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Lawmakers consider barring foreclosures on Sandy homes

Lawmakers consider barring foreclosures on Sandy homes

A state Senate committee endorses the idea of creating a 3-year moratorium protecting Sandy-damaged residences from being foreclosed on.


My Central Jersey-

Homes damaged by Superstorm Sandy couldn’t be foreclosed on for three years if a plan endorsed Monday by a Senate committee becomes law.

The financial breathing room faces more hurdles in Trenton before it could take effect, but the impact would stretch into 2018 if it’s ultimately enacted.

The bill, S2577, was advanced unanimously by the Senate Community and Urban Affairs Committee, though Sen. Jennifer Beck, R-Monmouth, raised questions about including second homes and possibly delaying local redevelopment.

[MY CENTRAL JERSEY]

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NY A.G. Letter To Wells Fargo: Lender’s Policy To Suspend Mortgage Relief Apps Likely Violates National Mortgage Settlement In The Wake Of Hurricane Sandy

NY A.G. Letter To Wells Fargo: Lender’s Policy To Suspend Mortgage Relief Apps Likely Violates National Mortgage Settlement In The Wake Of Hurricane Sandy

November 16, 2012

John G. Stumpf
Chairman, President and CEO
Wells Fargo & Company
Wells Fargo Corporate Office Headquarters
420 Montgomery Street
San Francisco, CA 94163

Dear Mr. Stumpf:

I am writing on an urgent matter regarding the decision by Wells Fargo to suspend loss mitigation and loan modification requests from homeowners in the aftermath of Hurricane Sandy.

My office has been contacted by a number of legal service providers who represent homeowners in New York State seeking mortgage modifications from Wells Fargo. A law firm representing your institution has issued a letter which states that Wells Fargo will unilaterally suspend “all Home Preservation reviews and decisions” in the wake of the Hurricane Sandy. Further it states that Wells Fargo will not respond to requests for mortgage relief until you receive further information from FEMA.

I am certain that you are aware that under the National Mortgage Settlement, as well as under pre-existing NY State law, Wells Fargo is required to adhere to strict timelines when evaluating a homeowner’s request for a loan modification. Specifically, Wells Fargo is required to make a decision about a homeowner’s loan modification request within 30 days of receiving a completed application package. Wells Fargo’s decision to delay review will likely result in multiple violations of the National Mortgage Settlement.

Please be advised that Wells Fargo is not excused from any of its obligations under the National Mortgage Settlement or under New York law as a result of Hurricane Sandy, and that my office will aggressively pursue any loan servicing company that uses this tragic event as an excuse to violate loss mitigation decision timelines.

Further, my office is requesting immediate confirmation that Wells Fargo will rescind this policy, and that you and your legal representatives will take all necessary steps to communicate a retraction to homeowners who may have been improperly denied foreclosure mitigation assistance.

Countless families in New York have suffered tremendously because of this natural disaster. As we work to help those affected rebuild their lives, my office expects Wells Fargo’s full cooperation in ensuring that no additional and unwarranted damage is inflicted on those who were victims of this tragic event.

My office looks forward to your swift and immediate consideration regarding this urgent matter. 

Sincerely,

Eric T. Schneiderman

cc: David Moskowitz, Deputy General Counsel

[ipaper docId=113522917 access_key=key-18skfzxduju1zbygopnj height=600 width=600 /]

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Foreclosure filings surge in New Jersey, New York and Connecticut after Hurricane Sandy

Foreclosure filings surge in New Jersey, New York and Connecticut after Hurricane Sandy

Talk about putting salt on the wound.


Bloomberg-

Foreclosure filings surged in New Jersey, New York and Connecticut last month, even before those three states bore the brunt of superstorm Sandy that now has homeowners digging through the debris.

Default, auction and repossession notices increased 140 percent in New Jersey, 123 percent in New York and 41 percent in Connecticut from a year earlier, the biggest annual gains among U.S. states in October, RealtyTrac Inc. said today in a report. Foreclosed properties in counties affected by the storm were valued at $41 billion, the company said.

[BLOOMBERG]

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DTCC finds 1.3 million soaked securities in Sandy-flooded NY vault

DTCC finds 1.3 million soaked securities in Sandy-flooded NY vault

So the rumors were right about these soaked certificates!

