We’ve seen a few of stories, including this one in the NYT, about a surge of investors picking up foreclosed homes cheap and converting them into rental properties. Foreclosed or abandoned homes are always fixer-upper candidates, and investors have been scooping them up for decades. The difference here is that the investor groups are bigger and more institutional. Will this help or hurt the housing market?
|By: David Dayen Tuesday April 3, 2012 10:20 am|
|By: David Dayen Monday February 20, 2012 8:00 am|
More reactions from last week’s revelation from San Francisco Recorder-Assessor Phil Ting, that an overwhelming percentage of foreclosure documents he reviewed were found to be at least partially flawed. The two members of Congress who represent San Francisco want Attorney General Eric Holder to convene an investigation. That consists of Jackie Speier and the Minority Leader of the House, Nancy Pelosi.
|By: David Dayen Wednesday February 1, 2012 4:21 pm|
In his statement on the Administration’s new housing policies, CFPB Director Richard Cordray makes a fairly stunning response, considering it’s posted at the White House blog: “Documents were falsified,” which means criminal fraud. That raises concerns about how broad is the release from criminal liability contained in the proposed settlement.
|By: David Dayen Monday January 30, 2012 4:15 pm|
There is a path to a stronger settlement that includes a whole lot more elements than a narrow release of liability. It includes serious enforcement with an independent court-appointed monitor that has actual authority and the ability to impose penalties. It includes real nationwide servicing standards that include an auditing of the servicing software and account records to check for systemic fraud, and much more.
|By: David Dayen Thursday September 1, 2011 8:10 am|
Lots of attention is being paid to the shuttering of Solyndra, a solar company that received federal loans from the Energy Department in the Recovery Act, and took part in a visit by the President last year.
|By: David Dayen Thursday June 30, 2011 7:10 pm|
John O’Brien is engaged in some real activism. He told every homeowner in his district to check the records at his website and see if their home mortgage documentation has been robo-signed. He’s facilitating consumer protection complaints through the Massachusetts AG. He has provided letters that homeowners can print out and send to their servicers, demanding their full chain of title pursuant to federal law.
|By: David Dayen Tuesday June 7, 2011 1:15 pm|
Only now are we beginning to get the investigations showing the extent of the problems, between Field’s findings, the subpoenas and spade work from state AGs, the HUD Inspector General report showing that the banks filed false claims to recoup government-funded insurance on FHA loans, and the recent discoveries from county registers of deeds. One register, Jeff Thigpen of Guilford County, North Carolina, looked through the records in his office and found thousands of instances of fraudulent documents and forged signatures. Another register, John O’Brien of the Southern Essex District in Massachusetts, has decided to reject all robo-signed records coming into his office, forcing the entities wishing to foreclosure under his jurisdiction to file separate forms.
|By: David Dayen Friday May 6, 2011 2:50 pm|
We definitely need strong federal servicer standards, and CFPB is a great place to house them. All the more reason to recess-appoint Elizabeth Warren as soon as possible.
|By: David Dayen Sunday April 3, 2011 4:00 pm|
I am definitely looking forward to tonight’s 60 Minutes special on foreclosure fraud. In it, the head of the FDIC, Sheila Bair, will call for a cleanup Superfund to cleanse the country of toxic mortgages.