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December 2016 Article Archive

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After helping a fraction of homeowners expected, Obama’s foreclosure prevention program is finally ending
washingtonpost.com | December 30, 2016
When the Obama administration announced a massive effort to help distressed homeowners in 2009, it set high expectations. The program, government officials said, would keep up to 4 million borrowers out of foreclosure. “It will give millions of families resigned to financial ruin a chance to rebuild,” President Obama said at an event announcing the effort. “By bringing down the foreclosure rate, it will help shore up housing prices for everyone.”
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Foreclosures of Reverse Mortgages Are Different
wordpress.livinglies.com | December 29, 2016
The headline on Bloomberg News as reported by National Mortgage News caught my eye. It read “Mnuchin’s Reverse Mortgage Woes Blemish Record of Treasury Pick.” As I read on, I realized that reverse mortgage-bashing by the media, which had almost disappeared in recent years, was now being revived to tarnish a Trump appointee. The article reports that reverse mortgages are an “icky” business in which celebrity spokespersons “set the stage for a potential foreclosure on an elderly widow or widower...”
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Deadline To Preserve Right To Challenge Foreclosures Approaches
bankerandtradesman.com | December 27, 2016
Last Friday, Antonio Ibañez – yes, that Ibañez – spoke out publicly for the first time urging homeowners who have been foreclosed-upon prior to 2014 to file paperwork at their registry to preserve their right to challenge that foreclosure for 20 years by Friday, or lose that right forever. The bill Gov. Charlie Baker signed into law last November cures “Ibañez-like” title defects on foreclosed upon properties, so they can be legally resold and is sometimes referred to as the Ibañez Repair Law.
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Free House
wordpress.livinglies.com | December 27, 2016
Judges may be biased in favor of "national security" (i.e., protecting the banks), but they have a surprisingly low threshold of tolerance when they are confronted by the bank's argument that they don't have to accept the money and that it is the bank's option as to whether to accept the money or proceed with the foreclosure. To my knowledge that argument has lost 100% of the time. And THAT means the homeowner was able to get the proverbial free house or otherwise settle under seal of confidentiality (which might include the "free house.")
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Why the Banks Fabricate and Forge Documents
wordpress.livinglies.com | December 27, 2016
We all know that the banks committed wholesale fraud on the government, on investors, on the the court system and on borrowers. They fabricated documents, forged them, altered them, and even paid off employees of Government agencies to do things that in normal circumstances would never be tolerated.
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A Litany of Accusations in Barclays Mortgage Lawsuit
wsj.com | December 23, 2016
The Justice Department’s mortgage lawsuit against Barclays runs nearly 200 pages, and many of the most serious accusations come from internal calls among employees that were recorded and later reviewed by federal investigators. The suit filed Thursday seeks to paint Barclays as a bank where executives knew the underlying mortgages behind their securities were bad, and repeatedly found ways to securitize them and misrepresent the quality of those loans to investors.
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United States Sues Barclays Bank To Recover Civil Penalties For Fraud In The Sale Of Residential Mortgage-Backed Securities - Two Former Barclays Executives Also Named In Suit
mondovisione.com | December 23, 2016
The United States Department of Justice today filed a civil complaint in the Eastern District of New York against Barclays Bank PLC and several of its United States affiliates (together, Barclays), alleging that Barclays engaged in a fraudulent scheme to sell residential mortgage-backed securities (RMBS) supported by defective and misrepresented mortgage loans. As alleged in the complaint, from 2005 to 2007, Barclays personnel repeatedly misrepresented the characteristics of the loans backing securities they sold to investors throughout the world, who incurred billions of dollars in losses as a result of the fraudulent scheme.
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Deutsche Bank To Pay $7.2 Bln In US Mortgage Settlement; Sees Hefty Charge In Q4
nasdaq.com | December 23, 2016
(RTTNews.com) - Shares of Deutsche Bank AG ( DB ) were gaining around 4 percent in the early morning trading in Germany after the bank on Friday said it has reached a settlement in principle with the US Department of Justice over mortgage-backed securities. The bank agreed to pay $7.2 billion, compared to the initial fine of $14 billion, to settle civil claims over the bank's sale of residential mortgage-backed securities related to the 2008 financial crisis.
