This Edition Of The ForeclosureGate Gazette Contains Active Links

WEEKEND DIGEST JUNE 18 JUNE 22, 2012

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS ForeclosureGate.org Is A Public Service Homeowner Coalition and Cooperative, Created To Exchange News And Information And To Advance Justice For American Homeowners

MONDAY JUNE 18
Federal Judge Agrees, Fannie Mae Foreclosure Could Violate U.S. Constitution Jenkinson argued that denying the Bocardos the right to contest the merits of their foreclosure after their redemption period would violate their due process rights under Article III of the U.S. Constitution. Judge Jonker agreed by stating, from my perspective, standing is an Article III jurisdictional issue. It deals with injury in fact first of all. Signs of the Pending Foreclosure Wave Emerge Foreclosure filings which include default notices, scheduled auctions, and bank repossessions soared 9 percent in May from the previous month, RealtyTrac reports. The pickup in foreclosures for the month marked the first monthly increase since January and had some in the housing industry saying that the foreclosure wave, as predicted, has finally made landfall.

2012

Appellant Gary T. Thorne, Foreclosure Here, Thornes motion for relief from judgment contained allegations of operative facts pertaining to the purported fraud in the form of the Stephan and Ugwuadu affidavits. Specifically, Thorne alleges that the affidavits in this case were signed by Stephan and Ugwuadu without personal knowledge of the facts therein in accordance with the policy.

Distressing Mortgage Conditions Though mortgage distress peaked in 2010, many areas of the country continue to struggle and some regions are getting worse, according to data presented by Federal Reserve Bank of St. Louis President James Bullard. We should expect and plan for slow adjustment in housing markets, Bullard said. The Fed official presented the following charts.

Tucson-area foreclosure filings up for last 4 mos. The "shadow inventory" of homes held up in the foreclosure process while lenders weathered the robo-signing scandal may be coming into the light. The number of foreclosure notices issued in the Tucson area has been rising for the past four months despite signs of a competitive housing market, rising home prices and reports that banks are more willing to negotiate short sales.

St. Ann Police Shoot Man Upset about Foreclosure St. Ann Police say they had to shoot a man who shot at them during a foreclosure eviction. St. Ann Police Chief Bob Schrader has known the man for years. The chief says the 51-year-old man was upset about losing his home to foreclosure. He was just so stubborn about it and I told him what his options were and what was going to happen , he said I dont care Im not comming out. Chief Schrader told KMOX.

SIGTARP, CFPB and Treasury Issue A Fraud Alert To Armed Services Re Mortgage Mod Scams The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), the Consumer Financial Protection Bureau (CFPB), and the U.S. Department of the Treasury (Treasury) today issued a fraud alert to the Armed Services community to combat scams targeted at homeowners seeking to apply for mortgage assistance.

Senator Lee forced to sell dream home in short sale Less than two years into office, Sen. Mike Lee was forced to sell his dream home in Alpine with his mortgage bank taking a significant loss up to $400,000 in a "short sale" as the housing bust in his neighborhood drained his houses value. Lee purchased the home for around $1.1 million in January 2008, at the height of the housing boom and when he was working as a private practice lawyer.

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This Edition Of The ForeclosureGate Gazette Contains Active Links

WEEKEND DIGEST JUNE 18 JUNE 22, 2012

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS ForeclosureGate.org Is A Public Service Homeowner Coalition and Cooperative, Created To Exchange News And Information And To Advance Justice For American Homeowners

TUESDAY JUNE 19
Homeowners and Homeowner Advocacy Groups Please Work Hard To Implement Similar Programs In All States Students at the University of California, Irvine School of Law will serve as watchdogs over a major California foreclosure settlement with five banks as part of a new law clinic. Students will work alongside attorneys to ensure that the banks fulfill their obligations, including avoiding certain foreclosures and ending deceptive practices including the so-called "robo-signings" of mortgages. Judging De Minimis: Does the Judge in Your Foreclosure Case Own Stock in the Bank Foreclosing on You? Hawaii attorney Gary Dubin, discovered a seriously conflicted situation with more than an appearance of impropriety and asked that the Judge, Honorable Bert I. Ayabe, recuse himself from the case because ofstock investments in Bank of Hawaii, campaign donations to a U.S. senatorial candidate

