Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

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01/23/25

$5.8M Nationstar Mortgage servicing class action settlement
Nationstar Mortgage agreed to pay $5.8 million to resolve claims it violated mortgage servicing laws, costing some borrowers to lose their homes to foreclosure.
The Nationstar settlement benefits two groups of affected homeowners: the service transfer population and the property preservation population.
The service transfer population includes borrowers whose loans were transferred in bulk to Nationstar for servicing between Feb. 1, 2011, and Dec. 18, 2017, whose loans became 30 days delinquent within 90 days of the service transfer and whose delinquency resulted in foreclosure.

01/23/25

Secondary mortgage market: What it is and how it works
Key takeaways
The secondary mortgage market is a financial marketplace, where investors buy and sell bundled packages consisting of many individual loans — called mortgage-backed securities. While you the homebuyer aren’t directly involved in it, the secondary market impacts your ability to get a mortgage and how much that loan costs. When you get a mortgage, you might expect to repay your lender over the next 15 or 30 years. However, the truth is that many banks and other lenders originate mortgages only to sell them to other investors.

01/23/25

U.S. SENATOR KATIE BRITT TO CHAIR BANKING SUBCOMMITTEE ON HOUSING, TRANSPORTATION, AND COMMUNITY DEVELOPMENT
WASHINGTON, D.C. – U.S. Senator Katie Britt (R-Ala.) today announced she will serve as Chairman of the Housing, Transportation, and Community Development Subcommittee on the Senate Committee on Banking, Housing, and Urban Affairs in the 119th Congress. The subcommittee has primary jurisdiction over the U.S. Department of Housing and Urban Development (HUD), the Federal Transit Administration (FTA), the Federal Housing Administration (FHA), and issues related to affordable and accessible housing, mortgage servicing, transit, and urban development.

01/21/25

Share of Mortgage Loans in Forbearance Decreases Slightly to 0.47% in December
WASHINGTON, D.C. (January 21, 2025) – The Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance decreased by 3 basis points from 0.50% of servicers’ portfolio volume in the prior month to 0.47% as of December 31, 2024. According to MBA’s estimate, 235,000 homeowners are in forbearance plans. Mortgage servicers have provided forbearance to approximately 8.5 million borrowers since March 2020.

01/20/25

CFPB: Mortgage Servicers Must Send Periodic Statements to Homeowners
The Consumer Financial Protection Bureau said Friday (Jan. 17) it is monitoring the market to ensure that mortgage servicers don’t attempt to evade federal consumer financial laws.
The regulator is doing so after sending information requests to mortgage servicers and finding that some of these companies failed to send periodic statements to homeowners whose loans accrued interest and fees and were subjected to collections activity, that most of these loans are concentrated among a few servicers, and that most of these loans last posted a payment in 2015 or earlier, the CFPB said in a Friday blog post.

01/16/25

Trump says he'll nominate Bill Pulte to run Fannie, Freddie regulator
Jan 16 (Reuters) - U.S. President-elect Donald Trump said on Thursday he would nominate Bill Pulte to be the next director of the Federal Housing Finance Agency (FHFA). "Bill needs no formal introduction to the Great Citizens of our Country, because they have seen, and many have experienced, his philanthropy firsthand," Trump wrote in a post on Truth Social. The FHFA regulates Fannie Mae and Freddie Mac, the mortgage giants that have operated under U.S. government control since 2008. The regulator is expected to play a central role in any effort to return the pair, which back the majority of the nation's residential mortgages, to the private sector.

01/15/25

PHH Mortgage and HUD reach a $3.5 million settlement over junk fees
The U.S. Department of Housing and Urban Development (HUD) and PHH Mortgage Corp. have reached a $3.5 million settlement to resolve allegations that the Mount Laurel, New Jersey-based mortgage company unlawfully charged fees to borrowers during mortgage payments. The practice is a violation of HUD’s Federal Housing Administration requirements. The settlement is the largest reimbursement amount to the most FHA borrowers in the history of HUD. The settlement, which did not constitute an admission of fault or liability for either party, includes PHH paying nearly $3.5 million to be reimbursed to 51,500 Federal Housing Administration borrowers that HUD alleges were illegally charged certain fees during 490,000 transactions. The fees were charged between May 2021 and February 2023.

01/13/25

Biggest mortgage servicing company in the nation coughs up $20 million to settle 2021 cybersecurity breach
HAGERSTOWN- The Maryland Department of Labor’s Office of Financial Regulation and 52 other state regulators reached a settlement with mortgage company Bayview Asset Management, LLC, and three of its affiliates—Lakeview Loan Servicing, Community Loan Servicing, and Pingora Holdings—for deficient cybersecurity practices and compliance failures following a 2021 data breach. The breach impacted 5.8 million customers nationwide, including 124,000 consumers in Maryland. As part of the $20 million multistate settlement, Bayview and its three named affiliates must pay $564,000 in fees and penalties to the State of Maryland.

01/12/25

Potential Impact of FHA’s Revised Defect Taxonomy on Mortgage Originators and Servicers
On January 7, 2025, the Federal Housing Administration (FHA) officially revised its Defect Taxonomy (Final Defect Taxonomy) with the publication of Mortgagee Letter (ML) 2025-01 and the related attachment detailing those changes. The changes are effective as of January 15, 2025, and will be implemented in Appendix 8.0 of FHA Handbook 4000.1 at a later date.

01/10/25

01/07/25

CFPB’s Successor Homeowner Issue Spotlight: The Other Side of the Story
On December 17, 2024, amid a flurry of activity by the Consumer Financial Protection Bureau (CFPB), the agency released an Issue Spotlight discussing “problems with mortgage companies” that homeowners face “after divorce or [the] death of a loved one.” The report relies on consumer complaints that have been submitted through the CFPB’s complaint portal to illustrate “the most common problems homeowners encounter with mortgage servicing companies” in these scenarios. In total, the report includes excerpts of 20 consumer complaints submitted between 2021 and 2024. According to the CFPB, the chosen complaints illustrate the following problems:

01/01/25

Elderly Yonkers Homeowner In Alleged “Wrongful Foreclosure” Questions Why Judge Marx Won’t Sanction Plaintiff for Violations
Mortgage Technology’s First Look report. Shereen Bobrowsky, the disabled Yonkers woman, a senior, who claims there’s an ongoing attempt to wrongfully foreclose on her property-and to harass and intimidate her-wants to know why Judge Paul I. Marx, who’s presiding over the case hasn’t sanctioned the opposing party for violating deadlines set by the court for delivery of documents.
Separately, after reviewing some of the documents that are on the docket in the State Supreme Court, Westchester County, White Plains, New York, in light of past reports about compromised records in various court jurisdictions, in New York and elsewhere, this reporter is curious as to why there were no decisions and orders of the many motions Ms. Bobrowsky entered that requested important items such as “the accounting” and the Pooling and Servicing Agreement (PSA).

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