Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

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03/29/19

Sherry Hernandez: Still Trying To Get Caught in the Revolving Door.
When I last left Sherry?—?a very unhappy California homeowner?—?she had just been arrested in Washington DC; literally, while trying to block the entrance to the vaunted white shoe law firm,

03/29/19

If you think foreclosures are a thing of the past, think again
In order to maintain the illusion of legality and an orderly marketplace the banks and their servicers must continue to push foreclosures even if it means going after people who are not actually withholding payments.

03/29/19

Ocwen settles with Massachusetts over alleged "widespread" mortgage servicing issues
Ocwen Financial will provide $2 million in restitution to mortgage borrowers in the state of Massachusetts as part of settlement with the state over alleged “widespread” mortgage servicing problems.

03/28/19

No Surprise: Ambitious Plan to "Fix" Entire Housing Market Met With Mixed Reaction
Does the entire housing market need fixing? Senator Mike Crapo thinks so, and he has a gargantuan reform proposal on the table to prove it

03/28/19

Wells Fargo CEO Quits In Wake Of Consumer Financial Scandals
Wells Fargo CEO Tim Sloan will step down immediately, the company announced Thursday. "It has become apparent to me that our ability to successfully move Wells Fargo forward from here will benefit from a new CEO and fresh perspectives,"

03/28/19

Bloomberg: Mortgage servicing needs fixing, and here's what should be done
Mortgage servicers are “unsung professionals” who play a crucial role in the U.S. economy, Bloomberg says, but they’re not doing their jobs well. But to be fair, it’s not all their fault.

03/28/19

Enforcement of Note vs. Enforcement of Mortgage
While the two are often conflated there is a distinct difference between them. In an action to enforce the note it is often presumed that the note is being enforced to pay the debt to a creditor who might not even be identified

03/27/19

“Lost notes” and the Sudden Appearance of “Original Notes.”
Think of it this way: If someone wrote you a check for $100, which would you do? (1) make a digital copy of the check and then shred it or (2) take it to the bank? Starting with the era in which banks made what is abundantly clear as false claims of securitization the banks all chose option #1.

03/26/19

Why Regulation is Failing the Mortgage Market
A new report from the Federal Reserve Board identifies the central issues confronting regulators — issues that regulators have avoided assiduously. The bottom line is that the FED

03/26/19

Do “Custodians”Really Hold “Original Notes?”
The following is an example of a typical case where the servicer for “XYZ Trust” attests or certifies that the Plaintiff trust is in possession of the “original note” at the commencement of the foreclosure action. These certifications rarely, if ever, come from the actual

03/22/19

Wells Fargo Bank and the Glass-Steagall Act
The issues plaguing Wells Fargo and other banks bring to the fore the Glass-Steagall Act, which does not rest in peace. Its lessons surface and rise continuously; they are hard to ignore.

03/22/19

World’s biggest banks accused of price-fixing Fannie Mae, Freddie Mac bonds
More than a dozen of the world’s largest financial institutions conspired to fix the prices on more than $485 billion in bonds issued by Fannie Mae and Freddie Mac over a five-year period, according to a new blockbuster lawsuit.

03/22/19

Former CoreLogic exec named general counsel at Fannie Mae
Fannie Mae has brought on former CoreLogic exec Stergios “Terry” Theologides to serve as EVP, general counsel and corporate secretary.

03/22/19

A Replay of 2008 in the Works
Amongst the constant placement of article promoted and paid for by the banks that celebrate our supposed recovery from the mortgage meltdown is a new spate of articles that say otherwise.

03/21/19

San Jose lawmakers unanimously vote to study a public bank and abandon banking with Chase
On Tuesday, the city of San Jose debated whether to waive its wage theft policy in order to award a major banking contract to Chase, or to create its own public bank. At the end of the discussion,

03/21/19

How to Think About MERS
If you are going to challenge a foreclosure or sue for wrongful foreclosure and fraud, you need to know what you are doing and know what your opposition has been doing. You also must know what to do about it because knowing is not enough. You need to convince a judge who starts from a bias of upholding “contract” because that is what judges are supposed to do in our system.

03/20/19

BONY Mellon Crashes on Statute of Limitations in NY
While this case could have the effect of barring all those cases that are over 6 years old (NY Statute) where acceleration occurred, it does nothing in those jurisdictions like Florida that have twisted logic to create a virtual deceleration allowing the statute of limitations to continue running.

