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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07/29/22

Wall Street Megabanks’ Multi-Billion Dollar Blunders Suggest Money Controls as Good as George Bailey’s Uncle Billy Wall Street On Parade

Wall Street Megabanks’ Multi-Billion Dollar Blunders Suggest Money Controls as Good as George Bailey’s Uncle Billy
What do you get when you mix federally-insured banks with Wall Street trading casinos? You get the potential for catastrophic risks for the U.S. taxpayer and astronomical riches for the CEOs of the banks and the hedge fund titans they serve. Why is this Faustian bargain tolerated by Washington lawmakers – especially after the greatest financial collapse since the Great Depression in 2008? Because the Wall Street fat cats throw a lot of money into the political campaigns of members of Congress, ensuring that no matter how many times these Frankenbanks make outrageous blunders involving billions of dollars, Congress will conduct a superficial investigation and move on.

07/29/22

Consumers wake up and give support to CFPB! Possible Game Changer at CFPB: Administrative hearings Living Lies

Consumers wake up and give support to CFPB! Possible Game Changer at CFPB: Administrative hearings
Officials at the CFPB have cautiously opened the door to administrative hearings conducted by the Bureau, subject to the administrative procedures act. This may sound like boring stuff, but the end result could be the ability to bring claims in an administrative hearing rather than in court.

07/28/22

Consumers must at least accept the possibility that There is no DEBT if they want to stop the wholesale theft operating in the American economy Living Lies

Consumers must at least accept the possibility that There is no DEBT if they want to stop the wholesale theft operating in the American economy
I don’t think that is is unfair to say that much of the financial system as operated today is taking money, wealth and opportunity from the poor and middle class and giving it to the rich (management and stockholders) of companies that label themselves as conducting “financial services.” But it is

07/27/22

Return of Title and Possession: If the Bruce’s Beach Family Could Do It, So Should Every Homeowner that has been Illegally Foreclosed. Living Lies

Return of Title and Possession: If the Bruce’s Beach Family Could Do It, So Should Every Homeowner that has been Illegally Foreclosed.
Hat tip to Summer chic I have been receiving a lot of really good contributions from Summer chic, and she deserves a big atta girl. Her latest is the issue raised by the Bruce’s Beach case in which property owned by a family, fair and square, was subject to several instruments of conveyance that made their property the property of someone else. After 100 years, the family finally got the property back, but it is important to note that this was a political decision, not a legal one.

07/27/22

House Approves Remote Notary Bill NAHB

House Approves Remote Notary Bill
The House on July 27 approved the Securing and Enabling Commerce Using Remote and Electronic (SECURE) Notarization Act. The legislation would help small businesses and consumers, including those engaged in the home building sector, as notarizations are used extensively in real estate transactions.

07/26/22

What to ask for when the window is open for Legal Discovery Demands (i.e., when you in litigation) Living Lies

What to ask for when the window is open for Legal Discovery Demands (i.e., when you in litigation)
I was researching something when I ran across a recent filing from a Citigroup document that is called a Pooling and Servicing Agreement. Anyone who reads these pages knows that they’re not pooling loans. They are pooling the receipt of payments — regardless of whether the collection was legal or illegal — and the parties executing the agreement are only figureheads.

07/25/22

Shhh! Don’t Tell the Public that their Investor Advocate at the SEC Has Gone Poof, Along with His Most Recent Reports Wall Street On Parade

Shhh! Don’t Tell the Public that their Investor Advocate at the SEC Has Gone Poof, Along with His Most Recent Reports
His name is Rick Fleming and there is a very good chance that you’ve never heard of him. Now, there’s a very good chance that you’ll never see the reports that he meticulously compiled twice a year over the past eight years that he served in the role of Investor Advocate on behalf of retail investors at the Securities and Exchange Commission.

07/22/22

From the Secret Service to the Fed, Inspectors General Are Enablers to Corruption at the Agencies they Oversee Wall Street On Parade

From the Secret Service to the Fed, Inspectors General Are Enablers to Corruption at the Agencies they Oversee
The Inspectors General of federal agencies are supposed to be the first line of defense against corruption within that agency. Increasingly, they have become part of the problem of corruption, coverups and cronyism.

