Wells Fargo Mortgage Modification is a Scam


Big banks abusing 2012 settlement deal


Consumer Advocacy
Consumer Bureau Launches in Shark-Infested Waters
According to the Center for Responsive Politics, Wall Street and the financial services lobby spent an eye-popping $1,400,000,000 between 2008 and 2010 to kill financial reform.

Obama picks bank critic Cordray for consumer job
Cordray -- whom one bank lobbyist called "all the hard edge and ambition of Warren without the charm" -- is known as a vocal critic of the banking industry.

Consumer Protections to Arrive This Summer
Video interview with Elizabeth Warren

Warren: CFPB Could Have Stopped Foreclosure Fraud
Once it is fully operational, the new consumer agency will have supervisory authority over all large mortgage servicers. It will be able to examine them on a regular basis to make sure they follow the rules. If those servicers decide it is cheaper or faster to circumvent federal law, the consumer agency will have the tools to hold them accountable.

Consumer Advocate Has Met More Often With Industry
Warren's meetings included sessions with Jamie Dimon, head of JPMorgan Chase & Co., Vikram Pandit, the head of Citigroup Inc. and various other senior executives from such financial giants as Goldman Sachs, Morgan Stanley, American Express Co. and Wells Fargo & Co.

Arizona AG Terry Goddard Interview About B of A Mortgage Modification Fraud Lawsuit
"They have systematically deceived homeowners."

Liz Warren Tells Only Half the Story
It is a pernicious myth, perpetuated by those in charge at the time (many still here), that the federal government was powerless to stop the financial crisis and all the fraud and looting that attended it. There was plenty of authority, but the people in charge chose to look the other way.

Two AGs Send Letter to Federal Reserve Qeustioning TILA Provision That Will Harm Consumers

The Bank Lobby v. Elizabeth Warren
On May 13 the House Financial Services Committee passed three bills designed to weaken the CFPB, which goes live on July 21. The three chief sponsors of the CFPB bills—Duffy, Bachus and Shelley Moore Capito—received a total of $1.4 million from the finance, real estate and insurance sector during the 2010 election. Now they’re returning the favor.

House Republicans concerned about consumer bureau's role in foreclosure issues
“It appears that the CFPB has been deeply involved in the mortgage servicing settlement negotiations and that its role goes far beyond the mere offering of ‘advice.'”
The letter

What the Foreclosure Crisis Means for the Election
Campaign organizers and pollsters have found dozens of vacated homes in key battleground states that contributed strong turnouts in the 2008 election.

Foreclosure Fraud 101: How a Recent AG Lawsuit Shows What Went Wrong
From incentives for speed to forging signatures to falsifying documents, all that went wrong with mortgage servicing can be found in one story.

Foreclose on the Foreclosure Fraudsters, Part 1: Put Bank of America in Receivership
HUD reviewed the "paperwork" problem to see whether it threatened the banks -- not the homeowners who were the victims of foreclosure fraud.

Foreclose on the Foreclosure Fraudsters, Part 2: Spurious Arguments Against Holding the Fraudsters Accountable
The losses that the fraudulent nonprime lenders caused are vastly greater than the losses caused by fraudulent borrowers, so no rational prosecutor would use his scarce resources to prosecute individual nonprime borrowers.

Re-Foreclosure, Counterfeit Notaries, and Petrified Lawyers: Tales of Foreclosure Fraud
A state Supreme Court ruling in Massachusetts will soon determine whether banks with improper or inaccurate paperwork can foreclose on a borrower before clearing up the chain of title confusion.

Untangling the Foreclosure Mystery:OR HOW THE DOG ATE MY MORTGAGE ASSIGNMENT
Untangling the Foreclosure Mystery: HOW THE DOG ATE MY MORTGAGE ASSIGNMENT— PART 2
Untangling the Foreclosure Mystery: HOW THE DOG ATE MY MORTGAGE ASSIGNMENT— PART 3
Untangling the Foreclosure Mystery—Part 4:EXAMINING THE CASE OF ONE LOCAL “DEADBEAT”

For the Jobless, Little U.S. Help on Foreclosure
The administration’s housing effort does include programs to help unemployed homeowners, but they have been plagued by delays, dubious benefits and abysmal participation.

Your foreclosure stories
The Washington Post asks readers to share their experiences.

Time, Effort Can Rebuild Credit After Foreclosure
After a foreclosure, your priority has to be rebuilding your credit.

Foreclosures on People Who Never Missed a Payment
Mortgage service industry makes more money from foreclosures than restructuring debt

Foreclosure Fraud: 6 Things You Need To Know About The Crisis That Could Potentially Rip The U.S. Economy To Shreds

Liveblog: Senate Banking Committee Hearing on Foreclosure Fraud

Two Cords of Wood: An Intimate Look at Unnecessary Foreclosure
I had to tell my client that she should not buy the firewood, as I knew that KeyBank was planning an eviction within days.

U of I law professor says financial crisis is a wakeup call
We have a system in this country where people have to follow rules, big or small. And if a small consumer has to follow the rules, like if they don't pay their mortgage they get foreclosed on, then a big bank has to follow the rules when they take a person's house.

Primer: What Is a Wrongful Foreclosure?
Foreclosure defense attorneys, however, say that wrongful foreclosures not only happen, they’re widespread.

Administration faults firms in foreclosures
Assistant Treasury Secretary Michael Barr said Tuesday that a foreclosure task force composed of 11 federal agencies had found serious problems in the way home foreclosures were being handled.

More on Florida’s Kangaroo Foreclosure Courts
Christopher Meister, who ran for the sheriff of Lee County, Florida, provides specific examples of judicial misconduct.

Courts Helping Banks Screw Over Homeowners
They told me the state of Florida had created a special super-high-speed housing court with a specific mandate to rubber-stamp the legally dicey foreclosures by corporate mortgage pushers

Raskin Text Excerpts: Serious Mtg Processing Reform Needed
Many may view these procedural flaws as trivial, technical, or inconsequential, but I consider them to be part of a deeper, systemic problem and am gravely concerned.

Why Servicers Foreclose When They Should Modify… YAWN.
In fact, best that I can tell from listening to President Obama… his view is that some 20+ million Americans, inexplicably all became irresponsible at the same time, all bought homes they couldn’t afford, and now deserve to lose their homes to foreclosure… because losing 20 million homes to foreclosure will HELP our economy.

Vultures & Sharks – Lenders Who WANT To Foreclose On You
Shady companies that are out there buying these troubled mortgages, are running around practically unregulated by a government that says they are doing everything in their power to stabilize housing prices and help people keep their homes.

Mapping Voter Anger, Foreclosure Rates By District
Fascinating overlay maps correlating voters and foreclosures

Foreclosure Activity Increases 4 Percent in Third Quarter
RealtyTrac's U.S. Foreclosure Market Report for the third quarter of 2010, which shows that foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 930,437 properties in the third quarter.

The Foreclosure Capitals of the Third Quarter

Foreclosure data specialist RealtyTrac's tally of foreclosure activity for the third quarter by metropolitan statistical area

Getting Medieval On Your Assets: Four Reasons Foreclosure Fraud Really, Really Matters
Nobody's suggesting there weren't irresponsible buyers out there. But so far, the bankers have been able to convince the country that the "moral hazard" was everybody's but theirs -- even though they were running the entire system, and it's the entire system that's broken down.

Untangling The Complex Foreclosure Mess
NPR's Terry Gross interviews Gretchen Morgenson, assistant business and financial editor and a columnist at The New York Times. Info. about the fraudulent foreclosure practices.

Foreclosure Defense: A Strategy Based On Banks Losing The Paper Trail
Both homeowners and lawyers have something to gain from trying to find a flaw in the banks' record-keeping.

From a Maine House, A National Foreclosure Freeze
Thomas A. Cox, a retired lawyer who volunteers at Pine Tree Legal Assistance, realized almost immediately that Mrs. Bradbury's foreclosure file did not look right.

Mortgage Mayhem: One Homeowner's Cautionary Tale
A 60-year-old cashier from Astoria, Queens, has been trying to get a mortgage modification, spurred by news of a federal assistance program that the Obama administration unveiled in February 2009.

Foreclosure Is the New Black
It is practically inevitable that foreclosure will ultimately be the solution to most seriously delinquent loans, despite federal efforts to prevent that.

Lenders ignore foreclosures in some neighborhoods
As lenders struggle to get foreclosures off their books, experts say they pick and choose which homes they want. Homes with equity or homes more likely to sell will be picked up first by lenders trying to make up for losses.

Foreclosed Homeowners Re-Occupy Their Homes
On Dec. 6, there will be a national day of action, “Occupy Our Homes."

Foreclosure Auctions Show Raw Form of Capitalism
The courthouse auctions have a bloodlessness that belies their impact on people’s lives.

Experts: Beware a slow cascade of additional foreclosures in 2012
"We are continuing to see a highly dysfunctional foreclosure process that is inefficiently dealing with delinquent mortgages - particularly in states with a judicial foreclosure process."

Raging against the foreclosure machine
More than four years after reports of foreclosure "errors" began bubbling to the surface, homeowners are still fighting to fix servicer mistakes that threaten their homes.

Foreclosure abuse rampant across U.S., experts say
A report showing rampant foreclosure abuse in San Francisco reflects similar levels of lender fraud and faulty documentation across the United States.

How a $140 bill snowballed into foreclosure
A $140 debt snowballed to the loss of his home after the town sold the lien on his property to an investor.

