WEEKEND EDITION, SEPTEMBER 10 SEPTEMBER 14, 2012

MONDAY, SEPTEMBER 10, 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

With The Goal Of Keeping American Families In Their Homes; MRP Comment Letter To FHFA MRP strongly recommends that FHFA cooperate with state and local governments that use eminent domain to acquire mortgage loans from PLS trusts, and not take any action to impede their efforts.Eminent domain is an important and long-established constitutional mechanism that permits local governments to mitigate damage to their jurisdictions from loan defaults. Letter From AFSCME To FHFA Regarding "Use of Eminent Domain to Restructure Performing Loans" As the FHFA knows, as a matter of course and legal procedure, courts determine the constitutionality of condemnations under eminent domain powers, not federal agencies. The constitutionality of the use of eminent domain to purchase mortgage loans from private label securitization trusts, if challenged, will also be decided in courts. Letter From Americans for Financial Reform To FHFA Regarding Use of Eminent Domain to Restructure Performing Loans The actions under consideration by the FHFA are not specified in the request for comments. However, any effort by the FHFA to use its regulatory or market powers to interfere in a local government decision making with respect to private loans would represent a significant overreach of its powers.

Letter From The Center For Popular Democracy To FHFA Regarding "Use of Eminent Domain to Restructure Performing Loans" With relatively little help from the federal and state level, and no sign of resurgence in home values, local governments using their constitutional eminent domain powers to purchase these underwater mortgages and refinance them will ensure that Americans.

Letter From NCRC To FHFA Regarding "Use of Eminent Domain to Restructure Performing Loans" Yes, eminent domain is an extraordinary power. But there can be little doubt that, when it comes to the housing crisis, states, municipalities, and communities across the countly are facing extraordinary challenges. There is an urgent and immediate need to keep more families in their homes.

Letter From The National League Of Cities To FHFA Regarding "Use of Eminent Domain to Restructure Performing Loans" As an organization dedicated to helping city leaders build better communities, we view eminent domain as an indispensable local tool typically reserved for the most challenging problems such as preventing and reversing neighborhood decline. Any federal legislative or regulatory action that could impact local use of eminent domain is therefore a cause.

Getting Credit Flowing in our Communities with Public Banking In addition to the foreclosure solution described here, there is another solution that counties could also put in place, that could provide the county and it residents with an even bigger solution set (especially related to the overall availability of credit for that countys constituents). That solution is one that currently benefits the financial elite (the 1%), only in this case it can be directed to the benefit our communities (the 99%).

VOTER'S BEWARE! Property rights group endorses Ramos for Supervisor FGG EDITORS NOTE: Does the California Alliance to Protect Private Property Rights understand that eminent domain will be used to ensure that the homeowner remains the property owner? Homeowners, citizens, taxpayers, advocates and the Occupy Movement PLEASE VIGOROUSLY OPPOSE mortgage banking industry attempts to control the San Bernardino County. ---------In a news release, the group said Ramos' election to the board is essential to "curbing eminent domain abuse and stopping San Bernardino County from employing an untested and unconstitutional use of eminent domain before it becomes a national trend.".
>>>>>>> Mortgage Seizure Via Eminent Domain For Community Stabilization Debate And News Updated Daily http://paper.li/EmDomainDebate/1342319964

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WEEKEND EDITION, SEPTEMBER 10 SEPTEMBER 14, 2012

TUESDAY, SEPTEMBER 11, 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

Niday v. GMAC Mortgage, LLC, Oregon Appeals Court Decision, Reversed And Remanded "A beneficiary that uses MERS to avoid publicly recording assignments of a trust deed cannot avail itself of a nonjudicial foreclosure process that requires that very thing--publicly recorded assignments. Reversed and remanded."

