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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06/30/22

Foundation Objections and Notices to Produce at Trial Living Lies

Foundation Objections and Notices to Produce at Trial
The assertion, allegation, or argument that the case even involves a trust or trustee requires a legal foundation. The legal foundation consists of a witness who is competent to testify about the jurisdiction in which the alleged trust was organized and is currently existing — or who can testify competently and credibly about the authenticity of the document that created the trust.

That document is a “Trust Agreement” although it could theoretically go by some other name. That is not likely because most lawyers who draft documents do so in the hope and belief that the document will be accepted, end to end, as what it purports to be. Any label other than “Trust Agreement” would diminish the authenticity of the document as having recited or memorialized the creation of the trust entity. Naming it anything other than “Trust Agreement” would raise questions rather than answer them.

06/30/22

Bill headed to Murphy would help low-income bidders buy foreclosed homes in NJ more easily North Jersey

Bill headed to Murphy would help low-income bidders buy foreclosed homes in NJ more easily
New Jersey may make it easier for family members, lower income bidders and community nonprofits to purchase foreclosed homes under a bill sent to Gov. Phil Murphy on Wednesday reworking the sheriff's sale process to prioritize these buyers and discourage large investors from flipping those properties. Under the “Community Wealth Preservation Program," New Jerseyans who have experienced foreclosure or their next of kin would get the first shot when the property goes up for auction, or the right of first refusal at the bid price.

06/29/22

Housing Slump Would Place Greatest Stress on Black, Hispanic Residents Pew Charitable Trusts

Housing Slump Would Place Greatest Stress on Black, Hispanic Residents
If the United States enters a recession and housing prices stagnate or fall, homeowners in parts of California, Delaware, Illinois, Indiana and New Jersey are most at risk of owing more than their houses are worth or losing their homes to foreclosure, according to a new analysis.

06/29/22

Stop Looking for John Does Living Lies

Stop Looking for John Does
A better use of your time is not to find the John Does and instead simply attack the names being used to assert the claim. The John Doe investigation can only be successful if conducted by government agencies. It requires a deep dive into securitization which the courts have made clear is not a basis for defense or even claims relating to recorded mortgages.

06/28/22

Chamber targets consumer bureau chief for 'reckless actions' Politico

Chamber targets consumer bureau chief for 'reckless actions'
The Chamber of Commerce is going after Consumer Financial Protection Bureau Director Rohit Chopra in a public campaign, accusing him of attempting to “radically reshape” American finance. The trade group, which represents businesses throughout the country, announced Tuesday it was launching an advertising drive targeting Chopra — an ally of Sen. Elizabeth Warren — for his efforts to rein in what he views as abuses in the financial industry.

06/28/22

Challenge the claim, not the system. Living Lies

Challenge the claim, not the system.
Yes they are part of a scheme in which if the facts were known, would be illegal and possibly criminal. The one thing you need to be careful about is challenging the system instead of the claim. If you want to win you need to challenge the claim. Systemic challenges are generally regarded as fringe conspiracy theories.

06/27/22

Homeowner of more than 50 years faces eviction from his own house Gothamist

Homeowner of more than 50 years faces eviction from his own house
For more than a decade, Ray Cortez had no idea he was living in a house he no longer owned. The 87-year-old former taxi driver bought the salmon-colored townhouse on St. Marks Place in Brooklyn with his first wife, Edelmira, in 1969, shortly after emigrating to the United States from Peru. The couple paid roughly $20,000 at the time, and Cortez spent the next 30 years paying off the mortgage, even after Edelmira died in 1975.

06/27/22

Don’t Go Too Far in Litigation Living Lies

Don’t Go Too Far in Litigation
Recent correspondence with some of my contributors reveals the completely understandable desire to paint the opposition as thieves. The simple answer is that you don’t need to do that and you probably will not be able to prove it until AFTER the foreclosure case is over. Even then, that proof will only be accepted in most cases if you won the foreclosure case.

06/24/22

U.S. Records 19k Foreclosure Starts in May DSNews

U.S. Records 19k Foreclosure Starts in May
Black Knight Inc. has released a “first look” the latest iteration of its Mortgage Monitor Report for May 2022, which looks at delinquency and foreclosure rates across the U.S. According to Black Knight, the national delinquency rate fell to 2.75% in May, continuing a downward trend that has materialized over the last few months. The delinquency rate was 2.80% in April, and 2.84% in March. The 2.75% rate also marks a record low for delinquencies.

