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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08/31/22

When Legal Fictions Simply Go Too Far Living Lies

When Legal Fictions Simply Go Too Far
I have been saying for years that the continuation of current securitization practices will result in another crash similar to 2008, although perhaps not quite severe. A key indicator is the number of pretender lenders that file for bankruptcy. It is spiking as you can see from the article contained in the link below.

08/30/22

Securitization is a Ponzi Scheme. Homeowners are merely collateral damage. Living Lies

Securitization is a Ponzi Scheme. Homeowners are merely collateral damage.
Ponzi schemes work because of the continuing success of the tactical big lie — i.e., nobody would tell a lie that big because it would discovered and therefore it must be true.

08/30/22

Foreclosures are rising with the end of COVID-era moratoriums. Here's where they're happening the most Columbus Telegram

Foreclosures are rising with the end of COVID-era moratoriums. Here's where they're happening the most
Stacker examined foreclosure filing activity compiled by ATTOM Data for July 2022, the latest month for which the data was available. Foreclosures are rising with the end of COVID-era moratoriums. Here's where they're happening the most Where foreclosures are happening the most

08/29/22

Study: Rising fear of eviction or foreclosure in Vermont and US Vermont Biz

Study: Rising fear of eviction or foreclosure in Vermont and US
Vermont Business Magazine Between high housing costs and steady inflation, more and more people are worried about losing their home. QuoteWizard by Lending Tree, in a study released today and based on US Census Bureau data, found that 93% of people in Vermont behind on mortgage payments are worried they will face foreclosure in the next two months.

08/29/22

Goldman Sachs’ Secrets Spill Out in New Book by a Former Managing Director Wall Street On Parade

Goldman Sachs’ Secrets Spill Out in New Book by a Former Managing Director
Tomorrow, Simon & Schuster will release a new book by Jamie Fiore Higgins, a woman who worked her entire Wall Street career at one firm. Over the span of just under 18 years, beginning on September 2, 1998 and ending officially on May 31, 2016 according to BrokerCheck, Fiore Higgins achieved a level of financial success rarely attained by a woman on Wall Street.

08/29/22

Drafting complaints against the pretender lenders and pretender servicers. Living Lies

Drafting complaints against the pretender lenders and pretender servicers.
Many people try to draft lawsuits against the “servicers” and other actors who pretend to have credentials and status in connection with the existence, ownership, administration, collection, and enforcement of an implied unpaid loan account. When pro se litigants do it, they do so without knowledge of the normal rules of procedure and normal customs and practices in drafting a complaint.

08/25/22

Homeowners! You need to know this! The difference between the possessor of a note, the holder, and the holder in due course. Living Lies

Homeowners! You need to know this! The difference between the possessor of a note, the holder, and the holder in due course.
Uniform Commercial Code preempts principles of common law and equity that are inconsistent with either its provisions or its purposes and policies.

08/25/22

How Nonprofits Use a Legal Loophole to Flip California Homes — for a Profit KQED

How Nonprofits Use a Legal Loophole to Flip California Homes — for a Profit
Dale Riggins was 7 years old when, in 1968, his father began building the small Richmond apartment complex where Riggins now lives. Every day during the 10-month construction, he went to the site after school, dragging tools and two-by-fours on the sloped lot set against a small hill where the building began to rise. “I have touched everything in this building. I have painted every corner, put in every window,” Riggins said of the triplex he inherited. “This building was my parents’ life, and it became my life.”

08/24/22

How Artificial Intelligence (AI) Is Shaping the Marketplace and the Courts Living Lies

How Artificial Intelligence (AI) Is Shaping the Marketplace and the Courts
Most of the “important” “correspondence” and “notices” in alleged claims to administer, collect or enforce alleged obligations due from homeowners is delivered to homeowners via carriers other than the US Post Post Office.

