Weekend Edition - July 23 To July 27, 2012 - ForeclosureGate Gazette

WEEKEND EDITION, JULY 23 JULY 27, 2012
MONDAY, JULY 23, 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
Foreclosure Crisis: 'Eminent Domain' Strategy Could Save Struggling Cities "We just have too much pain and misery in this county to call off a public discussion like this," said David Wert, a county spokesman. The idea was broached by a group of West Coast financiers who suggest using the power of eminent domain, which lets the government seize private property for public purpose.
SIFMA Fires Shot, Excludes Mortgages in Localities that Adopt Condemnation From ToBe-Announced Market So what does this all mean? The short answer is that on the surface, this looks like a clever bit of banker thuggery. Despite MRPs complaints, SIFMA has excluded other types of mortgages from TBA pools for similar-enough sounding reasons that it looks to be within.
The Oregon Court of Appeals rules in a case affecting lenders who use a mortgage registration system The ruling issued by a three-judge panel of the court said creditors that use Mortgage Electronic Registration Systems instead of publicly recording the ownership history of a trust deed cannot take advantage of a foreclosure process outside the court system.
Neil Barofsky Takes Us: Into the Bailout Buzz Saw Nearly four years after Washington began its huge rescues of banks with taxpayer dollars, an important player in this, one of the great financial dramas of all time, is offering a damning account of how the Bush and Obama administrations handled the whole episode. He is Neil Barofsky. Remember him
Chicago picked for FHA foreclosure pilot The Federal Housing Administration said Wednesday it has tapped the Chicago area, along with three other housing markets hit hard by foreclosures, for a pilot program designed to stabilize neighborhoods and slow the increase in abandoned homes. The agency's Distressed Asset Stabilization Program is a complicated effort....
Millions of older Americans at risk of foreclosure A growing number of older Americans are falling into serious mortgage debt, with more than three million borrowers over the age of 50 at risk of losing their homes to foreclosure, according to a recent report from the AARP. Since the housing crisis started, more than 1.5 million homeowners age 50 or older have already lost their homes to foreclosure, pushing the foreclosure rate among this group.
MN collects $1M from mortgage foreclosure settlement The Minnesota Department of Commerce announced Monday that the state will collect $1 million in penalties this week from a national mortgage settlement announced in February. Forty-nine states, including Minnesota, joined the $25 billion settlement which involves the nation's five largest national mortgage lenders. The list of impacted lenders includes Bank of America, JP Morgan Chase, Wells Fargo, Citibank, and GMAC/Ally Financial....
VA Mortgage Mod Scam Operator Sentenced To 7 1/2 Years In Federal Prison "At a time when homeowners across the nation are struggling to keep their homes, Shmuckler actively targeted the most vulnerable of them with his mortgage modification scam," said Special Inspector General Romero of SIGTARP. "Shmuckler exploited homeowners desperately seeking support through federal housing programs such as HAMP.
Mortgage servicers foreclosures in 1Q
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Mortgage servicers completed nearly 123,000 foreclosures in the first quarter, the most since the middle of 2010, according to the Office of the Comptroller of the Currency. The data covers only 60% of all first-lien mortgages in the U.S. But the report released Wednesday showed a gradually restarting foreclosure process.
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Mortgage Seizure Via Eminent Domain For Community Stabilization Debate And News Published Weekly, Updated Daily http://paper.li/EmDomainDebate/1342319964
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TUESDAY, JULY 24, 2012

