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June 2014 Article Archive

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Chase Bank Liable for Failure to Mediate Modification Attempts in Good Faith; Sanction Held not Excessive!
June 27, 2014
In 2009, David and Debra Sawyer defaulted on a mortgage held by U.S. Bank N.A. In 2012, the Bank filed a complaint for foreclosure. At the time the complaint was filed, J.P. Morgan Chase Bank N.A. had taken over as loan servicer.
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Is Credit Card Debt Collection Mirroring Illegal Robo-signing
youtube.com | June 25, 2014
US credit card companies have been churning out lawsuits and improperly collecting debt from consumers 90 percent of the time, at least according to a New York judge who deals with these cases.
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Available Damages Against Sponsor of Mortgage-Backed Securities Trust Limited By “Sole Remedies” Provision in Governing Documents
commercialdivisionblog.com | June 25, 2014
On May 29, 2014, Justice Bransten of the New York County Commercial Division issued a decision in Saco I Trust 2006-5 v. EMC Mortgage LLC, 2014 NY Slip Op. 31432(U), ruling that Plaintiffs’ claim for rescissory and consequential damages was precluded by a “sole remedies” provision in the governing documents for a mortgage-backed securities investment.
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Ginnie Mae’s Mortgage-Backed Securities Portfolio Tops $1.5 Trillion, Demonstrating Strong and Effective Model
noodls.com | June 25, 2014
Washington, DC - Ginnie Mae announced today that its mortgage-backed securities (MBS) portfolio reached $1.5 trillion in unpaid principal balance (UPB). Ginnie Mae President Ted Tozer noted the unprecedented expansion of recent years.
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MBIA Says Credit Suisse Hid Crucial Documents in US Mortgage Case
reuters.com | June 23, 2014
(Reuters) - Credit Suisse Group AG has withheld many key documents from MBIA Inc in a lawsuit accusing the Swiss bank of lying about how it processed loans used in mortgage-backed securities, and it should be ordered to review whether it has more evidence suggesting misconduct, the bond insurer said.
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Law Firm of Rubin & Licatesi Defends Client Against Foreclosure in Robo-Signing Case
addred.se | June 23, 2014
The Long Island law firm of Rubin & Licatesi, PC has successfully defended their client?s property against foreclosure efforts by a lender with evidence of ?Robo-Signing? practices by the bank.
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BofA Fails to Win Dismissal of U.S. Mortgage Fraud Suit
bloomberg.com | June 22, 2014
Bank of America Corp. failed to win dismissal of a U.S. Justice Department lawsuit in which it’s accused of misleading investors about the quality of loans tied to $850 million in residential mortgage-backed securities.
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Roger Hayes - Banking Mortgage Fraud, Action Against Banks
youtube.com | June 22, 2014
Presenter Alex G, Special Guest Text Jockey Daisy Jones, and Voice of the Visuals Tom Mutiny host ROGER HAYES of The Lawful Bank. Roger has had a lifelong interest in the politics of banking and the international monetary system.
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Montana Jury Awarded Homeowner Massive Damages Against US BANK in Mortgage Fraud Case
fight-foreclosure.com | June 22, 2014
The Gallatin County, Montana District Court has rejected US Bank’s Motion to reduce a punitive damage award assessed against it by a jury, upholding the $5,000,000.00 award as well as the $1M compensatory damages award on the homeowner’s fraud and constructive fraud claims.
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Bank Of America’s CEO Wants a Meeting with Attorney General
fortune.com | June 22, 2014
Meeting with Eric Holder reportedly sought to settle charges that the bank sold faulty mortgage securities. Bank of America can’t shake off the string of mortgage fraud litigation hounding the bank.
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What Is Quiet Title?
tune.pk | June 15, 2014
An action to quiet title is a lawsuit brought in a court having jurisdiction over property disputes, in order to establish a party’s title to real property, or personal property having a title, of against anyone and everyone, and thus "quiet" any challenges or claims to the title.
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Former Bank Manager Indicted for Originating Fictitious Loans
mortgagefraudblog.com | June 22, 2014
Linda Sue Newcomb, 62, Madison Heights, Virginia, former manager of the Lynrocten Federal Credit Union, Lynchburg, Virginia, was indicted by a federal grand jury and charged with embezzlement, bank fraud and aggravated identity theft charges for allegedly originating fictitious loans, then selling those loans to credit union partners.
Read more

