Archive for April, 2013

By April 17, 2013 0 Comments Read More →

Judge Throws Out Judicial Foreclosure by Wells Fargo Against Elderly Oregon Woman Who Never Missed A Payment

ABC News today reported that Delores Dingman, an 80-year old Tualatin woman, finally won her 3-year long battle against Wells Fargo to save her home of 46 years. The problem for Wells Fargo: Dingman never missed a payment and Wells Fargo failed to prove otherwise. Dingman spent $12,000 in attorney fees and repeatedly tried to […]

Posted in: News and Events
Sexy Sells: A Brief Case Study in Reality vs. Reporting in the Foreclosure Crisis
By April 17, 2013 1 Comments Read More →

Sexy Sells: A Brief Case Study in Reality vs. Reporting in the Foreclosure Crisis

Bad news is sexy, and sexy sells. Reporting on the foreclosure crisis has been an exercise in generating sexy bad news from a complicated and sometimes boring topic. The story is often told in statistics, which as everyone knows are made up 76% of the time. And to get readers to click the link, the […]

Posted in: Features
Mortgage Servicers Fail To Timely Resolve or Report Tens of Thousands of Escalated Cases
By April 17, 2013 1 Comments Read More →

Mortgage Servicers Fail To Timely Resolve or Report Tens of Thousands of Escalated Cases

In late March, the Office of the Inspector General for FHFA, the agency that oversees Fannie Mae and Freddie Mac, issued a report on Freddie Mac’s oversight of mortgage loan servicers. In a nutshell, OIG found that servicers are failing to resolve escalated cases as required and Freddie Mac is failing to oversee those servicers. […]

Posted in: Features
By April 16, 2013 1 Comments Read More →

Oregon Foreclosure Mediation Bill SB 558 Passes the Senate 22-7-1

Minutes ago the Oregon Senate voted to pass SB 558, the foreclosure mediation bill, on a largely bipartisan vote. The final vote was 22 ayes, 7 nays, and 1 excused. All 7 no votes came from Republicans. Those voting against: Fred Girod (R-Stayton), Tim Knopp (R-Bend), Jeff Kruse (R-Roseburg), Chuck Thomsen (R-Hood River), Betsy Close […]

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By April 11, 2013 0 Comments Read More →

FHFA Extends HARP Another Two Years

Today FHFA announced that it is requiring Fannie and Freddie to extend the Home Affordable Refinance Program (HARP) until December 31, 2015. The program was set to expire at the end of this year. HARP allows homeowners Fannie or Freddie loans and little or no equity to refinance into low market rates. FHFA also announced […]

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By April 11, 2013 2 Comments Read More →

MERS Bank Bailout Bill SB 804 Amended, Will Move To Rules Pending Niday Decision

This afternoon the Senate Committee on General Government, Consumer and Small Business Protection moved the Dash 1 amendments to SB 804, the so-called Bank Bailout Bill. Pursuant to an agreement between the Democratic Chair, Senator Chip Shields, and the Republican Vice-Chair, Senator Larry George, the amendments strip out certain provisions of SB 804, including the […]

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By April 10, 2013 2 Comments Read More →

Zillow Reports That Home Price to Income Ratios in Portland Out of Whack

In 2006, people who believed there was a massive housing bubble about to burst were largely seen as kooks. Home prices had consistently skyrocketed for years, and when a broker offered you an exotic mortgage that only made sense if prices continued their upward climb, recent history made that offer seem reasonable. In hindsight, of […]

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By April 10, 2013 0 Comments Read More →

Bank of America, Citigroup, Chase and SunTrust Again Fail to Meet Fannie Mae Servicing Standards

Three years ago Fannie Mae launched the STAR Program. STAR stands for “Servicer Total Achievement and Rewards” and is designed to measure the performance of loan servicers, relative to their peers, in key areas like customer service and foreclosure prevention. While Fannie is too polite to call out those who consistently flunk the test, Fannie […]

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By April 10, 2013 0 Comments Read More →

Foreclosure Review Details Released: Regulators Disclose Millions of Wrongful Foreclosures

Federal regulators have released more detailed information about the homeowners who will be receiving mostly nominal payments of $300-500 from servicers who wrongfully commenced or completed foreclosures from 2009 to 2010. The disclosures are shocking. Servicers wrongfully foreclosed or charged illegal interest rates on more than 1600 service members in violation of federal law. Servicers […]

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By April 9, 2013 0 Comments Read More →

Public Hearing Set on MERS Bank Bailout Bill SB 804–April 10

The Senate Committee on General Government, Consumer and Small Business Protection has scheduled a public hearing and possible work session on SB 804, the Bankers’ Bailout Bill. The Bailout Bill contains a parade of horribles that go far beyond a so-called MERS fix, rolling back a host of consumer protections, retroactively blessing thousands of illegal […]

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