WEEKEND EDITION, SEPTEMBER 3 SEPTEMBER 7, 2012

MONDAY, SEPTEMBER 3, 2012

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS ForeclosureGate.org Is A Public Service Homeowner Coalition and Cooperative, Created To Exchange News And Information And To Advance Justice For American Homeowners

What Housing Recovery? Distressed Sales Still High, Shadow Inventory Massive As mentioned previously, the most recent data on underwater mortgages shows that nearly a fourth of all residential properties with a mortgage are underwater. Thats 11.4 million as of the end of the first quarter. At the same time, financial institutions including big banks with exposure to the mortgage business like Bank of America, JPMorgan Chase, and Citigroup are sitting on a shadow inventory of 1.5 million units, or four months supply.

Principal reductions under AG settlement remain in the dark Mortgage servicers already wrote down principal on loans bundled into private bonds in order to satisfy the robo-signing settlement, but not even the monitor will know how many for some time, according to those familiar with the agreement. The servicers "weren't keen to make that disclosure," he said in an interview with HousingWire. For now, the data is self-reported...

Mortgage Registry Muddles Foreclosures So, to recap: At the time of the foreclosure, Wells Fargo held both loans taken on by Mr. Kline. Nevertheless, its lawyers sued WMC, contending WMC held the smaller loan. Even though WMC did not own the loan, its lawyers represented to the court that it did. All the while court costs and other charges were billed to Mr. Kline. Many questions arise in this case. For starters, if the MERS registry is the accurate record it claims.

Real Estate Log: Radical idea might fix bad mortgages The visit by Steven Gluckstern, founder and president of Mortgage Resolution Partners, came a day after the nation's top housing official visited Fresno to promote the Obama administration's new plan to help homeowners who owe more on their homes than they are worth.

Lawyer for bank says foreclosure measure would lead St. Louis County to lawsuits An attorney for a commercial bank said St. Louis County would face multiple lawsuits if the County Council passed a bill requiring banks to enter mediation with homeowners facing foreclosure. If the bill passes, lenders and homeowners who request mediation would be required only to.

Trashy Foreclosure Fallout Lands on Bank of America's Doorstep Community activists on Tuesday took a new approach to dealing with some of the fallout of the foreclosure crisis in San Diego. Over the last five years, some 57,000 homes have undergone foreclosure in the city of San Diego. All too many are winding up in wrack and ruin -festering not only as eyesores, but magnets for crime and drags on property values.

Citigroup tries another housing tack: own to rent It will work like this: Carrington Capital Management and its sister mortgage company will comb the portfolio for eligible homeowners people who owe more on their house than it's worth, but also seem to have the means to keep making monthly payments. They also must live in the house, meaning it can't be a vacation home or investment property.

HLP, GMAC Team Up to Launch Consumer Web Portal The portal, called Homeowner Connect, is designed to standardize the entire communication life-cycle of loss mitigation activities between servicers and borrowers. Homeowners struggling with their mortgages will have the ability to connect with free resources, including options for government or industry programs, from any computer with Internet.

Bank Of America Cancels Foreclosure Auction On Minnesota Home After Occupiers Take Action Bank of America has decided to renegotiate the terms of a Minnesota homeowners mortgage just days before it was scheduled to be auctioned off following a week of action by activists with Occupy Our Homes MN and other groups. Ruby Brown began fighting the foreclosure more than five years ago.

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WEEKEND EDITION, SEPTEMBER 3 SEPTEMBER 7, 2012

TUESDAY, SEPTEMBER 4, 2012

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS ForeclosureGate.org Is A Public Service Homeowner Coalition and Cooperative, Created To Exchange News And Information And To Advance Justice For American Homeowners

San Bernardino Eminent Domain Fight Closely Watched By Other Struggling Communities This old railroad town in the heart of the Southern California foreclosure belt doesn't attract many visitors these days, especially not in the blazing summer heat. Yet on a recent Thursday morning, a handful of well-heeled business travelers from the East Coast hurried along a sidewalk to address a government official they have come to know well. Gregory Devereaux is the chief executive of San Bernardino County and its 2 million residents. At his urging, local authorities are considering a proposal that would allow local governments to exercise their power to seize private property without landowners' consent in a dramatic -- some say radical -- new way.

