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May 2017 Article Archive

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Document Forgery in Financial Industry More Common than You'd Think, Past Employees Say

Posted by Neil Garfield | May 31, 2017
Requiring proof from the foreclosing party without legal presumptions would reverse many if not most foreclosures.
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The Money Trail vs. The Paper Trail Review

Posted by Neil Garfield | May 28, 2017

by KK MacKinstry/Lendinglies.com
Homeowners trying to receive evidence of the money trail are stonewalled from obtaining the documents that would help them to prove their case and prevail. Discovery is often blocked on ordinary grounds or on the basis of relevance. Therefore Discovery must be executed with precision, caution and as part of the record. Both the money trail and the paper trail matter, but revealing the money trail is much more difficult because in that discovery lies the smoking gun.
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Overcoming Res Judicata with the Law of Voids

Posted by Greg 'da Goose | May 28, 2017


Excerpts from VOID JUDGEMENT by Cornforth (215 pps) 

If you are caught in a situation where you are just learning how to defend yourself after a judgment has already been rendered in your case and you have discovered jurisdictional failures in the plaintiff’s case or worse, instances of fraud by the plaintiff or their attorneys to force the hand of the judge in the case to make an expedient or default judgment… consider these…
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PMI Insurance: Coverage, Overcharges, Kickbacks and Maybe a Duty to Mitigate Losses — and Article 3 Standing in a Nutshell

Posted by Neil Garfield | May 24, 2017
Insurance was one of the vehicles by which borrowers were used to create "fees" that were "kicked back" essentially to the Lender or a controlled entity of the Lender. Besides the obvious violation of RESPA, I see another hidden issue — the duty to mitigate damages imposed on all "injured parties."
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Why Trump Didn't Have to Obstruct Justice: The US No Longer Holds the Powerful Accountable

Posted by Neil Garfield | May 24, 2017

By David Dayen
Administration is in crisis. Successive scandals related to possible collusion with Russia and obstruction of justice have put talk of impeachment in the air. Beyond those parallels to Nixon, anti-Trumpers are giddy about the legal pressures building on Michael Flynn, Paul Manafort and a "person of interest" inside the White House, who knowledgeable people assume to be son-in-law/senior undersecretary for everything Jared Kushner.
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The Housing Moment Investors Dread is Here

Posted by Neil Garfield | May 20, 2017

By Danielle DiMartino Booth
Amid the carnage in the auto sector, economists have sought solace in the comforts of home, sweet home. A recent Census release suggests that Millennials, long sidelined, have finally started to tiptoe into the home-buying market. The reception to the data was so effusive that other reports, suggesting housing has reached a much different sort of turning point, were lost in the fray.
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Mortgage Crisis 2.0: BofA CEO Wants to Slash Down Payments to Help Poor Millennials

Posted by Neil Garfield | May 20, 2017
Among a host of other issues, one of the critical things that contributed to the housing crisis of 2008 was the fact that speculative borrowers had nearly no “skin in the game.” Anyone who decided they wanted a piece of the rapidly inflating housing bubble could go out and buy multiple houses with no money down or, in some cases, even do “cash out” purchases whereby banks would finance more than 100% of the purchase price leaving ‘buyers’ to pocket the excess.
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Fifth Circuit Confirms that Constitutionally Non-Compliant Home Equity Liens are Invalid and that No Statute of Limitations Applies to a Quiet Title Action Alleging Such Violations

Posted by Kane Russell Coleman Logan PC / The Law of Banking

USA | May 18, 2017
The Fifth Circuit recently confirmed that lenders and/or servicers cannot raise the statute of limitations as a defense where borrowers claim that a home equity loan fails to comply with the Texas Constitution. In Ocwen Loan Servicing v. Robert M. Berry, the Fifth Circuit vacated and remanded a summary judgment granted in favor of Ocwen Loan Servicing (“Ocwen”) in relation to a Texas home equity loan.
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Fannie, Freddie Cut Mortgage Modification Interest Rate for First Time in 2017

Posted by Neil Garfield | May 17, 2017
After four months of leaving the benchmark interest rate for standard mortgage modifications (not including HAMP mods) at an 18-month high, Fannie Mae and Freddie Mac recently announced that they are cutting the benchmark rate.
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Faux Housing Recovery: US Mortgage Applications Tumble Most Since 2016

