The second report from the Office of Mortgage Settlement Oversight has arrived, and it shows a continuation of one trend, tempered by the first batch of consumer relief in the form of actual principal reductions.
|By: David Dayen Monday November 19, 2012 7:52 am|
|By: David Dayen Wednesday October 3, 2012 8:55 am|
Today is the first day that the servicing standards for the foreclosure fraud settlement go into effect.
|By: David Dayen Tuesday July 3, 2012 7:00 am|
Pressured by a coalition of activists and state Attorney General Kamala Harris, the California legislature completed a months-long project yesterday to significantly improve its foreclosure process. The measure gives homeowners a new right to sue over fraudulent practices, ends dual tracking – where servicers process foreclosures while negotiating loan modifications – and extends a single point of contact at all borrowers.
|By: David Dayen Thursday May 31, 2012 8:00 am|
California’s efforts to create a better environment for foreclosure victims have begun to fade. $410 million from the foreclosure fraud settlement that was supposed to go into counseling and legal services was instead diverted to pay for a state budget shortfall. While this has angered the legal aid community, with the enormity of the budget problem in the state, it’s unlikely that will be reversed.
|By: David Dayen Thursday April 12, 2012 7:13 pm|
RealtyTrac data shows that judicial foreclosure states, where the integrity of the documents is most acute, experienced a spike in foreclosure filings over these three months. The non-judicial foreclosure states have seen falling filings, perhaps correlated to the falling unemployment rate, perhaps correlated to not much. The full effect of the settlement has yet to be seen.
|By: David Dayen Thursday May 12, 2011 2:55 pm|
About a year ago, I appeared at Netroots Nation with Sen. Jeff Merkley (D-OR), the Huffington Post’s Ryan Grim and Professor Elizabeth Warren on a panel called “The Forgotten Foreclosure Crisis.” Speaking with Merkley today, I remarked that we could hold the same panel again this year, without changing a word of it, and not be out of date in the slightest. Sen. Merkley agreed.
|By: David Dayen Tuesday January 18, 2011 2:20 pm|
At a press event in North Portland in front of the home of a family struggling to avoid foreclosure, Senator Jeff Merkley unveiled a six-part plan to fix the housing market and rebalance the relationship between borrower and lender. The plan includes what Merkley calls “lifeline bankruptcy,” which is basically the cramdown proposal to allow bankruptcy judges to modify the terms of primary residence loans.
|By: David Dayen Wednesday January 5, 2011 8:30 am|
The Federal Reserve is trying to roll up a key law that allows borrowers to challenge predatory lending. Under “rescission” rules, if a borrower can prove that a mortgage loan was created in a predatory way, they can basically nullify the bank’s right to foreclose. Under the Fed’s new proposal, borrowers would have to pay off the balance of the predatory loan before the bank loses the right to foreclose, which renders a rescission judgment virtually meaningless. The entire point is to void out a fraudulent mortgage.
|By: David Dayen Saturday December 18, 2010 6:30 pm|
Yesterday in downtown Los Angeles, 22 activists, including the head of SEIU Local 721 and members of ACCE (the Alliance of Californians for Community Empowerment), were arrested outside a Chase bank for protesting the foreclosure crisis. The banks have basically disregarding all the legal constraints on their activities, and people have begun to fight back.