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ForeclosureGate.org Is A Public Service Homeowner Coalition and Cooperative, Created To Exchange News And Information And To Advance Justice For American Homeowners

Michigan AG Schuette Files Criminal Charges Against Former DocX President for Role in Fraudulent Robo-Signing Michigan Attorney General Bill Schuette today announced he charged Lorraine Brown, former president of mortgage document processor DocX, with racketeering for her alleged role in authorizing the fraudulent signing of mortgage documents filed in Michigan. The felony charge comes as the result of an ongoing Attorney General investigation into questionable mortgage documentation filed with Michigan's Register of Deeds offices during the foreclosure crisis.

The Historical Origins of Americas Mortgage Laws U.S. states vary dramatically in their mortgage laws. The laws across states differ in the legal theory underlying the mortgage contract and in how they balance the rights of creditors with those of borrowers. Moreover, the differences across states arose relatively early in Americas history. In a popular 19th century American treatise on mortgage law, Jones observes:

Investors rush in to rent out foreclosures The foreclosed home on Kenmore Street in Aurora was an outdated, unkempt eyesore until crews arrived this fall, performing thousands of dollars of work to make it attractive and modern, inside and out. But it wasn't until workers walked across the street to ask for some water that neighbors Mario Cervantes and Oralia BalderasCervantes learned that a corporation, not a consumer.

A.C.L.U. Sues Morgan Stanley Over Mortgage Loans The American Civil Liberties Union is accusing Morgan Stanley of fueling the production of risky, expensive loans that targeted African-American borrowers. Morgan Stanley packaged the loans made by New Century and sold them to pension funds and other large investors.

Too Big to Fail Remains Very Real Prominent voices within the financial sector are increasingly insisting on one point: We have ended too big to fail. The idea is simple: through a combination of legislation (the Dodd-Frank legislation of 2010) and supportive regulation (particularly regarding how big banks would be handled in the event of liquidation), very.

The Oddest Revelation From the Bank of America Fraud Suit There is something very weird about the civil complaint the Justice Department filed this week against Bank of America Corp. (BAC) for allegedly defrauding Fannie Mae and Freddie Mac. Prosecutors are suing under a statute called the False Claims Act, which imposes liability on those who defraud the federal government. Curiously, the suit is seeking damages for acts that Countrywide Financial Corp. committed before Fannie and Freddie were seized by the government.

CA Real Estate Agent Pleads Guilty to $2M Ponzi Scheme A North Hills real estate agent and self-described investor pleaded guilty Monday to a federal charge stemming from a Ponzi scheme that conned dozens of victims out of at least $2 million. Celia Gallardo, 42, entered her plea to a single count of wire fraud in Los Angeles federal court and is expected to be sentenced on March 11. She was arrested in July by FBI agents and charged in a 16-count federal indictment with wire and mail fraud.

Family Home Saved from Foreclosure in Time for the Holidays Theres nothing better than spending the holidays at home with loved ones, however millions of homeowners this year are still at risk of foreclosure. According to data provided by RealtyTrac, 46% of all homes in the United States (almost 21 million homes) are underwater; this happens when the unpaid mortgage balance exceeds the value of the home. This trend, coupled with many families making less money or facing unemployment, has proven to be a dangerous combination. Thankfully, there are solutions and people are being helped!