Yes, You Can Defeat the Banks (or...How I Turned to the Dark Side)
June 20, 2014
Many clients come to me for a second opinion after having seen a lawyer who has promised them the world. I refer specifically to those homeowners who have been unable to pay their mortgages and are facing foreclosure.
Read more

A Partial Win for Homeowners Suing MERS for Robosigning and Foreclosure Fraud
loansafe.org | June 18, 2014
Many homeowners across the nation are still battling mortgage servicers in court over various legal issues involved with the foreclosure process. A process that many lawyers and homeowners believe they have been wrongfully foreclosed upon because they claim that servicers are committing fraud.
Read more

Fannie Mae and Freddie Mac Ruled Exempt From Transfer Tax
bloomberg.com | June 16, 2014
Fannie Mae (FNMA) and Freddie Mac are exempt from paying taxes on property transfers, a Washington appeals court ruled in the latest defeat for local governments that further weakens a bid to press their case at the U.S. Supreme Court.
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Fallen Foreclosure King David J. Stern Disbarred
motherjones.com | June 16, 2014
The long, legal saga of David J. Stern, the south Florida attorney who made a fortune off the wave of home foreclosures stemming from the housing crisis, has reached its end.
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Goldman Wins Dismissal of $450 Million Mortgage-Bond Suit
bloomberg.com | June 15, 2014
Goldman Sachs Group Inc. (GS) won dismissal of a suit over $450 million in residential mortgage-backed securities, with a New York judge saying that the firms that bought the bonds should have done more research beforehand.
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9th Circuit (Federal) Allows Quiet Title and Damages for Wrongful Filing of False Documents
amvona.com | June 15, 2014
Hat Tip to Beth Findsen who is a good friend and a great lawyer in Scottsdale, Az and who provided this case to me this morning. I always recommend her in Arizona because her writing is spectacular and her courtroom experience invaluable.
Read more

Obama’s Foreclosure Mess: He Turned Bankers Loose to “Solve” The Foreclosure Problem
mattweidnerlaw.com | June 11, 2014
There is no one sitting in the public or government arena that is serving the interests of the General Public.  As shown over and over again, government officials serve the interest of banks, not The People. 
Read more

Florida’s Foreclosure Purge And The Coming Real Estate Crash
mattweidnerlaw.com | June 11, 2014
Drive around a neighborhood…any neighborhood and what will you see?
Lots and lots of FOR SALE signs…yes indeed, properties are FOR SALE and people are buying.

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We Have Become Desensitized to the Fraud and Illegality in Foreclosures
mattweidnerlaw.com | June 11, 2014
Consumers, and the citizens of this nation now sit in a phase where we have become desensitized to the improper conduct that exists in so many foreclosure cases….make no mistake…it still remains wrong:
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Florida Statute- 559.715 Written Notice of Assignment of Mortgage in Foreclosure
mattweidnerlaw.com | June 11, 2014
The recklessness of the banking industry in this nation and in this state in particular is unprecedented. Trillions of dollars in debt and financial obligations sent shifting all across this planet with dizzying speed, mail and notices from one entity after another claiming to have an interest in a consumer’s debt,
Read more

The Case for Repartions and the Current State of Foreclosure Racism in the US
mattweidnerlaw.com | June 11, 2014
Ross had tried to get a legitimate mortgage in another neighborhood, but was told by a loan officer that there was no financing available. The truth was that there was no financing for people like Clyde Ross. From the 1930s through the 1960s, black people across the country were largely cut out of the legitimate home-mortgage market through means both legal and extralegal. Chicago whites employed every measure, from “restrictive covenants” to bombings, to keep their neighborhoods segregated.
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Foreclosures and Zombie Properties – The Ripoff of Taxpayers Continues
mattweidnerlaw.com | June 11, 2014
More and more, our communities are being bombarded with foreclosures then left with the consequences of those foreclosures.
Read more