Foreclosure crisis hits older Americans hard
More than 1.5 million older Americans already have lost their homes, with millions more at risk.

Mortgage mania: As foreclosure looms, many homeowners unsure what to do
Homeowners who've attempted on their own to navigate the Home Affordable Modification Program - part of the Obama administration's attempt to help those struggling - have often run into roadblocks.

'Zombie' homes stalk former owners in latest U.S. foreclosure horror
Thousands of homeowners are finding themselves legally liable for houses they didn’t know they still owned after banks decided it wasn’t worth their while to complete foreclosures on them. With impunity, banks have been walking away from foreclosures much the way some homeowners walked away from their mortgages when the housing market first crashed.

Will Foreclosure Abuses Ever End?

Foreclosure (Non-judicial)
In States Where Foreclosures Bypass Judges, New Evidence of Robo-Signers
Asked what documents he reviews prior to signing the default notice, Silva responded, “We don’t review any documents.”

Foreclosure Sales Rate 4 Times Faster in Non-Judicial States
In the 23 states were a judge has the final say, the foreclosure pipeline has stalled, compared to the 27 states with a non-judicial and quicker process.

Oregon Court of Appeals rules against banks, MERS in foreclosure case
The state's second-highest court ruled that a lender must ensure a complete ownership history of the mortgage is filed in county records before it can foreclose outside a courtroom.

Borrowers lost out to banks, suits say
Foreclosed borrowers allege banks advertised and conducted nonjudicial foreclosure auctions for quitclaim deeds but provided the winning bidders more valuable limited warranty deeds, a practice that discouraged bidders, lowered the amount of winning bids and left the borrowers with higher deficits.

Freddie Mac & Fannie Mae
Fannie and Freddie’s Regulator Opposes Reducing Mortgages for Struggling Homeowners

Rush to foreclose by Fannie, Freddie helped feed problems with legal paperwork
In at least one case Fannie executives also greenlighted working with a firm that they knew firsthand had engaged in legally questionable practices

Document Mess Hits Fannie, Freddie
Fannie and Freddie don't actually issue mortgages, but purchase them from banks and sell them to investors as mortgage-backed securities, providing guarantees to cover losses in the event of default. While they rely on banks and other firms to service those loans, they helped build the framework for managing those loans.

Home-mortgage modification work by Fannie, Freddie scrutinized
The panel questioned Treasury’s decision to use Fannie Mae and Freddie Mac to administer the Home Affordable Modification Program, with Fannie so far receiving $111 million for administrating that program and Freddie $79 million

Banks Want Pieces of Fannie-Freddie Pie
Wells Fargo and some other large banks would like private companies, perhaps even themselves, to become the new housing finance giants helping to bundle individual mortgages into securities — that would be stamped with a government guarantee.

Fannie Mae Silence on Taylor Bean Opened Way to $3 Billion Fraud
Fannie Mae officials never reported the fraud to law enforcement or anyone outside the company. Internal memos, court papers, and public testimony show it sought only to rid itself of liabilities and cut ties with a mortgage firm selling loans “that had no value.”

Foreclosures: Uncle Sam and His 248,000 Homes
The number of homes listed for sale by Fannie Mae, Freddie Mac, and the Federal Housing Administration on Aug. 29, 2011: 89,819

Freddie Protecting Banks, Not Taxpayers, And Never Mind Homeowners
What Fannie and Freddie care most about is the enduring affection of people running major banks -- the same banks that helped trash the economy and screw taxpayers.

Fannie, Freddie stand in way of debt reductions
It is extremely difficult for the principal reduction program to be successful" when Fannie and Freddie opt out

Dems want to know why Fannie/Freddie fined mortgage servicers for foreclosure delays (that cost taxpayers $), widespread problems with foreclosure mills

Fannie Mae Releases Servicer Ratings for First Half of 2011
Fannie Mae Announces Third Quarter Servicer Results

"The STAR program evaluates servicers' capabilities and results and holds them accountable for preventing foreclosures and protecting the interests of American taxpayers."

How Ed DeMarco finally cried fraud (series part 1)
Fannie and Freddie have focused their clawback actions almost exclusively on the hardest hit victims of the housing crisis: struggling homeowners whose outstanding mortgage balances are worth more than their houses, and we taxpayers, who get hit up for a new cash infusion just about every month

Everyone’s housing market profits were fictitious (series part 2)
“Fannie has said their average recovery rate on a foreclosure is 50%, so if the homeowner can cough up anything more, it only makes business sense to offer them a modification, but the idea is that this would somehow create unthinkable ‘moral hazard.’

Fannie Mae sheds loans, taxpayers pay the price  (series part 1)
Fannie Mae pressures banks to foreclose despite promises to keep families in homes.

Fire sales cripple metro homes values   (series part 2)
Fannie Mae, Freddie Mac sell foreclosed homes for pennies on the dollar, harming metro Detroit home values.

Homeowners: We got roadblocks, not help   (series part 3)
Homeowners share their frustrations about the HAMP federal foreclosure relief programs.

Freddie Mac Betting Against Struggling Homeowners
Freddie Mac's own financial health improves when homeowners can't refinance.

Freddie Mac Bets Against American Homeowners
In addition to being an instrument of government policy dedicated to making home loans more accessible, Freddie also has giant investment portfolios and could lose substantial amounts of money if too many borrowers refinance.

Fannie Mae, Freddie Mac clamping down on banks
Fannie Mae and Freddie Mac buy mortgages from banks and bundle the loans into bonds that get sold to investors. The loans are supposed to have met guidelines to be eligible for bundling.

Freddie Mac and Fannie Mae Pushed Housing Market Off a Cliff Because of Greed
Allegations paint a picture of executives hell-bent on loading up their companies with high-fee subprime and alt-A mortgage guarantees, while hiding from investors, regulators and even Congress the outsize risks involved.

Massachusetts AG: GSE's Must Comply with New Mortgage Modification Law
Massachusetts Attorney General Martha Coakley told Freddie Mac and Fannie Maethey must conform to a new state mortgage modification requirement to take "commercially reasonable steps" to avoid foreclosure upon certain mortgage loans.

FHFA inspector general: Freddie loan review process must improve
Freddie Mac didn't review more than 300,000 loans for possible repurchase claims because it only reviewed loans that had payment problems during the first two years after origination.

Fannie, Freddie and FHA Finally Increase Homeowners’ Ability to Modify Mortgages
Finally… … after five years of sheer torture… introducing a “No-Doc” loan mod.  The FHFA says modified interest rates will be FIXED… terms will extend to 40 years… and some borrowers won’t be required to pay interest on a percentage of their principal balance.

HAMP watchdog says compliance should not be an option
Compliance with program guidelines is not, and must not be, voluntary.

Special Inspector General/Troubled Asset Relief Program July 2011 Quarterly Report to Congress
One reason why HAMP still has not helped enough homeowners is that mortgage servicers are not following HAMP’s rules.

GAO Reports on HAMP
Roughly 76 percent of the 394 housing counselors surveyed characterized borrowers' overall experiences with HAMP--from the time they first inquired to the point at which they received a decision--as “negative” or “very negative.” By contrast, less than 9 percent of counselors described borrowers' overall experience with HAMP as “positive” or “very positive.”

Is HAMP Poised to Improve in Year 3?
HAMP’s "architect" Laurie Maggiano, the Director of Policy at the Homeowner Preservation Office inside the Department of the U.S. Treasury, says all that HAMP now needs is a chance to succeed.

Avoiding Foreclosure A Maze For Many Homeowners
In 2008, the Obama administration enacted the Home Affordable Modification Program to help assist some of the millions of Americans on the brink of losing their homes. But the law has helped fewer troubled homeowners than envisioned.

Loan Mod Program Left Homeowners’ Fate in Hands of Dysfunctional Industry
The Obama administration bet the success of its foreclosure prevention program on the ability and willingness an obviously troubled industry to help homeowners -- and lost.

Loans & Lies, but no Real Modifications
The bottom line is the same senior banking executives that made the bad decisions that got our country into this housing crisis, have decided that they don’t want to do loan mods.  They’d rather pursue foreclosures and use TARP bailout funds to cover any losses. 

Loan Modifications, More About the Failed Program
The point is the rules are not clear at all so homeowners waste time and money applying for a loan mod when they have absolutely no chance of it getting approved.

HAMP Data Analysis Reveals Servicer Failure
Three times as many applications were turned down for a trial mod because of paperwork issues than because of a failure of the net present value test.

Was HAMP a Failure Because it Was Designed to Benefit Banks, Not Homeowners?
Part of the Dylan Ratigan/Huffington Post series "No Way to Live"

HAMP Doesn't Work
Because it wasn't designed to work ...

HAMP’s secret formula in a black box = black hole for homeowners
Housing attorneys report that some lenders are ignoring the program’s guidelines altogether and moving to foreclose without properly reviewing mortgages for possible modification.

Loan Mod Program Left Homeowners Fate in Hands of Dysfunctional Industry
the Obama administration bet the success of its foreclosure prevention program on the ability and willingness of the troubled loan-servicing industry to help homeowners -- and lost.

Homeowners Express Frustration with Government Loan Modifications
PBS Newshour report

Here's What It Takes To Get A Bank To Modify Your Mortgage And Cut Your Principal
After a long, long relentless back and forth with Chase's “Burger King kids (and adults)” who couldn't answer any questions about how a mortgage or mortgage mod worked unless they conformed perfectly to their script ... Chase agreed to a $250k principal balance reduction

Loan Modification Process Hard For Many
As Congress urged banks to modify more home loans Tuesday, hundreds of thousands of homeowners are caught in the foreclosure crunch. To them it's more than just numbers.

