Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

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06/29/20

FHFA Provides Tenant Protections
Today, to help renters in multifamily properties stay in their homes and to support multifamily property owners during the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) are allowing servicers to extend forbearance agreements

06/29/20

Certified Forensic Loan Auditors and Andrew Lehman Reach Settlement Agreement With the CFPB
The issue between the Consumer Financial Protection Bureau (CFPB) and Certified Forensic Loan Auditors and Andrew Lehman get really nasty there for a while but it looks like it is one judge signature from being behind them now.

06/29/20

Fractured SCOTUS Ruling Keeps CFPB Alive, But Gives More Oversight to President
Justices Elena Kagan, Ruth Bader Ginsburg, Stephen Breyer and Sonia Sotomayor agreed with Chief Justice John Roberts Jr. on the severability question but disagreed that the single-director structure was unconstitutional.

06/29/20

High court gives Trump power to fire consumer bureau chief
The justices ruled that the president has unfettered discretion to fire the head of the CFPB but rejected arguments that the bureau should be shut down.

06/26/20

Are We in for Another Housing Crisis?
Tuck professor Brian Melzer looks at the similarities and differences between the 2008 World Financial Crisis and the economic shock of the Covid-19 pandemic.

06/25/20

USDA Extends Foreclosure And Eviction Relief On Single Family Housing Direct Loans
WASHINGTON, D.C. — U.S. Department of Agriculture (USDA) Deputy Under Secretary for Rural Development Bette Brand has announced USDA extended foreclosure and eviction moratorium for all Single Family Housing Direct Home Loans through Aug. 31, 2020.

06/25/20

Forbearance is Major Cause of Lender Overlays
In his analysis of current mortgage credit tightening for the Joint Center on Housing Studies excerpted here earlier, Don Layton included a special section on lender overlays.

06/23/20

NY's $17M settlement with Caliber mortgage company includes help for homeowners
New York’s top prosecutor has reached a $17 million settlement with Caliber Home Loans Inc. that includes help for homeowners facing hardships.

06/23/20

Treatment of Certain COVID-19 Related Loss Mitigation Options Under the Real Estate Settlement Procedures Act (RESPA), Regulation X; Interim Final Rule
The Bureau issued this interim final rule to amend Regulation X. The amendments temporarily permit mortgage servicers to offer certain loss mitigation options

06/23/20

Wall Street Docuseries 'The Con' Set for Virtual Premiere (Exclusive)
Abramorama will use ABCinemaNOW for a live-streaming premiere on Aug. 5.

06/22/20

Foreclosure and Receiver Issues in the United States during COVID-19
Updated as of June 22, 2020. The following memorandum provides an overview of the responses of courts and local and state governments of certain jurisdictions in the United States, as well as of the United States federal government, to the COVID-19 outbreak. The analysis has a particular focus on mortgage foreclosures and evictions.

06/22/20

Stanford study finds home foreclosures can have devastating, long-term impacts
As the pandemic-ravaged U.S. economy braces for a likely wave of housing foreclosures, a new study shows that losing a home can have painful ramifications that extend far beyond the immediate financial damage.

06/22/20

CFPB Proposal Would Encourage Unaffordable Mortgage Lending and Threaten Access to Credit
The number of US home mortgage delinquencies has surged to the highest level in nine years as the coronavirus pandemic continues to hit family finances.

06/22/20

US home-mortgage delinquencies surge to the highest level in 9 years
The number of US home mortgage delinquencies has surged to the highest level in nine years as the coronavirus pandemic continues to hit family finances.

06/21/20

Mitch McConnell fails tenants, struggling landlords. Everybody, really | Editorial
In New Jersey cities, many thousands of families will soon be homeless, once the governor lifts his moratorium on evictions during the pandemic. Some are already being evicted, illegally. Yet even a decent landlord is in an impossible situation without federal help. And Mitch McConnell is standing in the way.

06/21/20

It’s the banking world’s version of the rich getting richer. A record $2 trillion surge in cash hit the deposit accounts of U.S.

06/19/20

Mortgage Forbearances Down by 57,000
The latest data from the Black Knight McDash Flash Forbearance Tracker shows that the number of mortgages in active forbearance fell for the third week in a row.