Reuters-

The Depository Trust & Clearing Corp., which processes financial transactions and stores securities, has begun the long process of recovering about 1.3 million soaked securities that were stored in a 10,000-square-foot underground vault in a lower Manhattan skyscraper flooded by Superstorm Sandy.

The company declined to disclose the value of the stocks and bonds. But it was a “very small percentage” of the $39.5 trillion of stocks and bonds that its depository stores, DTCC spokeswoman Judy Inosanto said. The percentage of securities that are handled electronically are in the “high 90s”, she said.

[REUTERS]

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New Jersey Sheriff suspends foreclosure sales in Sandy’s wake

New Jersey Sheriff suspends foreclosure sales in Sandy’s wake

New Jersey-

With many residents still scrambling for shelter after Hurricane Sandy, Bergen County Sheriff Michael Saudino has temporarily suspended all foreclosure sales.

“Superstorm Sandy has been a nightmare for the people of New Jersey and for the residents of Bergen County,” Saudino said in a statement.

[New Jersey]

image: NJ.com

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New York Governor Andrew Cuomo: Open foreclosures to Superstorm Sandy victims

New York Governor Andrew Cuomo: Open foreclosures to Superstorm Sandy victims

CNN iREPORT-

On November 4th, less than a week after the nation became aware of the destruction left behind by Superstorm Sandy, New York Governor Andrew Cuomo warned that there were tens of thousands of citizens that would be left homeless in the coming weeks and months due to the plummeting temperatures. Millions still are without power and that means that while those affected by the storm are able to return to their homes (if they are still inhabitable) it means that they cannot heat them. There are thousands of seniors, children, and women who are all struggling to get by this very instant. While the recovery effort goes into full steam, there is still the pressing issue of repairing our electrical grid which could take weeks. So the challenge that leaders like Governor Cuomo and Mayor Bloomberg face is how to find housing for 30-40,000 people practically overnight.

[CNN iREPORT]

image: blog.timesunion.com

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Reconstruyendo después del Huracán Sandy – HUDdle en Español

Reconstruyendo después del Huracán Sandy – HUDdle en Español

Reconstruyendo después del Huracán Sandy

Este blog también está disponible en: Inglés

Al evaluar las imágenes y los daños hecho por el Huracán Sandy, es sin lugar a dudas, millones de personas en la Costa Este han dejado de recoger los pedazos de sus hogares. Algunas familias tienen que soportar las reparaciones que costarán miles de dólares, mientras que las otras encontrarán su hogar destruido.

Hoy, he anunciado que HUD agilizará la asistencia federal para desastres a los estados de Nueva York y Nueva Jersey. Las familias que tuvieron que abandonar sus hogares necesitan saber que hay ayuda disponible para que puedan comenzar el proceso de reconstrucción.

Asistencia para desastres de HUD hará lo siguiente:

  • Ofrece a los Estados la flexibilidad necesaria para redistribuir millones de dólares de los programas de ‘Community Development Block Grant’ (CDBG) (en inglés) y HOME de HUD para asistir con necesidades críticas, incluyendo la vivienda y los servicios para víctimas del desastre.
  • Ofrece una moratoria de 90 días (en inglés) en ejecuciones hipotecarias aseguradas por la Administración de Vivienda Federal (FHA)
  • Hace seguros hipotecarios disponibles en el programa de HUD, Sección 203(h) (en inglés)
  • Hace seguros disponibles para hipotecas y reparaciones de hogar en el programa de HUD, Sección 203(k) (en inglés)
  • Ofrece asistencia de garantía de préstamos Sección 108 (en inglés)

Mis colegas y yo en HUD trabajáramos con los funcionarios estatales y locales para garantizar que esta asistencia tan necesaria va a llegar a los afectados por el Huracán Sandy para que la reconstrucción pueda comenzar. De todos aquí en HUD, nuestros pensamientos y oraciones están con todos afectados por el Huracán Sandy.

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Breaking: JP Morgan Chase has suspended foreclosures in designated Sandy FEMA zones, has suspended evictions in 10 states and DC

Breaking: JP Morgan Chase has suspended foreclosures in designated Sandy FEMA zones, has suspended evictions in 10 states and DC

Just breaking and more as soon as it is released. If other lenders follow info will be posted as the news comes in.

