Freddie Mac Doubles Down on Double Wides, Starts Funding Loans for Trailer Parks

“We have been cautious in terms of watching our securitization business grow. With the program being successful, we are confident that we can distribute the risk.” ~ Freddie Mac Starts Trailer Loans That Buffett Criticized Want to buy a trailer park? Freddie Mac (FMCC) wants to give you a loan. The unit of the government-owned … Read more

Criminal Charges Against Banks Risk Sparking ‘Nuclear Winter’

“Companies, especially financial institutions, will do almost anything to avoid a tough enforcement action and therefore have a natural and powerful incentive to make prosecutors believe that death or dire consequences await. I have heard assertions made with great force and passion that if we take any criminal action, the skies will darken; the oceans … Read more

Trashed Out: Deutsche Bank Says Landlord Ruling May Flood Courts

“The tenants, who paid rent to the owner, sued after their belongings were tossed outside and destroyed and police barred them from the home. Deutsche Bank says the foreclosure ended the tenants’ lease, it played no role in evicting them, and loan servicers are responsible for dealing with renters.” ~ Deutsche Bank Says Landlord Ruling … Read more

Former ‘Foreclosure Mill’ Offshoot, Ronald R. Wolfe & Associates (AKA Florida Default Law Group) to Lay Off 116 ‘Workers’

Recently, we predicted this might happen… Is this another Mill on the verge of implosion? Time will tell… Now, it appears that time did… ~ Former ‘foreclosure mill’ offshoot to lay off 116 Ronald R. Wolfe & Associates — the offspring of Florida Default Group, an accused foreclosure mill caught up in the robo-signing scandal of … Read more

Fannie, Freddie Would Need New Bailout in Downturn, FHFA Says

Fannie, Freddie Would Need New Bailout in Downturn, FHFA Says Fannie Mae and Freddie Mac (FMCC) could require an additional bailout of as much as $190 billion in a severe economic downturn, according to the results of stress tests released by the regulator for the U.S.-owned companies. The two mortgage-finance giants, which have already taken … Read more

Another Run at Clearing Palm Beach County Foreclosures is Underway

Another run at clearing Palm Beach County foreclosures is underway Another attempt to hasten Palm Beach County’s foreclosure process is underway as previous efforts to streamline the system and the approval of last year’s controversial fast-track foreclosure law have shown limited progress. Palm Beach County Chief Judge Jeffrey Colbath issued an administrative order in March … Read more

GAO Foreclosure Review: Regulators Could Strengthen Oversight and Improve Transparency of the Process

Foreclosure Review: Regulators Could Strengthen Oversight and Improve Transparency of the Process What GAO Found To negotiate the $3.9 billion cash payment amount in servicers’ amended consent orders, the Office of the Comptroller of the Currency (OCC) and the Board of Governors of the Federal Reserve System (Federal Reserve) considered information from the incomplete foreclosure … Read more

G.A.O. Report Sees Deeper Bank Flaws in Foreclosures

G.A.O. Report Sees Deeper Bank Flaws in Foreclosures A new government report suggests that errors made by banks and their agents during foreclosures might have been significantly higher than was previously believed when regulators halted a national review of the banks’ mortgage servicing operations. When banking regulators decided to end the independent foreclosure review last … Read more

Recession Not Over for Poor: Families Stretch Food to Last

“Let’s stop talking about the end of the Great Recession until we can make sure that we get food insecurity rates down to a more reasonable level,” he added. “We’re still in the throes of the Great Recession, from my perspective.” ~ Recession Not Over for Poor: Families Stretch Food to Last After Jaime Grimes … Read more

NY Judge in Largest Bankruptcy Case in History Receives IRS & SEC Whistleblower Filing

NY Judge in Largest Bankruptcy Case in History Receives IRS & SEC Whistleblower Filing New York City, New York – U. S. Bankruptcy Court, Southern District of New York’s Judge Martin Glenn, presiding over the simultaneous Chapter 11 bankruptcy filings of 51 residential mortgage companies, received a whistleblower filing package from one of the creditors … Read more

