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October 2016 Article Archive

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Housing advocacy groups call on FHFA, CFPB to investigate “pro-foreclosure” tactics
livinglies.wordpress.com | October 28, 2016
A consortium of housing advocacy groups is calling on the U.S. Department of the Treasury, the Federal Housing Finance Agency, and the Consumer Financial Protection Bureau to investigate “pro-foreclosure campaigns,” which the groups say are being perpetrated by “Wall Street giants including the largest hedge funds, mortgage bond traders, and insurance companies.”
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Ocwen Under Investigation AGAIN
livinglies.wordpress.com | October 28, 2016
The prime directive for Ocwen and other servicers is to produce as many foreclosures as possible, erring on the side of foreclosure even where there is a mistake in posting, balance, interest applied, ownership or authority.
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Familiarity is Breeding Contempt in the Courts
livinglies.wordpress.com | October 27, 2016
Business Records Exception On Shaky Ground: The main point is foundation: the affidavit or testimony by the robo-witness must show that the company he works for is in fact the servicer of the loan, as authorized by the owner of the debt, and that he/she has actual knowledge of the procedures and posting policies of the servicer and the owner of the debt. I would add that this "corporate representative" must show that he/she and the "servicer" is authorized to speak for, and thus appear for the foreclosing party.
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U.S. Angered as Freddie Mac Auditor Settles Investor Suit
fortune.com | October 27, 2016
It looks like some clever Freddie Mac shareholders may have actually got some of their money back, in compensation for the government’s effective nationalization of the mortgage finance giant in August 2012, which wiped out virtually all the value of their stock. The money—or whatever the investors got in a confidential lawsuit settlement that was first announced to the judge on October 11 and then apparently completed by October 18, when the parties agreed to dismiss the case—didn’t come from the government itself, but rather from Freddie’s auditor from 2008 to 2013, PricewaterhouseCoopers, which was the sole defendant in the suit.
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Understanding the Statute of Limitations on Student Loans
usnews.com | October 27, 2016
It's important to know your rights before you borrow student loans – or any loan, for that matter. This includes understanding the methods and parameters of how the debt will be collected if you fall past due or have other financial struggles. In this week's post, we review the various statutes of limitations that apply to private student loan collection. This is just one of the terms and conditions borrowers need to be aware of when considering student loans.
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Housing Bust 2? Subprime No-Down-Payment Mortgages Surge, “Shadow Banks” Dominate
livinglies.wordpress.com | October 26, 2016
Some of the same characters that played leading roles last time. The value of the US housing market has ballooned to $26 trillion. In many markets, prices exceed even the peak or the prior bubble that blew up so spectacularly. This construct is weighed down by $14 trillion in mortgage debt, or about 76% of US GDP. Of that, $10 trillion is owed on one- to four-family residences. The numbers are big – and they matter.
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Bank Fraud From the Top Down
livinglies.wordpress.com | October 26, 2016
I recently had the occasion to ghost write something for a customer in relation to claims based upon fraud, MERS, and "Successors." Here is what I drafted, with references to actual people and entities deleted: * MERS was created in 1996 as a means for private traders to create the illusion of loan transfers. On its website MERS states emphatically that it specifically disclaims any interest in any debt and disclaims any interest in any documentation of debt (i.e., a promissory note) and specifically disclaims any interest in any agreement for collateralizing the obligations stated on the note.
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Trustee claims Nationstar Mortgage wrongfully foreclosed on property
norcalrecord.com | October 22, 2016
SAN FRANCISCO — A special trustee has filed suit against a mortgage company for allegedly wrongfully foreclosing on a property. 3216 Balboa LLC filed a complaint Oct. 5 in U.S. District Court for the Northern District of California against Nationstar Mortgage LLC, alleging that the Texas company breached its duty of good faith and fair dealing.
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Suit blames Wells Fargo foreclosure response for bankrupt law firm's financial predicament
abajournal.com | October 21, 2016
A bankrupt New Jersey foreclosure law firm has filed a lawsuit blaming part of its financial predicament on Wells Fargo’s delay in correcting “robosigning” problems.
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Defunct Law Firm Sues Wells Fargo Over Foreclosure Work
wsj.com | October 20, 2016
A New Jersey law firm that helped Wells Fargo Bank N.A. foreclose on thousands of homeowners has sued the lender, saying the bank’s delayed efforts to fix its robo-signing problems led the law firm to collapse. Lawyers for the Zucker, Goldberg & Ackerman law firm, which laid off most of its 335 workers last year, are accusing Wells Fargo of taking several years to comply with a 2010 New Jersey Supreme Court order that called for lenders to show that they were properly submitting mortgage details before foreclosing on a property.
