Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

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Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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10/18/20

Statute of Limitations Bars Lender’s Subsequent Action to Quiet Title Against Junior Lienholder Mistakenly Omitted from Initial Judicial Foreclosure Action JD Supra

Statute of Limitations Bars Lender’s Subsequent Action to Quiet Title Against Junior Lienholder Mistakenly Omitted from Initial Judicial Foreclosure Action
A recently issued opinion by the Court of Appeal, Fifth Appellate District tells a cautionary tale regarding a lender’s failure to name a junior lienholder in its initial judicial foreclosure action. In Cathleen Robin v. Al Crowell, — Cal.Rptr.3d —-, 2020 WL 5951506, plaintiffs sued defendant, a junior lienholder, for quiet title, having failed to name him in the initial judicial foreclosure action. Defendant raised the statute of limitations defense, but the trial court found in favor of plaintiffs. The court of appeal reversed, holding that the 60-year statute of limitations which the trial court applied only applied to a nonjudicial trustee’s sale, and the trial court could not exercise the trustee’s power of sale after the expiration of the statute of limitations on a judicial action to foreclose.

10/17/20

More than 6M households missed their rent or mortgage payment in September USA Today

More than 6M households missed their rent or mortgage payment in September
Persistent layoffs are slowing momentum in the labor market, which bodes poorly for the broader U.S. recovery as millions of out-of-work Americans delay their mortgage and rent payments. More than 6 million households failed to make their rent or mortgage payments in September, according to the Mortgage Bankers Association's Research Institute for Housing America, a sign that the economic fallout from the coronavirus pandemic is weighing on jobless Americans as Congress stalls on relief measures.

10/16/20

Group opposing evictions, foreclosures marches in Worcester Telegram & Gazette

Group opposing evictions, foreclosures marches in Worcester
WORCESTER — Chanting against foreclosures and evictions, a group of about a dozen protesters made their way down Main Street on Friday morning in the pouring rain to draw attention to the expiration of a moratorium in place since the beginning of the COVID-19 pandemic to prevent people from losing their homes.

10/16/20

Foreclosure activity hits new low MPA Mag

Foreclosure activity hits new low
Foreclosure activity hit record lows in the third quarter as COVID-19-related moratoria stalled filings, according to new data from ATTOM Data Solutions.

10/15/20

THE PEOPLE ARE NOT STUPID Scott Stafne

THE PEOPLE ARE NOT STUPID
Oral Argument before Division Two of Washington Court of Appeals: Citibank v. Daniel C. Peterson and Kristy Peterson, et al. October 15, 2020 virtual hearing

10/13/20

New Book Proves U.S. Is Living Under a Disastrous Banking Model from a Century Ago Wall Street On Parade

New Book Proves U.S. Is Living Under a Disastrous Banking Model from a Century Ago
Taming the Megabanks, it has been the contention of Wall Street On Parade for more than a decade that today’s so-called “universal banks,” also variously known as megabanks or Global Systemically Important Banks (G-SIBs),

10/13/20

California Law Seeks to Restrain Wall Street's Potential Landlords Mortgage News Daily

California Law Seeks to Restrain Wall Street's Potential Landlords
California is taking steps to avoid a repeat of the conversion of thousands of single-family homes from ownership to rental properties as occurred during the Great Recession.

10/13/20

Late-Stage Delinquencies Now Twice Great Recession Peak Mortgage News Daily

Late-Stage Delinquencies Now Twice Great Recession Peak
Mortgage delinquencies continued to rise in July according to CoreLogic's new loan performance report. The company found that 6.6 percent of all mortgages were at least 30 days past

10/12/20

You might not know VendorScape but it sure knows you Living Lies

You might not know VendorScape but it sure knows you
In a somewhat startling admission by CoreLogic, we now have an admission of many facts that might not have otherwise surfaced but for intensive and aggressive, persistent Discovery.

