Tag: foreclosure

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 […]

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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 […]

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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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By March 10, 2013 0 Comments Read More →

Bankers, Consumer Advocates Clash Over Adding a Bank Bailout to the Foreclosure Mediation Bill

The Statesman Journal reported today on the clash between consumer advocates and the Oregon Bankers Association surrounding SB 558, a pending bill designed to close a gaping loophole that has allowed banks to avoid foreclosure mediation since the program launched last July. The OBA intends to offer amendments that would severely limit homeowner participation in […]

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An Overview of SB 558 Oregon’s Foreclosure Mediation Bill
By March 7, 2013 12 Comments Read More →

An Overview of SB 558 Oregon’s Foreclosure Mediation Bill

On February 27, a bipartisan panel of legislators and the Attorney General of Oregon testified in favor of SB 558, a comprehensive pre-foreclosure mediation bill now pending in the Senate. The bill was co-sponsored by Senators Brian Boquist (R), Lee Beyer (D), Diane Rosenbaum (D), and Alan Bates (D), to close a gaping loophole that […]

Posted in: Features
Bankers’ Bailout Bill SB 804 Arrives in Oregon
By March 7, 2013 7 Comments Read More →

Bankers’ Bailout Bill SB 804 Arrives in Oregon

The Oregon Bankers Association has unleashed the wrath of God on unwary homeowners, taking a chainsaw to the fifty-plus year old Oregon Trust Deed Act to eliminate a host of consumer protections and to tip the scales so far in the banks’ favor that any illusion of balance is wiped away. The chainsaw is SB […]

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By March 7, 2013 1 Comments Read More →

Wells Fargo Whistleblower Describes Massive In-House Document Altering Operation

Naked Capitalism apparently has moved on from its expose on Bank of America’s questionable practices and is now taking aim at Wells Fargo. The popular blog today reports that a whistleblower is alleging that Wells Fargo has been doctoring documents in house for over fifteen months for borrowers who are targeted for foreclosure. It was […]

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By February 21, 2013 0 Comments Read More →

Oregonian: Foreclosure Mediation Can Work, Urges Quick Passage

Today the Oregonian urged legislators to quickly pass SB 558, a bipartisan foreclosure mediation fix bill, noting that “every day legislation languishes in committee delays relief for homeowners who are struggling to stay in their homes as the housing market and economy slowly recover.” As the editorial notes, two of the lenders who together have […]

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Rebutting the Myth of the Deadbeat Debtor
By February 20, 2013 2 Comments Read More →

Rebutting the Myth of the Deadbeat Debtor

Find any media story on the foreclosure crisis, scroll down to the comment section, and start reading. You soon will discover the man on the street, who believes that behind every foreclosure is a deadbeat looking for a free ride. I call that the “deadbeat debtor” argument, and it’s baseless. By the time many homeowners […]

Posted in: Features
By February 18, 2013 0 Comments Read More →

The Second Mortgage Shell Game and Other Failings of the National Mortgage Settlement

Curious how the National Settlement Mortgage is playing out in the real world? Check out the thoughtful op-ed that ran today in the New York Times about the second mortgage “shell game” that lenders are playing. In short, while the settlement promised principal forgiveness and loan modifications for troubled borrowers, lenders instead have focused on […]

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