Showing posts with label ProPublica. Show all posts
Showing posts with label ProPublica. Show all posts

Monday, August 15, 2011

DON'T MISS STOP FORECLOSURE FRAUD.COM!


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Stop Foreclosure Fraud presents the following...
 
  1. MAINE SUPREME JUDICIAL COURT DEUTSCHE BANK NATIONAL TRUST COMPANY, AS TRUSTEE, IN TRUST FOR THE REGISTERED HOLDERS OF AMERIQUEST MORTGAGE SECURITIES INC., ASSET-BACKED PASS-THROUGH CERTIFICATES, SERIES 2006-R2 v. DONALD P. PELLETIER et al. EXCERPT: [¶13] Although the Pelletiers have not yet tendered to the bank the proceeds of the loan that they received from Ameriquest, the statute specifies that tender is not required until the [...]

  1. Mortgage Fraud GMAC Mortgage, LLC Law Offices of David J. Stern Action Date: August 12, 2011 Location: FT. Lauderdale, FL GMAC Mortgage, LLC filed counterclaims in a federal court lawsuit brought against GMAC by its former lawyers, The Law Offices of David J. Stern, P.A. (“Stern”). The case, No. 11-CV-61526, was filed in federal court in the [...]

  1. Attorney’s are hired to fix “mistakes”, not make thousands! Imagine all the people who lost their homes to this. There is a right way and wrong way but this just goes to the core of the allegations made in the Class action again David J Stern, MERS and Shareholders including GMAC, in Florida. Continue down below [...]

  1. A Taxing Thought - 2011-08-14 20:56:10-04
    gave the (…eviction post foreclosure)  process only to a `person entitled to the premises,’ which required him to prove that he was entitled to this possession, and which said that the defendant should have judgment if the plaintiff failed to prove his right to possession.” Id. at [...]

  1. H/T to a subscriber This is about S 170 and HR 363.  Refi at LV, not FMV, and  appraisals are prohibited… Mortagee would presumably stay w/current servicer and lose existing rights, if any, re origination.  New securities are rebundled for sale (PIMCO, Penny Mac, et al). If this happens, it will happen under the [...]

  1. Via: Matt Weidner This is the Bad, Bad Bankster Fraud Forgiveness Act of 2012! Have a read at some of the lowlights! Once suit has been filed, the public interest is served by moving foreclosure cases to final resolution expeditiously in order to get real property back into the stream of commerce… (NO FOLKS, ONCE A SUIT HAS [...]

  1. Abigail C. Field- Foreclosures are often done in the name of mortgage servicers rather than the person who actually owns the defaulted loan. Fannie Mae, for example, generally requires servicers to foreclose in the servicers’ name rather than Fannie Mae. (The link is to Fannie Mae’s current servicing guidelines; see Section 101 at p. 801-2.) Well, [...]

  1. By: David Dayen I could barely suppress a laugh when reading about Bank of America CEO Brian Moynihan begging Tim Geithner to settle the foreclosure fraud issue so they can get out from under their liability. As Yves Smith points out, if Tim Geithner had the power to get Bank of America out of their [...]

  1. Via: NYE LAVALLE author of Report On Fraudulent & Forged Assignments Of Mortgages & Deeds In U.S. Foreclosures IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF GEORGIA ATLANTA DIVISION MICHAEL L. MORGAN, Plaintiff, v. OCWEN LOAN SERVICING, LLC, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC., and MERSCORP, INC. Defendants. ORDER The action is presently before the Court on Defendants’ motion to dismiss (“motion”) [Doc. 15], filed on November [...]

  1. NY POST- The banks still just don’t get it. In a staggering 92 percent of the claims brought by creditors asserting the right to foreclose against bankrupt families in New York City and the close-in suburbs, banks and mortgage servicers couldn’t prove they had the right to kick the families out on the street, [...]

 
 
 
 
 
 
 
 
Legal information is NOT legal advice.
The information herein should NOT be taken as legal advice and is NOT a substitute for the assistance of a licensed advisor.
I AM NOT AN ATTORNEY.
*posts are scheduled in advance and may not be in real time*
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Sunday, July 3, 2011

BANKS CONTINUE TO CAUSE WRONGFUL FORECLOSURES

Bank Errors Continue to Cause Wrongful Foreclosures

Four years into the foreclosure crisis, banks say they've made major improvements in how they handle struggling homeowners. They've promised, for example, not to foreclose on homeowners who are being considered for mortgage modifications. But that's still happening.

Consider the cases of Laurie Pinkerton and Lisa Peterson. The two women, both Californians and Bank of America customers, had been assured by the bank that they wouldn't lose their homes before they'd been evaluated for a possible modification. Both had their homes sold last month.

Such cases are particularly senseless, because simply modifying the mortgage by reducing the monthly payment might be in the interest not only of the homeowner, but also of the investor who owns the mortgage. Both Pinkerton and Peterson said their homes were sold after foreclosure for far less than they're worth.

Regulators have done little to stop the practice, and the "problem appears to be getting worse," said Kevin Stein, associate director of the nonprofit California Reinvestment Coalition.

Last month, the coalition surveyed 55 foreclosure-avoidance counselors throughout the state. Collectively they serve thousands of borrowers every month. Almost all of the counselors, 94 percent, reported having worked with clients who'd lost their homes while under review for a modification. About half of the counselors reported this happened "often." This year's totals, which are due to be publicly released next week, are higher than those in the group's survey last year.

Regulators have acknowledged the problem but have so far stopped short of solving it, say borrower advocates. More than a year ago, ProPublica reported extensively on how the banks' inadequate systems were causing wrongful foreclosures.

This past April, the federal banking regulators released "consent orders" with 14 of the largest banks requiring various improvements in their handling of mortgages and foreclosures. Prior to the orders, the regulators had not had clear rules on how the banks should handle modification applications. Among the new requirements, banks will now be forbidden from actually selling a home before a final decision is made on a modification. Also, if a homeowner is approved for a modification, the foreclosure process is supposed to stop. The new requirements will go into effect later this summer.

While those are necessary requirements, regulators took a "huge step backward" by not explicitly forbidding banks from pursuing foreclosure at all until a final decision has been made on a mortgage modification application, said Alys Cohen of the National Consumer Law Center.

The administration's mortgage modification program, which offers incentives to encourage modifications, has that requirement. But that program is voluntary for the banks and has beenhobbled by lax oversight. What's more, over two-thirds of modifications occur outside of the program.

Federal regulators have the power to require all banks to make a decision on a modification application before moving to foreclose, but they've simply chosen not to.

Allowing the banks to pursue foreclosure while the modification process plays out hurts homeowners in multiple ways. First and foremost, there's the hazard of actually losing the home to foreclosure because of bank error. The two homeowners featured in this story show that this continues to be a real danger, especially in states like California where the bank doesn't need to go to court to foreclose. It's also just confusing and unnecessarily stressful for homeowners.

Finally, in a foreclosure homeowners actually get billed for bank costs, such as paying for a bank's lawyers.

Rest here

http://www.propublica.org/article/bank-errors-continue-to-cause-wrongful-foreclosures



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