2012

Chucks Story; Fannies Fraud One of the most shameful aspects of the foreclosure travesty occurring in this country is the fact that every day banks acting as servicers of loans owned by Fannie Mae and Freddie Mac, entities now owned by the federal government, flagrantly violate the rules governing the servicers conduct meant to keep people in their homes.

Sex and Drugs: No, Obama Wont Prosecute the Fat Cats Below I give the details, but heres the takeaway: the Obama Justice Department, led by star white collar criminal defense attorneys Eric Holder and Lanny Breuerand the Obama SEC, led by former securities industrys self-regulator Mary Shapiro and Deutsche Bank CDO lawyer Robert Khuzami, ignored the business records of a Wall Street madam that document.

Few Homeowners See Benefit From National Mortgage Settlement, Three Months Later If 76-year-old Gloria Schrager lives to be 100, she will get the worst birthday present ever: a bill from JPMorgan Chase for $199,052. Schrager was behind on her mortgage payments and in danger of losing her Orlando home to foreclosure when she accepted a modification plan from Chase that made her monthly payments much more affordable.

Assemblyman Mike Davis Urges Passage of Homeowners Bill of Rights The numbers substantiate complaints by housing advocates that it is too easy for lenders to foreclose on Californian homeowners. California is a non-judicial foreclosure state, meaning a judge does not sign off on the foreclosure process, and there is little penalty for breaking the law, including for so-called robo-signing and for.

Connecticut mother-daughter die in murdersuicide A middle-aged woman killed her elderly mother with a double-barreled shotgun and then took her own life inside their foreclosed Long Ridge Road home, Stamford police said. Officers found their bodies just after 1 p.m. Friday while checking on the mother and daughter who lived at 1214 Long Ridge Road following reports from concerned neighbors.

Operator of NY-Based, National Mortgage Mod Scam Convicted of Fraud Isaak Khafizov, a former owner of American Home Recovery (AHR), a mortgage loan modification business, was found guilty yesterday in Manhattan federal court of conspiracy, mail fraud, and wire fraud in connection with a scheme to defraud distressed homeowners and lenders.

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This Edition Of The ForeclosureGate Gazette Contains Active Links

WEEKEND DIGEST JUNE 18 JUNE 22, 2012

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS ForeclosureGate.org Is A Public Service Homeowner Coalition and Cooperative, Created To Exchange News And Information And To Advance Justice For American Homeowners

WEDNESDAY JUNE 20
The Ongoing Impact of Foreclosures on Children Five years into the foreclosure crisis, many American families with children continue to lose their homes through foreclosure. An estimated 2.3 million children in single-family homes have already lost their homes to foreclosure, and even more 3.0 million children are at serious risk of losing their homes in the future. Charting the Cozy Connections between JP Morgan and the Senate Banking Committee But through campaign contributions and wellconnected staff, JP Morgan appears to have already taken its own accounting of the Banking committee. Heres a picture of connections between the company and the committee: One current staffer on the Senate banking committee, Dwight Fettig, is a former lobbyist for JP Morgan.

2012

New foreclosure starts in California ticked up in May The number of notices of default was up 4.4% from April, but down 5.2% from May 2011, according to the Foreclosure Radar website. Notices of default are the first formal stage of the foreclosure process in California, which does not require a court order for a home to be foreclosed on.

U.S. Agency to Sell Off Loans to Stem Foreclosures In a move intended to prevent foreclosure for thousands of homeowners and shed some seriously delinquent home loans, the Federal Housing Administration will sell off distressed mortgages in bulk, the housing secretary said Friday.