93-Year-Old Woman Faces Foreclosure On West Hollywood Home The couple purchased the home 60 years ago for $30,000 and paid it off in full. Vinalas told KCAL9s Amy Johnson she thought the loan, purchased from Lehman Brothers, was a fixed loan for $140,000. They made me sign many papers, and I couldve signed my death sentence because I didnt know what I was signing,.

Fraud Continues to Pervade Industry, Helped Along By MERS

Mortgage

But it all goes back to MERS. It doesnt so much track mortgage transfers as much as it pretends to track them. And the interested parties pretend that they have a handle on that transfer. This makes it easier to charge additional fees on a borrower, who has no idea who actually owns his or her loan.

When firms pay CEOs more than Uncle Sam, the tax system is broken Twenty-five of the 100 highest-paid U.S. chief executives pocketed more in pay last year than their companies paid in federal income taxes. I don't know about you, but that's the kind of stat that really gets my bacon sizzling yet more evidence of how the 1% live in a bizarro parallel universe where the normal rules don't apply.

Fannie Mae Ranks Banks in 'Robo-Signing' Settlement as Top Servicers Some of the most publicly reviled banks are currently industry leaders when it comes to good service, according to a report by Fannie Mae released Thursday. Fannie Mae gave three-star ratings to CitiMortgage, JPMorgan Chase, Ally Bank and Wells Fargo -- four of the five largest U.S. mortgage servicers, which were involved.

Foreclosure-rental bonds come to market without ratings The first so-called real estate owned (REO)-torental securitizations in the United States may go ahead without credit ratings, as agencies ponder how to assign grades to the new and potentially risky products. In the planned deals, real estate and private equity investors would buy up blocks of foreclosed properties and rent them out to.

Consumer Probe

Bureau

Sets

Mortgage-Insurer

The consumer bureau's probe comes amid allegations from state officials that mortgage insurers paid banks fees to win business, in violation of the Real Estate Settlement Procedures Act, which bars such payments in real-estate transactions. Consumers who want to buy homes using down payments of less than 20% often.

Former Fannie execs denied dismissal of subprime fraud suit When Mudd took over in 2005, Fannie stock traded above $60 a share. By September 2008, when he left, the company was thrown into conservatorship and has taken more than $116 billion in bailouts since. Taxpayers are also funding attorney fees in several suits against.

Chicago-area home vacancy down in second quarter Buyers are chipping at the glut of vacant homes in the area, but swelling foreclosure filings continue to cloud the residential market's recovery. The Chicago-area home vacancy rate dropped to 2.6 percent in the second quarter, down from 2.8 percent in the first quarter and 3.6 percent.

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WEEKEND EDITION, SEPTEMBER 3 SEPTEMBER 7, 2012

WEDNESDAY, SEPTEMBER 5, 2012

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS ForeclosureGate.org Is A Public Service Homeowner Coalition and Cooperative, Created To Exchange News And Information And To Advance Justice For American Homeowners

A couple who the Eminent Domain/Mortgage Seizure plan could have helped fought for their property all the way to jail On March 13, 2011, the same day that a massive tsunami struck the coast of Japan, Robert and Carrie Butler hes a cement contractor, shes a massage therapist/stay-at-home mom were being handcuffed and put in the back of a Monterey County Sheriffs patrol car. Their alleged crime: trespassing at their home on Orchard Lane in Prunedale, the home they had been battling for almost two years to save.

The Democratic Platforms Nonsense on Housing

Dishonest

Wells Fargo: Stop the foreclosure on my dead mother's home Like vultures, Wells Fargo waited. The house that my mother, Marjorie Gibson, owned is the only home our family has had for over two generations. I know she wanted me to have the house to live in and take care of my grandchildren in because she left it to me in her will. But after I cremated her, while tears where not yet dried on our cheeks, Wells Fargo moved to foreclose on her house.

When youre talking about a systemic fraud perpetrated by lenders, trustees, financiers, appraisers, brokers, middlemen, lawyers, robosigners and all the way up to executives at the highest levels, irresponsible homeowners slot in very low on my list. As I understand it, you need two sides to make a loan deal. Under normal underwriting conditions, it should.