BofA Blames Investors for Lack of Loan Modifications, But Evidence Points Elsewhere
Bank of America and others say that the contracts they sign with investors frequently limit their ability to make modifications. But a recent study looked at the contracts covering subprime deals from 2006 — at the height of the boom — and found that only 8 percent actually prohibited modifications.

Housing Action Illinois Says Mortgage Loan Servicers Need To Be Held Accountable
Data in New Report Demonstrates that Homeowners Wait Far Too Long for Loan Modifications

Geithner Meets with Homeowners Burned By HAMP
This meeting is the continuation of a national effort by groups to end the "extend-and-pretend" scheme of HAMP and replace it with a totally new approach.

Arizona Attorney General Seeks Changes to Home-Loan Modification Process
The agreement requires a “single point of contact,” so that the consumer deals only with one person at the bank. It also requires the bank to decide within 30 days whether to offer a loan modification

Homeowners Get The Boot For Bad Paperwork While Banks Get Millions For Same
I am concerned by what appears to be a discrepancy between the treatment of paperwork defects on the part of homeowners seeking help from HAMP, and the treatment of servicers who are obtaining HAMP funds on the basis that they have a valid lien on the homeowner's property.

Most of Treasury’s Successful Mortgage Modifications Weren’t Actually Successful
"We Were Just Kidding," Treasury Sez. "Wait, You Believed It?"

Blogs about the U.S. Treasury Department's inflated numbers that make HAMP sound successful at helping homeowners. Turns out, that's not quite true ...

The Fix Is Over: Mortgage Foreclosure Scandal Offers New Hope for Homeowners
A large part of the problem is that banks have dragged their feet getting borrowers into the program, which bogged borrowers down in repeated rounds of paperwork that were subsequently lost.

Homeowner Wants To Walk, Despite New Loan Terms
The loan modification includes a $107,000 balloon payment before he can pay off the mortgage. So financially, Salter says he feels like a hostage.

The Foreclosure Rescue Mirage
How the government’s flagship homeowner relief program hangs borrowers out to dry.

EXTEND AND PRETEND: The Obama Administration's Failed Foreclosure Program
President Barack Obama's signature plan to combat the housing crisis has fallen short of its goals -- rather than significantly and permanently reducing home foreclosures, it is only delaying them.

Mortgage modification hassles common
Homeowners see the same mortgage modification problems over and over

Obama's Foreclosure Prevention Efforts Criticized
State prosecutors think they've got solid cases against the banks over tarnished foreclosure documents. But they also say they'd like to use that leverage to force lenders to do a better job at qualifying people for HAMP and other effective loan modification programs.

Finally Some Hope of HAMP Oversight
It's well known that the servicers and banks have not been forthcoming in their reasons for denying loan modifications and in some cases have given outlandish reasons to home owners

Confusion, frustration mark mortgage modification program
Finally, the media and other organizations are starting to notice that the lenders are totally screwing people who could be (and should be) helped by HAMP. Keep telling your stories!

A Shot Across the Bow!
A game changing precedent was set in a small claims court in Indio California that may bring the Banks to their knees.  A small lawsuit with a unique plan of action has gotten the attention of one of the Country’s largest Banks.

Loan Modification Profile: Fed Up, Giving Up, and Moving On
Farmer’s frustration at the delays and the runaround are common among people trying to get help through the government program. More than three-quarters of the homeowners who responded to our questionnaire said they did not trust their servicers to make a good-faith effort to evaluate them for a modification.

Bank Of America Finally Admits Its Mortgage Modification Program Is A Mess
BofA had been dismissing its shortcomings by blaming its customers for failing to make it through the program.

JPMorgan Proposes More 'Extend and Pretend' for Mortgage Modifications
Banks will push the Obama administration to expand its mortgage-modification program to allow interest-only periods on reworked loans

Loan Mods Beaten Up By Loan Rockers
Despite conventional wisdom that HAMP would curb redefault rates by increasing the number of principal-reduction modifications, HAMP actually reduced the number of successful permanent modifications. These peaked in the first quarter of 2009, before the stimulus went into effect.


Portrait of HAMP Failure
10-part series

Treasury Announces New HAMP Changes With Greater Eligibility, More Principal Reduction Incentives
Treasury made some significant changes to HAMP which will extend the program by one year, encourage principal reductions for GSE and non-GSE loans, and expand eligibility.

Lenders Taking Longer to Begin and End Foreclosures: Survey
From January to June of this year, respondents who received a foreclosure start notice were 11 months behind on their payment.

Foreclosure Stories: Why HAMP is a total failure
All the well-meaning government programs designed to provide homeowners with mortgage relief are not worth the paper they’re written on -- so long as it is left to the banks to effectuate them.

HAMP: A case study in liberal failure
Unfortunately, Obama and his cohorts at Treasury never really considered how long it would take to develop new guidelines ensuring that only those who "played by the rules and acted responsibly" got loan modifications ... Instead, Treasury just let banks implement the program using the same practices that caused the crisis in the first place.

Obama Housing Program Hits Milestone: 1 Million Failed Mortgage Modifications
The administration says the most common cause of canceled trial modifications is insufficient documentation, although homeowners' tales of banks losing their paperwork have been legion.

Too-Big-To-Fail Mortgage Racket
In truth, the mortgage modification process under the guise of the Home Affordability Modification Program (HAMP) was in fact more often a charade, albeit a painful one at that.

HOA Foreclosures
Homeowner association foreclosures skyrocketing
Struggling homeowners are now facing foreclosure and it has nothing to do with paying a mortgage. The News 4 WOAI Trouble Shooter uncovered more and more families are actually losing their homes because they cannot afford to pay the homeowners association fees.

Homeowners Associations: The New Foreclosure
"People don't understand that by failing to pay the association dues they can lose their home and be put in the street."

Can my homeowners association really foreclose on my home?
In many cases, there are attorneys on the HOA board or working for property management companies who make a lot of money providing foreclosure services.

Homeowners Association Foreclosures: Necessary or Extortion?

Hardest Hit Fund

Hardest Hit Fund Tapped Most By Oregon For States' Shares
The average state has drawn down just 14 percent of the money made available to it

Hardest Hit Fund Least Effective In Sea Of Disappointing Housing Programs
As of June 30, 2012, state housing agencies had drawn down just $1.1 billion of the $7.6 billion allocated for the program since 2010 to assist just 43,580 homeowners -- mostly with unemployment aid, not home loan modifications.

Factors Affecting Implementation of the Hardest Hit Fund Program
by the Special Inspector General of TARP, April 12, 2012.

Lying About Foreclosure - Bank Lawyers Do it All The Time
Survey found that only one in 12 cases had the documents to prove the company foreclosing on the property was also the company holding the mortgage note.

Troubled homeowners, beware of 'mass joinder' lawsuit invitations
In a class-action suit, a large number of people with similar legal claims join together as a group — the "class" — to sue someone or something, typically a company or organization. Everyone in the class shares in the judgment, if any, after the attorneys take their cut.In a mass joinder, plaintiffs who sue the same entity share their legal fees, which could be tens of thousands of dollars if they pursued their grievances on their own. But their actions remain separate, and judgments can differ from one individually named party to another, depending on the circumstances.

The Lender Lawyers’ Nightmare – Schack Attack!
Because plaintiff, HSBC, lacked standing in the foreclosure action, he dismissed its foreclosure complaint with prejudice – it could not re-file the foreclosure.

National mortgage fraud scandal spreads to the judiciary
Billions of dollars have been received by corporations in the foreclosure industry since the Great Recession began.  Are these vast sums of money finding their way to elected state judges and politicians?

Foreclosed Homeowners Go to Court on Their Own
Lawyers are scarce and free legal assistance is overwhelmed in New Mexico, so a community center here is offering an hourlong class in how to download the correct forms, decipher the lingo and mount a defense, however tentative and primitive, against a multibillion-dollar bank.

Indiana Court Case: Servicer Contractually Bound to Federal Servicing Guidelines
The court ruled these are binding conditions that the servicer must comply with before instigating a foreclosure.

Novice Florida lawyers draw suspicion in foreclosure mess
The Florida Bar is investigating 42 attorneys in cases where foreclosure fraud was alleged, and 17 lawyers stemming from complaints of problems with foreclosure defense.

New claims in foreclosure fights
"If the government doesn't step in, this [type of litigation] is going to make personal injury, or maybe even asbestos litigation, seem like a drop in a bucket."

Harwood Feffer LLP Files Class Action Against Wells Fargo’s Loan Servicing Unit, America’s Servicing Company (“ASC”)

Blame Dishonest Banks, Not Ethical Lawyers Exposing Foreclosure Frauds
You excuse loan servicers and their lawyers for presenting of false affidavits in thousands of cases. I cannot believe that you would ever have tolerated the presentation of false or perjured testimony in your courtroom, and I cannot understand why you are willing to excuse it now.

Justice to look into foreclosure practices after call by Pelosi, other House Dems
Attorney General Eric Holder announced a task force housed in the Justice Department will look into the foreclosure practices of a number of financial institutions for possible violations. 

A Foreclosure Laywer Goes to Washington
Foreclosure lawyers may be better off working in the states than getting DC involved.