Foreclosures for Servicemembers- SCRA is a Kevlar Vest with Protections for Servicemembers!
mattweidnerlaw.com | June 11, 2014
Far too many members of the military that have served our country are suffering abuses at the hands of the banks. The worst thing about this is, there are important protections in place that provide absolute defenses to protect them….but only if they’re used properly.
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A Proper State Response to Foreclosure – Fight to Keep Americans in Homes!
mattweidnerlaw.com | June 11, 2014
In Florida, the rights of the criminal banking enterprises that caused the financial collapse and continue to cause the destruction of the American economy, and in so doing, destroy the security and stability of the entire country, are rewarded as partners in government, granted rights, privileges and benefits that consumers and citizens cannot ever hope to experience.
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We did save the economy, but we lost the country doing it.
mattweidnerlaw.com | June 11, 2014
This country and the economy has not recovered from the financial crisis of 2008…and we never really will.  What is occurring now is merely air and dressing, delusion or at least short term euphoria. 
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The US Government: Enemy of Citizens, Owned And Controlled by Banks and Financial Elite
mattweidnerlaw.com | June 11, 2014
There has in fact been a not at all hostile takeover of the American governing system.  It’s not at all hostile, because it was done quite civilly…men in suits, directing dump trucks full of cash bought and paid for the US Government from the top down.
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Short Sales, Modifications and Foreclosure in Florida
mattweidnerlaw.com | June 11, 2014
Too many consumers are falling for the false assurances of a short sale or modification. The issues here are real simple….be careful.
Read more

Attorney General (not Florida) Sues in Order to Slow Down Foreclosures
mattweidnerlaw.com | June 11, 2014
Policymakers in Florida have decided that our state should work harder to conclude foreclosures than we are working to keep families in their homes.  Banks have been allowed to ignore meditations and any other efforts or initiatives that focus on producing real results that help families and stabilize communities.  And so what we get are more and more foreclosures completed….foreclosures that never seem to make it onto the market…
Read more

Another Short Treatise on Securitization
livinglies.wordpress.com | June 10, 2014
Patrick Giunta brought this article to my attention. He practices in South Florida and I co-counsel cases with him. Although there are some errors in facts and I have some differences of opinion with the writer, I think the article is a MUST-READ for anyone effected by “securitization” — especially foreclosure defense attorneys. If nothing else there is corroboration of what I have said all along.
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Wall Street Threatens to Blow Up Economy If They’re Prosecuted
ritholtz.com | June 9, 2014
The Department of Justice is “considering” initiating criminal charges against 2 banks. In response, the normal cast of characters is saying – as they have for years – that prosecuting banks will cause a meltdown of the economy.
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As Wells Fargo is Accused of Fabricating Foreclosure Papers, Will Banks Keep Escaping Prosecution?
democracynow.org | June 9, 2014
A new internal report says the Justice Department massively overstated its successes in targeting mortgage fraud while in fact ranking it as a low priority for investigation.
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Deeds Transferring Title to Fidelity Land Trust Company, LLC Are Rescinded, Deemed Null and Void
mortgagefraudblog.com | June 8, 2014
The Fidelity Land Trust Company, LLC (unrelated to Fidelity National Title Insurance Company) that obtained certain titles to homeowners’ residences may be clouded and deemed null and void based on a ruling from a Broward County, Florida, Circuit Court.
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Wells Fargo Settlement Mortgage Fraud
blog.holmesgalt.com | June 8, 2014
Fox News Reports on leaked documents proving forced foreclosure of home owners by submitting fraudulent mortgage documents during legal proceedings.
See video

Obama Administration Continues to Block Solutions to the Foreclosure Crisis
fortune.com | June 8, 2014
So far, the Federal Housing Finance Administration has refused to budge on mortgage principal reductions. States have tried to take matters into their own hands.
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Justice Department Overstated Mortgage Fraud Work, Watchdog Says
m.omaha.com | June 8, 2014
The U.S. Justice Department used faulty statistics to overstate its mortgage-fraud prosecution efforts and ranked mortgage fraud last in its list of priorities despite public pledges to combat these types of crimes, an internal watchdog says.
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Robo-Signing Rerun, This Time Involving Credit Cards?
pennyhill.com | June 8, 2014
Nearly three years after the term robo-signing became infamously linked to the U.S. foreclosure process, there are growing concerns that robo-signing practices may not be unique to mortgages. A whistleblower complaint filed with the Securities and Exchange Commission (SEC), judicial decisions, and numerous reports from American Banker, the New York Times, and other news outlets, have sounded alarms that financial institutions might be suffering from similar deficiencies in the documentation and collection of delinquent credit card debts.
Read more

