Book Describes Out of Control Mortgage Servicing Industry

By: Wednesday April 11, 2012 12:54 pm

I really highly recommend Paul Kiel’s new ebook “The Great American Foreclosure Story,” which focuses on the foreclosure crisis and the cascade of abuse piled on troubled borrowers by servicers. It looks at one foreclosure in particular, but uses it to stand in for the larger crisis in a really great way. One theme of [...]

Joe Nocera Highlights Bank’s Debt Collection Practices

By: Tuesday April 3, 2012 1:33 pm

I’ve been following Jeff Horwitz’ excellent series on credit card debt collection at American Banker, which I’ve chronicled in a couple posts. The short version is that the attention to detail in credit card debt information is as thorough and well-kept as it is in foreclosure and mortgage information. Now Joe Nocera has picked up [...]

Fed Looking to Slap Wrists of Smaller Mortgage Servicers

By: Monday April 2, 2012 6:17 am

Because we know that foreclosure fraud is a pervasive and industry-wide problem, we know that other servicers beyond the big 5 would eventually get sanctioned in some way for their role in it. Wells Fargo, Bank of America and JPMorgan Chase made up over 46% of the mortgage servicing market by the end of 2011, [...]

Schneiderman Reaches Another Settlement on Foreclosure Fraud, This Time With Defunct Steven J. Baum Law Firm

By: Thursday March 22, 2012 9:41 am

Stephen J. Baum, the New York-based foreclosure mill law firm which drew attention last year after photos cropped up from a Halloween party featuring its employees dressed as homeless people, reached a settlement with the New York Attorney General Eric Schneiderman over the filing of unverified, unsubstantiated and outright fabricated documents with state courts. Under [...]

Robo-Signing, Servicer Abuse Ongoing at Time of HUD IG Report

By: Wednesday March 14, 2012 11:38 am

Whatever you think about the foreclosure fraud settlement, its ostensible purpose would be to stop the things that it releases from liability. That’s the exchange: you (banks) pay a penalty and stop the misconduct, and we (government) won’t sue you for the misconduct. You don’t have to like that exchange, but that’s how it’s supposed [...]

JPMorgan Chase Robo-Signed, Trashed Documents in Collection of Credit Card Debts

By: Tuesday March 13, 2012 12:43 pm

Hey, remember when JPMorgan Chase abruptly suspended all their debt collection court cases a couple months ago? Now we’re learning more about the problems in their debt collection arena. And surprise, we have more robo-signing! The abuses are so bad that even the bank-friendly Office of the Comptroller of the Currency has been roused to [...]

HUD IG Report Released With Settlement Details Servicer Abuse Directed From the Top

By: Tuesday March 13, 2012 9:14 am

Before the foreclosure fraud settlement was announced, I was told by high-level officials that the celebrated but still-secret HUD IG report detailing some of the crimes of the mortgage industry would be released when the settlement terms were filed in federal court. That document was indeed released today, and The New York Times reviewed it. [...]

Massachusetts, Florida Look to Wrap Up Foreclosure Due Process

By: Thursday March 1, 2012 7:07 am

As much as state and federal officials want to describe the foreclosure fraud settlement as a beginning, in many respects it was most certainly an ending. Analysts invested in the meme that “uncertainty” was crippling the housing market now are heavily invested in saying that the clearing of this uncertainty through the settlement will speed [...]

The “Robo-Signed” Foreclosure Fraud Settlement

By: Monday February 20, 2012 10:15 am

The New York Post correctly calls the foreclosure fraud settlement something analagous to the robo-signing scandal the settlement releases from liability. Yes, it’s the Post, but this is absolutely spot-on: More than a year after the scandal broke over the rapid signing of thousands of foreclosure documents without reviewing their accuracy, New York Attorney General [...]

CNBC’s Diana Olick’s Wrongheaded Analysis of the Foreclosure Fraud Settlement

By: Monday February 13, 2012 10:55 am

We’re going to have to endure this line of argument from those savvy business reporters, and Diana Olick is at the head of the pack, so we might as well take on this argument about the foreclosure fraud settlement directly. Let’s take a step back for a second to remember the fall of 2010, when [...]

Near-Term Prescription for Foreclosure Fraud Settlement? More Foreclosures.

By: Friday February 10, 2012 8:42 am

Amid all the talk of the foreclosure fraud settlement yesterday, the most honest assessment cm from this Wells Fargo economist: But it will be months, if not years, before some of the promised relief trickles down to many families. In the meantime, some predict, the housing market may get worse before it gets better. “The [...]

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