California Man Gets to Keep His House, for Now
Because the bank told him to stop making his payments and to default on his loan, Gonzalez found that Khast was irreparably harmed and entitled to an order temporarily halting foreclosure proceedings.

Journalist Matt Taibbi Describes ‘Rocket Docket’ Court Rubber Stamping Questionable Foreclosures
Interview on NPR's "Here and Now"

Foreclosure defense attorneys working with judges to save homes
Banks were hoping for leniency from the state judges they face, but signs point to judges who are not willing to give big banks a break. 

Big banks escaping big foreclosure class action lawsuits
Lenders snarled in the legal thicket over shoddy U.S. foreclosure procedures have so far avoided national class action lawsuits from homeowners, largely because borrowers cannot demonstrate economic harm, according to plaintiff lawyers.

Some judges chastise banks over foreclosure paperwork
In millions of cases across the United States, local judges have wide latitude to impose sanctions on banks, free homeowners from their mortgage debts or allow the companies to proceed with flawed foreclosures.

The jury is in AND we need judges to modify the way banks behave.
... lenders and mortgage servicers in this country are working solely in their own best interests, and it should be just as clear that those interests are not aligned with the interests of anyone else; not the investors they’re supposed to protect, not the borrowers whose lives have been torn apart but will someday recover, and certainly not our nation as a whole.

Bank of America Wants Robo-Sign Suit Tossed
Lender says plaintiffs might have lost their homes anyway

Current State of Corrupt Title Foreclosure Defense
Basically, your lender very probably has no right to foreclose on you if you bought your house since 2004. When your mortgage servicer sold your mortgage loan 30 days after you closed, they very probably did not transfer the title along with it. No title or deed, the mortgage investor they represent (which includes the mortgage servicer as assignee) does not have the legal right to foreclose on you or collect any payments.

Banks May Fight Banks Over Mortgage Suits
The ruling by U.S. District Judge Harold Baer Jr. in Manhattan, favoring defendants Royal Bank of Scotland Group Plc (RBS) and Ally Financial Inc., held that investors may not sue as a class in part because some of them are being sued over the same claims.

Multi-Party Suit Filed By Homeowners Against Wells Fargo et al.
One cause of action claims that Plaintiffs did not receive the benefit of the contract for which they bargained. Plaintiffs, believing they would be placed into a mortgage with a traditional Lender/Borrower relationship, later found that they did not have a "lender" with whom they could deal, but instead a servicer.

Mortgage Debacle Costs Banks $66 Billion as Suits Sap Profit
“You’re not talking about improperly stapling together two documents, you’re talking about systematic fraud in the system.”

Foreclosed homeowners fighting back with lawsuits
So many homeowners in foreclosure are fighting back that a mortgage litigation index skyrocketed during the second quarter.

United States: Criminal Actions Against Failed Bank Executives
Despite the rhetoric, increased resources, and ever-increasing list of failed banks, there have been only a handful of prosecutions of failed bank executives.

Home Sale After Bad Foreclosure Isn’t Valid, Court Rules
The Supreme Judicial Court, which in January found that banks can’t foreclose on a house if they don’t own the mortgage, went one step further in a closely watched case and said a sale after that foreclosure doesn’t transfer the property.

Arizona homeowners sue Bank of America
Even on the day her home was auctioned off, the single mother of two was on the phone with Bank of America, who told her their records show she was not in foreclosure. "It's like they're crooks, and they're allowed to get away with it."

Massachusetts Supreme Court Rules Foreclosure Buyer Got Nothing
The outcome could be disastrous for Bevilacqua, since he split the property into three condominiums and sold two before finding out there was a potential cloud on the title.

Bias v. Wells Fargo, JPMorgan Chase, et al | Homebuyers Sue in RICO Class Action
The Wells Fargo defendants and Chase defendants each formed enterprises with their respective subsidiaries and affiliates and then, developed a uniform practice of unlawfully marking up default-related service charges assessed against borrowers’ accounts so that defendants can earn undisclosed profits in connection with these services.

What a Strong Servicer Settlement Looks Like

Mortgagors Can Overcome Standing Issues Regarding Assignments of Mortgage

One Homeowner's Uphill Battle with Wells Fargo and Goldman Sachs Shows How Badly The Courts are Stacked Against Ordinary People
There's simply no way that dividing the fees equally in a civil suit between a low-income plaintiff and multibillionaire corporate defendants is equitable.

Wells Fargo d/b/a America’s Servicing Company Class Action Lawsuit Complaint Filed Over Mortgage Loan Modifications

WHOA Wells Fargo – Hawaii Halts Those Horses!
Honolulu’s DUBIN LAW FIRM has successfully halted 2 more Wells Fargo eviction actions in Hawaii.

Mortgage Lenders Network and Wells Fargo Battled over Servicer Advances
In the Case of Mortgage Lenders versus Wells Fargo (395 B.K. 871 (2008)), it is apparent that servicer advances are a central issue. For one thing, it demonstrates the incentive of servicers to foreclose even though the foreclosure will result in a greater loss to the investor then if a workout or modification had been used to save the loan.

Borrowers can sue Wells Fargo over mortgage modifications
The 9th U.S. Circuit Court of Appeals said Wells Fargo was required under the federal Home Affordable Modification Program to offer loan modifications to borrowers who demonstrated their eligibility during a trial period.

Goodnight Banks: Arizona

Arizona HB 2124

Arizona SB 1259
Committee Testimony Video

Arizona bills aim to help homeowners facing foreclosure
House Democrats touted that legislation Monday as part of a package foreclosure-related bills they dubbed Homeowner Relief for a Strong Future.

Bankers Apoplectic Over Arizona’s Republican Dominated Senate Passing Chain of Title Bill, 28-2
Arizona’s foreclosure defense plaintiff’s attorneys have been spotted across the state dancing in the streets with some of the state’s distressed homeowners.

Lawmakers push for year-long forbearance on GSE mortgages
On July 7, the Federal Housing Administration and the Treasury Department required mortgage servicers to provide a 12-month forbearance to unemployed borrowers of government-insured loans. The minimum forbearance period was also extended to a full year on mortgages moving through the Home Affordable Modification Program. Fannie and Freddie mortgages are not included in the Treasury requirements.

Testifying in Britain, Volcker Questions Bank Innovation
He said that if left to their own devices, banks would find ways to intertwine their trades for their own accounts with the retail businesses in potentially dangerous ways.

Loan Modification (not HAMP specific)
By the Numbers: A Revealing Look at the Mortgage Mod Meltdown
Although Treasury Department officials and mortgage servicers claim the industry has gotten better at handling modifications, the average rate of modifications in the past two years is not significantly different than the rate before HAMP launched.

Beware of the Danger in Loan Modifications
According to the latest data from the Federal Reserve "approximately 3 percent of the seriously delinquent borrowers received a concessionary modification in the year following their first serious delinquency, while fewer than 8 percent received any type of modification," at all!

Does Applying For A Mortgage Loan Modification Hurt My Credit?
In November of 2009 the CDIA (Consumer Date Industry Association), the trade association of the credit reporting agencies, introduced a new way to report loan mods which was neutral in the FICO system.

Banks Boost Home-Loan Relief
Banks say they are doing more of their own modifications—and fewer HAMP mods—because eligibility requirements for HAMP are more stringent.

Fannie, Freddie Pressed on Mortgages
An agreement with the two government-owned mortgage giants to write down so-called underwater loans could reduce the threat to the U.S. housing market from the glut of homeowners believed at risk of default

Despite Praise From Banks, Treasury, In-House Loan Mods Provide Less Help to Homeowners
Proprietary modifications typically reduce monthly payments by half as much as those made in the government program -- $300 as opposed to $600, on average -- making homeowners twice as likely to fall behind within six months of a modification.

Obama admin frustrated on mortgage modifications
Mortgage finance giants Fannie Mae and Freddie Mac are not interested in principal write-downs.

Mortgage modification mess makes little sense
Homeowners ride a roulette wheel where their fate seems to depend on chance — which bank or investor holds the mortgage, which servicer handles the payments and the competence of the agent who answers the phone.

Loan modification process goes bad
Same old story: homeowner makes three trial payments on time and is still turned down for permanent loan mod.

Getting a mortgage workout shouldn't be this exhausting
Given a chance, they're eager to make good. They want to keep their home. But getting their bank to work with them — that's another story.

The Real Reason Banks Won’t Modify Your Loan and It Involves Grandma’s Pension
Mortgage servicers are ripping off not only homeowners but the pension funds and hedge funds who have invested into Mortgage Backed Securities.

BofA Give-Away Has Few Takers Among Homeowners
Homeowners mistrust Bank of America so much, they won't even respond to its mortgage modification offers.

Foreclosure Settlement Fails To Force Mortgage Companies To Improve
"We're not seeing any changes in servicer behavior," says the director of the foreclosure prevention project at South Brooklyn Legal Services. "We're still seeing huge delays, improper denials of modification, very few principal reductions. None of their practices are really changing."

Loan Modifications, Proactively
Mortgage servicers of loans owned or guaranteed by Fannie Mae or Freddie Mac must now offer borrowers who are 3 to 24 months delinquent a plan to help avoid foreclosure.

Saving Homes With Mandatory Mediation
Goading lenders into modifying mortgages by throwing dollars at them isn't the only way to prevent foreclosures. One option that has received scant national attention is mandatory mediation, which is a requirement that a mortgage servicer meet with the borrower--in the presence of a mediator or other neutral third party--to try to find an alternate arrangement before putting the borrower's home into foreclosure.

