Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

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05/30/20

Briefs Filed In LaRace v. Wells Fargo Bank N.A. as Trustee (U.S. Bank v. Ibanez II)
Our ongoing decade-plus defense of the LaRace family to save their home is now pending before the Massachusetts Appeals Court under Ca. No. 2019-P-1507 The Opening Briefs have now been filed in this case See our brief here

05/29/20

April's Forbearance Requests Slow to a Relative Trickle
Black Knight says its research is showing that the numbers of new forbearance plans for homeowners financially affected by the COVID-19 pandemic have slowed to a trickle compared to the tidal wave in early April.

05/28/20

COVID-19 has created a financial crisis. Pa. legal aid programs help stabilize families | Opinion
Before COVID-19, millions of Pennsylvanians struggled to get by each month. Across the Commonwealth, people face barriers to employment or have severe disabilities that keep them from working.

05/22/20

Goldman Sachs’ Mortgage Relief Involves Relieving You Of Your Mortgage By Relieving You Of Your House
Like every other bank on earth, Goldman Sachs had to settle allegations that it helped create the last global financial crisis by wrapping up the mortgage equivalent of literal excrement in gold and getting them proclaimed triple-A before selling them on to investors.

05/21/20

In Last Bailout, the Fed Outsourced Management to the Banks Being Bailed Out – then Paid them Huge Fees for their Work
Many of the darkest secrets of the Federal Reserve’s bailout of Wall Street banks during the 2007 to 2010 financial crisis are cryptically contained in the government audit of the Fed’s emergency lending programs that was released to the public on July 21, 2011.

05/19/20

Mortgage servicers failed homeowners during the last recession. Let's not let that happen again.
Tens of millions of Americans with mortgages have been put in a tough spot by the coronavirus crisis. As of May 3, around 4 million homeowners were in forbearance plans, and mortgage delinquencies were on the rise. Many more consumers will likely seek forbearance or loan modifications in the weeks and months ahead.

05/18/20

Can you force securitization players to identify the creditor?
The creditor is by definition the party who claims to own the debt. If they own the debt then they are reporting the debt as an asset receivable on their accounting records. Since investors

05/16/20

Consumer bureau draws fire for pro-business tilt during crisis
The Consumer Financial Protection Bureau is relaxing rules designed to shield Americans from abuse during the coronavirus crisis, saying the moves are necessary to give businesses flexibility during the pandemic.

05/15/20

Whistleblower: Wall Street Has Engaged in Widespread Manipulation of Mortgage Funds
Securities that contain loans for properties like hotels and office buildings have inflated profits, the whistleblower claims. As the pandemic hammers the economy, that could increase the chances of another mortgage collapse.

05/15/20

Pace of Loans Entering Forbearance Slows
Close to 9% of all active mortgage loans are in forbearance as of this week, according to the latest data from Black Knight’s McDash Flash.

05/14/20

COUNTRYWIDE’S AMERICA’S WHOLESALE LENDER SCAM CREATING TITLE ISSUES DECADES LATER
MFI-Miami has been receiving lots of phone calls lately about the now-defunct Countrywide Financial’s America’s Wholesale Lender scam.

05/13/20

FHFA Announces Payment Deferral as New Repayment Option for Homeowners in COVID-19 Forbearance Plans
Washington, D.C. – Today, to help homeowners who are in COVID-19 related forbearance, the Federal Housing Finance Agency (FHFA) has announced that Fannie Mae and Freddie Mac (the Enterprises) are making available a new payment deferral option. The payment deferral option allows

05/13/20

The Fed Hasn’t Spent a Dime Yet for Main Street Versus $735 Billion for Wall Street
The stimulus bill known as the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) was signed into law by President Donald Trump on March 27. Among its many features

05/12/20

BlackRock Begins Buying Junk Bond ETFs for the Fed Today: It’s Already at Work for the Central Bank of Israel
It’s off to the races today for BlackRock. The New York Fed, with authority from the Federal Reserve Board and backstopped with taxpayers’ money, will begin

05/11/20

CONSENT ORDER Specialized Loan Servicing
The Bureau of Consumer Financial Protection (Bureau) has reviewed certain mortgage servicing practices of Specialized Loan Servicing, LLC (Respondent, as defined below),

05/08/20

The Bailout Is Working — for the Rich
The economy is in free fall but Wall Street is thriving, and stocks of big private equity firms are soaring dramatically higher. That tells you who investors think is the real beneficiary of the federal government’s massive rescue efforts.

05/08/20

REPUBLICANS ARE USING THE CORONAVIRUS CRISIS TO WIN LONG-DESIRED BANK DEREGULATION, RAISING POTENTIAL FOR BANK FAILURES
REPUBLICAN LAWMAKERS and finance industry lobbyists are using the coronavirus pandemic to press regulators into rapidly waiving financial safeguards for community banks.

