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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03/31/22

It’s the small stuff that reveals the fraud Living Lies

It’s the small stuff that reveals the fraud
Several contributors to the blog have identified specific information regarding the true owner and operator of physical mail addresses used in connection with correspondence, statements, and notices sent out under the letterhead of some company that is claimed to be a servicer.

03/29/22

HMDA: The top 10 FHA lenders by volume in 2021 Housing Wire

HMDA: The top 10 FHA lenders by volume in 2021
Freedom Mortgage Corp. takes the top spot, originating $25.5 billion worth of FHA loans

03/29/22

Geoff Walsh of National Consumer Law Center (NCLC) publishes very informative article regarding foreclosure Living Lies

Geoff Walsh of National Consumer Law Center (NCLC) publishes very informative article regarding foreclosure
Almost everyone writing articles about consumer finance, mortgage loans, and servicing is now in agreement that there are viable meritorious defenses for the consumer. True, they are not obvious to the casual observer, which is part of the problem.

03/28/22

Gary Dubin on the Attack in California: Simple Truths About Foreclosure Defense Living Lies

Gary Dubin on the Attack in California: Simple Truths About Foreclosure Defense
Dubin reports that the status of judicial consensus in California is pretty much the way it was before he entered the battle in Hawaii. I think he is starting to change that with inventive ways to educate the courts and give them pause before they rubber-stamp another foreclosure.

03/25/22

So do I owe the money or not? Living Lies

So do I owe the money or not?
I think that the best answer you can give is no, there is not any money owed. You can only “go there” (money owed) if you describe the transaction as a loan. But every loan has some basic common sense characteristics or attributes:
There is no other reason or intent to give the consumer any money.
The transaction is legal — i.e., it complies with all federal and state laws, rules, and regulations governing lending and servicing.
The transaction creates a loan account reflected on the general ledger of the lender as an asset receivable.
The lender has an actual risk of loss if scheduled payments are not received.
The lender has funded the transaction by using its own assets or its own credit, wherein the lender is liable for repayment of the funds loaned to the lender.
The lender owns the loan account receivable when the transaction cycle is complete.
The lender’s business plan is to earn a profit through repayment of the loan together with interest and other fees or, as is frequently asserted, the profit is earned through the sale of the loan.
If the loan originated with the intent to sell it in the secondary market, the intent is to receive payment in exchange for a conveyance of the underlying obligation.

03/25/22

Financial assistance program helps homeowners affected by pandemic Upper Michigans Source

Financial assistance program helps homeowners affected by pandemic
MARQUETTE, Mich. (WLUC) - If you are a homeowner that has been affected by the pandemic, there may be financial aid available for you. It’s no secret the pandemic has impacted us in many ways, including our money. However, the Michigan State Housing Development Authority (MSHDA) is offering some relief for homeowners.

03/25/22

'It’s a feeling of security' | Charlotte organization helps prevent foreclosures and keep families in their homes WCNC

'It’s a feeling of security' | Charlotte organization helps prevent foreclosures and keep families in their homes
CHARLOTTE, N.C. — Losing your home to foreclosure can be a traumatic event. That is why one organization is committed to helping families keep the roof over their heads. Plants fill every room of army veteran, Leon Grier’s East Charlotte home. “The greens really help relax me when I come out and look out the window, look at my pond,” Grier said.

03/24/22

Why we are still living with lies Living Lies

Why we are still living with lies
Nobody realized that investment securities brokers were seeking to convert themselves into a printing press for hypothetical money. They were allowing investment banks to securitize imagination. Any hypothetical event, movement or data can be securitized. Anything can be an asset class just because some investment bank says so.

03/23/22

These 3 Charts Strongly Suggest the U.S. Stock Market Has an Invisible Hand Propping It Up Wall Street On Parade

These 3 Charts Strongly Suggest the U.S. Stock Market Has an Invisible Hand Propping It Up
As someone who has watched trading screens for the past 36 years, it’s pretty easy to spot a fake market. As the charts below indicate, there is an invisible hand (or hands) pushing this stock market up when it should be plunging. The likely suspects are U.S. Treasury Secretary Janet Yellen’s Plunge Protection Team

03/23/22

About that “servicer” Living Lies

About that “servicer”
If you refer to the company that has been named as the “servicer” for your “loan”, as your servicer or your lender, you are already wrong. Regardless of what company is named as “servicer”, it is not receiving any payment that you have ever directed to them or any predecessor company that was designated as “Servicer” (most likely by a FINTECH company operating under license, and acting for an investment bank that does NOT own any indebtedness owed by you to anyone. The big “tell” is that their “Payment History” lacks any reference to disbursements.

