Foreclosure Starts Up, Mortgage Originations Plunge To Lowest On Record

Foreclosure Starts Up, Mortgage Originations Plunge To Lowest On Record New mortgage originations fell over 23% month-over-month and a stunning 47% year-to-date according to Black Knight (formerly LPS). As they show in their detailed presentation, with a 65% year-over-year drop, new mortgage originations are at their lowest since their records began and what is perhaps … Read more

Foreclosure Fight Club: You Want Our Clients’ Houses? MOLON LABE!

Foreclosure Fight Club: You Want Our Clients’ Houses?  MOLON LABE! Cross-posted from The Law Offices of Evan M. Rosen By Evan M. Rosen The other night my wife and I saw the movie “300: Rise of an Empire.” It’s an expansion of the story behind the movie “300,” part prequel, part sequel.  The first of … Read more

“If You Don’t Have The Documents, Perhaps You Just Don’t Have The Right To Foreclose”

Watch the latest video at video.foxbusiness.com “IF YOU DON’T HAVE THE DOCUMENTS, PERHAPS YOU JUST DON’T HAVE THE RIGHT TO FORECLOSE.” Cross-posted from LIBERTY ROAD MEDIA In this largely friendly Fox Business piece from The Willis Report with host Gerri Willis, attorney Linda Tirelli alleges–as do we here at LRM–that Wells Fargo is in fact … Read more

Wells Fargo Foreclosure ‘Fraud’ Manual Under Fire

Wells Fargo foreclosure manual under fire Wells Fargo created an elaborate guide for how to produce missing documents to foreclose on homeowners, according to a lawsuit that has caught the attention of state and federal regulators. The bank denies wrongdoing, but the allegations rekindle claims that lenders, including Wells Fargo, used forged and shoddy paperwork … Read more

Foreclosure Fraud is Still Rampant. In Fact, it is More Brazen Than Ever!

Full details to come in the next few days on how to steal someone’s (a disabled vet) home…   PS This tops anything we have seen on an individual case to date. Beyond egregious. TBC… ~ 4closureFraud.org Tweet

Everyone Knows Plaintiff Owns the Loan, You Can Look It Up Online!

Know the Law, the Rules of Evidence and Procedure, the Facts and Don’t Give Up! Cross-posted from the Law Offices of Evan M. Rosen We won another trial recently.  Both the Plaintiff and the original lender were Suntrust.  For some reason, the Plaintiff moved to substitute to Fannie at the outset of trial.  I argued … Read more

Robo-Zombies Attack! Full Deposition of Victoria Scott: Sham Verification of a Foreclosure Complaint

Robo-Zombies Attack! Robo-Signing Just Won’t Die Another great depo of a Robo Verifier who pretty much knows nothing about a foreclosure case… (be sure to check out the full depo below for the pre-fight, fight) The deposition of Victoria Scott took place on November 20, 2013, during which time Evan questioned Ms. Scott about her … Read more

Pending Home Sales Plunge At Fastest Pace Since April 2011

Pending Home Sales Plunge At Fastest Pace Since April 2011 For the 5th month in a row, pending home sales missed expectations (though a silver lining is a positive print MoM – breaking a 5-month streak). Year-over-year, home sales collapsed at 4% – its worst drop since April 2011, and that even after prior data … Read more

US Orders Mortgage Servicer Ocwen to Help Borrowers with $2 Bln

US orders mortgage servicer Ocwen to help borrowers with $2 bln Dec 19 (Reuters) – U.S. officials on Thursday ordered the largest nonbank mortgage servicer to provide $2 billion in help to underwater borrowers to resolve allegations of misconduct that led to thousands of people losing their homes. Ocwen Financial Corp must reduce loan balances … Read more

Secret Inside BofA Office of CEO Stymied Needy Homeowners

“Smart people would leave right away,” said Schnackenberg, the former Urban Lending manager. “You were left with people trying to take care of complex, aged files who were formerly assistant manager of a Taco Bell. It was a recipe for failure for homeowners.” ~ Secret Inside BofA Office of CEO Stymied Needy Homeowners Isabel Santamaria … Read more

