Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

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05/13/22

‘Foreclosure Abuse Prevention Act’ awaits New York governor’s signature
Homeowners in New York who are knee-deep in foreclosure litigation may soon get a break, as a piece of legislation making its way to Gov. Kathy Hochul’s desk could discharge a swath of foreclosure cases pending in state and appellate courts. If Hochul signs the bill as-is, the statute of limitations for a lender to start a foreclosure action will be reverted to six years, as was the case prior to the Court of Appeals’ 2021 decision in Freedom Mortgage Corporation vs. Engel.

05/13/22

$280 million in assistance available for homeowners financially impacted by the pandemic Funding will prevent foreclosures and utility shut-offs
COLUMBUS — The Ohio Housing Finance Agency (OHFA) wants to remind Ohio homeowners that help is available if they’re facing foreclosure as a result of financial hardship due to the pandemic. The Save the Dream Ohio program provides assistance to eligible Ohio homeowners who are facing foreclosure or cannot afford to pay their mortgage, utility bills or other related housing costs as a result of economic hardship caused by the COVID-19 pandemic.

05/11/22

'A Historic Day:' Low-Income Detroiters Facing Eviction Or Foreclosure Will Get Free Lawyers
Thanks to a mix of federal aid, charitable help and a city council vote, qualifying Detroiters won't attend eviction or foreclosure hearings without an attorney.

05/11/22

U.S. FORECLOSURE ACTIVITY IN APRIL 2022 DECLINES SLIGHTLY
Wed, May 11, 2022, 12:01 AM·5 min read Foreclosure Starts Remain Unchanged from Last Month; While Completed Foreclosures Decrease 36 Percent from Last Month IRVINE, Calif., May 11, 2022 /PRNewswire/ -- ATTOM, a leading curator of real estate data nationwide for land and property data, today released its April 2022 U.S. Foreclosure Market Report, which shows there were a total of 30,674 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 8 percent from a month ago but up 160 percent from a year ago.

05/11/22

A Promissory Note is NOT a debt. It is evidence of the debt and terms of repayment.
I can remember back when Nova Law Center was an old building on what had been a World War II airstrip. My fellow students and I would satisfy our need for speed on those runways. That was in 1974. I also remember my contracts professor, Samuel Bader (RIP). He pounded into our heads a simple but elusive fact of law. The note is not the debt. it is evidence of a debt.

05/10/22

Ohio lawmaker introduces bill that would make it harder for corporations to buy foreclosed homes in bulk
A state lawmaker has introduced a bill that could help first-time homebuyers navigate the challenges posed by the current real estate market. The bill, SB334, is sponsored by Sen. Bill Blessing (R-Colerain Township). it would make it tougher for corporations to buy homes in bulk.

05/10/22

How Appellate Courts Get it Wrong
The main reason that Appellate Courts get it wrong when a homeowner appeals a decision is that the homeowner admits the basic legally required components (elements) of a foreclosure action. In arguing the point the typical homeowner fails to address the issue of whether the loan still existed, whether the obligation was unpaid, and who has the “loan” on their books and records. In addition, this is probably a carryover from the labels that were used at trial — loan, lender, and servicer.

05/09/22

If the house is sold, is there anything I can do?
At least 40% of the inquiries received by my office ask what they can do after the auction has occurred or even after the REO property has been liquidated. As I have stated repeatedly in the past, the further you go procedurally the less likely you are to obtain any relief. If you want any of this reality to change, you need to elect representatives to Congress and state legislatures who truly intend to block efforts seeking to enforce a virtual loan account instead of a real one.

05/05/22

FHA Amends CWCOT Post-Foreclosure Sales Rule
The Federal Housing Administration (FHA) has issued its Mortgagee Letter (ML) 2022-08, “Expanding Affordable Housing Supply Through FHA’s Claims Without Conveyance of Title.” By issuing ML 2022-08, the FHA will be adding an initial 30-day exclusive sales period for Claims Without Conveyance of Title (CWCOT) post-foreclosure sales for owner-occupants, HUD-approved non-profits, and governmental entities.

05/05/22

Bringing Federal Consumer Claims State Court 50 State Analysis Sstanding Rules
TThe Supreme Court’s decision in TransUnion L.L.C. v. Ramirez, 141 S. Ct. 2190 (2021), creates serious constitutional standing obstacles for consumer litigation in federal court, particularly for class actions and claims seeking statutory damages or intangible injuries.

