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WEEKEND EDITION, AUGUST 26 AUGUST 30, 2013

MONDAY, AUGUST 26, 2013


ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS The ForeclosureGate Gazette Is A Public Service Aggregate Of Foreclosure-Related News And Information Intended To Educate And Advance Justice For American Homeowners

CFPB says mortgage servicing still riddled with problems The Consumer Financial Protection Bureau said Wednesday that it has launched investigations at banks and other financial firms after finding many problems in the way they service residential mortgages. In the aftermath of the housing crash, the haphazard work of some mortgage servicers prevented thousands of struggling Americans from hanging on to their homes.

BofA Banker Sued by Regulator Later Joined Fannie Mae A former Bank of America Corp. executive whose work on mortgage bonds is the subject of regulator and Justice Department lawsuits was hired by U.S.- backed Fannie Mae months after the claims began to surface.

LPS: Delinquency Rate Sees Abrupt Increase in June After five months of declines, the national mortgage delinquency rate reversed course in June, according to data from Lender Processing Services (LPS).

Mortgage-Service Settlement Monitor

Fixes

Faulted

by

Wells Fargo settles complaint on foreclosed homes A year-long investigation by the advocacy group found that homes serviced by Wells Fargo in minority communities were far more likely than those in white areas to be left in disrepair, with broken windows, unkempt yards or. . Mortgage Investors Get Blindsided Both companies play roles in the complicated process of converting monthly mortgage checks into scheduled payments to investors. But so far in this case, neither is accepting responsibility for the errors.

To meet the terms of a legal settlement with the U.S. Justice Department and 49 state attorneys general, the monitor said in a report released today, the banks must improve their response to loan-modification requests and their collection

CFPB reveals exam procedures set to govern new mortgage rules The Consumer Financial Protection Bureau unveiled the latest updates to the exam procedures it will use to scrutinize financial institutions and mortgage companies when.

Husband and Wife Sent to Prison for Defrauding HSBC Mortgage According to court documents, between February 2001 and August 2011, Michelle Guy worked in various administrative capacities for HSBC Mortgage Services, Brandon, Florida. During her employment, HSBC Mortgage Services maintained an employee Recognition Program.

Homeowner/Foreclosure Legal Q&A


How OLD can a Notice of Intent to Foreclose be? >>>> Servicer filed foreclosure complaint against me with defective Assignment of note and mortgage >>>> Is a second mortgage in California non-recourse? >>>> My brother is being foreclosed on for underpaying his mortgage less than 1 dollar a month. Can a bank even do that? >>>>

More Foreclosure News


Arizona law makes landlords tell tenants of foreclosures >>>> Consultant Paid More Than $900 Million in Foreclosure Review >>>> Foreclosure settlement a billion-dollar bust >>>> NY A.G. Announces Up To $20 Million To Rebuild And Reinvest In Communities Still Recovering From The Housing Crisis >>>>

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WEEKEND EDITION, AUGUST 26 AUGUST 30, 2013

TUESDAY, AUGUST 27, 2013


ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS The ForeclosureGate Gazette Is A Public Service Aggregate Of Foreclosure-Related News And Information Intended To Educate And Advance Justice For American Homeowners

$250 title insurance saves Mo. family's home from foreclosure Just days before a Missouri couple faced being kicked out of their home, they won the battle to keep the house. The Nichols family had made all their payments on time, but were still facing foreclosure. And it took awhile to figure out why. Michael Nichols, his wife Erica Hotson and their two daughters are finally able to enjoy family time after a yearlong nightmare.

Second-Home Deduction Future Depends on Congress Using It Only a small percentage of U.S. taxpayers benefit from the ability to deduct mortgage interest on a second home. That group just happens to include many of the people who craft the nations tax laws.

A City Invokes Seizure Laws to Save Homes The power of eminent domain has traditionally worked against homeowners, who can be forced to sell their property to make way for a new highway or shopping mall. But now the workingclass city of Richmond, Calif., hopes to use the same legal tool to help people stay right where.

