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July 2013 Article Archive

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Bundling of Mortgage-Backed Securities and Racial Discrimination Lawsuit Can Proceed
indybay.org | July 28, 2013
NEW YORK – A federal court ruled on July 25 that a landmark discrimination lawsuit against Morgan Stanley can move forward. Judge Harold Baer denied in part the investment bank's motion to dismiss the case, which alleges Morgan Stanley violated the Fair Housing Act (FHA) by encouraging lenders to push high-risk mortgage loans on African-American borrowers.
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Total Delinquency Rate Nationwide Hits 6.68 Percent in June
nationalmortgageprofessional.com | July 26, 2013
Lender Processing Services Inc. (LPS) has reported the following "first look" at June 2013 month-end mortgage performance statistics derived from its loan-level database representing approximately 70 percent of the overall market.
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Freeport Gets $2.5M of $70M 'Robo-signing' Settlement
journalstandard.com | July 26, 2013
FREEPORT — A nonprofit housing counseling agency will receive $2.5 million to redevelop neighborhoods in Freeport, Rockford and Belvidere and help those hit hardest by the national foreclosure crisis.
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Regulators May Relax 'Risk Retention' Mortgage Securitization Rule
inman.com | July 25, 2013
The Federal Reserve and Federal Deposit Insurance Corp. may loosen a proposal to require that banks retain a 5 percent stake in mortgage-backed securities they sell to investors, the Wall Street Journal reports.
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Foreclosure Crisis Still Ravages Nevada
pslweb.org | July 23, 2013
Media outlets have begun to hail the end of the staggering unemployment and general economic malaise experienced since 2008.1 Nonetheless, there continue to be at least 11.6 million unemployed people in the United States. According to the Bureau of Labor Statistics’ latest report, the rate of unemployment has declined to 7.6 percent.
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With Banks Unwilling To Help, Victims Of Foreclosure Turn To Unconventional Tactics
mintpressnews.com | July 22, 2013
Last week, housing rights advocates in 15 U.S. cities delivered 10,000 petition signatures to Chase Bank branches demanding justice for Sergio Ceballos, a Minneapolis resident who faces what advocates believe is an unjust foreclosure proceeding.
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Residential Mortgage Securitization Update: GSE Reform Bill
lexology.com | July 21, 2013
Senators Bob Corker (R-TN) and Mark Warner (D-VA) have introduced a bi-partisan bill to reform the U.S. housing finance market. Entitled the “Housing Finance Reform and Taxpayer Protection Act of 2013” (the “Reform Bill” or the “Bill”), it would replace Fannie Mae and Freddie Mac, the two government-sponsored enterprises (“GSEs”) that currently dominate the U.S. housing financing market, with a new independent government agency.
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Attorney General Madigan Announces $70 Million to Help Rebuild Illinois Communities Devastated by Foreclosure Crisis
enewspf.com | July 17, 2013
Chicago—(ENEWSPF)—July 17, 2013. Attorney General Lisa Madigan today announced $70 million to assist housing efforts across the state to help rebuild Illinois communities that have been devastated by the national foreclosure crisis.
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AG Announces $70M to Help Those Hit by Foreclosure
sfgate.com | July 17, 2013
CHICAGO (AP) — Attorney General Lisa Madigan says her office is distributing $70 million to help Illinois communities hardest hit by the national foreclosure crisis.
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Foreclosure Fallout | Bank of America says Workers Lied About Loan Fraud
courier-journal.com | July 14, 2013
Banks have agreed to reform mortgage lending, and refinancing sought by distressed homeowners, as a result of the National Mortgage Settlement, in which Kentucky Attorney General Jack Conway participated.
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Bradenton Foreclosure Filings Up 55 Percent in June
bradenton.patch.com | July 12, 2013
Foreclosure filings for Bradenton were up a whopping 55 percent in June, compared to May. That's the bad news.
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U.S. Vows to Battle Abusive Debt Collectors
dealbook.nytimes.com | July 11, 2013
Federal regulators are cracking down on questionable debt collection practices by some of the nation’s biggest lenders.
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Regulator Tells Banks to End Scuzzy Debt-Collection Tactics
businessweek.com | July 11, 2013
The Consumer Financial Protection Bureau is warning banks to be careful about how they pursue consumer to repay soured debts.
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Off-market Foreclosed Homes Choke Supply
miamitodaynews.com | July 11, 2013
In May, sales of homes in foreclosure and short sales of financially distressed properties in Miami-Dade County accounted for 40% of all single-family homes resales and 35% of all condominium and townhouse resales, according to statistics from the Miami Association of Realtors.
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While Banks Adapt to New Law, Nevada Foreclosures Plunge
dealbook.nytimes.com | July 11, 2013
Last month, Gov. Brian Sandoval signed a bill that is supposed to make it easier for banks to foreclose on delinquent homeowners.
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5 States With the Most Home Foreclosures
fool.com | July 9, 2013
There are few statistics that better illustrate our economic travails over the last few years than the number of homes that continue to be foreclosed upon on a monthly basis.
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Robo-Signing = "Paper Terrorism"
tickerforum.org | July 7, 2013
So Barbara Bratton is currently in solitary confinement in the Glen Helen detention center in Devore, CA. Apparently she’s being held for filing two documents on April 11, 2013, with two separate criminal counts being leveled against her for each of the two documents: 1) a “Correction of Grant Deed” for which she is being charged both with forgery and “procuring and offering false or forged document,” and 2) a Warranty Deed for which she is being charged for the same two counts above.
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Quiet Title in Florida - A Successful Case Study
activerain.com | July 7, 2013
I have written about all the scam ways in which people including attorneys, file quiet title actions.  So it is only right to show a simple example of how a legitimate quiet title action works in Florida to eliminate the lien of a mortgage and obtain the title to the property debt free.
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Mortgage Exec Sent to Prison in Foreclosure Robo-Signing Case
houselogic.com | July 5, 2013
A Florida mortgage company executive has been sentenced to a five-year prison term for her role in the foreclosure robo-signing scandal after pleading guilty to conspiracy to commit mail and wire fraud, according to the U.S. Justice Department.
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Harvard Releases Study the Effect of Securitization on Foreclosures & Modifications
americansecuritization.com | July 5, 2013
Samuel Kruger, a Ph.D. Candidate in Business Economics at Harvard University, recently released a paper entitled, “The Effect of Mortgage Securitization on Foreclosure and Modification,” which analyzes how privately securitized loans affect the decisions of mortgage servicers.
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Default Is the Issue, Not the Robosigning
online.wsj.com | July 5, 2013
Nevada Attorney General Catherine Cortez Masto, along with many other state AGs, blames robosigning for the foreclosure crisis (Letters, June 19, responding to "What Doesn't Stay in Vegas," Review & Outlook, June 12).
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