Is Eminent Domain the Answer to Foreclosure Crisis? FGG Editor's Note: Local municipalities PLEASE CALL THEIR BLUFF, so that responsible homeowners, investors and our neighborhoods across America can begin to heal, sooner rather than later. In a constitutional challenge to the use of eminent domain, the case will become encumbered by insurmountable legal obstacles related to MERS, chain of title, non-existent "note holders", promissory notes that no longer exist, securitization and the vast secondary mortgage market shell game. Dare them to file their eminent domain challenges, then grab some popcorn and settle in to witness what will surely become a legal extravaganza. Airing this filthy laundry in a Court of Law, will provide American citizens with the transparency we have always deserved. --------------The Securities Industry and Financial Markets Association (SIFMA) released a legal memo drafted..
Have You Experienced A Foreclosure? Share your personal story to help inform and inspire others Have you or someone you know experienced foreclosure? Have you been in fear of being able to keep your home during these difficult economic times? AARP uses personal stories to help us learn what is important to you so we can continue to serve you and your family.
Neil Barofsky Set to Enter National Debate With Book on TARPs Failures Norah ODonnell tried to make the standard conventional wisdom argument, infused by storehouses of Treasury Department propaganda, that TARP worked, that the banks paid back their commitment that the auto industry sprung back to life, that the financial system was saved, and that everything worked out fine.
Detroit Eviction: Jennifer Britt Works With Nonprofit And Occupy Detroit To Stop Home Foreclosure Supporters of a Detroit woman facing eviction arrived at her home at 6 a.m. Thursday morning to begin a long-term vigil, following a writ of eviction signed by a 36th District Court judge. According to the paperwork, Jennifer Britt, 49, and her family must now vacate.
A complete ownership history of the mortgage is now required, before non-judicial foreclosure The Oregon Court of Appeals struck a blow to the mortgage industry in Oregon Wednesday, ruling that its controversial document-registry system could not be used to skirt state recording law in out-of-court foreclosures.
California State Bar Lacks Fundamental Knowledge of Loan Modifications There are millions of homeowners who have experience dealing with their own loans and respective servicers, but as any true expert in the subject would readily tell you, theres nothing consistent about the process of getting a loan modified.
Eaton vs. Fannie Mae: Start of Something Big? It all started with the Reston, Virginia-based Mortgage Electronic Registration Systems, whose private mortgage registry has all but replaced the nations public land ownership records. The MERS, as it is known, made it possible to separate the promissory notes underlying mortgages from the mortgage loans themselves
Former Top Loan Officer At Failed First City Bank Pleads Guilty To Bank Fraud "He defrauded the bank to fund his ultimate payday and placed his interest in ill-gotten personal gain ahead of the interests of the bank, its customers, its investors, and the community the bank served.
More Homeowners Get Mortgage Principal Reduced, but Numbers Still Small The number of troubled U.S. homeowners who have been able to get their home-mortgage balances reduced remains small but is on the rise, according to a federal banking regulator. More than 10,400 homeowners received principal.
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WEDNESDAY, JULY 25, 2012

Eminent Domain: Eminently Suitable for Defaulted Loans Fix this: Cut the fiddling with securities trustees and owners of seconds. If the holders of the existing loan can give the borrower a better deal than the outside investor proposes, let them do so. Otherwise, the investor gets the loans. Why does this idea upset almost everyone? First, it requires the current owners of the debt to recognize their losses.
Operators of CA-Based Mortgage Mod Scam Sentenced for Conspiracy To Commit Fraud United States District Court Judge Anthony J. Battaglia sentenced Ziad Nabil Mohammed Al Saffar to serve 21 months in federal prison and Sara Beth Bushore Rosengrant to serve 12 months home detention as a part of a three-year term of probation. These sentencings are the result of a fraud scheme that specifically targeted the most vulnerable homeowners.
We stopped regulating the financial system, so thieves took over Financiers are forcing schools, parks, pools, fire departments, senior citizen centers, and libraries to shut down. They are forcing national governments to auction off their cultural heritage to the highest bidder. Everything must go in firesales at prices rigged by twenty-something traders at the biggest and most corrupt institutions the world has ever known.
Pensions to Be Slashed By Fake Losses on Mortgage Bonds Many of the most conservative, pro-business people who think they escaped the travesty of the mortgage scam and meltdown are in for a big surprise starting this year. Pension funds were the investors. And they lost big. In some cases the fund managers were in bed with the investment bankers who were peddling this crap.
Deadline for wrongful-foreclosure review is extended Homeowners who believe they have been wrongly foreclosed on by their mortgage lenders now have until Sept. 30 to request free reviews of their situations. The Federal Reserve Bank and the U.S. Comptroller of the Currency have extended the original July 31 deadline to give borrowers two more months to submit requests for reviews.
Number of RivCo homes sliding towards foreclosure increasing The number of Riverside County [CA] homes slipping toward foreclosure increased by 2.6 percent in the second quarter of 2012, compared to the same period last year, a real estate information service reported today. Lenders sent default notices to 5,677 homeowners in Riverside County in the second quarter, up.
Consumer bureau report raises concerns about reverse mortgages As some older Americans try to improve their finances by tapping home equity through reverse mortgages, many are at risk of ending up in a worse situation because of confusion over the complex terms of the loans, according to a new government report. With about 10% of reverse mortgages in default because the..
25 States Propose New Bank Foreclosure Regulation Various states around the country are looking for ways to ensure that mortgage lenders are always fair to homeowners, especially those who are facing financial difficulties. According to the National Conference of State Legislatures, this foreclosure news involves 25 states currently.
Four Years Late, Moodys Notices That Banks Are Risky The observation isnt wrong. Its just more than four years too late. The financial crisis of 2008 was enough to alert investors to the risk: The cost of default insurance on Goldman Sachs, for example, more than doubled when Bear Stearns failed in March 2008, quadrupled.
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THURSDAY, JULY 26, 2012

