Formal Criminal Charge Filed in Florida Against Lorraine Brown, President of Notorious Foreclosure Document Processor DocX UPDATE: Plea Deal

By: Tuesday November 20, 2012 10:55 am

The US Attorney in the Middle District of Florida, Robert O’Neill, has submitted an information, basically a criminal charge without the use of a grand jury for the indictment, of Lorraine Brown, the founder of DocX, for the fraudulent production of mortgage assignments, notarizations, and other documents used to foreclose on borrowers (h/t 4closure fraud). [...]

The Anti-Due Process Bias of Housing Reporters and Analysts

By: Monday November 19, 2012 7:50 am

Existing-home sales rose 2.1% in October, with the number coming in slightly above expectations, although the previous month’s numbers were revised down. Inventory has decreased 21% year-over-year (in no small part due to structural factors like trapped borrowers not putting their houses on the market, as well as artificial constraints on supply from banks keeping [...]

Hedge Fund Blackstone Buying $100 Million in Foreclosed Homes Every Week

By: Thursday November 15, 2012 9:15 am

Speaking of housing, we’re supposed to forget about the fact that the banks committed the largest consumer fraud in history and then paid the meager penalties for it with other people’s money, because we’re in a housing “recovery” now. Let’s forget the past, and look forward, and check out this housing boom, ay? It’s tiring [...]

Spain’s Home Eviction Crisis

By: Monday November 12, 2012 11:29 am

The closest thing outside of the US to the housing bubble and collapse dynamic we’ve seen here since 2007 is in Spain. The bubble and the crash destroyed the Spanish economy and its financial system to a much greater degree in the US, mainly because the country does not control its own currency. So the [...]

Administration Housing Policy in a Second Term

By: Friday November 9, 2012 1:22 pm

Of all the thumbsuckers about the second-term Obama agenda I’ve read, the ones that reflect the least contact with reality concern Administration housing policy. It’s beyond clear that the first-term policy framework sought to protect banks and allocate losses from the collapse of the housing bubble elsewhere. That was the point behind HAMP, designed to [...]

Storm-Washing: The New Bank Ploy to Milk Foreclosure Relief PR In Storm-Wrecked Areas

By: Tuesday November 6, 2012 6:25 am

Ever since Superstorm Sandy, we’ve seen the phenomenon of storm-washing from our finance sector. That’s when banks decide to capitalize on the storm and generate some good PR by offering extended reliefto homeowners in the storm’s path. Banks are offering extended relief to homeowners in areas affected by superstorm Sandy in the form of loan [...]

Sham Foreclosure Reviews Major Cash Cows for Foreclosure Reviewers

By: Saturday November 3, 2012 9:26 am

Jeff Horwitz and Kate Berry have an excellent two-part series in American Banker on these “independent” foreclosure reviews. For background, the Office of the Comptroller of the Currency put together these consent orders with 14 banks last year, separate from the foreclosure fraud settlement, and put together this review process. In theory, independent reviewers would [...]

Fannie and Freddie Offer Breaks to Homeowners in Path of Superstorm Sandy, After Pushing to Foreclose Faster on Same Areas

By: Wednesday October 31, 2012 10:00 am

Well, now we know what it will take to put a stop to the foreclosure crisis – a massive storm affecting the entire Eastern seaboard. For homes in that area at risk of foreclosure, Fannie Mae and Freddie Mac will offer a small bit of mortgage relief: The government-controlled mortgage finance giants said Tuesday that [...]

Homeowners Lost $2 Trillion in Housing Wealth By Living Near Foreclosures

By: Thursday October 25, 2012 7:03 am

“Why should we bail out the loser’s mortgages,” Rick Santelli yelled in his proto-Tea Party rant. And ever since, practically everyone in Washington has taken care to say that homeowner relief should only be available for “responsible” homeowners, as if there’s a formula to decide whether someone ripped off by a predatory lender is “responsible” [...]

Romney Campaign Advisor Pinned Down on Housing Policies

By: Monday October 22, 2012 10:51 am

Mike Konczal decided to do some sorely missed actual reporting at last week’s debate, seeking out Glenn Hubbard, one of Mitt Romney’s key economic advisers, for a discussion on housing policy.

Obama Gets a HAMP Question… On The Daily Show

By: Friday October 19, 2012 6:25 am

President Obama appeared on the Daily Show last night, and Jon Stewart confronted him with the “H” word. It’s not one that comes up much in Obama’s presence; I can’t remember the last time, in fact. But last night, he had to answer for HAMP. It came in a follow-up, actually, which shows the level [...]

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