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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10/28/22

Attorney Gary Dubin Does it Again In Hawaii: Persistence Pays Living Lies

Attorney Gary Dubin Does it Again In Hawaii: Persistence Pays
Gary Dubin is one of the few lawyers with more life and legal experience than I have. While I have won most of my trial cases, Dubin has been consistently winning both trial and appellate cases, especially concerning false claims of foreclosure. Here is another one that displays his talent for narrowing the legal issues to something that a homeowner can actually win. see CAAP-18-0000326sdo I’m unsure if he entirely agrees with my description of why the actors in foreclosure scams resorted to fake documents and unsupported claims. And truth be told, he probably does not care. He is merely following the tradition — when defending, question everything, admit nothing and make the claimant prove their case. Once he has prevented the opposition from proving their case, his job is over. The homeowner wins.

10/27/22

No REMIC Trust, No MBS, No Trustee, No Beneficiaries, No “Thing” Transferred to Trustee — but other than that the claim is legal Living Lies

No REMIC Trust, No MBS, No Trustee, No Beneficiaries, No “Thing” Transferred to Trustee — but other than that the claim is legal
contrary to popular belief, if the foreclosure is allowed, no trust, no beneficiary, no certificate holder, and no trustee or servicer is ever going to see the money proceeds from the liquidation of the property.

10/27/22

Fed’s Powell Calls U.S. Economy “Robust” as Personal Savings Rate Collapses to Same Level as in Financial Crisis of 2008 Wall Street On Parade

Fed’s Powell Calls U.S. Economy “Robust” as Personal Savings Rate Collapses to Same Level as in Financial Crisis of 2008
At Fed Chair Jerome Powell’s press conference on September 21, he made a remark that went unchallenged by the bevy of reporters in attendance. Powell said this: Fed Chair Jerome Powell Testifying Before Senate Banking Committee, November 30, 2021 Fed Chair Jerome Powell Testifying Before Senate Banking Committee, November 30, 2021 “This is a strong, robust economy. People have savings on their balance sheet from the period when they couldn’t spend and where they were getting government transfers. There’s still very significant savings out there, although not as much at the lower end of the income spectrum — but still, some savings out there to support growth.

10/27/22

US Serious Mortgage Delinquency Rate Returns to Pre-Pandemic Low in August, CoreLogic Reports Business Wire

US Serious Mortgage Delinquency Rate Returns to Pre-Pandemic Low in August, CoreLogic Reports
IRVINE, Calif.--(BUSINESS WIRE)--CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for August 2022.

10/26/22

Practice Implications of Fifth Circuit Ruling That CFPB Funding Unconstitutional NCLC

Practice Implications of Fifth Circuit Ruling That CFPB Funding Unconstitutional
On October 19, a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit ruled that the Consumer Financial Protection Bureau’s (CFPB) funding mechanism is unconstitutional, and that the CFPB’s Payday Lending Rule is invalid because it was promulgated using unconstitutional funding.

10/26/22

JPMorgan Chase Quietly Settles Whistleblower Case Involving Charges of Keeping Two Sets of Books and Improper Payments to Tony Blair Wall Street On Parade

JPMorgan Chase Quietly Settles Whistleblower Case Involving Charges of Keeping Two Sets of Books and Improper Payments to Tony Blair
It was a lawsuit that should have made front page headlines in every major newspaper in America and on the evening television news. Instead, as we predicted, it was quietly settled on Monday, just 10 business days before a trial was scheduled to begin. The dollar amount of the settlement was not disclosed. Yesterday, Wall Street’s paper of record, the Wall Street Journal, devoted a mere 299 words to the settlement and the details of the case.

10/26/22

Stop Looking for Corruption and Start Defending Living Lies

Stop Looking for Corruption and Start Defending
This quote is incorrect: “The judges have a duty to see this and turn a blind eye.” Judges have no duty to see anything other than what is in the court record. They also have no duty to inquire. The fact that they might do so in one case or another does not create a duty. It only means they have broad discretion as long as their inquiry relates to the fundamental allegations being litigated.