Lily Diaz Tries To Sell Home Only To Find Wells Fargo Foreclosed On It These days, the process of selling a home is hard enough. Now imagine selling one you thought you owned but did not. Thats what happened to Lily Diaz, a California woman who got two offers on her house, only to find that Wells Fargo had actually foreclosed on the home, according to CBS Los Angeles.

How Washingtons revolving door spins Officials routinely leave federal agencies, Congress and the White House to work for the industries they once supervised. While that path is well-trod and legal with some time restrictions it still provokes handwringing in Washington. Nazareths communications provide an inside look at what happens when the revolving door spins. Nazareth, 56, declined to discuss specific.

FAQ's: (Q) Doesn't eminent domain only apply to real estate? (A) As long as it is acting to further a public purpose, a local government may acquire any kind of loan including performing, delinquent or defaulted loans. A government may purchase underwater performing loans to further a number of purposes -- as years of crisis have proven, negative equity is the single greatest predictor of future default.

Foreclosure taints one in four home sales RealtyTrac, which monitors properties in foreclosure, said 23 percent of homes sold in the second quarter were either bank-owned or involved in the foreclosure process. While the housing market shows some signs of strength with prices rising, the percentage of home sales that include properties involved in foreclosure has risen from 22 percent in the first quarter.

Media Falling for Short Sale Foreclosure Fraud Settlement

Scam

in

Mortgage settlement with banks starts to ease foreclosure crisis [??] The nation's five largest banks are off to a good start on their promise to help ease the foreclosure crisis, providing nearly 140,000 struggling homeowners with a total of $10.6 billion in mortgage debt relief, according to a government report. But the banks have much more work to do to fulfill their requirements under a $25-billion.

So far, in a settlement thats over six months old, 7,093 people have seen a principal reduction on a first lien modification. Thats it. Sadly, none of this is stopping the press from running with the headline number of $10.6 billion in consumer relief, without explaining until much further down in the story that its practically all short sales.

Rising prices mean fewer Californians can afford houses Higher home prices offset record-low interest rates and lowered housing affordability throughout California in this year's second quarter, the California Association of Realtors said today.

Regulator streamlines foreclosure prevention program The regulator said this would make it easier for banks to quickly qualify eligible borrowers for a short sale, where a bank accepts less than the balance owed on the property. Mortgage servicers will be allowed to process a short sale faster.

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WEEKEND EDITION, SEPTEMBER 10 SEPTEMBER 14, 2012

WEDNESDAY, SEPTEMBER 12, 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

Foreclosure Crisis Opens and Closes a Treasure Trove of Parks She provides a hypothetical example, one that's become all too familiar. "You see that Bank A originally had a loan on the property and they foreclosed, or they went bankrupt, and then another umbrella entity bought that loan, and then somewhere down the line somebody had to foreclose on the property," says Wickersham. "You've got a chain of banks that you can barely track. She says the city has sometimes gone as far as hiring private investigators to try to track owners down.

Occupy Homes, Others Demand Foreclosure Action at Freddie Mac Chicago Headquarters Fannie Mae and Freddie Mac have gotten about $150 billion in taxpayer support to stay afloat since the financial crisis--so why do they continue to throw homeowners (and taxpayers) out of their homes? Today, activists with Occupy Homes, Right to the City, and other groups rallied at Freddie Mac's Chicago headquarterst to demand that.

House Without Mortgage Suffered Fargos Breaking and Entering Twice

Wells

Every time I bring up to officials in a position to do something about this that the possibility that the computer software at the major loan servicers is fatally flawed, they downplay it. But isnt that exactly what were seeing here? The home suffered a break-in on June 1. Wells apologized for the illegal breaking and entering, and then a couple months later, the same thing happened.

Whistle-blower tells of foreclosure fraud fight When the activist, who has taken her courageous fight to the biggest banking institutions in the country, makes this declaration, she does so not in shame or even fear. She holds her head high. It means something different now because the punch line of the story is that I woke up recently and there was $5 million in my bank account that I had gotten from being a whistle-blower.