08/24/22

Black Knight's First Look: Foreclosure Starts Pull Back in July, Holding Well Below Pre-Pandemic Levels, While Early-Stage Delinquencies Edge Slightly Higher Yahoo Finance

Black Knight's First Look: Foreclosure Starts Pull Back in July, Holding Well Below Pre-Pandemic Levels, While Early-Stage Delinquencies Edge Slightly Higher
Wed, August 24, 2022 at 9:00 AM·4 min read In this article: BKI -0.68% - The national delinquency rate edged up to 2.89% in July – driven by a 4% increase in early-stage delinquencies – but remains just 14 basis points higher than the record low set in May of this year

08/22/22

Cap. Mkts, Broker, HMDA Review, AI/ML Products; Recent Freddie and Fannie News Mortgage News Daily

Cap. Mkts, Broker, HMDA Review, AI/ML Products; Recent Freddie and Fannie News
John Kenneth Galbraith said, “The only function of economic forecasting is to make astrology look respectable.” How about forecasts of how dramatic this downturn has been for residential lenders and related third parties? What is making the headlines these days are companies that

08/22/22

Homeowners can demand a satisfaction and release — and get it through court action. Living Lies

Homeowners can demand a satisfaction and release — and get it through court action.
Once a Lender has been paid, the Lender has been paid. My point is that paragraph #23 is black & white… It’s only that Courts and Nincompoops overthink it that makes it ineffectual. Read in the spirit of “Pain Language”, it says all that needs to be said.

08/22/22

How “servicer advances” advance the false premise of securitization of loans. Living Lies

How “servicer advances” advance the false premise of securitization of loans.
Since the times of ancient Greece and even before that, it has been a commonly used statement that before discussion of an issue each party should precisely define their terms. The obvious conclusion has been that without agreed definitions,

08/21/22

USE COMMON SENSE: Why would anyone do that? Most consumers are in a new class of disabled Americans. Living Lies

USE COMMON SENSE: Why would anyone do that? Most consumers are in a new class of disabled Americans.
I have long believed that the reason why Hillary Rodham Clinton became radioactive consisted of two things: first was the popularity of Ronald Reagan who hated a program that started with bipartisan consensus in 1971. It was called the Legal Services Corporation.

08/21/22

Wells Fargo Pulls The Plug On Mortgage Lending. The Bank Blames The Economy For The Move MFI-Miami

Wells Fargo Pulls The Plug On Mortgage Lending. The Bank Blames The Economy For The Move
There is no other way to put it, Wells Fargo plans to severely shrink its vast mortgage empire. Employees say Wells Fargo even plans to exit the mortgage entirely. The bank once churned out one of every three home loans in the US. This in turn made the bank the most valuable in the nation. The bank plans to halt correspondent mortgage lending.

08/19/22

Homeowner Battles ?“Tangled Title” Foreclosure New Haven Independent

Homeowner Battles ?“Tangled Title” Foreclosure
Two decades after his family bought a church-built house meant to stabilize a neighborhood, Alan Tilley is fighting to keep the home out of the hands of out-of-town landlords. Tilley, a social worker and Navy veteran, is fending off the foreclosure of the 766 Orchard St. property home where he has lived for twenty years?—?a home that still technically belongs to his mother, Edythe, who died in 2014. It is one of a row of homes built on Orchard between Munson and Henry by a nonprofit associated with Beulah Heights Pentecostal Church to stabilize a once-troubled block in order to promote homeownership over real estate speculation.

08/19/22

Stop Assuming the Loan Account exists or that the amount reported as due is correct. It usually is not. Living Lies

Stop Assuming the Loan Account exists or that the amount reported as due is correct. It usually is not.
The fact that a homeowner receives SOME money does not mean they received the benefit of the entire balance recited on the promissory note. Most likely they didn’t receive the entire amount and in many cases they received no benefit whatsoever. Without retiring the old securitization infrastructure that includes false claiams of securization of debt, “refinancing” musually involves merely starting a new securitization infrastructure in addition to (not replacing) the old one. This provides the oportunities to sell multiple versions of unregulated securities that provides Wall Street with astonishing cash flows representing a syphon on the U.S. economy.

