Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

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10/31/20

Michael Olenick: The Real Origins of Trump – The Foreclosure Crisis
Yves here. If you didn’t have a chance to watch the recent Frank Luntz interview on Frontline, which Lambert featured in Water Cooler the week before last, please see the section from 10:35 to 12:30. Here Luntz focuses on how the Obama bailouts favored the rich and hung pretty much everyone else out to dry. Luntz discusses how he had meaningful numbers of people breaking down in tears in his focus groups over foreclosure. This was a plague-level crisis in many communities in America that the press has chosen to pretend never happened. No wonder they are mystified as to why Trump won.

10/30/20

As Federal Protections Weaken, Here's a State-by-State Guide to Pandemic Eviction and Foreclosure Policies
Over 9 million homeowners and renters do not expect to be able to make their housing payments for November, according to the latest survey by the U.S. Census Bureau.

10/30/20

DISBARRED LAWYER MARK STOPA SUED FOR FRAUD BY FEDERAL COURT TRUSTEE
Grab the popcorn. The final countdown to the Mark Stopa saga has started. It is only a matter of time before disbarred lawyer Mark Stopa is formally indicted for fraud.

10/30/20

Despite Its Five Felony Counts, the Federal Reserve Has Entrusted $2 Trillion in Bonds to JPMorgan Chase
Imagine that your neighbor across the street had been criminally charged with five felony counts for financial crimes in the past six years and admitted to committing each and every crime

10/29/20

Florida's foreclosure rate second highest in the U.S., filings increase as courts open
HILLSBOROUGH COUNTY, Fla. — A moratorium on foreclosures offers protection to families unable to pay their mortgages because of the COVID-19 pandemic. But I-Team Investigator Kylie McGivern found foreclosure filings are on the rise with Florida currently ranked second in the nation

10/28/20

Updates on Statewide Foreclosure and Eviction Moratoria
The COVID-19 pandemic has been the impetus for federal foreclosure prevention measures. Many states also have taken their own measures.

10/28/20

Trusts, Trustors, Settlors and Fake REMIC Trusts
All trusts that are legally recognized as such have the following basic components: the trustor/settlor who (a) executes a written trust agreement and (b) conveys property into the name of the named trustee to hold and manage the conveyed asset(s) for the benefit of named beneficiaries.

10/27/20

Counterfeit Documents and Lying Lawyers: How to stop the foreclosure
As I have stated for 14 years, they can’t get anywhere if they don’t have the note unless they prove a lost note. They don’t prove a lost note because the elements of a prima facie case for lost note are that the claimant was given possession of the original note

10/27/20

Congresswoman Katie Porter Says Fed Is Playing “Kingmaker on Wall Street” and “Appears Corrupt”
Congresswoman Katie Porter has never met an overpaid Wall Street billionaire that she couldn’t reduce to a flummoxed whimperer within a few minutes.

10/27/20

Counterfeit Documents and Lying Lawyers: How to stop the foreclosure
As I have stated for 14 years, they can’t get anywhere if they don’t have the note unless they prove a lost note. They don’t prove a lost note because the elements of a prima facie case for lost note are that the claimant was given possession of the original note

10/26/20

Loan Level Analysis might get you into trouble unless it is worded correctly and used correctly
The tricky thing about “loan level data” is that it is easy to slide into unintended admissions, starting with the use of the word “loan.” Sure there was a transaction, but

10/26/20

Will the end of forbearance mean a wave of foreclosures?
herrod Brown doesn’t seem to have a lot of faith in Kathy Kraninger. The Ohio Democrat and ranking member of the Senate Banking Committee has repeatedly accused

10/24/20

Are We Headed for Another Foreclosure Crisis? 9 Housing Experts Share Their Predictions
Although the housing market is booming, high unemployment means millions of Americans are struggling to make mortgage payments. More than 2.3 million homeowners remain 90 or more days past due on their mortgages, but not in foreclosure, according to Black Knight, a mortgage analytics company. Foreclosure and eviction protections under the CARES Act have provided some relief for homeowners with distressed finances. But once forbearance protections run out, the biggest fear is there will be a repeat of the 2008 financial crisis.

10/24/20

Massachusetts Eviction and Foreclosure Moratorium Expires and is Replaced by a More Limited CDC Order
On October 17, 2020, the Baker-Polito administration allowed the Massachusetts moratorium on residential foreclosures and residential and small business evictions to expire. Accordingly, commercial landlords may proceed with summary process actions against businesses formerly protected by the moratorium; residential landlords may now be able to move forward with some summary process actions against tenants who have not complied with lease obligations; and lenders may now pursue residential foreclosures.

10/24/20

What to do if the foreclosure mill refuses to give you an answer about ownership of the “loan”
Summer Chic write me an interesting email and I wrote back. She poses a question that summarizes the entire situation: She wrote: Example: PennyMac claimed that they PURCHASED my loan on May 2, 2019 from someone whom they cannot identify. The financial statements from a non-identified company show that somebody “established a NEW loan” on May 9, 2019. Not a single word about the sale Here is what I wrote back:

10/21/20

Challenges in appeals, motions for rehearing, reconsideration and motions to vacate
The hardest part of my job is educating lay people about court procedure. It is incomprehensible and nonsensical to most. But there is a certain logic to it and that is what you need to stay mindful about. I have heard too many stories and complaints

10/21/20

The Fed Did a Lot of Talking Yesterday about a Big Bank Failure: Should We Worry?
Turns out the federal government’s plan for dealing with a mega bank failure on Wall Street is no better conceived than the federal government’s plan for dealing with the worst pandemic since 1918.

10/19/20

Massachusetts Housing Courts Reopen Amid Protests
Massachusetts Governor Charlie Baker reopened the Massachusetts Housing Courts. Thus ending the state’s foreclosure and eviction moratorium. The courts opened Monday.

10/18/20

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
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
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
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
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
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
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 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
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
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
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
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
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
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”
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
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.
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
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
Wells Fargo placed more than 1,600 mortgage customers into forbearance programs without their consent, a top lawmaker contends.

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