03/22/22

Bankruptcy Dollar Amounts Going Up NCLC

Bankruptcy Dollar Amounts Going Up
Bankruptcy Code § 104(b) provides that the exemption amounts and other dollar figures in the Code are automatically adjusted for inflation every three years. The adjustments are based on changes to the Consumer Price Index for All Urban Consumers published by the Dept. of Labor, rounded to the nearest $25. New dollar amounts take effect on April 1, 2022, and will apply to all cases filed on or after that date.

03/22/22

Challenging SPS on a WAMU Origination Living Lies

Challenging SPS on a WAMU Origination
The underlying obligations had long since been eliminated by the process of securitization. But by not reporting the elimination of the loan account receivable, Wall Street has been able to maintain the illusion that they still exist.

03/21/22

If you don’t know how to read between the lines, you miss everything Living Lies

If you don’t know how to read between the lines, you miss everything
So in a minor release, you have the following, trumpeting the legal prowess of the Orrick firm, representing Credit Suisse and its subsidiary DLJ. A lawsuit was filed purportedly on behalf of U.S. Bank seeking to enforce repurchase obligations that DLJ had issued and which Credit Suisse would be required to honor if they were valid.

03/21/22

The Bank Foxes are Guarding the SEC Chicken Coop! Living Lies

The Bank Foxes are Guarding the SEC Chicken Coop!
If anything is crystal clear today, it is that there is no federal or state government agency that is going to help the consumer or specifically homeowners. In this re-publish of an article by RICHARD BOWEN, the complicity of the SEC in adding and abetting securitization illusions and delusions is readily apparent.

03/20/22

Federal Open Market Committee Raises Interest Rates As The Country Recovers From The Covid-19 Pandemic. Fed Plan 6 More Rate Increases MFI-Miami

Federal Open Market Committee Raises Interest Rates As The Country Recovers From The Covid-19 Pandemic. Fed Plan 6 More Rate Increases
The Federal Open Market Committee of the Federal Reserve raised interest rates for the first time in four years. Thus, marking an end to the easy money that gave rise to the hottest mortgage market in American history. The Federal Open Market Committee was predicted to raise the federal funds rate by 25 basis points. The FOMC designed the move to slow the pace of inflation by increasing the cost of mortgage borrowing. Inflation hit 7.9% for the year that ended in February. It is unknown if it slows the frenetic pace of a housing market with historically low supply.

03/19/22

Foreclosures are on the rise. Here’s what that says about the housing market Market Watch

Foreclosures are on the rise. Here’s what that says about the housing market
In January there was a seven-fold increase in foreclosure starts as compared to December, with roughly 33,000 loans referred to foreclosure, according to a report from mortgage data and analytics company Black Knight. What’s more, data from real estate data analytics firm ATTOM Data Solutions revealed that lenders repossessed 2,634 U.S. properties through completed foreclosures in February 2022, which is an increase of 70% from last year (though it’s still down 45% from last month).

03/18/22

Fla. R. Civ. P. 1.115 Conflicts with F.S. 679.203 Living Lies

Fla. R. Civ. P. 1.115 Conflicts with F.S. 679.203
F.S. 679.203: a security interest is not enforceable against the debtor or third parties with respect to the collateral and does not attach unless: … (b) Value has been given… [e.s.] Fla. R. Civ. P. 1.115:

03/17/22

JP Morgan Settles with Manhattan DA for “Hypothetical” Data reports and Fraudulent Lending Practices Living Lies

JP Morgan Settles with Manhattan DA for “Hypothetical” Data reports and Fraudulent Lending Practices
Once consumers and homeowners get it out of their head that they were not paid as part of a loan transaction and instead they were paid for participating in an undisclosed securities scheme, they will easily see that the money paid to them, coupled with a promise to pay it back, was a ruse in which the homeowner got paid only temporarily, offset by an even larger liability (including interest and fees).

