Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

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09/28/23

Analysis of CFPB Complaints by State: Helping Consumers in New Hampshire
On October 3, 2023, the U.S. Supreme Court will hear oral arguments in Consumer Financial Protection Bureau (CFPB) v. Community Financial Services Association of America regarding the constitutionality of the agency’s independent funding structure. CFPB critics have long sought to limit the agency’s congressionally given autonomy and, by extension, its capacity to promote a fairer financial marketplace for all consumers. The Supreme Court’s decision in the case, which will come down next spring, could significantly harm consumers and spread uncertainty in the financial markets.
Since opening its doors 12 years ago, the CFPB has been a formidable advocate for everyday Americans, holding financial institutions accountable for predatory practices and returning $17.5 billion to wronged customers across the 50 states, including in New Hampshire.

09/28/23

Nutter Bank Report: September 2023
Headlines
CFPB Issues Guidance on Credit Denials Using Artificial Intelligence in Underwriting
FDIC Chairman Warns of Financial Stability Risks of Nonbank Financial Institutions
Court Issues Nationwide Injunction Delaying Compliance with CFPB Data Collection Rule
Annual Mortgage Review Finds Increasing Closing Costs and Denials for Insufficient Income
Other Developments: Lease Financing and Equal Housing

09/28/23

There’s a Trump Era/Charles Koch Big Law Firm Behind the Supreme Court Case that Hopes to Gut the Federal Agency that Fights for the Little Guy
Next Tuesday, the U.S. Supreme Court will hear oral arguments in a case that could have far reaching effects on the legislative ability of Congress to have flexibility in how it funds regulatory agencies, as well as place in jeopardy the survival of the Consumer Financial Protection Bureau (CFPB), a government watchdog for the little guy, elderly, young, poor and unsophisticated against goliaths on Wall Street and other financial predators.
The case arrives at the Supreme Court as a result of a decision handed down in October by a three-judge panel at the right-wing 5th Circuit Court of Appeals. All three judges on the panel (Don Willett, Kurt Engelhardt, and Cory Wilson) were appointed by former President Donald Trump. The 5th Circuit effectively ruled that the CFPB’s funding system, legislated by Congress, was unconstitutional.

09/27/23

Mortgage Servicing Software Market 2023 is Booming Worldwide

Latest Mortgage Servicing Software Market Growth Analysis 2023 Mortgage Servicing Software Market 2023 with 120 Pages Report and enhance with extents shares into sub-counties are covered in this market. Mortgage Servicing Software Market conditions can be influenced by a wide range of factors, including economic policies, geopolitical events, and technological developments. Major Key Players of the Market:

09/27/23

Breaking Down August Foreclosure Filing Report Data

On today’s episode, HW Media CEO Clayton Collins sits down with the CEO of Mr. Cooper Group, Jay Bray. Jay brings more than 25 years of experience to the table, including his time at Mr. Cooper as well as with both Arthur Anderson and Bank of America. Today, he and Clayton reflect on mortgage servicing rights and the two major acquisitions Mr. Cooper has announced so far in 2023: HomePoint Capital and Roosevelt Management Company.

09/25/23

Breaking Down August Foreclosure Filing Report Data

Freddie Mac has announced it sold 3,564 non-performing residential first lien loans (NPLs) via auction from its mortgage-related investments portfolio. The loans, with a balance of approximately $586 million, are currently serviced by Specialized Loan Servicing LLC, Select Portfolio Servicing, Inc., NewRez LLC, d/b/a Shellpoint Mortgage Servicing and Nationstar Mortgage LLC d/b/a RightPath Servicing. The transaction is expected to settle in November 2023 as part of Freddie Mac’s Standard Pool Offerings (SPO).