Abuses alleged in retooled loans
“It is all too common for banks to enter a loan mod and then try to foreclose on people and try to harangue them for money.’’

Life on MERS: Archive is at center of mortgage mess
Mortgage Electronic Registration Systems, or MERS, has only about 50 full time employees. Yet it claims to own about half of all mortgages in the United States, roughly 60 million loans, and is involved in about 60 percent of new mortgages issued.

RPT-Behind foreclosure corner-cutting, troves of missing documents
There are signs, however, that servicers resort to doubtful documents because they have no choice if they are determined to foreclose: To a great extent, originals simply don't exist.

Victims of illegal foreclosures seeking compensation
The Michigan Court of Appeals ruled that MERS, under state law, lacked the standing to actually foreclose on a property through the standard procedure in Michigan.

Coakley steps up probe into foreclosure fraud
Coakley also said she would not agree to releasing MERS from any liability in talks between government regulators and large banks to settle allegations of sloppy and fraudulent mortgage-related practices.

Behind foreclosure corner-cutting, troves of missing documents
banks and intermediaries in many cases never turned over the two essential documents underpinning a home loan -- promissory notes and mortgages -- that would convey ownership to the investor trusts.

AG Announces Major Lawsuit Against Largest US Banks For Deceptive & Fraudulent Use Of Electronic Mortgage Registry
The lawsuit asserts that employees and agents of Bank of America, J.P. Morgan Chase, and Wells Fargo, acting as 'MERS certifying officers', have repeatedly submitted court documents containing false and misleading information.

A Critical Loss For MERS…Foreclosures in a Panic?
The Washington State Supreme Court ruled that MERS, the Mortgage Electronic Registry Service,  is not and cannot be a beneficiary.

Mortgage Fraud
Countrywide protected fraudsters by silencing whistleblowers, say former employeesInvestigators were able to uncover what they believed was evidence that branch employees had used scissors, tape and Wite-Out to create fake bank statements, inflated property appraisals and other phony paperwork.

The Great Mortgage Cover-Up
the inside story of the rampant mortgage fraud that led to the financial meltdown of 2008 and the near-collapse of the U.S. economy.

Move Your Money
Big Banks Are Still Sassy, but Their Branch Offices Are Running Scared
This is where the opportunity comes in to exercise good citizenship: as the big banks shrink in assets by their own choices, average Americans can help them shrink to a size where they're no longer Too-Big-To-Fail. Because somewhere ahead there is a tipping point, where they become Small Enough To Fail -- and that is where they lose much of their tremendous political clout in Washington, DC.

American Distrust Of Banks Reaches Highest-Recorded Level: Gallup
36 percent of Americans now say they have "very little" or "no" confidence in U.S. banks, the highest percentage on record since Gallup first started tracking that data.

The de-banking of America
4 million customers left the biggest 30 banks last year because of fees; an additional 11 million are expected to bolt this year.

Too Big To Fail?: 10 Banks Own 77 Percent Of All U.S. Banking Assets
In the absence of fundamental changes, the consolidation of the banking industry is going to continue. Meanwhile, the “too big to fail” banks are flush with cash and they are getting serious about expanding. The Federal Reserve has been extremely good to the big boys and they are eager to grow.

San Jose: Millions Withdrawn from Bank of America and Wells Fargo

Main Street Divests from Wall Street Banks Credit unions hit highest volume of loan originations in five years

Credit unions hit highest volume of loan originations in five years
The momentum of Bank Transfer Day last November, when consumers were encouraged to move their money out of big banks to avoid fees, has continued.

Bottom Lines: Robo-signing foreclosures put scrutiny on notaries
Notarization involves three basic tenets: the signer physically appears before the notary, the signer is aware of the document he or she is about to execute, and the signer is not coerced or exploited in any way.

Notarize This: The Brewing Foreclosure Storm
The seal, date and signature of a notary public are there to bolster the reliability and integrity of a document.

Re-Foreclosure, Counterfeit Notaries, and Petrified Lawyers: Tales of Foreclosure Fraud
Prommis Solutions created a flat-out counterfeit notary seal of the former Superior Court Clerk in Fulton County, Georgia, to sign off on foreclosure paperwork.

Foreclosure Document Fraud Drives Notaries to Take the Fifth
Among the many legal problems now being discovered with the foreclosure documents that banks have been using are false notarizations.

Even More Embarrassment for Banks: Foreclosure Fraud
A sworn affidavit by the Notary Bonding Company’s representative confirmed that this Notary’s stamp was not issued until April 2008, five months after the purported date of assignment on the mortgage.

Grandma in California Does Some Sleuthing and Uncovers Major Robo-notary Violations
Not only was the document tampered with after notarization BUT it was invalid as this particular notary did NOT do any further journal entries beyond March 6, 2007!

Understanding the Robo Signing Scandal and How it Impacts Your Mortgage
Bryan Bly, a “robo- signer” at Nationwide Title Clearing Inc., signed his name on an average to 5,000 mortgage documents a day for companies such as Citigroup Inc. and JP Morgan Chase & Co. Of course, Mr. Bly wasn’t sitting at his desk signing his name. Nationwide Title employs a computer system that automatically inserts a copy of Bly’s signature on thousands of digital files that he never saw. The system also affixed an electronic notary seal.

Obama Rejects Notary Bill Amid Foreclosure 'Caution'
Notaries public administer oaths and serve as an impartial witness when documents are signed. They are governed by state law, and lawfully notarized documents in one state are not always recognized by others. Questions about the validity of notaries also have been raised in foreclosures.

Interstate Notary Fraud Uncovered At Detroit Foreclosure Mill

The Bankers’ Subversion of the Rule of Law, Notary and Land Records edition
One way to see the double standard at the heart of the foreclosure fraud—one set of laws for the bailed out banks, one for the rest of us—is to focus on the role of notaries public, the people who verify that someone actually is who they say they are when that person signs a document.

3 big banks lose mortgage modification incentives
Alys Cohen, a staff attorney with the National Consumer Law Center, said the actions were "too little too late. It is not even clear that the incentives payments are something that these banks want enough to change their behavior," she said. "It certainly hasn't caused the servicers to comply with the rules to begin with."

Sheila Bair’s Bank Shot
She favored “market discipline” — meaning shareholders and debt holders would take losses ahead of depositors and taxpayers — over bailouts, which she abhorred.

FDIC Chairwoman: Mortgage Industry ‘Didn’t Think Borrowers Were Worth Helping’
Sheila Bair says the mortgage’s industry’s reluctance to provide mortgage modifications stems in part from the industry’s “disdain for borrowers.”

Treasury’s plan to fix the mortgage mess
An “11-agency, 8-week review of servicer practices, with hundreds of investigators crawling all over the banks.”

Fed Wants to Strip a Key Protection for Homeowners
Since 1968, the Truth in Lending Act has given homeowners the right to cancel, or rescind illegal loans for up to three years after the transaction was completed if the buyer wasn't provided with proper disclosures at the time of closing.

Banks Get New Leeway in Valuing Their Assets
The change seems likely to allow banks to report higher profits by assuming that the securities are worth more than anyone is now willing to pay for them.

Did Capital One Target Deployed Soldiers for Foreclosure?
The Department of Justice accused the bank of violating the rules of the Servicemembers Civil Relief Act that forbid foreclosing on a servicemember's home for missing a mortgage payment.

HAMP watchdog says compliance should not be an option
If Treasury does not take action to change the status quo of its compliance program, servicers will not take action to change their status quo.

Attorney General to US: Nothing to See On Wall Street, Folks, Just Move Along
The Justice Department hasn't even tried any cases against major financial executives, despite seemingly overwhelming evidence

The Little We Know About Foreclosure Reviews Is Troubling
The conflicts of interest here are egregious – in spite of claims by the OCC and Fed that they rejected some auditor-servicer engagements because of conflicts.

OCC Rules Against Bank in Preemption Issue
Between 1987 and 2009, the OCC brought just four formal enforcement actions under the Equal Credit Opportunity Act, and between 1997 to 2007 it took only nine enforcement actions banks under the Truth in Lending Act. And most shockingly of all, between 2000 and 2008, at a time when subprime mortgages and other mortgage abuses were proliferating, the OCC took just two public enforcement actions against banks for unfair and deceptive mortgage practices.

Sheila Bair Called It - Foreclosure Lookback Reviews Are A "Ruse"
The OCC/Fed “lookback” reviews mandated by April 2011 consent orders are a “ruse and a waste of time and money.”

You can’t regulate with nostalgia
The genius of Canada, and other countries with safe banking systems like India, is that they never allowed their banks to become highly complex in the first place.

Bank of America Foreclosure Reviews: Whistleblowers Reveal Extensive Borrower Harm and Orchestrated Coverup (Part I – Executive Summary)
Leaks during the course of the reviews confirmed these concerns, revealing deep-seated conflicts, limited competence among the review firms, half-hearted efforts to reach eligible homeowners, and aggressive efforts by the banks to suppress any findings of harm.

Had Foreclosure Reviews Continued, Bank Of America Would Have Owed At Least $10 Billion

Lawmaker Seeks Details on Foreclosure Reviews
The contractors reportedly received more than $1 billion in fees, which ultimately led to a $3.3 billion cash settlement for borrowers.

Independent Foreclosure Review: R.I.P.
The Justice Department really should be ashamed of themselves. There was fraud at a systemic level but the banking industry is still Too Big To Jail, at least for now.