Wells Fargo to pay foreclosure-bias claims

$39M

to

settle

FHA could stop charging extra interest on mortgage payoffs Pressured by consumer protection regulators, the Federal Housing Administration is expected to end one of its most controversial practices: charging borrowers interest on their home mortgages for weeks after they've paid off the entire principal balance.

Wells Fargo & Co. will spend $39 million on home-ownership programs across the country to settle charges that it allowed foreclosed homes in minority communities to fall into disrepair.

Supreme Court History, Landmark Cases: Fletcher v. Peck (1810) In Fletcher v. Peck (1810), the Supreme Court ruled that a grant to a private land company was a contract within the meaning of the Contract Clause of the Constitution, and once made could not be repealed.

Lawyer Faces Disbarment for Stealing Interest from Collateralized Mortgage Obligations Jon A. Divens, 57, California State Bar # 145549, is facing disbarment for his role in misappropriating about $400,000 in interest from two investment vehicles that he agreed to hold in escrow pending their sale.

GMAC Will Pay Borrowers $230 Million on Faulty Foreclosures GMAC Mortgage will pay about 232,000 borrowers to settle claims it improperly seized homes, the Fed said. In a deal similar to those regulators struck with 13 other mortgage servicers this year, the money goes to borrowers who faced foreclosure in 2009 and 2010.

Homeowner/Foreclosure Legal Q&A


How OLD can a Notice of Intent to Foreclose be? >>>> Servicer filed foreclosure complaint against me with defective Assignment of note and mortgage >>>> Is a second mortgage in California non-recourse? >>>> My brother is being foreclosed on for underpaying his mortgage less than 1 dollar a month. Can a bank even do that? >>>>

More Foreclosure News


Arizona law makes landlords tell tenants of foreclosures >>>> Consultant Paid More Than $900 Million in Foreclosure Review >>>> Foreclosure settlement a billion-dollar bust >>>> NY A.G. Announces Up To $20 Million To Rebuild And Reinvest In Communities Still Recovering From The Housing Crisis >>>>

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WEEKEND EDITION, AUGUST 26 AUGUST 30, 2013

WEDNESDAY, AUGUST 28, 2013


ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS The ForeclosureGate Gazette Is A Public Service Aggregate Of Foreclosure-Related News And Information Intended To Educate And Advance Justice For American Homeowners

Why Is the Fed Chairman a Bank Regulator (or an Economist)? The second issue is why is the list of Fed Chair candidates inevitably just a bunch of economists given that bank regulation is arguably now the more important of the Fed's dual roles? (Actually treble, as the Fed also acts as an important payment system operator.). Why on earth would anyone think economists, no matter how brilliant, would be the go-to group for bank regulators?

Prince Georges County Foreclosure Task Force The Take Back Your Home Coalition and the undersigned organizations write to encourage the Foreclosure Task Force to do more to help homeowners in and at risk of foreclosure in Prince Georges County.

Why Do Subservicers Continue to Investors After Borrower Stops Paying?

Pay

The borrower is only required to make payments that are DUE. The payment isnt due if it is already been made and there is nothing to reinstate if the creditor has already received his expected payment. The payments are NOT DUE TO THE SERVICER.

CFPB says NH leads country in mortgage complaints When it comes to complaints about mortgages, New Hampshire leads the nation, according to the latest data from the Consumer Financial Protection Bureau, which has been collecting and pursuing consumer complaints on financial services since it opened for business in

USs largest Realtor association to dotloop: Hands off our forms The California Association of Realtors (CAR), the largest state Realtor association in the U.S. and owner of forms software provider zipLogix, has told the transaction management software provider dotloop that users cannot fill out the associations copyrighted forms using.

Home Affordability Becoming More Unequal Across U.S. Prices Rising Sharply in the Least Affordable Markets: Recent price gains are squeezing would-be buyers in metros where the cost of owning is steep. We created a measure of local affordability based on current asking prices.

