Banks Trying to Grow Releases on Fraud-Related Settlements After the Fact

By: Monday October 15, 2012 3:30 pm

The ACLU’s calss action lawsuit against Morgan Stanley over racial discrimination in lending is out. Five African-American homeowners from Detroit form the core of the plaintiffs, who allege that Morgan Stanley pushed the now-defunct New Century Financial into providing them with a “steady stream of irresponsible, high-risk loans issued in communities of color that were [...]

Robo-Signing Is Back, Now in Even More Robo-Form

By: Monday October 15, 2012 6:19 am

Yves Smith links to an important report on an entirely new type of robo-signing being performed by a small servicer called Green Tree Servicing. It appears Green Tree Servicing has been flying under the radar and was hardly noticed until a recordation research team began uncovering similarly signed documents – yup, the old robo-signed Assignment [...]

In Year Six of Foreclosure Crisis, Depressingly Slow Moves Toward Solutions

By: Thursday October 4, 2012 8:45 am

Behind the scenes of last night’s debate – well behind – is a foreclosure crisis that has entered its sixth straight year. This is another fire that has not been put out. The only approach in the debate to even talking about this fire was a brief discussion by Gov. Romney about qualified residential mortgages, [...]

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 [...]

Another Foreclosure Fraud Settlement Scam: Banks Trying to Get Credit for Already Discharged Debt

By: Sunday September 30, 2012 9:03 am

Though I’m not sure anyone pays attention to them anymore, the President delivered his weekly address this weekend, and it was all about how Congress has to help “responsible” homeowners (because the irresponsible ones deserve nothing, after all they fleeced those responsible banks to get the loan). In the address, President Obama contrasted his approach [...]

Foreclosure Fraud Settlement Update: Checks to Victims, Servicing Standards, Ongoing Lawsuits

By: Thursday September 27, 2012 6:56 am

A number of states have announced that they are sending out claim forms to foreclosure victims who are eligible for a one-time cash payment under the foreclosure fraud settlement. $1.5 billion has been earmarked for roughly 750,000 homeowners (depending on takeup) who were foreclosed upon between Jan. 1, 2008, and Dec. 31, 2011, by one [...]

Principal Reduction Tax Time Bomb Generates More Discussion

By: Tuesday September 11, 2012 10:21 am

About a month ago, I wrote in Salon about a potential time-bomb embedded in the efforts to increase debt relief for mortgages, the expiration of the Mortgage Forgiveness Debt Relief Act. Finally, some mainstream sources have gotten around to reporting on this, in basically the same way and with even many of the same principals [...]

Criminal Prosecutions Not Happening from New Financial Fraud Task Force

By: Monday September 10, 2012 7:01 am

I don’t need a source to tell me that there will be no criminal charges arising from the Residential Mortgage Backed Securities working group, the task force set up to “hold accountable” those financial institutions who crashed the economy through misdeeds in the securitization process. Take only this piece of evidence: all of the subpoenas [...]

The Democratic Platform’s Dishonest Nonsense on Housing

By: Tuesday September 4, 2012 7:48 am

I gave a qualified decent review to the Democratic Party platform on the deficit and social insurance programs. I cannot come close to doing the same on housing. In fact, the platform plank on this issue is so disingenuous, it makes Paul Ryan’s convention speech look scrupulously honest. I have to go through this 285-word [...]

Schneiderman Investigating Bain Capital, Amid No News of Any Investigation on Mortgage Fraud Task Force

By: Sunday September 2, 2012 3:33 pm

As you may know, back in late January New York Attorney General Eric Schneiderman agreed to a relatively toothless settlement over mortgage servicing and foreclosure issues in exchange for becoming a co-chair of a task force designed to investigate and prosecute fraud in the securitization market. According to Schneiderman, this would focus resources on “the [...]

How the Suspension of the Rule of Law Makes for a Worse Economy

By: Friday August 31, 2012 11:45 am

As I noted yesterday, the Justice Department ended its investigation into the final two cases of suspected CIA torture, both of which resulted in deaths of the detainees (two of the over 100 detainees who have died in US custody). Glenn Greenwald writes eloquently and comprehensively on that as the final immunity given to the [...]

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