How Chief Justice John Roberts orchestrated the Citizens United decision When Citizens United v. Federal Election Commission was first argued before the Supreme Court, on March 24, 2009, it seemed like a case of modest importance. The issue before the Justices was a narrow one. The McCain-Feingold campaign-finance law prohibited corporations from running television commercials for or against Presidential candidates for thirty days before primaries.

New York Investigates Insurer Payments to Banks New York State regulators are investigating whether banks received improper payments from two insurance companies that write policies for financially troubled homeowners, as part of their examination of the unusual web of business relationships between the companies. The two insurers, Assurant and QBE Insurance, control about 90 percent of the market for coverage known as force-placed insurance.

"much of the global financial sector has become criminalized" Bernard L Madoff ran the biggest Ponzi scheme in history, operating it for 30 years and causing cash losses of $19.5bn. Shortly after the scheme collapsed and Madoff confessed in 2008, evidence began to surface that for years, major banks had suspected he was a fraud.

The 1 Percent Is Buying Up All Of The Low End Real Estate Long time real estate pros in Southern California are seeing a phenomenon they have never seen before. The 1 percent is buying up all the low end SoCal real estate! This was reported by the LA Times. Meantime, Tom Lee was on Bloomberg on 5/21/2012 pumping the housing market. Like a good soldier of the 1 percent.

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This Edition Of The ForeclosureGate Gazette Contains Active Links

WEEKEND DIGEST JUNE 18 JUNE 22, 2012

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS ForeclosureGate.org Is A Public Service Homeowner Coalition and Cooperative, Created To Exchange News And Information And To Advance Justice For American Homeowners

THURSDAY JUNE 21
Fannie And Freddie Fail On Oversight of Foreclosure Contractors Fannie Mae and Freddie Mac failed to keep tabs on thousands of contractors hired to manage more than 1 million foreclosed homes, possibly exposing the mortgage giants to double billing or charging for work that was never done, according to an alarming Federal Housing Finance Agency report. Problems identified in the report, issued by the FHFA's inspector Markell/Biden plan aimed homeowners facing foreclosure at helping

2012

Governor Markell and Attorney General Biden Monday unveiled a plan to use Delaware's share of the national mortgage foreclosure settlement to help Delawareans facing foreclosures. The plan allocates 4 million dollars from the nearly 12 million dollars paid directly to the state to help homeowners renegotiate financial arrangements with banks . Wells Fargo Takes Revenge on Blog for Posting How Banks Improper Foreclosure Led to a Suicide It appears Wells Fargo is not happy about bad press about how it has blood on its hands and is not above taking petty revenge. Even though some major sites like Barry Ritholtzs The Big Picture have publicized the San Francisco banks petty and possibly illegal treatment of mortgage blog ML Implode-o-Meter, casual readers may miss the real scandal.

Lisa Epstein Files for Palm Beach County Clerk of Court After Intimidation Campaign By Incumbent Lisa officially filed and qualified for the August 14 primary election last week. Shell face longtime incumbent Sharon Bock, who Lisa believes has done basically nothing to leverage her power to fight fraudulent document assignments and tax evasion by the big banks, as other registers of deeds or clerks of court have done.

Investors See Gold Rush in Foreclosure-toRental Properties A San Francisco-based company that buys foreclosed homes and rents them out is finding that the stampede of private cash into the nascent single-family rental sector is changing its business plan: its already cashing out. Landsmith buys foreclosed homes either in courthouse auctions or through normal retail listings. Its plan is still to hold onto the homes for five years or so.

House Prices Not at Bottom in Regional Markets, Regulator Says U.S. house prices havent yet bottomed out in regional markets clogged by the slow handling of foreclosures, according to Martin Pfinsgraff, a deputy comptroller at the Office of the Comptroller of the Currency. It does not appear that we have yet hit bottom in the pricing of housing stock in many regional markets and the issues attendant to resolution of foreclosure processing have delayed market clearing.

