This Edition Of The ForeclosureGate Gazette Contains Active Links

WEEKEND DIGEST MARCH 26 MARCH 30, 2012

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS ForeclosureGate Is A Public Service Homeowner Coalition And Cooperative, Created To Exchange News And Information And To Advance Justice For American Homeowners

MONDAY MARCH 26
Freddie CEO signals GSE principal reduction could be soon Freddie Mac CEO Charles "Ed" Haldeman gave a strong signal Friday that new incentives from the Treasury Department may be enough to start principal reduction on mortgages backed by the government-sponsored enterprises. Is it important who forecloses? Does slipshod paperwork provide legal grounds to overturn a foreclosure? In Massachusetts, courts have said "yes" in two landmark cases upheld last year by the state's highest tribunal, the Supreme Judicial Court. Judges in other states have ruled likewise. But California courts have consistently refused to void foreclosures. BofA Lets Owners Stay in Homes, Rent From the Bank Bank of America is launching a pilot program that will allow homeowners at risk of foreclosure to hand over deeds to their houses and sign leases that will let them rent the houses back from the bank at a market rate. While the initial scope of the "Mortgage to Lease" program is smallthe bank began sending letters Thursday offering leases to 1,000 homeowners. Resolution would foreclosures ask banks to halt

2012

California AG Harris Names Independent Monitor of Servicing Settlement Funds California Attorney General Kamala D. Harris has announced the appointment of Prof. Katherine Porter of the University of California, Irvine School of Law as the California monitor of the commitment by the nation's five largest banks to perform as much as $18 billion worth of homeowner and borrower benefits in the state.

Foreclosure Mediation Program Encouraging Judicial Review of Mediations Nevadas Foreclosure Mediation Program recently began sending a form letter (the Letter) to homeowners shortly after participation in the Foreclosure Mediation Program. A copy of the Letter is included on the next page. The Letter advises homeowners that they have a right to contest the outcome of the mediation and the issuance of the mediation certificate.

Supervisor John Avalos introduced a resolution Tuesday that supports homeowners facing foreclosure and urges banks to temporarily suspend foreclosure activities. The non-binding resolution, if approved, would back a package of state Senate bills known as the California Homeowner Bill of Rights, which are designed to help protect homeowners from unlawful foreclosures. More States Plan To Divert Foreclosure Fraud Settlement Money Away From Helping Homeowners Already, three states have announced plans to divert some of their share of the $26 billion foreclosure fraud settlement with the nations five biggest banks away from helping homeowners (which is the moneys intended purpose), and towards other parts of their respective budgets.

AG: Foreclosure victims outraged by settlement

should

be

Attorney General Michael Delaney insisted the federal settlement with five major banks for mortgage fraud will not be the last word on offering help to beleaguered homeowners. Gov. John Lynch, Banking Commissioner Ron Wilbur, Delaney and the Executive Council met Wednesday to discuss the recent settlement and urge homeowners to contact state agencies if they believe they are entitled to some relief.

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This Edition Of The ForeclosureGate Gazette Contains Active Links

WEEKEND DIGEST MARCH 26 MARCH 30, 2012

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS ForeclosureGate Is A Public Service Homeowner Coalition And Cooperative, Created To Exchange News And Information And To Advance Justice For American Homeowners

TUESDAY MARCH 27
Where are the Indictments? Lets be clear why theres a mortgage deal: the banks broke the law. Several laws in fact, in ways that appear criminal as well as civil. Limiting their liability is the only reason the banks did a deal. In this post Im going to look at what the banks could be held liable for; how much liability their money persuaded law enforcers to ignore will be the next post. US Sued and Settled Against Major Servicers for Unfair and Deceptive Practices .we now have a copy of a complaint that formed the basis for the AG settlement, in which the United States of America (along with all the states the but Oklahoma) sued most of major servicers for committing misconduct in connection with the origination and servicing of single family mortgages.

2012

Foreclosure on Disability-Adapted-Home Pushing Neighbors to Action "Project Save Our Homes" continues its outreach, collecting petitions to save a home from foreclosure thats inhabited by a mother and her 47-year-old daughter with disabilities. Mary Ann Jones and her daughter Tracie say they have lived at the home for decades, including during Tracie's bout with colon cancer.

Victory in Oakland County Transfer Tax Case Paves Way for Other Michigan Suits Against Fannie and Freddie Michigan law imposes a transfer tax on deeds recorded at the county office. Fannie and Freddie refused to pay that, claiming that they were part of the Federal government and hence exempt. That argument was clearly ridiculous and a Federal judge ruled against the GSEs.