09/21/23

Meet the Banking Cartel that Is Planting the Seeds for the Next Banking Panic and Bailout
On July 27, the Federal Reserve, FDIC and Office of the Comptroller of the Currency released a proposal to require higher capital levels at banks with $100 billion or more in assets – those that demonstrated quite clearly this past spring that they could spread systemic contagion throughout the U.S. banking system. Community banks will not be impacted at all by the new proposals according to the regulators.
The three federal bank regulators provided a very generous public comment period of 120 days on the proposal. (Submit your own comment here.) The large banks had to only begin transitioning to the new rules on July 1, 2025, with full compliance not due for an absurd five years – on July 1, 2028.
On September 12, the banking cartel made their anger known in a 7-page letter that assaulted the proposal from every conceivable angle and demanded that the three federal agencies turn over all “evidence and analyses the agencies relied on” in making the proposal.

09/21/23

Real Estate May Have a New ‘Predatory’ Problem
The financial crisis of 2008 highlighted the predatory behavior of residential mortgage lenders. Today, 15 years later, experts say that similar practices persist, only this time on the commercial side. At issue are loans backed by retail centers, offices, hotels, warehouses and apartment buildings — a much less regulated sector that is experiencing increased distress due to fallout from the pandemic.

09/20/23

Lobbyists Grab Control at House Financial Services Hearings, Backing Jamie Dimon’s Push to Gut Higher Capital Proposals
We’re very sorry to have to tell you this, but if you’re not watching Senate Banking or House Financial Services Committee hearings when the topic is about increasing bank capital or any new regulations to make the U.S. banking system less prone to blowing up, you are likely seriously underestimating how corruption has become the new normal in the United States of America.

09/18/23

Professors Point to JPMorgan Chase as Poster Boy of a Financial System Dependent on Corruption to Sustain Itself
The full day conference sponsored by nonprofit watchdog Better Markets last Wednesday was a unique opportunity to gain brilliant insights from academic experts who have battled on the frontlines of the most unprecedented and ongoing era of corruption in U.S. financial history. (You can watch it on YouTube at this link.) In fact, at the close of the conference, Anat Admati, Professor of Finance and Economics at Stanford Graduate School of Business, summed up the U.S. financial system in five words: “Corruption has become the system.”

09/15/23

SMALL BUSINESS ADVISORY REVIEW PANEL FOR CONSUMER REPORTING RULEMAKING OUTLINE OF PROPOSALS AND ALTERNATIVES UNDER CONSIDERATION

Table of Contents I. Introduction .................................................................................................................1
II. The SBREFA Process...................................................................................................4
III. Proposals and Alternatives Under Consideration ........................................................... 5
A. Def initions of consumer report and consumer reporting agency ........................6
1. Data brokers..............................................................................................................7
2. Defining “assembling or evaluating” .......................................................................... 9
3. “Credit header” data.................................................................................................10
4. Targeted marketing and aggregated data................................................................... 11
B. Permissible purposes ............................................................................ 12
1. Written instructions of the consumer........................................................................ 12
2. Legitimate business need .........................................................................................13
3. Data security and data breaches................................................................................14
C. Disputes ............................................................................................ 15
1. Disputes involving legal matters...............................................................................15
2. Disputes involving systemic issues...........................................................................16
D. Medical debt collection information......................................................... 17
E. Implementation period .......................................................................... 19
IV. Potential Impacts on Small Entities.............................................................................19
A. Overview........................................................................................... 19
B. Small entities covered by the proposals under consideration .......................... 20
C. CFPB review of implementation processes and costs.................................... 22
1. Costs imposed on entities not currently complying with the FCRA............................ 23
2. Costs imposed on entities currently complying with the FCRA.................................. 23
D. Consideration of the impacts on business operation and revenues ................... 23
E. Additional impacts of proposals under consideration.................................... 24
F. Impact on the cost and availability of credit to small entities ......................... 24
Appendix A—Fair Credit Reporting Act................................................................................25
Appendix B—Excerpt from Regulation V, 12 CFR 1022........................................................ 91