10/25/22

The Bees of Wrath Rorie Woods knew foreclosure all too well. And when her friend was evicted, she rushed over with a venomous posse. NY Magazine Intelligencer

The Bees of Wrath Rorie Woods knew foreclosure all too well. And when her friend was evicted, she rushed over with a venomous posse.
The overnight chill continued into a recent morning in Longmeadow, Massachusetts, when sheriff’s deputies arrived at 49 Memery Lane. It would have been a perfect fall day but for the unpleasant business at hand: the eviction of Alton King Jr., a 79-year-old retiree who had lived at the address for decades. He’d spent the past few years fighting foreclosure,

10/25/22

Ocwen/PHH Servcing? Maybe a subpoena to Scott Anderson will shake the tree Living Lies

Ocwen/PHH Servcing? Maybe a subpoena to Scott Anderson will shake the tree
Ocwen is the parent company, and PHH is said to be a subsidiary and subservicer in charge of underperforming or nonperforming accounts. Those who read these pages know that I have taken the position, successfully in many court cases, that Ocwen is not doing anything, and neither is PHH. They are fronts for third-party FINTECH companies (mainly CoreLogic, FiServ and BlackKnight).

10/25/22

A Former Goldman Sachs/Hedge Fund Guy Is the New U.K. Prime Minister Wall Street On Parade

A Former Goldman Sachs/Hedge Fund Guy Is the New U.K. Prime Minister
The newly installed U.K. Prime Minister, Rishi Sunak, (the third PM in seven weeks) has scrubbed his Goldman Sachs and hedge fund career from his LinkedIn profile and from his official government bio. But, unfortunately for Sunak, those careers have been assiduously chronicled in countless newspaper articles for more than a decade – and not in a good way.

10/24/22

Foreclosure Defense does not mean proving any facts Living Lies

Foreclosure Defense does not mean proving any facts
The absence of an unpaid loan account on the books and records of the alleged “successor lender” is all you need to defeat the foreclosure, and that is also sufficient to tee up the case for a lawsuit for wrongful foreclosure.

10/21/22

Press Release:
Eviction Not Final Outcome of 16 Year Predatory Discriminatory Loan
MAAPL

Press Release:
Eviction Not Final Outcome of 16 Year Predatory Discriminatory Loan

On Thursday, October 20, 2022, the Mass Alliance Against Predatory Lending (MAAPL) released a statement to the media regarding the wrongful eviction case of Alton King, a Black senior with a disability.

King has an open case in the Massachusetts Appeals Court. MAAPL has also been working with other organizations to convince the Supreme Judicial Court of Massachusetts to reverse its decision in King’s original case. More details about the SJC’s original decision, and MAAPL’s response to the decision, are available here on the MAAPL website.

For recent Western MA media coverage of this case, see this news item.

Download the complete Press Release ( PDF )

Mass Alliance Against Predatory Lending (MAAPL) www.maapl.info and maaplinfo@gmail.com

For Immediate Release: October 20, 2022 Contact: Grace Ross 617-291-5591

EVICTION NOT FINAL OUTCOME OF 16 YEAR PREDATORY DISCRIMINATORY LOAN

Longmeadow, MA, October 12, 2022, the eviction started at 9am but the Execution to Evict Alton King expired at 11:59pm.

Yet, on Thursday, October 13th, the Hampden County Sheriff deputies were found still on King’s property, with moving trucks; and continuing a move-out while they no longer had an authorizing Order to Evict. King, meanwhile, received a Bankruptcy Stay on Thursday, October 13, 2022 around 8:35 a.m.

Being evicted, even though the eviction case came about exemplifying the absolutely most predatory type of loan, not legal under any mortgage law; King’s loan epitomizes practices repeatedly prohibited by State and Federal law and Federal and State case-law since they began 160 years ago.

Unbeknownst to King, the underwriting of his property by the lender only offered him a bifurcated loan almost $400,000 more than the property was worth, trapping him in an unaffordable loan that ballooned in a couple of years, to over three times the monthly payment he was originally told.

