Tag: national mortgage settlement

Where’s the Beef? The Disappointing Reality of the National Mortgage Settlement
By November 1, 2013 0 Comments Read More →

Where’s the Beef? The Disappointing Reality of the National Mortgage Settlement

In the 1980s, the Wendy’s fast food chain famously ran an ad campaign featuring a silver-haired lady exclaiming “Where’s the beef?” As the ads wryly suggested, competitors were all buns and no beef. Much the same can be said today of the National Mortgage Settlement. As the five participating servicers wind up their consumer relief […]

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National Mortgage Settlement Monitor Announces New Metrics to Test Servicer Noncompliance, Banks Promise To Do Better…Again
By October 3, 2013 0 Comments Read More →

National Mortgage Settlement Monitor Announces New Metrics to Test Servicer Noncompliance, Banks Promise To Do Better…Again

Let’s begin with a simple question. If Charles Manson promised to stop acting crazy, would you let him out or would you double-check the bolt on his cell door? This week mortgage industry headlines were abuzz as New York Attorney General Schneiderman announced a lawsuit against Wells Fargo for more than 210 violations of the […]

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By August 4, 2013 0 Comments Read More →

Chase Glitch Sends Oregon Widow Into Foreclosure

Widow fights MetLife for a year to get a modification. Widow makes the first of three trial payments. MetLife transfers servicing to JPMorgan Chase. Widow makes the next two payments. Chase tells her the permanent loan modification documents are in the works and to stop making trial payments. But thanks to a “glitch” on Chase’s […]

Posted in: News and Events
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 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 […]

Posted in: News and Events
By January 25, 2013 0 Comments Read More →

Foreclosure Starts Remain Low Due to National Mortgage Settlement

Lender Processing Services (LPS) has released its latest monthly report on mortgage and foreclosure activity based on a review of loan-level data covering 70% of all mortgages in the US. The report shows that foreclosure starts have dropped sharply nationwide and remain low due to the National Mortgage Settlement. As a result of the drop […]

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By January 15, 2013 0 Comments Read More →

Massachusetts Charges That Big Five Banks Are Still Filing Robosigned Affidavits

The National Mortgage Settlement was supposed to put an end to the illegal practice of robosigning false affidavits used to foreclose on homeowners. But a watchdog group in Massachusetts reviewed affidavits filed after the settlement and discovered at least 200 that did not comply with the new standards. The National Settlement Monitor, Joseph Smith, released […]

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Will a Flood of Foreclosures Drown Oregon’s Burgeoning Housing Recovery?
By December 28, 2012 1 Comments Read More →

Will a Flood of Foreclosures Drown Oregon’s Burgeoning Housing Recovery?

Just before Christmas, the Oregonian ran a story on foreclosure issues that the Legislature will face next session. The article claims that “a big wave of new foreclosures . . . which didn’t materialize in full force after last summer’s new regulations” “can’t be avoided forever” and “threatens to prolong the foreclosure crisis and hurt […]

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By December 5, 2012 0 Comments Read More →

National Mortgage Settlement Causes Temporary Decrease in Foreclosure Starts

Lender Processing Services reported today that foreclosure starts nationwide are down 21.9 percent in October thanks to the national mortgage settlement. LPS believes that the slowdown is temporary and does not indicate a long term trend. Unfortunately, the number of loans in default remains high. Nationwide 5.3 million loans are at least 30 days delinquent […]

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By November 21, 2012 2 Comments Read More →

Architect of Robosigning Pleads Guilty to Fraud

Lorraine Brown, former president of the now infamous robosigning operation DocX, has agreed to plead guilty to conspiring to commit mail and wire fraud. The plea agreement details how, from 2003 to 2009, Brown instructed employees to knowingly sign and notarize false affidavits and mortgage assignments to help servicers push foreclosures through the system. As […]

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