- Massachusetts | Supplemental and Friend-Of-The-Court Briefs Filed In Eaton v. Federal National Mortgage Ass’n (Fannie Mae)
- Fannie Mae Refuses to Return $42 Million Worth of “Stolen” Mortgages – SUFFOLK FEDERAL CREDIT UNION, Plaintiff, vs. FEDERAL NATIONAL MORTGAGE ASSOCIATION Defendant.
- Eaton – Dividing the Mortgage Loan and Affirming the Consequent
Feb
21
Eaton v. Federal National Mortgage Association | Massachusetts Home Seizures Threatened in Loan Case: Mortgages
Massachusetts Home Seizures Threatened in Loan Case: Mortgages Feb. 21 (Bloomberg) — The highest court in Massachusetts is poised to rule as soon as this month on a foreclosure case that could lead to a surge in claims from home owners seeking to overturn seizures. The justices are deciding whether to uphold a lower court … Read more
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Feb
21
Homes on the Homefront | Chase To Donate 100 “Bank Owned” Homes to Military, Wounded Warriors
Now don’t get me wrong. I’m all for homes being donated to our military members. I just have a problem that they were taken from another family to begin with. ~ Operation Homefront Launches “Homes on the Homefront” Program Chase To Donate 100 Homes and Support to Nonprofit SAN ANTONIO, Feb. 20, 2012 /PRNewswire-USNewswire/ — … Read more
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- Military “Deadbeats” | JP Morgan Chase Overcharged Troops on Mortgages and Illegally Foreclosed on Military Families
- MILITARY FORECLOSURE RATE UP 32% OVER 2008 | 20,000 Servicemembers, Veterans Lost their Homes in 2010
- Michigan | Closings Canceled on Some Bank-Owned Homes After Court Rules Against MERS
Feb
19
Ed DeMarco | Meet the Man Standing in the Way of Fixing the Economy
Ever heard of Ed DeMarco? Most people don’t know the name of the career bureaucrat who serves as Acting Director of the Federal Housing Finance Agency and oversees Fannie Mae and Freddie Mac. Between the two, Fannie and Freddie own or guarantee over half the mortgages in the country, making Ed DeMarco the most powerful … Read more
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Feb
17
How Citibank Dumped Lousy Mortgages on the Government
How Citibank Dumped Lousy Mortgages on the Government by Cora Currier ProPublica Citigroup agreed yesterday to pay $158 million to settle a lawsuit over bad loans that the bank passed on to the Federal Housing Administration to insure. The whistle-blower who originally brought the case, Sherry Hunt, an employee of Citi’s mortgage department, said the … Read more
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Feb
13
Pimco | $25 Billion Foreclosure Deal to Hit Pensions Harder Than Banks
Pimco | $25 Billion Foreclosure Deal to Hit Pensions Harder Than Banks The government’s deal with banks over their foreclosure practices after 16 months of investigations is cheap for the loan servicers while costly for bond investors including pension funds, according to Pacific Investment Management Co.’s Scott Simon. In what the U.S. called the largest … Read more
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- Faulty Loans Top $72 Billion as Banks Seek Deal With Regulators: Mortgages
- WHEN DOES THE DOJ “break the ice” with CRIMINALS? Foreclosure Deal with U.S. Banks Elusive
- Pending Mortgage Servicing Deal Should Not Give Banks Broad Legal Immunity or Infringe on Future Investigations into Mortgage Securities Market
Feb
13
Foreclosure Deal May Fund State Budget Deficits, Bulldozing of Homes
At least 100,000 homes need to be demolished, DeWine said, and he is establishing a program to match funds that cities and land banks allocate for tearing down houses. Using the settlement money for that purpose is appropriate because many homeowners are paying their mortgages and did nothing wrong, yet they face plummeting property values … Read more
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- More Propaganda | State AG Eric Schneiderman shouldn’t have used negotiations with banks as fund-raising tools
- Georgia | Attorney General Sam Olens Joins Dissenters Opposing Writedown Plan in State Foreclosure Deal
- BAM! | US Judge Takes $8.5 Bln BofA Deal from State Court in Bank of New York Mellon vs Walnut Place
Feb
13
Florida Homeowners Find Little to Cheer about RE Fraudclosure Settlement w/ “Gangsters”
Florida Homeowners Find Little to Cheer Florida (STOFL1), the U.S. state with the highest percentage of troubled mortgages, may collect almost one-quarter of the national $25 billion foreclosure settlement. For Cheryl Alexander, who had a court halt the forced sale of her home, that’s not enough. “We’re not sheep that can be led to the … Read more
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Feb
10
FHFA’s Fake $100 Billion Number
The critical point made in the Democratic Congressmen's letter to FHFA is this: Director DeMarco's widely reported claim that principal write-downs on Fannie and Freddie mortgages will cost taxpayers $100 billion is simply false. There are two reasons the statement is a complete misrepresentation. First, the $100 billion is simply the aggregate amount of underwater mortgage principal on all Fannie and Freddie loans, not just those at risk of foreclosure or where borrowers are seeking modifications. Second, Fannie and Freddie will lose more than $100 billion on underwater loans in foreclosure sales, according to their own projections, if the loans aren't given principal write-downs.