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California Law: What to Know About Reverse Mortgages
wsj.com | October 20, 2016
Most people do not realize what a reverse mortgage is, let alone what the laws in California are on them. But this money-saving information can be invaluable, so it’s important to acquaint yourself with California laws regarding reverse mortgages. A reverse mortgage is a different kind of home loan that allows you to turn the equity you have in your home into cash. This is great for those people who need a constant amount of cash monthly but do not want to take out a loan. They are in essence selling their home one month at a time to the reverse mortgage company.
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California probing Wells Fargo for criminal identify theft
seekingalpha.com | October 20, 2016
California's attorney general is investigating Wells Fargo (NYSE:WFC) on criminal charges of identity theft in connection with its bogus-account scandal, the Los Angeles Times reports.
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Six things to consider if your mortgage is underwater
myajc.com | October 20, 2016
First, you probably know what it means, but just to be sure… You are underwater if first, you took out a mortgage on your home and you still owe money on it. And second, your home value – what it would fetch on the market – is less than the amount that you owe on the mortgage. Being underwater means that if you were to sell the home, you would need to bring money to the closing to pay off the loan.
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GSE Out Of Court Settlement More Likely Than Not
seekingalpha.com | October 20, 2016
A settlement was announced and the case was dismissed, so FHFA's motion to intervene as a non-party should meet a similar fate to the one when Ackman dismissed his case.
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Million Mortgage Modification Scam
cjnotebook.com | October 16, 2016
A disbarred California attorney was arrested Friday on federal charges of running a mortgage modification scheme that defrauded more than 75 distressed homeowners in Orange County, according to officials. He had them pay more than $1.4 million for services he never provided.
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A Bank Whistleblower's Perspective
forbes.com | October 16, 2016
According to Will Atkinson’s report at the Whistleblower Support Fund, the SEC recently awarded a Monsanto whistleblower $22,437,800 under Dodd Frank. The number is used to highlight the successes of whistleblowing, ironically being released during the buzz of Snowden, Oliver Stone’s biopic of the NSA whistleblower currently exiled in Russia.
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Court of Appeals Says CFPB Is Unconstitutional; Rejects Agency Effort to Apply New Interpretation of Law Retroactively
jdsupra.com | October 16, 2016
The courts are now reacting to what some view as regulatory overreach flowing from U.S. laws enacted in the wake of the financial crisis. The most recent example is the October 11, 2016 decision of the U.S. Court of Appeals for the D.C. Circuit in PHH Corporation v. CFPB, which may have implications for the constitutionality of single-headed independent agencies that exceed their authorities and which may impact the determinations of other such agencies.
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Preventing another meltdown
thewhig.com | October 16, 2016
Knowledge of past financial crises does not necessarily give policy-makers the ability or wisdom to avoid every pitfall or systemic problem that could lead to a future financial meltdown. However, there is no denying that possessing a firm grasp of financial history could help politicians and central bankers to better understand the perils of lax monetary policy, asset bubbles and mania.
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David Dayen: When You Find Out Your Neighbors Own Your House and They Try to Evict You
livinglies.wordpress.com | October 12, 2016
Danny Shedd's nightmare began with some cows. When Shedd, a 12-year veteran with combat experience in Iraq and Afghanistan, finished up his military service at Fort Benning, Georgia, he and his wife, Jacinda, wanted to move to the prairie. The house they settled on in Big Cabin, Oklahoma, was perfect: a 5,400 square-foot, four-bedroom spot built in 2006, which mortgage giant Fannie Mae purchased in a foreclosure auction and was selling for one-third of its appraised value.
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David Dayen: Behind Closed Doors, Hillary Clinton Sympathized With Goldman Sachs Over Financial Reform
livinglies.wordpress.com | October 12, 2016
Excerpts of Hillary Clinton’s previously secret speeches to big banks and trade groups in 2013 and 2014 show her exalting the work of her hosts, hardly a surprise when these groups paid her up to $225,000 an hour to chat them up.
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The Deutsche Bank Hail Mary
livinglies.wordpress.com | October 2, 2016
German banking giant Deutsche Bank is on the verge of collapse without intervention and has lost more than half of its value since January. The Hail Mary bailout solution has likely begun. Note: Those who have cash parked at Deutsche Bank... may want to consider moving it for the time being to a safer bank.
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