But what he only found out after they claimed to have foreclosed on the prohibited loan, was that it was a double-book entry loan, where he was being sent bills for a lower interest rate than the bank was actually using, to build up how much he would owe over time; so that after 30 years of paying, he would actually owe more (that he had not been assessed monthly in his billing) principal than he had when he first got the loan.

Alton King, as an African American senior with a disability, was illegally induced into an unsustainable and prohibited loan.

King’s monthly payment mushroomed from $3200/month to $13,400/month. The mortgage was based on a 150% over inflated appraisal; when the $410,000 addition was placed on the home the appraised value dropped $250,000. The bank refused to give a conventional loan as promised.

Former Attorney General Harshbarger fixed this predatory lending problem 30 years ago with regulations and a criminal law; when that failed the Predatory Home Loan Practices Act (PHLPA) was enacted in 2004, but the courts have refused to enforce all of these.

Fast-forward through: unsuccessful attempts to get a loan modification, three years of court cases post a purported non-judicial foreclosure (because no court oversees the foreclosure by sale process in Massachusetts). Finally, the judges he was in front of waited-out King’s various legal rights to a Stay, by denying him the documents necessary to exercise his rights to appeal a renewed order to evict.

As King himself reports:

“The judiciary, from the Massachusetts Supreme Judicial Court down to through all the courts have thus far largely ignored enforcement of those protections. Falsified documents are routinely accepted by the courts from bank attorneys, who seemed to have No Fear of repercussions, to validate the wrongful foreclosures.

Justice requires accountability for those who violate their positions of trust. The recent MA SJC decision in the HSBC Bank, as Trustee v. Morris case (July 2022) has made it clear that predatory loans are not going to be tolerated. Not only is there extensive evidence now of the bifurcated history of mortgage lending in this country and the clear history of discrimination, but I documented the equal rights violations in the Housing Court proceeding, itself, at minimum, as to age and disability.

As a senior Black man with a disability, I know from personal experience of 16 years of mortgaging and then foreclosure and not that Courts what our laws hold, that the experience of unequal treatment that is not timely rectified is also recognized as an irredeemable loss. Such treatment left unremedied not only leaves an indelible mark but lack of protection signals that the victim, such as me, is not even held as worthy of the protections guaranteed in our state and federal constitutions: “even a successful suit will not vindicate entirely King’s right to be free from discriminatory treatment.

Our Constitutions’ guarantee of equal protection cannot conscience denial of a stay of eviction and provision of all his full rights.

Millions of Americans, a disproportionate number of them being Black, minorities, elderly, Indigent, and disabled, are being targeted. The predatory institutions act with impunity, especially knowing that there is tremendous profit and almost no risk in taking advantage of Black people, minorities, elderly, indigent, and disabled.”

As of today, King has exercised his rights to a Stay under bankruptcy. The Hampden County Sheriff’s office sits in a legally untenable position of withholding King’s own personal possessions from him by locking him out of the house and yet not allowing him access to possessions in the house, including legal documents that he has a right to.

King has an open case in the Massachusetts Appeals Court; he has a right to reverse the eviction judgment under the Morris decision that has been not even properly reviewed, and therefore he has a right to have heard. And he is exercising all of his options to enforce his rights at this time.

As King says: “I call on the world, right now, to stand on the right side of justice and recognize that it is only a matter of time now, that the wealthiest institutions are going to have to face justice regarding decades of knowing discriminatory lending (race, age, disability, and for other homeowners, such for instance as Rorie Susan Woods, herself, victim of sexist lending), all of which has been outlawed for some 50 years.”

(END)

10/21/22

Consumer Ignorance: CFPB was your best bet and now you are about to lose it Living Lies

Consumer Ignorance: CFPB was your best bet and now you are about to lose it
Several people have greeted the latest news with a yawn. It’s about the 5th Circuit Court of Appeals opining that the CFPB funding was contrary to the required constitutional separation of powers — and, therefore, could not legally do anything. Most readers seem to think that there is no help coming from the Federal government and that the burden of defending the illegal, fraudulent foreclosures was simply too much to take on. So they gave up.

