Housing
FIGHTING MORTGAGE ASSIGNMENT FRAUD – IS FDCPA THE ONLY WEAPON?
By Dean Mostofi This article, in light of a recent filing of a class action complaint and news of an ongoing criminal investigation, examines the Fair Debt Collection Practices Act and its potential application by homeowners seeking damages against foreclosure trustees and mortgage default servicing companies involved in wholesale and systemic mortgage assignment fraud and [...]
Read Full Post | Make a Comment ( 7 so far )Fannie Mae to rent out homes instead foreclosing
Fannie Mae to rent out homes instead foreclosing By ALAN ZIBEL (AP) – 4 hours ago WASHINGTON — Thousands of borrowers on the verge of foreclosure will soon have the option of renting their homes from Fannie Mae, under a policy announced Thursday. The government-controlled company, through its new “Deed for Lease” program, will allow [...]
Read Full Post | Make a Comment ( 1 so far )Fair Game – If the Lender Can’t Find the Mortgage
By GRETCHEN MORGENSON Published: October 24, 2009 FOR decades, when troubled homeowners and banks battled over delinquent mortgages, it wasn’t a contest. Homes went into foreclosure, and lenders took control of the property. On top of that, courts rubber-stamped the array of foreclosure charges that lenders heaped onto borrowers and took banks at their word [...]
Read Full Post | Make a Comment ( 2 so far )Foreclosures Are More Profitable Than Loan Modifications, According To New Report
Mortgage companies are more likely to foreclose on homeowners than modify their loans because they make more money off foreclosures, argues a new report by a consumer advocacy group. While homeowners, lenders and investors typically lose money on a foreclosure, mortgage servicers do not, says report author Diane E. Thompson, of counsel at the National [...]
Read Full Post | Make a Comment ( None so far )The next financial tsunami unleashed by toxic mortgages
By PAM MARTENS The financial tsunami unleashed by Wall Street’s esurient alchemy of spinning toxic home mortgages into triple-A bonds, a process known as securitization, has set off its second round of financial tremors. After leaving mortgage investors, bank shareholders, and pension fiduciaries awash in losses and a large chunk of Wall Street feeding at [...]
Read Full Post | Make a Comment ( None so far )New law denies homeowners access to legal representation
California has a new law on the books that bans collection of advance fees from firms that provide loan modification services to people struggling to avoid foreclosure. Other real estate related bills signed into law this month by Gov. Arnold Schwarzenegger aim to crack down on abusive lending practices by mortgage brokers; provide more safeguards [...]
Read Full Post | Make a Comment ( None so far )Entire Finance Industry Filled With Massive, Pernicious Fraud
The entire finance and real-estate “industry” is filled with massive, pernicious fraud, and we now have only one question remaining – will The Government do its lawful and mandated job, that of prosecuting the bad actors, or has it joined with the fraudsters, become one with them, and thus, declare itself as a gang of mobsters [...]
Read Full Post | Make a Comment ( None so far )US Senate: STOP BEING STUPID
The legislation, introduced today by Senator Jack Reed of Rhode Island, would require lenders to evaluate all borrowers for affordable loan modifications before initiating foreclosure. It would also require banks to offer and approve a loan modification if the restructured mortgage returns more money, the so-called net-present value, to investors than would foreclosure. The proposal [...]
Read Full Post | Make a Comment ( None so far )Loan modifications growing
The Obama administration said Wednesday it is on track to secure 500,000 trial loan modifications for struggling homeowners by Nov. 1, as both the number of participating mortgage companies and the number of offers extended under the Home Affordable Modification Program increased last month.The second report from the Treasury Department on its $75 billion mortgage [...]
Read Full Post | Make a Comment ( None so far )Minnesota Supreme Court Upholds MERS
St. Paul, Minn. — The Minnesota Supreme Court today ruled against five Hennepin County homeowners who said an electronic mortgage registration system made it virtually impossible to defend themselves against home foreclosures. The system, called Mortgage Electronic Registration Systems, or MERS, is a registry involved in 40 percent of all foreclosures in the Twin Cities. [...]
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