WEEKEND EDITION, OCTOBER 1 OCTOBER 5, 2012

MONDAY, OCTOBER 1, 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

Massachusetts Supreme Judicial Court: US Bank Vs. Ibanez We agree with the judge that the plaintiffs, who were not the original mortgagees, failed to make the required showing that they were the holders of the mortgages at the time of foreclosure. As a result, they did not demonstrate that the foreclosure sales were valid to convey title to the subject properties, and their requests for a declaration of clear title were properly denied.

Banks Trying to Get Bill Through Congress Protecting MERS In many if not most cases, neither MERS nor the named payee on the note nor the lender identified on the note and mortgage had loaned any money at all. Even the banks are saying that the loans are owned by the Trusts but it now appears as though the trusts were never funded by either money or loans and that there were no bank accounts or any other accounts for those.

Should Eminent Domain Be Used to Save Underwater Homeowners? Thank you for the opportunity to testify here today. I would like to begin by explaining what I take to be the cardinal importance of purchasing mortgage loans, especially out of private label securitization trusts (which is possible only through eminent domain), and reducing principal below the value of the homes that secure the purchased loans in order to convert.

Illinois AG Lisa Madigan Announces $4.5 Million Grant For Free Legal Help For Homeowners Attorney General Lisa Madigan today announced that her office has distributed $4.5 million in funding from the national foreclosure settlement to the Prairie State Legal Services. Madigan said the grant will help to provide much-needed legal services to struggling homeowners in Northern and Central Illinois.

Will Your State Be Punished for Taking Foreclosures to Court? By padding mortgage costs up front, he claims he's reducing FHFA's risk. Unfortunately, this complex fee structure misses the target. It will not save time or money or serve as a deterrent to servicers who pass the cost on to homeowners. Rather, it acts as a penalty for states that provide a judicial outlet for grievances between homeowners and lenders.

Senator Scott Brown (R-Mass.), National, LPS Connection?

Fidelity

Romney Releases New Housing Plan With No Details For How Hed Address Foreclosures But instead of listing the specific ways a Romney White House would support a housing recovery the early stages of which already appears to be underway roughly half of the 700-word plan is dedicated to attacking President Obamas record. Where Romney does mention policy, hes characteristically light on details and heavy on platitudes. The Romney plan has four components:

Brown apparently did real estate closings and title work. His clients included local banks as well as some "mortgage companies," including some that are no longer in business, as well as Fidelity National and First American, two large real estate services companies that provide a range of services, including relating to foreclosure. Fidelity National, is also the former parent of LPS, which owned DocX.

Monitor Issues Interim Report on Relief Provided to Homeowners Under the National.. Joseph Smith, Jr., the national mortgage settlement monitor, released an interim report on homeowner relief that the nations five largest mortgage servicers have provided as of June 30. Based upon figures voluntarily provided by the servicers, but not yet verified by the monitor.

Who leaves Comedy Central to work for the government? The CFPB was created in July 2010 to battle exploitive and deceptive financial practices as part of President Obamas Wall Street overhaul. And its become a mecca for the young, creative dogooders who still believe that new technology and the right open-source ethos can fulfill the.

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WEEKEND EDITION, OCTOBER 1 OCTOBER 5, 2012

