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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05/27/22

It’s like baseball. 3 Strikes and they are out (not you) Living Lies

It’s like baseball. 3 Strikes and they are out (not you)
Batter up! When a player steps up to home plate to take a pitch it doesn’t matter that he tends to hit a lot of home runs. No run or point is tallied in the absence of actually hitting the ball over the fence. And if he swings and three pitches and misses, it doesn’t matter that he could have hit the ball or that dust got in his eye. Each miss is a strike and three strikes mean he is out of the lineup until the rotation puts him back at home plate.

I am coming back to the original strategy and tactics I advocated in 2006. But I would be more pointed about it by asking voir dire questions directed at the judge. It is not a common procedure but it ought to be.

The question is whether the judge has already made up his/her mind that the transaction was a loan and that there is an unpaid loan account owned by the named claimant — or if the court is open to the possibility that the attributes of a loan transaction were dropped and the payment to or on behalf of the homeowner might have only been part of a payment due to the homeowner for participating in a securitization transaction.

05/27/22

The Florida Department of Economic Opportunity Awards More Than $30 Million to Assist Florida’s Vulnerable Homeowners FloridaJobs.org

The Florida Department of Economic Opportunity Awards More Than $30 Million to Assist Florida’s Vulnerable Homeowners
TALLAHASSEE, Fla. – Today, the Florida Department of Economic Opportunity (DEO) announced that it has awarded more than $30 million in total relief, with more than $10 million awarded this week alone, to some of Florida’s most vulnerable homeowners through the Homeowner Assistance Fund (HAF). Yesterday, on behalf of the Department, DEO Secretary Dane Eagle sent a letter directly to mortgage lenders and service providers, urging them to delay foreclosure proceedings and service disruptions

05/26/22

7 ways banks and regulators are addressing diversity American Banker

7 ways banks and regulators are addressing diversity
From a proposed update of 1977’s Community Reinvestment Act to the launch of an AI-powered bot with a Spanish-language option, significant changes in the banking industry are having a dramatic impact on diversity, equity and inclusion.

05/26/22

Director of government financial watchdog Rohit Chopra looks for signs of stress as consumers increase debt to deal with inflation CNBC

Director of government financial watchdog Rohit Chopra looks for signs of stress as consumers increase debt to deal with inflation
Rohit Chopra leads the Consumer Financial Protection Bureau, the federal agency whose mission is to protect consumers from “abusive and deceptive financial practices.” As the director of the CFPB, he is keeping a close eye on trouble spots that could potentially cause another financial crisis.

05/26/22

11th Circuit Ct of Appeals Breaks New Ground — in favor of homeowners! Living Lies

11th Circuit Ct of Appeals Breaks New Ground — in favor of homeowners!
Daniels v. Select Portfolio Servicing, Inc., No. 19-10204 (11th Cir. May 24, 2022) The fact pattern sounds like something out of Gulliver’s travels. Statements are regularly sent to homeowners using the letterhead of a designated company who is claimed to be a servicer. Those statements are submitted because they are legally required to be sent to the homeowner. But they also are used as the foundation for claims to administer, collect or enforce the debt.

05/25/22

Fannie Mae Issues $5 Million ‘Innovation Challenge’ to Help Advance Racial Equity in HousingFannie Mae Issues $5 Million ‘Innovation Challenge’ to Help Advance Racial Equity in Housing Housing Online

Fannie Mae Issues $5 Million ‘Innovation Challenge’ to Help Advance Racial Equity in HousingFannie Mae Issues $5 Million ‘Innovation Challenge’ to Help Fannie Mae announced the launch of its 2022 Sustainable Communities Innovation Challenge (IC22), the company’s second such initiative, committing $5 million to attract innovative ideas that will help advance racial equity in housing.

05/25/22

The Fiction of Deceleration Violates Separation of Powers Living Lies

The Fiction of Deceleration Violates Separation of Powers
The State of New York, along with many other states is struggling with problems arising from an array of legal fictions created by the courts to justify claims for administration, collection, and enforcement of virtual debts (instead of actual debts in the real world).