10/12/20

Baker Reveals $171M Evictions Plan for Mass. as Moratorium's Coming End Looms NBC Boston

Baker Reveals $171M Evictions Plan for Mass. as Moratorium's Coming End Looms
A week before Massachusetts' temporary eviction ban is scheduled to end, the Baker administration announced a $171 million plan to support renters and tenants. The Eviction Diversion Initiative was announced Monday, amid warnings from activists that about the dangers of forcing people out of their homes during the coronavirus pandemic. The federal Centers for Disease Control implemented its own eviction moratorium that runs through the end of the year, and the Baker administration said it will become effective once Massachusetts' moratorium expires.

10/11/20

Demonstrators In Boston Call For Extension Of Mass. Eviction And Foreclosure Moratorium CBS Boston

Demonstrators In Boston Call For Extension Of Mass. Eviction And Foreclosure Moratorium
BOSTON (CBS/AP) — Tenants and homeowners at risk of eviction and foreclosure held a rally on the Boston Common Sunday afternoon to press state lawmakers to take action to prevent what they describe as a looming statewide eviction crisis. The rally called for the passage of a comprehensive eviction prevention measure intended to help stabilize renters, homeowners, and small landlords for a year as Massachusetts weathers the ongoing COVID-19 crisis. The event is part of a series of actions across the commonwealth in support of the Guaranteed Housing Stability bill leading up to the expiration Massachusetts’ eviction and foreclosure moratorium, which is set to end on Oct. 17.

10/09/20

Why Antitrust Legislation Should be Applied Against the mega banks Living Lies

Why Antitrust Legislation Should be Applied Against the mega banks
Securitization of data that is mischaracterized as securitization of debt has enabled the securities firms to write off the loan concurrently with funding it

10/06/20

Yes your loan documents were all shredded. No, not even the note survived Living Lies

Yes your loan documents were all shredded. No, not even the note survived
Hat Tip to Bill Paatalo, Private investigator. Kudos for investigative excellence. see WaMu Loan Files – Shredding Procedures When I first looked at mortgage loans in 2004 I was struck by one simple thing. There was an obvious movement, pushed by the banks, away from original documentation and towards reliance on images.

10/06/20

Here is what the Florida Banker’s Association Said to the Florida Supreme Court in 2009 Living Lies

Here is what the Florida Banker’s Association Said to the Florida Supreme Court in 2009
It is a reality of commerce that virtually all paper documents related to a note and mortgage are converted to electronic files almost immediately after the loan is closed.

10/05/20

Careful what you say in “Hardship Letter” Living Lies

Careful what you say in “Hardship Letter”
Modifications are tricky. They are trickier than you think. First of all the offer is made by a company who has no right to act as “servicer” or to change the terms of your contract. By changing the apparent lender or creditor to the named servicer, the agreement is probably tricking you into accepting a virtual creditor in lieu of a real one.

10/03/20

How to avoid foreclosure if you're in mortgage forbearance during COVID-19 pandemic ABC11

How to avoid foreclosure if you're in mortgage forbearance during COVID-19 pandemic
CHICAGO -- You may be one of about 3.5 million Americans already in a forbearance on your mortgage, but what if you need an extension? Or what if you want to start paying again?

10/02/20

Boilerplate Answers to Discovery Won’t Cut It. If Plaintiff does it, they lose the claim. If Defendant does it, they lose the defense. Living Lies

Boilerplate Answers to Discovery Won’t Cut It. If Plaintiff does it, they lose the claim. If Defendant does it, they lose the defense.
I have been writing, lecturing, and just saying the same thing since 2006. Homeowners don’t need to prove anything. The objective in Foreclosure Defense is to prevent the claimant from pursuing their claim

10/02/20

Mortgage bailout numbers rise to 21,000 in the past week Mortgage News Daily

Mortgage bailout numbers rise to 21,000 in the past week
As of September 29, 3.6 million homeowners remain in forbearance. That's 6.8 percent of all active mortgages, representing $751 billion in unpaid principal. CNBC's Diana Olick joins 'The Exchange' to discuss.

10/02/20

Wells Fargo placed at least 1,600 borrowers in forbearance without consent – Warren MPA Mag

Wells Fargo placed at least 1,600 borrowers in forbearance without consent – Warren
Wells Fargo placed more than 1,600 mortgage customers into forbearance programs without their consent, a top lawmaker contends.

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