The easiest approach is still for the lenders themselves to JUST REDUCE THE PRINCIPAL The easiest approach is still for the lenders themselves to just reduce the principal owed to them, bringing the mortgage in line with the homes' current value, as advocates and others have long urged. We know that lenders and servicers have been loath to go that route. The servicers have had incentives to bring a defaulted mortgage to foreclosure (plenty of fees, no complaints from investors).
Kamala Harris, Protecting and Serving the 99 Percent When it comes to defending ordinary Americans from the banks that wreaked so much havoc during the housing bubble, Harris is on a roll. The Homeowner Bill of Rights was the result of more than two months of hearings and debate during which Harris and her staff relentlessly pushed state legislators to support the measure.
Charities help pets when foreclosure victims can't Dennis was diagnosed with terminal cancer in 2008 and died in 2009. Carla stayed home to care for him, but returned to work to make ends meet. She adopted Marilyn Monroe, a schnauzer-collie, to keep Jake company. A friend added Jewels the cat to the mix. The recession stripped her home of a third of its value. Then health problems left her unable to work.
Aggressive laws stall foreclosure sales in key states: ForeclosureRadar Foreclosure sales dropped dramatically in three states last month, suggesting some state legislation is stalling the natural cycle of the market, Foreclosure Radar said Thursday. The new Homeowner Bill of Rights in California is expected to have a huge impact on housing supply in the state, the research firm said.
$3M of settlement to fund foreclosure help in Illinois As much as $3 million from a national foreclosure settlement with major lenders will be set aside to fund mortgage foreclosure mediation programs in Illinois counties that don't have them. Attorney General Lisa Madigan made the announcement Tuesday. The money comes from a $25 billion national settlement in February.
Bankers Meet Face-to-Face with Homeowners Facing Foreclosure Housing and Urban Development counselors were also available to help people determine if they qualify for federal programs, or the "Nevada Hardest Hit fund" which has several programs just for Nevada homeowners. Executive Director of the fund, Candice Kelley says it offers ways to help struggling homeowners in the Silver State.
Study: Mortgage Mods Help Borrowers With Other Loans According to TransUnion, borrowers who received mortgage modifications after missing payments are more reliable borrowers in the future for all types of loans, including credit cards and auto loans than those who did not receive modification. Modifications can involve reducing interest rates, extending the term of a loan, waiving fees and.
Ex-Wall Street Trader, Dies In Courtroom After Conviction An ex-Wall Street trader collapsed and died in a Phoenix-area courtroom Thursday, shortly after being found guilty of setting his mansion on fire in a ploy to escape his mortgage debt. Police are now investigating whether the man, Michael Marin, purposefully killed himself.
Proposed changes to foreclosure law could double mediation time Consumer advocates, auctioneers and Mayor Vincent Gray's administration are all pressing for changes to the District's foreclosure laws, which were the target of a 2010 overhaul in the wake of the national housing crisis, and a D.C. council member said lawmakers are likely to.
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FRIDAY, JULY 27, 2012

