The Foreclosure Sleuth: How a Sports Agent Uncovered the Greatest Financial Fraud in American History

The Foreclosure Sleuth: How a Sports Agent Uncovered the Greatest Financial Fraud in American History New Republic contributor David Dayen’s book Chain of Title focuses on three individuals in South Florida—cancer nurse Lisa Epstein, car dealership worker Michael Redman, and Lynn Szymoniak, a lawyer specializing in insurance fraud—who stumbled upon the biggest consumer fraud in … Read more

DASP: Protecting Communities on the Road to Recovery – Why Strong Standards Are Critical

Protecting Communities on the Road to Recovery Why Strong Standards Are Critical for the Distressed Asset Stabilization Program More than 778,000 homeowners with loans backed by the Federal Housing Administration, or FHA, and the two government-backed mortgage corporations—Fannie Mae and Freddie Mac—are at serious risk of foreclosure. A full housing recovery in the fragile neighborhoods where … Read more

Parrish v. FNMA: Subject Matter Jurisdiction, Unlawful Detainer – Supreme Court of Virginia Va­cates Foreclosure Judgement

Parrish v. FNMA: Subject Matter Jurisdiction, Unlawful Detainer – Supreme Court of Virginia Va­cates Foreclosure Judgement A circuit court on de novo appeal of an unlawful detainer action could not consider the borrowers’ questions of title arising from a foreclosure sale of appellants’ home, as the circuit court’s appellate jurisdiction was de­rivative; the Supreme Court … Read more

‘Jumbo’ Mortgages are Now a Better Deal than Smaller Home Loans

‘Jumbo’ Mortgages are Now a Better Deal than Smaller Home Loans Why? Because they have to feed the beast… It’s true but a bit counterintuitive. Banks will give you a better interest rate if you buy a more expensive and presumably bigger home. The interest rate on a 30-year jumbo loan – anything above $523,250 … Read more

FEDSPEAK: The Effect of Demographics on Payment Behavior

The effect of demographics on payment behavior: panel data with sample selection Federal Reserve Bank of Boston Working Papers The effect of demographics on payment behavior: panel data with sample selection Joanna Stavins AbstractConnolly and Stavins (2015) showed that payment behavior is strongly correlated with consumers’ demographic and income attributes over the 2009–2013 period. In … Read more

Hundreds of Lenders Still Haven’t Used FHA Appraisal Portal: “With EAD, you still have to make sure the comparables support the value”

Hundreds of Lenders Still Haven’t Used FHA Appraisal Portal There are 1,700 active lenders that have originated FHA-insured mortgages in the last 12 months. Days before the mandatory appraisal delivery deadline, 1,601 of these had gotten credentials to submit appraisals through the EAD portal, and 66.1% had submitted appraisals electronically. While this means the majority … Read more

This is What Happens When Homes are Stolen by Mortgage Servicers

Could Homeownership Be Headed For 50 Percent? Will the homeownership rate fall below 50 percent?  Not a question most housing industry stakeholders want to think about, but some analysts are speculating that it could happen.  Freddie Mac, in its June edition of Outlook, takes a look at some of those predictions. The company’s economists start … Read more

Tampa Company that Holds Title to Foreclosed Homes Hosts Airbnb Partiers at Million-Dollar Mansion Also in Foreclosure

  Tampa Company that Holds Title to Foreclosed Homes Hosts Airbnb Partiers at Million-Dollar Mansion Also in Foreclosure Even at $999 a night, Robert Lauby had no trouble finding renters for the 5,500-square-foot waterfront home in Tierra Verde that he listed on the popular web site Airbnb. Seriously, it was the best Airbnb experience ever!” … Read more

Got Another One: Bradenton Pastor Convicted Of Mortgage Fraud

Bradenton Pastor Convicted Of Mortgage Fraud Fort Myers, Florida – United States Attorney A. Lee Bentley, III announces that a federal jury has found Nelson Cristiano Machado, Jr. (50, Bradenton) guilty of three counts of wire fraud. He faces a maximum penalty of 30 years in federal prison on each count. His sentencing hearing is … Read more

The Violence of Eviction

The Violence of Eviction Of all the ways market logic has colonized our thinking, the way it has distorted our understanding of the housing market has to be one of the most dangerous. The notion that housing is naturally like any other market has not only informed the way we think about the houses we … Read more

‘Sheriff of Wall Street’ Says ‘People Are Right’ About System Being Rigged, But…

‘Sheriff of Wall Street’ Says ‘People Are Right’ About System Being Rigged, But… This election year has exposed widespread voter anger directed at Wall Street, and U.S. Attorney for the Southern District of New York Preet Bharara agrees that “to an extent, people are right about the system being rigged.” “I think people have a … Read more

NY Times: How Housing’s New Players Spiraled Into Banks’ Old ‘Mistakes’

How Housing’s New Players Spiraled Into Banks’ Old Mistakes Some private equity firms that came in as the cleanup crew for the housing crisis are now repeating ‘errors’ that banks committed, while others are bypassing the working poor. When the housing crisis sent the American economy to the brink of disaster in 2008, millions of … Read more