8/2/2019 Weekend Digest - March 5 to March 9, 2012 - ForeclosureGate Gazette

http://slidepdf.com/reader/full/weekend-digest-march-5-to-march-9-2012-foreclosuregate-gazette 1/5

This Edition Of The ForeclosureGate Gazette Contains Active Links

Page 1 of 5 

WEEKEND DIGEST

MARCH 5 – MARCH 9, 2012

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS

ForeclosureGate Is A Public Service Homeowner Coalition And Cooperative, Created To Exchange News And Information And To Advance Justice For American Homeowners 

2012MONDAY 

MARCH 5

WARNING: Anyone with a good enoughlawyer and a compliant judge can now claimyour property

  As I’ve said many times, whenever you criticizethe banks you get pushback from their employees and lawyers handling their homethefts (whoops I meant “foreclosures”). About tendays ago I posted a brief update on the state of 

play, and received the usual comments…. 

L.A. Mom Deported After Protesting Foreclosure of Former Home

On February 22nd, Blanca Cardenas, a 37-year-old mother of a 19-month-old girl, was arrestedby Los Angeles Police Department officers for trespassing during a foreclosure protest at thehome she used to live in. Despite posting bail,Cardenas was held in LAPD custody for one

week before Immigration and Customs Enforcement picked her up Wednesday anddeported her “within hours,”…. 

Florida: Oppose (UN)fair Foreclosure Act,Senate Bill 1890

The Florida House passed their version of theUNFair Foreclosure Act. REMEMBER each andevery Florida House & Senate member is up for reelection this year due to redistricting. CSpassed as amended; YEAS 94, NAYS 17 Wednesday, February 29, 2012 12:04 PM…. 

Rush Limbaugh Advertisers Pull Commercials In Wake Of Sandra Fluke 'Slut'Firestorm

Several of Rush Limbaugh's advertisersannounced Friday that they were pulling their commercials from his radio show in the wake of Limbaugh's incendiary comments about a femalelaw student and contraception…. 

Fed's Secret Sale Of AIG Assets To GoldmanCriticized As 'Un-American'

The Federal Reserve gave just five banks thechance to bid on $6.2 billion in taxpayer-owned  AIG assets before selling them to GoldmanSachs on Wednesday. The Fed allowedGoldman Sachs, Barclays, Credit Suisse, theRoyal Bank of Scotland, and Morgan Stanley toparticipate in the auction, according to a NewYork Fed statement…. 

Colorado settles with five banks for $200M inforeclosure relief funds

  After nearly a year of negotiations, Coloradoalong the Department of Justice are settling withfive of the nation’s largest banks over allegationsof wrongful mortgage practices. The settlement,which is being billed as the second largest inColorado history, would bring more than $200million to homeowners and residents who havefaced troubles with foreclosures and mortgagere-financing groups…. 

Mortgage settlement is too little, too late for many

The massive mortgage settlement may besetting new national standards for loan servicing,but it may be too little and too late to helptroubled homeowners. Many homeowners willsee reductions in the principal they owe on their mortgages. In California, those who enduredforeclosure probably will see checks averaging$1,500 to $2,000…. 

How the Foreclosure Settlement Could Affect You

Marking the conclusion of the largest joint state-federal settlement in history, the National  Association of Attorneys General announcedtoday that the nation's five largest mortgageservicers -- Bank of America Corporation,JPMorgan Chase & Co., Wells Fargo &Company, Citigroup, Inc., and Ally Financial --have agreed to pay a $25 billion judgment tosettle an investigation into illegal foreclosures…. 

8/2/2019 Weekend Digest - March 5 to March 9, 2012 - ForeclosureGate Gazette

http://slidepdf.com/reader/full/weekend-digest-march-5-to-march-9-2012-foreclosuregate-gazette 2/5

This Edition Of The ForeclosureGate Gazette Contains Active Links

Page 2 of 5 

WEEKEND DIGEST

MARCH 5 – MARCH 9, 2012

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS

ForeclosureGate Is A Public Service Homeowner Coalition And Cooperative, Created To Exchange News And Information And To Advance Justice For American Homeowners 

2012TUESDAY 

MARCH 6

Brookings: 5% of underwater borrowerseligible for write-downs

  A calculation by aBrookingsInstitution economist narrowed down the pool of underwater homeowners to 500,000 who couldqualify for principal reduction from the $25 billionmortgage settlement. About $10 billion of thesettlement, in the form of credits, will go toward

principal write-downs made by the five banks.Only homeowners delinquent on their mortgagesare eligible…. 

