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April 2017 Article Archive

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GSE Bill would allow Homeowners to submit FOIAs to Fannie and Freddie while under Federal Conservatorship
by K. K. MacKinstry.com | April 25, 2017

Anyone who is trying to find out information about the trust ownership of their loan, knows that if Fannie Mae or Freddie Mac are involved- your research hits a stone wall.
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Powell v. Wells Fargo: The Party Seeking Foreclosure must Demonstrate that it has Standing to Foreclose
by Neil Garfield | April 25, 2017

In this case the Bank was required to prove a chain of transfers starting with the indorsee, GreenPoint Mortgage to the current servicer. The Bank failed to prove the series of transactions through which it purportedly acquired the note from the indorsee and the judge ordered an involuntary dismissal. However, because this is Florida and statute of limitations are not upheld, it is likely that Wells Fargo will have time to regroup, create a new strategy, and file to foreclose again on the tortured homeowners.
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Massive new fraud coverup: How Banks are Pillaging Homes — While the Government Watches
salon.com | April 23, 2014
Joseph and Mary Romero of Chimayo, N.M., found that their mortgage note was assigned to the Bank of New York three months after the same bank filed a foreclosure complaint against them; in other words, Bank of New York didn't own the loan when they tried to foreclose on it. Read more

Hearsay Trap for Borrowers
Livinglies.com | April 12, 2017

This case shows that hearsay evidence is admitted as long as it is a bank claiming an exemption. Read more

Wells Fargo Former Execs to Repay $75m in Bonuses but Bypass Criminal Charges Apply
Livinglies.com | April 11, 2017

Former CEO John Stumpf (a major crook in the subprime scandal) was previously fined $41m out of the $200m he made overseeing a complex fraud scheme that stole the identities of over 2,000,000 Wells Fargo customers –– and will now have to repay another $28m, but will not face criminal charges. Read more

Deutsche Bank Survives on Investor Life-Support
Livinglies.com | April 11, 2017

Deutsche Bank announced that it will create more shares and sell them at a 35% discount. Existing shareholders are not happy and in the first four days since the offer was announced, the value of existing shares dropped by 13% as shareholders began sharing off their shares.
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Plaintiffs Challenge Federal Judge's Ruling of res judicata in Foreclosure Case
by Nicholas Malfitano | April 10, 2017

On Feb. 27, Judge Cynthia M. Rufe of the U.S. District Court for the Eastern District Court of Pennsylvania ruled to dismiss the federal litigation brought forward by plaintiffs Kathleen and Harry Keyser against defendants Stern & Eisenberg P.C., Edward J. Donnelly, Christina C. Viola, Ocwen Loan Servicing, LLC, Francis S. Hallinan and U.S. Bank National Association.
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New York Law: New Requirement on Lenders in Foreclosure Process Is Constitutional
New York Law Journal | April 08, 2017

A new law in New York that says lenders' legal representatives must bring all the necessary documentation to foreclosure settlement conferences with mortgage holders has been upheld by a judge.
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New York Judge finds foreclosure time-barred and cancels Mortgage
Livinglies.wordpress.com | April 01, 2017

Unlike Florida where there is no statue of limitations and every missed mortgage payment resets the clock, New York enforces the statute of limitations for debt collection including mortgages.
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Housing Bubble II: A Fed official warns that another real estate bubble could collapse financial stability
Businessinsider.com | April 01, 2017

The Fed caused it, but it won't do much to contain it.
Last year, Boston Fed President Eric Rosengren considered a "dove" on the Fed's policy-setting committee started warning about the commercial real-estate bubble in the US and what its demise could do to banks. But in his speech on Financial Stability on March 22 in Indonesia, he added what I've come to call "Housing Bubble 2" to his ever more emphatic concerns.
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