WEEKEND EDITION, AUGUST 5 AUGUST 9, 2013

MONDAY, AUGUST 5, 2013

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS The ForeclosureGate Gazette Is A Public Service Aggregate Of Foreclosure-Related News And Information Intended To Educate And Advance Justice For American Homeowners

The rise of Promontory A glaring example emerged last fall, when ProPublica reported that Promontory and other consulting firms were paid nearly $2 billion by banks to examine shoddy mortgage files. The banks were supposed to pay out millions of dollars to borrowers for flawed foreclosure practices. Despite the consultants substantial payday, not a single dime of relief reached the homeowners.

The housing recovery is a total sham While nationally, home prices have bounced back, as analysts delight in what they call a housing recovery, in places like Lake Worth, prices remain buried. Theres not much chance for appreciation when you have reams.

Regulatory Looting, Promontory-Style: Botched Foreclosure Reviews Its really hard to convey a sense of how utterly grotesque the looting that Promontory Financial Group conducted on the misnamed Independent Foreclosure Reviews.

Lenders seek court actions homeowners years after foreclosure

against

CEO, Senior Executives, And Borrower Convicted In Massive Fraud Scheme Todays verdict shows that the same rules apply to bank executives as to any other citizen, and the verdict should stand as a warning to anyone engaged in fraud related to TARP; you will be held accountable and brought to justice for your crimes,

For Jose Santos Benavides, the ordeal of losing his home was over. The Salvadoran immigrant had worked for years as a self-employed landscaper to make a $15,000 down payment on a four-bedroom house in Rockville. He had achieved a portion of the American dream.

Eminent Domain: Guidance Eminent domain takings are exempt from the requirements of Section 18 of the U.S. Housing Act of 1937 and 24 CFR 970. However, because of the federal government interest in public housing property, HUD?s consent to the taking of public housing property is necessary.

Fannie Mae Profiting as Market Middleman Angers Lenders Fannie Mae (FNMA) is snatching potential profits away from mortgage lenders as it posts record earnings that are fueling industry concern the government-backed company is regaining its swagger even as lawmakers plot its demise.

Michigan Appellate Court Dismisses BOA Foreclosure for Lack of Standing but for the wrong reason? Bank of America was found to LACK STANDING to Foreclose. So far so good. But the reasoning of the Court leads me to question whether the right record was in front of them. They ASSUME that the Chase-Wamu merger transferred the loans only because, as I see it, nobody read the merger agreement.

Homeowner/Foreclosure Legal Q&A

How can I request notarized original mortgage note? >>>> How realistic is it to protect assets from future foreclosure deficiency judgments? What should I do? >>>> Options to avoid foreclosure or judgments >>>> Sold property in 2006 and deeded the property over to the buyers. Now the bank is trying to foreclose on said property>>>>

Homeowner Resources
AARP: Housing Solutions Center >>>> New York: Homeowner Protection Program >>>> California Foreclosure Prevention Act >>>> CFPB: Supervision and Examination Manual Version 2.0>>>>

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WEEKEND EDITION, AUGUST 5 AUGUST 9, 2013

TUESDAY, AUGUST 6, 2013

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS The ForeclosureGate Gazette Is A Public Service Aggregate Of Foreclosure-Related News And Information Intended To Educate And Advance Justice For American Homeowners

Foreclosure trial pits Washington County couple against JPMorgan Chase The Lengyels contend that Chase told them to stop paying the mortgage on their Bethany area home, enrolled them in a trial modification program and then foreclosed anyway, even though they were making their payments and their home was bringing in enough cash.

BofA Argues Against Class-Action Loan Modification Suit Bank of America, based in Charlotte, North Carolina, is being sued by homeowners who claim the company didnt comply with a government program aimed at modifying mortgage loans called the Home Affordable Modification Program.

Senate unlikely to vote this week on Mel Watt for housing post Watt, a Charlotte Democrat, is awaiting Senate confirmation to lead the Federal Housing Finance Agency. Asked at a news conference whether he planned to schedule a vote this week on Watt, Reid said no. Why?

Ally to Pay ResCap $2.1 Billion to Settle Creditor Claims The deal signals an end to the litigation, infighting and potential nuclear war in these cases, ResCap bankruptcy attorney Gary Lee wrote in court papers filed today in Manhattan. The judge overseeing ResCaps bankruptcy.

Ellington Hires GMAC Mortgage Head for New Business Ellington Management Group LLC, the $5.5 billion investment firm founded by Michael Vranos that specializes in mortgage-backed bonds, hired Steven Abreu from GMAC Mortgage to start an origination business.

Mortgage underwriting seniors with assets

rules

eased

for

Four Tips for Homeowners Facing Foreclosure Foreclosure is defined as the "process of taking possession of a mortgaged property as a result of someone's failure to keep up mortgage payment." This is a simple definition for a very complicated and overwhelming process.

Here's a heads-up for the growing ranks of seniors whose post-retirement monthly incomes aren't sufficient to qualify for a mortgage under today's tough underwriting standards.