In major policy shift, scores of FDIC settlements go unannounced
"No press release" clauses in settlements require the FDIC never to mention the deals "except in response to a specific inquiry."

Billions Meant for Struggling Homeowners May Pay Down Deficit Instead
An estimated $30 billion from the bailout that was slated to help homeowners but is likely to remain unspent. Instead, Congress has mandated that the leftover money be used to pay down the debt.

Congresswoman Calls On Obama To Fight Bankers

Dems: Obama Broke Pledge to Force Banks to Help Homeowners
To force those servicers to modify mortgages, advocates pushed for a change to bankruptcy law giving judges the power not just to change interest rates but to reduce the overall amount owed on the loan, something servicers are loath to do.

As Warren testifies, Issa begins losing his grip on the Oversight Committee
The Oversight Committee cancelled a hearing on the Financial Crisis Inquiry Commission with virtually no notice because new evidence was uncovered at the last minute that "didn't fit the narrative."

President Barack Obama's efforts to help foreclosure crisis have fallen short
Obama has broken his promise to help millions of people facing foreclosure. "Help" is a vague notion, and there's certainly no doubt that the president has tried several avenues to stem the tide of home loan defaults. But there's also no doubt that his efforts have fallen far short of expectations

Wells Fargo boosts lobbying presence
Since the real estate meltdown, statehouses have been a hotbed for banking bills

Two state AGs subpoena LPS, National Title in robo-signing probe
The investigation into robo-signing at mortgage servicing firms grew more intense with attorneys general in California and Illinois issuing subpoenas

Robo-signed mortgage docs date back to late 1990s
As county officials review years' worth of mortgage paperwork, in some cases combing through one page at a time, they are finding suspect signatures — either signed with the same name by dozens of different people, improperly notarized or signed without a review of the facts in the paperwork — on all sorts of mortgage documents, dating back as far back as 1998

Banks still fabricating documents in foreclosure fraud
American Banker: Some of the largest mortgage servicers are still fabricating documents that should have been signed years ago and submitting them as evidence to foreclose on homeowners.

Goldman Sachs, Firms Agree With Regulator To End 'Robo-Signing' Foreclosure Practices
Goldman, Litton and Ocwen agreed to stop the practice, make new staffing and training requirements for employees handling foreclosures and withdraw pending foreclosure actions that are based on faulty paperwork.

CBS 60 Minutes Mortgage Fraud Exposed & MERS Fraud Stops Foreclosure
These are the ownership documents underpinning the American dream.

Robosigning 2.0: Mortgage Foreclosure File Reviewers
I have seldom seen a document that says more about the bullshit malarkey that the OCC and Fed are trying to pass off to cover for the banks

Grand jury in Las Vegas indicts 2 title officers in foreclosure document robo-signing case
The indictment says that between 2005 and 2008, Trafford and Sheppard directed employees to forge their names on foreclosure documents, then notarize the signatures they just forged.

Mortgage Settlement Windfall May Be Diverted in Some States
Homeowners who welcomed the recent "robosigning" settlement while thinking that it might offer them some relief on their "underwater" mortgages may see those funds diverted for other purposes in nearly half of the states involved.

Needy States Use Housing Aid Cash to Plug Budgets
States want to help close budget shortfalls using money earmarked for foreclosure prevention, investigations of financial fraud and blunting the ill effects of the housing crisis.

Short Sales
Survey: Realtors Dislike Working with Lenders During Short Sale Process
“Banks say they want to help work things out on short sales, but to be honest, I don’t think they really care.”

Short Sale Delays a Turn Off to First-Time Homebuyers
Real estate agents responding to the August survey indicated that homebuyers frustrated with short sale delays are resorting to placing offers on multiple properties.


Making Home Affordable Reports
Monthly and quarterly statistics on HAMP and servicer assessments

By the Numbers: A Revealing Look at the Mortgage Mod Meltdown
Although Treasury Department officials and mortgage servicers claim the industry has gotten better at handling modifications, the average rate of modifications in the past two years is not significantly different than the rate before HAMP launched. 12/2011

The Face of Foreclosure: An Analysis of the Nevada Foreclosure Crisis
by the Nevada Association of Realtors

Phoenix housing indicators headed in wrong direction
After a few months of record sales, small price increases and drops in foreclosures, many of those key market indicators reversed their course in August.

RealtyTrac: Arizona home foreclosures down sharply
Arizona foreclosure activity dropped 25 percent from the second quarte (2011) and almost 40 percent from the third quarter of last year (2010).

Census: American Dream of Home Ownership May Be Gone for Good

Guess What: Prosecutions For Financial Fraud Have Fallen To New Lows Under Obama
Results of a study by Syracuse University

2011 Year-End Foreclosure Report: Foreclosures on the Retreat
“Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year.”

Closing the door on housing 2011

Foreclosures Are Down? RealtyTrac VP, Daren Blomquist – The Definition of Obtuse
"The nation’s most trusted and most quoted source of foreclosure information" makes no sense.

Strategic Default
If you do decide to walk, after you've done all you could to work out your mortgage problems with the blood-sucking bank, don't feel too bad. Walk out with your head high. Here's a little musical sendoff for you ... walk like an Egyptian.

On the ethics of mortgage loan default
We hope the above articles, along with the following serves as a practical, financial, and above all ethical framework for understanding the risks involved in continuing to make mortgage payments on securitized loans and their derivatives in light of what is known today about the serious defects in chain of title, and the abuses that took place by many in the securitization process.

Learning To Walk: Fear, Shame And Your Underwater Mortgage
Walking away from a home, however, is more than the sum of a few business decisions. For many homeowners, it's either an act of civic defiance against a system they no longer buy into or the end result of being shuffled around by institutions that don't help them solve their financial problems.

Strategic Defaults Don’t Really Exist… Who would have thought that? Oh, that’s right… ME.
Strategic Default: Watch as Elites Freak Out About a Trend That Isn't Happening

'Strategic Defaulters' Skip Mortgage Payments as Home Values Tumble
The American Dream Deferred: What Befell our Strategic Defaulters?
From PBS NewsHour

More see walking on mortgage as a viable plan
Nearly half, 48 percent, of homeowners with a mortgage said they would consider walking away from their home if they owed more on it than it was worth

No Help in Sight, More Homeowners Walk Away
Suggestions that people would be wise to renege on their home loans are at least a couple of years old, but they are turning into a full-throated barrage.

Is Walking Away from Your Mortgage the Smartest Thing You Can Do?
Ethics didn't enter bank's decision to give you a mortgage, and ethics should not enter your decision to stop paying the mortgage

Strategic Mortgage Default: The Irresponsible, Amoral, But Best Strategy?
If you owe a ton more than what your home is worth, the only real holdups to walking away from your mortgage are your sense of obligation, your fear of getting a bad credit score, and your personal attachment to the home.

Home Underwater? Walk Away from Geithner's Perverse 'Homeowner Relief' Plan
As the program is currently structured, its chief benefits accrue directly to the nation's largest banks, leaving troubled borrowers to twist in the wind.

Straightening Out the LA Times, Fannie, Freddie, Strategic Defaults and Deficiency Judgments
The Director of Rampant Idiocy at the FHFA,Heath Wolfe, was certain that some unidentified cabal of mortgage scofflaws owed Fannie and Freddie more than $1 billion as a result of implementing their diabolical default strategery.

Treasury Dept.
Foreclosure Express: Why the Feds Let Banks Get Away With Murder
Let us pause briefly to marvel at the imbecility of this policy, at its Kafkaesque incoherence, its brutish indifference to people’s lives: The feds won’t punish banks for breaking the rules because, if they do, the banks might break the rules.

Govt’s Loan Mod Program Crippled by Lax Oversight and Deference to Banks
Despite issuing public warnings for more than a year about imposing penalties, the Treasury Department told ProPublica they don’t even have the power to punish servicers for wrongfully denying help to homeowners.

Treasury IG: OCC Ignored Foreclosure Fraud
The inspector general of the Treasury Department released a report that faulted the Office of the Comptroller of the Currency for failing to recognize or crack down on widespread foreclosure fraud practices.

Timothy Geithner's Treasury Department Ignored Warnings Of Mortgage Fraud
"Helping the banks, not home owners, did in fact seem to be Treasury's biggest concern. HAMP was not separate from the bank bailouts; it was an essential part of them."

Trial Modification
Bank of America, JPMorgan Chase object of mortgage lawsuits
The lawsuits say the banks agreed under HAMP to grant permanent mortgage modifications to borrowers who make all payments during trial modifications.

THE JURY IS IN: Obama’s Foreclosure Program Run by Morons… and Trial Modifications are the Biggest Loan Mod Scam Ever
It occurs to me that you could have created a program that fined banks $1,000 for doing modifications and come out about the same.

$49,825 didn't satisfy lender
Through the end of 2010, more than 700,000 mortgage holders who received temporary help were subsequently booted from the government's $50 billion Home Affordable Modification Program, or HAMP. The program has been widely criticized for abusive practices and for failing to help those who most need mortgage relief.

El Paso Homeowner Fights Bank of America
She applied for a loan modification, and while that process was underway, the bank put her on a trial payment plan. But Marquez said after that, she didn't hear back from the bank for over a year.

If This isn’t a Mortgage Settlement Violation (by Wells Fargo), Then What is?

The Rush to Foreclosure: Wells Fargo Loses the Argument on Trial Modifications
Danielle Kelley, Esq. (Tallahassee) has won cases based upon the argument that the bank had no choice but to modify the loan according to the terms of the trial modifications — and to make any other adjustments necessary to make the numbers come out right.