Hearing set on Massachusetts foreclosure law State officials are beginning a process that will lead to implementation of a tough new antiforeclosure law in Massachusetts. The bill signed by Gov. Deval Patrick earlier this month requires mortgage lenders to offer modifications to some loans that are deemed as "risky." It also bans lenders from pursuing foreclosures.

Banks Slow To Implement Key Debt Relief Provision Of Mortgage Settlement So far, the banks have written off about $750 million in debt owed on first mortgages, assistance that went to just 7,093 borrowers. Bank of America, which has the biggest obligations under the deal to provide principal forgiveness, had not completed any modifications with principal reduction as of the end of June according to.

Sentenced To 12 Years In Federal Prison For Bank Fraud, Conspiracy And Perjury Christy Romero, Special Inspector General at SIGTARP said, The financial crisis unveiled fraud that had been ongoing for years, as shrinking capital and increasing delinquent loans left fraudulent bank executives with nowhere to hide. This CEO and Chairman of failed FirstCity Bank had been committing fraud.

Three California reverberate

cities'

bankruptcy

cases

Those on the political right say the bankruptcies resulted from local politicians' caving in to pressure from unions for higher pay and more generous pension and health benefits. Those on the left unions particularly contend that the collapse of the real estate market, caused by rapacious Wall Street bankers, is to blame.

ALERT: Loan modification help Millions of Americans face foreclosure and although Virginia is better than the National average, homeowners here are not immune. Many try to get loan modifications to lower their payments, but it doesn't always work. A frustrated viewer called 12 when he worried he would lose his home.

Wayne County treasurer to auction 20,000 properties subject to foreclosure The office of the Wayne County treasurer plans a September auction of more than 20,000 properties that were subject to tax foreclosure. Details of the planned online auction were announced today. The Detroit News reported thats a record number for the county, up from more than.

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WEEKEND EDITION, SEPTEMBER 3 SEPTEMBER 7, 2012

THURSDAY, SEPTEMBER 6, 2012

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS ForeclosureGate.org Is A Public Service Homeowner Coalition and Cooperative, Created To Exchange News And Information And To Advance Justice For American Homeowners

Why No Prosecutions The usual statutes of limitations have or will shortly expire, but not those under FIRREA (for frauds that affect federally insured banks), which are 10-years long. So there is still theoretically the possibility of prosecutions (and remember that Mozilo's deal, for example, was with the SEC, not with the states...). But don't count on it happening.

Lynn Szymoniak: "Exposing Massive Home Foreclosure Fraud" Lynn Szymoniak, nationally prominent attorney and whistleblower, opens our new season on Sunday, September 9th. She will speak on Exposing Massive Home Foreclosure Fraud. Featured in a recent award-winning story on CBS TVs Sixty Minutes, Syzmoniak will discuss the continuing battle for the rights.

Phil Angelides urges tougher criminal probe into financial crisis "Restoring that faith will require bringing a renewed sense of urgency to the mortgage securities fraud investigation, and a willingness to follow the evidence wherever it leads even to criminal prosecutions of bank executives and mortgage lenders of any size," Angelides, the former California state treasurer, wrote.

A Look at the Housing Plank of the GOP Platform The second paragraph shakes its head at the housing collapse, obviously without mentioning who was in charge when the bubble inflated and then burst. It plausibly points out that the response of the current Administration has done little to improve, and much to worsen, the situation, though it claims that the Administration has done so in part by discouraging private .

Notice of Massachusetts Statute Requiring Commercially Reasonable Loan Modifications I write to inform you of the new Massachusetts law requiring all creditors, including Fannie Mae and Freddie Mac, to take commercially reasonable steps to avoid foreclosure upon certain mortgage loans. We also continue to urge you to reconsider FHFA's refusal to engage in principal reductions for struggling homeowners. On August 3, 2012, Governor Deval Patric nreasonable.

The 49 State Attorney Signing/Foreclosure Sellout

General

Robo

CT Woman Sentenced To 8 Years In Federal Prison For Investor Fraud Brass targeted her Ponzi scheme at elderly or ailing, hardworking citizens down on their luck, said Christy Romero, Special Inspector General at SIGTARP. This included a victim of a serious car accident, a 75 year old mother grieving for her daughter, and a couple who lost its nest egg in the financial crisis.

