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Daily News related to the Foreclosure Crisis The biggest unpunished heist in human history - Max Keiser |
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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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Article Articles are added weekly |
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Comment |
04/28/23 |
CFPB Issues Guidance to Protect Homeowners from Illegal Collection Tactics on Zombie Mortgages | Living Lies |
CFPB Issues Guidance to Protect Homeowners from Illegal Collection Tactics on Zombie Mortgages
The CFPB release says “It is illegal for debt collectors to sue or threaten to sue to collect debts past the statute of limitations.”
The more subtle message is that Wall Street needs to stop making claims and threats on claims that either never existed or don’t exist anymore. And that is not just about the statute of imtiations. I would go further and say that anyone who uses that approach as a business model belongs in prison.
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04/28/23 |
Advisory Opinion program | CFPB |
Advisory Opinion program On April 26, 2023, the CFPB issued an Advisory Opinion to affirm that the Fair Debt Collection Practices Act (FDCPA) and its implementing Regulation F prohibit a debt collector, as that term is defined in the statute and regulation, from suing or threatening to sue to collect a time-barred debt. |
04/28/23 |
Court halts owner-occupied foreclosures after Wayne County petition | CBS News |
Court halts owner-occupied foreclosures after Wayne County petition (CBS DETROIT) - The Third Circuit Court in Detroit halted owner-occupied foreclosures after a petition submitted by the Wayne County Treasurer's Office. The motion granted by Chief Judge Patricia Fresard extends through March 31, 2024. Officials say about 3,400 residential properties faced foreclosure. |
04/27/23 |
Nationwide Mortgage Delinquency Rate Neared Record Low in February | DS News |
Nationwide Mortgage Delinquency Rate Neared Record Low in February CoreLogic has released its monthly Loan Performance Insights Report for February 2023, which found that 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 0.4-percentage point decrease compared with 3.4% in February 2022, and a 0.2-percentage point increase compared with January 2023. |
04/27/23 |
Banks that Put Up $30 Billion to “Rescue” First Republic May Have Been Trying to Rescue their Own Exposure to $247 Trillion in Derivatives | Wall Street On Parade |
Banks that Put Up $30 Billion to “Rescue” First Republic May Have Been Trying to Rescue their Own Exposure to $247 Trillion in Derivatives
Ever since 11 banks on March 16 donned the garb of heroic fire fighters, rushing to extinguish an inferno at a competitor bank before it spread further, we have been asking ourselves the question – why just this group of 11 banks.
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04/27/23 |
What Lawyers and Judges Are Missing in Foreclosure Cases | Living Lies |
What Lawyers and Judges Are Missing in Foreclosure Cases The first question is, “if it wasn’t a loan, then what is it?” Lawyers and homeowners get hooked on this question because they think it is up to them to answer it. But the first rule of procedure and due process is that if you have a claim, then you need to describe it. If it is left to your opponent to speculate about the nature of the claim, then all existing US law requires dismissal of the case, perhaps with leave to amend. |
04/26/23 |
Justices appear likely to side with homeowner in foreclosure dispute | SCOTUS Blog |
Justices appear likely to side with homeowner in foreclosure dispute Geraldine Tyler, a 94-year-old grandmother, lost her Minneapolis condo when she failed to pay the property taxes for several years. Tyler does not dispute that Hennepin County could foreclose on the $40,000 property and sell it to obtain the $15,000 in taxes and costs that she owed it. But she argued that the county violated the Constitution when it kept the $25,000 left over after the property was sold. After roughly 100 minutes of debate on Wednesday, a majority of the justices seemed inclined to agree with her. |
04/26/23 |
Grandma didn't pay taxes. Now her house is focus of property rights test case | NPR |
