Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

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07/31/20

ALERT! Migrating from fake notes to eNotes: If consumers don’t stop this they will be without any defense to any abusive practice and any fake account started in their name
The banks have been securitizing data not debt. Now they are trying to make data the substitute for the real thing. In other words, screw the investors, screw the consumers, screw the government and the banks take everything.

07/31/20

Housing Is A Human Right. Our President Disagrees
The ongoing movement for racial justice shines a bright light on inequality that persists in our country, and housing discrimination is one of the most profound and devastating examples.

07/30/20

U.S. economy plunges at titanic 32.9% rate in 2nd quarter and points to drawn-out recovery
The numbers: An economy badly battered by the coronavirus shrank at a record 32.9% annual pace in the second quarter, underscoring just how big a hole the U.S. finds itself in as it labors to recover from the deepest recession in American history.

07/29/20

WELLS FARGO HIT WITH PROPOSED CLASS ACTION IN FLORIDA … UPDATE!
Wells Fargo Bank NA has done it again! A Florida couple has filed a proposed class action lawsuit against the lender, claiming (on behalf of all other interested parties) that the bank altered their second mortgage loan, thus screwing up their chain of title,

07/28/20

CFPB Misses the Mark — Overkill Against Someone Trying to Help and Underkill Against the Banks
I think that the CFPB, FTC and SEC continue to miss the point. The base of “deceptive and unsubstantiated representations” comes from the banks and their lawyers.

07/26/20

Kudlow says next round of coronavirus relief will include $1,200 checks and extension of eviction moratorium
Larry Kudlow, Trump's top economic advisor, said Sunday that the next round of coronavirus relief will include additional $1,200 checks to Americans as well as an extension of the federal eviction moratorium.

07/26/20

Firm Petitions SJC for Direct Appellate Review In LaRace v. WF - (a/k/a Ibanez II)
In the latest chapter of our decade-plus representation of the LaRace family regarding the defense of their home from a wrongful foreclosure, on the morning of July 13, 2020, we filed our Motion to file the LaRace Petition for Direct Appellate Review ("DAR") Late (with proposed DAR) with the Massachusetts Supreme Judicial Court.

07/24/20

No Default Occurs When a Homeowner Ceases Making Payments — Unless the Payment is Missed by A Creditor Who Owns the Debt and Who Suffers a Financial Loss Because the Payment was Not Made
Practitioners should attack the default letter and stop pretending it doesn’t count or doesn’t exist.

07/23/20

Leading Civil Rights & Housing Groups Condemn President’s Effort to Gut Fair Housing, Use of Incendiary Racial Rhetoric for Political Gain
Fair housing advocates denounce Trump’s newest effort to eliminate a critical tool to desegregate communities and call on the president to instead concentrate on ensuring housing equity during a pandemic

07/22/20

More Wells Fargo customers say the bank decided to pause their mortgage payments without asking
Mortgage borrowers in 14 states have now told courts, lawyers or NBC News that they have been forced into forbearance plans by Wells Fargo without asking.

07/22/20

Customers shocked Wells Fargo hasn’t been counting mortgage payments
Wells Fargo put people in a program that puts a hold on their mortgages to protect them during the coronavirus pandemic — even though customers in 14 states didn’t need the help. Now their mortgage payments aren’t being credited.

07/22/20

Opposing counsel is concealing from the court that no such party exists and is attempting to work around this fatal deficiency by “designating” a fake creditor rather than representing a real one.
The inability of the Defendant to name a viable creditor should not translate as a burden of proof shifting to the defendant. Nor should it translate as the basis for any

07/21/20

Baker Extends Moratorium On Evictions, Foreclosures In Massachusetts
BOSTON (CBS) — Massachusetts Gov. Charlie Baker has extended the state’s moratorium on evictions and foreclosures for another 60 days. The law will keep tenants and homeowners impacted by the coronavirus pandemic in their homes

07/21/20

Dodd-Frank Is 10 Years Old Today and the Fed Is Back to Bailing Out Wall Street
Today marks the 10th Anniversary of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, named after its two sponsors,

07/20/20

The Fed Rides to the Rescue of JPMorgan and Citi Again – This Time It’s Their Commercial Real Estate Mortgages
Quietly, on July 13, the New York Fed published a list of asset-backed loans that it had approved for eligibility in one of its emergency lending programs,

07/20/20

COVID-19 Update 10–forbearance, evictions, collections, and more
A lot has happened since we issued our first COVID-19 on March 13. In our tenth update we’ll take a look at recent developments, discuss impending challenges and opportunities, issue a couple warnings, and dispense some sage advice…

07/19/20

An eviction and foreclosure crisis is looming
An eviction and foreclosure crisis is looming Expect the economic situation to decay tremendously between now and fall 2020

07/17/20

Mass Attorney General Wants Eviction & Foreclosure Moratorium Extended Beyond August 18, Due To Pandemic
BOSTON – With the moratorium on evictions and foreclosures set to expire in just over a month, Attorney General Maura Healey is calling on Governor Charlie Baker to use his statutory authority to extend the law

07/17/20

Forbearance Plan Numbers at Lowest Levels Since May
There was another decline in forbearance starts this past week and the number of loans in active plans also fell for the third straight week. Black Knight's weekly report on COVID-19 related forbearances reported a total

07/16/20

Foreclosure Filings Slowing in 2020
Foreclosure filing have sagged to an all-time low in the first six months of the year, according to ATTOM Data Solution’s Midyear 2020 U.S. Foreclosure Market Report.