Metro, state home mortgages considered underwater inches higher in first quarter A new report shows slightly more Des Moines area homeowners have mortgages that are considered underwater, meaning they owe more on their loan than their home is worth. Even though first-quarter growth wasnt significant, it moved in the opposite direction as the nation, which saw a declining number of homeowners with negative equity, based on a report from CoreLogic, a California-based analytics company.

Homeowner/Foreclosure Legal Q&A

How can I request notarized original mortgage note? >>>> How realistic is it to protect assets from future foreclosure deficiency judgments? What should I do? >>>> Options to avoid foreclosure or judgments >>>> Sold property in 2006 and deeded the property over to the buyers. Now the bank is trying to foreclose on said property>>>>

Homeowner Resources
AARP: Housing Solutions Center >>>> New York: Homeowner Protection Program >>>> California Foreclosure Prevention Act >>>> CFPB: Supervision and Examination Manual Version 2.0>>>>

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WEEKEND EDITION, AUGUST 5 AUGUST 9, 2013

WEDNESDAY, AUGUST 7, 2013

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS The ForeclosureGate Gazette Is A Public Service Aggregate Of Foreclosure-Related News And Information Intended To Educate And Advance Justice For American Homeowners

The Bank-Friendly Eighth Governor of the Fed The debate over whether Janet Yellen or Lawrence H. Summers will be the next Federal Reserve chairman or some dark horse, Timothy F. Geithner perhaps? is doubtlessly important. But few outside the arcane world of banking rules understand that on matters of financial regulation and reform, the Federal Reserve staff is just as powerful, maybe even more. Federal Reserve chairman and governors come and then go back to their gilded Wall Street corners or quiet academic redoubts.

Banks Outbidding Private Equity Funds at Foreclosures, Believing They Can Beat Them at the Pump and Dump Game Heres the overview: Banking giants from Wells Fargo to Fannie Mae are routinely paying top dollar on the auction steps to hold onto their own distressed properties.

Who is Mel Watt? On May 1, President Obama nominated Rep. Mel Watt (D-N.C.) to be the director of the Federal Housing Finance Agency, the conservator for the mortgage giants Fannie Mae and Freddie Mac. These two entities together currently back a large majority of new mortgages and hold or.

JPMorgan must face lawsuit challenging mortgage fees JPMorgan Chase & Co must face a lawsuit accusing the largest U.S. bank of illegally imposing marked-up or unnecessary fees on delinquent mortgage borrowers, a federal judge ruled. Rogers also dismissed racketeering claims against JPMorgan, but said the plaintiffs...

Disbarred Lawyer Arrested for Forging Real Estate Documents In September 2008, Kalpakis illegally obtained a 30-year, $1.1 million mortgage loan from a bank to refinance a mortgage on a home owned by his wife by submitting a forged power of attorney in her name, giving him authority to sign the mortgage in her absence.

Why Real Estate Investors Have the Edge in Housing Market Prospective homebuyers are entering some markets today to find it rife with competition and the pickings slim. While many put off home purchases during the financial crisis, Wall.

NY A.G. Schneiderman Rolls Out Homeowner Protection Program PSA Providing a struggling family with legal counseling to navigate the foreclosure process can mean the difference between that family keeping their home or being displaced.

Banks Slow to Clean Up the Mortgage Mess After multiple enforcement actions, lawsuits and multibillion-dollar settlements, state and federal regulators are making sluggish progress in their efforts to prod banks to help mortgage borrowers. But they apparently still have a lot of work to do. Just ask Craig Tate. Like tens of thousands of homeowners trying to lower their monthly payments, Tate, 43, and his wife were thrilled when they got a letter from Bank of America in January.

Homeowner/Foreclosure Legal Q&A

How can I request notarized original mortgage note? >>>> How realistic is it to protect assets from future foreclosure deficiency judgments? What should I do? >>>> Options to avoid foreclosure or judgments >>>> Sold property in 2006 and deeded the property over to the buyers. Now the bank is trying to foreclose on said property>>>>

Homeowner Resources
AARP: Housing Solutions Center >>>> New York: Homeowner Protection Program >>>> California Foreclosure Prevention Act >>>> CFPB: Supervision and Examination Manual Version 2.0>>>>

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WEEKEND EDITION, AUGUST 5 AUGUST 9, 2013

THURSDAY, AUGUST 8, 2013

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS The ForeclosureGate Gazette Is A Public Service Aggregate Of Foreclosure-Related News And Information Intended To Educate And Advance Justice For American Homeowners

1.2 million foreclosure checks go unclaimed, 90-day deadline to cash About 1.2 million foreclosure reparation checks sent nationwide have not been cashed, leaving nearly $1 billion unclaimed. The checks, part of agreements reached with banks earlier this year after the Independent Foreclosure Review fell apart, expire 90-days after being issued. The checks are worth between $300 and up to $125,000, depending on the borrowers foreclosure. They were sent beginning in April to 4.15 million borrowers who were in foreclosure during 2009 and 2010.

