7/30/2019 Weekend Edition - August 26, to August 30, 2013 - ForeclosureGate Gazette

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WEEKEND EDITION, AUGUST 26 – AUGUST 30, 2013 

Page 1 of 5 

MONDAY, AUGUST 26, 2013 

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS

The ForeclosureGate Gazette Is A Public Service Aggregate Of Foreclosure-Related News And Information Intended To Educate And Advance Justice For American Homeowners 

CFPB says mortgage servicing still r iddled with problems

 The Consumer Financial Protection Bureau said Wednesday that it has launched investigations at banks and otherfinancial firms after finding many problems in the way they service residential mortgages. In the aftermath of thehousing crash, the haphazard work of some mortgage servicers prevented thousands of struggling Americans fromhanging on to their homes….

BofA Banker Sued by Regulator Later JoinedFannie Mae

A former Bank of America Corp. executivewhose work on mortgage bonds is the subject of regulator and J ustice Department lawsuits washired by U.S.- backed Fannie Mae months afterthe claims began to surface….

LPS: Delinquency Rate Sees Abrupt Increasein June

After five months of declines, the nationalmortgage delinquency rate reversed course in J une, according to data from Lender ProcessingServices (LPS)….

Mortgage-Service Fixes Faulted by Settlement Monito r 

 To meet the terms of a legal settlement with theU.S. J ustice Department and 49 state attorneysgeneral, the monitor said in a report releasedtoday, the banks must improve their response toloan-modification requests and their collection…

Wells Fargo settles complaint on foreclosedhomes

A year-long investigation by the advocacy groupfound that homes serviced by Wells Fargo inminority communities were far more likely thanthose in white areas to be left in disrepair, withbroken windows, unkempt yards or…..

CFPB reveals exam procedures set to governnew mortgage rules

 The Consumer Financial Protection Bureauunveiled the latest updates to the exam

procedures it will use to scrutinize financialinstitutions and mortgage companies when….

Mortgage Investors Get B lindsided

Both companies play roles in the complicatedprocess of converting monthly mortgage checksinto scheduled payments to investors. But so far in

this case, neither is accepting responsibility for theerrors….

Husband and Wife Sent to Prison for Defrauding HSBC Mortgage

According to court documents, between February 2001 and August 2011, Michelle Guy worked in variousadministrative capacities for HSBC Mortgage Services, Brandon, Florida. During her employment, HSBC MortgageServices maintained an employee Recognition Program….

Homeowner/Foreclosure Legal Q&A  More Foreclosure News 

How OLD can a Notice of Intent to Foreclose be? >>>>

Servicer filed foreclosure complaint against me with defectiveAssignment of note and mortgage >>>>

Is a second mortgage in California non-recourse? >>>>

My brother is being foreclosed on for underpaying his mortgageless than 1 dollar a month. Can a bank even do that? >>>>

  Arizona law makes landlords tell tenants of foreclosures >>>>

Consultant Paid More Than $900 Million in ForeclosureReview >>>>

Foreclosure settlement a billion-dollar bust >>>>

NY A.G. Announces Up To $20 Million To Rebuild AndReinvest In Communities Still Recovering From The HousingCrisis >>>>

 

7/30/2019 Weekend Edition - August 26, to August 30, 2013 - ForeclosureGate Gazette

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WEEKEND EDITION, AUGUST 26 – AUGUST 30, 2013 

Page 2 of 5 

TUESDAY, AUGUST 27, 2013 

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS

The ForeclosureGate Gazette Is A Public Service Aggregate Of Foreclosure-Related News And Information Intended To Educate And Advance Justice For American Homeowners 

$250 title insurance saves Mo. family's home from foreclosure

 J ust days before a Missouri couple faced being kicked out of their home, they won the battle to keep the house. TheNichols family had made all their payments on time, but were still facing foreclosure. And it took awhile to figure outwhy. Michael Nichols, his wife Erica Hotson and their two daughters are finally able to enjoy family time after a year-long nightmare….

Second-Home Deduction Future Depends onCongress Using It

Only a small percentage of U.S. taxpayersbenefit from the ability to deduct mortgageinterest on a second home. That group justhappens to include many of the people who craftthe nation’s tax laws….

