. Then it sold their mortgages to a Tampa company that flips houses
For nearly a half century, Habitat for Humanity has been helping low-income Americans realize the dream of home ownership. In return for their sweat and labor, they get the deed to a new house and a zero-interest mortgage.

08/09/18

FL 3RD DCA: FORECLOSURE FRAUD – ONCE THERE’S A LOAN MOD, BANK CAN’T WIN ON ORIGINAL NOTE ALONE
NO. 3D16-1553 LOWER TRIBUNAL NO. 13-5691 ________________ FRANCISCO PIJUAN, ET AL., APPELLANTS, VS. BANK OF AMERICA, N.A., APPELLEE. An Appeal from the Circuit Court for Miami-Dade County, Eugene J. Fierro, Senior Judge.

08/08/18

The Trump Administration Just Found a New Way to Hand Big Banks Even More Money
Do “financial services” include banking? Not according to the Trump administration, whose new rule, issued Wednesday by the Treasury Department, argues there is a difference — and then cites the alleged

08/08/18

Terms of Art: Assignment or Endorsement?
Lawyers, judges and homeowners are using different terms interchangeably thus muddying up the argument or ruling. An assignment refers to a mortgage whereas an endorsement (“indorsement” in legalese) refers to a note. The rules regarding

08/07/18

Wells Fargo Quietly Reveals “Calculation Error” That Affected Customers’ Mortgage Loans
The error may have pushed hundreds of vulnerable families into home foreclosure, though the bank says there's not a clear “cause and effect” relationship

08/07/18

CHAIN OF TITLE PODCAST: DAVID DAYEN ON THE BACKGROUND REPORT
Neal Barton did one of the more fun interviews with David Dayen about Chain of Title, where he got into some stuff in the book that he hasn’t talked about a lot. Chain of Title completists, check it out!

08/07/18

The Chronology of TILA Rescission
SIMPLE LOGIC, NO DEBATE I said it before and the Supreme Court said I was right. I said it again and the Supreme Court will again issue a ruling that conforms with my statements about TILA Rescission.

08/06/18

Bank Whistleblowers United Told DOJ to use 4506-T as Kryptonite v Banksters
Steven Krystofiak Warned the Fed 12 Years Ago By William K. Black August 6, 2018 Bloomington, MN Steven Krystofiak formed the Mortgage Brokers Association for Responsible Lending, a professional association dedicated to fighting mortgage fraud and predation.

08/06/18

UNCLEAN HANDS: CHASE FORECLOSURE ROBO-WITNESS DARLENE MARCOTTE DESTROYED AT TRIAL
PLAINTIFF ENGAGED IN UNCLEAN HANDS TRYING TO PROVE STANDING TO FORECLOSE Unclean Hands Re: the Purported Mortgage Loan Schedule for the Trust

08/06/18

Creating Foreclosure Defense Narrative: Three Brain Dumps from LendingLies
See TERA Explained and Using our TERA Report If you don’t get our TERA report, you are most likely overlooking important parts of the defense narrative. Get our TERA report. Then the CONSULT. Here is a typical piece of narrative in the TERA report:

08/06/18

TILA Rescission Time Limits
If you slow down and logically go through the statute and the Jesinoski decision it is easy to analyze the situation and come to a correct conclusion. This is not argument of law, it is the application of logic.

08/06/18

What is the effect of TILA Rescission on My title? Can I sue for damages?
I have been getting the same questions from multiple attorneys and homeowners. One of them is preparing a brief to the U.S. Supreme Court on rescission, but is wondering, as things stand whether she has any right to sue for damages.

08/05/18

Wells Fargo admits glitch led to hundreds of home foreclosures
Sorry we helped you lose your home — here’s $20,000. Wells Fargo has admitted a “calculation error” may have led to as many as 400 struggling homeowners needlessly losing their homes to foreclosure.

08/05/18

The Stealth Pension Mortgage on Your House
Most cities, counties and states have committed taxpayers to significant future unfunded spending. This mostly takes the form of pension and postretirement health-care obligations for public employees, a burden that averages $75,000 per household but exceeds $100,000 per household in some states.

08/03/18

Wells Fargo reveals software error wrongly denied much-needed mortgage modifications
It seems that the bank that was once the shining example of how a big bank should be run now can’t go two days without another scandal erupting.

08/03/18

Whistleblower: Wells Fargo fraud "could have been stopped"
When the Wells Fargo banking scandal erupted nationally in 2016, amid allegations that bank employees were encouraged to open credit card accounts for customers without their knowledge, leading to even larger, systemic fraud, Jessie Guitron was at home saying "I told you so.

08/02/18

Conflict of Interest: Foreclosure Mills
Despite warnings from Bar Associations and CLE courses that have been reported on this blog going back to 2008, lawyers routinely come into court and say “Good Morning your Honor, my name is John Smith and I represent US Bank.” That is not exactly true. In fact, it is a misrepresentation.

08/01/18

Wells Fargo to pay $2 billion for allegedly lying about subprime mortgages
Wells Fargo will pay more than $2 billion for allegedly lying about the quality of subprime and Alt-A mortgages that backed residential mortgage-backed securities in the run-up to the housing crisis, the Department of Justice announced Wednesday.

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