Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

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08/28/24

Couple sue bank, real estate company over Caribou home foreclosure
CARIBOU, Maine — A couple is suing a Caribou bank and real estate company, among others, for allegedly conspiring to foreclose on their home illegally and causing water damage that prevented it from being sold.

08/27/24

Jamie Dimon’s Washington Post OpEd Gets Pummeled at Yahoo Finance
The P.R. genius at JPMorgan Chase that thought it would be a good idea to have Jamie Dimon lecture the next president of the United States on how to run the country in an OpEd (paywall) at the Washington Post will likely be seeking a career change soon. Dimon is the Chairman and CEO of the largest and riskiest bank in the United States. Under Dimon’s tenure, the bank has racked up five felony counts which showcase Dimon as the worst possible source of sound leadership advice.

08/21/24

CFPB Takes Action Against Fay Servicing for Illegal Foreclosure Actions and Violating Law Enforcement Order
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today ordered Fay Servicing to pay a $2 million penalty for violations of mortgage servicing laws, as well as for violations of a 2017 agency order that addressed its illegal foreclosure practices. The company failed to implement the order’s requirements and continued to break the law. Fay Servicing took prohibited foreclosure actions against borrowers requesting mortgage assistance, failed to offer borrowers mortgage assistance options available to them, and overcharged for private mortgage insurance. In addition to the civil money penalty, the CFPB’s order requires Fay Servicing to pay consumer redress of $3 million and to invest $2 million to update its servicing technology and compliance management systems. The order also puts compensation limits on Edward Fay, the company’s Chairman of the Board and Chief Executive Officer (CEO), if Mr. Fay does not take actions necessary to ensure compliance with the order. “Fay Servicing ignored a law enforcement order by taking steps to foreclose on homeowners who are shielded by housing protection laws,” said CFPB Director Rohit Chopra. “The CFPB’s order will put the CEO’s pay at risk if Fay continues to break the law.”

08/21/24

Zombie Foreclosure Rate Continues to Decline in Third Quarter of 2024, Marking Lowest Level Since 2021
IRVINE, CA – Aug. 22, 2024 — ATTOM, a leading curator of land, property, and real estate data, today released its third-quarter 2024 Vacant Property and Zombie Foreclosure Report showing that 1.4 million (1,357,423) residential properties in the United States are vacant. That figure represents 1.3 percent, or one in 76 homes, across the nation – roughly the same as in the second quarter of this year.

08/20/24

18 CFPB Actions in 2024 Aiding Private Consumer Litigants
CONTENTS Land Installment Sale Contracts (Contracts for Deed) Must Comply with TILA
Buy Now, Pay Later Loans to Purchase Goods Now Covered By TILA
CFPB Explains Why Earned Wage Advances Must Comply with TILA—Even Though Many Don’t Now
Registry of Enforcement Actions Against Non-Banks
CFPB Examination Finds Numerous Mortgage Servicing Violations
CFPB Explains Why Credit Reporting Practices Violate the Fair Credit Reporting Act
CFPB Finds Debt Collectors Flouting Regulation F
Abuses Committed by Major Automobile Creditors
Student Loan Servicing Abuses
Financial Institution Improper Practices After Bank Accounts Frozen or Closed
Current Abuses Involving Remittance Transfers
CFPB Supervision Points to Systematic Credit Card Abuses
Credit Card Penalty Fees Final Rule Not Yet in Effect
Mere Inclusion of Illegal or Unenforceable Contract Terms Is Deceptive
Unfair or Deceptive Practices Involved with Digital Shopping for Financial Products
Protections for Corporate Whistleblowers
Standards for Home Appraisals

08/20/24

All the Devils from 2008 Are Back at the Megabanks: Leverage, Off-Balance-Sheet Debt, Over $192 Trillion in Derivatives, Shaky Capital Levels
As indicated on the above graph, as of December 31, 2023, Goldman Sachs Bank USA, JPMorgan Chase Bank N.A., Citigroup’s Citibank and Bank of America held a staggering total of $168.26 trillion in derivatives out of a total of $192.46 trillion at all federally-insured U.S. banks, savings associations and trust companies. That’s just four banks holding 87 percent of all derivatives at all 4,587 federally-insured financial institutions in the U.S. that existed as of December 31, 2023.