MA Sues Fannie & Freddie Over Foreclosures
courthousenews.com | June 8, 2014
BOSTON (CN) - Massachusetts sued Fannie Mae and Freddie Mac to try to force them to follow a state law to help distressed homeowners who may lose their homes to foreclosure.
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Chicago Foreclosure Statistics for April 2014
news.money.ca | June 8, 2014
In statistics compiled by the Illinois Foreclosure Listing Service, April 2014 showed some simultaneously encouraging and discouraging patterns for the Chicagoland area. One area that had improvement was the auction activity, which increased by 0.85 percent from March. After a very slight dip from February to March 2014 of 0.56 percent, Chicago foreclosures were able to recover that ground in April.
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BofA Could Pay At Least $12B to Settle Probes
foxbusiness.com | June 6, 2014
Bank of America Corp (BAC) could pay more than $12 billion to settle probes by the Justice Department and a number of states into the bank's alleged handling of shoddy mortgages, the Wall Street Journal said on Thursday, citing people familiar with the negotiations.
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Wall Street Criminals Threaten Economy Will Blow Up If They’re Prosecuted
stage2omega.com | June 5, 2014
The Department of Justice is “considering” initiating criminal charges against 2 banks. In response, the normal cast of characters is saying – as they have for years – that prosecuting banks will cause a meltdown of the economy.
Read more

Newark, NJ Approves Use of Eminent Domain to Fight Foreclosures – The First Domino Falls
ncconsumer.org | June 5, 2014
Newark, New Jersey has become the first city in the country to officially approve a controversial plan that uses eminent domain to fight foreclosures and neighborhood blight.
Read more

BOMBSHELL- The Secret Lawsuit Has Finally Been Revealed- Your Mortgage Documents Are Fake (And Your Foreclosure Is a Fraud!)
mattweidnerlaw.com | June 4, 2014
The enormity of the crimes that have been committed against defendants in foreclosure cases is easy for much of society to ignore. Those who are defendants in foreclosure cases are, after all, those who deserve to suffer the consequences of failed generations of economic policy. Those who are defendants in foreclosure cases are, after all, the people that deserve scorn and disgust and contempt because they chose to live in a country that gave away their jobs, their industry, their future.
Read more

Properly Drafted Complaints are Beginning to Flow Through the System Smoothly
June 4, 2014
Use the Appellate Court words to formulate your Complaint or to amend an existing complaint, in regard to Prudential Standing, Constitutional Standing and Real Party in Interest doctrine (PETE) as located with in the VEAL Opinion.
Read more

Brevard judge tells attorney, 'I'll beat your ass,' allegedly throws punches
wftv.com | June 4, 2014
BREVARD COUNTY, Fla. — Court deputies had to break up a physical fight between a Brevard County judge and a public defender after an argument during a hearing on Monday.
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Massachusetts AG Sues GSEs for Foreclosure Prevention Violations
nationalmortgageprofessional.com | June 4, 2014
Citing a refusal to engage in foreclosure buyback programs is unfairly and illegally causing Massachusetts families to lose their homes, Massachusetts Attorney General Martha Coakley has sued the Federal Housing Finance Agency (FHFA) and the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, for violating the state’s 2012 foreclosure prevention law.
Read more

Bank of America Facing $1 Billion Federal Lawsuit for Mortgage Fraud
ncconsumer.org | June 4, 2014
The top federal prosecutor in Manhattan says he's suing Bank of America for $1 billion for mortgage fraud against Fannie Mae and Freddie Mac. U.S. Attorney Preet Bharara says Countrywide, which was later bought by Bank of America, had procedures in place designed to process loans at high speed and generated thousands of fraudulent mortgage loans.
Read more

The Strike Force That Never Struck
eastbayexpress.com | June 1, 2014
Despite pledging to crack down on foreclosure scam artists three years ago, Attorney General Kamala Harris has allowed an industry of fraud to flourish.
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Regulator Bans 112 Mortgage 'Professionals' Since 2006
professionaladviser.com | June 1, 2014
The Financial Conduct Authority (FCA) has banned more than 100 individuals from the mortgage industry for fraud in the last eight years, Professional Adviser's sister title Mortgage Solutions can reveal.
Read more