Grandma didn't pay taxes. Now her house is focus of property rights test case The U.S. Supreme Court hears arguments Wednesday in the case of a 94-year-old Minneapolis woman whose condominium was seized by Hennepin County for failure to pay property taxes. At issue is the way at least a dozen states handle the sale of homes to pay off overdue taxes. |
04/26/23 |
Woman narrowly avoids reverse mortgage foreclosure due to communication breakdown | KOLD |
Woman narrowly avoids reverse mortgage foreclosure due to communication breakdown COLLEGE STATION, Texas (KBTX/Gray News) - Retirement is typically a time of relaxation, assuming you have enough savings to live comfortably. Unfortunately, things don’t always go as planned. Some seniors turn to reverse mortgages, loans that allow homeowners who are at least 62 years old to withdraw some of their home equity and convert it into cash. While it can be a useful loan for many seniors, one College Station resident almost lost her home after her mortgage company claimed she had failed to fulfill all the requirements of her reverse mortgage. |
04/26/23 |
Federal Agencies Are on Board | Living Lies |
Federal Agencies Are on Board “We already see how AI tools can turbocharge fraud and automate discrimination, and we won’t hesitate to use the full scope of our legal authorities to protect Americans from these threats,” said FTC Chair Lina M. Khan. “Technological advances can deliver critical innovation—but claims of innovation must not be cover for lawbreaking. There is no AI exemption to the laws on the books, and the FTC will vigorously enforce the law to combat unfair or deceptive practices or unfair methods of competition.” |
04/26/23 |
Maine home foreclosures plummet while sales drop, prices inch up | Press Herald |
Maine home foreclosures plummet while sales drop, prices inch up New data on foreclosure filings and on recent home sales create a mixed outlook for the state's residential real estate market. But it appears stronger than those in many other states. |
04/26/23 |
Jamie Dimon’s Deeply Conflicted Role as “Rescuer” of First Republic Bank Requires a Credible Investigation | Wall Street On Parade |
Jamie Dimon’s Deeply Conflicted Role as “Rescuer” of First Republic Bank Requires a Credible Investigation The Board of Directors and shareholders at the largest bank in the U.S., JPMorgan Chase – which has more than 5,000 Chase Bank branches dotting the landscape from coast to coast – have ample reason to ask themselves where the loyalties of the bank’s Chairman and CEO Jamie Dimon exactly lie. |
04/25/23 |
While we are all napping: Trading in MSRs hit $1 trillion. | Living Lies |
While we are all napping: Trading in MSRs hit $1 trillion. According to recent reports: MSR trading volume this year is on pace to meet or exceed last year’s robust mark, when some $1 trillion in MSRs exchanged hands — then fueled by the spike in interest rates. The trading volume of MSRs so far this year is on pace to meet or exceed last year’s robust mark, when some $1 trillion in MSRs exchanged hands — then fueled by the spike in interest rates. |
04/24/23 |
Don’t Say “LOAN” | Living Lies |
Don’t Say “LOAN”
Whenever anyone refers to your transaction as a loan, you should be objecting at the earliest possible moment (or else it is waived), and you should be moving to strike the phrase from the court record. But you need to do so properly.
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04/21/23 |
Black Knight's First Look: Mortgage Delinquencies Hit Record Low in March, While Prepayments Rose on Easing Rates and Seasonal Tailwinds | Black Knight |
Black Knight's First Look: Mortgage Delinquencies Hit Record Low in March, While Prepayments Rose on Easing Rates and Seasonal Tailwinds
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04/21/23 |
Foreclosures spike as banks lower the boom on homeowners | CBS News |
Foreclosures spike as banks lower the boom on homeowners Americans are losing their homes at a faster rate this year as banks make up for lost time after state and federal foreclosure bans expired. Lenders repossessed nearly 96,000 properties during the first three months of 2023, up 22% from the same period last year, according to real estate data provider ATTOM. |
04/21/23 |
It is NOT the job of the court to answer your questions | Living Lies |
It is NOT the job of the court to answer your questions
People familiar with my victories in court frequently ask for a list of generic questions that they hope will work in every case. Lay people are not rained to think within the context fo the rules of civil procedure or motions required to force the opposing side to comply with those rules.
