Default, Foreclosure and the impact on physical and mental health function

Certainly, the Obama administration didn’t see or care about any studies – nor has Congress. It’s about time they stop using the American citizens as their petty cash machine. FREE the GSEs!

Livinglies's Weblog

By K.K. MacKinstry/LendingLies Blog

Neuroscientists have concluded that chronic stress and cortisol damage the brain.  Although there are no formal studies to date on the health ramifications of default, prolonged litigation, and post-foreclosure trauma, it would be safe to conclude that people who are exposed to chronic stress over an extended period of time are prone to mental issues like anxiety and mood disorders as well as physical illnesses.  The most common mental disorders in protracted litigation are post-traumatic stress disorder, anxiety and depression that unfortunately result in altered brain structure and chemistry.

The majority of people who sue their servicer will face a hostile judiciary and an intimidating legal system with procedural obstacles at every turn.  The homeowner will exist in an unresolved state of existence for years or decades and are thus prone to both mental and physical health consequences.

I have been fighting a servicer for 14…

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CitiFinancial, CitiMortgage To Pay $28.8M Over Mortgage Servicing Issues

Most homeowners could have kept their homes had Obamacare not needed to be funded by the GSEs. Sick, yeah? Sad.

Livinglies's Weblog

Millions of consumers lost their homes when the housing market bubble burst. But federal regulators say some of those people may have been able to stay in their homes had mortgage lenders fulfilled their requirements. To that end, the Consumer Financial Protection Bureau has ordered two Citigroup subsidiaries to pay $28.8 million to resolve allegations that some of its mortgage units harmed home borrowers. 

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Spain probes ex-HSBC executives over money laundering

Justice League

(AFP) A Spanish court is probing seven former executives of HSBC’s private Swiss bank on suspicion of money laundering following an investigation of documents in the “Swissleaks” scandal on bank-supported tax evasion, legal sources said on Thursday.

In an order dated January but not published until now, the National High Court named seven persons under suspicion of “persistent money laundering and criminal association” who in 2006 and 2007 held senior positions at the Swiss subsidiary of HSBC.

They include former chairman of the board Peter Widmer and former CEOs Christopher Meares and Clive Bannister.

The investigation, which began in May 2016, is based on the “Falciani list”, a cache of files listing unreported accounts of customers of the Swiss subsidiary of HSBC which was stolen in 2008 by former employee Herve Falciani.

Read on.

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H.R. 1694 Passes: Fannie and Freddie Open Records Act of 2017

Oh boy!

Livinglies's Weblog

Homeowners start preparing your Fannie and Freddie FOIA requests.  A brief window to submit your request may occur prior to the GSEs being privatized again.

Last week H.R. 1694  passed in the House of Representatives.

This bill will make Fannie Mae and Freddie Mac subject to the requirements of the Freedom of Information Act, which would make their records available to the public on request.

The Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) are government-sponsored enterprises (private corporations with federal charters that confer special privileges) that buy mortgages from lenders and either hold those mortgages in their portfolios or package the loans into mortgage-backed securities that may be sold.

To stabilize the housing market in the aftershock of the financial crisis, the Federal Housing Finance Agency (FHFA) used its authority in 2008 to place Fannie Mae and Freddie Mac into its conservatorship…

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Massachusetts sues Ocwen for “abusive” mortgage servicing practices

Justice League

Ocwen fought back against Massachusetts’ regulations, asking a court to restrain the state’s cease and desist order because it would “cause significant harm” to its customers in the state.

But, the Division of Banks isn’t the only Massachusetts governmental entity that is now targeting Ocwen.

Recently, Massachusetts Attorney General Maura Healey announced that the state is suing Ocwen for widespread “abusive” mortgage servicing practices.

According to Healey’s office, Massachusetts’ lawsuit claims that Ocwen charged homeowners in the state for “unnecessary and expensive force-placed insurance policies, imposed excessive fees on delinquent borrowers, and failed to properly process escrow and insurance payments.”

Massachusetts’ complaint also claims that Ocwen failed to respond to borrower disputes about their accounts and to correct account errors.

Healey’s office alleges that Ocwen’s “servicing failures” increased Massachusetts’ borrowers’ mortgage and insurance payments, put borrowers at risk via lapses in insurance, and pushed borrowers into delinquency and foreclosure.

According…

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The city of Philadelphia just gave Wells Fargo its walking papers

Whoa! Hold them horses!

Justice League

  • Wells Fargo has lost the contract it held for Philadelphia’s $2 billion payroll account.
  • The bank’s public standing continues to suffer even as it has sought to correct problems tied to the fake-account scandal.