06/23/22

Errors by the Judge do not establish foundation for vacating an order Living Lies

Errors by the Judge do not establish foundation for vacating an order
Greetings. I am recovering slowly from my heart attack and thank you to everyone who has sent me thoughts and prayers. I have recently received a question from multiple people citing case law or quotes from treatises about errors made by Judges. Non-lawyers jump to the conclusion that the presence of an error is sufficient to vacate a prior ruling. This is not the case. If the judge or justices reviewing the error determine that the outcome would not change by correcting the error of law or fact, then the ruling stands. Usually, that shows up on appeal as “per curium affirmed.”

06/23/22

Discovery you can’t afford to miss: the SEC! Clouded Titles

Discovery you can’t afford to miss: the SEC!
While everyone is getting the “rope-a-dope” from the banks and their mortgage loan servicers, no one’s looking to the enforcement arm of Wall Street … the revolving door into the United States Securities and Exchange Commission (“USSEC”). The author will abbreviate this agency, who is supposed to enforce violations of securities laws; however, seemingly, apparently hasn’t been doing so to the extent that We the People need them to.

06/22/22

Crypto Victims’ Cries for Help Are Piling Up at a Federal Complaint Center Wall Street On Parade

Crypto Victims’ Cries for Help Are Piling Up at a Federal Complaint Center
The Consumer Financial Protection Bureau (CFPB) is the federal agency that was created under the Dodd-Frank Act of 2010 in response to Wall Street’s harrowing abuses to average Americans in the leadup to the financial crash of 2008. One of its key benefits is that it has a complaint database where consumers can post their complaints to the agency, and the general public and reporters can read those complaints on a public website. The general public benefits by seeing what types of complaints are being made against a financial institution they might be considering doing business with and reporters can look for dangerous patterns that are emerging.

06/20/22

Here’s why this housing downturn is nothing like the last one CNBC

Here’s why this housing downturn is nothing like the last one
As quickly as mortgage rates are rising, the once red-hot housing market is cooling off. Home prices are still historically high, but there is concern now that they will ease up as well. All of this has people asking: Is today’s housing market in the same predicament that it was over a decade ago, when the 2007-08 crash caused the Great Recession?

06/17/22

How mortgage servicing deals could change following Fed rate hike National Mortgage News

How mortgage servicing deals could change following Fed rate hike
After a couple of new government-sponsored enterprise-backed mortgage servicing rights deals went up for bid following the federal officials’ latest interest rate hike, some in the market opined on how MSR buyers and sellers may change their strategies going forward.

06/16/22

Help is now available for more Californians who are behind on their mortgages LA Times

Help is now available for more Californians who are behind on their mortgages
Good news for homeowners who’ve been enduring bad times financially: The state is now offering to cover more Californians’ mortgage debt.

06/15/22

The Fed Fingers Its Worry Beads: Mortgage Rates Double in Six Months to 6.28 Percent; Crypto Crashes; Layoffs Explode in FinTech Wall Street On Parade

The Fed Fingers Its Worry Beads: Mortgage Rates Double in Six Months to 6.28 Percent; Crypto Crashes; Layoffs Explode in FinTech
Wall Street does not have exclusivity on the pain trade. There’s pain at the pump for average Americans, pain at the grocery store, and now, adding to the pain for American home buyers who have watched the cost of homes spiral upward over the past year, the national average on the 30-year fixed rate mortgage just spiked to 6.28 percent as of yesterday.

06/15/22

Protesters say new mortgages designed to prevent foreclosure trap them in debt GBH

Protesters say new mortgages designed to prevent foreclosure trap them in debt
(Cheryl and Dante Ortiz were diagnosed with different kinds of cancer in the same week. The couple faced mounting medical bills and had fallen behind on their mortgage. One day after a medical appointment, they rushed from the hospital to sign papers in an attempt to save their home in Southbridge, Massachusetts.

06/14/22

Mayor Bowser Launches $50 Million Homeowner Assistance Fund Mayor Muriel Bowser

Mayor Bowser Launches $50 Million Homeowner Assistance Fund
(Washington, DC) Today, Mayor Muriel Bowser and the DC Department of Housing and Community Development (DHCD) launched a new $50 million homeownership program to provide financial assistance to residents struggling to make housing related payments. Through the Homeowner Assistance Fund (HAF), beginning on June 22, 2022 , eligible homeowners can go to haf.dc.gov to apply for grant funding to cover mortgage payments and other property or housing expenses,

06/12/22

Foreclosure Alert! These States Have The Highest Rate Of Foreclosures In the US So Far In 2022 MFI Miami

Foreclosure Alert! These States Have The Highest Rate Of Foreclosures In the US So Far In 2022
Foreclosure Alert! It has been well over a decade since America’s foreclosure disaster. The primary cause was that too many Americans with poor credit were given variable-rate mortgages. Mortgage interest rates rose and many lost their jobs. As a result, they could not make monthly mortgage payments. Banks also faced defaults. Consequently, banks eventually owned tens of thousands of homes they could not manage. The foreclosure crisis caused entire neighborhoods to have vacant homes where people were pressured out by lenders. Unfortunately, the foreclosure problem has returned. The ATTOM property analysis states foreclosure filings hit a post-pandemic high in the first quarter of 2022. Foreclosures were at 78,271 for the first quarter of 2022. This is also a 39% from the previous quarter. In addition, it is also a 132% from the same period last year.