The American Dream
A bittersweet cartoon that gives the historical perspective of how U.S. banks have controlled this country and its citizens for years


How Wall Street Shafted Main Street
CNN's ParkerSpitzer show

Mortgage Servicers' Secret
The secret mortgage servicers don't want you to know is they can make MORE money off of homeowners when they keep your loan in default.

Ohio's Cordray Interview on Wells Fargo, Foreclosures
"They assured us they were different from the other financial firms. They did not have these robo-signing problems."

Warren Says Focus Should Be Stabilizing U.S. Families
Elizabeth Warren, the White House adviser in charge of setting up the Consumer Financial Protection Bureau, talks with Judy Woodruff about Wall Street profits and executive bonus payouts amid an unstable economy.

Bank adds insult to foreclosure injury
Foreclose first adn ask questions later ... and bread into people's houses and steal their property.

Rep. Marcy Kaptur Floor Testimony and Media:
Revolving Door between Goldman Sachs, Other Financial Institutions, and the Government
Kaptur: Is there anybody that isn't from Goldman Sachs?
Update on Goldman Sachs

We Need a Full Cost Accounting of How Much Wall Steet Cost this Economy and We're Far from Calculating It

This Is Unacceptable In America! Congresswoman Marcy Kaptur

Marcy Kaptur tells foreclosure victims, "Don't leave your homes!"
CNN reports on Rep. Marci Kaptur's comments to her constituents to stay put instead of moving out after foreclosure.

Michael Wasylik Talks to Bay 9 News about Fraudclosures

Wells Fargo
Following The Bailout Money To Wells Fargo
Wells Fargo became one of nine banks to receive bailout money and quickly close deals with other banks. The takeovers are so politically dicey that a Wells Fargo executive assured Congress his company did not use bailout funds to buy Wachovia.

3 Banks Warn of Big Penalties in Mortgage Inquiries
Wells Fargo said in its filing that it was “likely that one or more of the government agencies will initiate some type of enforcement action,” including possible “civil money penalties.”

17 News Investigation: Homeowner challenges bank
Wells Fargo ignores a California couple's requests for a mortgage mod for a year until court rules.

Angry Homeowners Arrested at Wells Fargo Shareholders Meeting
CEO John Stumpf says his annual compensation package, which the company's shareholder report put at $17 million, is "reasonable and appropriate."

Wells Fargo Facing Lawsuit for Wrongfully Foreclosing
The couple sought the help of Wells Fargo and the bank agreed to a loan modification. But the bank said that to be eligible they would have to be late on their mortgage dues.After having stopped payments for three months they received a default notice from Wells Fargo.From May to July Wells Fargo had thrice refused to modify the loan. In the papers submitted in court by the lender it has been stated that the borrowers did not respond to these notices.

Kristy Sinsara speaks to Lisa about her Wells Fargo loan modification
"Lisa's" experience with Wells Fargo...she handled her own loan modification and did it the RIGHT way!! Never surrender. Never give up!!!

Wells Fargo 'Nightmare' For Homeowner Applying For Help Under Administration's Anti-Foreclosure Program
"I am not just fighting for myself," said Crowley in a statement. "I want to make sure other people won't have to endure the same nightmare of harassment, frustration, and relentless stress that I have suffered."

Wells Fargo Loan Modification Reality Check-Fannie Mae Getting Impatient
Wells Fargo will now be held accountable to Fannie Mae and will be motivated to review loan modification applications quickly

Wells Fargo Bank Sues Itself
Tampa attorney Kristofer Fernandez, said he’s seen several cases where a large bank has sued itself for foreclosure as the holder of both first and second mortgages.

Wells Fargo Is Target, Role Model in Foreclosure Probe
At least the attornies general are looking out for consumers. Maybe Congress and the President will get around to it, too.

Wells Fargo erred in thousands of foreclosures
Wells Fargo described the mistakes as technical and said it has no plans to halt the foreclosure process, though filing new paperwork will cause some delays.

Wells Fargo Admits Foreclosure Problems, Tries To Sweep Them Under The Rug
And that’s what the banks keep trying to play down: they’re committing fraud by circumventing the legal process in place for initiating and completing a foreclosure.

Mega-Bank Wells Fargo Forecloses On Family For Doing Exactly What Wells Fargo Told It To Do
The bank foreclosed on a Massachusetts family for failing to make its mortgage payments, after explicitly telling the family that it should skip those payments.

Wells Fargo target of Justice Department probe; agency alleges discriminatory lending
The Department of Justice is preparing a lawsuit against Wells Fargo, the nation's largest home mortgage lender, for allegedly preying upon African American borrowers

Wells Fargo finalizing electronic mortgage modification revamp
The bank is in the final stages of implementing a fully electronic process for handling modifications and gathering documentation from borrowers.

Wells Fargo completes 85% of mortgage mods in house
In the past two years, Wells Fargo offered more than 4.4 million homeowners new low-rate loans and did more than 704,000 loan modifications for mortgages in its servicing portfolio.

Wells Fargo Analysis: 50% Fail HAMP Eligibility
Read the comments ... more people seeking mortgage mods are scammed by Wells Fargo

Cape Coral Couple Sues Wells Fargo for Selling them Home it didn’t Own

Wells Fargo Ignores Homeowners Trying To Make Good On Missed Loan Payments
The big banks who received a new lease on life via taxpayer-funded bailouts, should be more understanding of the hard times facing their customers.

BofA, Wells Fargo, JPMorgan Sued by ATM User Over Fees
“By collusively agreeing to set a price floor for all ATM access fees at every ATM terminal throughout the country, the bank defendants and the bank co-conspirators shelter themselves from natural and beneficial price competition that otherwise would exist in the market,”

Protesters block Wells Fargo HQ entrance; 11 cited
"We hope to send a strong message to Wells Fargo that we are demanding that they stop predatory lending, that they modify loans so that they're affordable, and respect our basic human right to housing."

Wells Fargo Taking Away Customers’ Rights
Companies can change these terms of your banking agreement, and your continued patronage implies that you agree and are willing to waive your rights for the benefit of remaining a customer.

Old mortgages rise from the dead, haunt homeowners
The Bowers never imagined their old loan, the one Wells Fargo told them was paid off, would resurrect itself, trashing their credit report, scotching their son's student loans and throwing the whole family into foreclosure.

Not a Wonderful Life: The Effects of Aggressive Foreclosure
Wells Fargo steals Chicago woman's house, all her possessions

President of Wells Fargo Home Morgtage Michael Heid Gets Home Visit by 200 Activists

Wells Fargo reaches $6.5 million settlement with SEC over risky mortgages
Wells Fargo will pay a $6.5 million fine for improperly selling high-risk mortgage securities to investors during the housing market crash in 2007.

Wells Fargo Is A Little Sorry That It Sold Securities It Knew Nothing About

Wells Fargo Sold This Woman’s House In Foreclosure Even Though She Paid Up
A homeowner in Florida says her house was sold in foreclosure even though she was current on her mortgage.

Wells Fargo Wrongful Foreclosure Kills Elderly Homeowner?
Delassus died at 62 of heart disease after Wells Fargo mistakenly held him liable for his neighbor’s property taxes, doubled his mortgage payments, declared his loan in default and sold his Hermosa Beach condominium.

Wells Fargo, BofA Violated National Foreclosure Settlement

Wells Fargo Gets Picked Up On Radar
For quite some time Wells Fargo managed to stay below the media's radar and let the other guys like Bank of America and JPMorgan Chase, for example, bear the brunt of consumer and activist outrage. Lately, it seems, they've had to prove that they're equally nasty and contemptible as the others.

Wells Fargo Bank: Too Big To Give A Damn
My husband was willing to attribute the delays to processor incompetence more than intent, but I was already seeing story upon story about how people were being shut out of loan approvals during low interest rate periods. This isn't incompetence. It's a pattern of conduct.

Wells Fargo Trial Modification
Wells Fargo Represented At Loan Modification Hearing
A trial modification should not count as "help." That's really misleading; only permanent mods should be counted. Then the numbers would reflect the truly dismal extent of help offered.

Wells Fargo Loan Modification
Wells Fargo loves to kick homeowners out of Trial Modifications. They have the right to request all supporting documents to be re-submitted during the trial modification period; if these documents are not received “on time”, they may kick you out.

Wells Fargo: 96k mortgages modified under HAMP
The lender did not break out how many of those home loans went beyond the trial stage and ended in a completed modification.

$725,000 Judgment Against Wells Fargo for Misapplying $2,212 Mortgage Payment
After almost 3 years of litigation, an internal electronic office memorandum contained an admission from Wells Fargo that it had mistakenly applied the mortgage payment to the wrong account and that it should correct its error. However, Wells Fargo refused to correct its admitted error.

Wells Fargo Trial Modification Bait & Switch
Two weeks after our 3rd payment in our "3 month trial modification" period, Wells Fargo notified us that our loan was a "mortgage backed security loan" and not eligible for a "permanent" loan modification.

Wells Fargo Mortgage Modification Class Action Lawsuit
"We believe Wells Fargo used the false promise of permanent modifications to extract millions of dollars in payments from its customers."

Borrowers can sue Wells Fargo over mortgage modifications
The 9th U.S. Circuit Court of Appeals said Wells Fargo was required under the federal Home Affordable Modification Program to offer loan modifications to borrowers who demonstrated their eligibility during a trial period.