07/22/22

Foreclosure activity approaches pre-pandemic levels The Title Report

Foreclosure activity approaches pre-pandemic levels
There were 164,581 foreclosure filings in the first six months of 2022, according to ATTOM’s midyear 2022 U.S. foreclosure market report. That’s up 153 percent year-over-year, but down 1 percent from the same period two years ago. “Foreclosure activity across the United States continued its slow, steady climb back to pre-pandemic levels in the first half of 2022,” ATTOM Executive Vice President of Market Intelligence Rick Sharga said in a release. “While overall foreclosure activity is still running significantly below historic averages, the dramatic increase in foreclosure starts suggests that we may be back to normal levels by sometime in early 2023.”

07/22/22

These cases are not foreclosures. They are illicit abuse of process. Living Lies

These cases are not foreclosures. They are illicit abuse of process.
These foreclosure cases are fraudulent in that they are not foreclosures. A foreclosure, by definition, is limited to the enforcement of a security instrument in which ownership of the instrument and the underlying obligation is vested in a creditor who is named as the claimant. With very few exceptions, none of the foreclosures over the last 25 years have satisfied the definitions or conditions precedent for the filing of a foreclosure action. Virtually all of them are 100% reliant on the presentation of fabricated documents containing false information about transactions that never occurred. Those documents memorialize nonexistent transactions. They are all legal nullities.

07/22/22

Colorado continues emergency mortgage assistance plan for homeowners at risk of foreclosure due to COVID-19 pandemic KRDO

Colorado continues emergency mortgage assistance plan for homeowners at risk of foreclosure due to COVID-19 pandemic
COLORADO SPRINGS, Colo. (KRDO) -- State officials created a program to help tenants who struggled to pay rent during the COVID-19 pandemic, and now a similar program is in place for homeowners.

07/21/22

BANK OF AMERICA HIT WITH SECOND FEDERAL RACKETEERING LAWSUIT IN HAWAII American Property Owners Network

BANK OF AMERICA HIT WITH SECOND FEDERAL RACKETEERING LAWSUIT IN HAWAII
Bank charged with fraudulent foreclosures and violations of the fair housing act less than two months after RICO and Ku Klux Klan Act complaint. Honolulu, Hawaii, (July 20, 2022) — On the heels of a federal racketeering (RICO) and Ku Klux Klan Act of 1871 complaint brought by Native Hawaiian advocacy group Na Po‘e Kokua on May 31, a second racketeering lawsuit was filed yesterday in Hawaii federal court against Bank of America, N.A.

07/21/22

When is the assignment of mortgage effective against the homeowner? Living Lies

When is the assignment of mortgage effective against the homeowner?
In order for an assignment of mortgage to be effective, the property owner must be given notice by the existing owner of the mortgage lien acknowledging that there had been a transfer of ownership of the mortgage lien to a new, identified owner of the mortgage lien. In order to enforce the mortgage lien, the mortgage instrument must be recorded and it must be facially valid (that is, apparently valid because of compliance with existing statute). There is no time limit on recording the mortgage instrument after it has been executed by an authorized officer of the previous owner of the mortgage lien. * This gets tricky.

07/20/22

4th Circuit Overrules SCOTUS: Rescission is dead and so is regulation of business entities, as long as they call themselves “lenders” Living Lies

4th Circuit Overrules SCOTUS: Rescission is dead and so is regulation of business entities, as long as they call themselves “lenders”
Lavis v. Reverse Mortg. Sols., No. 18-2180, at *6 (4th Cir. July 14, 2022) the trial court “stated that “[a] finding that RMS is entitled to tender, despite its disregard of its obligations over a period of years and its failure to take any measures to preserve its rights under the statute, would incentivize lending institutions to follow RMS’ poor example.” J.A. 2835. ”) This decision is a perfect example of chutzpah, delusion, and legislation from the bench. The trial court was 100% correct, and the Appellate panel was 100% wrong.

07/19/22

There Are Three Separate Cases in Federal Court Accusing JPMorgan Chase of a Culture of Fraud Wall Street On Parade

There Are Three Separate Cases in Federal Court Accusing JPMorgan Chase of a Culture of Fraud
JPMorgan Chase is the largest federally-insured bank in the United States. It is also one of the largest trading houses on Wall Street. That’s the Faustian bargain the Clinton administration entered into with Wall Street when it repealed the Glass-Steagall Act in 1999.