 

 

.

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Fannie Mae, Freddie Mac To Offer Relief To Hurricane Sandy Victims

Fannie Mae, Freddie Mac To Offer Relief To Hurricane Sandy Victims

HuffPO-

Fannie Mae and Freddie Mac on Tuesday extended their disaster-relief policies to borrowers whose homes were damaged by Hurricane Sandy.

The aid applies to property owners living in towns and cities along the eastern United States that have been declared disaster areas by President Barack Obama.

Millions of people were left reeling in the aftermath of the super storm that made landfall on Monday and resulted in flooding, wide-spread power outages and deaths.

The historic storm caused government offices and U.S. financial markets to close on Monday and Tuesday. Preliminary estimates show that damage could exceed $10 billion.

“Freddie Mac has authorized the nation’s mortgage servicers to provide a full range of mortgage-relief options to affected borrowers with mortgages owned or guaranteed by Freddie Mac,” said Tracy Mooney, senior vice president of single-family servicing and real estate owned at Freddie Mac.

[HUFFINGTON POST]

U.S. Department of Housing and Urban Development – Shaun Donovan, Secretary

Office of Public Affairs, Washington, DC 20410

 

HUD No. 12-166/167                                                                                                         FOR RELEASE

April A. Brown                                                                                                            Tuesday

(202) 708-0685                                                                                                           October 30, 2012

www.hud.gov/news/   

 

 

HUD SECRETARY ANNOUNCES FORECLOSURE PROTECTION

FOR DISPLACED NEW JERSEY AND NEW YORK STORM VICTIMS

 

            WASHINGTON – U.S. Housing and Urban Development Secretary Shaun Donovan today announced HUD will speed federal disaster assistance to New York State and New Jersey, providing support to homeowners and low-income renters forced from their homes due to Hurricane Sandy.

                Today, President Obama issued a disaster declaration for Bronx, Kings, Nassau, New York, Richmond, Suffolk, and Queens counties in New York.  The President also issued a disaster declaration for Atlantic, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean and Union Counties in New Jersey.  These declarations allow HUD to offer foreclosure relief and other assistance to certain families living in these counties.

            “Families who may have been forced from their homes need to know that help is available to begin the rebuilding process,” said Donovan. “Whether it’s foreclosure relief for families with FHA-insured loans or helping these counties to recover, HUD stands ready to help in any way we can.”

            HUD is:

Ø  Offering the New York, New Jersey and other entitlement communities the ability to re-allocate existing federal resources toward disaster relief – HUD’s Community Development Block Grant (CDBG) and HOME programs give the State and communities the flexibility to redirect millions of dollars to address critical needs, including housing and services for disaster victims. HUD is currently contacting State and local officials to explore opportunities to use the Department’s CDBG and HOME programs in order to expedite the repair and replacement of damaged housing;

Ø  Granting immediate foreclosure relief – HUD granted a 90-day moratorium on foreclosures and forbearance on foreclosures of Federal Housing Administration (FHA)-insured home mortgages

  • Making mortgage insurance available – HUD’s Section 203(h) program provides FHA insurance to disaster victims who have lost their homes and are facing the daunting task of rebuilding or buying another home. Borrowers from participating FHA-approved lenders are eligible for 100 percent financing, including closing costs;

 

Ø  Making insurance available for both mortgages and home rehabilitation – HUD’s Section 203(k) loan program enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged houses to finance the rehabilitation of their existing single-family home; and

Ø  Offering Section 108 loan guarantee assistance – HUD will offer state and local governments federally guaranteed loans for housing rehabilitation, economic development and repair of public infrastructure. 

Ø  Information on housing providers and HUD programs -The Department will share information with FEMA and the State on housing providers that may have available units in the impacted counties.  This includes Public Housing Agencies and Multi-Family owners.  The Department will also connect FEMA and the State to subject matter experts to provide information on HUD programs and providers.

            Read about these and other HUD programs designed to assist disaster victims.

