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 [...]

Media Falling for Short Sale Scam in Foreclosure Fraud Settlement

By: Thursday August 30, 2012 9:09 am

A couple other outlets have picked up on my research of the first report from the Office of Mortgage Settlement Oversight, showing that banks have, to this point, paid off practically all of their “punishment” through short sales that they were already pursuing. Yves Smith provides additional context to this point, looking back at the [...]

Donovan Distorts Administration Housing Efforts in Nevada

By: Wednesday May 30, 2012 12:18 pm

It’s tedious to keep debunking these efforts to distort reality from housing policy officials, but it’s sadly necessary. So off into the breach again… Shaun Donovan wants the state of Nevada to know that they have made real progress on their housing collapse, and he wants them to know who’s responsible: him. Too many homeowners [...]

Bank Accountability Advocates Show Up at Geithner’s House

By: Monday May 21, 2012 6:57 am

The protests at the NATO summit in Chicago weren’t the only ones over the weekend. A group of about 1,000 bank accountability advocates drove to the front of Timothy Geithner’s house in Bethesda, Maryland, on Sunday, and tried to get an impromptu meeting with the Treasury Secretary. Nobody answered the door, however. “Wall Street crashed [...]

Donovan Acknowledges Banks Gaming HARP 2.0 to Increase Profits

By: Friday May 11, 2012 9:48 am

The President today is in Reno, Nevada, and he’s going to take a victory lap on HARP 2.0. President Obama will announce new figures Friday showing a dramatic spike in the number of Americans taking advantage of federal programs designed to help struggling homeowners and stabilize the lagging housing industry, administration officials said Thursday. The [...]

HUD Secretary Donovan Faces Questions on C-SPAN

By: Sunday April 8, 2012 10:46 am

I read a rough transcript of this C-SPAN interview with HUD Secretary Shaun Donovan, and there isn’t a whole lot there that’s all that different from the PR pronouncements he’s made in the past. So this won’t be extensive. I just have a few comments: • Donovan continues to push for principal reductions at the [...]

Whistleblower Alleges BofA Defrauded Homeowners Using HAMP

By: Thursday March 8, 2012 6:18 am

Fresh off his Daily Show appearance, HUD Secretary Shaun Donovan announced that Bank of America will provide additional assistance to homeowners under the as-yet undisclosed foreclosure fraud settlement. BofA will write down to market value, according to Donovan, over 200,000 loans that correspond to certain criteria: if the homeowners are underwater, delinquent by more than [...]

OCC Foreclosure Reviewer Fabricated Documents for Servicers

By: Tuesday March 6, 2012 12:44 pm

On an uneventful conference call about the not-new new housing programs announced today, HUD Secretary Shaun Donovan said that the documents for the foreclosure fraud settlement have been “essentially completed,” and that they were in the process of gathering the signatures of all the parties in the settlement, including the state AGs, banking regulators and [...]

Brookings Estimate: Foreclosure Fraud Settlement Could Only Help Half as Many Borrowers as Promised

By: Friday March 2, 2012 12:21 pm

One thing that I’ve been pointing out is that the best estimate by HUD and other federal and state boosters of the foreclosure fraud settlement is that it will help 1 million underwater borrowers get principal reductions. That represents a little less than 10% of the total underwater borrowers in the country. The latest data [...]

Donovan Pressed on Foreclosure Fraud Settlement in Senate Banking Committee

By: Tuesday February 28, 2012 1:21 pm

HUD Secretary Shaun Donovan faced the Senate Banking Committee today, and he said that the foreclosure fraud settlement will shortly be made public. Democrats on the panel voiced support for efforts to help these underwater homeowners, while some Republicans took jabs at the recent $25 billion settlement between the government and the nation’s largest lenders [...]

Sham OCC Reviews Found to Be a Sham

By: Friday February 24, 2012 11:33 am

I mentioned earlier today that Shaun Donovan tried to sell the weak $2,000 pittance provided to foreclosure victims in the recent servicing settlement by saying that the OCC (Office of the Comptroller of the Currency) reviews still offer the opportunity for individuals who were wrongly foreclosed upon to reap restitution. I scoffed at this because [...]

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