09/15/23

CFPB Director Rohit Chopra Addresses Mortgage Post-Crisis Reforms and Importance of Consumer Protection Regulations

Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra recently addressed The Mortgage Collaborative National Conference recounting the Congressional response to the mortgage industry crisis that began in 2008 that resulted in the creation of the CFPB. Mr. Chopra emphasized that challenges to the validity and authority of the CFPB could hurt the stability of the U.S. housing market and broader consumer protections. Mr. Chopra’s remarks began with a brief history of the 2008 mortgage market crash, and how the actions of IndyMac Bank resulted in one of the largest ever bank failures managed by the FDIC. In response, Congress shook up the federal financial regulators by shutting down the Office of Thrift Supervision and stripping authorities from a number of banking regulators, transferring these authorities to the CFPB.

09/15/23

9 Consumer Finance Issues to Note From CFPB Report

Published in Law360 on September 15, 2023. © Copyright 2023, Portfolio Media, Inc., publisher of Law360. Reprinted here with permission. In July, the Consumer Financial Protection Bureau published a report highlighting various unfair, deceptive, and abusive acts or practices it claims to have uncovered during its supervisory examinations from July 2022 to March 2023. The summer 2023 report covers, among other things, what the CFPB considers to be unfair and deceptive acts or practices in areas such as automotive loan origination and servicing; consumer reporting; debt collection; deposits; fair lending; information technology (for the very first time); mortgage origination and servicing; payday and small-dollar lending; and remittances. Here are the most significant issues identified by the CFPB.

09/14/23

This is when mortgage interest rates will fall, experts say

Over the past year and half, the Fed has gradually increased interest rates by about 5%. While the hikes have helped to cool inflation, they've also driven up the cost of getting a mortgage. During the pandemic, Americans saw record-low mortgage rates in the ballpark of 3%. Now, they've plateaued around 7%. If you're wondering how long they'll stay there and if it's a good time to buy a home, then it helps to know what some experts think.

09/13/23

Breaking Down August Foreclosure Filing Report Data

August 2023’s Foreclosure Market Report, curated by ATTOM Data, showed that there was a total of 33,952 residential real estate properties with foreclosure filings against them, a number that jumped 7% from July but decreased by 2% year-over-year. A foreclosure filing is defined by ATTOM as a default notice, bank repossession, or scheduled auctions

09/12/23

CFPB Affirms HUD RESPA Guidance Related to Housing Credit Counselors
The Consumer Financial Protection Bureau (CFPB) has been making waves in the mortgage settlement services space with its renewed increased attention to the Real Estate Settlement Procedures Act’s (RESPA) anti-kickback provisions. For instance, in August, the Bureau issued a $1.75 million civil penalty against a non-bank mortgage company and a real estate brokerage firm for alleged RESPA Section 8 violations. And earlier this year, the CFPB issued new guidance related to digital mortgage comparison shopping platforms. Continuing this trend,

09/12/23

Grab an Easy Chair and Watch 21 Experts Explore the Path from the Collapse of Lehman Brothers to This Spring’s Banking Crisis to the Urgency of Defanging the Mega Banks
The outspoken nonprofit watchdog, Better Markets, and its co-founder, President and CEO, Dennis Kelleher, have planned a unique full-day webinar for tomorrow from 9:30 a.m. to 5:00 p.m. ET. (Register here at no cost. You do not need Zoom to watch the program.) For millions of Americans who understand that the U.S. cannot remain a superpower, or even compete effectively on the world stage without a first-class banking system and a properly functioning Wall Street, this is an opportunity to hear from people who have been on the front lines of the battle for genuine reform for decades. Wall Street On Parade has covered the efforts of many of these individuals over the years.