Investors And Homeowners Facing Foreclosure Have Much In Common Ghezzi, 50, is one of 34 investors suing Wells Fargo Bank and its special servicer, LNR Partners, to stop the foreclosure. In documents filed in Clark County District Court, they allege fraud, conspiracy to secure an inflated appraisal and unlawful foreclosure. They're seeking more than $30 million to cover their investment, attorney's fees and lost profits. In one regard, the lawsuit is no different than countless others spawned by the Las Vegas real estate bust, recession and overhyped expectations.
Mortgage Foreclosure "Rescue" Could Cost You Your Home Our office is aware of reports from other states that involve bogus foreclosure "rescue" scams. Some unscrupulous con artists allegedly purchase lists of homeowners who are threatened with foreclosure because of delinquent mortgage payments. The frightened consumers are then peppered with offers of assistance to "save your home.
Former Citigroup chief backs breakup of banking giants The crowd that wants to break up the biggest banks in the wake of the financial crisis has a new member: a former big banker. "I think what we should probably do is go and split up investment banking from banking," Weill said on CNBC's "Squawk Box" on Wednesday. "Have banks be deposit takers. Have banks make commercial loans and real estate loans.
Block Grant To Help Detroit Residents Avoid Foreclosure Comes To Town Its a first for the city of Detroit immediate financial help for homeowners facing foreclosures. Five non-profit organizations have received federal funds to help make payments on behalf of Detroit residents behind on their mortgage. Reverend Maurice Rudds with Project L.I.V.E. is one of the five non-profits.
Legislative negotiators agree on foreclosure prevention bill House and Senate panel on Wednesday morning filed a compromise bill to prevent unnecessary foreclosures by giving at-risk homeowners strengthened tools to seek modifications to their mortgages. The final bill, which has been pushed by Attorney General Martha Coakley, did not include Senate-approved provisions.
The Housing Bust Isn't Over, We've Got 2 Or 3 More Years Of Pain I estimate that there is between two and three million excess housing units on the market for sale when you count in all the shadow inventory, so you're talking about at least another two or three years to clear the inventory and put a definitive floor under home prices. There is no question that the decline in home prices.
The inequality crisis Nobel Prize-winning economist Joseph Stiglitz, one of Americas most prescient voices, wrote an article for Vanity Fair several months before Occupy Wall Street was born. Of the 1%, by the 1%, for the 1% called attention to the widening gap between rich and poor and its deadly impact on our society and its democratic institutions. In his newly released book.
Did not say anything to renters about a pending foreclosure "This guy came came to my door in April and said my unit was in foreclosure and I was the unknown tenant and he needed to serve me," Royal said. "I tried to call Michael and say: 'Hey, what's up.' He always returned my previous calls, but it took weeks to get a hold of him this time."Royal responded by withholding her.
Housing Crisis Could End Suburbia As We Know It If theres a defining image of the housing crunch, it might be the demolition of four brand-new luxury homes in Victorville, Calif. The developer built them in September 2007 as part of a planned 16unit project, but abandoned the effort after home prices in the area fell more than 50 percent in 18 months.
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Weekend Edition - July 23 To July 27, 2012 - ForeclosureGate Gazette

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Weekend Edition - July 23 To July 27, 2012 - ForeclosureGate Gazette

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WEEKEND EDITION, JULY 23 JULY 27, 2012

MONDAY, JULY 23, 2012

Mortgage servicers foreclosures in 1Q

WEEKEND EDITION, JULY 23 JULY 27, 2012

TUESDAY, JULY 24, 2012

WEEKEND EDITION, JULY 23 JULY 27, 2012

WEDNESDAY, JULY 25, 2012

WEEKEND EDITION, JULY 23 JULY 27, 2012

THURSDAY, JULY 26, 2012

WEEKEND EDITION, JULY 23 JULY 27, 2012

FRIDAY, JULY 27, 2012

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