The relevant comparison is between the foreclosure losses on underwater and defaulted mortgages, on the one hand, and the net payouts from modified mortgages with principal reduction on the other hand; in other words, the dollar difference between doing the write-downs and not doing them. FHFA's own analysis shows that changing from the current policy--to postpone but not eliminate excess mortgage principal--to a policy of writing down that excess principal, would yield a positive net present value of $28 billion. This is because fewer homes would end up in foreclosure sales, where losses exceed 50% of principal, and more homeowners could pay their (reduced) debt.
Feb
09
NY Times | Push to Avert Foreclosures Hits Court Logjam
Push to Avert Foreclosures Hits Court Logjam The hearings that form the core of New York’s approach — special settlement conferences, which are required to try to modify mortgages to make them affordable — have become comic exercises slowed by endless paperwork, requests for additional information and the mysterious loss of documents. During a day … Read more
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Feb
07
Daniel Fisher, Forbes Staff | The Primary Cause of The Financial Crisis “Borrowers not paying their mortgages”
Mortgage Settlement Talks Look Like Tobacco II First he starts out with… Stop me if you’ve heard this one before: Politically ambitious state attorneys general target an unpopular industry with lawsuits based on creative legal theories that would stand a tough time in court. Their sheer legal might brings the other side to the negotiating … Read more
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Feb
07
Daniel Fisher, Forbes Staff | The Primary Cause of The Financial Crisis “Borrowers not paying their mortgages”
Mortgage Settlement Talks Look Like Tobacco II First he starts out with… Stop me if you’ve heard this one before: Politically ambitious state attorneys general target an unpopular industry with lawsuits based on creative legal theories that would stand a tough time in court. Their sheer legal might brings the other side to the negotiating … Read more
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Feb
06
Surprise! Borrowers get to pay for payroll-tax holiday
All costs get passed to consumers. Always.
So you think you got a payroll-tax holiday for free? Think that the big fat-cat mortgage lenders will foot the bill as part of Obama’s promise to make the cut pay for itself? CBS’ Sharyl Attkisson delivers the wake-up call to home buyers, who will pay a pretty penny for the latest gimmick of Obamanomics: [...]
