Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

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06/27/25

Fannie & Freddie Establish Joint Venture To Advance FinTech Services A new report revealed that U.S. Financial Technology, LLC (U.S. Fin Tech) was established by Fannie Mae and Freddie Mac (the Enterprises) to replace Common Securitization Solutions (CSS), their jointly owned heritage business. The name U.S. Fin Tech more accurately captures its vital role in offering businesses cutting-edge, creative technology and business solutions. CSS, currently officially known as U.S. Financial Technology LLC, is a Delaware-based business that is governed by the Federal Housing Finance Agency (FHFA) and co-owned by Freddie Mac and Fannie Mae.

06/26/25

Today’s podcast episode: What is Happening at the Federal Agencies That is Relevant to the Residential Mortgage and Settlement Service Industries We are releasing today on our podcast show a repurposed webinar that we produced on June 11, 2025 entitled “What is happening at the federal agencies that is relevant to the residential mortgage and settlement service industries.” During this podcast, we will inform you about recent developments at federal agencies, including the CFPB, HUD/FHA, OCC, FDIC, FRB and USDA (collectively, the “Agencies”), as well as Congress, the White House, states and the courts. Some of the issues we consider are:

06/20/25

Percent of Properties Seriously Underwater by State for the First Quarter 2025 ATTOM’s latest data on the proportion of seriously underwater mortgages for the first quarter 2025 show that the percentage of seriously underwater homes nationwide remained relatively steady nationally and increased from 2.5% in the fourth quarter of 2024 to 2.8% in the first quarter of 2025. Although a 0.4% increase, the finding compares favorably to the 6.6% rate that was reported in the first quarter of 2020.
This article reports on the latest trends in the percentage of properties seriously underwater by state. The term “seriously underwater” refers to properties where the loan balance exceeds the market value by at least 25%.

06/15/25

ATTOM: Foreclosure Starts Decreased in April, While Completed Foreclosures Increased A total of 35,498 U.S. properties saw foreclosure filings — default notices, scheduled auctions or bank repossessions — in May, down 1% compared with April but up 9% from a year ago, according to ATTOM. Lenders started the foreclosure process on 24,165 properties in May, down 4% from the previous month but up 8% from a year ago. States that had the greatest number of foreclosure starts in May included Texas (3,077), Florida (2,780), California (2,641), Illinois (1,242), and New York (1,222). Lenders repossessed 3,844 U.S. properties through completed foreclosures (REOs) in May, up 7% from April and up 34% from May 2024. States that had the greatest number of REOs included Texas (460), California (300), Pennsylvania (257), Michigan (236) and Florida (234). “Foreclosure activity in May reflected a mixed picture with fewer starts but a continued rise in completed foreclosures,” says Rob Barber, CEO at ATTOM, in the report. “This suggests that while fewer new defaults are being initiated, lenders may still be working through a backlog of existing cases. We’ll be watching closely in the months ahead to see how these

06/15/25

VIOLATING THE SPIRIT OF AMERICA: HOME EQUITY THEFT IN MASSACHUSETTS Table of Contents
Executive Summary
The Calkinses Lose the American Dream
Home Equity Theft Violates Property Rights
An Unjust System
An Unconstitutional System
On a Mission to End Home Equity Theft Nationwide
Crushing the Spirits of Commonwealth Families
Hundreds of Homes Taken
Millions in Savings Lost
Massachusetts Institutions Grossly Profit
Local Governments
Private Investors
Fixing the Three-Legged Stool: Balancing the Interests of Homeowners, Local Governments, and Private Investors
Legislative Reform
Local Administrative Changes
Court Rulings

06/15/25

Judges Can Be Sued Judges are not immune when they operate outside lawful jurisdiction...

06/05/25

Industry Preps For Changes To CFPB’s Pandemic-Era Mortgage Servicing Rule The Consumer Financial Protection Bureau (CFPB) recently rescinded a pandemic-era Mortgage Servicing Final Rule (Federal Register, Docket No. CFPB-2025-0014). The interim final rule (IFR) rescinds the final rule “Protections for Borrowers Affected by the COVID-19 Emergency Under the Real Estate Settlement Procedures Act (RESPA), Regulation X,” originally issued June 25, 2021. br>“The Bureau finds that it has good cause to remove, without prior notice and comment, language relating to the COVID-19 pandemic added by the 2021 COVID RESPA Rule, as prior notice and comment is unnecessary,” states the new rule. “Both the temporary additional early intervention live contact requirements and the temporary special COVID-19 loss mitigation procedural safeguards have been sunset by their own terms, and the COVID-19 Public Health Emergency expired on May 11, 2023.”

06/05/25

CFPB Post-Crisis Mortgage Loan Pay Rule Eyed for Trump Rollback Abolishing a longstanding Consumer Financial Protection Bureau rule limiting how mortgage loan originators get paid is on a list of proposals the agency is submitting for White House review. The five early-stage proposals the CFPB sent to the Office of Information and Regulatory Affairs on Wednesday also touch on mortgage servicing, mortgage closings, and the scope of the agency’s supervisory powers over debt collectors and consumer credit reporting companies. Only the CFPB’s mortgage loan originator compensation rule, which took effect in January 2014, was marked for rescission, according to an online OIRA dashboard.

06/04/25

FHA Clarifies Servicing Rules To Preserve Borrower Protections
The Federal Housing Administration (FHA) has issued Mortgagee Letter (ML 2025-14), which clarifies and streamlines servicing requirements for FHA-insured loans—reducing burdens on servicers, while maintaining strong borrower protections.
The updated guidance provided in Mortgagee Letter 2025-14 (Updates to Modernization of Engagement With Borrowers in Default and Loss Mitigation) expands borrower contact requirements in a way that makes it easier to reach more borrowers in a timely and effective manner. FHA also provided clarity in Reg X requirements and issued technical corrections to recent loss mitigation policies.
Released in December 2024, Mortgagee Letter 2024-24 (Modernization of Engagement with Borrowers in Default), was issued to expand ways for borrowers to meet with lenders following the success of remote meetings throughout the pandemic. After review of this policy, originally planned to go into effect July 1, the U.S. Department of Housing & Urban Development (HUD) felt that the provisions in the prior guidance required changes.

06/04/25

‘Zombie’ foreclosures and mutating mortgage lenders plague Floridians in epilogue of 2000s subprime scandal
Karina Lopez belongs to a club nobody wants to join: foreclosure defendants who once thought their mortgage problems were over. They most definitely are not. Lopez, 51, is fighting a third foreclosure against the modest home she bought for cash in North Miami’s affluent San Souci district more than 20 years ago. Her mortgage issues began in 2008 when Bank of America offered her a $200,000 home equity line of credit and, later, a loan modification.

06/02/25

Scheme could lead to homes being sold without the owner knowing, New Hampshire authorities warn
MANCHESTER, N.H. — The New Hampshire Attorney General's Office is warning Granite Staters about a scheme known as quit claim deed fraud. Authorities said deed fraud happens when scammers forge documents for a fraudulent transfer of ownership in property without the real owner's knowledge. The scammers will then attempt to record the forged documents with the register of deeds in the county where the real estate is located. If successful, the scammers could sell the property, take out a mortgage on it, or rent the property before the real owner knows what happened.

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