Mortgage servicers fiddled while homeowners were burned by foreclosureabuse

While federal officials and state attorneys generalwrangled for a year with mortgage servicers tofinalize the settlement, mortgage servicerscontinued abusive foreclosure tactics. Now, evenwith the settlement signed, it isn’t really a done

deal, thanks to the settlement’s “agreement inprinciple” and “final terms and provisions” smallprint…. 

Banks drag their feet processing modifications on mortgages that outranktheir junior liens

Bank of America Corp., Wells Fargo & Co. andthree other banks that settled a nationwide probeof foreclosure practices this month will get abonus from the deal: protection for $308 billion of home-equity loans they hold. The banks thatservice about half the nation’s mortgages onbehalf of investors will be able to share losses ontheir junior loans with bondholders…. 

How to seek a reduction on your home'sproperty tax

If you believe you're paying too much propertytax because the county has overestimated thevalue of your home, you can seek a reduction.Here are tips on how to do this: If you believethe assessment was unfair in the past, contactyour county assessor's office or visit its websiteas soon as possible. At this time of year, manyassessors are in the process of updatingproperty values…. 

NJ homeowners due $838M in foreclosuresettlement between feds, big banks

New Jersey will receive an estimated $837million as part of Thursday’s $25 billionsettlement among five giant banks and state andfederal authorities on foreclosure abuses, raisinghopes of financial relief for some homeownerswho were evicted or are facing foreclosure. Thesettlement money will be used to lower loan

amounts and allow refinancing…. 

Former President of Orion Bank Pleads GuiltyTo Bank Fraud and Related Charges

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP)and U.S. Attorney for the Middle District of Florida Robert E. O’Neill today announced thatJerry J. Williams (51), formerly of Naples, Florida,and currently residing in Fort Worth, Texas,pleaded guilty today to conspiracy to commit

bank fraud and making false statements to…. 

2006-Report To Fannie Mae RegardingShareholder Complaints, Case No. 5595

The Office of Corporate Justice has retainedBaker & Hostetler LLP to conduct an independent investigation of concerns expressedby Mr. Nye Lavalle, a Fannie Mae shareholder,about several Fannie Mae business practices inconnection with single-family…. 

HUD Secretary Expects “Substantial” Payment of Foreclosure Fraud Settlementwith MBS Investor Money

Housing and Urban Development SecretaryShaun Donovan mostly confirmed that private-label mortgage-backed securities investors, notbanks or servicers, will end up shouldering thecost of much of the imminent foreclosure fraudsettlement despite the risk of litigation…. 

8/2/2019 Weekend Digest - March 5 to March 9, 2012 - ForeclosureGate Gazette

http://slidepdf.com/reader/full/weekend-digest-march-5-to-march-9-2012-foreclosuregate-gazette 3/5

This Edition Of The ForeclosureGate Gazette Contains Active Links

Page 3 of 5 

WEEKEND DIGEST

MARCH 5 – MARCH 9, 2012

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS

ForeclosureGate Is A Public Service Homeowner Coalition And Cooperative, Created To Exchange News And Information And To Advance Justice For American Homeowners 

2012 WEDNESDAY 

MARCH 7 

Foreclosure Sales Flood Market

Foreclosures and other distressed propertiesaccount for more than a third of all home sales,and data released today suggests that figuremay soon grow even bigger. Lenders in Januarytook back nearly 91,100 distressed properties,which includes foreclosures and short sales, up29% from the previous month, according to data

released this morning by LPS Applied Analytics,which tracks mortgage performance…. 

Poor, Put-Upon Mortgage Servicers [ie Banks]...

  As cities and towns across the country struggleto pay bills and prevent troubled properties fromgiving rise to blighted neighborhoods, they'returning by the hundreds to a new tactic. Itinvolves requiring mortgage servicers to payhundreds of dollars in fees, post bond beginning

at $10,000 per property for repairs and evenregister properties that are…. 

Oregon House passes foreclosure protectionbill addressing mediation, dual track

Oregon lawmakers reached a last-minute dealMonday on protections for homeowners facingforeclosure, passing legislation that will requirelenders to meet face to face with borrowersbefore initiating foreclosure. The Houseapproved Senate Bill 1552by a 59-1 vote lateMonday…. 

Bank of America is a “raging hurricane of theft and fraud”

There are two things every American needs toknow about Bank of America. The first is that it’scorrupt. This bank has systematically defraudedalmost everyone with whom it has a significantbusiness relationship, cheating investors, insurers, homeowners, shareholders, depositors,and the state…. 

Fanning the Flames of Class Warfare

  A curious phenomenon occurs during everyeconomic crisis – the rich whine that they are theones who are suffering most. While obviouslyone’s capacity to suffer under any circumstancesis subjective, when we hear that the very well-to-do, under any reasonable definition of the term,seek pity, it comes across as callous andclueless…. 