Feb
06
Question of the Week | Washington State AG Rob McKenna Explains Why He Supports the AG Settlement (VIDEO)
Rob answers a Question of the Week on the multi-state investigation of loan servicers: “There’s a big multi-state lawsuit against banks and loan servicers regarding mortgages and some states have pulled out of those negotiations. Why hasn’t Washington state?” To submit your own question, go to www.robmckenna.org/askrob ~ 4closureFraud.org TweetRelated posts: Correspondence with Washington Attorney … Read more
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- Correspondence with Washington Attorney General Rob McKenna Staff RE Multistate Fraudclosure Settlement
- KABOOM | Washington State AG McKenna Sues Recontrust in State of Washington v Recontrust
- Another Settlement Fail | FDIC Reaches $64 Million Settlement with 3 Former Washington Mutual Executives, Kinda…
Feb
04
NY Times | Nye Lavalle – A Mortgage Tornado Warning, Unheeded
Gary Bogdon for The New York Times After his own experience dealing with a mortgage mess, Nye Lavalle set out to learn all he could about the mortgage industry, traveling nationwide to dig into records. In 2003, he compiled a dossier of practices at Fannie Mae. In hindsight, the problems he found look like a … Read more
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Feb
02
Reuters | Illinois Accuses Nationwide Title Clearing of Robosigning
“The suit also seeks civil penalties of up to $50,000 per violation.” ~ Illinois accuses mortgage firm of robosigning (Reuters) – The attorney general in Illinois on Thursday sued a mortgage document firm and said it filed “faulty” documents with local governments in a rush to process mortgages and foreclosures. Nationwide Title Clearing Inc was … Read more
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- KABOOM | ILLINOIS AG MADIGAN FILES SUIT AGAINST NATIONWIDE TITLE CLEARING OVER FAULTY MORTGAGE ASSIGNMENTS FILED WITH COUNTY RECORDERS
- KABOOM | Illinois Attorney General MADIGAN ISSUES SUBPOENAS Against Lender Processing Services (LPS) & Nationwide Title Clearing (NTC)
- ‘Illicit Practice’ | Allonge by Crystal Moore of Nationwide Title Clearing
Jan
26
Repost | (I Can’t Get No) Satisfaction | Mortgage Reincarnation – Paid Off Mortgages Coming Back to Life at an Alarming Rate
In light of the story, Reuters | Old Mortgages Rise from the Dead, Haunt Homeowners, we re-present the post that discuses mortgage reincarnation from a few weeks ago. The post features the Bowers family from the Reuters piece… Enjoy! ~ Manufactured Fraudclosure Via Revocation of Satisfaction of Mortgage Over a year ago, we started noticing … Read more
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Jan
26
Reuters | Old Mortgages Rise from the Dead, Haunt Homeowners
“This is an epic problem that the economy hasn’t even begun to digest,” said Florida foreclosure analyst Lisa Epstein. ~ Old mortgages rise from the dead, haunt homeowners (Reuters) – In July 2009, Roy and Sheila Bowers refinanced the mortgage on their suburban ranch home in Topeka, Kansas. The couple wanted to take advantage of … Read more
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- More Zombie Debt | Deficiency Judgments for Unpaid Condo Fees and Unsatisfied Mortgages Come Back to Haunt Past Owners
- Fannie and Freddie’s Regulator Opposes Reducing Mortgages for Struggling Homeowners
- Bank of America Defrauded Homeowners About Tax Benefits of Mortgages, Says Lawsuit Filed by MIFSP
Jan
25
Rep. Mike Pompeo: SOTU speech “stunningly cynical”
"This is a president whose words say one thing, but his policies result in just the opposite."
Earlier today, I participated in the virtual Blogger Row for House Republicans for reaction to President Obama’s State of the Union speech, and spoke with Rep. Mike Pompeo (R-KS). Rep. Pompeo sits on the House Energy and Commerce Committee, which led to an interesting discussion of the obstacles being tossed in front of natural-gas production [...]
Jan
25
Obama’s new re-fi plan a gamechanger?
"Precious few details."
Jim Pethokoukis thinks it might be, but I’m not so sure. As described by Barack Obama, the program is a significant expansion of a couple of programs that so far had been limited to Fannie/Freddie-backed mortgages. CNBC explains that the new initiative will now promote refinancing for mortgages no matter if backed by one of [...]
Jan
23
Russian Mob Steals Refinance Money During Wire Transfer, Bank of America Forecloses
Bank of America held the Cannings first mortgage. It was supposed to be paid off during the transfer. Since the money never made it to them, the Cannings basically have two mortgages on their home. Bank of America wants its money back so it’s foreclosing on their home. ~ Stolen Wire Transfer Leaves Family In … Read more
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Jan
20
A shrill SHILL | Diana Olick – “The bottom line is that the vast majority of the foreclosures were and are valid”
“The trouble is, after going over these cases, the bottom line is that the vast majority of the foreclosures were and are valid. People didn’t pay their mortgages.” ~ ‘Robo’ Foreclosure Settlement Turns Political For over a year now, state attorneys general have been negotiating some kind of settlement deal with the nations four largest … Read more
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- Check It Out! Diana Olick of CNBC Gets It! Foreclosure Fraud: It’s Worse Than You Think
- Academic SHILL goes all SHRILL for the Banksters in Forbes Magazine | OP/ED It’s Time To Finalize The Robo-Signing Settlement
- The Homeowner’s Bottom Line | Baseline for a Strong Settlement Against the Big Bankers
Jan
20
A shrill SHILL | Diana Olick – “The bottom line is that the vast majority of the foreclosures were and are valid”
“The trouble is, after going over these cases, the bottom line is that the vast majority of the foreclosures were and are valid. People didn’t pay their mortgages.” ~ ‘Robo’ Foreclosure Settlement Turns Political For over a year now, state attorneys general have been negotiating some kind of settlement deal with the nations four largest … Read more
Related posts:
- Check It Out! Diana Olick of CNBC Gets It! Foreclosure Fraud: It’s Worse Than You Think
- Academic SHILL goes all SHRILL for the Banksters in Forbes Magazine | OP/ED It’s Time To Finalize The Robo-Signing Settlement
- The Homeowner’s Bottom Line | Baseline for a Strong Settlement Against the Big Bankers
Jan
20
Holder, Breuer connected to players in foreclosure fraud?