 

###

HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build inclusive and sustainable communities free from discrimination; and  transform the way HUD does business. More information about HUD and its programs is available on the Internet at www.hud.gov and http://espanol.hud.gov.  You can also follow HUD on twitter @HUDnews, on facebook at www.facebook.com/HUD, or sign up for news alerts on HUD’s News Listserv

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Can we please announce a temporary halt to foreclosures and evictions due to Hurricane Sandy?

Can we please announce a temporary halt to foreclosures and evictions due to Hurricane Sandy?

Huffington Post said, Hurricane Sandy aka “Frankenstorm” will be a Historic mega-storm that will be “long-lasting event” for the U.S.

So can we please have a temporarily halt to serving notices of foreclosures and evictions?

“We’re looking at impact of greater than 50 to 60 million people,” said Louis Uccellini, head of environmental prediction for the National Oceanic and Atmospheric Administration.

FRANKENSTORM Hurricane SANDY Could cause up to $1 TRILLION worth of damage 2012 APOCALYPSE

by

Experts say the tempest — dubbed Frankenstorm — has a 90 percent chance of hitting the East Coast of the U.S., having the potential to wreak havoc with heavy winds, rain, flooding, and downed trees and power lines.
In fact, longtime weatherman Chad Myers, who works for the NOAA, wrote: ‘After 26 years in TV weather and two years with NOAA, Sandy may pose the greatest risk to human life that I have seen

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[VIDEO] Wall Street Legend Sandy Weill: Break Up the Big Banks

[VIDEO] Wall Street Legend Sandy Weill: Break Up the Big Banks

CNBC-

Former Citigroup Chairman & CEO Sanford I. Weill, the man who invented the financial supermarket, called for the breakup of big banks in an interview on CNBC Wednesday.

“What we should probably do is go and split up investment banking from banking, have banks be deposit takers, have banks make commercial loans and real estate loans, have banks do something that’s not going to risk the taxpayer dollars, that’s not too big to fail,” Weill told CNBC’s “Squawk Box.”

He added: “If they want to hedge what they’re doing with their investments, let them do it in a way that’s going to be mark-to-market so they’re never going to be hit.”

He essentially called for the return of the Glass–Steagall Act, which imposed banking reforms that split banks from other financial institutions such as insurance companies.

[CNBC]

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US Renters Suffer Most in Hurricane Aftermath, Study Shows

US Renters Suffer Most in Hurricane Aftermath, Study Shows

WASHINGTON, DC, December 13, 2023 –With a severe shortage of affordable housing in the United States, renters living along the East and Gulf coasts are uniquely vulnerable to hurricane disasters. Two new studies based on data from 2009 to 2018 show that renters living along the East and Gulf coasts of the United States face rent increases, higher eviction rates, and a lack of affordable housing in the aftermath of a hurricane. The research will be presented in December at the annual meeting of the 2023 Society for Risk Analysis Annual Conference in Washington, D.C.

Both analytical studies are based on 10 years of data (2009 to 2018) on housing, hurricane disasters, and socioeconomic factors at the county level in 19 coastal states — from Maine to Texas. The time period includes devastating hurricanes such as Irma (2011), Sandy (2012), and Matthew (2016).

The Impacts of a Hurricane on Rent Affordability

To continue reading the rest of the article, please click on the source link below:

https://www.miragenews.com/us-renters-suffer-most-in-hurricane-aftermath-1143213/

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A 45-day eviction notice for memory care patients is on Maryland lawmakers’ radar

A 45-day eviction notice for memory care patients is on Maryland lawmakers’ radar

COLESVILLE, Md. — A powerful state legislator overseeing health care in Maryland says the looming eviction of 53 memory care patients from a facility in Colesville is “shocking.”

Delegate Sandy Rosenberg, a Baltimore City Democrat who runs the House of Delegates Subcommittee on Long Term Care in Maryland, says the state’s regulations should offer more protection to vulnerable elders.

He’s urging to the company behind the eviction notice at The Landing of Silver Spring in Colesville to reconsider its 45-day notice to get out, while lawmakers work on possible changes.