TUESDAY, OCTOBER 2, 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

Nevada Supreme Court, Advance Opinion, Edelstein Vs. BNY Mellon FGG Editor's Note: There is much to digest and to contemplate about this September 27, 2012 Nevada Supreme Court, Edelstein Vs. BNY Mellon, Advance Opinion. The ruling IS NOT a solid victory for MERS, by any stretch of the imagination. With this ruling, another State Supreme Court has confirmed that "to proceed with the nonjudicial foreclosure of an owner-occupied residence, the party seeking to foreclose must demonstrate that it is both the beneficiary of the deed of trust and the current holder of the promissory note." ---------FOOTNOTE 14: Because it is not at issue in this case, we need not address what occurs when the promissory note and the deed of trust remain split at the time of the foreclosure. See, e.g., U.S. Bank Nat. Ass'n v. Ibanez, 941 N.E.2d 40, 53-54 (Mass. 2011) (discussing what occurs in instances "where a note has been [transferred] but there is no written assignment of the [deed] underlying the note"). How to Erase a Debt That Isnt There Heres some wonderful news: We are canceling the remaining amount you owe Chase! says a letter that JPMorgan Chase sent recently to thousands of home loan borrowers. You are approved for a full principal forgiveness of your Home Equity Account, says another, from Bank of America. Jackie Esposito, of Guilford, Conn., got a letter like that US Bank: Allow the Gearing family to purchase their own home back from foreclosure My family wants to buy our family farm of many years -- but because we are in foreclosure, US Bank (5th largest bank in the US) is refusing to even hear an offer until we have been evicted, forcing my husband and I, our seven children, and our aunt who suffers from Alzheimers disease

Shiller: Dont bet the house on a robust revival of the U.S. property market There is no unambiguous sign of a strong recovery in the market, Robert Shiller and fellow economists Karl Case and Anne Thompson say in a paper published this week by the National Bureau of Economic Research. The study seeks to shed light on the role buyer expectations play in house prices, an angle the authors say....

As reports for August trickle in, we see home prices starting to weaken As reports for August trickle in, we see home prices starting to weaken from the relatively lofty levels seen in June and July. For the 22 business days ending August 23 DataQuicks latest homebuying report Orange County saw

Criminal Prosecutions Not Happening from New Financial Fraud Task Force I dont need a source to tell me that there will be no criminal charges arising from the Residential Mortgage Backed Securities working group, the task force set up to hold accountable those financial institutions who crashed the economy through misdeeds in the securitization process.

Illinois posts highest foreclosure rate in U.S. in August It was the first time that Illinois led the nation in foreclosure filings since RealtyTrac began issuing its monthly reports in January 2005. Compared with August 2011, default notices rose 18 percent, notices of scheduled foreclosure auctions rose 116 percent and bank repossessions increased.

Owners Lose Possessions After Home Near Twentynine Palms Is Mistakenly Foreclosed A crew broke into Alvin and Pat Tjosaas desert home and took everything after being directed by Wells Fargo to secure the structure. The couple, however, didnt have a mortgage on the home.

Mortgage debt relief may bring new pain: a tax bill Struggling homeowners who obtain reductions in their mortgage debt face a new obstacle starting next year -a bill for taxes on that aid. A special exemption of as much as $2 million per household

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WEEKEND EDITION, OCTOBER 1 OCTOBER 5, 2012

WEDNESDAY, OCTOBER 3, 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

Cervantes v. Countrywide Home Loans, Inc. (9th Cir. 2011) Page 7: In the event of a default on the loan, the lender may initiate foreclosure in its own name, or may appoint a trustee to initiate foreclosure on the lenders behalf. However, to have the legal power to foreclose, the trustee must have authority to act as the holder, or agent of the holder, of both the deed and the note together. See Landmark Natl Bank v. Kesler, 216 P.3d 158, 167 (Kan. 2009). The deed and note must be held together because the holder of the note is only entitled to repayment, and does not have the right under the deed to use the property as a means of satisfying repayment. Id. Conversely, the holder of the deed alone does not have a right to repayment and, thus, does not have an interest in foreclosing on the property to satisfy repayment.

Woman fighting cancer and bank finds reason to smile In August, Wells Fargo told NBC Charlotte that Cindi's home wasnt in active foreclosure and no one had asked her to leave. But then, just two weeks later, a deputy served her with papers from the bank saying her house would be sold at the courthouse just six days before Christmas.