10/21/22

Foundation evidence: If you REALLY want to beat the banks Living Lies

Foundation evidence: If you REALLY want to beat the banks
Stop thinking that you know all about finance, law and lending. If you assume that you know absolutely nothing and that you want to know absolutely everything, you will get better terms in a transaction and a much higher likelihood of winning in litigation.

10/20/22

When Spokeo rears its ugly head Clouded Titles

When Spokeo rears its ugly head
Here we go again … another case in federal appeals court … another recognized attempt by a homeowner that failed when applied to the Spokeo v. Robins case handed down by the United States Supreme Court, 578 U.S. 330 (2016). See the case below:

10/20/22

Settlements virtually admitted virtual fraud but failed to protect consumers/homeowners Living Lies

Settlements virtually admitted virtual fraud but failed to protect consumers/homeowners
Some people have discovered that in the settlements that have been published, the major financial institutions and the governments of various states have agreed to programs in which monetary relief was granted to the states, but not the homeowners to any material degree.

10/20/22

Wall Street wins again in Fifth Circuit Court of Appeal Living Lies

Wall Street wins again in Fifth Circuit Court of Appeal
The latest decision striking the funding of the CFPB is a perfect example of that impact. The fifth circuit Court of Appeal has made circular logic into an art form. * Congress passed the statutory authority and charter for the CFPB to act. Congress passed the statutory authority for the CFPB to be funded up to a certain amount and to be disbursed by the Federal Reserve. *

10/19/22

Mortgage demand drops to a 25-year low, as interest rates climb CNBC

Mortgage demand drops to a 25-year low, as interest rates climb
Mortgage demand, which has suffered four straight months of declines, fell last week to the lowest level since 1997, as interest rates continued to rise. Homebuyers’ demand for mortgages dropped 4% for the week and was 38% lower than the same week one year ago, according to the Mortgage Bankers Association. Applications to refinance a home loan fell 7% compared with the previous week, in seasonally adjusted terms. Demand was 86% lower than the same week one year ago.

10/19/22

This Time Will Be Different: One or More Corporations Will Blow Up from Derivatives along with Global Banks Wall Street On Parade

This Time Will Be Different: One or More Corporations Will Blow Up from Derivatives along with Global Banks
Today, we will be asking the Senate Banking Committee, its Chair, Senator Sherrod Brown, and one of its most knowledgeable members, Senator Elizabeth Warren, to call an emergency hearing and subpoena the testimony of two brilliant researchers for the Office of Financial Research. Those researchers are Andrew Ellul and Dasol Kim.

10/19/22

Housing advocates fighting against Longmeadow eviction that ended in bee attack Western Mass News

Housing advocates fighting against Longmeadow eviction that ended in bee attack
LONGMEADOW, Mass. (WGGB/WSHM) - We begin with an arrest in Longmeadow that has many people talking. A woman released bees on sheriff’s deputies, trying to stop an eviction. Now, representatives of the homeowner who was evicted on Memery Lane in Longmeadow say the eviction was unlawful. The Massachusetts Alliance Against Predatory Lending, also known as MAAPL, said that homeowner Alton King was wrongfully removed from his home. On October 12th, the Hampden County Sheriff’s Office was conducting a court-ordered eviction of this Longmeadow home, which made headlines when a woman protesting the eviction unleashed boxes of bees to sting the officers in an attempt to stop the eviction.

10/19/22

Fraud-based actors using MERS turned a hefty profit and were never held to account Living Lies

Fraud-based actors using MERS turned a hefty profit and were never held to account
The only beef I have with the article cited in the link below is that it fails to ask, “why?” Why were fabricated documents needed at all? Why was MERS needed at all? Why were “servicers” needed at all? The rise of “servicers” only occurred within a specific period in a very specific sector of the marketplace. And they performed no servicing functions —- even though lawyers produced “records” of such activities in pursuit of foreclosure.

10/18/22

Why You Should Care About “Casino Banking” Living Lies

Why You Should Care About “Casino Banking”
The simple answer is because they are robbing you blind. And you are blind because they are hiding behind multiple layers of curtains.