09/10/23

Loan Servicing Software Market Trends Report 2023-2030 | 108 Pages Report

[108 Pages Report] "Loan Servicing Software Market" Market Size, Share and Industry Trends Analysis Report By Applications (Auto Lending, Title Lending, Mortgage),Types (Cloud-based, On-premise), By Regional Outlook and Forecast, 2023-2030. The report presents the research and analysis provided within the Loan Servicing Software Market Research is meant to benefit stakeholders, vendors, and other participants in the industry. The Loan Servicing Software market is expected to grow annually by magnificent (CAGR 2023 - 2030).

09/09/23

Residential Mortgage Service Market Size 2023 | Historic Data with New Benchmarks till 2030 | No of Pages 118

| The Research Report on Residential Mortgage Service Market | This extensive report comprises 118 pages and features a detailed table of contents, along with figures and charts that assist thorough analysis. Moreover, the report provides a comprehensive estimation of the market's pre and post-COVID-19 impact, accompanied by an overview of the current situation in each region.

09/08/23

Examining QC Trends in the Mortgage Servicing Space

MetaSource, LLC, a mortgage compliance services partner, has published its annual servicing quality control (QC) findings report which reveals that while the market was contracting amid plummeting volumes and shrinking workforces in 2022, servicing documentation challenges were not. During its servicing QC audit findings analysis, MetaSource reported several document-related issues that have plagued servicers for years, but the team also uncovered a fresh layer of documentation challenges.

09/08/23

Treatment of Mortgage Loans and Mortgage Servicing Rights Under the Hart-Scott-Rodino Act

Transactions involving the purchase and sale of residential mortgage loans and mortgage servicing rights (“MSRs”) frequently raise the question of whether they require submitting premerger notification filings to the Federal Trade Commission (“FTC”) and the Department of Justice (“DOJ”) under the Hart-Scott-Rodino Act (“HSR Act”). This Legal Update provides an overview of how residential mortgage loans, MSRs and related assets are treated for HSR purposes in the context of asset or servicing platform sales and equity transactions pertaining to entities that hold mortgage loans or MSRs, including residential mortgage servicers.

09/07/23

Acadian Asset Management Acquires Position in Ocwen Financial, Evaluating Potential Impact on Stock Performance

Acadian Asset Management LLC, a global investment management firm, recently acquired a new position in Ocwen Financial Corporation (NYSE:OCN). According to their filing with the Securities and Exchange Commission, Acadian Asset Management purchased 12,612 shares of the financial services provider’s stock during the first quarter. These shares were valued at approximately $341,000. At the end of the reporting period, Acadian Asset Management owned 0.17% of Ocwen Financial.
Ocwen Financial Corporation is a prominent company in the financial services industry. It operates in various regions including the United States, United States Virgin Islands, India, and the Philippines. The company has two main segments – Servicing and Originations.

09/07/23

25 years of low-income foreclosure protections are at stake in this Maine caseA case that has sat before the Maine Supreme Judicial Court since late 2021 could upend the state’s policies on foreclosures and default notices that lenders send to borrowers. The state’s highest court has yet to issue a ruling in the case, J.P. Morgan Acquisition Corp. v. Camille Moulton, since receiving the appeal in December 2021 and asking in August 2022 for interested parties to weigh in. At stake is 25 years of legal precedent in Maine that has prevented lenders from going after borrowers repeatedly for loan defaults by “accelerating” a note, or asking for repayment at once, if they initially sought back, for example, an incorrect amount of money.

A case that has sat before the Maine Supreme Judicial Court since late 2021 could upend the state’s policies on foreclosures and default notices that lenders send to borrowers. The state’s highest court has yet to issue a ruling in the case, J.P. Morgan Acquisition Corp. v. Camille Moulton, since receiving the appeal in December 2021 and asking in August 2022 for interested parties to weigh in. At stake is 25 years of legal precedent in Maine that has prevented lenders from going after borrowers repeatedly for loan defaults by “accelerating” a note, or asking for repayment at once, if they initially sought back, for example, an incorrect amount of money.