05/24/22

Good news for home buyers? Fannie Mae chief economist says the U.S. housing market has finally turned a corner. Here’s why. Marketwatch

Good news for home buyers? Fannie Mae chief economist says the U.S. housing market has finally turned a corner. Here’s why.
The inventory shortage, high prices and rising interest rates have finally bitten. Single-family home sales fell sharply by 16.6% in April to a seasonally adjusted annualized rate of 591,000, according to Census Bureau data released Tuesday. That was the slowest rate of sales since April 2020 during the earliest days of the COVID-19 pandemic, offering respite for buyers that the market is cooling.

05/24/22

Kentucky homeowners can receive up to $35,000 in mortgage assistance. Do you qualify? Lexington Herald Reader

Kentucky homeowners can receive up to $35,000 in mortgage assistance. Do you qualify?
If you’ve struggled financially due to the coronavirus pandemic and need assistance making mortgage payments, help may be available in Kentucky. The Team Kentucky Homeowner Assistance Fund provides financial assistance to homeowners in hopes to mitigate COVID-related foreclosures. Read more at: https://www.kentucky.com/news/state/kentucky/article261580152.html#storylink=cpy

05/24/22

State Enforcement of Deceptive Consumer Financial Practices Just Became More Likely Living Lies

State Enforcement of Deceptive Consumer Financial Practices Just Became More Likely
Wall Street investment brokerage firms acting as investmetn banks or commerical banks are now jittery about the possibility of 50+ attorneys general taking a hard look at the sale of complex financial products to consumers.

05/23/22

The investment bank was the casting director and you were the audience. Living Lies

The investment bank was the casting director and you were the audience.
It is by exposing the virtual nature of the transactions that allows homeowners to win in high numbers. It is by suppressing the truth about the transactions that the Wall Street investment banks and securities brokers make all their money.

05/20/22

Senator Elizabeth Warren Lauds the New York Stock Exchange for Investor Protections. It’s Currently Trading Multiple Alleged Frauds. Wall Street On Parade

Senator Elizabeth Warren Lauds the New York Stock Exchange for Investor Protections. It’s Currently Trading Multiple Alleged Frauds.
Yesterday the Senate Banking Committee held a hearing to consider President Biden’s nominations for two Commissioners at the Securities and Exchange Commission (Jaime E. Lizárraga and Mark Toshiro Uyeda) as well as Michael Barr to be Vice Chairman for Supervision at the Federal Reserve Board of Governors. (For the skinny on Barr’s fitness to supervise megabanks on Wall Street, see our hold-your-nose report here and David Dayen’s eyepopping report here.)

05/20/22

Foreclosure wave sweeping US crests in Chicago Court House News

Foreclosure wave sweeping US crests in Chicago
CHICAGO (CN) — A report released in April by real estate data aggregator ATTOM has bestowed Chicago with a dubious honor. Amid a national surge in residential foreclosure rates, Chicagoans are currently losing their homes in greater numbers than in any other metro area in the country.

05/19/22

CFPB Metrics Report Shows Increased Scrutiny of Borrower Access to Servicers, Information, and Loss Mitigation Opportunities National Law Review

CFPB Metrics Report Shows Increased Scrutiny of Borrower Access to Servicers, Information, and Loss Mitigation Opportunities
This GT Alert covers the following: CFPB report on mortgage servicing COVID-19 pandemic response metrics for May-December 2021; Report metrics: Servicing Portfolio, Call Metrics, COVID-19 Hardship Forbearance Enrollments, COVID-19 Hardship Forbearance Exits, Delinquency, Borrower Profiles;

05/19/22

HomeHelpMN is accepting applications through June 17 to help Minnesotans avoid foreclosure MS Hale

HomeHelpMN is accepting applications through June 17 to help Minnesotans avoid foreclosure
Minnesotans who have fallen behind on their mortgages and face a foreclosure due to a financial hardship, caused by the COVID-19 pandemic, can now apply for government assistance through the new HomeHelpMN program. Applications for assistance opened on Tuesday, May 17 at HomeHelpMN.org. The application period will end on June 17.