Securitization Shouldnt Be the Governments Business As we should have learned from the 2008 financial crisis, the mass production of securitized credit enables reckless borrowing, shortchanges productive businesses and destabilizes banks. It has been nourished by regulation, not its inherent economic advantages. Yet officials in Washington continue to favor this top-down misdirection of credit.

Quelle Surprise! Banks Getting Credit for What They Would Have Done Anyhow in Mortgage Settlement But the distressing part is the way the settlement is playing out according to script. We argued that rather than either remedy the abuses that occurred during the crisis or provide meaningful restitution to wronged borrowers and investors, the settlement was really yet another bailout

Still No Justice for Mortgage Abuses It has been six months since the big banks settled with state and federal officials over evidence of widespread foreclosure fraud, promising to provide $25 billion in mortgage relief in exchange for not being sued over past foreclosure abuses. At the time, it looked like a sweet deal for the banks. The fines were paltry compared with the damage done to homeowners and the economy

Survey says: Fewer affordable homes Nearly 74% of the new and existing homes sold in the three months ended June 30 were affordable to families who earn the national median income of $65,000, according to the National Association of Home Builders (NAHB) and Wells Fargo.. ..

Customer Satisfaction with Companies Falls to New Low

Real

Estate

There are some things we tend to take as fundamental truths. Nowadays, people may add to their roster the idea that home buyers and sellers seem to downright dislike their real estate companies.

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WEEKEND EDITION, SEPTEMBER 10 SEPTEMBER 14, 2012

THURSDAY, SEPTEMBER 13, 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

Foreclosure Fail: Study Pins Blame on Big Banks Over the past several years, we've reported extensively on the big banks' foreclosure failings. As a result of banks' disorganization and understaffing particularly at the peak of the crisis in 2009 and 2010 homeowners were often forced to run a gauntlet of confusion, delays, and errors when seeking a mortgage modification.

A Radical Solution to Rein in Rabid Banks and Save People's Homes From Foreclosure Theoretically, everyone wins: The county would have fewer foreclosures, the banks are more likely to get their loans repaid, the homeowners stay in their homes, and the middlemen Mortgage Resolution Partners turn a profit. Eminent domain gives the government the right to seize private property--both physical and intangible--under two conditions

Main St Matters: Foreclosure Resources Foreclosures stand at the center of our nation's economic problems and the topic is omnipresent. One of the main problems with foreclosures is that the root elements exist largely at the national level, i.e., Wall Street (MERS et al.) or Congress (HAMP et al.). But the rest of the nation need not feel helpless. Much can be done at the local level about local foreclosures (and the related problem of underwater mortgages).

Mortgage registry cleaned up its act [??] chief says Until the foreclosure crisis, most people had never heard of the Mortgage Electronic Registry Systems, or MERS. Then MERS surfaced amid accusations that it was a key villain in the loan crisis. Critics maintained it operated an electronic smokescreen to shield lenders from the borrowers, while helping banks cut corners on foreclosures..

Gavin Newsom: Eminent Domain 'Threats' Should Be Investigated By Justice Department California Lieutenant Governor Gavin Newsom says he wants the U.S Department of Justice to investigate "threats" against local communities considering using eminent domain to seize and restructure poorly performing mortgages to benefit cash-strapped homeowners. Newsom sent a letter on Monday to U.S. Attorney General Eric Holder asking federal prosecutors.

Fannie Mae hides the buyer of bulk sale of Phoenix foreclosures In February, Fannie Mae announced it would auction 2,490 foreclosure homes in Phoenix, Atlanta, Chicago, Florida, Los Angeles and Las Vegas. It was the first time the governmentowned mortgage firm agreed to openly sell groups of foreclosure houses located in just one metro area.

N.Y. Second Circuit Court wont rule on Oneida Indian Nation reservation status in foreclosure case One decision is left to be made in the foreclosure case between the Oneida Indian Nation and Madison and Oneida counties in federal courts. And the Second Circuit Court of Appeals ruled last week that it wont do it. In a decision dated Aug. 16, the Second Circuit said it wouldnt rehear.