City Council adopts rules to protect renters in foreclosures The new law applies to lenders and most other buyers of foreclosed rental buildings at courtsupervised foreclosure auctions and to buildings that run the gamut from single-family rental homes to high-rise apartment buildings.

Bank of Americas Foreclosure Frenzy In one corner, we have five former Bank of America Corp. employees who told a federal court they were instructed to mislead customers on the verge of losing their homes and stall their applications for loan modifications. In another corner, we have Bank of America, which says nothing could be further from the truth. Whos right? If anything, the banks strident denials make me more inclined to believe the workers claims.

Homeowner/Foreclosure Legal Q&A


How OLD can a Notice of Intent to Foreclose be? >>>> Servicer filed foreclosure complaint against me with defective Assignment of note and mortgage >>>> Is a second mortgage in California non-recourse? >>>> My brother is being foreclosed on for underpaying his mortgage less than 1 dollar a month. Can a bank even do that? >>>>

More Foreclosure News


Arizona law makes landlords tell tenants of foreclosures >>>> Consultant Paid More Than $900 Million in Foreclosure Review >>>> Foreclosure settlement a billion-dollar bust >>>> NY A.G. Announces Up To $20 Million To Rebuild And Reinvest In Communities Still Recovering From The Housing Crisis >>>>

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WEEKEND EDITION, AUGUST 26 AUGUST 30, 2013

THURSDAY, AUGUST 29, 2013


ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS The ForeclosureGate Gazette Is A Public Service Aggregate Of Foreclosure-Related News And Information Intended To Educate And Advance Justice For American Homeowners

Pennsylvania widow who nearly lost home over $6.30 wins reprieve A Pennsylvania widow whose residence was auctioned off because of $6.30 in unpaid interest won a court ruling Monday giving her a chance to argue that she should not lose the $280,000 home. The Commonwealth Court decided that it was a mistake for a Beaver County, Pa., judge to rule against Eileen Battisti without first holding an evidentiary hearing, according to a court document.

Home Prices Jump, but Headwinds Build The speed with which prices have risen over the past year has taken many economists by surprise. Gains have been fueled by record-low mortgage rates, a slowly improving economy that has released pent-up demand and strong appetites from investors converting homes into rentals.

In Paper War, Flood of Liens Is the Weapon One of the first inklings Sheriff Richard Stanek had that something was wrong came with a call from the mortgage company handling his refinancing. It must be a mistake, he said, when the loan officer told him that someone had placed liens totaling more than $25 million on his house and on other properties he owned.

$1.3 Million in Foreclosure Education and Counseling Grants Awarded The Patrick Administration's Office of Consumer Affairs and Business Regulation's Division of Banks (DOB) today announced $1.3 million in grants to 11 regional foreclosure prevention centers and 10 individual/first-time.

Fast Growth of Mortgage-Service Companies Stirs Concern for Consumers The CFPB said in February it was concerned about home loan servicing transfers, and issued a bulletin advising home lenders about their obligations to protect consumers during the process.

Summary of the final rule on mortgage loan originator qualification and compensation practices The mortgage market crisis focused attention on the critical role that loan officers and mortgage brokers play in the loan origination process. Because consumers generally take.

Discrimination in Housing Against Nonwhites Persists Quietly, U.S. Study Finds Discrimination against blacks, Hispanics and Asians looking for housing persists in subtle forms, according to a new national study commissioned by the federal Department of Housing and Urban Development.

Bank delays hurting struggling homeowners Homeowners trying to avoid foreclosure must wait too long for their loan modification applications to be reviewed by some of the nations top mortgage servicers, according to a report. Such delays can plunge borrowers deeper in debt. Joseph A. Smith Jr., the independent monitor of last years national mortgage settlement, said that while the banks are doing a better job complying with new mortgage servicing rules, more needs to be done.

