The Big Short Delivers

The movie version of the Big Short exceeded my expectations.  It made mortgage-backed-securities not only interesting, but funny.  Steve Carell’s acting was genius, as was Christian Bale’s—go see it.  It’s based on Michael Lewis’s (Liar’s Poker) biopic of the people who saw the housing bubble, and shorted the market.  It nails the revolving door relationship […]

Wells Fargo Settlement with Department of Justice Announced for Bankrupt Homeowners Who Did Not Receive Change of Payment Notices

On Thursday, the Department of Justice released a settlement with Wells Fargo concerning Wells Fargo’s failure to send payment change notices and updated escrow statements to homeowners in bankruptcy: Settlement Terms Wells Fargo agrees to pay a total of $81.6 million to homeowners who were in bankruptcy between Dec. 1, 2011, and March 31, 2015, and who were […]

Travis County Recorder Speaks Out Against MERS and the Fifth Circuit Ruling

In Travis County,  a large Texas county with Austin (my alma mater) serving as the county seat, the County Clerk derided a recent MERS-related decision of the notoriously “conservative” (really meaning bank-oligarchy-friendly rather than some more benign definition of fiscal conservatism) U.S. Court of Appeals for the Fifth Circuit in Harris County v. MERSCorp Incorporated.   The Clerk […]

CFPB Hated By Bankers and Beloved by Consumers

The Consumer Financial Protection Bureau (CFPB) is definitely the new kid on the  block, as far as regulators go.  It has some pretty powerful enemies, including the predictable Goldman-Sachs-JPMorganChase-Citibank-BankofAmerica-Wells-Fargo of the too-big-to-fail/too-big-to-jail swagger. When the foreclosure crisis was starting, circa 2008 and 2009, causing apocalyptic shock waves in my state, Arizona, among many others, I […]

MERS Lacks Legal Authority and Public Accountability

Originally posted on Findsen Law:
Harvard Amicus Brief on MERS Some of the best quotes, Mortgage servicing companies, banks, courts and government agencies have all expressed astonishment at the extent to which MERS database is inaccurate. (p. 24) “Simply put, ‘MERS is the Wikipedia of land registration systems.’ Culhane v. Aurora Loan Services, 826 F. Supp.…

TARP Watchdog Report Calls Out Loan Servicers and Treasury for Massive HAMP Failures

The SIGTARP’s latest report to Congress issued July 29, 2015 chastises Treasury for its failure to question and punish loan servicers for their dismal HAMP numbers.  Servicers who participate in HAMP are paid incentives, and are “required to offer HAMP modifications to all eligible homeowners.” Servicers “must follow the HAMP rules” and “Treasury has an […]

Scholarly Takes on Fabricated Mortgage Assignments, Unlawful Foreclosures, the UCC’s Role in Foreclosure, and Hypocritical Brandishing of Credit Score Scarlet As

Campbell, James P, The Nexus of Fabricated Mortgage Loan Assignments and Unlawful Home Foreclosures. (June 1, 2013). Available at SSRN: http://ssrn.com/abstract=2462778 Who has the legal right to foreclose on your home? More importantly, who doesn’t? Unlawful foreclosures are not just financial crimes against individuals and families. At the eviction stage, they are crimes perpetrated together […]