To continue reading the rest of the article, please click on the source link below:

https://www.wusa9.com/article/news/community/the-landing-silver-spring-maryland-eviction-notice-sandy-rosenberg/65-f93fd9ea-f588-4c47-9a2c-ea3ad55662bf

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Soaring mortgage interest rates slow home sales in Utah

Soaring mortgage interest rates slow home sales in Utah

Sandy — Soaring mortgage interest rates are slowing home sales in Utah and across the country. The average 30-year, fixed-rate mortgage increased to 6.3 percent today, according to Freddie Mac.

Higher rates are disqualifying home buyers from financing. Home sales of all housing types in August fell to 1,204, down 27 percent from sales in August 2021.

“The Federal Reserve’s aggressive rate hikes seem to be having little effect on inflation, but a chilling effect on the housing market,” says Steve Perry, president of the Salt Lake Board of Realtors®. “We are selling about 400 fewer homes a month than the 10-year average.”

Active listings on UtahRealEstate.com topped 10,000 homes, a 150 percent increase over the 4,000 active listings at this time last year. The number of homes for sale has reached a balanced level.

To continue reading the rest of the article, please click on the source link below:

Soaring mortgage interest rates slow home sales in Utah

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Full Deposition of MERS VP SUE ETHRIDGE & Carlisle McNellie Rini Kramer & Ulrich Employee

Full Deposition of MERS VP SUE ETHRIDGE & Carlisle McNellie Rini Kramer & Ulrich Employee

NOTE: Sue Barnes aka Sue Ethridge because she signed as Barnes

___________________________

Excerpts:

Q. Have you had any other titles in
3 your role with MERS?
4 MR. DEIGHTON: Objection. The
5 documents speak for themselves.
6 Q. Well, the mortgage assignments
7 indicate that you’re vice president. Have you
8 ever been secretary or any other title, when
9 you signed a document for MERS?
10 MR. DEIGHTON: I’m going to object.
11 I’m going to point to Exhibit B, the third
12 page, which states that the list of candidates
13 on the fourth page are appointed as assistant
14 secretaries and vice presidents of MERS; and
15 we’re willing to stipulate that pursuant to
16 this agreement, that she would be both an
17 assistant secretary and vice president.
18 MR. MILLIGAN: Okay.
19 Q. Have you been in a role other than
20 assistant secretary or vice president for MERS?
21 A. No.
22 Q. Do you consider yourself a
23 corporate officer of MERS?
24 MR. DEIGHTON: Objection.
25 A. No.

Q. Have you ever been paid by MERS?
2 A. No.
3 Q. Have you ever received any type of
4 compensation from MERS?
5 A. No.
6 Q. Have you ever visited MERS’
7 corporate offices?
8 A. No.
9 Q. Have you ever spoken with any
10 corporate officers of MERS?
11 A. No.
12 Q. Do you know where MERS’ corporate
13 offices are located?
14 A. No.
15 Q. Have you ever spoken to anyone at
16 MERS?
17 A. Yes.
18 Q. Who have you spoken to at MERS?
19 A. I don’t recall their names.
20 Q. Do you recall the last time you
21 spoke with someone from MERS?
22 A. Years.
23 Q. Years ago?
24 A. (Nodding.)
25 Q. Five years?

MR. DEIGHTON: Objection.
2 A. I don’t recall.
3 Q. Do you recall who that person was?
4 A. No.
5 Q. Do you recall what the conversation
6 was about?
7 A. No.
8 Q. Do you recall how many
9 conversations you’ve had with people affiliated
10 with MERS?
11 A. No.
12 Q. Can you give a ballpark?
13 A. I don’t know.
14 Q. A dozen?
15 MR. SANDY: Objection.
16 Q. A couple dozen?
17 A. I don’t know.
18 Q. But it’s been years since you’ve
19 talked to anyone at MERS?
20 A. Correct.
21 Q. Did you have any obligation to
22 report to anyone at MERS?
23 MR. DEIGHTON: Objection.
24 A. No.
25 Q. Did you ever report to anyone at
MERS?
2 A. No.
3 Q. Did anyone at MERS direct your
4 activities?
5 MR. SANDY: Objection.
6 A. No.
7 Q. And you mentioned that years ago,
8 you had talked to someone at MERS. Would that
9 have been on a weekly basis, daily basis?
10 What’s the frequency with which you would speak
11 to someone at MERS?
12 A. Random.
13 Q. And what would be the reason for
14 those discussions?
15 A. Assistance of their website
16 typically.
17 Q. Assist with their website?
18 A. Assistance for me with their
19 website.
20 Q. What type of assistance would you
21 need?
22 A. Maneuvering it. Sometimes it was
23 changed and I couldn’t find what I needed to
24 find.

