Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

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12/28/23

Family Found Dead in 27-Room Boston Mansion Faced Foreclosure, Filed for Bankruptcy Last Year
The Massachusetts husband and wife who were found dead along with their 18-year-old daughter in an apparent domestic violence case recently faced significant financial woes, including foreclosure on their 27-room mansion in a wealthy Boston suburb, according to reports.

12/28/23

30 US Cities With the Most Foreclosures in 2023
In this article, we will take a look at the 30 US cities with the most foreclosures in 2023. If you want to skip our discussion on the trends in the real estate market, you can go directly to the 5 US Cities With the Most Foreclosures in 2023.

12/28/23

A Big Picture Look at Our Major Wall Street Corruption Stories of 2023
The year 2023 will go down in U.S. banking history as the year in which the fastest bank runs in U.S. history occurred, producing the second, third and fourth largest banking failures in U.S. history in the span of seven weeks. Losses of more than $32 billion from these failed banks hit the Federal Deposit Insurance Fund (FDIC). Adding to the regulatory hubris, the largest and riskiest bank in the U.S., JPMorgan Chase, was allowed by its compromised regulators to become even riskier by gobbling up the failed First Republic Bank while JPMorgan Chase got an unexplained $50 billion 5-year loan from the FDIC at an undisclosed interest rate to sweeten its purchase of the failed bank.

12/26/23

The DOJ Took More than Two Years to Answer a FOIA on Its Criminal Division Head; Three Days Before Christmas 2023 We Got a Troubling Disclosure
On July 20, 2021 the U.S. Senate voted 56-44 to confirm Kenneth Polite (pronounced Po-leet) to head the most powerful criminal law enforcement office in the United States, the Criminal Division of the U.S. Department of Justice. The vetting of this candidate immediately raised red flags at Wall Street On Parade.

12/22/23

Mortgage lender vs. servicer: What’s the difference?
Key takeaways:

• Mortgage lenders fund a home loan, while mortgage servicers handle the ongoing administration of the loan after funding, including repayment and loss mitigation, or payment relief.
• It’s important to know your mortgage servicer and keep track of any changes to ensure it sends payments to the correct place. If you auto-pay your mortgage, this might not be necessary.
• You can find out who is servicing your loan by checking your mortgage statement.

12/20/23

These Are the Bank Bailout Charts the Fed Hopes You’ll Never See in One Place
Jerome Powell became the Chairman of the Federal Reserve on February 5, 2018 after being nominated by then President Donald Trump and passing his Senate confirmation. Powell was sworn in again on May 23, 2022 for a second term as Chair. His second term runs until May 15, 2026. Unlike most Fed Chairs, Powell has no economics degree. He has a law degree from Georgetown University. For more background on Powell, see our May 18, 2020 article: The Fed’s Chair and Vice Chair Got Rich at Carlyle Group, a Private Equity Fund with a String of Bankruptcies and Job Losses. Powell’s tenure as Fed Chair has been mired by the biggest trading scandal in the Federal Reserve’s 110-year history.

12/19/23

From 2010 through 2014, the Senate’s Permanent Subcommittee on Investigations Focused on Crime on Wall Street; Since Then – Head in the Sand
From 2010 through 2014, the most intractably corrupt industry in America – Wall Street – was the perpetual focus of the Senate Permanent Subcomittee on Investigations. The late Senator Carl Levin (D-MI) Chaired that Subcommittee throughout that span of time. Then Levin retired from the Senate in January 2015 and Wall Street’s name disappeared from hearings of that critical Subcommittee from 2015 through 2023 – a span of nine years. Wall Street did not become less corrupt from 2015 through 2023 to warrant it falling off the hearing schedule of the Senate’s Permanent Subcommittee on Investigations. In fact, Wall Street became more corrupt. Financial watchdog, Better Markets, wrote the following in its detailed report in October on Wall Street mega banks’ unending crime spree:

12/15/23

Some Senate Democrats Move to the Dark Side for Jamie Dimon & Company’s Front Group
A Wall Street cartel of lobbying groups has launched their fiercest anti-regulation battle with Congress since it was in the midst of writing the Dodd-Frank financial reform legislation of 2010. That legislation hoped to address the worst Wall Street abuses and corruption that brought on the crash of 2008 – the most devastating financial meltdown since 1929 and the Great Depression. (See our report: Meet the Banking Cartel that Is Planting the Seeds for the Next Banking Panic and Bailout.)

12/14/23

MSP® Loan Servicing System from ICE Now Offering Automated Lien Release Functionality
ATLANTA, December 14, 2023--(BUSINESS WIRE)--Intercontinental Exchange (NYSE: ICE) a leading global provider of data, technology, and market infrastructure, announced that its MSP® loan servicing system now features the ability for the automated release of the lien once a mortgage has been paid off. The new Automated Lien ReleaseSM (ALR) capability integrated with MSP combines document creation and automated workflows into one solution and routes lien release packages for eSigning and eRecording, adhering to local regulations for the more than 2,500 U.S. counties where eRecording is available. The launch of the MSP ALR capability marks the first time ICE has harnessed the full capabilities of its expanded mortgage technology business to quickly build and implement solutions that address market needs.