09/05/23

Intercontinental Exchange Completes Acquisition of Black Knight and Announces Preliminary Results of Elections Made by Black Knight Stockholders in Connection with the Acquisition

Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, and Black Knight, Inc. (NYSE: BKI), a software, data and analytics company that serves the housing finance continuum, including real estate data, mortgage lending and servicing, as well as the secondary markets, today announced that ICE has completed its acquisition of Black Knight. The Black Knight acquisition follows ICE’s 2020 acquisition of Ellie Mae, its 2019 acquisition of Simplifile, and its 2018 acquisition of Mortgage Electronic Registrations Systems (MERS), which together created the foundation of its ICE Mortgage Technology business segment.

09/01/23

Attorney General Bonta Announces Settlement with Mortgage Servicer over Failure to Properly Process Military Reservists’ Mortgage Deferment Requests

OAKLAND – California Attorney General Rob Bonta today announced a settlement with The Money Source, Inc. (TMS), resolving allegations that the company failed to properly process, and timely grant, mortgage deferment requests made by California military reservists called to active duty. Under the California Military and Veterans Code, including the California Military Families Financial Relief Act (CMFFRA), reservists called to active duty can defer payments on certain financial obligations — including their mortgage, credit cards, property taxes, car loans, utility bills, and student loans — if they submit a written request and a copy of their military orders to the lender or other appropriate entity. Last year, the California Department of Justice (DOJ) received a credible complaint alleging that TMS mishandled a reservist’s mortgage deferment request. Subsequently, DOJ launched an investigation into TMS’s processes for handling mortgage deferment requests. As part of today’s settlement, TMS will pay $58,000 in penalties, fully reimburse the affected reservists, and be subject to injunctive terms.

09/01/23

End-of-year foreclosure activity should gain steam

A vestige of emergency loss- prevention policies implemented during the COVID-19 pandemic have kept the U.S. foreclosure market funnel partially clogged. But many of the nation’s mortgage servicers expect foreclosure volume to gradually pick up speed in the final months of 2023. That’s according to a survey of more than 50 representatives from leading mortgage servicers and government agencies conducted this past June at the Auction.com Disposition Summit.

09/01/23

CoreLogic: Mortgage Delinquencies, Foreclosure Rates at Historic Lows

For the month of June, 2.6% 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 0.3 percentage point decrease compared with 2.9% in June 2022 and unchanged from May 2023. To gain a complete view of the mortgage market and loan performance health, CoreLogic examines all stages of delinquency. In June 2023, the U.S. delinquency and transition rates and their year-over-year changes were as follows:

09/01/23

Latest Grifting by Supreme Court Justice Clarence Thomas Is Just Tip of the Iceberg
After the public interest news outlet, ProPublica, revealed more grifting by Supreme Court Justice Clarence Thomas in April, the Supreme Court finally released the much delayed financial disclosure form for calendar year 2022 for Thomas yesterday. Thomas grudgingly provided details of some of that grifting involving billionaire Harlan Crow. But this latest grifting saga is just the tip of the iceberg for Thomas and his wife, Virginia “Ginni” Thomas. In 2011 the watchdog group, Protect our Elections, filed a bar complaint with the Missouri Supreme Court. At the time, Thomas was admitted to practice law in the State. The complaint asked for the disbarment of Thomas on the following grounds:

09/01/23

Illinois Homeowner Assistance Fund Program Closing in 60 Days
CHICAGO - The Illinois Housing Development Authority (IHDA) announced the Illinois Homeowner Assistance Fund (ILHAF) will no longer accept applications beginning at 11:59 p.m. on Tuesday, Oct. 31, 2023. ILHAF supports qualified homeowners with grants of up to $60,000 for past-due mortgage payments, property taxes, property insurance and homeowner and/or condo association fees. Any application submitted prior to closing will be reviewed to determine eligibility and a submitted application is not a guarantee of approval. Eligible Illinois homeowners can apply online at www.illinoishousinghelp.org.

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