Gov. Christie says foreclosure aid fell short Gov. Chris Christie conceded Monday the state made mistakes with a $300 million program to help residents facing foreclosure stay in their homes The New Jersey Home-Keeper program approved an average of eight grants a month for the first seven months of its existence last year. The fund should be approving 250 a month, a goal the state expects to reach by the end of

Romney's [foreclosure / housing] plan in 3D In January, the Mitt Romney campaign chose this quiet neighborhood in Lehigh Acres, Fla., just to the east of Cape Coral and Fort Myers, to give some of the first insight into how the eventual Republican nominee would combat a foreclosure crisis still raging five years after the housing meltdown. Youre wondering whats going on behind me

Couple Arrested for Loan Modification and Foreclosure Rescue Scheme Martin Wayne Flanders, 48, and Ligia Sandoval Spafford, 46, of Roseville, were arrested on Monday on a complaint charging them with orchestrating a fraud scheme targeting distressed homeowners, U.S. Attorney Benjamin B. Wagner announced. Flanders was also charged with conspiracy to commit bankruptcy fraud.

Nevada foreclosure rate is back on the rise, report says Nevada was fifth-worst in the country in August for its volume of distressed real estate, with 1 in 402 homes in foreclosure, according to a report today from Irvine, Calif.-based research firm RealtyTrac. The state was No. 6 in July with 1 in 415 homes in foreclosure.

ABA Summarizes Pending Mortgage Reform into 2013, "Critical to Lenders" The American Bankers Association (ABA) has reminded its members and others in the industry that the next few months are critical to lenders because of an even dozen new rules and regulations that are pending. Comment periods are still open on some of the changes.

Banks prep lending facilities for foreclosurerental bonds At least seven investment-bank lenders are getting set to roll out the first round of balancesheet term financing to a handful of private equity and real estate firms looking to buy foreclosed US single-family homes and convert them to rentals.

CA Central Valley remains submerged in the mortgage sea More than one out of five (22.3 percent or 10.8 million) homes in the U.S. with a mortgage were in negative equity at the end of the second quarter of 2012, according to a new report Wednesday from financial information company CoreLogic Inc.

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WEEKEND EDITION, OCTOBER 1 OCTOBER 5, 2012

THURSDAY, OCTOBER 4, 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

In Re: Veal, Opinion, Ninth Circuit Court of Appeals, Filed June 10, 2011 A thorough understanding of the concept of a person entitled to enforce is key to sorting out the relative rights and obligations of the various parties to a mortgage transaction. The concept of a holder is set out in detail in UCC 1-201(b)(21)(A), providing that a person is a holder if the person possesses the note and either (i) the note has been made payable to the person who has it in his possession or (ii) the note is payable to the bearer of the note. This determination requires physical examination not only of the face of the note but also of any indorsements.[24].

Cynicism aside, why the NY AG's MBS suit vs JPMorgan matters So why do I believe the AG's suit is so significant? Because Schneiderman is the first regulator to acknowledge in a legal complaint that the mortgage securitization process was rotten to its core. He is the first government official to stand up and demand legal accountability on behalf of the market and all.

Mortgage relief plan embraced in Berkeley has links to Occupy The Berkeley City Council has thrown its support behind a growing group of activists, public officials and entrepreneurs calling upon governments to seize mortgages to provide relief to financially troubled homeowners. The idea of using governments powers of eminent domain to help homeowners has been gaining traction.

The Housing Bubble in Phoenix Is an Utter Fraud and Scam Ben Bernanke is a smart fellow. But he wants to milk housing bubbles in the making. And his way of doing so is a pitiful fraud and scam. Here's why: The housing bubble in Phoenix has an interesting statistic. 41 percent of the purchases were cash in July, 2012. (In Las Vegas, over 50 percent of the purchases are all cash for the same month!).

Father, Son Charged with Conspiring to Defraud Lenders of $4.5 Million and Steal Equity from Struggling Homeowners Attorney General Jeffrey S. Chiesa announced that a father and son from New Jersey were charged today in an alleged scheme in which the father promised to rescue homeowners who were facing foreclosure, but instead sold their homes to unwitting investors and conspired with the son to steal $4.5 million.

Horror Story: The case at hand and its a whopper But nothing beats the experience of Alexandra J. Garcia, who bought the Deltona condominium in 2007 as an investment. An employee at the Department of Motor Vehicles in Queens, she said she put 20 percent down on the $250,000 condo and got a mortgage from Countrywide, which then sold the loan to Fannie Mae.