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Falling Into the Traps Set By the Banks
wordpress.livinglies.com | December 20, 2016
For the past 15 years there has been a huge chasm between what a document says and what actually occurred. In foreclosure settings, the conscious decision has been made to ignore the Truth and proceed on the falsehoods promulgated by the banks. This arises from the "national security" fear that if the banks are not allowed to continue their fraudulent behavior, the entire financial system will collapse taking the entire society down with it. This myth is promulgated by the Banks, who supply the government with people to regulate the banks. Even as a theory it is untested, and unsupported by any real evidence. Unfortunately for Americans, too many people believe it.
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Obama “Housing Recovery” Crushes “Blacks, Young Adults” As Homeownership Rates Crash
zerohedge.com | December 18, 2016
The Obama administration has a tendency to conflate the strong performance of Fed-induced "assets bubbles" with "strong economic growth."  Unfortunately, as is often the case these days, the "hard data" paints a slightly different picture than the "narrative" being pushed by Obama and his staff.
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Are you a victim of One West Bank? Democrats want people’s complaints about Steve Mnuchin, the “Foreclosure King”
housingwire.com | December 18, 2016
Senate Democrats, led by Sen. Elizabeth Warren, D-Mass., appear to be showing their hand a bit when it comes to how they plan to handle the confirmation hearing of one of President-elect Donald Trump’s top cabinet nominees.
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New “Original Notes” from Visionet Systems: How False Original Signatures Are Created
livinglies.wordpress.com | December 15, 2016
Kudos to Bill Paatalo who has quantified and identified what I have been talking about for years---the production of "original" notes that were previously destroyed. The sarcasm from the bench has dripped ridicule on anyone even suggesting that the "blue ink" signature is merely a reproduction on a fabricated document. The revelations in this article might be a step toward changing that attitude.
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Rescission is a Test of Persistence
livinglies.wordpress.com | December 15, 2016
The "free house" mythology will have become reality. That is what happens when you break the laws governing deceptive and predatory lending. ... for those who don't give up, the reward is substantial when TILA rescission is reluctantly recognized by the Courts as effective upon mailing.
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Proposed Amendments To The Bankruptcy Code Could Adversely Affect Student Loan Securitizations
mondaq.com | December 15, 2016
In response to the growing balance of student loan debt in the United States, lawmakers have proposed legislation that would eliminate the most lender-protective feature of student loans – the inability to discharge the debt in bankruptcy. Similarly, to foster the restructuring of student loan debt, the Department of Education has recommended making privately issued student loans dischargeable in bankruptcy if the lender fails to offer debt relief payment options. If implemented, these and similar initiatives could significantly impact investor returns on student loan asset-backed securities (or SLABS) backed by privately issued student loans and give rise to lawsuits by or on behalf of investors.
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Expired, Forged, Robo-Signed Notary: How to use it
livinglies.wordpress.com | December 15, 2016
THE GOAL IS TO SHOW THAT THE ABSENCE OF A TRANSACTION, NOTWITHSTANDING THE REFERENCE IN A DOCUMENT. While the defective notarization does not itself invalidate the document, it certainly suggests questions about how that happened and then to question whether the same thing happened with other documents or endorsements. If you can cast sufficient doubt as to the trustworthiness of documents (and the party proffering it to the Court) of then the laws of evidence require that the proffering party actually prove the transaction instead of having the Court presume that the transaction referenced in a document actually existed.
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FHFA makes it official: Fannie, Freddie required to open credit box to "underserved"
housingwire.com | December 15, 2016
Eight years after the passage Housing and Economic Recovery Act of 2008 mandated that Fannie Mae and Freddie Mac increase lending to three specific “underserved” markets, the Federal Housing Finance Agency announced Tuesday that the government-sponsored enterprises must work to open the credit box for certain very low-, low-, and moderate-income families.
