Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

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06/06/24

The Fed Posts Historic Operating Losses As It Pays Out 5.40 Percent Interest to Banks
According to Federal Reserve data, for the first time in its history, the Fed has been losing money on a consistent monthly basis since September 28, 2022. As of the last reporting date of June 19, 2024, those losses add up to a cumulative $176 billion. As the chart above using Fed data shows, the losses thus far in 2024 have ranged from a monthly high of $11.076 billion in February to a low of $5.674 billion in May.
These losses are separate and distinct from the unrealized losses the Fed is experiencing on the debt securities it holds on its balance sheet. It does not mark those losses to market since it intends to hold the securities to maturity and their principal is guaranteed at maturity by the U.S. government.
The losses shown in the above chart are actual cash operating losses that result from the fact that the Fed is earning significantly less interest on its debt securities than the high rates of interest the Fed is paying out to depository banks on their reserves held at the Fed; to mutual funds on its reverse repo operations; and in dividend payments to the banks that are shareowners of the 12 regional Fed banks.

06/19/24

‘Zombie mortgages’ come back to haunt thousands of homeowners now facing foreclosure
Thousands of homeowners face the risk of losing their homes due to “zombie mortgages” bought by companies — with some forcing foreclosures without their knowledge, according to a shocking report.. Many of the stunned homeowners took out second mortgages during the subprime lending housing bubble between 2004 and 2008 that they believed were written off — only to learn the mortgages have come back to haunt them. An investigation by NPR found at least 10,000 old second mortgages that foreclosure activity had been initiated on in just the last two years.

06/18/24

CFPB Takes Action Against Sutherland Global and NOVAD Management Consulting for Reverse Mortgage Servicing Failures
WASHINGTON, D.C. - The Consumer Financial Protection Bureau (CFPB) today ordered a reverse mortgage servicing operation to stop illegal activities that harmed older homeowners and caused them to fear losing their homes. The CFPB found that the customer service operation of Sutherland Global, its subsidiaries Sutherland Government Solutions and Sutherland Mortgage Services, and NOVAD Management Consulting had inadequate resources and staffing to handle as many as 150,000 borrowers. This caused systematic failures to respond to thousands of homeowner requests for assistance, and caused financial harm to borrowers, including losing out on home sales and paying unnecessary costs.

06/06/24

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
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 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
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’
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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