07/19/22

Stop the Steal: If you take a step back those folks may actually be onto something. Living Lies

Stop the Steal: If you take a step back those folks may actually be onto something.
I have had a large number of decent civil conversations with many people who consider themselves lifelong conservatives and who use the slogan “Stop the Steal.” My conclusion is that they believe in the slogan. And they are not attempting to propel lies into public discourse. They understand the facts.

07/18/22

How to Kneecap the Foreclosure Mill Living Lies

How to Kneecap the Foreclosure Mill
It all starts with the assumptions you make at the beginning of the case, which is actually the declaration of default. There is only going to be one witness designated by one company and proffered by one lawyer who is prosecuting the claim for foreclosure remedies. That one witness is generally a contract labor “employee” who knows absolutely nothing relevant to your transaction.

07/17/22

THE FLORIDA HOMEOWNER ASSISTANCE FUND COULD SAVE YOUR HOME Torrens Law Group

THE FLORIDA HOMEOWNER ASSISTANCE FUND COULD SAVE YOUR HOME
Good Afternoon! I hope this newsletter finds you doing well. For today’s newsletter, I want to let everyone know about the new Florida Homeowner Assistance Fund that was recently created.

07/17/22

Act Quickly to Avoid Foreclosure Banker And Tradesman

Act Quickly to Avoid Foreclosure
Experts say that a 2008-style housing crash is unlikely to happen now, if only because lending standards are much tighter than they were prior to the Great Recession. Still, foreclosures are starting to tick upward. ATTOM, a property data firm, said that in May, there were fewer than 31,000 houses nationwide with foreclosure filings – that is, houses with default notices, houses scheduled for the auction block or ones already repossessed by lenders. That’s up a scant 1 percent from April – but it’s 185 percent more than in May last year.

07/17/22

These are the 10 states with America’s most stable housing markets CNBC

These are the 10 states with America’s most stable housing markets
Rising mortgage rates, a reflection of the Federal Reserve’s efforts to curb inflation, are roiling the U.S. housing market. Many forecasters now believe the market could cool considerably following years of explosive growth. Some states will fare better than others. Because companies seek locations where the housing situation will be attractive to employees, CNBC’s America’s Top States for Business study considers the health of each state’s housing market.

07/15/22

MSR market picks up in Q3 where Q2 left off: Hot Housing Wire

MSR market picks up in Q3 where Q2 left off: Hot
Four new mortgage-servicing rights (MSR) offerings for agency loan portfolios valued at some $3.7 billion hit the market as the third quarter of the year kicked off.

07/15/22

New York State Homes and Community Renewal Announces $50 Million Available To Help Land Banks Eradicate Blight, Aid Communities That Continue To Struggle From Foreclosure Crisis New York State

New York State Homes and Community Renewal Announces $50 Million Available To Help Land Banks Eradicate Blight, Aid Communities That Continue To Struggle From Foreclosure Crisis
Applications for Initial Funding Round Will be Accepted Until September 14, 2022 New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas today announced the launch of a new $50 million Land Bank Initiative, the first-ever dedicated source of state funding to help New York’s land banks reduce blight and transform vacant properties in communities across the state.

07/15/22

Why a Recession May Be Coming -- but Not a Foreclosure Crisis The Ascent

Why a Recession May Be Coming -- but Not a Foreclosure Crisis
These days, a lot of financial experts are sounding alarms about a possible recession. That's because rising interest rates could lead to a drop in consumer spending, and a rapid one at that. That has a lot of people on edge -- especially those who remember the Great Recession that took place between 2007 and 2009. Back then, not only was job loss rampant, but the housing market crashed in a very big way, sending home prices plummeting and forcing many people to lose their homes in the process.

07/15/22

Foreclosure prevention takes on MN’s racial housing gap Spokesman-Recorder

Foreclosure prevention takes on MN’s racial housing gap
An uneven pandemic recovery, along with inflation, is fueling concern about foreclosure activity. In Minnesota, there is a push to ensure households of color do not suffer the same fate as they did after the 2008 housing crisis. Nonprofits providing housing assistance say the crisis had a devastating effect on Black neighborhoods in particular.

07/15/22

The Fed’s Inspector General Clears Jerome Powell of Wrongdoing in the Trading Scandal, One Day After Five Senators Accuse Him of Hampering the Investigation Wall Street On Parade

The Fed’s Inspector General Clears Jerome Powell of Wrongdoing in the Trading Scandal, One Day After Five Senators Accuse Him of Hampering the Investigation
Yesterday afternoon, Mark Bialek, the Inspector General of the Federal Reserve, released a memorandum clearing Fed Chair Jerome Powell and former Fed Vice Chair Richard Clarida of wrongdoing in the trading scandal that has engulfed multiple officials of the Federal Reserve.