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04/20/23 |
Former New York Fed Pres Bill Dudley Calls This the First Banking Crisis Since 2008; Charts Show It’s the Third | Wall Street On Parade |
Former New York Fed Pres Bill Dudley Calls This the First Banking Crisis Since 2008; Charts Show It’s the Third The official that oversaw the secret funneling of trillions of dollars of bailout money from the New York Fed to the grossly mismanaged mega banks on Wall Street during the financial crisis of 2008 to 2010, had the temerity yesterday to pen an opinion piece at Bloomberg News pointing his finger at current Fed officials for today’s banking crisis – without once mentioning his role in getting us here. |
04/20/23 |
Biggest U.S. Banks Report Bumper Profits Amid Industry Turmoil | Living Lies |
Biggest U.S. Banks Report Bumper Profits Amid Industry Turmoil The mega banks are reporting higher profits that were most likely created years ago and stuffed into offshore repositories in off balance sheet transctions. From 1998 to 2008, they siphoned trillions of dollars out of the US economy using worthelss and faslely represented “Mortgage-backed bonds.” |
04/19/23 |
Is Modification Legal? | Living Lies |
Is Modification Legal? You are completely correct to say that modification of a contract is not possible without the parties to that contract agreeing to modify. Even a court may not modify that contract unless it contains something that is patently unlawful. |
04/19/23 |
Heading off the next foreclosure crisis | Commonwealth Magazine |
Heading off the next foreclosure crisis
OVER THE LAST few years, Americans have faced countless challenges we couldn’t have easily predicted: a global pandemic, war in Ukraine, supply chain snarls, a roiling economy — including recent bank collapses — and skyrocketing housing costs amidst all of it.
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04/19/23 |
Home prices see largest decline since 2012 as banking crisis hits demand: 'There's this fear that everything will crash' | Business Insider |
Home prices see largest decline since 2012 as banking crisis hits demand: 'There's this fear that everything will crash' Median home prices in March dropped 3.3% annually, the biggest decline since 2012, Redfin said. Pandemic boomtowns and the San Francisco Bay Area led the price declines. "I was consistently busy in the fall, but things got really quiet in March after the collapse of Silicon Valley Bank." |
04/18/23 |
Hawaii court ruling establishes precedent for reverse foreclosure cases | Reverse Mortgage Daily |
Hawaii court ruling establishes precedent for reverse foreclosure cases At the end of March, the Supreme Court of the State of Hawaii vacated a reverse mortgage foreclosure handed down by lender James B. Nutter and Co., which was doing business as Nutter Home Loans. The court found that Nutter “submitted a materially deficient attorney affirmation to the circuit court” regarding the foreclosure. The case, which has made its way through the state court system since 2009, now sets a precedent for foreclosure cases within the state, according to legal experts who spoke to the Honolulu Civil Beat. |
04/18/23 |
CFPB Issues Guidance on Abusive Conduct Under Federal Law | Living Lies |
CFPB Issues Guidance on Abusive Conduct Under Federal Law Most homeowners will continue to ignore such pronouncements that fail to give relevant examples. Most lawyers are too lazy or presumptive to research the issue and seek advice from experts who actually are competent to comment on investment banking applied to the loan market. But since the implied unpaid loan account does not exist and the designated party as claimant expects no payment, they are missing out on easy enforcement of obviously abusive behavior — including attorney fees and costs under the FDCPA and RESPA. |
04/18/23 |
Nothing Is Obvious or Clear in Court Until You Make It So | Living Lies |
Nothing Is Obvious or Clear in Court Until You Make It So Hat tip to Elle She raises probably the most important problem confronting homeowners in conflict with pretender lenders. “what if the witness is clearly lying, but it is affecting the judgment of the presiding judge?” |
04/17/23 |
Only unbridled arrogance could produce a statement like this | Living Lies |
Only unbridled arrogance could produce a statement like this The Securities and Exchange Commission’s (SEC) renewed proposal to prohibit conflicts of interest in securitizations is critically flawed and would impose significant impediments to the ongoing functioning of the assetbacked securities market, industry advocates said recently. See https://asreport.americanbanker.com/news/damage-to-financial-markets-and-economy-feared-from-secs-abs-proposal It is astonishing that anyone could say that with a straight face. The fact is that the entire value proposition that certificates sold under the name “Mortgage-backed securities” is based on conflicts of interest. |
04/14/23 |
How to use the statutory definitions of the word “servicer” | Living Lies |
How to use the statutory definitions of the word “servicer”
Hat tip to summer chic. I might add a hat tip to some State and Federal agencies that are waking up and trimming the edges around the false claims implied to support the remedy of foreclosure. Things are changing — and before the banks manage to use their influence in state and federal legislatures, homeowners would be doing themselves and everyone else a favor if they went on the attack now.