Homeowner/Foreclosure Legal Q&A


How OLD can a Notice of Intent to Foreclose be? >>>> Servicer filed foreclosure complaint against me with defective Assignment of note and mortgage >>>> Is a second mortgage in California non-recourse? >>>> My brother is being foreclosed on for underpaying his mortgage less than 1 dollar a month. Can a bank even do that? >>>>

More Foreclosure News


Arizona law makes landlords tell tenants of foreclosures >>>> Consultant Paid More Than $900 Million in Foreclosure Review >>>> Foreclosure settlement a billion-dollar bust >>>> NY A.G. Announces Up To $20 Million To Rebuild And Reinvest In Communities Still Recovering From The Housing Crisis >>>>

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WEEKEND EDITION, AUGUST 26 AUGUST 30, 2013

FRIDAY, AUGUST 30, 2013


ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS The ForeclosureGate Gazette Is A Public Service Aggregate Of Foreclosure-Related News And Information Intended To Educate And Advance Justice For American Homeowners

Protesters Call On Fannie Mae, Bank Of America To Change Lending, Foreclosure Policies Protesters took to a downtown Bank of America branch and Fannie Maes corporate offices in Chicago Tuesday to urge one of the nations largest home mortgage servicers and the largest home mortgage investor to change their lending and foreclosure policies. The financial institutions, protesters allege, are servicing predatory mortgage loans and pushing homeowners into foreclosure in order to make a profit.

Demonstrators picket San Marino home of Wells Fargo CFO Protesters angered over home foreclosures gathered to picket in front of the San Marino home of a Wells Fargo executive Saturday, testing a recently adopted city ordinance banning such demonstrations.

American Dream Slipping as Homeownership at 18-Year Low The U.S. homeownership rate, which soared to a record high 69.2 percent in 2004, is back where it was two decades ago, before the housing bubble inflated, busted and ripped more than 7 million Americans from their homes.

ResCap Wins Bankruptcy Court Approval to Repay Ally Residential Capital LLC won court permission to repay more than $1.9 billion in debt immediately, including $1.1 billion to parent Ally Financial Inc. (ALLY) that the defunct mortgage company borrowed before filing for bankruptcy.

Speeding up foreclosures could leave families homeless Instead of requiring banks to prove why they should take a home, Parker says the law requires homeowners, who have little legal background, to keep their house out of the bank's hands, and they only have a few days to do it.

Academics push for return to GSE-free mortgage finance Fannie Mae and Freddie Mac dominate the mortgage market, thanks to the advantages both have enjoyed as government-sponsored enterprises, academics said during a House.

Servicer Admits Stealing Funds from Mortgage Loan Pools According to plea documents, Wells Fargo Bank contracted with U.S. Mortgage to service pools of residential mortgage loans held by investors in mortgage-backed securities.

Summary of the final mortgage servicing rules The Consumer Financial Protection Bureau (Bureau) is releasing final rules to implement laws to protect consumers from detrimental actions by mortgage servicers and to provide consumers with better tools and information when dealing with mortgage servicers. The rules will take effect on January 10, 2014. The servicing rules are set forth in two notices, one to amend Regulation Z, which implements the Truth in Lending Act, and one to amend Regulation X, which implements the Real Estate Settlement Procedures Act.

Homeowner/Foreclosure Legal Q&A


How OLD can a Notice of Intent to Foreclose be? >>>> Servicer filed foreclosure complaint against me with defective Assignment of note and mortgage >>>> Is a second mortgage in California non-recourse? >>>> My brother is being foreclosed on for underpaying his mortgage less than 1 dollar a month. Can a bank even do that? >>>>

More Foreclosure News


Arizona law makes landlords tell tenants of foreclosures >>>> Consultant Paid More Than $900 Million in Foreclosure Review >>>> Foreclosure settlement a billion-dollar bust >>>> NY A.G. Announces Up To $20 Million To Rebuild And Reinvest In Communities Still Recovering From The Housing Crisis >>>>

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