MBA: Mortgage Applications decrease in Latest Weekly Survey Mortgage applications decreased 3.7 percent from one week earlier, according to data from the Mortgage Bankers Associations (MBA) Weekly Mortgage Applications Survey for the week ending July 26, 2013.

Big lenders are shifting gears as the U.S. housing market changes Now, hes the head of the big national lenders home loan origination operation. Schuppenhauers new focus says a lot about whats happening in the banking industry as it shifts from dealing with problem home loans to creating new mortgage.

Investigation Shows Politicians Profit off Foreclosure Sales When New York State Senator John Sampson was arrested last month for allegedly embezzling $440,000 from foreclosure sales, the curtain pulled back on a little known corner of the.

Freddie Mac securitizes $1B of modified loans Freddie Mac has begun securitizing certain performing modified loans held in the enterprise's mortgage-related investments portfolio. These loans were modified to assist borrowers who were at risk of foreclosure.

Ally Financial Marks Next Step in Implementing the Comprehensive ResCap Settlement Ally Financial Inc. (Ally), along with Residential Capital, LLC (ResCap) and ResCap's major creditors, completed the next step in.

Signs of new housing bubble in several areas "If prices keeps going up at this rate for another six months, we will have a bubble, and people will get hurt," Dean Baker, co-director of the Center for Economic and Policy Research recently told Bloomberg.

FHFA: GSEs Rated as 'Critical Concerns' in 2012 Report to Congress The Federal Housing Finance Agency (FHFA) labeled Fannie Mae and Freddie Mac as critical concerns in the composite rating category for 2012. The assessment, which was part of the agencys fifth annual Report to Congress, was unchanged from the rating assigned in 2011.

Homeowner/Foreclosure Legal Q&A

How can I request notarized original mortgage note? >>>> How realistic is it to protect assets from future foreclosure deficiency judgments? What should I do? >>>> Options to avoid foreclosure or judgments >>>> Sold property in 2006 and deeded the property over to the buyers. Now the bank is trying to foreclose on said property>>>>

Homeowner Resources
AARP: Housing Solutions Center >>>> New York: Homeowner Protection Program >>>> California Foreclosure Prevention Act >>>> CFPB: Supervision and Examination Manual Version 2.0>>>>

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WEEKEND EDITION, AUGUST 5 AUGUST 9, 2013

FRIDAY, AUGUST 9, 2013

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS The ForeclosureGate Gazette Is A Public Service Aggregate Of Foreclosure-Related News And Information Intended To Educate And Advance Justice For American Homeowners

Banks as Bookies Why did Fabrice Tourres security exist? I refer to the security that he helped to create while he worked at Goldman Sachs. A jury concluded on Thursday that he misled investors, as the Securities and Exchange Commission alleged. The important thing to understand is that the securitization at issue in no way helped to create capital for anything. It was a pure gamble.

California city's drastic foreclosure remedy: Seizure The California city of Richmond said Tuesday that it's ready to take an extraordinary step in its bid to stop foreclosures -- threatening to wrest mortgages from the investors who now control them.

Watchdogs warn 1.7 million homeowners risk foreclosing, feds unprepared The government is already struggling to manage the more than 195,000 foreclosed homes it now possesses and is ill-prepared as a new wave of foreclosures looms on the horizon, according to federal watchdogs who paint a less rosy.

Couple's steamy romance e-books save their home Just last summer, Jack and Jasinda Wilder and their five children were deep in a financial crisis. "I would say beyond trouble," Jasinda said. Their youngest son had contracted a virus. Jack was forced to leave a teaching program to care for.

Real Estate Investors Charged with Fraud, Bribery in Land Sale Scam The indictment alleges that Walton and Reed accepted bribes and kickbacks to facilitate fraudulent property sales to non-profit entities that would then sell the property to for-profit businesses.

Underwater Borrowers Becoming Accidental Landlords Maria Wells said she never intended to be a landlord. She sells real estate; she doesn't invest in it. Now the Florida resident owns two properties. One was her son's, but he had to move to take a new job.

The Housing Unrecovery Is Here: Lumber Enters Bear Market Despite the incessant belief that this must be toomuch-new-supply-driven (as opposed to a lack of demand for new home construction), Lumber futures (after hitting limit down once again today) have now officially entered bear-market territory

Inventory Situation Improves in June Compared to Start of 2013 The overall number of listings on Zillow was down 12.2 percent year-over-year at the start of June, an improvement from the 17.5 percent shortfall recorded in Januaryin other words, Zillow explained, the inventory of for-sale homes has improved 5.3 percentage points year-to-date (controlling for seasonality).

Homeowner/Foreclosure Legal Q&A

How can I request notarized original mortgage note? >>>> How realistic is it to protect assets from future foreclosure deficiency judgments? What should I do? >>>> Options to avoid foreclosure or judgments >>>> Sold property in 2006 and deeded the property over to the buyers. Now the bank is trying to foreclose on said property>>>>

Homeowner Resources
AARP: Housing Solutions Center >>>> New York: Homeowner Protection Program >>>> California Foreclosure Prevention Act >>>> CFPB: Supervision and Examination Manual Version 2.0>>>>

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