Well, its actually much, much worse than even I screamed about then. My arguments after it was released were that the $25 billion settlement number was way too low given all the wrong that was done. Keep in mind, the settlement was not really about robo signingno, the settlement came because the banks engaged in.

Here's Why Homebuyers Don't Stand A Chance At Foreclosure Auctions Hundreds of potential home buyers were furious earlier this month when a millionaire yacht dealer swept up 650 tax foreclosed homesat an auction in Detroit. To be honest, they never stood a chance. Real estate investors are enemy No. 1 to potential homebuyers these days. Willing to pay in cash up front and take just about any property on the market if they think it'll turn a profit later.

Foreclosures push vacancy, homeownership in opposite directions Since boom turned to bust in 2006-07, the housing vacancy rate has skyrocketed to levels not seen since the Great Depression. With the rise in the number of vacant dwellings came a decline in the homeownership rate, which peaked at 69.2 percent in June 2004 and tumbled to a 15year low of 65.4 percent in the first quarter of 2012, according to the Census Bureau.

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WEEKEND EDITION, SEPTEMBER 3 SEPTEMBER 7, 2012

FRIDAY, SEPTEMBER 7, 2012

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS ForeclosureGate.org Is A Public Service Homeowner Coalition and Cooperative, Created To Exchange News And Information And To Advance Justice For American Homeowners

Kamala Harris Embarrasses Herself By Touting Terrible Foreclosure Fraud Settlement At the risk of repeating myself for the umpteenth time, nobody took on the banks in the foreclosure fraud settlement. It was designed to deliver immunity for the crimes that created the Great Recession, the largest consumer fraud in history. You should not describe a penalty for documented crimes as winning $25 billion for struggling homeowners. And homeowners will never see the bulk of that money.

Why Aren't Candidates Talking More About Housing? Despite recent signs that the housing market is improving, it is far from healthy. Home prices are still down 31 percent from their 2006 peak according to the latest S&P/Case-Shiller home price report, and nearly 12 percent of all mortgages are either delinquent or in the foreclosure process, according to the Mortgage Bankers Association.

Goldman Non-Prosecution: AG Eric Holder Has No Balls Our prosecutors and regulators have basically admitted now that they only go after the most obvious and easily prosecutable cases. If the offense committed doesnt fit the exact description in the relevant section of the criminal code, they pass. The only white-collar cases they will bring are absolute slam-dunk situations where some arrogant rogue commits a blatant crime.

Homeowners, advocates want bank reps jailed for foreclosure fraud Homeowners and anti-foreclosure advocates are calling for bank officials and attorneys to be criminally investigated and jailed for using fraudulent documents to force families from their homes. Despite settling claims of foreclosure fraud with the U.S. Justice Department and 49 states, no bank official has been held criminally responsible for the submitted false.

Foreclosure Judgment Reversed, Florida The trial court issued a notice of lack of prosecution (order to show cause why the case should not be dismissed), docketed on March 5, 2009, and it scheduled a hearing for the matter for May 29, 2009. There was no record activity in the case during the sixty-day period following the notice of lack of prosecution." Nothing was filed until three days before the hearing, when an unsworn document was filed that.

12 Cities Where Homeowners Are Deep Underwater 30.9 percent of homeowners with mortgages or 15.3 million households were underwater in the second quarter. This compares with 31.4 percent or 15.7 million homeowners in the previous quarter. However, housing is a local story and large parts of the country are still struggling with negative equity.

Bill would make public records easier to search California could become the first state in the nation to require that public agencies provide their records in searchable formats, such as Excel or Word. A bill making its way through the Legislature would establish an open data standard, requiring agencies to buy software that offers data in searchable formats.

An alternative to credit scores Do you ever get the feeling that your credit score doesnt adequately portray your true risk as an applicant for a home mortgage? If your FICO score is a subpar 690 but you know that you are a solid candidate for a loan, do you think that lenders heavy dependence on credit scores is unfair to you as an individual?

A foreclosure tour from the front seat of a patrol car How many solutions have been proposed -- and ignored. Four to five years after the bubble popped, the narrative hasn't changed much. But today, a perspective that maybe you haven't heard before: From Officer Eric Young of the LAPD, Southeast Division.

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