State warns Latinos of foreclosure scams The California Department of Real Estate has issued a consumer alert to help Spanishspeaking consumers avoid home foreclosure rescue scams. The department said it issued the alert in response to numerous cases that involve scammers targeting non-English-speaking, Latino homeowners.

How AirBNB helps users save their homes from foreclosure Last year Debra Giusti left her job as an IT project manager to help care for her 91 year-old mother, who was suffering from advanced Alzheimer's disease and a broken pelvis. But when she tried returning to the workforce, Gusti couldn't find any takers. Meanwhile, the mortgage payments kept coming due on her 3-bedroom home.

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WEEKEND EDITION, SEPTEMBER 10 SEPTEMBER 14, 2012

FRIDAY, SEPTEMBER 14, 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

Fannie Mae, Freddie Mac OK limited principal reduction in California In a rare victory for proponents of principal reduction, Fannie Mae and Freddie Mac said they will immediately allow their borrowers to participate in the Keep Your Home California program that use taxpayer funds to shrink the mortgages of troubled borrowers. California officials made a significant change to the program last year, The Times reported previously, dropping a requirement that banks match taxpayer funds when homeowners receive mortgage reductions through the program.

August Foreclosure Activity Spikes in Some States August was the first month that Illinois has ranked No. 1 since RealtyTrac began issuing its report in January 2005. Twenty states registered year-over-year increases in foreclosure activity, led by judicial foreclosure states such as New Jersey, New York, Maryland, Illinois and Pennsylvania.

Grand Jury Indicts 11 Linked To CA Mortgage Mod Scam As a result of the scheme allegedly run out of 21st Century Real Estate Investment Corp. and several related companies, more than 4,000 financially distressed homeowners lost at least $7 million in fees they paid to the company, and many homeowners lost their homes to foreclosure.

National Mortgage Servicing Progress Report: Little to Show

Settlement

FHA May Waive Its 3-Year Foreclosure Waiting Period The FHA is contemplating new, looser mortgage guidelines that would waive its standard "waiting period" after a significant derogatory credit event. Home buyers with recent bankruptcy, foreclosure or short sale may be cleared to buy homes immediately. The Federal Housing Administration (FHA) is not a mortgage lender.

The official monitor for the mortgage servicing fraud settlement has put out a progress report on settlement implementation. It's a preliminary report that is not required of the monitor, so I don't want to be too critical, but I hope future reports are more informative. Most of the report consists of summarizing the settlement.

Changes to take foreclosure law

place

in

Maryland's

Lawmakers Approve $11.7 Million Plan From Attorney General To Help Homeowners In Foreclosure Crisis The program outlined for the Legislatures Interim Finance Committee (IFC) by Masto is proposed to be the first phase of a plan to use $57 million Nevada received from the countrys five largest banks as part of a national settlement over the mortgage crisis.

To speed up the time it now takes for vacant properties in foreclosure to be put up for sale, there will be a process where the lender can apply to the local government for a certificate to confirm that the property theyre foreclosing on is vacant, Murphy said. If thats the case, they can move in a more expedited fashion to file.

Fed Study: Only Direct Experience with Housing Crisis Affects Homeownership Attitudes The Federal Reserve Bank of Boston has released a Public Policy Discussion Paper by two of its economists titled Shifting Confidence in Homeownership: The Great Recession. The paper.sought answers to whether American attitudes toward homeownership had been affected by the sharp drop in home prices.

Consumer bureau wants to open a window on home appraisals The Consumer Financial Protection Bureau wants you to see the full appraisal report on the house you're buying or refinancing as early in the mortgage process as possible, and without your having to ask the lender for it. This means all the comparable properties the appraiser selected, adjustments for property condition or location, plus all additional data.

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