Nations Governors Resist CFPBs Call, Prepare Lawsuit Challenging CFPBs Authority Last March, CFPB Director, Richard Cordray, called on all 50 states to sign a memorandum of understanding (MOU) to assuage industry concerns regarding the protection of confidential information shared among states and the bureau. To date, only 12 states have answered the call. Oklahoma Attorney General Scott Pruitt explains...

Foreclosure sale notices via website? No, court says In property foreclosures, merely posting the scheduled property sales on a website isnt enough, the Ohio Supreme Court ruled Thursday.While we understand the interest in using technology to conserve resources, we find that notice by Internet posting is more akin to publication in a newspaper, and due process

Kamala Harris, California Attorney General, Touts Controversial Bank Settlement In DNC Speech Homeowner advocates have taken a dim view of the settlement, claiming that banks' mortgaging servicing divisions continue to abuse homeowners as before. The California Reinvestment Coalition said last week that settlement progress reports indicate "banks have made little progress.

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WEEKEND EDITION, OCTOBER 1 OCTOBER 5, 2012

FRIDAY, OCTOBER 5, 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

Nevada Supreme Court; Leyva Vs. National Default Servicing Corp Page 2: Because we conclude that strict compliance is compelled by NRS 107.086(4) and (5), that the assignment offered was defective, and that no endorsement of the mortgage note was provided according to Article 3 of the Uniform Commercial Code, we conclude that Wells Fargo failed to produce the documents required under NRS 107.086(4).

Eminent Domain: If they do this, thered be a $35 million gain for the San Bernardino County Joint Powers Authority Gluckstern said Mortgage Resolution would pay $10,000 per transaction based on a scenario involving a $200,000 mortgage, Hererra said. If they do this, thered be a $35 million gain for the San Bernardino County Joint Powers Authority, Herrera said, commenting: Its the first time that weve heard that the government

After Mortgage Settlement, Banks Continued Abusive Practice, California Monitor Says The five big banks that agreed in a $25 billion mortgage settlement to reform foreclosure practices have continued to "dual-track" homeowners, an abusive technique that pushes families out of homes they thought their bank was trying to help them save, according to a new report by a monitor overseeing the settlement in California.

BofA Foreclosure fiasco has Portland woman furious Four months after Bank of America admitted making mistakes in threatening to foreclose on a Portland womans home, the bank is back at it again. Its a slap in the face, that homeowner, Polly Brown, told Unit 8. It looks like to me they're just a bureaucratic mess and the left hand doesn't know what the right hand is doing, its just a mess.

VOICE interfaith group to press for foreclosure help in Prince William County WOODBRIDGE, Va. (AP) - An interfaith community group is pressing forward with its campaign to hold big banks accountable for the aftermath of the housing crisis in Prince William County. About 700 people are expected Monday night at a Woodbridge church for a progress report.

The radical right-wing roots of Occupy Wall Street If theres one thing that united Occupy Wall Street with the Tea Party movement from the very beginning, its a virulent aversion to being compared to each other. The Tea Partiers started sharpening their knives before the Occupation even began. Two weeks before last years launch Tea Partisan blogger Bob Ellis.

Four Regional Banks Discuss Settlement Over Foreclosures U.S. state attorneys general are pressing four banks to accept a legal settlement over botched foreclosures similar to a deal reached with larger competitors this year, according to three people briefed on the matter.U.S. Bancorp , PNC Financial Services Group Inc., SunTrust Banks Inc. and HSBC Holdings Plc have held talks.

Here's Why There's No Housing Recovery And Prices Will Collapse Another 20% Everyone thinks the housing market in the U.S. looks like it's starting to bottom. Famed economist Gary Shilling is not one of themyou could call him notably bearish on housing. In fact, he expects prices to drop another 20 percent from here and doesn't think we will see a bottom in the market for another several years.

Fact or Fiction? Banks have given $10.6 billion in relief in national settlement The largest category of relief was in short sales, in which the banks forgave about $8.7 billion in firstor second-mortgage debt to allow the borrower to sell a home for less than what is owed. The report showed that Bank of America Corp. faltered in one key area of the settlement, completing no modifications.

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