07/15/22

Credit reporting agencies getting nervous about homeowner claims: The issue is willful ignorance Living Lies

Credit reporting agencies getting nervous about homeowner claims: The issue is willful ignorance
As previously reported there is abundant statutory and case law support for holding the credit reporting companies (CRCs) liable for publishing false credit reports went they fail to conduct adequate due diligence. This is covered by the Fair Credit Reporting Act 15 U.S.C. §1681 et seq.

07/14/22

Pumping the Brakes DS News

Pumping the Brakes
Foreclosure volumes are beginning to tick up as government-mandated moratoriums and forbearance grace periods wear off. Despite these changes and the light they bring to the end of a long tunnel for many mortgage-related service providers, the reality is that homeowners are still struggling to meet their debt obligations.

07/14/22

Foreclosure Starts Up in First Half of 2022 DS News

Foreclosure Starts Up in First Half of 2022
ATTOM’s Midyear 2022 U.S. Foreclosure Market Report has found that there were a total of 164,581 foreclosure filings (default notices, scheduled auctions, or bank repossessions) nationwide in the first half of 2022, up 153% year-over-year, but down just 1% from the same time period two years ago.

07/14/22

Excess Servicing, Non-QM, Anti-Fraud, Home Equity Tools; Correspondent News; Primer on Yield Curve Inversion Mortgage News Daily

Excess Servicing, Non-QM, Anti-Fraud, Home Equity Tools; Correspondent News; Primer on Yield Curve Inversion
Real estate agents love it when loan officers give them referrals. That’s not always easy. Is giving a real estate agent a book on becoming a productive and well-respected real estate agent a RESPA violation? How about an all-expense paid trip? Attorney Brian Levy points out in his latest Mortgage Musings

07/14/22

Living Lies and How Opposing Counsel Gets Away With It: He said it was an “investor trust” Living Lies

Living Lies and How Opposing Counsel Gets Away With It: He said it was an “investor trust”
there is no witness from the named claimant — ever. This slips by because homeowners or their lawyers fail to object and undermine such proffer through earlier discovery and motion practice. It also slips by because homeowners agree or even make claims or assert defenses that use the lies promulgated by the attorney for the false claimant.

07/14/22

Here are 1500 experts in electronic commerce and services who singed a letter to COngress detailing why certain schemes that are designated as “Innovations” are bad Living Lies

Here are 1500 experts in electronic commerce and services who singed a letter to COngress detailing why certain schemes that are designated as “Innovations” are bad
This letter directly addresses the fake currency known as cryptocurrency. The signatories are all major players in the arena of electronic commerce, payments, and communications. Their point is simple: the fact that someone could develop a method of encryption that is difficult to break is not a reason to label the end product as “currency.” It isn’t and it never was.

07/13/22

Over 1,600 of the Brightest Scientific Minds in Technology Have Signed a Letter Calling Both Crypto and Blockchain a Sham Wall Street On Parade

Over 1,600 of the Brightest Scientific Minds in Technology Have Signed a Letter Calling Both Crypto and Blockchain a Sham
The letter is a punch in the gut to the Wall Street underwriters who have brought billions of dollars of crypto related companies to the public markets, most of which have now collapsed in price. It makes the billionaire venture capitalists who have invested billions in crypto startups look like fools. And it renders the big-name celebrities who have promoted this garbage in TV commercials look like the shills that they are.

07/13/22

Do foreclosure mill lawyers have a real duty of performing due diligence before they send, file or argue anything in court? Living Lies

Do foreclosure mill lawyers have a real duty of performing due diligence before they send, file or argue anything in court?
The plain answer is no. I have tried a number of times to hold foreclosure mills accountable. But unless I was able to allege and use exhibits to support the allegations that the lawyer knew (i.e. personal knowledge) that he/she had no client, that there was no claim, that the claims were a fraud upon the court, etc., the lawyer was always held to be protected by litigation immunity.

07/12/22

The Pooling and Servicing Agreement is NOT a Trust Agreement Living Lies

The Pooling and Servicing Agreement is NOT a Trust Agreement
One of my first observations back when those investment banks started admitting that they were using trust names and trustees (after having denied it for years), was that the Pooling and Servicing Agreements (PSAs) they offered were not a trust agreement even if they said it was.