Efforts by Wells Fargo to move beyond its bogus accounts scandal have been set back by the loss of a big government contract.

The Philadelphia City Council voted Monday to change handlers of its $2 billion payroll account, according to published reports. Instead of continuing the arrangement with Wells, the city chose to hire Citizens Bank for the next fiscal year starting in July.

Read on.

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Mnuchin: GSEs Won’t Stay ‘As-is’ for Long

Let’s tell the rest of the story. While President Obama was saving his “legacy” by sweeping GSE profits – he was Making America Homeless. http://www.audio.deadlyclear.com/foreclosurehour04302017.mp3

Livinglies's Weblog

  http://www.themreport.com/daily-dose/05-01-2017/mnuchin-gses-wont-stay-long

Fannie Mae and Freddie Mac should prepare for change—and sooner rather than later. According to Steven Mnuchin, the Trump administration won’t keep the status quo for long.

Mnuchin discussed the GSEs and housing reform in general as part of an interview with reporter Maria Bartiromo on Fox Business’ “Mornings with Maria” on Monday. Though he didn’t go into too much detail, he did say that privatizing the two Enterprises wasn’t necessarily the plan.

“I haven’t said they’d be privatized,” Mnuchin said. “What I have said is I’m committed to housing reform. We’re committed to not leaving them as-is for the next four years.”

The main goal of reforming the system? Mnuchin said its to keep housing affordable without putting American taxpayers in harm’s way.

“We want to make sure that there is ample credit for housing,” Mnuchin told Bartiromo. “It’s a very, very important…

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Finally! Kentucky Law Journal Article Cites Accountability for Lawyers Who Wrote Securitization Documents

Livinglies's Weblog

Back at the beginning of creating the false pyramid of “Securitization” 9 lawyers in the New York metropolitan area resigned rather than contribute to drafting securitization documents. They all agreed that what was being requested of them was the drafting of documents to cover up a criminal enterprise. This article spells out part of the problem.

Get a consult! 202-838-6345
https://www.vcita.com/v/lendinglies to schedule CONSULT, leave message or make payments.
THIS ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.
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Hat tip to Bill Paatalo
The issue of attorney accountability for illegal or even criminal activities of their clients is as old as organized crime. The more money there is to be made, the more willing the lawyers are willing to rationalize their involvement. But when their conduct actually enables or promotes illegal…

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Maryland also banned Ocwen from operating in the state.

Justice League

Housingwire:

Maryland’s action, taken by the state’s Commissioner of Financial Regulation, is, in the words of a HousingWire tipster, a “doozy.”

Maryland’s cease-and-desist order, which can be read in full here, presents a laundry list of Ocwen’s supposed failings, including the company’s “failure to cooperate” with examiners from the Multi-State Mortgage Committee, Ocwen’s alleged unlicensed servicing activity in Maryland, issues with the REALServicing platform that Ocwen uses (issues with REALServicing were also cited by the Consumer Financial Protection Bureau, which took its own action against Ocwen last week), various states’ enforcement actions against Ocwen, and a cavalcade of other issues.

Because of these issues, Maryland partially “summarily suspended” the mortgage lender licenses of Ocwen Mortgage Servicing, Ocwen Loan Servicing, Ocwen Financial Solutions Private Limited, Ocwen Business Solutions, Homeward Residential, Liberty Home Equity Solutions.

Under those suspensions, Ocwen and its related companies…

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GSE Bill would allow Homeowners to submit FOIAs to Fannie and Freddie while under Federal Conservatorship

Awesome! Sad thing is Fannie extinguishes files upon a “credit event.” We’ll need a PRESERVATION ORDER.

Livinglies's Weblog

By K.K. MacKinstry/LendingLies

Anyone who is trying to find out information about the trust ownership of their loan, knows that if Fannie Mae or Freddie Mac are involved- your research hits a stone wall.  Homeowners who have a mortgage not secured by the GSEs are better able to determine what trust their loan was allegedly assigned to.  The GSEs who operate as quasi-governmental agencies are still private companies but have been able to evade public disclosures by claiming to not be federal entities.

Under current law, the Freedom of Information Act does not apply to Fannie Mae and Freddie Mac because, while they are under federal conservatorship, they are not federal agencies.

The days of the GSEs hiding behind an ambiguous status may come to an end.   H.R. 1694 was introduced by Rep. Jason Chaffetz R-UT last week.     Under the proposed  bill, the GSEs would be required to accept…

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