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Another Wells Fargo Scandal Proves Our Financial System Is Still Broken
livinglies.wordpress.com | December 15, 2016
The prospect of a president who made a career out of scamming consumers has led to understandable fears that the next four years will present a bonanza of tricks, con games and deceptions unrestrained by federal regulators. But before we hyperventilate too much, we should recognize how this already describes our current reality to an uncomfortable degree.
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Ally Financial mortgage resurgence proves there's life after too-big-to-fail
housingwire.com | December 15, 2016
Ally Financial announced this morning it is getting back into the mortgages in a big, digital way. Key takeaways abound from the announcement; most notable is the revelation that the federal bailouts not only prevented financial catastrophes but allowed private business to proliferate in the long run.
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David Dayen: Obama Failed to Mitigate America’s Foreclosure Crisis
theatlantic.com | December 15, 2016
In My President Was Black, Ta-Nehisi Coates ably documents the material and representational advances of the past eight years. But any rendering of Barack Obama’s legacy is incomplete without including his failure to arrest the foreclosure crisis, or to hold anyone accountable for the widespread damage it inflicted. In fact, reading Coates’ hymn to the Obama era, I couldn’t stop thinking about a different Chicago resident I met this year.
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Happy Holidays: The US government is taking a two-week break from foreclosing on homes
livinglies.wordpress.com | December 12, 2016
American homeowners who have fallen behind on their mortgage payments will get a small break from the government this holiday season: They won’t be evicted until after the new year. What a treat- Fannie Mae and Freddie Mac will temporarily cease stealing homes they don't own for two short weeks.
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New York unveils bill of rights for borrowers facing foreclosure
housingwire.com | December 11, 2016
The state of New York is taking the next step in its fight against abandoned foreclosures and neighborhood blight by unveiling a consumer bill of rights for borrowers facing foreclosure.
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Default Risk Spikes But Marketing Loans Intensifies
livinglies.wordpress.com | December 7, 2016
Bottom Line: The Banks never stopped the lucrative practice of using other people's money and diverting those investments into their own pockets without any risk of loss. All stable managed funds and other managed portfolios are at risk.
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Banks Changing the Laws of Evidence
livinglies.wordpress.com | December 6, 2016
The arrogance of the banks is subsumed in the decisions of courts. That the writer of an instrument would attempt to literally write language into an instrument that contradicts the laws of evidence is arrogant; but the fact that judges are accepting it because it appears in black and white, is abdication of the judicial function.
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David Dayen: Bankers and Profiteers of the “Great Foreclosure Machine”
livinglies.wordpress.com | December 4, 2016
We look at two of Donald Trump’s Cabinet picks: Steven Mnuchin for treasury secretary and Wilbur Ross for commerce secretary. Mnuchin has deep ties on Wall Street, including working as a partner for Goldman Sachs, and his hedge fund played a role in the housing crisis after it scooped up the failing California bank IndyMac in 2008. Trump’s commerce secretary pick, Wilbur Ross, is a billionaire private equity investor who specializes in flipping bankrupt companies for profit, often buying the U.S. companies at low prices and then selling them to overseas investors. He and his companies have sometimes shipped jobs and factories overseas—practices Donald Trump has railed against. We are joined by David Dayen, whose recent article for The Nation is "Wilbur Ross and Steve Mnuchin—Profiteers of the Great Foreclosure Machine—Go to Washington."
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Whistleblower Didn’t Live to See Landmark Allied Mortgage Verdict, Taxpayers Recover $92 Million
whistleblowergov.org | December 4, 2016
On May, 2011, Peter Belli filed a complaint in Boston. With guidance from whistleblower experts at Mahany Law, he accused Allied Home Mortgage Capital Corporation of massive mortgage fraud in a False Claims Act “qui tam” whistleblower lawsuit.
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