08/20/24

Wells Fargo to Sell Most of Its CRE Loan Servicing Business to Trimont
(Bloomberg) -- Wells Fargo & Co. agreed to sell most of its commercial mortgage servicing business to Trimont LLC, ceding the title of biggest US commercial and multifamily mortgage servicer to the Atlanta-based firm.

08/16/24

Missouri woman arrested in Elvis Graceland foreclosure scheme
Aug. 16 (UPI) -- A Missouri woman was arrested Friday morning and now faces federal charges related to an accused scheme to defraud the estate of Elvis Presley and foreclose on his iconic mansion. Lisa Jeanine Findley is accused of creating false documents alleging Presley's daughter Lisa Marie Presley took out a $3.8 million loan against her father's Graceland mansion in Memphis, Tenn., the Justice Department said in a statement Friday.

08/15/24

New Study Says the Fed Is Captured by Congress and White House — Not the Megabanks that Own the Fed Banks and Get Trillions in Bailouts
A fascinating new academic paper has been released. Its title is “The Myth of Fed Political Independence.” Its premise is this: “The much-vaunted independence of the Federal Reserve is a myth. The Fed is not the bastion of sound monetary policy. Rather, it is just another politically coopted agency of the federal government.”

08/15/24

U.S. FORECLOSURE ACTIVITY SEES A MONTHLY INCREASE IN JULY 2024
IRVINE, Calif., Aug. 15, 2024 /PRNewswire/ -- ATTOM, a leading curator of land, property, and real estate data, today released its July 2024 U.S. Foreclosure Market Report, which shows there were a total of 31,929 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 15 percent from a month ago and up slightly by .2 percent from a year ago. "July's foreclosure activity reflects a slight shift in the housing market," said Rob Barber, CEO at ATTOM. "With an 18 percent increase in foreclosure starts and a 14 percent rise in completed foreclosures from last month, these shifts may highlight growing pressures in certain areas. However soaring home prices seem to continue and have spiked the value of homes across the nation, which boosts equity for homeowners at virtually every stage of paying off mortgages. Monitoring these next few months will help us better understand the implications for the real estate sector."

08/15/24

American Home Protection Program Helps Clients From Impending Foreclosure
Covid moratorium is over and foreclosure filings are up and funds for the Homeowner Assistance Fund have been depleted. Struggling homeowners need help now. BOULDER, COLORADO, UNITED STATES, August 15, 2024 /EINPresswire.com/ -- As the economy slowly recovers many homeowners find themselves in a tough position. The pandemic created financial turmoil for millions of Americans and it has been difficult for some to recover. Due to increased debt loads and high interest rates, it is difficult to refinance mortgage loans. Many homeowners are falling behind on their payments.

08/14/24

Corresp., Servicing Products; Freddie/Fannie News; CPI Helpful; Interview With MBA's Fratantoni
This morning I head through Chicago to Michigan to the MMLA Conference, where one of the discussion topics will be the NAR changes and how they impact lenders (if they do). What would some consider a great job for a “washed up creative” to do? Well, as this short video that Maryland’s Ken S. points out, real estate agent comes to mind, and reminds us that three out of four participants in a real estate transaction have no interest in a low price, and in fact want a higher price.

08/12/24

Investor blocks Fannie Mae foreclosure of Houston apartments Owner has $95M deal to sell; investor SITG claims foreclosure attempt based on “manufactured technical, non-payment defaults”
Investment firm SITG Capital requested an emergency restraining order last week in an attempt to protect its $5 million stake in Village at Piney Point, a 1,094-unit complex at 2601 Lazy Hollow Drive. SITG claimed Fannie Mae was carrying out an “imprudent, if not illegal, foreclosure” that’s based on “manufactured technical, non-payment defaults.” On the same day as the scheduled foreclosure sale, a Texas Southern District court judge approved an injunction that expires on Aug. 15, when a hearing will be held to determine if the restraining order should stay in effect, court records show.

