Video deposition testimony of an alleged Robo-signer
This brief video illustrates the wide spread abuses of the banks and the foreclosure institutions signing affidavits, notices of default, assignments of deed of trust, substitutions of trustees and trustees sales. Because Nevada is not a judicial foreclosure state, many illegal practices such as those admitted to in the attached video, occur without restriction or […]
Finally, a Lender Admits to Fraud in U.S. Financial Meltdown
A Justice Department Press Release reports that Desiree Brown, the former treasurer of a private mortgage lending company, Taylor, Bean & Whitaker (TBW), pleaded guilty to conspiring to commit bank, wire and securities fraud for her role in a more than $1.9 billion fraud scheme that contributed to the failures of Colonial Bank and TBW. […]
How can the Servicemembers Civil Relief Act help with home loans?
Change is coming to the Home Affordable Foreclosure Alternative Program
Pursuant to the new guidelines released December 28, 2010, servicers are expected to put into place the revised guidelines on or before February 1, 2011. As a part of the updated guidelines servicers are now required to complete and send a Short Sale Agreement (SSA) to the borrower within 30 calendar days from the date […]
Homeowners Given False Hope
Following the purchase of a property, whether it is your home or an investment, an owner would like to believe that the property will increase in value over time. The past few years have shown quite the opposite trend and most Nevadan’s are aware of the decrease in the value of their home or investment […]
Principles of principal: Should banks cut mortgages?
Should lenders be forced to reduce the principal amount owed on home mortgages that are “underwater”? The proposition probably would win the vote of homeowners in Nevada, because CoreLogic, a Santa Ana, Calif.-based analysis company, calculates that two-thirds of homeowners in the Silver State owe more than their home is worth — the highest percentage in […]
U.S. Homes Set to Lose $1.7 Trillion in Value During 2010
Homes in the United States are expected to lose more than $1.7 trillion in value during 2010, which is 63% more than the $1 trillion lost in 2009, according to recent analysis of the Zillow Real Estate Market Reports. To read the full article, click here.
Obama Administration Putting Pressure on Fannie and Freddie to Agree to Principal Reductions
The Obama administration is trying to convince Fannie Mae and Freddie Mac to join a program run by the Federal Housing Administration (FHA) that allows banks to hand over mortgages if the bank and investors agree to a write-down on the principal. The administration hopes that the participation of the mortgage giants would put additional […]
Testimony in the Hearing on the TARP Foreclosure Mitigation Program
Click here to read Katherine Porter’s testimony before the Congressional Oversight Panel at the Hearing on the TARP Foreclosure Mitigation Program in which she describes how the allegations of legal errors in the foreclosure process may impact the housing markets, the soundness of banks, and the overall financial markets.
Default Servicers, Foreclosure and the Securitization Debacle
On November 16, 2010, the Senate Committee on Banking Housing and Urban Affairs held a hearing on Mortgage Services and Foreclosure Practices which included, Bank of America, among other lending institutions, along with consumer advocates and academics. Coincidentally, the Congressional Oversight Panel has recently produced a 127-page report, “Examining the Consequences of Mortgage Irregularities for Financial […]