07/16/20

Congressional hearing: Servicers dropped the ball on forbearance clarity
The House Financial Services Subcommittee on oversight and investigations held a hearing on Thursday examining how servicers provided clarity and information on the CARES Act and forbearance options for borrowers.

07/16/20

Mortgage rates fall below 3% for first time ever
Mortgage rates fell below 3% for the first time ever as the economy continues to struggle from the effects of the coronavirus pandemic.

07/16/20

Troy Harlow has always made sure to pay his mortgage on time. Wells Fargo had other plans for him.
Lawyers say they've found cases in 11 states in which Wells Fargo has wrongly claimed borrowers asked to pause mortgage payments during the COVID-19 pandemic.

07/15/20

Warnings Grow: “We Are in a Massive Economic Downturn”
Yesterday, Federal Reserve Governor Lael Brainard gave a speech via webcast to the National Association for Business Economics. She warned,

07/13/20

Wells Fargo buys $14B of delinquent mortgages tied to pandemic
Wells Fargo has purchased $14 billion of delinquent government-backed mortgages this month, leading the pack among servicers beginning to feel the balance-sheet pinch of the coronavirus pandemic.

07/10/20

Demand the Massachusetts Supreme Judicial Court Take Its Knee Off Our Necks!
MASS ALLIANCE AGAINST PREDATORY LENDING/BRING OUR WEALTH HOME started this petition to Chief Justice Ralph D. Gants Massachusetts Supreme Judicial Court/Mass SJC Rescind its decision denying court access to Alton King and all homeowners who were illegally foreclosed and made indigent.

07/10/20

It’s time to reassess the role of investment banks, originators, servicers and other players claiming “securitization” before the next foreclosure tidal wave.
Since foreclosures are about to start another meteoric rise, this would be a good time to write a new article on what went wrong the last time, what is going on now, and what is still likely to go wrong this time.

07/09/20

How Banks Can Avoid a Repeat of the 2008 Foreclosure Crisis
U.S. homeowners are struggling to stay on top of their mortgages — and the problem is likely to get worse. According to real-estate data firm Black Knight,

07/08/20

COVID, COURTS, CIVIL UNREST, PANIC, FEAR AND FORECLOSURES = A COMBINATION FOR DELAY
The Federal Housing Finance Agency (FHFA) has extended moratoriums on foreclosures and evictions until at least August 31, 2020. If you have a mortgage that is backed by Fannie Mae and Freddie Mac,

07/07/20

From the Horse’s Mouth: WAMU Originated “Loans” Are not Assets of Chase or Even Any trust If the Sale was to a “Depositor”
This article brings to the forefront a central issue that Wall Street cannot escape unless we let them: in the context of securitization, the paper transfers to the “depositor” is not a sale even if it is treated as a sale by the “Seller.” That means that

07/05/20

Firm Defends The Use of Affidavits Filed By Borrowers Under G.L. c. 183, Section 5B
In recent years homeowners fighting foreclosure have sought to utilize G.L. c. 183, Section 5B to file Affidavits "to clarify the state of title". G.L. c. 183, Section 5B states as follows:

07/04/20

TEXAS GOVERNOR UNDER FIRE FOR CLOSING NIGHT CLUBS … AND OTHER STUFF, INCLUDING FORECLOSURE NEWS!
I’m including the latest breaking news, including foreclosure-related cases, for your review and rumination.

07/03/20

Bill Would Extend Eviction Moratorium for One Year After Emergency Lifts – Massachusetts Lawyers Weekly
A group of lawmakers, including one of the leaders of the Housing Committee, will push for lasting housing relief inthe coming weeks that would keep a mandatory pause on evictions and foreclosures in place for more than a year.

07/03/20

Federal Regulators Are Mortgaging The Country To Wall Street
Federal regulators quietly shredded the most significant banking reform enacted after the 2008 financial crisis last month.

07/02/20

How to Use the Business Records Exception to Hearsay Rule to Keep Out “Servicer” Records in Foreclosure Cases
Fundamentally you must understand that the investment banks want you and everyone else to look only at the payments history — not the debt, who owns it and whether anyone suffered a loss resulting from any lack of payment by the homeowner.

07/02/20

U.S. Fed buys $22.7 billion of mortgage bonds, sells none
The Federal Reserve bought $22.705 billion of agency mortgage-backed securities in the week from Jun. 25 to Jul. 1, compared with $22.859 billion purchased the previous week, the New York Federal Reserve Bank said on Thursday.

07/02/20

Avoiding Foreclosure at All Costs
As policymakers continue to discuss how to react to the current economic disruption, new research aims to highlight lessons from the last major economic crisis. In a series of briefs, Harvard University’s

07/01/20

Supreme Court ruling that CFPB may continue to operate is win for consumers, major blow to lenders, scam artists
The U.S. Supreme Court’s decision in Seila Law v. Consumer Financial Protection Bureau marked the culmination of a years-long attack against the agency by the business community, Congressional Republicans, and the Trump administration.

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