Daily News related to the Foreclosure Crisis

The biggest unpunished heist in human history - Max Keiser

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03/28/25

Preliminary Injunction Granted in Case Against Illegal CFPB Shutdown
U.S. District Judge Amy Berman Jackson orders agency to reinstate fired employees, stop any reductions in force, preserve data and ensure employees can perform their statutorily mandated functions
WASHINGTON – Today, U.S. District Judge Amy Berman Jackson granted a motion for a preliminary injunction in the lawsuit brought by the National Consumer Law Center (NCLC) and other plaintiffs against the Consumer Financial Protection Bureau (CFPB) and CFPB Acting Director Russell Vought. In a 112-page opinion, the judge agreed that the defendants were trying to eliminate the agency and that the plaintiffs would be likely to prevail in showing that the law does not permit them to do so.

03/28/25

Fannie Mae’s chief compliance and ethics officer reportedly fired
Fannie Mae’s chief compliance and ethics officer, Nancy Jardini, has reportedly been fired by Bill Pulte, director of the Federal Housing Finance Agency (FHFA), according to a post on X by a Semafor reporter, citing an anonymous source familiar with the decision.

03/27/25

Probes of Big Tech and Finance Firms Freeze Up
Companies may avoid consequences for alleged wrongdoing as the CFPB drops lawsuits against Capital One and Rocket Homes and pauses investigations into Meta and others — including providers of medical credit cards. Since the Trump administration moved to dismantle the Consumer Financial Protection Bureau last month, the bureau has dropped nine lawsuits that it had brought on behalf of consumers.

03/26/25

Fannie Mae, Freddie Mac no longer required to police UDAP - FHFA
The Federal Housing Finance Agency (FHFA) has rescinded an advisory that would have required Fannie Mae, Freddie Mac, and the Federal Home Loan Banks to monitor and enforce unfair or deceptive acts or practices (UDAP) by lenders, servicers, and third parties.

03/22/25

A VA rescue effort saved 15,000 veterans' homes. Some in Congress want to scrap it
Kevin and Jenny Conlon live in upstate New York, not far from where he was stationed with the Army at Fort Drum. About 12 years ago, after Kevin's two combat tours in Iraq, the couple had a young kid and were struggling to pay rent and save money. Getting a VA loan meant that they could buy a house with no down payment. And they've been there ever since. "That's the longest I've been in one place," said Conlon.. "Without the VA loan, there was no way that we could have afforded to buy a house," his wife added. The VA home loan has long been a bedrock benefit of the G.I. Bill, giving vets a leg up into the middle class. But all that went awry for tens of thousands of vets like Conlon a few years ago, because of a blunder within the Department of Veterans' Affairs. The vets were left facing foreclosure after the VA scuttled a key part of a pandemic-era mortgage relief program. When NPR first uncovered the VA's mistake, there were about 40,000 vets in danger of losing their homes. The VA responded by halting foreclosures for a full year while it rolled out a rescue plan.

03/21/25

ICE: Mortgage Delinquencies Continued to Edge Up in February
The mortgage delinquency rate edged up to 3.53% in February, an increase of 1.45% compared with January and up 5.69% from February 2024, according to ICE Mortgage Technology’s First Look report. As of the end of February there were about 1.913 million residential properties in some state of delinquency (but not in foreclosure), an increase of about 28,000 compared with the previous month and up about 131,000 compared with February 2024. FHA mortgages accounted for 90% of the year-over-year rise in the number of delinquencies, despite making up less than 15% of all active mortgages, ICE says in the report. In addition, 4,100 homeowners in Los Angeles are now past due as a result of the wildfires, up from 700 in January, with daily performance data suggesting that number could edge higher in March.

03/19/25

How Artificial Intelligence (AI) is Undeniably Reshaping The Landscape of The Mortgage Industry
PALM BEACH, Fla., March 19, 2025 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - Industry insiders are saying that the mortgage industry is undergoing a transformative shift with the integration of Artificial Intelligence (AI). This cutting-edge technology is revolutionizing various aspects of the mortgage process, from application to regulatory compliance. A recent article by one such insider focused on AI in the Mortgage Industry said: “In the contemporary landscape of the mortgage industry, the infusion of Artificial Intelligence (AI) has ushered in a paradigm shift, influencing various facets of the lending process. Embracing AI in mortgage services has become synonymous with innovation, offering a spectrum of benefits to both lenders and borrowers.