03/20/19

Supreme Court defines ‘debt collector’ under Fair Debt Collection Practices Act
The US Supreme Court ruled unanimously Wednesday in Obduskey v. McCarthy & Holthus LLP that a business is not a “debtor collector” under the Fair Debt Collection Practices Act, except in enforcing security interest under 15 USC §1692f(6).

03/20/19

Obduskey v. McCarthy & Holthus LLP
U.S. Supreme CourtMar 20, 2019 No. 17-1307 (U.S. Mar. 20, 2019) JUSTICE BREYER delivered the opinion of the Court.

03/20/19

Federal Reserve signals it won't raise interest rates at all this year
At the conclusion of its March meeting, the Federal Reserve announced it is not raising the federal funds rate. In fact, the Fed is signaling it is done with the idea of rate hikes for the rest of 2019.

03/20/19

Wells Fargo to pay $13 million to settle claims of improperly modifying bankrupt borrowers’ mortgages
Wells Fargo will pay more than $13 million to settle a pending class-action lawsuit that accused the bank of “improperly” modifying the mortgages of borrowers who had declared bankruptcy.

03/18/19

Turns Out That Trillion-Dollar Bailout Was, in Fact, Real
A Man Holds a Sign During a Protest On Wall Street Against the United States Government's Rescue Plan For Failing Financial Institutions in New York, 2008.

03/18/19

Did Wall Street get a ‘trillion-dollar bailout’ during the financial crisis?
“Not one major Wall Street executive went to jail for destroying our economy in 2008 as a result of their greed, recklessness and illegal behavior. No. They didn’t go to jail. They got a trillion-dollar bailout.”

03/13/19

KAMALA HARRIS CELEBRATES HER ROLE IN THE MORTGAGE CRISIS SETTLEMENT. THE REALITY IS QUITE DIFFERENT.
PRETTY MUCH EVERY major Democratic official involved in responding to the foreclosure crisis during the Obama years did an unforgivably terrible job.

03/13/19

The Discovery Rule: Tolling the Statute of Limitations
There is an excellent post by Michael B. Schwegler in Tennessee on the whole issue of whether the statute of limitations can be extended to the date that the breach of duty was discovered.

03/12/19

Unworthy Trusts
The simple fact is that the REMIC trusts do not exist in the real world. The parties named as trustees — e.g. US Bank, Deutsch, BONY/Mellon — are trust names that are used by permission through what is essentially a royalty agreement. If you are dealing with a trust then you are dealing with a ghost.

03/11/19

Stop Referring to Defaults as Something Real
Referring to the default as real, but with an explanation of how it is subject to rationalization or argument, completely undermines your argument that they have no right to be in court, to collect, to issue notices or initiate foreclosure.

03/06/19

Do Expert Declarations Help?
The bottom line is that facts — or absence of required facts — is what persuades the judge. The value of good investigation and case analysis lies not in the opinion of the writer of the report but

03/06/19

Ocwen planning to lay off more than 2,000 mortgage employees
Ocwen Financial plans to reduce its overall workforce by more than 2,000 employees over the course of this year, as the nonbank moves to reduce its costs after its $360 million acquisition of PHH.

03/05/19

Is that Mortgage or Deed of Trust Void or Just Unenforceable?
Proving that an instrument is unenforceable does not void the instrument unless it is unenforceable by anyone. Better to prove that it should never have been written.

03/04/19

Gary Dubin: Proposed Mortgage Integrity Act (MIA):
For ten years, Gary Dubin in Hawaii has been practicing law defending homeowners from foreclosure. He has preached his own version of how to combat foreclosure fraud. And he has practiced what he preached. I find his work enlightening and refreshing. So when I read his Proposed Mortgage Integrity Act (MIA) I decided to republish it in its entirety.

03/04/19

Disruptive Innovation in the Legal Industry
Disruptive innovation” is one of those phrases that you hear a lot, but few people seem to know its true meaning. I’m guilty of this myself. Disruptive innovation is a theory by Clay Christensen, a professor at Harvard Business School,

03/01/19

TILA Rescission and Bankruptcy: What Happens When the Bankruptcy Court Gets it Wrong
When TILA rescission has occurred the encumbrance is eliminated and the debt converts from one arising from a promissory note to one arising from a statute — 15 USC §1635.

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