Archive for March, 2013

By March 17, 2013 0 Comments Read More →

Be Afraid: The Financial System Is At Greater Risk Than You Know

The financial system is at greater risk than we know, and that should scare us all. That is Gretchen Morgenson’s take on the shocking revelations this week that JP Morgan Chase routinely breached risk limits, hid critical information from regulators who looked the other way as the red flags piled up, and changed its pricing […]

Posted in: News and Events
By March 15, 2013 0 Comments Read More →

Ratings Agencies Refusing to Hand Out AAA Ratings Like Candy?

Ratings agencies, like Fitch, Moody’s and Standard & Poors, have come under fire for giving everything but my grandmother’s socks AAA bond ratings during the housing boom. During the bubble, banks could hand over a pile of cash and the ratings agency would hand over the highest rating, the quality of the underlying loans be […]

Posted in: News and Events
Are Radical Changes to the Law Upending Lenders’ Foreclosure Practices in Oregon?
By March 15, 2013 0 Comments Read More →

Are Radical Changes to the Law Upending Lenders’ Foreclosure Practices in Oregon?

One hates to draw attention to a silly argument for fear of making it seem credible. But silly arguments sometimes have a way of enchanting minds unshielded by facts or reason. Therefore, readers will forgive me for drawing attention to a guest column that ran this week in the Portland Business Journal. The column is […]

Posted in: Features
By March 14, 2013 0 Comments Read More →

Bill Grandfathering Property Tax Deferral for Some Seniors With Reverse Mortgages Passes Oregon House

The Oregonian reports that the Oregon House has passed HB 2489. The bill makes permanent an exemption that allows about 1500 low income and disabled seniors to continue participating in a state-funded property tax deferral program even if they have reverse mortgages. The reverse mortgage exemption applies only to those seniors who were participating in […]

Posted in: News and Events
By March 14, 2013 0 Comments Read More →

Oregon Foreclosure Rate Returning to Pre-Niday Levels

The Oregonian reports that monthly judicial foreclosure filings are close to the number of monthly nonjudicial foreclosure filings that existed prior to the Oregon Court of Appeals decision in Niday v. GMAC. Beginning in late 2011 and continuing through the months leading up to the Niday decision, many lenders began shifting from nonjudicial foreclosures to […]

Posted in: News and Events
Foreclosure Facilitation in the ULC’s Uniform Foreclosure Statute: How SB 558 Compares
By March 12, 2013 0 Comments Read More →

Foreclosure Facilitation in the ULC’s Uniform Foreclosure Statute: How SB 558 Compares

As previously reported, a committee of the Uniform Law Commission has been working on a uniform act to govern residential foreclosure procedures in both judicial and non-judicial foreclosure states. The uniform act, if approved by the ULC, could be adopted by individual states in whole or in part, creating some measure of uniformity across jurisdictions. […]

Posted in: Features
By March 11, 2013 0 Comments Read More →

LPS Illegally Charging Fees to Homeowners in Foreclosures Charges Oregon Sen. Ron Wyden

Oregon Senator Ron Wyden by letter to US Attorney General Eric Holder has requested an investigation into Lender Processing Services (LPS), a foreclosure service provider for the nation’s largest loan servicers. In response to a report from an Oregon industry insider, Wyden investigated claims that LPS may be illegally tacking on fees and charges that […]

Posted in: News and Events
By March 11, 2013 0 Comments Read More →

Housing Recovery Impeded By Servicers Telling Short Sellers to Default, Inaccurate Credit Report Coding

According to the executive director of the National Consumer Reporting Association, the housing recovery is being impeded by loan servicers who wrongly advise short sellers that they must default on their mortgage loans in violation of the new FHFA short sale policy. The problem is exacerbated by the fact that the three major credit reporting […]

Posted in: News and Events
By March 10, 2013 0 Comments Read More →

Big Banks Caught Foreclosing on Homeowners Not Even in Default, Service Members on Active Duty

The now much maligned Independent Foreclosure Review was canceled by regulators amid a tsunami of complaints from consumer advocates and whistleblower allegations from the paid reviewers alleging that the whole process was an expensive sham. The OCC has come under heavy fire for botching things from the outset and then trying to cover up what […]

Posted in: News and Events
By March 10, 2013 0 Comments Read More →

Wells Fargo Forecloses Despite Discovering Error, Elderly Homeowner Collapses and Dies in Court

Man pays property taxes six months in advance. Wells Fargo erroneously concludes that man is behind on taxes and doubles his mortgage, sending man into default. Man gets attorney. Wells Fargo admits its error but commences a foreclosure anyway. Man challenges foreclosure, but collapses and dies in court. But he’s just a deadbeat who stopped […]

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