05/19/22

Winning an FCRA case on the back end of a foreclosure … on appeal in the 9th Circuit Clouded Titles Blog

Winning an FCRA case on the back end of a foreclosure … on appeal in the 9th Circuit
IThe U.S. District Courts never cease to amaze this author given the blatant facts and allegations presented by the Plaintiff (Gross) in his FCRA case against CitiMortgage, Inc. The lower court justices nearly always rule for the banks no matter what. Could it be because the federal judges are vested in these banks and are conflicted out? This is why Judicial Watch puts out a list of financial records (those that have been obtained) of the federal court system’s judges’ for all to see and review (at the following link):

05/19/22

Fannie Mae Downgrades Housing, Origination Forecast DS News

Fannie Mae Downgrades Housing, Origination Forecast
In their latest forecast, Fannie Mae’s Economic and Strategic Group (ESR) has downgraded its GDP projections along with home sales and mortgage originations due to the current state of the economy.

05/19/22

Sudbury Offers Thousands In Mortgage Help To Residents Sudbury Patch

Sudbury Offers Thousands In Mortgage Help To Residents
SUDBURY, MA — Eligible Sudbury residents can get up to $3,000 in mortgage payment assistance, a program from the Sudbury Housing Trust made possible by funds from the federal ARPA stimulus package.

05/18/22

The Fed's $2.7 trillion mortgage problem Axios

The Fed's $2.7 trillion mortgage problem
If you took out a mortgage over the last couple of years, there's a good chance the holder of that loan is America's central bank — a consequence of its monetary stimulus efforts throughout the pandemic. Why it matters: The Fed will face a series of political and economic headaches as it attempts to move away from subsidizing home lending by shrinking its portfolio of mortgage-backed securities. The problem: Extracting itself from this market risks crashing the housing industry and creating intense political blowback for incurring financial losses.

05/18/22

Homeowners with Courage and Conviction Generally Win Foreclosure Cases Living Lies

Homeowners with Courage and Conviction Generally Win Foreclosure Cases
I often receive links to cases that either corroborate what I have been saying or challenge my conclusions. Many of those links are opinions from trial courts, and most of those are from Federal DIstrict judges (mainly because most, but not all, state court judges do not issue opinions justifying their rulings.

05/17/22

The Past Is the Present? New York Legislature Passes Retroactive Foreclosure Bill Mayer Brown

The Past Is the Present? New York Legislature Passes Retroactive Foreclosure Bill
It is not the easiest time to be in the mortgage business. Mortgage investors and servicers continue to deal with the fallout from the COVID-19 pandemic and its effects on borrowers. Rising interest rates could drain the plentiful supply of refinance business from prior years and deter hopeful homebuyers from seeking new financing. Now, the New York legislature has added another layer of complexity by passing a bill that would significantly impact the residential mortgage foreclosure process in New York

05/17/22

Should I Withhold Payment and Place the Money in Escrow Living Lies

Should I Withhold Payment and Place the Money in Escrow
Wall Street is quietly shifting pieces around on a chess board that the homeowner does not know exists and cannot see. There are several examples of this. A shift from U.S. Bank to U.S. Bank Trust, alleged transfers (without payment) of alleged “accounts” from one named trust to another, the rise of “Legal Title Trustee” instead of just trustee, and the list goes on.

05/16/22

CFPB Releases Report on Mortgage Servicing Metrics CFPB

CFPB Releases Report on Mortgage Servicing Metrics
Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) published a report examining mortgage servicers’ responses to the COVID-19 pandemic. The data, collected across 16 large servicers from May through December 2021, reveal homeowners continue to face significant risks and challenges connected to working with their mortgage servicers.

05/16/22

How to Defeat False Claims and Documents in Court Living Lies

How to Defeat False Claims and Documents in Court
The simple fact in almost every single foreclosure today is that the entity named as the claimant has absolutely no interest in the success or failure of the litigation. But they are addicted to the revenue that is generated from the permissive use of the claimant’s name.

05/13/22

‘Foreclosure Abuse Prevention Act’ awaits New York governor’s signature The bill is expected to be signed by early June, but the process could drag until the end of the year Housing Wire

‘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 Times Bulletin

$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 Deadline Detroit

'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 Yahoo Finance

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. Living Lies

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 WOSU

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 Living Lies

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? Living Lies

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 DS News

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 NCLC

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 Gold Rush Cam

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 Times Reporter

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 Wall Street On Parade

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 Living Lies

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 Next City

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 Bloomberg

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. Living Lies

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 Living Lies

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 City

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 NCLC

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 Living Lies

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 Living Lies

“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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