Nationwide Title Clearing Settles ‘Robo-Signing’ Suit in Illinois for $350,000

Nationwide Title Clearing settles ‘robo-signing’ suit in Illinois Illinois and Nationwide Title Clearing Inc., have entered into a consent decree that dismisses a lawsuit filed against the company last year, alleging it filed faulty mortgage documents with county recorders. The case, filed by the Illinois Attorney General’s office in Cook County Court in February 2012, … Read more

FLA 3rd DCA: Kelsey vs SunTrust Mortgage, Inc. – Note, Mortgage Are Impermissible Hearsay Unless Properly Authenticated

FLA 3rd DCA: Kelsey vs SunTrust Mortgage, Inc. – Note, Mortgage are Impermissible Hearsay Unless Properly Authenticated At trial, SunTrust’s only testifying witness was Lauren Gergeceff (“Gergeceff”), a mediation litigation specialist employed by Nationstar Mortgage, LLC (“Nationstar”).1 Gergeceff testified that she had no independent knowledge of the loan, she had only seen the subject note … Read more

The NYT Implies that Not Prosecuting JPMorgan Proves DOJ’s Vigor

The NYT Implies that Not Prosecuting JPMorgan Proves DOJ’s Vigor By William K. Black No one expects Andrew Ross Sorkin’s slavish “Deal Book” lackeys to demand that the elite Wall Street bankers whose frauds drove the financial crisis be imprisoned, but the slavishness to the banks revealed when major news stories emerge continues to irritate … Read more

Family Almost Evicted From Home A Day Before Thanksgiving

Family almost evicted in risky short sale “We were going to close the Monday after we had scheduled the move-in date,” Nathan Cooper said. The Cooper’s moved in last month, but shortly after, both of the mortgages on the home were sold. “So now the new servicer decided to put it directly into foreclosure,” Cooper … Read more

Bob Shiller on House Appreciation “It’s Different Now, We Can’t Trust Momentum”

Bob Shiller on House Appreciation “It’s Different Now, We Can’t Trust Momentum” “I just don’t see evidence that people believe we are launching into a great new era” of home price appreciation,”that’s what we had in the early 2000s.” Simply put, he chides Faber and Cramer, “people are not so excited about the future,” in … Read more

A New Wave of U.S. Mortgage Trouble Threatens: Home Equity Lines

A New Wave of U.S. Mortgage Trouble Threatens: Home Equity Lines (Reuters) – U.S. borrowers are increasingly missing payments on home equity lines of credit they took out during the housing bubble, a trend that could deal another blow to the country’s biggest banks. The loans are a problem now because an increasing number are … Read more

The Paper Chase: Securitization, Foreclosure, and the Uncertainty of Mortgage Title

Securitization, Foreclosure, and the Uncertainty of Mortgage Title Via Credit Slips The Paper Chase is not exactly a short article, but if you’re the type that’s into reading about UCC Article 3 vs. Article 9 transfer methods for notes and MERS, then this piece is for you. There’s a lot of technical stuff in the … Read more

David Dayen: IRS Confirms that $12 Billion in “Mortgage Relief” in National Mortgage Settlement Completely Worthless

“Here is why this is important, aside from Californians being spared from getting hit with a tax bill on a short sale. The Justice Department, in the National Mortgage Settlement, allowed short sales in non-recourse states to count toward the penalty the five biggest mortgage servicers “paid.” If the IRS says something is not a … Read more

TAKE IT TO THE BANK

TAKE IT TO THE BANK By Washingtons Blog Reports like the recent one from SNL Financial – Branch Networks Continue to Shrink really get my goat. As I travel the increasingly vacant highways of Montgomery County, PA I’m keenly aware of my surroundings. If I were a foreigner visiting for the first time, I’d think … Read more

US District Judge Jed S. Rakoff: Why Have No High Level Executives Been Prosecuted In Connection With The Financial Crisis?

Why Have No High Level Executives Been Prosecuted In Connection With The Financial Crisis? By US District Judge Jed S. Rakoff Five years have passed since the onset of what is sometimes called the Great Recession. While the economy has slowly improved, there are still millions of Americans  leading lives of quiet desperation: without jobs, … Read more