12/14/23

The New York Fed Has Extended Its Half Trillion Dollar Bailout Facility to a Sprawling Japanese Bank You’ve Never Heard Of
Quietly, on December 1, the New York Fed published the following statement on its website: “The Norinchukin Bank, New York Branch, has been added to the list of Standing Repo Facility Counterparties, effective December 1, 2023.” The Standing Repo Facility (SRF) is a permanent $500 billion bailout facility created by the Federal Reserve and operated by the New York Fed – the private regional Fed bank where multi-trillion dollar Wall Street bank bailouts have become a regular feature of its operations.

12/13/23

Junk Fees: Regulatory and Litigation Activity in 2023 and Beyond
Consumer financial service providers and depository institutions are no strangers to attacks on fees charged to consumers while servicing a loan or account. Regulatory action and litigation have long targeted these fees. However, in 2023, federal and state regulators significantly increased pressure to attack so-called “junk fees,” defined by opponents as “fees designed either to confuse or deceive consumers or to take advantage of lock-in or other forms of situational market power.” Consumer financial service providers and depository institutions would do well to prepare for more scrutiny of their fees and practices next year.

12/13/23

Home Foreclosures Surge in These 3 States
Home foreclosures in the U.S. dropped last month, but financial experts don't expect the numbers to continue in that direction in the new year. For three states in particular, foreclosures are surging, indicating troubling economic times ahead. There were 32,120 U.S. properties at some point in the foreclosure process in November, down 7 percent from October, according to ATTOM, which compiles land, property and real estate data. Overall, completed foreclosures were down 32 percent from last year, with lenders repossessing 2,558 properties in November.

12/12/23

Housing Crisis Could Be the Death Knell for America's Middle Class
Middle-class households are being priced out of the housing market amid high mortgage rates and spiking prices, making it increasingly difficult for them to build wealth. Some financial experts say it's an environment that could lead to the end of the American middle-class dream of owning a home.

12/12/23

If Wall Street’s Mega Banks Are Safe and Sound as the Fed Says, Why Do They Need a Half Trillion Dollar Bailout Facility at the New York Fed?
There is a battle raging between the Wall Street mega banks and their federal banking regulators. The regulators want the mega banks to hold more capital against their high risk trading positions to prevent a replay of the bailouts in 2008 and repo bailouts in the fall of 2019. The mega banks have launched a deceptive ad campaign and public relations battle to thwart that from happening.

12/11/23

Who Turned The American Dream Of Home Ownership Into a Nightmare?
First of all, the American Dream is much younger than the nation itself. The term emerged 92 years ago, at the nadir of the Great Depression, when the historian James Truslow Adams defined the American Dream as “that dream of a land in which life should be better and richer and fuller for everyone.” As for how it’s been applied since, well, that’s another story.

12/10/23

Post-Pandemic, Homeowners of Color Face Losing Homes
California homeowners of color already face many threats to their family home. Now, more will risk foreclosure than ever as millions of dollars in pandemic-era mortgage relief is set to run out before they even know it’s there. At a Thurs., November 2 briefing co-hosted by Ethnic Media Services and Housing and Economic Rights Advocates (HERA), housing attorneys and mortgage experts explained how homeowners can keep their family homes against these threats, while homeowners of color shared their personal experiences of struggling to preserve generational wealth. Threats facing homeowners Joe Jaramillo, a senior attorney at HERA, a statewide housing legal service and advocacy nonprofit, said the main threats facing vulnerable homeowners are “keeping the family home when a parent or grandparent passes away; financing Property Assessed Clean Energy (PACE) programs which risk the borrower’s home if unpaid; and “zombie” second mortgages “that haunt borrowers with unexpected bills and threats of foreclosure.”

12/08/23

Homeowner Assistance Applications Closes Soon
Oregon Housing and Community Services (OHCS) is closing the Oregon Homeowner Assistance Fund (HAF) program to most new applicants to avoid overcommitting funds. The application portal will close at noon PST Dec. 20. Homeowners who are in active foreclosure may still be able to apply through a housing counselor.

12/07/23

Indiana researchers unveil first-of-its-kind statewide evictions, foreclosure dashboard
Indiana researchers have unveiled a statewide evictions and foreclosures dashboard, believed to be the first of its kind in the country. Thursday marked the launch of the data tool from the Polis Center and New America. The Polis Center collected data from the Indiana courts system and joined it with demographic data from New America to create the dashboard. It shows eviction and foreclosure filings and judgments down to the census tract level, data that wasn’t really available to the public before now

12/07/23

Wall Street CEOs Want the Line Between a Federally-Insured Bank and a Wall Street Trading Casino Erased; Regulators Want Higher Capital to Prevent That
David Solomon, Chairman and CEO of Goldman Sachs, let it slip out at yesterday’s Senate Banking hearing what is really driving the mega banks’ backlash against federal banking regulators’ proposal to raise capital requirements at banks with more than $100 billion in total consolidated assets. (Community banks would not be impacted by the proposed capital increases.)

12/01/23

VA Urges Servicers to Implement Foreclosure Moratorium on VA Loans
The U.S. Department of Veterans Affairs (VA) recently issued Circular 26-23-25 in which VA “is strongly encouraging a foreclosure moratorium on all VA-guaranteed loans through May 31, 2024.” Additionally, VA “urges servicers to cease initiating, continuing, and/or completing foreclosures on all VA-guaranteed loans during this moratorium.” The voluntary moratorium does not apply to vacant or abandoned properties. In the Circular, VA explains the reasons for urging a foreclosure moratorium.

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