06/18/20

AMERICAN FORECLOSURES … DIVIDED WE FALL
THE MORATORIUMS ARE GOING AWAY SOON If you’re a homeowner who has been affected by the coronavirus to the point of losing a paycheck and not being able to make your mortgage payments,

06/17/20

CFPB Attempts to Clarify Servicer Credit Reporting Requirements
There has apparently been considerable confusion regarding servicer obligations to report to credit agencies regarding loans in forbearance.

06/17/20

Purchase Applications Hit 11yr High, Refi Boom Continues
Mortgage Application volumes continued to grow during the week ended June 12 as mortgage rates reached new lows and states allowed more businesses to reopen.

06/17/20

Fannie, Freddie extend pause on foreclosures
Fannie Mae (OTCQB:FNMA -1.9%) and Freddie Mac (OTCQB:FMCC -1.6%) are extending their single-family moratorium on foreclosures and evictions by two months until at least Aug. 31, 2020, the Federal Housing and Finance Agency said.

06/16/20

Consumer Protection Panel Actually Wants to Deregulate Wall Street, Lawsuit Alleges
In October 2019, the Consumer Financial Protection Bureau—tasked with enforcing federal regulations on financial institutions—announced the creation of a new task force

06/12/20

The Looming Bank Collapse
After months of living with the coronavirus pandemic, American citizens are well aware of the toll it has taken on the economy: broken supply chains, record unemployment, failing small businesses. All of these factors are serious and could mire the United States in a deep, prolonged recession. But there’s another threat to the economy, too. It lurks on the balance sheets of the big banks,

06/12/20

Are Lawyers Missing the Boat Again on Foreclosure Defense?
The problem is that while most people think everyone has been bought off, and to a certain extent that is true, the real problem is that the clever plan of securitization is so counter-intuitive

06/12/20

Effective Foreclosure Prevention in a Crisis
Proactive and relatively short-term mortgage forbearance paired with pragmatic loss mitigation solutions has proven to be the most effective combination

06/11/20

The Housing Vultures
Homewreckers: How a Gang of Wall Street Kingpins, Hedge Fund Magnates, Crooked Banks, and Vulture Capitalists Suckered Millions Out of Their Homes and Demolished the American Dream by Aaron Glantz

06/11/20

FHFA Extends Forbearance Flexibilities
The Federal Housing Finance Agency (FHFA) has announced that it is extending several loan origination flexibilities currently offered by Fannie Mae and Freddie Mac

06/09/20

Fed’s Repo Loans to Wall Street Skyrocket by 230 Percent Week Over Week
The Federal Reserve is desperately hoping that the pandemic, the coast-to-coast protests and the military generals’ scathing rebuke of the President’s plan to “dominate” grannies and college kids

06/05/20

CFPB Warns Servicers and Lenders to Adhere to CARES Act
A joint release from the Consumer Financial Protection Bureau (CFPB) and the Conference of State Bank Supervisors cautions mortgage servicers about their obligations in complying with the

06/05/20

PREPARING FOR THE FORECLOSURE ONSLAUGHT
Understand that my postulations on this blog serve as warning signals for “how to head ’em off at the pass” and my notions are served by supporting case law. I consider Rhode Island to be a hopeless case when it comes to MERS-related cases.

06/02/20

Covid-19 State Foreclosure Moratoriums and Stays
The following are summaries of actions certain states have taken in response to the Covid-19 crisis to limit home foreclosures. The list may not be complete, as state and local governments continue to adopt new emergency measures at a fast pace.

06/01/20

Richardson gone, but foreclosure fight lives on
Nearly a year after her death, the work of Apalachicola artist Susan Richardson is living on in the courts, as her brother, with the help of a Miami attorney, is continuing to wage her lonely, multi-year mission to save her home from foreclosure. Bruce Jacobs, a former Miami prosecutor who for

06/01/20

Will Lawyers Stand Up to Defend Working-Class Consumers?
Three months into the COVID-19 pandemic, more than 40 million Americans have lost their jobs. 4.2 million homeowners have placed their mortgages in forbearance. Hundreds of thousands more are in default and have not yet worked out agreements with lenders to fend off foreclosure. Rent, credit card, student loan, and other bills are clogging the mailboxes of working-class families.

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