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04/13/23 |
Just How Much is a Mortgage Lien Enforceable After Bankruptcy Discharge | Living Lies |
Just How Much is a Mortgage Lien Enforceable After Bankruptcy Discharge The basic premise is that the debt is NEVER discharged. It is only the ability of the owner of the underlying debt to enforce that debt that is discharged. Thus the owner of a lien may still enforce the lien after BKR discharge. The only exception would be a finding in Bankruptcy court that the claim is not secured by the claimed lien in favor of a particular creditor. |
04/12/23 |
Why Courts Enter Judgments Based upon False Facts | Living Lies |
Why Courts Enter Judgments Based upon False Facts I frequently get provocative letters explaining to me that the entire system is corrupt and that it is futile to contest actions undertaken by the mega banks or their intermediaries. In turn, these letters frequently go out to others and become the norm in exchanges of information between uninformed people. These letters are getting increasingly frequent as I zero in on the real cracks in the illusion of armor presented by those banks (through intermediaries and regional law firms who are clients of the foreclosure enforcement law firms). Yes, that is right. The law firm presenting the claim against you is presenting another law firm, not the designated creditor. Homeowners get particularly incensed when the opposing attorney supposedly writes a letter containing bald-faced lies. |
04/12/23 |
First Republic Bank’s “Rescuers” Had Underwritten $3.6 Billion of its Preferred Shares, Which Have Lost 65 to 70 Percent of their Value Year-to-Date | Wall Street On Parade |
First Republic Bank’s “Rescuers” Had Underwritten $3.6 Billion of its Preferred Shares, Which Have Lost 65 to 70 Percent of their Value Year-to-Date Four of the eleven big banks that announced on March 16 that they were going to dump a combined $30 billion of their own money as uninsured deposits into the plunging coffers of First Republic Bank were also the underwriters of $3.6 billion in preferred stock for First Republic Bank. Units of JPMorgan Chase, Bank of America, Morgan Stanley and Wells Fargo were underwriters of the majority of the preferred stock outstanding at First Republic Bank. UBS, which did not contribute to the $30 billion deposit infusion, was also one of the primary underwriters. UBS was otherwise occupied last month by having a gun put to its head by the Swiss government to “rescue” the tanking Credit Suisse. The Swiss government also denied shareholders on both sides of the deal the ability to vote on the matter. |
04/11/23 |
How Wall Street Banks Use SEC.GOV as a Billboard for Faking MBS | Living Lies |
How Wall Street Banks Use SEC.GOV as a Billboard for Faking MBS Digging Into a $344 Billion Investing Mystery Preposterous claims in private investment offerings illustrate an important point about red-hot ‘Reg D’ securities: No one is checking to see if the details in these filings are even remotely true |
04/11/23 |
Fed Report: Largest 25 U.S. Banks Have Shed $700 Billion in Deposits Over Past Year | Wall Street On Parade |
Fed Report: Largest 25 U.S. Banks Have Shed $700 Billion in Deposits Over Past Year To read the headlines in the major business press, one would think that since the upheaval began in the U.S. banking system, the largest U.S. commercial banks have been the beneficiaries in terms of deposit inflows. For example, on March 13 the Financial Times ran this headline: “Large US banks inundated with new depositors as smaller lenders face turmoil.” The subhead was even more questionable, reading: “Failure of Silicon Valley Bank prompts flight to likes of JPMorgan and Citi.” |
04/10/23 |
Collateral lawsuits and Adversary lawsuits in bankruptcy actions | Living Lies |
Collateral lawsuits and Adversary lawsuits in bankruptcy actions If the party named as claimant or Plaintiff or Beneficiary did not own any unpaid debt and said party, therefore, suffered no economic injury by and through any action or inaction of the defendant or homeowner, then despite the appearance of default, no legal default has occurred even upon declaration of such by a disinterested third party. 1916 article on collateral attacks. |
04/09/23 |
Lawyer accused of scamming homeowners skips court appearance | The Real DEal |
Lawyer accused of scamming homeowners skips court appearance A North Carolina attorney facing felony charges for her alleged role in scamming poor homeowners failed to appear at a hearing related to her criminal case scheduled last week. Ilesanmi “Ile” Adaramola is accused of finding properties facing foreclosure and forcing them into auction by falsifying documents, among other things, according to the Asheville Citizen-Times. |
04/06/23 |
Ocwen is seen as potential trouble! | Living Lies |
Ocwen is seen as potential trouble!