"I think it's difficult to find a fraud of this size on the U.S. court system in U.S. history."
For years, the Left has asked why the Obama administration hasn’t pursued prosecutions against lenders who arguably engaged in fraud when foreclosing on mortgages in the wake of the housing-bubble collapse. It turns out that these lenders had friends in high places in the Department of Justice. Reuters reports that both Attorney General Eric Holder [...]
Jan
20
Reuters | Insight: Top Justice Officials, Eric Holder and Lanny Breuer, Connected to Banks, Freddie, Fannie and MERS
“A particular concern by those pressing for an investigation is Covington’s involvement with Virginia-based MERS Corp, which runs a vast computerized registry of mortgages.” ~ Insight: Top Justice officials connected to mortgage banks By Scot J. Paltrow (Reuters) – U.S. Attorney General Eric Holder and Lanny Breuer, head of the Justice Department’s criminal division, were … Read more
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Jan
19
New York Fed Secretly Sells $7.014 Billion in Face Value of Maiden Lane II LLC Assets To Credit Suisse Without Public Auction
Instead of opting for a publicly transparent auction in the disposition of its Maiden Lane II assets, the Fed has once again gone opaque and proceeded with a private sale, without any clarity on the deal terms, in which it sold $7 billion in face amount of Maiden Lane II assets direct to Credit Suisse. … Read more
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Jan
03
Stand Up for The Bayless Family | Bank Fraud – America’s Servicing Company, Anita Antonelli, SASCO Trust 2005-RF4, U.S. Bank, Wells Fargo Bank
Bank Fraud America’s Servicing Company Anita Antonelli SASCO Trust 2005-RF4 U.S. Bank, N.A. Wells Fargo Bank, N.A. Action Date: January 3, 2012 Location: Delaware, OH The Closing Date for SASCO Trust 2005-RF4 is August 31, 2005. All of the mortgages in the SASCO 2005-RF4 Trust were required to have been deposited in that trust by … Read more
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Dec
31
Promissory Note Fraud | Bondi Capitulates, Admits Promissory Note Transfers Invalidated by Fraud
“Many foreclosure proceedings have been marred by the use of invalid assignments of notes and mortgages, often by “robo signing.” “ ~ Promissory Note Fraud | Bondi Capitulates, Admits Promissory Note Transfers Invalidated by Fraud It’s right there in black and white Folks (page 2 document below). Maybe a lawyer could pipe up to let … Read more
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Dec
31
Promissory Note Fraud | Bondi Capitulates, Admits Promissory Note Transfers Invalidated by Fraud
“Many foreclosure proceedings have been marred by the use of invalid assignments of notes and mortgages, often by “robo signing.” “ ~ Promissory Note Fraud | Bondi Capitulates, Admits Promissory Note Transfers Invalidated by Fraud It’s right there in black and white Folks (page 2 document below). Maybe a lawyer could pipe up to let … Read more
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Dec
30
PB Post | Bondi Can Go After Banks: Appellate Rulings have Shielded Lawyers, So Target Lenders
“LPS, which earlier this year hired a Florida assistant attorney general, also is under investigation by the Florida AG’s office. Yet, Ms. Bondi has been all but silent on foreclosures, except to say she doesn’t want the settlement to allow homeowners to get away with not paying their mortgages.” ~ Bondi can go after banks: … Read more
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