06/09/22

Residential Mortgage Foreclosure Moratorium Expires June 30, 2022 DISB

Residential Mortgage Foreclosure Moratorium Expires June 30, 2022
The District of Columbia Department of Insurance, Securities and Banking (DISB) wants residents to be aware that the District’s foreclosure moratorium on residential mortgages expires on June 30, 2022. On JUNE 30, 2022, the moratorium on residential foreclosures will expire. What does this mean for homeowners?

06/09/22

Governor Wolf Announces Funding to Support Affordable Housing Across Pennsylvania Governor Ton Wolf

Governor Wolf Announces Funding to Support Affordable Housing Across Pennsylvania
Governor Tom Wolf announced recipients of a new round of funding for housing programs made available through the Pennsylvania Housing Affordability and Rehabilitation Enhancement (PHARE) fund. The governor named 245 housing and community development initiatives in 67 counties that will share a portion of the total $48.4 million in PHARE funding for fiscal year 2021-22. The PHARE fund is managed by the Pennsylvania Housing Finance Agency.

06/09/22

NY Foreclosure Abuse Bill Still Not Signed National Mortgage Professional

NY Foreclosure Abuse Bill Still Not Signed
When the New York State Senate easily passed a controversial bill aimed at reforming foreclosure laws in May, it was expected that Gov. Kathy Hochul would quickly sign it into law. More than a month has passed and the bill still has not been signed. As of now there appears to be no hard timeline, as Hochul said during Tuesday’s Democratic gubernatorial debate that her office had more than 800 bills to review before she would sign them.

06/08/22

What to do if you get a pre-foreclosure notice on your home WIVB

What to do if you get a pre-foreclosure notice on your home
BUFFALO, N.Y. (WIVB) – Erie County Clerk Michael Kearns has a message for homeowners who receive a pre-foreclosure notice: Please stay in your home. Kearns held a press conference Wednesday to discuss what was termed a “significant increase” in pre-foreclosure notices received by 4,530 homeowners across Erie County from their mortgage provider. He was joined by Kate Lockhart, the Vacant and Abandoned Property Program Director for the WNY Law Center, and Sandy Becker, the Senior Housing Programs Director for Belmont Housing Resources of WNY.

06/08/22

Fannie and Freddie unveil plans to tackle the racial homeownership gap CNN

Fannie and Freddie unveil plans to tackle the racial homeownership gap
Mortgage giants Freddie Mac and Fannie Mae announced Wednesday a series of actions that aim to make it easier to buy a home and close the racial homeownership gap, in which 72% of White Americans are homeowners while only 42% of Black Americans own a home.

06/05/22

Serious mortgage delinquencies are up 55% over pre-pandemic levels. But what this means for the housing market isn’t what you might think Marketwatch

Serious mortgage delinquencies are up 55% over pre-pandemic levels. But what this means for the housing market isn’t what you might think
The number of borrowers who are three or more payments past due on their mortgage is up 55% over pre-pandemic levels, according to new data from mortgage technology and data provider Black Knight. While there were approximately 400,000 serious delinquencies remaining before the pandemic, today there are roughly 640,000, the data shows. And while that sounds very concerning, pros say it’s not what it seems. Indeed, while the Black Knight data indicates the number of serious delinquencies has grown since before the pandemic, that particular figure doesn’t paint a complete picture of what’s happening in the broader housing market, explains Jacob Channel, senior economic analyst at

06/05/22

Grants available for homeowners who are delinquent taxes or late mortgages Alice Echo News Journal

Grants available for homeowners who are delinquent taxes or late mortgages
he last few years homeowners have struggled to keep up with their home mortgages. The Texas Department of Housing and Community Affairs (TDHCA) has began to administer monies from the Homeowners Assistance Fund (HAF) passed as part of the American Rescue Plan. This program helps qualified homeowners avoid foreclosure as a result of delinquent mortgage or property tax payments. These are grants, not loans. There is no repayment requirement.

