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June 2017 Article Archive

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Recent Case Decision Summaries
livinglies.wordpress.com | June 28, 2017
Excerpted case summaries relevant to foreclosure:
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MERS and Securitization
by Neil Garfield | June 27, 2017
Investors and borrowers were thus left in a transaction they didn�t know existed and without any documentation to show for it. MERS was essential to fill that void with the creation of fabricated written instruments that appear to be facially valid.
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Supreme Court Remands Quicken Loans Lawsuit
by Kyla Asbury | June 27, 2017
Following a five-day trial in Raleigh Circuit Court, a jury found Quicken Loans violated the illegal loan provision of the West Virginia Residential Mortgage Lender, Broker & Servicer Act in originating a primary mortgage loan for Sue Walters and was liable to her for damages in the amount of $27,000. The jury found in favor of Quicken Loans on Walters' claim of fraud and further found that Quicken Loans had not acted with malice.
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Film Review: 'Abacus: Small Enough to Jail'
by Erin Teachman | June 26, 2017
The fallout of the financial crisis is still being thrashed out in full public view, which makes for a terribly difficult documentary subject; we are a long way from knowing where most of it actually ends. Steve James, the documentarian behind The Interrupters, Life Itself, and Hoop Dreams, has found a tiny self- contained story inside the vast umbrella of the financial crisis that only recently found a conclusion: the travails of the Sung family, the owners and operators of Abacus Federal Savings Bank, a small bank servicing the Chinese immigrant community in New York City.
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Detroit Against Foreclosures & For Housing for People, not Banks
by Jerry Goldberg | June 26, 2017
A public forum on June 17 addressed the continuing tax foreclosure crisis in Detroit that has left thousands of families facing imminent eviction from their homes. The forum was organized by the Coalition to Stop Unconstitutional Property Tax Foreclosures, composed of many community groups including the Moratorium Now! Coalition, Detroit BYP100, the Detroit People's Platform, the United Community Housing Coalition and the American Civil Liberties Union.
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Foreclosure Prevention is Paying Off Claim the GSEs
livinglies.wordpress.com | June 25, 2017
The GSEs claim to have prevented more than 49,000 foreclosures in the first quarter, an increase of nearly 5,000 preventions compared to Q4, according to the Federal Housing Finance Agency's Q1 Foreclosure Prevention Report. Unfortunately, the majority of these loans that were prevented from being foreclosed upon were held by parties that had no evidence of standing or ownership, and therefore had no right to negotiate.
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Rising Housing Costs are Putting a Major Squeeze on Americans
livinglies.wordpress.com | June 18, 2017
Nearly 39 million households can’t afford their housing, according to the annual State of the Nation’s Housing Report from Harvard’s Joint Center for Housing Studies.
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What Housing Recovery? Real Home Prices Still 16% Below 2007 Peak
livinglies.wordpress.com | June 16, 2017
Since the financial crisis, home equity has gone from being America's biggest driver of (illusory) wealth to one of the biggest sources of economic inequality.
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Lawsuits Claim Wells Fargo Modified Mortgages Without Customer Permission
The Washington Post | June 15, 2017
Wells Fargo is facing more accusations that it made unauthorized changes to customers accounts — this time to their mortgages.
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Wells Fargo Is Accused of Making Improper Changes to Mortgages
The Washington Post | June 15, 2017
Even as Wells Fargo was reeling from a major scandal in its consumer bank last year, officials in the company�s mortgage business were putting through unauthorized changes to home loans held by customers in bankruptcy, a new class action and other lawsuits contend.
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NYT: Wells Fargo Pattern of Filing False Documents with Federal Court
livinglies.wordpress.com | June 15, 2017
It’s nice to see Gretchen Morgenson back on the beat of financial fraud. We need more exposure to what everyone who has battling foreclosures already knows — that virtually all of the documents relied upon by would-be foreclosers are false, fraudulent, fabricated and forged. These revelations appear to be the only way judges will stop allowing presumptions of false facts to dominate their rulings.
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$25 Billion Robo Signing Settlement Deal – Get Your Money
Robo signing? Single point of contact? Foreclosure moratorium? These things almost seem like distant past but listen in as we discuss the $25 BILLION settlement the big 5 servicers just signed and how it will impact you.
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