 A City Invokes Seizu re Laws to Save Homes

 The power of eminent domain has traditionallyworked against homeowners, who can be forcedto sell their property to make way for a newhighway or shopping mall. But now the working-class city of Richmond, Calif., hopes to use thesame legal tool to help people stay right where….

Wells Fargo to pay $39M to settle 

foreclosure-bias claims

Wells Fargo & Co. will spend $39 million onhome-ownership programs across the country tosettle charges that it allowed foreclosed homesin minority communities to fall into disrepair….

FHA could stop charging extra interest on

mortgage payoffs

Pressured by consumer protection regulators, theFederal Housing Administration is expected to endone of its most controversial practices: chargingborrowers interest on their home mortgages forweeks after they've paid off the entire principalbalance….

Supreme Court History, Landmark Cases:Fletcher v. Peck (1810)

In Fletcher v. Peck (1810), the Supreme Court

ruled that a grant to a private land company wasa contract within the meaning of the ContractClause of the Constitution, and once made couldnot be repealed….

Lawyer Faces Disbarment for Stealing Interestfrom Collateralized Mortgage Obligations

 J on A. Divens, 57, California State Bar #145549,

is facing disbarment for his role in misappropriating about $400,000 in interest fromtwo investment vehicles that he agreed to hold inescrow pending their sale….

GMAC Will Pay Borrowers $230 Million on Faulty Foreclosures

GMAC Mortgage will pay about 232,000 borrowers to settle claims it improperly seized homes, the Fed said. In adeal similar to those regulators struck with 13 other mortgage servicers this year, the money goes to borrowers whofaced foreclosure in 2009 and 2010….

Homeowner/Foreclosure Legal Q&A  More Foreclosure News 

How OLD can a Notice of Intent to Foreclose be? >>>>

Servicer filed foreclosure complaint against me with defectiveAssignment of note and mortgage >>>>

Is a second mortgage in California non-recourse? >>>>

My brother is being foreclosed on for underpaying his mortgageless than 1 dollar a month. Can a bank even do that? >>>>

  Arizona law makes landlords tell tenants of foreclosures >>>>

Consultant Paid More Than $900 Million in ForeclosureReview >>>>

Foreclosure settlement a billion-dollar bust >>>>

NY A.G. Announces Up To $20 Million To Rebuild AndReinvest In Communities Still Recovering From The HousingCrisis >>>>

 

7/30/2019 Weekend Edition - August 26, to August 30, 2013 - ForeclosureGate Gazette

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WEEKEND EDITION, AUGUST 26 – AUGUST 30, 2013 

Page 3 of 5 

 WEDNESDAY, AUGUST 28, 2013 

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS

The ForeclosureGate Gazette Is A Public Service Aggregate Of Foreclosure-Related News And Information Intended To Educate And Advance Justice For American Homeowners 

Why Is the Fed Chairman a Bank Regulator (or an Economist)?

 The second issue is why is the list of Fed Chair candidates inevitably just a bunch of economists given that bankregulation is arguably now the more important of the Fed's dual roles? (Actually treble, as the Fed also acts as animportant payment system operator.). Why on earth would anyone think economists, no matter how brilliant, wouldbe the go-to group for bank regulators?

Prince George’s County Foreclosure TaskForce

 The Take Back Your Home Coalition and theundersigned organizations write to encouragethe Foreclosure Task Force to do more to helphomeowners in and at risk of foreclosure inPrince George’s County….

Why Do Subservicers Continue to PayInvestors After Borrower Stops Paying?

 The borrower is only required to make paymentsthat are DUE. The payment isn’t due if it is alreadybeen made and there is nothing to reinstate if thecreditor has already received his expectedpayment. The payments are NOT DUE TO THESERVICER….

CFPB says NH leads country in mortgagecomplaints

When it comes to complaints about mortgages,New Hampshire leads the nation, according tothe latest data from the Consumer FinancialProtection Bureau, which has been collectingand pursuing consumer complaints on financialservices since it opened for business in……

US’s largest Realtor association to dotloop:‘Hands off our forms’

 The California Association of Realtors (CAR), thelargest state Realtor association in the U.S. andowner of forms software provider zipLogix, hastold the transaction management software provider dotloop that users cannot fill out theassociation’s copyrighted forms using….

Home Affordability Becoming More Unequal Across U.S.

