It strains credulity that only this small servicer thought to computerize the signatures, and that this practice is confined to Green Tree Servicing. Recall that, back in February, after the signing of the foreclosure fraud settlement, you could find job listings for Wells Fargo that suspiciously sounded like robo-signers. The settlement claimed to end servicing fraud, that the new standards would make servicing a clean business. Clearly the smaller operators aren’t complying, and it doesn’t make sense that the big industry players, who set the standards, would go off in a completely different direction.
|By: David Dayen Friday October 12, 2012 8:10 am|
JPMorgan Chase, feeling little ill effects from the federal attempts at investigation of their business practices, announced a major earnings jump of 34%. Part of this comes from the fact that the previous earnings report included most of the losses from the Fail Whale trades (which have increased to $6.25 billion, as per this earnings report), so this comes off a low bottom. But in the earnings call, CEO Jamie Dimon attributed the strength to increased consumer lending, and he added that the housing market has “turned the corner.”
|By: David Dayen Tuesday October 9, 2012 9:32 am|
Now, years later, the Irish government has resigned themselves to do what every country with a housing collapse ought to do – reset the market.
|By: David Dayen Tuesday October 9, 2012 8:57 am|
Less than a year after Occupy Atlanta members clashed with police in riot gear in a downtown park, they’re now protesting alongside officers to help a retired detective avoid losing her home to foreclosure.
|By: David Dayen Monday October 8, 2012 1:35 pm|
The financial fraud task force can file civil suits for the next 10 years, and they still won’t understand how this will not satisfy homeowners who had everything they’ve ever worked for taken away from them, and who see no complementary losses on the side of those who caused this tragedy in their lives.
|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 Monday October 1, 2012 10:17 am|
Court jester economist for power Mark Zandi tried to pull a fast one by readers of the Washington Post, by actually making the argument, in the face of all evidence to the contrary, that the Obama Administration successfully fixed the foreclosure crisis. He has to make a mental leap in order to do this, claiming that the state of the housing market in 2012 is directly related to foreclosure mitigation and housing market programs from 2009. Of course, we know the causes of the housing market “recovery” and they have nothing to do with those programs, and everything to do with over-speculation by institutional investors who have bought up massive amounts of foreclosed properties.
|By: David Dayen Friday September 28, 2012 8:18 am|
Scott Brown casually mentioned that he, in fact, was a real estate attorney, who ran a small practice out of his home. He apparently was the guy who came to your house to do a real estate closing, a cog in the mortgage wheel. And he did this for the past nine years, encompassing all of the major years of the housing bubble.
|By: David Dayen Friday September 28, 2012 6:00 am|
A number of states have announced that they are sending out claim forms to foreclosure victims who are eligible for a one-time cash payment under the foreclosure fraud settlement. $1.5 billion has been earmarked for roughly 750,000 homeowners (depending on takeup) who were foreclosed upon between Jan. 1, 2008, and Dec. 31, 2011, by one of the Big Five servicers in the settlement (Bank of America, JPMorgan Chase, Wells Fargo, Citi and GMAC/Ally). The plan is to pay out the claims in mid-2013.
If this works and they get the target of 750,000 responses, then the payout will amount to $2,000 “sorry your home was stolen” checks.
|By: David Dayen Wednesday September 26, 2012 7:30 am|
I have not read Sheila Bair’s upcoming book, “Bull by the Horns,” but it’s on a growing list (I hear former Senate staffer Jeff Connaughton’s book is excellent as well). Arthur Delaney notes that she had harsh words for HAMP, the Administration’s failed program to rescue homeowners facing foreclosure. And she didn’t shy away from accurately describing the program as one that fostered predatory lending.