05/08/20

Servicers on the Hook as 4.1 Million Loans Now in Forbearance
Black Knight reports that, as of May 7, there were 4.1 million loans in forbearance, up from 3.8 million in the company's last report

05/08/20

U.S. Financial System “Monitor” Failed to Flash Warning as Fed Pumped $6 Trillion Emergency Liquidity into Wall Street
The Office of Financial Research (OFR) was created under the Dodd-Frank financial reform legislation of 2010 to keep the Financial Stability Oversight Council (F-SOC) informed on emerging threats

05/07/20

THE GREAT REALIZATION: SECURITIZATION AND MORTGAGE BACKED SECURITIES ARE PURE MYTH.
The Great Realization is that securitization is a myth. A very profitable myth. A myth that resulted in profits that were geometrically higher than any transaction with any homeowner, consumer or borrower.

05/07/20

Congress Sets Up Taxpayers to Eat $454 Billion of Wall Street’s Losses. Where Is the Outrage?
Beginning on March 24 of this year, Larry Kudlow, the White House Economic Advisor, began to roll out the most deviously designed bailout of Wall Street in the history of America.

05/06/20

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

05/06/20

Feds adding insult to injury: Another giveaway to the banks. If the “creditor” is getting paid with servicer advances then the debt should be reduced — and so should the payments.
It is a very real thing. Everyone is getting paid (and now by the government), while the debt of homeowners is never reduced or credited.

05/05/20

Feinstein Supports Bill Creating $75 Billion Fund to Prevent Evictions, Foreclosures
The Great Realization is that securitization is a myth. A very profitable myth. A myth that resulted in profits that were geometrically higher than any transaction with any homeowner, consumer or borrower.

05/05/20

Fed Chair Powell Has Upwards of $11.6 Million Invested with BlackRock, the Firm that Will Manage a $750 Billion Corporate Bond Bailout Program for the Fed
Most Americans likely assume that Jerome Powell, the Chairman of the Federal Reserve, is an economist, like the prior chairs of the Fed over the past 40 years. He’s not.

05/05/20

YAY! Apparently I hit a nerve. Lots of flack coming my way!
There is an old saying that when you start getting lots of flack, you know you are close to the target. It is confirmation. Lately the old attacks on me have been renewed with vigor!

05/04/20

JPMorgan, Wells Fargo, Citigroup and Fossil Fuel Industry Get Bailed Out Under Fed’s “Main Street” Lending Program
U.S. Treasury Secretary Steve Mnuchin and Federal Reserve Chairman Jerome Powell have apparently never walked down a Main Street in America. We make that statement because

05/04/20

Deficiency Judgments — Yes You can Win Them
As for the deficiency judgment, it is unusual to seek such a judgment and the only party that can contest it is the borrower.

05/04/20

Forbearance Problem Remains Huge, But The Pace is Slowing
The Mortgage Bankers Association (MBA) has confirmed the findings that Black Knight reported on Monday morning that, while the number of forbearances in effect as a result of the COVID-19 pandemic

05/04/20

If you are asking for forbearance here is some suggested language you should consider with your lawyer
Disclaimer and Caveat: I/we are requesting forbearance simply because you claim to be either a creditor or someone who is authorized to represent a creditor who has paid value for

05/03/20

Here's How The Pandemic Affected Housing/Mortgage Markets in March
Black Knight's new Mortgage Monitor restates some of the statistics on COVID-19 related forbearance plans it released late last week

05/03/20

Opinion: Avoid a housing crisis in the wake of COVID-19
Prohibiting foreclosure and eviction actions temporarily is merely a stop-gap that does nothing to protect families in preserving their housing into the future. These federal and state laws have fallen short of fixing the potentially irreversible consequences of missing mortgage and rent payments. The federal government should adopt a Mortgage and Rent Payment Protection Program (“MRPPP”) where consumers can quickly apply for an unsecured loan for up to three times their monthly mortgage payment amount or three times their monthly rent payment amount. The loan would be interest free and paid back over 60-72 months.

05/03/20

If you’re skipping your mortgage payments, watch out for this costly mistake
More than 3.5 million mortgage borrowers have requested forbearance — they need to weigh their options carefully

05/02/20

Minnesota homeowners, loan servicers navigate details of mortgage relief
They're finding a need for clarification at a time when uncertainty and skepticism are intensifying.

05/01/20

The Curious Distraction of Applying “Adverse Possession” Rules to Foreclosures that are Time Barred by Statutes of Limitation.
The reference to “adverse possession” in any of these cases is not about legally changing title due to the statute of limitations enabling adverse possession. I know what that looks like. Possession that is adverse is not

05/01/20

DannLaw COVID-19 Update 9–knowledge is power
If there is one thing homeowners, consumers, and small business owners need from the federal government, their banks and mortgage servicers as they attempt to make sound financial decisions in the midst of the coronavirus crisis is reliable information. Of course, that’s exactly what they’re not getting.

05/01/20

Wall Street’s Financial Crisis Preceded COVID-19: Chart and Timeline
If a reputable polling outfit were to ask Americans what caused the current financial crisis on Wall Street, they would say the coronavirus COVID-19 pandemic. If Americans were asked in the same poll

05/01/20

Major Consumer Protections Announced Response Covid-19br> This article, which will be updated as developments warrant, lists actions Congress, governors, federal and state agencies, and businesses are taking to protect consumers in light of the COVID-19 epidemic. These actions include suspensions on foreclosures, evictions, and terminations of ...

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