08/18/22

Why and How Some Homeowners Win in Foreclosure Cases Living Lies

Why and How Some Homeowners Win in Foreclosure Cases
Homeowners do not win their cases because they proved the claim was false. They win their cases by preventing the lawyers from the foreclosure mill from putting on the required evidence to establish the claim.

08/17/22

Mortgage servicer Fay Servicing to pay $3.2 million for deceptive practices in Massachusetts, AG says Mass Live

Mortgage servicer Fay Servicing to pay $3.2 million for deceptive practices in Massachusetts, AG says
A national mortgage servicer will pay $3.2 million to Massachusetts consumers in a settlement with the state Attorney General’s Office over allegations of unfair and deceptive conduct. Fay Servicing is accused of failing to take required steps to help homeowners avoid foreclosure, harassing consumers with excessive debt collection calls, failing to inform borrowers of the right to request verification of the amount of their debt and unfairly charging foreclosure-related fees before obtaining the authority to foreclose, the AG’s office said in a news release Wednesday.

08/17/22

The simplest answer is usually true regardless of how unlikely it might appear. Living Lies

The simplest answer is usually true regardless of how unlikely it might appear.
Whether you are fan of Occam’s Razor or Sherlock Holmes, the conlusion is usually the same. And the corrolary is that people tend to pursue complex paths of investigation and challenges when the simple answer is the only thing that will help them. Like many people, I tend to overthink some issues. When people do that, they end up looking for a complex answer when the simple answer is right in front of them.

08/16/22

Mortgages Secure Debts. They do NOT secure notes. Living Lies

Mortgages Secure Debts. They do NOT secure notes.
Hat tip to Wendy Allison Nora Even before I went to law school, when I was getting then called an “Advanced MBA” I learned that notes are only pieces of paper. With the proper foundation, they could be evidence of something that is an agreement. *

08/15/22

The burden is not on the Judge. it is on the litigants. Living Lies

The burden is not on the Judge. it is on the litigants.
In an article published by Rajesh Khanna, he absolutely understands and perfectly articulates the requirements of law concerning standing to bring a claim. But he does not understand and does not properly articulate the burden of proof or the burden of persuasion concerning that issue. Despite that deficiency, I recommend that both lawyers and pro se litigants read his article.

08/14/22

Wells Fargo Plans Major Retreat From Mortgage Business It Long Dominated Bloomberg

Wells Fargo Plans Major Retreat From Mortgage Business It Long Dominated
Wells Fargo & Co. plans to shrink its vast mortgage empire, which once churned out one of every three home loans in the US and for a time made the bank the most valuable in the nation. No longer committed to ranking No. 1 in the business, Wells Fargo’s leadership is preparing a retreat

08/11/22

Here is why the Judge doesn’t answer your questions in court Living Lies

Here is why the Judge doesn’t answer your questions in court
I think the biggest mistake that trial lawyers and pro se litigants make is that they think their questions, especially those supported by forensic reviews, are sufficient to rebut the case. When the judges rule agasint the homeowner and for the foreclosure mill many people and lawyers think that the judge had a choice in doing that. That is mostly untrue because of the admissions made by the homeowner over a long period of time in communicating with the opposition and what they filed in court. * Questions are not evidence, even if they are well-founded and should be answered. An unanswered question at trial requires a finding that no rebuttal exists. Questions about documents and the truth of the matters asserted in those documents need only be answered must only be answered in discovery or in a QWR (RESPA) or DVL (FDCPA).