Arizona Loan Modification – Couple Says Wells Fargo is the Scammer
This family says they went to a Wells Fargo Arizona Loan Modification Workshop where they were told the Trial Modification Lie: Just make three trial payments on time and as agreed and we’ll modify your loan. Well, they did. But the bank didn’t.

Wells Fargo Robo-signing
Robo Signers Signors Names Revealed – Know Who They Are!

In States Where Foreclosures Bypass Judges, New Evidence of Robo-Signers
Silva was deposed as part of a lawsuit against Wells Fargo, in which he testified that he signed the default notice on behalf of his employer, Ticor Title, which was signing on behalf of another LSI Title, which was signing as an agent for National Default Servicing Corporation, an agent for Wells Fargo.

Wells Fargo discloses foreclosure mistakes, use of 'robo-signers'

Wells Fargo to amend 55,000 foreclosures

Robo-Signing: Documents Show Citi and Wells Also Committed Foreclosure Fraud
The papers Wells Fargo filed included a different transfer of the mortgage dated three days before the debtor took out the loan. Wells Fargo flatly stands behind its practices

Wells Fargo foreclosures will not be suspended despite robo-signing

Clinic at University of Maryland School of Law joins foreclosure
They charge that Jeffrey Stephan of GMAC Mortgage and Xee Moua of Wells Fargo did not have any personal knowledge of facts in affidavits they signed. Both gave depositions last year in Florida foreclosure cases, stating that they signed hundreds of documents a day, only making sure the spellings of their names was correct.

Wells Fargo admits to foreclosure paperwork problems

Another Wells Fargo robo-signer

Wells Fargo Robosigner Extraordinaire 500 Documents a Day ...
Xee Moua, identified in court documents as a vice-president of loan documentation for Wells, said she signed as many as 500 foreclosure-related papers a day on behalf of the bank.

Wells Fargo used robo-signers in foreclosures

Wells Fargo Caught Using Robo-Signers -- So Why Haven't They Halted Foreclosures Yet?

Wells Fargo standing by accuracy of foreclosure affidavits
In an email to HousingWire, Wells Fargo spokesman Jason Menke said, "Wells Fargo policies, procedures and practices satisfy us that the affidavits we sign are accurate.

Wells Fargo Blames Borrowers, Noted California Bankruptcy and Real Estate Attorney Timothy McFarlin Reacts

Let's Play Find The Wells Fargo Fraud! - What's Wrong With This Mortgage Assignment? (Time Travel Required)

Wells Fargo accused of forging loan documents
Nevada Attorney General Catherine Cortez Masto is expected to file criminal charges against bank and title company employees, as well as notary publics, over allegations of robo signing.

Liars, Crooks and Thieves | Fraudclosure – Another Accidentally Leaked Email, This Time By Albertelli Law and Wells Fargo
Another attempt by the Fraudclosure industry to steal a home in the name of the wrong plaintiff.

Turns Out Wells Fargo Doesn’t Just Keep Your Deposits In A Stagecoach Full Of Gold Ingots
The heart of the article is an attempted deep dive into Wells Fargo’s financials, which ends up splattering against the rocks that guard those financials.

Official blasts Treasury over foreclosure program
The administration "is either hopelessly out of touch, or it's really a cynical attempt to try to define failure as success.

What Cooked the World's Economy?
What we are living through is the worst financial scandal in history.

They’re Everywhere! Big Four Auditors Mixed Up In Mortgage Fraud
Can anyone deny that there are four firms – KPMG, Deloitte, PricewaterhouseCoopers (PwC), and Ernst & Young (auditor to Lehman) – who knew all along what was going on and never told a soul, including the SEC?

Triumph of the Counter-Enlightenment
It's easier to steal from the stupid.

Tackling Reams of Bank Data Can Take Diligence, and Trust
Wells Fargo falls short of other big banks in disclosure.

The Famous Final Scene: Financialism and The People
Bankers and their conservative apologists don’t seem to understand why The People Don’t Love Them Anymore?

Middle-class homeownership dream may be slipping away
"This housing crash is different than any one the country has experienced before," said Arizona economist Lee McPheters. "Some people who would be considered the middle of the middle class have lost homes to foreclosure.

Aggressive New Bank Fees – Why Now?
Some consumer advocates argue that bank fees are charged for the sole purpose of juicing a captive customer, one who is either unwilling or unable to go through the hassle of moving their accounts to another bank.

Baum fall throws NY foreclosures a curve
Baum’s folding is the second default-services firm to cease foreclosure operations in the wake of last fall’s robo-signing scandal and the investigations it spawned.

When Renters Get Snared in Foreclosure's Web
In a 2010 study by the National Low Income Housing Coalition, 40 percent of families facing eviction due to foreclosure were renters, including those who were current on their rent.

News Consolidators
National Mortgage News
National Foreclosure News
Stop Foreclosure Fraud
Mortgage News Clips

New Deal 2.0
a one-stop-shop for current news, fresh insight, sharp analysis of the country’s fiscal crisis — and the people and policies that offer potential solutions.

No Room at the Inn, No Mortgage Relief in TARP
"HAMP produced a net increase of fewer than 26,000 permanent modifications a month signaling that the anemic pace of permanent modifications may even get worse"

When Banks Are the Robbers
According to RealtyTrac, banks repossessed 102,134 properties in September, a home roughly every 30 seconds. Every 30 seconds, banks—many that received funds from the Bush administration’s TARP, and that may be using fraudulent practices—foreclose on an American family’s dream of home ownership.

11 Ways Bank of America Practices Hurt Americans
What WikiLeaks has is a mystery, but we already know a lot about Bank of America practices that are hurting Americans and prolonging the economic crisis. (And the other big mortgage lenders seem to all be doing the same things ...)

How the Banks Put the Economy Underwater
The banks and other players in the securitization industry now seem to be looking to Congress to snap its fingers to make the whole problem go away, preferably with a law that relieves them of liability for their bad behavior.

Wall Street Execs Whine To Politico About Their Hurt Feelings
They are sad, you see, and the record-setting profits they have made are no comfort to them, because hey, maybe The Huffington Post will say something really mean!

Wells Fargo and Freddie Mac: No Honor Among Lenders!
What is particularly galling is the blend of incompetence and arrogance exercised by these two giants, who took multi-billions of federal tax dollars from all of our pockets, while dragging their heels on federally-supported and mandated loan modifications and other legal requirements

Foreclosure Fraud: 6 Things You Need To Know About The Crisis That Could Potentially Rip The U.S. Economy To Shreds

TheDC OP-ED: One nation, under fraud
Tomorrow, a bank—not your bank, but any bank—could evict you from your home. Even if you didn’t know the bank was foreclosing. Even if the bank doesn’t hold a single piece of paper that you signed.

Dear AG Maesto: Thank you For Your Courage, Leadership & Common Sense
To date, no other law enforcer has been willing to act on the obvious: the banks’ document fraud is criminal.

Timothy McCandless' Weblog
An attorney offers information and advice to avoid foreclosure

The HAMP Scam
Expose Bad Banks

Making Home Affordable - My Story
Two blogs from a real estate professional about the dark side of HAMP and foreclosures

Foreclosure Defense & Property Law Blog
Wells Fargo Hall of Shame
Mario Kenny

Keep My House
A blog that encourages the respectful exchange of ideas, opinions, and advice about loan modifications (also known as mortgage modifications), loan workouts, foreclosure and foreclosure self-defense, forbearance, loss mitigation, mortgage recast and more.

naked capitalism
Housing Doom
The Automatic Earth

The Foreclosure Detonator
Defend Your Foreclosure Now! You can save your home.

Uppity Banker
A blog site where we explore the Banking Industry and how they are really handling Loan Modifications and Short Sales for their Customers! I hope this site can be a forum for answering Borrower questions concerning their own Loan Modifications and Short Sales.

Mortgage Fraud Blog
The editor is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors. The other side of the mortgage fraud issue.

The Mortgage Corner Forum
News and information about fraud in the mortgage industry

The Wonk Room
Smart Credit

Financial Fraud Law
An attorney, formerly of a prominent Wall Street law firm, provides financial fraud news and legal analysis

Mandelman Matters
Living Lies
Fraud Digest

Loan Workout
The free forms, loan modification agreements, paperwork, companies, government agencies, attorneys and ammunition for you to begin the fight to save your home.

Straight Talk About Mortgages and Real Estate
Parallel Foreclosure
Denise Richardson: Give Me Back My Credit

Richard (RJ) Eskow
A former executive with experience in health care, benefits, and risk management, finance, and information technology who blogs at Huffington Post.

4Closure Fraud
Swarm the Banks
Max Gardner' Bankruptcy Boot Camp

Forclosure Forum
A blog to provide information to those involved in Mortgage Foreclosure and Bank Fraud.

California Distressed
Distressed real estate in California.

Chink in the Armor
Allmand and Lee bankruptcy blog
Washington's Blog

The Florida Foreclosure Fraud Weblog
Attorney Michael Alex Wasylik helps Florida homeowners fight mortgage fraud, predatory lending and foreclosure rescue scams.

Political Economics Blog by GaryA
Stop Foreclosure Homeowner Resources

Foreclosure Industry
A free information resource guide for Foreclosures, Short Sales and the Real Estate industry.

The Subprime Shakeout
The Foreclosure Defense Blog
Credit Slips

Rolling Stone political reporter Matt Taibbi

Fraud Digest
The Economic Collapse
The American Perpetrator

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