07/11/22

What if you called the bluff that has been working for 25 years? Living Lies

What if you called the bluff that has been working for 25 years?
Making an offer to pay all that is demanded leads to some interesting issues that result in highly negative inferences for lawyers representing “clients” who are implied creditors — i.e., companies or business entities that (a) exist and (b) own an underlying obligation to pay money (corroborated by an unpaid loan account receivable on the books and records of the implied creditor (not the “servicer, subservicer or FINTECH servicer).

07/11/22

State launches risk of foreclosure support campaign Cannon Beach Gazette

State launches risk of foreclosure support campaign
A new website and awareness campaign are now in place to support struggling Oregon homeowners at risk of foreclosure.

07/10/22

Lenders Have Until September 5th To Comply With New FHA Guidelines Ignoring COVID-Era Employment Lapses MFI Miami

Lenders Have Until September 5th To Comply With New FHA Guidelines Ignoring COVID-Era Employment Lapses
New FHA guidelines loosen the requirements to qualify for a loan if they lost work during the pandemic. Beginning September 5th, lenders are to ignore job gaps during the Covid-19 pandemic. The Federal Housing Administration (FHA) announced new flexibility for lenders when qualifying borrowers for an FHA loan. FHA says the program is aimed at applicants who had employment gaps or a loss because of COVID-19.

07/07/22

Michigan housing relief program overwhelmed by applications for pandemic aid Detroit Free Press

Michigan housing relief program overwhelmed by applications for pandemic aid
More than16,000 Michigan households are in line for aid to help stay in their homes and keep the lights on, but a bottleneck with the state agency approving the money means it's taking several weeks for dollars to go out.

07/07/22

Blaming the Federal Reserve for the undisclosed catastrophe that is continuing in the credit markets is a concession that will never stop the charade Living Lies

Blaming the Federal Reserve for the undisclosed catastrophe that is continuing in the credit markets is a concession that will never stop the charade
I have received thousands of emails over the years in which partially informed laypeople have been radicalized into believing that the entire mortgage meltdown — and the meltdown in other transactions that were labeled as “loans” — was laid at the feet of the Federal Reserve.

07/06/22

MERS and MERSCorp: What is it? NY Court tries to sort it out and misses the point. Living Lies

MERS and MERSCorp: What is it? NY Court tries to sort it out and misses the point.
DreamBuilder-Invs.-v.-Merscorp-Holdings-Inc Bill Paatalo brought this case to my attention. Reading the entire case, one gets important clues on how to sue MERS and how to demand discovery from MERS either as a party or nonparty.

07/05/22

The CFPB’s Advisory Opinion on Pay-to-Pay Fees NCLC

The CFPB’s Advisory Opinion on Pay-to-Pay Fees
A new CFPB advisory opinion, published at 87 Fed. Reg. 39,733 (July 5, 2022), clarifies the limits on a debt collector’s ability to charge pay-to-pay or convenience fees under the Fair Debt Collection Practices Act (FDCPA). The advisory opinion also has important implications as to a wide array of other charges assessed by debt collectors.

07/05/22

Disqualification of Foreclosure Mill Attorney Living Lies

Disqualification of Foreclosure Mill Attorney
Over the years many lawyers and laypeople have sent me proposed motions to disqualify or bar opposing counsel from representing to the court that the bank he or she named in a complaint or claim is his client.

07/03/22

Mediation offers Lifeline for Communities Being Inundated by Flood of Evictions Mediate

Mediation offers Lifeline for Communities Being Inundated by Flood of Evictions
More than two years since COVID-19 first broke out stateside, the U.S. housing sector remains in a state of flux. Various moratoria and relief funds at the federal, state, and local levels notwithstanding, courts throughout the country have been awash in eviction filings for some time now. For many communities, while there might be some ebb and flow from month to month, it’s increasingly looking like the new normal is a sustained level of increased activity. When we last saw a comparable crisis in the 2008 mortgage

07/01/22

Guidance on legal argument in foreclosure cases Living Lies

Guidance on legal argument in foreclosure cases
OK. There are several aspects here. The most important one is to educate the judge and persuade the judge to apply existing legislative laws specifically the state laws adopting 9-203 of the UCC verbatim.

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