Arizona gets $1.6 billion in mortgage fraudsettlement

 Arizona will receive $1.6 billion of the $26 billionsettlement over bad foreclosure practices thatgovernment officials reached with the nation'sbiggest lenders today. Separately, the state willreceive $10 million from Bank of America tosettle its lawsuit over alleged mortgage fraud the Arizona Attorney General filed against the lender in December 2010…. 

The Five Things You Need To Know AboutForeclosure Settlement

1. The Background: As you know the world of high finance saw significant "innovation" duringthe aughts in the field of packaging and reslicingmortgages to turn them into highly ratedtradeable securities. But the underlying world of real estate law was not similarly innovative. One key premise of the mortgagelending business is that the homeowner's loan isbacked by a hard asset—a house—.… 

Foreclosure charges push Ally Financial tofourth quarter loss

Expected penalties Ally Financial set aside for alleged foreclosure abuses pushed the bank to aloss for the fourth quarter. Ally lost $250 millionfor the three months ending Dec. 31, down froma $79 million profit one year earlier. The bankreserved $270 million it expects governmentagencies to impose as a result of the multistateinvestigation into foreclosure practices at the topmortgage servicers…. 

8/2/2019 Weekend Digest - March 5 to March 9, 2012 - ForeclosureGate Gazette

http://slidepdf.com/reader/full/weekend-digest-march-5-to-march-9-2012-foreclosuregate-gazette 4/5

8/2/2019 Weekend Digest - March 5 to March 9, 2012 - ForeclosureGate Gazette

http://slidepdf.com/reader/full/weekend-digest-march-5-to-march-9-2012-foreclosuregate-gazette 5/5

This Edition Of The ForeclosureGate Gazette Contains Active Links

Page 5 of 5 

WEEKEND DIGEST

MARCH 5 – MARCH 9, 2012

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS

ForeclosureGate Is A Public Service Homeowner Coalition And Cooperative, Created To Exchange News And Information And To Advance Justice For American Homeowners 

2012FRIDAY 

MARCH 9 

IRS May Make Political Groups Pay Dearly for Keeping Donors Secret -- And Out Them

For years, the IRS has done little or nothing to check the rise of overtly political groups that claim a special tax-exempt status in order to funnel secret money into election-related advertising. But in a sign that the agencymay be waking from its slumber, the IRS has sent detailed questionnaires to several Tea Party organizations -- and possibly other political groups -- to determine if they truly qualify for the 501(c)(4) designation intendedfor groups whose exclusive purpose is to promote social welfare…. 

3 Attorneys Charged In CA Loan Modification Scam

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP)and California Attorney General Kamala D.Harris today announced the arrests of theowners and managing attorney of a law firmthat took thousands of dollars in up-front loanmodification fees…. 

Milwaukee Outlines Plan To Reduce Foreclosures

Milwaukee revealed a unique plan to promotehomeownership and reduce the number of boarded-up homes in the city Wednesday. The cityof Milwaukee said it owns an unprecedented stockof houses -- about 720 -- that were foreclosed for nonpayment of taxes…. 

The barrage of housing-related spin coming from all corners lately

The New York Times editorial board has an

appropriate take today on the barrage of housing-related spin coming from all cornerslately. If you follow these issues, you wouldhave to be willfully blind not to notice aconcerted effort to paint the housing recoveryas just around the corner…. 

Why Are We Throwing People Into The StreetsSo The Banks Can Keep Homes?

  All this talk about how long it takes to complete a

foreclosure in Florida is so much lies andmisinformation. The figures commonly quotedabout the time to foreclosure are grosslymisleading, but there is something far more curiousand sinister that no one is talking about.... 

Found Dead In Foreclosed Home As ManyAs Four Years After Suicide

  Abandoned homes have become an increasingly common sight amidst a nationalforeclosure crisis. Yet what may lurk forgotten

behind closed doors may be much worse thannothing at all…. 

Bernanke: Weak housing has hurt consumer spending

Ben Bernanke says declines in home prices haveforced many Americans to cut back sharply onspending and warns that the trend could continue

to weigh on the economy for years. The FederalReserve chairman drew the connection betweenhome values and consumer spending…. 

For SEC, investigating insider trading inCongress presents complications

Financial regulators have built an elaboratecomputer apparatus to scan stock markets for signs of insider trading, but the radar isn’tpointed at Congress. Instead, it is designed todetect more conventional forms of insider trading — a corporate lawyer acting on…. 

Missing Settlement Document Raises Doubtson $25B Deal

More than a day after the announcement of amammoth national mortgage servicing settlement,the actual terms of the deal still aren't public. Thewebsite created for the national settlement lists thedocument as "coming soon." That's because a fullyauthorized, legally binding….