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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06/06/24

Top 10 U.S. Housing Markets Least At-Risk of Declines in Q1 2024 Attom

Top 10 U.S. Housing Markets Least At-Risk of Declines in Q1 2024
According to ATTOM’s newly released Q1 2024 Special Housing Risk Report, California, New Jersey, and Illinois once again had the highest concentrations of the most at-risk markets in the country, with significant clusters in the New York City and Chicago areas, as well as inland California. Conversely, less vulnerable markets were predominantly spread across the South and Midwest.
The analysis also noted that the first-quarter patterns, based on gaps in home affordability, underwater mortgages, foreclosures, and unemployment, revealed that California, New Jersey, and Illinois accounted for 34 of the 50 U.S. counties most exposed to potential declines. As in previous years, these concentrations dominated the list of metropolitan areas more at risk of downturns.

06/06/24

The Consumer Financial Protection Bureau Is Making Enemies in All the Right Places Wall Street On Parade

The Consumer Financial Protection Bureau Is Making Enemies in All the Right Places
Fresh off a big win at the U.S. Supreme Court on May 16, the Consumer Financial Protection Bureau (CFPB) is wasting no time in its heady pursuit of financial bad actors preying on the little guy. On Monday, the federal agency announced it was creating a public registry to help law enforcement, investors and the public check the history of repeat offenders in finance. The CFPB already offers consumers who have been victimized by a financial firm the ability to file a public complaint with the CFPB. The agency then quickly demands a written response from the alleged wrongdoer. Repeat offenders dislike the fact that these complaints go into a permanent database at the CFPB, which can be mined by the public, reporters, attorneys and prosecutors looking for patterns of fraud. (For how Wall Street On Parade put that complaint database to good use, read our report: The Apple Credit Card Provided through Goldman Sachs Has Created a Living Hell According to Consumer Complaints.)

06/03/24

Consumer watchdog creates corporate ‘repeat offender’ registry The Hill

Consumer watchdog creates corporate ‘repeat offender’ registry
The federal government’s top consumer watchdog is establishing a registry to track companies and people who repeatedly break consumer protection laws, the Consumer Financial Protection Bureau (CFPB) announced Monday.

06/04/24

Freddie (and Fannie) and the Coming Nightmare on Main Street National Review

Freddie (and Fannie) and the Coming Nightmare on Main Street
Government-sponsored mortgage companies are growing larger and riskier in service of social policy. During the financial crisis, the federal government bailed out several financial institutions. But two in particular, Fannie Mae and Freddie Mac, the government-sponsored mortgage giants, stood out. Taxpayers shelled out $191 billion to support them — combined, this was the largest bailout in American history — and for the past decade and a half the two institutions have been under government control. Americans who thought the government would rein in Fannie and Freddie after their failures were sorely mistaken. The companies have only gotten larger. The Biden administration in particular has tried to make Fannie and Freddie bigger, and the result ...

06/02/24

$517,000,000,000 in Unrealized Losses Hit US Banking System, FDIC Says 63 Lenders on ‘Problem List’ Daily HODL

$517,000,000,000 in Unrealized Losses Hit US Banking System, FDIC Says 63 Lenders on ‘Problem List’
A US banking regulator says $384 million will soon be handed to victims of an online bank’s illegal practices. Unrealized losses in the US banking system are once again on the rise, according to new numbers from the Federal Deposit Insurance Corporation (FDIC). In its Quarterly Banking Profile report, the FDIC says banks are now saddled with more than half a trillion dollars in paper losses on their balance sheets, due largely to exposure to the residential real estate market.

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