03/18/25

U.S. Forbearances Moderate As Loan Workouts Increase
The overall number of loans now in forbearance fell by 2 basis points from 0.40% of servicers’ portfolio volume in the previous month to 0.38% as of February 28, 2025, according to the Mortgage Bankers Association‘s (MBA) Monthly Loan Monitoring Survey (LMS). MBA estimates that 190,000 homeowners are enrolled in forbearance schemes. Since March 2020, mortgage servicers have granted almost 8.6 million forbearances.

03/13/25

New FHFA Director Bill Pulte is focused on GSE reform
In a series of tweets Thursday evening, newly confirmed FHFA Director Bill Pulte made it clear that pulling Fannie Mae and Freddie Mac out of conservatorship is his top priority and wrote: “big announcements coming soon.” After reposting news of his Senate confirmation and thanking specific Senators and supporters, Pulte put out these statements from his page on X as separate tweets:
“Under President Trump’s leadership of the housing market, Fannie Mae and Freddie Mac have great potential to, safely and soundly, unleash opportunity for more Americans to realize the American Dream” “There are over 15,000 employees between Fannie Mae and Freddie Mac” “For far too long, Fannie Mae and Freddie Mac have been underperforming (compared to where they should be at) as companies and in Safety and Soundness but now, thanks to President Trump and his Golden Age of Housing, we will fix it, Effective Immediately!” “Fannie Mae and Freddie Mac are great American Icons, and under President’s leadership of America, they will return (safely and soundly) to their Glory!”
The choice of Pulte, the grandson of William J. Pulte who built a namesake homebuilding empire, to lead FHFA has been cheered by those in the housing industry, who see him an ally who understands the challenges of the housing market.

03/11/25

U.S. Foreclosure Activity Increases Monthly in February 2025
IRVINE, Calif. — March 11, 2025 — ATTOM, a leading curator of land, property data, and real estate analytics, today released its February 2025 U.S. Foreclosure Market Report, which shows there were a total of 32,383 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions – up 5 percent from the prior month but down 1.7 percent from a year ago.
“February’s rise in foreclosure filings suggests evolving market pressures,” said Rob Barber, CEO at ATTOM. “While some increase may reflect seasonal trends, the uptick in foreclosure starts both month-over-month and year-over-year signals potential shifts. We’ll continue monitoring how economic factors influence foreclosure activity moving forward.” Foreclosure completion numbers continue annual decline

03/06/25

Hear From The Experts: What’s Ahead For Mortgage Servicing?
The next installment of the Five Star Institute Webinar Series, set for Tuesday, April 8 at 1:00 p.m. Central, the Five Star Institute, in partnership with Selene Finance, will present “The State of Mortgage Servicing 2025.” The Five Star Institute Webinar Series aims to broaden the horizons of the mortgage industry, serving as a source for complimentary insights and education about critical industry topics led by subject-matter experts and company sponsors. For the second consecutive year, MortgagePoint and Selene Finance partner on an exclusive “state of the industry” webinar featuring insights from high-level mortgage servicing executives. From economic headwinds to policy and regulatory shifts in Washington, jump into Q2 of 2025 with an examination of where the industry stands and where the industry is headed in the months to come.

03/05/25

Legal League: Paving The Path For Servicing Professionals
Stephen M. Hladik serves as Chair of Legal League, and is a Partner at Hladik, Onorato & Federman LLP. Formerly a Deputy Attorney General in charge of the Harrisburg office of the Pennsylvania Bureau of Consumer Protection, Hladik brings a range of experience to his mortgage foreclosure; bankruptcy; tax sale; and Unfair, Deceptive, and Abusive Practices (UDAP) legal practice

03/03/25

7 Investigates: MA woman buys a home but courts say she can’t live in it
PLYMOUTH, MASS. (WHDH) - The excitement of moving back home was quickly replaced by shock for Meghan McIntyre. “It’s like a never-ending nightmare,” McIntyre said. The nightmare started last fall when McIntyre and her boyfriend decided to move back to Plymouth and purchase their own home. Months later, instead of moving into the house they bought, they are forced to rent an apartment while also paying the mortgage on a home they aren’t allowed to live in. Instead, someone else is living in the house. “I never knew something like this could happen,” McIntyre said. She believed the foreclosed property they purchased was vacant and abandoned. However, after she got the keys, the surprises started.

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