10/17/22

BofA Acquired Countrywide But Tried to Say It Didn’t Living Lies

BofA Acquired Countrywide But Tried to Say It Didn’t
In the palace of smoke and mirrors that is securitization, everyone is allowed to say they understand the infrastructure even though hardly anyone has the education, training, information, and experience to know anything about it. Even most investment bankers do not grasp the enormity of this scheme which was part straight fraud and part PONZO scheme.

10/15/22

Home buyers turn to riskier loans as interest rates soar NBC

Home buyers turn to riskier loans as interest rates soar
WASHINGTON — Home buyers feeling financially squeezed by higher interest rates are increasingly being steered by real estate agents and mortgage brokers to potentially riskier types of mortgages, similar to those seen ahead of the 2008 financial crisis, causing concern among some consumer advocates and industry analysts.

10/15/22

Nationwide foreclosures are up over pre-pandemic levels Clouded Titles

Nationwide foreclosures are up over pre-pandemic levels
Attom Data (which supplies information to RealtyTrac®) has released a fairly comprehensive report which indicates that foreclosure starts are up 167% from a year ago! What’s worse is that the average time to foreclose nationwide has decreased 4% from a year ago, which can only mean that the banks and their mortgage loan servicers have become more aggressive in their foreclosure processes.

10/14/22

Avoiding foreclosure and saving your home. WKBW

Avoiding foreclosure and saving your home.
When people get that notice, where do they start? Erie county clerk, Kearns says first, open up your mail. You have to open your mail and be aware that you have rights as homeowners in New York State. He says the first thing you do, if you are behind on your loan is please stay in your home, that’s number one, stay there.

10/14/22

How Foreclosure Mills Introduce Newly Fabricated False Documents Before Trial Living Lies

How Foreclosure Mills Introduce Newly Fabricated False Documents Before Trial
The simplest way to get a new document into evidence at trial is to list it on the pretrial catalogue and include a copy of it when serving the homeowner or counsel for the homeowner. * I have seen this ploy used hundreds of times and it usually works because the document is listed as something that the homeowner believes he or she has already seen. But it is brand new and it changes the entire case. The case proceeds as though something else was in the pleading filed against the homeowner.

10/13/22

US foreclosure starts increase 167 percent from year ago, Vermont lowest rate in nation Vermont Biz

US foreclosure starts increase 167 percent from year ago, Vermont lowest rate in nation
Vermont Business Magazine ATTOM(link is external), a leading curator of real estate data (link is external)nationwide for land and property data, released its Q3 2022 U.S. Foreclosure Market Report, which shows there were a total of 92,634 U.S. properties with foreclosure filings(link is external) — default notices, scheduled auctions or bank repossessions — up 3 percent from the previous quarter and 104 percent from a year ago. Meanwhile, Vermont has seen foreclosures decrease and the state has by far the lowest rate in the nation at 1 per 22,288 housing units. Illinois had the highest at 1 per 694 HU (7,821 total). Over the last year, there have been only 15 foreclosure filings in Vermont. California (10,850) and Florida (9,284) had the most filings.

10/13/22

Start at the Beginning: The Old Documents Reveal Everything Living Lies

Start at the Beginning: The Old Documents Reveal Everything
Homemowners should be willing to go toe to toe with their tormentors — foreclosure mills acting on behalf of investment banks and companies pretending to be servicers. You need not believe that there is no loan account; you just need to act like that is true and you will probably achieve a satisfactory result. This is only fair. Your opposition has no loan account but is pretending there is one.

10/13/22

Casino Banking: Wall Street Mega Banks Traded More in their Federally-Insured Bank than the Total for their Bank Holding Company” Wall Street On Parade

Casino Banking: Wall Street Mega Banks Traded More in their Federally-Insured Bank than the Total for their Bank Holding Company
When something happens for the first time in history at federally-insured banks, Congress and federal regulators need to pull their heads out of the sand and pay attention. We’re talking about the fact that in the second quarter of this year, trading revenues at federally-insured commercial banks eclipsed the trading revenues at bank holding companies – which typically include subsidiaries where traders actually have licenses to trade.