Gretchen Morgenson: From Outside or Inside, the Deck Looks Stacked

“The banks could manage only so many foreclosures at a time, and Treasury wanted to slow down the pace so the banks wouldn’t be overwhelmed. And this was where the new foreclosure program came in: It was just big enough to ‘foam the runway’ for them.” ~ Timothy Geithner ~ From Outside or Inside, the … Read more

U.S. BANK NATIONAL ASSOCIATION vs BARTRAM: The Beginning of the End of The Five Year Statute of Limitations in Florida

“Right now, this opinion is law of the land,” Ice said. “For homeowners, it means there is no end in sight to the litigation.” ~ Appeals court tosses five-year foreclosure deadline… For now… Can’t wait until the hedge funds, investors and third party purchasers who bought homes under the preface that the 5 year SOL … Read more

Mortgage Companies Face “Tremendously Difficult” Year As Housing Recovery Crumbles

Mortgage Companies Face “Tremendously Difficult” Year As Housing Recovery Crumbles The topic of the false recovery in the US housing market has seldom been far from these pages but it seems both the mainstream media and the actual businesses on the ground are seeing that extrapolating dead-cat-bounces and easy-money bubbles (once again) ends in tears. … Read more

IN THE MATTER OF CARLOS MOTA: Adversary Complaint Against Wells Fargo and its Foreclosure ‘Fraud’ Manual

IN THE UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK MANHATTAN DIVISION ——————————————————————-X IN THE MATTER OF CARLOS MOTA,                                                                            CASE NO: 10-13989(shl) DEBTOR ——————————————————————-X CARLOS MOTA, Plaintiff v. WELLS FARGO BANK, NA, and HSBC BANK USA NATIONAL ASSOCIATION AS TRUSTEE FOR WELLS FARGO ASSET SECURITIES CORPORATION, MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-8 COMPLAINT Defendants. —————————————————————-X … Read more

Moving Back in with Parents Becomes More Common for the Middle-Aged

Moving in with parents becomes more common for the middle-aged The number of Californians 50 to 64 who live in their parents’ homes has surged in recent years, reflecting the grim economic aftermath of the Great Recession. Debbie Rohr lives with her husband and twin teenage sons in a well-tended three-bedroom home in Salinas. The … Read more

Wells Fargo Foreclosure ‘Fraud’ Manual on Trial in Federal Court

Wells Fargo Foreclosure Manual on Trial Wells Fargo just lost the battle to keep its controversial Wells Fargo Home Mortgage Foreclosure Attorney Procedure Manual out of federal court. Wells Fargo is in a federal judge’s hot seat. America’s largest mortgage servicer just lost the battle to keep its controversial Wells Fargo Home Mortgage Foreclosure Attorney … Read more

What Happened to the Middle Class?

What Happened to the Middle Class? Restaurants like Olive Garden and Red Lobster are struggling, while high end dining is flourishing. At GE, demand for high-end dishwashers is racing ahead of sales growth for mass-market models. This leaves the question, what happened to the middle class? Generally the Middle-Class is thought of as making <$100,000 … Read more

Depositor In Failed Bank Loses It, Takes Hostages, Demands $700,000 Ransom

Depositor In Failed Bank Loses It, Takes Hostages, Demands $700,000 Ransom As RT reports, “he may be a client of the bank wishing to withdraw his deposit despite the bank losing its license…..Life News tabloid says it has identified one of the attackers as 46-year-old Aleksandr Vdovin, a client who holds the bank’s promissory notes … Read more

Are You Earning a Living Wage? (infographic)

Source: Accountingschoolguide.com 1. Adjust the slider at the bottom to match your wage. 2. On the left, select how many adults and children are in your household. 3. Select a state to see where you fall between a poverty wage and a living wage. – States that are brighter mean that you would earn closer … Read more

Happy Easter!

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