06/05/22

New York Statute of Limitations on Mortgage Debt Governed by GOL Section 17-105, Not 17-101 JDSupra

New York Statute of Limitations on Mortgage Debt Governed by GOL Section 17-105, Not 17-101

A recurring issue in New York mortgage lending is under what circumstances the state's six-year statute of limitations on mortgage debts is extended or revived. The New York Court of Appeals ruled recently that this issue is governed by General Obligations Law (GOL) Section 17-105, which requires a written promise signed by the debtor to toll or revive a mortgage debt, rather than by the more general provision, GOL Section 17-101, which provides that a written acknowledgement of a debt is sufficient to revive other forms of debt. Batavia Townhouses, Ltd. v. Council of Churches Housing Dev. Fund Co., Inc., --- N.E.3d ----, 2022 WL 1631492 (N.Y. May 24, 2022).

06/05/22

NORTHAMPTON COUNTY RECEIVES HUD FUNDING TO COMBAT HOMELESSNESS The Valley Ledger

NORTHAMPTON COUNTY RECEIVES HUD FUNDING TO COMBAT HOMELESSNESS
Lamont McClure and the Northampton County Department of Community and Economic Development (DCED) announce the award of $3.04 million in funding from Housing and Urban Development (HUD). The grant includes $2,170,520 for the Community Development Block Grant (CDBG) program, $682,646 for the HOME Investment Partnerships program and $189,113 in an Emergency Solutions Grant. In addition the County has $10,578,600 in available Section 108 borrowing authority.

06/03/22

Finding a Lawyer Who Wants to Win Your Case Living Lies

Finding a Lawyer Who Wants to Win Your Case
The most common question I received is whether I know of a lawyer who “gets it” and who practices in the jurisdiction in which the subject property is located. We are not a lawyer referral service primarily because it is challenging and expensive to keep track of lawyers who will accept these engagements.

06/02/22

Funding Available to Stem Foreclosures in Ohio Public News Service

Funding Available to Stem Foreclosures in Ohio
Ohio homeowners who are struggling to stay afloat because of the pandemic may qualify for special assistance. A U.S. Foreclosure Market Report in April found foreclosure filings were down 8% from March, but still 160% higher than at the same point in 2021. Ohio has the third-highest rate, with one foreclosure filing for every 911 housing units.

06/02/22

Before you use the word “Default” know this Living Lies

Before you use the word “Default” know this:
Upon reflection, I think part of the problem is that most people including judges, don’t truly understand the meaning of the word “default.”

06/01/22

The important point is not so much being right as it is being the winner in litigation. Living Lies

The important point is not so much being right as it is being the winner in litigation.
I think the biggest problem for homeowners can be summed up in two sentences. First they believe there is something they should feel guilty about. Second, they don’t know the difference between (a) documents that can say anything and be prepared at any time and (b) original source (best evidence) documents.

06/01/22

New program helping Detroiters overcome foreclosures ClickonDetroit

New program helping Detroiters overcome foreclosures
DETROIT – It’s a new program to help people facing foreclosure as money and help is available to keep you in your home or help a tenant who is the victim of a landlord who owes big-time back taxes. They’re going door to door, spreading an important message as there’s help for those of you facing foreclosure.

06/01/22

Nonprofit Alliance of Consumer Advocates helped a Homeowner get caught up on her mortgage and get a lower interest rate PRweb

Nonprofit Alliance of Consumer Advocates helped a Homeowner get caught up on her mortgage and get a lower interest rate
COSTA MESA, CALIF. (PRWEB) JUNE 01, 2022 If someone is in a position where they cannot make their regular mortgage payments, a Loan Modification is a great way to save their right to homeownership and improve their financial situation. While forbearance may be a short-term solution, a loan modification will permanently modify their existing terms. For example, a lower interest rate, extended repayment period, and lower monthly payments may be the perfect solution for their financial situation. The goal of a Loan Modification is to lower the amount of money a homeowner owes to their Lender while preventing Foreclosure.

06/01/22

Senator Sherrod Brown Goes After 0-Count Felon Wells Fargo; Ignores 5-Count Felon JPMorgan Chase. Wall Street On Parade

Senator Sherrod Brown Goes After 0-Count Felon Wells Fargo; Ignores 5-Count Felon JPMorgan Chase
Wall Street On Parade was previously a big fan of Senator Sherrod Brown, the Chair of the Senate Banking Committee. Not so much anymore. Brown supported the nutty nomination of Saule Omarova to head the Office of the Comptroller of the Currency (OCC), the regulator of national banks, while attempting to spin the naysayers as part of a smear campaign.

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