Posted by Neil Garfield | May 17, 2017
After dismal housing starts and permits data yesterday, the ‘housing recovery’ narrative took another knock this morning as strong>mortgage applications tumbled 4.1% last week – the biggest drop since December 2016. If the Fed raises rates in June- there will be a further contraction.While mortgage rates were unchanged, both purchases and refis fell notably…
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Default, Foreclosure and the Impact on Physical and Mental Health Function

Posted by Neil Garfield | May 15, 2017

by K.K. MacKinstry/LendingLies Blog
Neuroscientists have concluded that chronic stress and cortisol damage the brain. Although there are no formal studies to date on the health ramifications of default, prolonged litigation, and post-foreclosure trauma, it would be safe to conclude that people who are exposed to chronic stress over an extended period of time are prone to mental issues like anxiety and mood disorders as well as physical illnesses. The most common mental disorders in protracted litigation are post-traumatic stress disorder, anxiety and depression that unfortunately result in altered brain structure and chemistry.
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Connecticut Issues Cease-And-Desist to Loan Servicing Company

by Kenneth R. Gosselin / Hartford Courant| May 8, 2017
Ocwen Loan Servicing has been hit with temporary cease-and-desist orders by Connecticut and 24 other states for failing to properly manage home loan escrow accounts that set aside funds for payment of property taxes and insurance. State banking regulators in Connecticut have accused Ocwen, a major loan servicer across the country, of not properly managing escrow accounts, which include making tax and insurance payments.
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Most U.S. Homes are Worth Less than Before the Crash

by Neil Garfield / livinglies.com| May 6, 2017
You can't blame a homeowner in Fresno, Calif., for viewing the thriving metropolis to its northwest with both envy and dismay. While San Francisco home values have surged since the recession, Fresno's housing market is stuck in a rut. Less than 3% of homes in the city and its environs have returned to their pre-recession peak, according to a new study from Trulia. Median home values are a teeth-clenching $78,000 below their pre-recession peak.
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CitiFinancial, CitiMortgage To Pay $28.8M Over Mortgage Servicing Issues

by Neil Garfield / livinglies.com| May 6, 2017
Millions of consumers lost their homes when the housing market bubble burst. But federal regulators say some of those people may have been able to stay in their homes had mortgage lenders fulfilled their requirements. To that end, the Consumer Financial Protection Bureau has ordered two Citigroup subsidiaries to pay $28.8 million to resolve allegations that some of its mortgage units harmed home borrowers.
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Sympathy for the Devil? Trouble is Brewing in Banker Paradise

by Neil Garfield | livinglies.com

Authored by Adam Taggart via PeakProsperity.com | May 5, 2017

In our recent report, 'Banks Are Evil,' we pulled no punches in making the accusation that the financial system is the root cause of injustice in today's society.

It's a good blood-boiler. You should read it if you haven't already.

Its main premise is this:

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Hang On! More Properties Underwater in the First Quarter: Attom

by Neil Garfield / livinglies.com| May 5, 2017
Seasonal factors contributed to an 89,000-unit increase in the number of seriously delinquent properties in the first quarter from the fourth quarter of 2016. The quarter ended with nearly 5.5 million homes seriously underwater, compared with 5.4 million at the end of the fourth quarter and 6.7 million for the first quarter of 2016.
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Flint Sends Foreclosure Notices to 8,000 Residents Who Refused to Pay for Contaminated Water

by Neil Garfield / livinglies.com| May 4, 2017
The ongoing saga of lead‐contaminated water in Flint, Michigan, got yet another layer on May 4, when 8,002 residents received foreclosure notices for failure to pay their water bills, according to the Washington Post. The notices came a few weeks after the city ended a program that assisted residents in paying bills for their contaminated water.
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Wells Fargo Targeted Undocumented Immigrants, Stalked Street Corners, Lawsuit Claims

by Kristine Phillips | May 4, 2017
On "Hit the Streets Thursday&comma" Wells Fargo bankers and tellers, specifically those of Latino descent, scouted the streets and Social Security offices for potential clients. Their goal: Find undocumented immigrants, take them to a local branch and persuade them to open bank accounts.
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Cities May Sue Banks Over Foreclosure, Industry Reacts
by Neil Garfield / livinglies.com | May 1, 2017

Author: Seth Welborn In a 5-3 decision on Monday, the U.S. Supreme Court determined that cities can sue banks over lost tax revenue on foreclosed properties from urban blight. Law360 reported that Miami has the standing to sue Bank of America Corp. and Wells Fargo & Co. under the Fair Housing Act, stating that the banks' discriminatory and predatory lending practices led to a major shortfall in city tax revenues.
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