Mortgage Refinancings Hit 6-year Low
chicagotribune.com | June 1, 2014
Mortgage refinancing of Fannie Mae- and Freddie Mac-backed loans plummeted to a six-year low during the first quarter, as escalating mortgage rates dried up demand.
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Litigation Privilege did not Bar Action to Quiet Title after Voluntary Dismissal of Foreclosure Action
kashilawletter.com | June 1, 2014
After the bank voluntarily dismissed its foreclosure action against the seller, the buyer filed an action to quiet title against the bank.  The trial court dismissed the quiet title action based upon the litigation privilege, but the appellate court reversed. 
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Head of Annandale Settlement Company Pleads Guilty in More Than $2 Million Short Sale Mortgage Fraud
insurancenewsnet.com | June 1, 2014
ALEXANDRIA, VA--Jose Marinay, 52, of Annandale, Virginia, pleaded guilty today to conspiracy to commit wire fraud for his involvement in a short sale mortgage fraud conspiracy.
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Former Gov. John Waihee Launches New Homeowner SuperPAC on Sunday Radio
novoco.com | June 1, 2014
Don’t miss this Sunday’s 3 p.m. Foreclosure Hour on KHVH-AM radio, featuring former Hawaii Governor John Waihee.
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Fannie and Freddie Could Ease Mortgage Restrictions
hsh.com | June 1, 2014
Homebuyers and sellers might want to take note of remarks Melvin L. Watt delivered at a recent mortgage industry forum. Watt is the director of the Federal Housing Finance Agency (FHFA), which is the conservator and regulator of Fannie Mae and Freddie Mac, two corporations that purchase mortgages from lenders.
Read more

Fascinating Research on Federal Mortgage Fraud Prosecutions and Sentencing in Western PA
sentencing.typepad.com | June 1, 2014
I am pleased and excited to have learned over the long weekend that the Pittsburgh Post-Gazette and the Duquesne University School of Law collaborated on an innovative Fact Investigations class, led by associate professor and Criminal Justice Program director Wesley Oliver, to study the modern work of Western Pennsylvania's federal prosecutors in response to modern mortage fraud.
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Economy News Today: Mortgage Applications, Same-Store Sales
news.investors.com | June 1, 2014
Even as interest rates ticked down for the 4th straight week, applications to buy a home fell a third straight week during the May 23 week and are down 54% for the year. Refinance applications, which had perked up in line with declining rates, fell and are down 67% for the year.
Read more

Did Bear Stearns Know Its Mortgage Securities Were a House of Cards?
dailyfinance.com | June 1, 2014
This week, a lawsuit filed against Bank of America detailed the worst mortgage practices at Countrywide -- which BofA acquired in 2008. The suit charged that Countrywide had, as a policy, disregarded borrowers' ability to repay their loans because fraudulently securitizing the mortgages was the bank's sole purpose in making them. But Bank of America (BAC) isn't the only major financial institution now facing a legal battle over the past behavior of a company acquired during the financial meltdown.
Read more

California Court Rejects Improper Pooling and Servicing Agreement Argument Brought by Plaintiffs
zacks.com | June 1, 2014
The court in deciding Sollenne v. United States Bank Nat’l Ass’n, 2013 U.S. Dist., (S.D. Cal., 2013) dismissed the plaintiffs’ claims. Plaintiffs alleged three causes of action: 1) quiet title; 2) declaratory relief to determine the validity of the deed of trust on the date the note was assigned and to determine if any defendant has authority to foreclose; and 3) injunctive relief to stop further collection activity, including the sale of the property.
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$30K Punitive Damages Award Against Lawyer
lawtimesnews.com | June 1, 2014
A Superior Court judge has found a Toronto lawyer orchestrated a mortgage fraud that bilked a senior citizen out of $75,000 and has ordered him to pay damages including a $30,000 punitive award.
Read more

CFLA Announces Partnership with REST to Offer Securitized REST Report, Available Through CFLA
i-newswire.com | June 1, 2014
Los Angeles, CA (I-Newswire) May 30, 2014 - A REST Report is a document generated using the same exact computer software banks and loan servicers use to determine if a homeowner qualifies for a loan modification.
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Wells Fargo Ends 'Robo-Signing' Lawsuit
zacks.com | June 1, 2014
Wells Fargo & Company (WFC - Analyst Report) is set to end the legal tussle it has been encountering since 2011 for a settlement of around a minimum of $67 million in connection with the ‘robo-signing’ fiasco. It was alleged that the company officials have conducted improper verification of documents in the home-foreclosure process.
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FTC Refunds Nearly $3 Million After Mortgage Scam
cuna.org | June 1, 2014
WASHINGTON (6/2/14)--The Federal Trade Commission will pay out almost $3 million to more than 6,300 consumers who fell victim to a mortgage relief scam.
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