CA Investor Pleads Guilty to Bid Rigging and Fraud at Public Real Estate Foreclosure Auctions Wiley C. Chandler pleaded guilty to conspiring with a group of real estate speculators who agreed to rig bids and commit mail fraud when purchasing selected properties at public real estate foreclosure auctions in San Joaquin County. The goals of the conspiracies were to suppress and restrain competition. Republicans Attempt To Sabotage Oregon Homeowners Changes proposed by Republican leaders to Senate Bill 1552 would do away with the requirement that banks meet with borrowers in mediation if the borrower requests it. The amendment would make mediation voluntary, and it would ease some legal hurdles for foreclosing. It would allocate money for the mediation services, as well as counseling and other assistance for homeowners.

Insider Says Wells Fargos Independent Foreclosure Review for OCC is a Sham I got an email the other night from one of my readers. It said I was hired as one of those Independent File Review Specialist at a company called Promontory working on Wells Fargo Bank. I have 15 years industry experience in all facets of the mortgage & title industry, and just needed a job at the moment. I must say the whole project is a mess. Southern California home dropping; it's a time tunnel prices keep

In 2008, the median home price in Southern California was $340,000. Home prices are still nowhere close to that level and, in fact, continue to fall. The median annual price in 2011 was $280,000. But the median for November was $275,000, according to San Diego-based DataQuick, and by December that had dropped to $270,000.

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This Edition Of The ForeclosureGate Gazette Contains Active Links

WEEKEND DIGEST MARCH 26 MARCH 30, 2012

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS ForeclosureGate Is A Public Service Homeowner Coalition And Cooperative, Created To Exchange News And Information And To Advance Justice For American Homeowners

WEDNESDAY MARCH 28
We Petition The Obama Administration To: Push For Fannie/Freddie Principal Reductions Ed DeMarco, head of the Federal Housing Finance Agency -- which oversees Fannie and Freddie -- has stood in the way of reductions and he's claimed the support of Fannie and Freddie. But that's no longer the case. Even Fannie and Freddie now support principal reductions. Our Government is Representing Bankers, Not the People the "..Deutsche Bank will just continue to run up fees and try to harass the living hell out of me The pool guy, plumber and lawn man for a Palm Beach Gardens homeowner who recently won an $18 million settlement in a foreclosure-related lawsuit are being sought for questioning by the bank still seeking to repossess her home.

2012

Not-So-Dumb Consumers Shun OCCs Bogus Foreclosure Reviews John Walsh, the acting director of the Office of the Comptroller of the Currency, gave a speech today at the National Interagency Community Reinvestment Conference that had so many whoppers in it that it was hard to keep track of them all. But it also contained an important bit of information that suggested that homeowners arent buying the bank-friendly OCCs pretense to be on their side. Homeowners get runaround about who holds loans Jan Samzelius has been seeking a loan modification on his Marina district house since 2009. He wants to negotiate directly with the mortgage holder - but he can't figure out who it is. He has made numerous trips to the San Francisco assessor-recorder's office, spent hours on the phone with the loan servicer, and accumulated a 2-foot-high stack of correspondence. Loan Forgiveness Good for the Economy, and Maybe Fannie and Freddie Too New analyses by mortgage giants Freddie Mac and Fannie Mae have added an explosive new dimension to one of the most politically charged debates about the housing crisis: Whether to reduce the amount of money beleaguered homeowners owe on their mortgages.

Priorities are everything. Once priorities are set, coherent decisions follow. Looking at the money in the mortgage settlement reveals that the bankers priorities are embedded in its terms, not homeowners, taxpayers or any other broad slice of We, the People. Banker priorities, not public policy ones, will shape the consumer relief/homeowner help delivered by the deal. SunTrust estimates possible $120 million cost in mortgage, foreclosure settlement SunTrust Banks expects a possible settlement with the states over mortgage servicing and foreclosure issues could cost about $120 million, according to its annual report filed Friday with the Securities and Exchange Commission.

Bank of America Breaks With Fannie Mae The latest move represents a major escalation in a protracted legal battle over how many defaulted mortgages Bank of America will have to buy back from Fannie because the original loans had not conformed to proper underwriting standards, market experts said.

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This Edition Of The ForeclosureGate Gazette Contains Active Links

WEEKEND DIGEST MARCH 26 MARCH 30, 2012

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS ForeclosureGate Is A Public Service Homeowner Coalition And Cooperative, Created To Exchange News And Information And To Advance Justice For American Homeowners

THURSDAY MARCH 29
Oregon Department of Justice Seeks to Stop Lenders From Wrongfully Foreclosing DOJ files an amicus brief in an Oregon foreclosure lawsuit pending before the 9th U.S. Oregon Attorney Circuit Court of Appeals General John Kroger today announced the filing of an amicus, or friend of the court, brief that seeks to protect struggling homeowners from wrongful foreclosures. Lenders using the MERS system have to follow Oregon law just like everyone else, said Attorney General Kroger. Foreclosure Fraud Whistleblower Harassed by Mortgage [Servicer] Ive written before about Lynn Szymoniak, the foreclosure victim and anti-fraud expert who lodged a one-woman crusade against the banks faulty assignments and documents. You may know her from her appearance on 60 Minutes, blowing the whistle on foreclosure fraud. As part of the foreclosure fraud settlement, Szymoniak won an $18 million judgment for her work in helping expose document fraud.