03/17/22

The Fed’s Lack of Transparency Is Harming the Dollar as the World’s Reserve Currency Wall Street On Parade

The Fed’s Lack of Transparency Is Harming the Dollar as the World’s Reserve Currency
Yesterday, it was widely reported in the business press that Saudi Arabia is considering pricing its oil deals with China in China’s own currency, the Yuan, rather than in U.S. Dollars, which is the currency of choice for the bulk of the global oil trade. While it should be noted that this talk has been making headlines for the past four years without actually coming to fruition, the U.S. should stop taking the respected status of the Dollar for granted.

03/16/22

Mortgage demand falls as interest rates surge to multiyear highs CNBC

Mortgage demand falls as interest rates surge to multiyear highs
A sharp jump in mortgage rates last week soured demand from both current homeowners and potential homebuyers, causing mortgage applications to drop. With rates now back on the expected upward trajectory, following a brief drop at the start of the Russian invasion of Ukraine, mortgage volume is likely to fall further in the coming weeks.

03/16/22

The Fog of War Is Providing a Smoke Screen for Trading Losses at a Dangerously Unreformed Wall Street Wall Street On Parade

The Fog of War Is Providing a Smoke Screen for Trading Losses at a Dangerously Unreformed Wall Street
We received an email alert from the House Financial Services Committee last Sunday indicating that its Subcommittee on Investor Protection, Entrepreneurship and Capital Markets will hold a hearing on March 30 titled: “Oversight of America’s Stock Exchanges: Examining Their Role in Our Economy.” You can file that hearing under too little, too late.

03/16/22

QWR: How to use RESPA Living Lies

QWR: How to use RESPA
RESPA is a consumer protection statute that regulates the real estate settlement process, including loan servicing and assignments. 12 U.S.C. § 2601(a). In 2010, RESPA was amended pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203, 124 Stat. 1376 (2010), which, among other things, added provisions governing the way in which federal mortgage loan servicers responded to requests for information (“RFIs”) or assertions of error from borrowers. Dodd-Frank also created the CFPB, which is responsible for promulgating rules and regulations implementing RESPA.

03/15/22

Why Consumers (Homeowners) Don’t Owe the Money Living Lies

Why Consumers (Homeowners) Don’t Owe the Money
Any lawyer can win these cases by simply challenging the basic premises of the action, to wit: the existence, status, and ownership of the presumed loan account. there is no experience of default by any creditor. That means that the declaration of default is false. And that means that the conditions precedent to foreclosure are absent. This is the sticking point that derails most defense narratives.

03/14/22

Using the Homeowner Assistance Fund program to help borrowers prevent foreclosure CFPB

Using the Homeowner Assistance Fund program to help borrowers prevent foreclosure
As of March 1, 2022, over 768,000 mortgage borrowers remain in active forbearance. Many of these consumers are seriously delinquent and at risk of foreclosure unless they receive loss mitigation assistance from their servicers. The CFPB remains focused on preventing avoidable foreclosures to the maximum extent possible and expects mortgage servicers to do the same.

03/14/22

Uptick In Foreclosures? Fraudulent Transfers? Clouded Titles Blog

Uptick In Foreclosures? Fraudulent Transfers?
Years ago, when this author wrote Clouded Titles (his second work, which followed The Credit Restoration Primer, now in its 5th edition), now in its Mayday Edition, he set up an alert in his Google system settings to detect any reference to the phrase Mortgage Electronic Registration Systems, Inc.

03/14/22

The Queer World of Foreclosures Coupled with Fake claims of Servicing Living Lies

The Queer World of Foreclosures Coupled with Fake claims of Servicing
Hat tip to Miles on this first one. A 2020 Sarasota, Florida Judgment illustrates the deep gaps between reality and fantasy in today’s world of foreclosure. This one is about a claimant (Plaintiff) named the “LSF11 Master Participation Trust” (more on that later) which is no more real than the infamous LSF9 Master Participation Trust.

