WEDNESDAY, JANUARY 30, 2013

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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

Bank of America Foreclosure Reviews: Why the Cover-Up Happened (Part IIIA) The combination of the 2012 state/Federal and 2013 the OCC settlements putting band-aids on gangrene means that anyone who buys a house with a mortgage in America is taking a gamble that his servicer will abuse him. Both of the roots of the foreclosure fraud crisis – strong servicer incentives to cheat on delinquent portfolios because they lose lots of money otherwise, and bad systems that result in borrower harm in even in the absence of malign intent – are alive, well, and will continue to plague the housing market. Promontory, which occupies a unique status in America as a dominant shadow regulator, has simply treated this disaster as another profit opportunity. And profit it did….

State considers program to buy, flip homes near foreclosure Nevada could set up a nonprofit organization to buy homes near foreclosure, fix and then sell them, legislators were told Tuesday. Bruce Breslow, director of the Department of Business and Industry, told a legislative budget subcommittee Tuesday that as many as 700 to 800 homes might be bought in the first year under the Home Retention program. He suggested a $140,000 home could be flipped for about $200,000.

Foreclosure “settlements” that settle nothing In case after case across the country it is readily apparent that there complete strangers making claims on mortgages, foreclosing, evicting and even collecting “Trial Payments” while they intend to do nothing other than Foreclose — because that is where the money is and because it is only through a foreclosure that they cap the losses and pass them onto investors despite having received large scale payments of insurance and other hedges….

DocuTech Announces Leadership Role in Mortgage Initiatives In November, the Consumer Financial Protection Bureau (CFPB) announced the launch of Project Catalyst to promote consumer-friendly innovation. The program is designed to involve mortgage executives in testing new disclosure forms. To help with the agency’s effort to consolidate and streamline the industry into efficiency, DocuTech is leading a response from lenders to the CFPB….

Fannie Mae and Freddie Mac Cite Possible “Negative Implications” to Side with Big Banks In a lawsuit alleging that several banks violated Michigan's County Real Estate Transfer Tax Act by improperly claiming exemptions involving the sale of foreclosed properties, Judge Bell allowed Fannie Mae, Freddie Mac and the Federal Housing Finance Agency to intervene as defendants and thus side with the banks. The only reason given by the intervenors for their motivation to….

Foreclosure aid stalled as mortgage deadline looms As the seventh year of the foreclosure crisis began along with the New Year, 5.3 million U.S. homeowners remain behind on their payments, according to a report from ProPublica. The ProPublica report reveals issues of transparency, conflicting interests, and misspent money surrounding the National Mortgage Settlement….

The Foreclosure Crisis and Its Impact on Tenants There are estimates that nationwide as many as 40% of the families that face eviction due to foreclosure are renters. Depending upon the local market, this percentage may vary. The consequences for tenants residing in properties that have been foreclosed upon are often dramatic, and may include lease termination, eviction without proper notice or a reason other….

Inside the Foreclosure Reviews Yves Smith has a pair of damning posts about the OCC foreclosure reviews (part I and part II). Yves is compiling an extensive documentary record about the way the foreclosure reviews were structured to guarantee a whitewash that would provide little assistance even to borrowers who were seriously harmed. There's plenty of material here for any investigative journalist or Congressional committee to run with, and I really hope that this story gets picked up elsewhere. That said, I suspect that the complexity of the review process combined with the general ennui about foreclosure shennanigans will mean that the story doesn't go much further….

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