Prices Rising Sharply in the Least AffordableMarkets: Recent price gains are squeezingwould-be buyers in metros where the cost of owning is steep. We created a measure of localaffordability based on current asking prices….

City Council adopts rules to protect renters inforeclosures

 The new law applies to lenders and most otherbuyers of foreclosed rental buildings at court-supervised foreclosure auctions and to buildingsthat run the gamut from single-family rental homesto high-rise apartment buildings….

Bank of America’s Foreclosure Frenzy

In one corner, we have five former Bank of America Corp. employees who told a federal court they were instructedto mislead customers on the verge of losing their homes and stall their applications for loan modifications. Inanother corner, we have Bank of America, which says nothing could be further from the truth. Who’s right? If anything, the bank’s strident denials make me more inclined to believe the workers’ claims….

Homeowner/Foreclosure Legal Q&A  More Foreclosure News 

How OLD can a Notice of Intent to Foreclose be? >>>>

Servicer filed foreclosure complaint against me with defectiveAssignment of note and mortgage >>>>

Is a second mortgage in California non-recourse? >>>>

My brother is being foreclosed on for underpaying his mortgageless than 1 dollar a month. Can a bank even do that? >>>>

  Arizona law makes landlords tell tenants of foreclosures >>>>

Consultant Paid More Than $900 Million in ForeclosureReview >>>>

Foreclosure settlement a billion-dollar bust >>>>

NY A.G. Announces Up To $20 Million To Rebuild AndReinvest In Communities Still Recovering From The HousingCrisis >>>>

 

7/30/2019 Weekend Edition - August 26, to August 30, 2013 - ForeclosureGate Gazette

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WEEKEND EDITION, AUGUST 26 – AUGUST 30, 2013 

Page 4 of 5 

THURSDAY, AUGUST 29, 2013 

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS

The ForeclosureGate Gazette Is A Public Service Aggregate Of Foreclosure-Related News And Information Intended To Educate And Advance Justice For American Homeowners 

Pennsylvania widow who nearly los t home over $6.30 wins reprieve

A Pennsylvania widow whose residence was auctioned off because of $6.30 in unpaid interest won a court rulingMonday giving her a chance to argue that she should not lose the $280,000 home. The Commonwealth Courtdecided that it was a mistake for a Beaver County, Pa., judge to rule against Eileen Battisti without first holding anevidentiary hearing, according to a court document….

Home Prices Jump , but Headwinds Build

 The speed with which prices have risen over thepast year has taken many economists bysurprise. Gains have been fueled by record-lowmortgage rates, a slowly improving economy thathas released pent-up demand and strongappetites from investors converting homes intorentals….

In Paper War, Flood o f Liens Is the Weapon

One of the first inklings Sheriff Richard Stanekhad that something was wrong came with a callfrom the mortgage company handling hisrefinancing. “It must be a mistake,” he said, whenthe loan officer told him that someone had placedliens totaling more than $25 million on his houseand on other properties he owned….

$1.3 Million in Foreclosure Education andCounseling Grants Awarded

 The Patrick Administration's Office of ConsumerAffairs and Business Regulation's Division of Banks (DOB) today announced $1.3 million ingrants to 11 regional foreclosure preventioncenters and 10 individual/first-time….

Fast Growth of Mortgage-Service CompaniesStirs Concern for Consumers

 The CFPB said in February it was concernedabout home loan servicing transfers, and issued abulletin advising home lenders about theirobligations to protect consumers during theprocess….

Summary of the final rule on mortgage loanoriginator qualification and compensationpractices

 The mortgage market crisis focused attention onthe critical role that loan officers and mortgage brokers play in the loan originationprocess. Because consumers generally take….

Discrimination in Housing Against NonwhitesPersists Quietly, U.S. Study Finds

Discrimination against blacks, Hispanics and

Asians looking for housing persists in subtleforms, according to a new national studycommissioned by the federal Department of Housing and Urban Development….

Bank delays hurting s truggling homeowners

Homeowners trying to avoid foreclosure must wait too long for their loan modification applications to be reviewed bysome of the nation’s top mortgage servicers, according to a report. Such delays can plunge borrowers deeper indebt. J oseph A. Smith J r., the independent monitor of last year’s national mortgage settlement, said that while thebanks are doing a better job complying with new mortgage servicing rules, more needs to be done….