Court-bound housing meltdown is stark at Plumas Lake At the height of the housing bubble, Plumas Lake seemed like a good deal to buyers willing to trade a long commute for a big house. Sales were brisk for a while in the sprawling subdivision about 40 minutes north of Sacramento on Highway70 in rural Yuba County. Today, the equation is much different.

Sacramento Real Estate Agent Found Guilty of 13 Counts of Mortgage Fraud United States Attorney Benjamin B. Wagner announced that a federal jury found Behrooz Badie, 53, of Sacramento, guilty of 13 counts of mail fraud following a six-day mortgage fraud trial before United States District Judge Edward J. Garcia. Badie was the buyers real estate agent for the purchase of 16 residential properties by four straw buyers.

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This Edition Of The ForeclosureGate Gazette Contains Active Links

WEEKEND DIGEST JUNE 18 JUNE 22, 2012

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS ForeclosureGate.org Is A Public Service Homeowner Coalition and Cooperative, Created To Exchange News And Information And To Advance Justice For American Homeowners

FRIDAY JUNE 22
Financial Remediation Framework The Office of the Comptroller of the Currency (OCC) and the Board of Governors of the Federal Reserve System (FRB) have developed the financial remediation framework (the Framework) to provide examples of situations where compensation or other remediation is required for financial injury due to servicer errors, misrepresentations, or other deficiencies. Occupy Homes Wins Crucial Victories for Struggling Homeowners Against Big Banks At the Netroots Nation conference in Providence, RI, I was catching up with Nick Espinosa, a promising young grassroots organizer from Minneapolis. For the past several months, Nick has been working with Occupy Homes Minnesota, one node in a growing network of homeowners, housing justice activists. Troubled homeowners may be getting some much-needed assistance Troubled homeowners may be getting some much-needed assistance in the form of new legislation from Beacon Hill. Last week, the State Senate passed a bill which aims to reduce the amount and severity of foreclosures in the Massachusetts.

2012

Consumer Bureau Says It Resolved 4 of Every 5 Complaints In its first 10 months on the job, the Consumer Financial Protection Bureau has been able to resolve roughly four out of every five consumer complaints to the apparent satisfaction of the consumer involved, according to statistics released by the bureau on Tuesday.

Banks can garnish wages after foreclosure Q: Several years ago, I lost my house in a foreclosure. Last week, my employer informed me that my wages were being garnished. I looked into it and found out that the lender on the foreclosure got a deficiency judgment against me. What can I do? Sam.

STUDY: Watching Only Fox News Makes You Less Informed Than Watching No News At All Media outlets such as Fox News and MSNBC have a negative impact on peoples current events knowledge while NPR and Sunday morning political talk shows are the most informative sources of news, according to Fairleigh Dickinson Universitys newest PublicMind survey. Researchers asked 1,185 random nationwide respondents what news sources they had consumed in the past week.

Foreclosure Review Program Is Encouraged By Fed In New Video To steer homeowners toward a little-used foreclosure review program, the government is harnessing the power of YouTube. The Federal Reserve released a video Wednesday encouraging people to check out the Independent Foreclosure Review, a resource for borrowers who were in foreclosure in 2009 or 2010 and who believe there may have been errors in the handling of their case.

A Law Shielded Many Texans When the Housing Bubble Burst ARE government-imposed limits on borrowing a good thing? It appears that they have worked wonders in Texas. Statistics compiled by the National Association of Realtors indicate that in only two of the 20 largest metropolitan areas in the United States have the median prices of homes sold returned to 2006 levels Houston and Dallas.

Hope and Frustration in New U.S. Effort to Help Homeowners As mortgage rates have hit one record low after another, millions of homeowners have been forced to watch, longingly, from the sidelines. They havent had the option of refinancing because sliding home values pushed their mortgages underwater, meaning they owe more than their homes are worth. The banks would just not work with them.

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