2012

Foreclosure Deal Credits Banks for Routine Efforts In February, JPMorgan Chase donated a home to an Iraq war veteran in Bucoda, Wash., and Bank of America waived the $140,000 debt that a Florida man still owed after the sale of his foreclosed home. Over the last year, Wells Fargo has demolished about a dozen houses in Cleveland.

Independent Foreclosure Reviews Under Way with 121K Requests Walsh assured his audience at the National Interagency Community Reinvestment Conference in Seattle that the consultants are not under the servicers supervision. They have had no previous role in reviewing the practices or issues they are being asked to review, and their actions are being overseen by the OCC, Walsh stated.

John Walsh: Foreclosure settlement, consent orders do not conflict John Walsh, acting Comptroller of the Currency, said the recent $25 billion mortgage servicing settlement reached between the big banks and state attorneys general does not conflict or double-up on requirements servicers have to follow in consent agreements banks signed with the OCC and other regulators last year.

Why Renters Rule U.S. Housing Market The collapse in housing and the 33 percent plunge in house prices since 2006 are favoring renting over homeownership. This trend will dominate the housing market for the next four or five years, and put additional pressure on a weak economy.

Supreme Court Blocks Montana Campaign Finance Ban The U.S. Supreme Court has blocked the Montana Supreme Court's decision in December upholding the state's century-old ban on corporate political spending. The ruling Friday evening sets up a possible full-blown U.S. Supreme Court rematch over the 2010 Citizens United decision that allowed unlimited corporate campaign spending.

More Foreclosure Hijackings

Mischief:

Bankruptcy

One of the common complaints from banks that the concerns raised by borrowers over robosigning are mere paperwork problems, that everyone who is foreclosed on deserved it, and no one was really hurt. That is patently false, as there have been an embarrassing number of instances where someone with no mortgage was foreclosed on.

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This Edition Of The ForeclosureGate Gazette Contains Active Links

WEEKEND DIGEST MARCH 26 MARCH 30, 2012

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS ForeclosureGate Is A Public Service Homeowner Coalition And Cooperative, Created To Exchange News And Information And To Advance Justice For American Homeowners

FRIDAY MARCH 30
Our Government Blessed Foreclosure Fraud The mortgage settlement signed by 49 states and every Federal law enforcer allows the rampant foreclosure fraud currently choking our courts to continue unabated. Yes, I realize the pretty servicing standards language of Exhibit A promises the banks will completely overhaul their standard operating procedures and totally clean up their acts. Postcard: Independent Foreclosure Review The Minnesota Homeownership Center and members of the Homeownership Advisors Network have participated in a mailing to thousands of Minnesota families that may have been involved in a foreclosure or tried to work on a loan modification in 2009 or 2010, to let them know that they may be eligible for financial compensation or another remedy.

2012

Foreclosure settlement a win? Not so much The $26 billion national home foreclosure fraud settlement was a win for homeowners and justice, right? Wrong, argues Scott Bailey, regional labor economist for the state Employment Security Department, in his latest "Southwest Washington Labor Market News" report.

Foreclosure Dismissal - Did Not See It Coming Generally you can see a foreclosure happening from a long way off. You have not made a payment in a while. You get phone calls and notices by mail from your lender. Then one day a man comes to your door to serve you with a foreclosure lawsuit. Usually that is not a big surprise to a homeowner. But a Foreclosure Defense can be a shock to a lender.

Eaton Vs. Fannie Mae: Massachusetts The justices are deciding whether to uphold a lower court ruling that gave a Boston home back to Henrietta Eaton after Sam Levine, a 25year-old Harvard Law School student, argued in front of the nations oldest appellate court that the loan servicer made mistakes when it foreclosed because it didnt hold the note proving she was obliged to pay the mortgage.

NY Fed Provides New Foreclosure Data Tool

Delinquency

and

The Federal Reserve Bank of New York has developed a series of interactive maps which allow viewers to see information on mortgage delinquencies and foreclosures on a county-bycounty basis in a three state region.

Doubts Settlement Will End Mortgage Ills Even as government officials prepare to unveil new standards this week for how banks treat millions of Americans facing foreclosure, housing advocates and homeowners are skeptical the rules will be able to do something past efforts have not: provide a beleaguered borrower with one individual to help them navigate the mortgage maze.

Bank of America stops selling mortgages to Fannie Mae Bank of America is faced with numerous reps and warrants challenges on the mortgage front, and as a result of growing uncertainty, it will no longer sell certain mortgage refinances into Fannie Mae mortgage-backed securities. "The issue is tied to ongoing disagreements between Bank of America and Fannie Mae in regards to repurchases," said Dan Frahm, spokesman for BofA.

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