Banks Want Nevada to Change Laws Criminalizing Foreclosure Fraud

By: Monday December 17, 2012 11:06 am

One of the most successful states at restoring due process and the rule of law to the foreclosure process has been Nevada. The state put into law the simple principle that, before a bank takes someone’s home away, they must actually prove that they own the property. And if they try to fabricate that property [...]

Yes, We’re Still in the Middle of a Foreclosure Crisis

By: Thursday December 13, 2012 3:26 pm

The Office of Mortgage Settlement Oversight released some interesting data on the first-lien and second-lien portfolios of the five services sanctioned in the foreclosure fraud settlement. Calculated Risk reproduces the data here. Despite the heavy investment in a narrative of the foreclosure crisis being over and the housing recovery underway, these loan portfolios show substantial [...]

Meet the Robo-Witnesses: Foreclosure Defense Lawyer Tom Cox on New Practices in Foreclosure Fraud

By: Thursday December 13, 2012 7:45 am

Last week, Thomas Cox, the Maine lawyer who performed the deposition that basically exposed robo-signing, won the $100,000 Purpose Prize for his work on behalf of homeowners at risk of foreclosure. I spoke with Cox this week to get a ground-level picture of what is happening in the courts in the post-settlement landscape. Have banks [...]

Thomas Cox, Lawyer Who Exposed Robo-Signing, Gets $100,000 Prize

By: Friday December 7, 2012 8:30 am

This great statement on housing from Econ4 hits all the right notes, particularly the line “We oppose treating the nation’s housing as a bundle of assets to be sliced, diced, flipped, and bailed out in pursuit of inflated profits and bonuses.” This is really the original sin that caused the crisis. As a result of [...]

Short Sales Increase As Debt Relief Tax Time Bomb Nears

By: Thursday December 6, 2012 9:15 am

I’ve had more than a few assurances that Congress would get its act together and pass an extension of the Mortgage Forgiveness Debt Relief Act, so that underwater homeowners who get some debt relief won’t have a big tax bill staring them in the face to make their financial situation even worse. But if that’s [...]

Justice: Wells Fargo Still Liable for FHA Abuse, Despite Foreclosure Fraud Settlement

By: Monday December 3, 2012 11:37 am

Late last week, the Justice Department issued a filing that attempts to reinforce the release limitations set by the foreclosure fraud settlement, stopping Wells Fargo from reimagining the deal as a broader release of liability on various mortgage claims. However, a judge will have to make the final decision. The US sued Wells Fargo in [...]

Lack of a “Foreclosure Wave” Determined By Banks

By: Friday November 30, 2012 6:13 am

Here’s a pretty jerky victory lap clearly planted by the mortgage lending industry, with the boastful title “Foreclosure Wave Averted as Doomsayers Defied.” Let’s hear this out for a second. When banks pulled back on foreclosures two years ago following a government investigation into allegations of faulty practices, market researchers, academics and Wall Street analysts [...]

Financial Services Roundtable Joins Up With Homeowner Group to Urge Extension of Mortgage Debt Forgiveness Tax Relief

By: Thursday November 29, 2012 12:18 pm

It’s not often that the homeowner advocates at the Center for Responsible Lending and the bank lobbyists at the Financial Services Roundtable agree on anything. But they’re teaming up on urging Congress to extend the Mortgage Forgiveness Debt Relief Act, which would continue the foreclosure crisis-era policy of forgiving payment of taxes on debt forgiveness [...]

Lorraine Brown, Convicted Fraudulent Mortgage Document Preparer, Charged With Racketeering By State of Michigan

By: Monday November 26, 2012 10:00 am

The pile-on for Lorraine Brown continues. When we last left this story, Brown, the former President of fraudulent document processor DocX, pleaded guilty in federal court to one count of wire and mail fraud, and agreed to face a sentence of up to five years in prison. The state of Missouri also reached a plea [...]

On Economy, Justice, Obama Housing Plan Fell Well Short

By: Monday November 26, 2012 9:15 am

Over the holiday, Zachary Goldfarb released a fairly remarkable article recounting a meeting between the President and top economists: One year and one month before President Obama won reelection, he invited seven of the world’s top economists to a private meeting in the Oval Office to hear their advice on what do to fix the [...]

The Lorraine Brown Case: Accountability for Fraudulent Document Preparers, Not the Banks Who Requested the Documents

By: Tuesday November 20, 2012 3:09 pm

The Justice Department has issued their formal press release in the plea arrangement with Lorraine Brown, the former President of fraudulent foreclosure document processor DocX, a division of LPS. Brown pleaded guilty to wire and mail fraud and faces five years in prison and up to $250,000 in fines, from what DoJ describes as “a [...]

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