[…]

Q. Does anyone from MERS have an
4 office at Carlisle?
5 MR. DEIGHTON: Objection.
6 A. No.
7 Q. Are there any employees of MERS
8 that you work with?
9 MR. SANDY: Objection.
10 A. No.

[…]

Q. Is the complaint and mortgage
2 assignment department part of the foreclosure
3 department?
4 A. Yes.
5 Q. Do you know what Samantha would do,
6 what was her job duties?
7 MR. DEIGHTON: Objection. Can you
8 clean it up by limiting the period of time that
9 you’re asking about?
10 Q. On or around when the mortgage
11 assignment in this case was executed.
12 A. I don’t recall. She has worked in
13 many departments at the firm.
14 Q. Were you present when Samantha
15 notarized this?
16 A. Yes.
17 Q. Was Samantha present when you
18 signed the document?
19 A. Yes.
20 Q. Do you recall whether you signed
21 any other documents on November 17, 2010 in
22 front of Samantha?
23 A. I don’t recall.
24 Q. Do you know who prepared this
25 particular mortgage assignment, Exhibit C?

A. No.
2 Q. Who instructed you to execute this
3 mortgage assignment?
4 A. No one.
5 Q. No specific individual instructed
6 you?
7 A. No.
8 Q. Is there a policy at Carlisle
9 related to execution of mortgage assignments?
10 MR. DEIGHTON: Objection. That
11 seeks proprietary information.
12 Instruct my client not to answer.
13 Q. Did anyone from MERS instruct you
14 to sign —
15 MR. SANDY: Objection.
16 Q. — the mortgage assignment?
17 A. No.
18 Q. When the mortgage assignment is
19 presented to you, how long does the process
20 typically take to review, sign and notarize?
21 A. Fifteen minutes.
22 Q. Just so we’re clear, you do not get
23 any compensation from MERS?
24 MR. SANDY: Objection, asked and
25 answered.

A. That’s correct.
2 Q. Do you recall reviewing any of the
3 loan documents related to the property that’s
4 the subject of the mortgage assignment that’s
5 been identified as Exhibit C?
6 A. No.
7 Q. Do you recall having reviewed the
8 mortgage that was assigned?
9 A. No.
10 Q. Do you typically review the
11 mortgage before signing the mortgage
12 assignment?
13 A. Yes

Down Load PDF of This Case

Exhibits

2070574-Exhibit-B-1-Sue Ethridge-1

2070574-Exhibit-C-1-Sue Ethridge

2070574-Exhibit-D-1-Sue Ethridge

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A.G. Schneiderman To Sue Wells Fargo & Bank Of America For Violating National Mortgage Settlement – has documented 339 violations of those standards by Wells Fargo and Bank of America since October 2012

A.G. Schneiderman To Sue Wells Fargo & Bank Of America For Violating National Mortgage Settlement – has documented 339 violations of those standards by Wells Fargo and Bank of America since October 2012

Attorney General Has Documented Hundreds Of Cases Of Homeowners Put At Risk By Banks’ Violations Of Settlement Terms

Schneiderman: The Terms Of The Settlement Are Clear And They Will Be Enforced In New York State

NEW YORK — Attorney General Eric T. Schneiderman today announced his intention to sue Bank of America and Wells Fargo for repeatedly violating the terms of the National Mortgage Settlement. Signed in 2012, the Settlement required the five largest mortgage servicing banks in the United States to improve their customer service practices by complying with new mortgage servicing rules, known as the Servicing Standards. Among these are four standards dictating the timeline for banks to process mortgage modification applications. Attorney General Schneiderman’s office has documented 339 violations of those standards by Wells Fargo and Bank of America since October 2012.