03/11/22

Miami Judge Beatrice Butchko Kicked Off Foreclosure Case For Holding Mortgage Servicer And Their Lawyers Accountable MFI-Miami

Miami Judge Beatrice Butchko Kicked Off Foreclosure Case For Holding Mortgage Servicer And Their Lawyers Accountable
The Florida 3rd DCA has kicked a Miami Judge Beatrice Butchko off a foreclosure case. They also made the unusual move of barring her from considering an order to show cause. The proposed show cause order alleges Bank of New York Mellon and others associated with the case committed perjury. The appeals court said the case began as a straightforward mortgage foreclosure. However, it transformed into an ever-escalating battle that no longer resembles its original form.

03/11/22

Help available for Collier County residents facing foreclosure, eviction, housing instability Gulf Shore Business

Help available for Collier County residents facing foreclosure, eviction, housing instability
Collier County is expanding its scope to help more residents who are struggling to pay rent, mortgage or utilities. The county has allocated $7 million of the American Rescue Plan Act funds toward lessening the housing affordability issue. Qualifications include proof of income between 81% and 140% area median income (AMI), Collier County residency and financial strain during COVID-19.

03/11/22

New York Amends Contact Requirements for Certain Delinquent Borrowers JDSupra

New York Amends Contact Requirements for Certain Delinquent Borrowers
A&B ABstract: On February 24, Governor Kathy Hochul signed into law Assembly Bill 8771 (2022 N.Y. Laws 48), amending single point of contact requirements for certain delinquent borrowers. What changes does the measure require for servicer protocols?

03/11/22

Wells Fargo Rejected Half Its Black Applicants in Mortgage Refinancing Boom Bloomberg

Wells Fargo Rejected Half Its Black Applicants in Mortgage Refinancing Boom
When Mauise Ricard III paid a $560.43 application fee to Wells Fargo & Co. on Valentine’s Day in 2020 to refinance his mortgage on a four-bedroom brick colonial in a leafy suburb of Atlanta, he had every reason to expect an easy ride.

03/11/22

Oregon Case Directly Corroborates My Analysis of Business Record Exception to Hearsay Living Lies

Oregon Case Directly Corroborates My Analysis of Business Record Exception to Hearsay
The bottom line and the importance of this analysis is that the basis for any claim in foreclosure is the enforcement of an unpaid debt and the proof of its existence and status, along with the proof of a default.

03/11/22

Citigroup, Goldman Sachs and JPMorgan Are in the Hot Seat: Sever Cozy Ties with Russia or Earn the Wrath of U.S. and EU Clients Wall Street On Parade

Citigroup, Goldman Sachs and JPMorgan Are in the Hot Seat: Sever Cozy Ties with Russia or Earn the Wrath of U.S. and EU Clients
Russia began its brutal invasion of Ukraine on February 24. Two days later the European Commission, U.S., U.K. and Canada announced sweeping sanctions, which have grown in granular details since then. By early this week, hundreds of corporations with the most famous brands in the world had announced that they were closing their stores in Russia, or ceasing to ship their products there, or severing joint business operations in a rebuke to Russia’s illegal war in Ukraine.

03/10/22

Florida’s foreclosure rate 2nd highest in U.S. WFLA

Florida’s foreclosure rate 2nd highest in U.S.
TAMPA, Fla. (WFLA) — Across the whole of the United States, foreclosures increased 11% from January. The state with the highest number of foreclosures was California, but Florida wasn’t far behind at No. 2, according to ATTOM, a real estate analyst company.

03/10/22

Barbarians at the Gate – In Russia and on Wall Street Wall Street On Parade

Barbarians at the Gate – In Russia and on Wall Street
This morning Kremlin spokesman Dmitry Peskov told reporters on a conference call that the economic sanctions imposed on Russia by the West were “absolutely unprecedented.” He went on to say that those sanctions made it “very hard to forecast anything.”

03/10/22

And for all those naysayers who assert “impossibility” of defense Living Lies

And for all those naysayers who assert “impossibility” of defense
Consider the recent success of Attorney Gary Dubin who just sent me a court order involving a California case he filed against the foreclosure and securitization players. He survived demurrer, received an order declaring the case to be “complex” and he successfully argued for a jury trial.