08/07/24

CFPB Proposes New Rules Aimed at “Streamlining” Mortgage Servicing
On July 10, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) proposed a rule it says will streamline mortgage servicing and the loss mitigation process. If enacted, the proposed rule would significantly revise the Real Estate Settlement Procedures Act (RESPA), including regulations related to loss mitigation procedures and reviews, early intervention procedures, and errors in servicing mortgage loans. The Bureau also sought comment on a myriad of servicing issues, like “zombie mortgages,” which it has identified as problematic through advisory opinions and enforcement actions. Here are four proposed changes for loan servicers to be aware of, plus potential future changes the Bureau is considering. 1. Big Changes to Loss Mitigation Review and Borrower Safeguards (12 C.F.R. § 1024.41)
2. Changes to Early Intervention Requirements (12 C.F.R. § 1024.39)
3. Improper Loss Mitigation Determination Equals an Error in Servicing (12 C.F.R. § 1024.35)
4. Seeking Comment on New Mortgage Servicing Issues

08/07/24

New York company accused of pushing Black families into foreclosure to seize land near Obama Presidential Center
A new lawsuit filed against the lender behind the controversial real estate coaching company "iFLIP Chicago" alleges that the company took advantage of inexperienced Black investors in an effort to seize land near the future home of the Obama Presidential Center on Chicago's South Side. LIVES FLIPPED UPSIDE DOWN For months, NBC 5 Responds has heard from dozens of Chicagoans who said a real estate camp that was supposed to teach them how to flip homes instead flipped their lives upside down.

08/07/24

Here Come the HELOCs: Mortgages, the Burden of Mortgage Debt, Delinquencies, and Foreclosures in Q2
Mortgage balances rose by just $77 billion, or by 0.6% in Q2 from Q1, the smallest percentage increase since the dip in Q2 2023, and the second smallest since 2018, to $12.5 trillion. Year-over-year, balances are up 4.2%, according to the Household Debt and Credit Report from the New York Fed today, as sales of existing homes have been creeping along rock-bottom, new-home sales are also down but not as much, and mortgage applications to purchase a home have collapsed by nearly half compared to 2019, while people with cash are foregoing mortgages altogether.

08/03/24

How Unelected Regulators Unleashed the Derivatives Monster – and How It Might Be Tamed
While the world is absorbed in the U.S. election drama, the derivatives time bomb continues to tick menacingly backstage. No one knows the actual size of the derivatives market, since a major portion of it is traded over-the-counter, hidden in off-balance-sheet special purpose vehicles. However, when Warren Buffet famously labeled derivatives “financial weapons of mass destruction” in 2002, its “notional value” was estimated at $56 trillion. Twenty years later, the Bank for International Settlements estimated that value at $610 trillion. And financial commentators have put it as high as $2.3 quadrillion or even $3.7 quadrillion, far exceeding global GDP, which was about $100 trillion in 2022. A quadrillion is 1,000 trillion.
Most of this casino is run through the same banks that hold our deposits for safekeeping. Derivatives are sold as “insurance” against risk, but they actually add a heavy layer of risk because the market is so interconnected that any failure can have a domino effect. Most of the banks involved are also designated “too big to fail,” which means we the people will be bailing them out if they do fail.

08/01/24

JPMorgan Is Tapping Illiquid Assets in its Global Collateral Program; the New York Fed Is Paying for Its Services
On Monday, we wrote about the $2.3 trillion in agency mortgage-backed securities (MBS) that JPMorgan Chase is being paid to hold for the New York Fed as custodian and the multitude of related services for which it is billing the New York Fed on a monthly basis.

08/01/24

Attorney General Ellison obtains compensation from Rochester company for homeowners who lost their equity when in foreclosure
(ABC 6 News) — Minnesota Attorney General Keith Ellison announced today that his Office has reached a settlement with Rochester-based Dwell Equities, LLC (Dwell) over the company’s failure to comply with legal requirements for foreclosure rescue services. These failures included not providing homeowners with a portion of the equity in their homes. In the settlement, Dwell agreed to pay almost $240,000 to close the AG’s investigation and cease engaging in their foreclosure rescue services.

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