Homeowner/Foreclosure Legal Q&A  More Foreclosure News 

How OLD can a Notice of Intent to Foreclose be? >>>>

Servicer filed foreclosure complaint against me with defectiveAssignment of note and mortgage >>>>

Is a second mortgage in California non-recourse? >>>>

My brother is being foreclosed on for underpaying his mortgageless than 1 dollar a month. Can a bank even do that? >>>>

  Arizona law makes landlords tell tenants of foreclosures >>>>

Consultant Paid More Than $900 Million in ForeclosureReview >>>>

Foreclosure settlement a billion-dollar bust >>>>

NY A.G. Announces Up To $20 Million To Rebuild AndReinvest In Communities Still Recovering From The HousingCrisis >>>>

 

7/30/2019 Weekend Edition - August 26, to August 30, 2013 - ForeclosureGate Gazette

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WEEKEND EDITION, AUGUST 26 – AUGUST 30, 2013 

Page 5 of 5 

FRIDAY, AUGUST 30, 2013 

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS

The ForeclosureGate Gazette Is A Public Service Aggregate Of Foreclosure-Related News And Information Intended To Educate And Advance Justice For American Homeowners 

Protesters Call On Fannie Mae, Bank Of America To Change Lending, Foreclosure Polic ies

Protesters took to a downtown Bank of America branch and Fannie Mae’s corporate offices in Chicago Tuesday tourge one of the nation’s largest home mortgage servicers and the largest home mortgage investor to change theirlending and foreclosure policies. The financial institutions, protesters allege, are servicing predatory mortgage loansand pushing homeowners into foreclosure in order to make a profit….

Demonstrators picket San Marino home of Wells Fargo CFO

Protesters angered over home foreclosuresgathered to picket in front of the San Marinohome of a Wells Fargo executive Saturday,testing a recently adopted city ordinance banningsuch demonstrations….

 American Dream Slipping as Homeownersh ipat 18-Year Low

 The U.S. homeownership rate, which soared to arecord high 69.2 percent in 2004, is back where itwas two decades ago, before the housing bubbleinflated, busted and ripped more than 7 millionAmericans from their homes….

ResCap Wins Bankruptcy Court Approval to

Repay Ally

Residential Capital LLC won court permission torepay more than $1.9 billion in debt immediately,including $1.1 billion to parent Ally Financial Inc.(ALLY) that the defunct mortgage companyborrowed before filing for bankruptcy….

Speeding up foreclosures coul d leave families

homeless

Instead of requiring banks to prove why theyshould take a home, Parker says the law requireshomeowners, who have little legal background, tokeep their house out of the bank's hands, and theyonly have a few days to do it….

 Academics push fo r return to GSE-freemortgage finance

Fannie Mae and Freddie Mac dominate themortgage market, thanks to the advantages both

have enjoyed as government-sponsoredenterprises, academics said during a House….

Servicer Admits Stealing Funds fr om MortgageLoan Pools

According to plea documents, Wells Fargo Bankcontracted with U.S. Mortgage to service pools of 

residential mortgage loans held by investors inmortgage-backed securities….

Summary of the final mortgage servicing rules

 The Consumer Financial Protection Bureau (Bureau) is releasing final rules to implement laws to protect consumersfrom detrimental actions by mortgage servicers and to provide consumers with better tools and information whendealing with mortgage servicers. The rules will take effect on J anuary 10, 2014. The servicing rules are set forth intwo notices, one to amend Regulation Z, which implements the Truth in Lending Act, and one to amend RegulationX, which implements the Real Estate Settlement Procedures Act….

Homeowner/Foreclosure Legal Q&A  More Foreclosure News 

How OLD can a Notice of Intent to Foreclose be? >>>>

Servicer filed foreclosure complaint against me with defectiveAssignment of note and mortgage >>>>

Is a second mortgage in California non-recourse? >>>>

My brother is being foreclosed on for underpaying his mortgageless than 1 dollar a month. Can a bank even do that? >>>>

  Arizona law makes landlords tell tenants of foreclosures >>>>

Consultant Paid More Than $900 Million in ForeclosureReview >>>>

Foreclosure settlement a billion-dollar bust >>>>

NY A.G. Announces Up To $20 Million To Rebuild AndReinvest In Communities Still Recovering From The HousingCrisis >>>>