08/11/22

Investigation of Credit Reporting and Verification of Credit Reports Shows Fabrications At Every Level Living Lies

Investigation of Credit Reporting and Verification of Credit Reports Shows Fabrications At Every Level
It is no surprise that Black Knight, previously known by other names including but far from limited to DOCX and Lender Processing Systems, is one fo the central control entities for the Wall Street investment banks in what is generally referred to as “securitization” schemes in which false claims are made regarding the securitization (sale) of unpaid loan accounts.

08/11/22

Astonishing Charts from New York Fed Show the Dire Straits of U.S. Consumers During the 2008 Crash and Its Aftermath — Versus Today Wall Street On Parade

Astonishing Charts from New York Fed Show the Dire Straits of U.S. Consumers During the 2008 Crash and Its Aftermath — Versus Today
At his July 27 press conference, Fed Chair Jerome Powell said this: “Households are generally in about as strong a financial shape as they’ve been in a very long time – or perhaps ever given the money that’s on people’s balance sheets. So you have a pretty – from a financial stability standpoint – you have a pretty decent picture.” That statement captures a rear view mirror look at U.S. households. The picture is deteriorating rapidly.

08/11/22

Investigation of Credit Reporting and Verification of Credit Reports Shows Fabrications At Every Level Living Lies

Investigation of Credit Reporting and Verification of Credit Reports Shows Fabrications At Every Level
It is no surprise that Black Knight, previously known by other names including but far from limited to DOCX and Lender Processing Systems, is one fo the central control entities for the Wall Street investment banks in what is generally referred to as “securitization” schemes in which false claims are made regarding the securitization (sale) of unpaid loan accounts.

08/10/22

Don’t Sue the Clerk of the reording Office Just Yet: Start with Organized Petitions and Phone Calls. Living Lies

Don’t Sue the Clerk of the reording Office Just Yet: Start with Organized Petitions and Phone Calls.
Multiple reports around the country have demonstrated that there is overwhelming evidence of corruption in the office that records instruments in the title chain of real property.

08/09/22

If ‘experience matters,’ foreclosure Judge Gundersen may lose her race on Aug. 23 Florida Bulldog

If ‘experience matters,’ foreclosure Judge Gundersen may lose her race on Aug. 23
Broward foreclosure Judge Andrea Gundersen is running for reelection with the motto “experience matters.” Primary voters just have to figure out if her experience is good or bad. On Aug. 23 they’ll decide whether they want Gundersen, 66, to continue presiding over Broward County residential mortgage foreclosures.

08/09/22

Look Who Owns Equifax credit reporting Living Lies

Look Who Owns Equifax credit reporting
Hat tip to summer chic Echoing the questions issued by multiple judges when the mortgage meltdown became clear, the question I pose is the same as those posed by J udge Shack, Boyco and others back in 2007-2009:

08/08/22

Without Any Legislative Powers, the Fed Is Rewriting the Law and Creating a Permanent $500 Billion Bailout Facility for Wall Street Wall Street On Parade

Without Any Legislative Powers, the Fed Is Rewriting the Law and Creating a Permanent $500 Billion Bailout Facility for Wall Street
The Fed is doing something it’s never been allowed to do in its 109 years of operation. And, it’s doing it without any pushback from Congress.

08/08/22

Tips on the enforcement structure of nonexistent loan accounts Living Lies

Tips on the enforcement structure of nonexistent loan accounts
Most lawyers and even homeowners have heard that for a settlement or modification to be approved, it needs to go up through several layers. After comparing notes with Bill Paatalo, I believe the following is a true description of the enforcement infrastructure for virtually all transactions with homeowners arising from business schemes that serve to sell securities.

08/05/22

Florida HAF Awards More Than $277 Million to State's Most Vulnerable Homeowners and Prevents Active Foreclosures for Florida Households Florida Department of Economic Opportunity

Florida HAF Awards More Than $277 Million to State's Most Vulnerable Homeowners and Prevents Active Foreclosures for Florida Households
TALLAHASSEE, Fla. – Florida continues to lead the nation in its effective administration of the Florida Homeowner Assistance Fund (HAF), awarding more than $277 million in total relief to more than 9,900 homeowners, with more than $31 million awarded this week alone, to some of Florida’s most vulnerable homeowners. Through the effective administration of its HAF program, Florida has been able to stop active foreclosures for approved homeowners, keeping Florida families in their homes.