Ocwen Related Matters |
04/05/23 |
Government program helps Wisconsinites avoid foreclosure | Spectrum News |
Government program helps Wisconsinites avoid foreclosure Thousands of Wisconsinites have received assistance from the state’s Help for Homeowners program, but more help is still available, Gov. Tony Evers said Thursday. WHH launched in March 2022, and thus far, more than 5,400 Wisconsin homeowners have received assistance through the program. WHH, which is federally funded, provides up to $40,000 for Wisconsin homeowners, ensuring people can stay in their homes and avoid facing foreclosure because of “pandemic-related financial burdens.” |
04/05/23 |
15 USC§1635 triggers an event, not a claim | Living Lies |
15 USC§1635 triggers an event, not a claim The basic thrust of argument on TILA rescission is that rescission is an event, not a claim. After sending (mailing USPS) the notice of rescission, there is nothing else required on the part of the homeowner. It was passsed in the 1960s to force compliance with lending laws. 15 USC §1635 is effective upon mailing, even if the judge or anyone else thinks it was not sent in good faith, as long as it is within 3 years of consummation of the alleged transction. See Jesinoski v Countrywide (2015 unaimous US Supreme Court decision). Virtually all foreclosures of the note and mortgage after rescission are and will always be void. Title remains vested in the homeowner. Both title and the right to possession can be enforced by such homeowners by injunction and eviction proceedings. The only limit to such enforcement is an action by the pretender lender to obtain title by advserse possession which generally carries a minimum of 20 years for the adverse possession of the dispute property. No such action is allowed to be filed in less than 20 years since the the commencement of the “adverse possession” as if the possessor had title. |
04/05/23 |
A Growing Lack of Confidence in the Fed Is Spilling Over into a Lack of Confidence in U.S. Banks | Wall Street On Parade |
A Growing Lack of Confidence in the Fed Is Spilling Over into a Lack of Confidence in U.S. Banks Millions of Americans are beginning to ask themselves this question: Is the Federal Reserve (the “Fed”) a competent central bank or a terminally compromised regulator that simply does the bidding of Wall Street’s mega banks to the peril of average Americans and the U.S. economy? Millions of other Americans have already made up their minds on this point. |
04/04/23 |
After Pushing the Wall Street Scheme to Repeal Glass-Steagall, the New York Times Returns to Puff Pieces on Rodge Cohen and Jamie Dimon | Wall Street On Parade |
After Pushing the Wall Street Scheme to Repeal Glass-Steagall, the New York Times Returns to Puff Pieces on Rodge Cohen and Jamie Dimon The New York Times has been able to fly below the radar in terms of its insufferable ability to muck up the financial system of the United States and then canonize its aiders and abettors with puff pieces. It was none other than the New York Times that repeatedly used its editorial page to advocate for the repeal of the Glass-Steagall Act, which had protected the U.S. financial system from crisis for 66 years until its repeal under the Wall Street friendly Bill Clinton administration in 1999. It took only nine years after its repeal for the U.S. financial system to crash in 2008, requiring the largest public bailout in U.S. history. We’re now in banking crisis and bailout 3.0. |
04/04/23 |
Jamie Dimon says the banking crisis is not over and will cause ‘repercussions for years to come’ | CNBC |
Jamie Dimon says the banking crisis is not over and will cause ‘repercussions for years to come’ The stress on the financial sector caused by two bank failures in the United States last month is still a threat and should be addressed by a reimagining of the regulatory process, according to JPMorgan Chase CEO Jamie Dimon. |
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