10/12/22

Home sales are going to nosedive in 2023, Fannie Mae says Housing Wire

Home sales are going to nosedive in 2023, Fannie Mae says
The forecast for the housing market in 2023 gets worse by the month, with the latest report predicting a million-plus decline in existing home sales. Fannie Mae‘s Economic and Strategic Research (ESR) Group now forecasts

10/12/22

One small step for refinancing, one giant leap for inequality First Tuesday

One small step for refinancing, one giant leap for inequality
Foreclosure is the ultimate threat to homeowners, a threat which pandemic-induced job losses made all too real. In March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act alleviated the overwhelming pressure by offering forbearance programs for homeowners in default on their mortgage payments. A forbearance program temporarily staves off foreclosure while the servicer works with the homeowner to bring the mortgage current.

10/11/22

Nearly a Million Americans Fear Losing Their Home to Foreclosure DSNews

Nearly a Million Americans Fear Losing Their Home to Foreclosure
With inflation at a high and increased home prices fueled by the pandemic, the latest study from LendingTree revealed it may be difficult for some households to afford necessary expenses, resulting in some falling behind on their mortgage payments and facing foreclosure.

10/11/22

Nomi Prins’ New Book: “No One Wanted to Call the Fed’s QE a Ponzi Scheme. But It Was.” Wall Street On Parade

Nomi Prins’ New Book: “No One Wanted to Call the Fed’s QE a Ponzi Scheme. But It Was.”
Wall Street veteran Nomi Prins’ new book is being released today with a title that should give every member of the Senate Banking and House Financial Services Committees pause: Permanent Distortion: How the Financial Markets Abandoned the Real Economy Forever. The book does what neither of these Committees has done for the American people. It explains how the financial crash of 2008 unleashed an unbridled and unaccountable Fed as Wall Street’s permanent sugar daddy,

10/11/22

Nearly 6,000 Erie County homeowners get pre-foreclosure notices Buffalo News

Nearly 6,000 Erie County homeowners get pre-foreclosure notices
Nearly 6,000 mortgage borrowers in Erie County have received a pre-foreclosure notice in the past 12 months, and nearly 700 are now facing the start of formal foreclosure proceedings in court, as lenders catch up on loan defaults and property seizures that were delayed by the Covid-19 pandemic, according to the Erie County Clerk's office.

10/11/22

No it is NOT a “Payment History” even if it is labeled as such and even if a witness testifies that it is a payment history Living Lies

No it is NOT a “Payment History” even if it is labeled as such and even if a witness testifies that it is a payment history
Bottom Line: Homeowners and their lawyers should immediately question whether the company on the letterhead sent anything, knows anything, or did anything.

10/10/22

Don’t accept a “representative” at mediation or trial. Living Lies

Don’t accept a “representative” at mediation or trial.
I wanted to make a point that is critical to the defense narrative. The Foreclosure mills are getting away with presenting an employee of a company that has been falsely designated as being the “servicer.” They are referring to this employee as a “representative.” But in all cases this “representative” is merely a paid actor with a script. He or she has no personal knowledge of any fact or event relating to the origination, current existence, maintenance, or any data entries on the books and records of the designated “creditor.”

10/09/22

Some Americans fear zero-down mortgages are a trap that will lead to another crisis like 2008 Business Insider

Some Americans fear zero-down mortgages are a trap that will lead to another crisis like 2008
A mortgage that doesn't require a down payment, closing costs, or a minimum credit score might seem too good to be true. After Bank of America announced its new zero-down mortgage offering last month, people took to social media to voice concerns that it would lead to another housing crash like the one in 2008. "The premise is helping out marginalized communities but, like, come on, dude. Literally stop and read — it's the same trend as the 2008 crash," the TikTok user Inkwater said in a September video.

10/09/22

Homeowners with COVID-related hardships can get assistance Magnolia Reporter

Homeowners with COVID-related hardships can get assistance
The Arkansas Homeowner Assistance Fund (HAF) now includes two new options to assist homeowners who are delinquent on their mortgage payments due to COVID-19-related hardships. Monthly Payment Assistance -- Assists homeowners with stabilizing their household finances to fully recover from the financial difficulties caused by COVID-19 and is dependent on eligibility. Mortgage Default Resolution -- Assists homeowners who experienced a permanent reduction in income by providing assistance to lower their principal balance to achieve an affordable payment.