08/05/22

Pennsylvania Homeowner Assistance Fund team attends upcoming community outreach events Pennsylvania Housing Finance Agency

Pennsylvania Homeowner Assistance Fund team attends upcoming community outreach events
HARRISBURG, Pa., Aug. 5, 2022 /PRNewswire/ -- Mortgage relief is here. Now, in-person support is coming to several community events this month. The Pennsylvania Homeowner Assistance Fund, or PAHAF, will have program staff on site at a pop-up PAHAF outreach event at Mifflin County Library in Lewistown on August 8, at two of Penn State's Ag Progress Days on August 9 and 10, and at the Soul School Festival in Philadelphia on August 13.

08/05/22

Why Buying Stock in Ocwen is a Dangerous Gamble Living Lies

Why Buying Stock in Ocwen is a Dangerous Gamble
For 25 years, Ocwen and the companies it has “acquired” through mergers or acquisitions have been falsely allowing third parties to use its name to pose as lenders and servicers.

08/04/22

Three Miami Women Join Hawaiian Class Action Lawsuit Against Big Banks Miami New Times

Three Miami Women Join Hawaiian Class Action Lawsuit Against Big Banks
Three Miami women who say big banks fraudulently foreclosed on their homes claim they can't get justice in Florida courts. Having run out of possible remedies in the Sunshine State, they're headed to the Aloha State to join a class-action lawsuit unfolding in a Hawaiian federal court.

08/04/22

Why do mortgage modifications seem so random? Because they are random. Living Lies

Why do mortgage modifications seem so random? Because they are random.
In 2013, while I was litigating these cases in Tallahassee Florida, there were several circuit judges on the bench who were both thoughtful and analytical. They were the first ones (out of many judges) who questioned two specific aspects of the foreclosure crisis: (1) why were servicers changed so often? and (2) why were modifications seemingly random rather than following some logical basis?

08/03/22

Consumers were left behind by the digital revolution and by virtual transactions Living Lies

Consumers were left behind by the digital revolution and by virtual transactions
Business has been transformed from the sale of goods and services to procuring the private information and signatures of consumers to generate revenue far above “price” of the target product or service that the consumer believed they were purchasing. In the case of foreclosures or mortgage transactions, there is a complete absence of disclosure. In most other transactions, especially those online, the disclosure is hidden within the box labeled “I agree.”

08/02/22

Senator Sanders Urges Gov to Pass His “Foreclosure Abuse Prevention Act" Legislation; Needed Now More Than Ever The New York State Senate

Senator Sanders Urges Gov to Pass His “Foreclosure Abuse Prevention Act" Legislation; Needed Now More Than Ever
Senator James Sanders Jr. urges the Governor to sign his "Foreclosure Abuse Prevention Act" into law as soon as possible because it is needed now more than ever. Senator James Sanders Jr. said, "Homeowners who are in foreclosure will be the biggest winners when this significant foreclosure bill becomes law. This legislation will go a long way in helping homeowners save their homes from foreclosure by leveling the playing field and eliminating certain abuses lenders have used in Courts to the detriment of the homeowners.”

08/01/22

Foreclosure Abuse Prevention Act, which aims to overturn landmark appeals court decision, awaits Gov. Kathy Hochul's decision CBS

Foreclosure Abuse Prevention Act, which aims to overturn landmark appeals court decision, awaits Gov. Kathy Hochul's decision
NEW YORK -- Lynden Hall, a resident of Canarsie, bought his home in 2007. He was a first-time homeowner optimistic to find a place for him and his brother's family to live. Two years later, in 2009, he went into foreclosure.

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