Short Sales Continue to Dominate Consumer Relief in Foreclosure Fraud Settlement

By: Monday November 19, 2012 7:12 am

The second report from the Office of Mortgage Settlement Oversight has arrived, and it shows a continuation of one trend, tempered by the first batch of consumer relief in the form of actual principal reductions.

Katherine Porter’s Dogged Work Helps Get Servicing Standards Implemented in California

By: Wednesday October 3, 2012 7:11 am

Today is the first day that the servicing standards for the foreclosure fraud settlement go into effect. The standards, 304 in all, include large changes to the servicer business model, like banning robo-signing, mandating quick decision making on loan modification, providing borrowers with options to foreclosure, establishing a single point of contact and ending “dual [...]

California Foreclosure Fraud Settlement Monitor: Servicers Dragging Their Feet

By: Thursday August 16, 2012 1:47 pm

Katherine Porter, the monitor tasked with specific oversight for California’s foreclosure fraud settlement, says what most of us could have suspected: the servicers are dragging their feet on compliance. The California monitor of the $25 billion national mortgage servicing settlement received roughly 1,100 complaints in the last month from borrowers reporting a slow uptake to [...]

California Passes Significant Protections Against Illegal Foreclosure Processes

By: Tuesday July 3, 2012 6:00 am

Pressured by a coalition of activists and state Attorney General Kamala Harris, the California legislature completed a months-long project yesterday to significantly improve its foreclosure process.  The measure gives homeowners a new right to sue over fraudulent practices, ends dual tracking – where servicers process foreclosures while negotiating loan modifications – and extends a single [...]

Hard Times in California for Bank Accountability

By: Thursday May 31, 2012 7:09 am

California’s efforts to create a better environment for foreclosure victims have begun to fade. $410 million from the foreclosure fraud settlement that was supposed to go into counseling and legal services was instead diverted to pay for a state budget shortfall. While this has angered the legal aid community, with the enormity of the budget [...]

State-Level Efforts Seek Accountability for Foreclosure Fraud, Justice for Homeowners

By: Thursday April 12, 2012 9:40 am

Thankfully, most people got the RealtyTrac data on foreclosures in the first quarter of 2012, which showed the lowest amount of filings since the beginning of the recession, mostly right. We had a settlement on foreclosure fraud that just got approved by a federal judge last Friday, after the end of the first quarter. So [...]

Proposed Homeowners “Bill of Rights” A Compendium of Existing Statutes and Initiatives

By: Wednesday February 1, 2012 10:25 am

So the President delivered his remarks on this collection of housing policy announcements today, or should I say stimulus policy. As expected, it included this mass refi proposal, along with the announcement of the beginning of GSE sales of foreclosed properties to investors for them to covert into rentals. There was also this other piece [...]

Merkley: “Real Concerns” About AG Settlement, Wants Warren at CFPB ASAP

By: Thursday May 12, 2011 1:22 pm

About a year ago, I appeared at Netroots Nation with Sen. Jeff Merkley (D-OR), the Huffington Post’s Ryan Grim and Professor Elizabeth Warren on a panel called “The Forgotten Foreclosure Crisis.” Speaking with Merkley today, I remarked that we could hold the same panel again this year, without changing a word of it, and not [...]

Wherein the WSJ Editorial Page and I (Sort of) Agree

By: Friday April 15, 2011 11:18 am

The good little crony capitalists at the Wall Street Journal editorial page praised the OCC/OTS/Fed settlement with mortgage servicers today, calling it a responsible resolution that didn’t simply score “political points.” I have a piece in The American Prospect today that comes to a rather different assessment: The banks’ sentence is confoundingly light: They have [...]

Merkley Offers Comprehensive Fix for Mortgage Market, Includes Bankruptcy Reform

By: Tuesday January 18, 2011 12:15 pm

At a press event in North Portland in front of the home of a family struggling to avoid foreclosure, Senator Jeff Merkley unveiled a six-part plan to fix the housing market and rebalance the relationship between borrower and lender. The plan includes what Merkley calls “lifeline bankruptcy,” which is basically the cramdown proposal to allow [...]

Darrell Issa Asked His Own Campaign Contributors to Pick Regulations They Want Abolished

By: Friday January 7, 2011 8:41 am

With the potential nuclear explosion of the Ibanez case still reverberating, something as mundane as a Congressional oversight hearing may not be consequential. But it’s worth understanding the seriousness of the effort in the new Congress. Darrell Issa does plan to have an investigative hearing on foreclosures – one that reanimates the zombie lie that [...]

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