03/09/22

Verification of Foreclosure Complaints Is Also Fictional Living Lies

Verification of Foreclosure Complaints Is Also Fictional
Anyone who reads my blog knows that I have repeatedly asserted one fundamental rule. If you are going to attack the basis of the claim against a homeowner, you need to start very early. If you don’t, both of the allegations and the implied allegations will become baked into the case. That will give rise to inferences of fact and presumptions of law that can kill any later defense.

03/08/22

Mortgage Delinquency Rate Falls to 20-Year Low DS News

Mortgage Delinquency Rate Falls to 20-Year Low
According to CoreLogic, the nation’s delinquency rate in the U.S. in December 2021 hit its lowest recorded point since at least January 1999, as found in its monthly Loan Performance Insights Report.

03/07/22

The Big Question on Wall Street Is Which Banks Owe $41 Billion on Credit Default Swaps on Russia Wall Street On Parade

The Big Question on Wall Street Is Which Banks Owe $41 Billion on Credit Default Swaps on Russia
There is a known $41 billion in Credit Default Swaps (CDS) on Russian debt. There is likely many billions more in unknown amounts. There are also billions more in Credit Default Swaps on state-owned Russian corporate debt and non state-owned Russian corporate debt.

03/07/22

Fictional Financial Characters We Think Are Real: Donald Duck is your creditor and Pluto is your servicer. Living Lies

Fictional Financial Characters We Think Are Real: Donald Duck is your creditor and Pluto is your servicer.
Reno, Nevada. In 2009, 16 banks hired 16 highly prominent law firms to take deposition testimony from an expert on the process of securitizing debt. He had been named as an expert witness in a class-action lawsuit against MERS (Mortgage Electronic Registration Systems, Inc., MERSCorp etc — actually three distinct entities, one of which, the main one whose name used as a billboard in foreclosures, has no assets, no employees, and nothing to do).

03/04/22

What you don’t know can hurt you. Who is an “Issuer?” Living Lies

What you don’t know can hurt you. Who is an “Issuer?”
No default (no loss) means no claim. No claim means no remedy. intrepid souls are wandering into the weeds trying to find out what it means that PennyMac Mortgage Investment Trust (PMIT) is referred to as an approved issuer of “securities.” The short answer is that none of it is true. PMIT does not own nor has it paid for any aspect of any debt, note or mortgage. What it issues as “Securities” is completely irrelevant to the instruments signed by the homeowner.

03/03/22

Pro Bono: How to find your case today Jacksonville Daily Record

Pro Bono: How to find your case today
There are many ways to get involved in providing pro bono services in our community, from reaching out directly to a legal services provider, working with a voluntary Bar association and participating in outreach events. Another way to find the right case or event for you is to check out the Florida Pro Bono Matters website at floridaprobonomatters.org.

03/02/22

Russian money flows through U.S. real estate NBC

Russian money flows through U.S. real estate
As President Joe Biden vows to punish Russia with financial sanctions by seizing yachts, mansions and other assets, members of the real estate community and lawmakers are skeptical about how successful he’ll be at getting access to the money Russians have been pouring into real estate for decades.

03/01/22

The Mediation Strategy Living Lies

The Mediation Strategy
The two things most overlooked by most lawyers for homeowners in litigation are discovery demands (and enforcement) and mediation. These strategies bring the real issue to the early attention of the court — that the opposition is unable or unwilling to produce the corroborating evidence that the lawyer wants the court to simply presume to be true.

03/01/22

Mortgage rates plunge just as home prices set another record CNBC

Mortgage rates plunge just as home prices set another record
Mortgage rates are sinking as markets contend with the ramifications of Russia’s attack on Ukraine, and that means home prices are likely to continue surging. The average rate on the popular 30-year fixed mortgage had risen close to a full percentage point from the start of this year up until last Friday, when it hit 4.18%, according to Mortgage News Daily. It then fell to 4.04% Monday and 3.9% on Tuesday. That is the largest two-day drop since March 2020, the start of the pandemic.

03/01/22

Appendix H to Part 1026 — Closed-End Model Forms and Clauses CFPB

Appendix H to Part 1026 — Closed-End Model Forms and Clauses
Interactive Bureau Regulations 12 CFR Part 1026 (Regulation Z) THIS VERSION IS THE CURRENT REGULATION

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