Ocwen Stock Tanking in Wake of Cease and Desist Order

Update: The Consumer Financial Protection Bureau just sued Ocwen for “failing borrowers throughout mortgage servicing process.  It says “mortgage servicer’s widespread errors, shortcuts, and runarounds cost borrowers money, homes.” CFPB Press Release CFPB Complaint The Commissioner of Financial Regulation for the State of Maryland issued a Summary Order to Cease and Desist and Partial Summary […]

Nothing. We’ve Learned Nothing.

James Kwak writes a piece on the country’s five-year-progress,  for the Atlantic: Five years ago, Lehman Brothers, AIG, and the global financial system were not blown up by subprime mortgages, collateralized debt obligations, or credit default swaps. They were not blown up by greed or fraud, alone. The financial crisis that left millions of people […]

New Loan Modification Program Begins July 1st For Fannie/Freddie Homeowners

Please see the full post by Katie Porter (law professor, bankruptcy scholar, consumer law expert, and Director of Monitoring the National Mortgage Settlement in California) Fannie/Freddie to Homeowners: Do Nothing and Help Will Arrive Housing Wire is reporting that Federal Housing Finance Agency, the conservator of Fannie Mae and Freddie Mac, has launched a new loan modification […]

Durbin: “And They Frankly Own the Place”

[Remember back in May when Durbin’s bankruptcy bill was defeated that would have allowed bankruptcy judges to modify a loan on a primary residence, and he made that speeech (brave in its honesty) on the Senate floor about how the banks still run the government and that American homeonwers have no powerful lobby to speak for […]