05/08/22

Biden Administration’s Continued Efforts to Connect Homeowners to Pandemic Relief
May 8, 2022 - WASHINGTON - The Secretaries of Housing and Urban Development Marcia L. Fudge, Veterans Affairs Denis McDonough, Agriculture Tom Vilsack and Treasury Janet L. Yellen are calling on servicers of federally backed mortgages to make every effort to ensure no individual or family unduly experiences unnecessary hardship or foreclosure while assistance is available under the Homeowner Assistance Fund. The pandemic’s economic and public health impacts put millions of homeowners at risk of losing their homes. For this reason, President Biden’s American Rescue Plan established HAF to provide close to $10 billion in financial support to help families weather these challenges and remain in their homes. We are strongly urging all servicers of federally backed mortgages to pause foreclosure proceedings when they are notified by a HAF program administrator of a pending HAF application to avoid unnecessary harm to vulnerable homeowners.

05/06/22

Money available for homeowners affected by pandemic
COLUMBUS — The state has money for homeowners who are facing foreclosure as a result of financial hardship due to the pandemic. The Save the Dream Ohio program provides help to eligible Ohio homeowners who are facing foreclosure or cannot afford to pay their mortgage, utility bills or other related housing costs as a result of economic hardship caused by the COVID-19 pandemic.

05/05/22

Powell Says Fed Doesn’t Have a Credibility Problem with the American People – Despite Gallup Poll Showing Lowest Confidence Since 2008 Financial Crisis
At the Fed’s press conference yesterday, Federal Reserve Chair Pro Tempore Jerome Powell was asked by Mike McKee of Bloomberg Television a series of questions on monetary policy which ended with this: “Are you concerned about Fed credibility with the American people?” Powell answered the monetary policy questions but did not directly address the credibility issue. McKee then repeated the question, phrased as follows: “Do you think the Fed has a credibility problem?”

05/05/22

TRID may be another easy win for Homeowners
since loss mitigation is a statutory condition precedent to foreclosure, there is a failure to comply with the condition that requires loss mitigation exhaustion before pursuing foreclosure, the steamrolling of homeowners is not just wrong, it is also a breach of statutory duty for which the homeowner can seek injunctive relief, damages, and attorney fees. TILA-RESPA integrated disclosures (TRID) is a series of guidelines that dictate what

05/04/22

The First City To Launch Its Own Bank
What becomes possible when the public owns the bank? Philadelphia wants to find out, with a public bank venture intended to support small businesses and break down the racial wealth gap.

05/04/22

ICE to Buy Mortgage-Software Firm Black Knight for $13.1 Billion
$13.1 billion deal expands ICE’s reach into U.S. mortgage data
Transaction a win for former Black Knight chairman Bill Foley

05/04/22

Homeowners Alert! You Are Corresponding With Machines, Not People.
Most people do not spend their time keeping up with advances in technology. When it comes to their front door they know it has arrived. For about 12 years I have been telling people that there is a “high probability” that no human is making any decision and no human is doing anything with respect to their alleged loan account. The only exceptions are (1) a lawyer appearing in court and (2) a robowitness appearing at trial knowing only the content of a prepared script.

05/03/22

FCRA Might Be Fertile Ground for Individual and Class Actions Especially under CFPB Rules
if the CRC does not perform the investigation or performs it incorrectly, you can sue them. In a world where the ability to access credit matters more than the ability to access savings, nothing could be more important than these provisions under the Fair Credit Reporting Act (FCRA).

05/03/22

Bill to Stop Foreclosures Heads to Hochul, Under Heavy Pushback from Banks
The state legislature has passed a measure intended to counter a court ruling that made it easier for lenders to win cases against homeowners. Sponsors say industry warnings about unintended consequences are overblown.

05/02/22

Emotional Distress Damages After Latest Supreme Court Decision
This article describes what does and does not change after the Supreme Court’s April 28, 2022, ruling in Cummings v. Premier Rehab Keller, P.L.L.C., that emotional distress damages are not available under federal discrimination causes of action based on the Rehabilitation Act of 1973 and the Patient Protection and Affordable Care Act (ACA).

05/02/22

Why the CFPB Announcement is Very Important
when the time comes that a judge enters an order or judgment containing findings of fact, for example, that the records of the designated “servicer” are not business records that are not exempt from the hearsay rule, the poop will hit the fan.

05/02/22

“Court Bias” is an Unproductive Rabbit Hole
Practically every email and inquiry I get contains complaints about court bias. It is as though people think that there are humans on this planet who have no opinion or bias. They point out examples of being steamrolled, ignored or otherwise wiped out in foreclosure litigation and they blame the opposing lawyers for being evil (which they might be) and they blame the judge for being biased (which is probably true in most cases). * Here is my answer to all of that: Bias is not a sin. Nor is it insurmountable.

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