10/08/22

Criminals are using a new scam to steal home titles Komando

Criminals are using a new scam to steal home titles
Impersonation scams are getting more challenging to spot. Thieves are better at spoofing companies and government agencies than ever. Tap or click here for details of a recent scheme where crooks impersonated IRS agents. Losing a few bucks to a scammer is one thing. But imagine losing your entire home! That’s about the worst-case scenario possible. Unfortunately, scammers are now targeting your home; if you’re not careful, you could fall into their trap. These schemes saw an uptick in cases reported during the financial crisis in 2008. Now, there’s been a sudden resurgence of this nasty plot, and it’s taken on a dangerous new tone. Keep reading for all the tricky details.

10/07/22

Servicers do not write their correspondence or mean what what they say Living Lies

Servicers do not write their correspondence or mean what what they say
In May, 2022 to the CFPB finally corroborated what I have been saying for 16 years. The actors who are named as “servicers” are not performing servicing functions.

10/06/22

Lawsuit Filed in Federal Court Alleges Illegal Foreclosures in RI Go Local Prov

Lawsuit Filed in Federal Court Alleges Illegal Foreclosures in RI
A lawsuit filed in federal court alleges that a third-party mortgage servicer acted illegally when it foreclosed on multiple properties in Rhode Island. The suit, filed in U.S. District Court on behalf of 11 plaintiffs who owned homes across the state, claims that defendant Caliber Home Loans “failed to obtain a third party servicing license” and was not permitted by law to “act on behalf of Defendant U.S. Bank in order to notice, publish, and invoke the statutory power of sale” on the plaintiff’s properties. Attorney Todd Dion, who filed the suit, maintains that Caliber was “not permitted by applicable law and the mortgage contracts to execute all affidavits and foreclosure deeds on behalf of U.S. Bank.”

10/06/22

New Study: Wall Street Banks Are Doubling Down on Risk by Selling Credit Default Swaps on their Risky Derivatives Counterparties Wall Street On Parade

New Study: Wall Street Banks Are Doubling Down on Risk by Selling Credit Default Swaps on their Risky Derivatives Counterparties
Last Thursday, while news outlets focused on videos of the devastating impact of Hurricane Ian on the southwest coast of Florida, two researchers at the Office of Financial Research published a breathtaking and almost surreal analysis of how the mega banks on Wall Street are once again doubling down on unprecedented risk with derivatives and threatening the financial stability of the U.S. The report was ignored by mainstream business media.

10/06/22

You tell me — is everyone a servicer? Living Lies

You tell me — is everyone a servicer?
The recent forced CFPB rebranding of FINTECH as a “servicer” creates a problem for the foreclosure mills — but only if someone brings it up.

10/05/22

4th Circuit Rejects Excuses to Avoid Answering QWR and DVL Living Lies

4th Circuit Rejects Excuses to Avoid Answering QWR and DVL
This involves the case of Morgan Vs. Caliber Home Loans. The homeowner received the standard answer of they were not required to answer because their request was vague and ambiguous and asked for things that were not allowed under RESPA. The court disagreed in a fairly well-reasoned opinion. These are quotes from the opinion:

10/04/22

What does “Own the mortgage” mean?” Living Lies

What does “Own the mortgage” mean?”
This is what enables the banks to get away with their scam while avoiding criminal prosecution. What does that mean when they say they “own the mortgage”?

10/03/22

U.S. Mortgage Delinquencies Continue to Decline DSNews

U.S. Mortgage Delinquencies Continue to Decline
CoreLogic’s Loan Performance Insights Report for July 2022 has found that for the month of July 2022, 3% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 1.2-percentage point decrease compared to 4.2% in July 2021.

10/02/22

Decades-old legal protections of low-income mortgages at risk with appeal pending The Maine Monitor

Decades-old legal protections of low-income mortgages at risk with appeal pending
Federal mortgage interests, banking associations line up to partake in Supreme Court appeal that could upend foreclosure protection precedents.

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