In response to complaints from New York homeowners put at risk by these banks’ violations of the standards, Attorney General Schneiderman sent a letter to the parties that oversee the National Mortgage Settlement informing them that he intends to sue Wells Fargo and Bank of America. This would be the first time an Attorney General will have brought a legal enforcement claim under the auspices of the National Mortgage Settlement.

“The five mortgage servicers that signed the National Mortgage Settlement are legally required to take specific, rigorous, and enforceable steps to protect homeowners,” Attorney General Schneiderman said. “Wells Fargo and Bank of America have flagrantly violated those obligations, putting hundreds of homeowners across New York at greater risk of foreclosure. I intend to use every tool available to my office to hold these companies accountable under the terms of the National Mortgage Settlement.”

Last year, Attorney General Schneiderman joined 48 states, the Department of Justice and the five largest mortgage servicers in negotiating the settlement. The Agreement includes $25 billion for 49 states and mandated forms of consumer relief, such as mortgage modifications for at-risk homeowners, which could include lower-interest rates, forbearance agreements, and principal reductions.

The Settlement also includes 304 “Servicing Standards” which participating servicers are required to adhere to, and which are intended to make it easier for homeowners to seek loan modifications. The Servicing Standards were incorporated into the National Mortgage Settlement in order to address long standing complaints from consumers and advocates that servicers subject to the Settlement– Ally Financial/GMAC, JP Morgan Chase, Citibank, Bank of America and Wells Fargo—persistently failed to provide fair and timely services to their customers.

The Servicing Standards include: a prohibition against dual tracking (the practice of negotiating a loan modification with a borrower while simultaneously pursuing foreclosure); a requirement that every customer requesting assistance be assigned a single point of contact; and four requirements that dictate the timeline in which the servicers must respond to customers who are actively seeking loan modifications.

The Settlement Agreement also provides that any party to the Settlement may bring an enforcement action in U.S. District Court for the District of Columbia following a 21-day notice to the Monitoring Committee set up to enforce the agreement. During the 21-day notification period, the Committee may choose to pursue the litigation on behalf of the party using the Committee’s own authority under the Settlement, or they may defer action. If the Committee defers then the complaining party may pursue the legal claim on their own after waiting an additional 21 days.

On Friday, Attorney General Schneiderman sent a letter to the Monitor, Joseph Smith, and to each member of the Monitoring Committee notifying them of his intention to bring a legal claim if the Committee does not act. The letter includes written complaints against Bank of America and Wells Fargo, and a significant amount of back up documentation demonstrating the severity of the violations. Schneiderman intends to ask the court to impose injunctive relief and to require strict compliance under the Settlement.

“We appreciate Attorney General Schneiderman’s efforts to hold the big banks accountable to communities,” said Josh Zinner, co-director of the Neighborhood Economic Development Advocacy Project. “The banks are systematically violating the terms of the National Mortgage Settlement, and we hope this action by the AG will push other state and federal regulators to draw a line in the sand against abusive mortgage servicing practices.”

Attorney General Schneiderman announced the legal action at his office. In addition to Mr. Zinner, the Attorney General was joined by New York Communities for Change, Center for New York City Neighborhoods, Empire Justice Center, Faith NY, South Brooklyn Legal Services, and representatives of housing counseling agencies and legal services organizations that assisted his office in documenting violations by the banks. Many of the organizations that attended are grantees of the Attorney General’s Homeowner Protection Program, or HOPP, a three year, $60 million commitment to fund housing counselors and legal services providers in order to help homeowners avoid foreclosure. He was also joined by homeowners who have suffered delays in the mortgage modification process in violation of the Servicing Standards.

Violations of the timeline standards increase the likelihood that distressed homeowners will lose their homes because the longer mortgage modification are delayed, the deeper homeowners fall in to arrears. Additional fees, penalties and interest accrue during periods of delay, making a modification more difficult and pushing homeowners closer to the brink of foreclosure.

“It is beyond frustrating,” said Megan Faux, Acting Director of Legal Services NYC Brooklyn. “We have many clients who are at risk of losing their homes to foreclosure simply because Wells Fargo failed to properly review complete loan modification packages sitting in their office for months. Accountability to the servicing standards is essential to ensuring homeowners have a fair opportunity to negotiate an affordable mortgage and ending the housing crisis. I am so grateful to AG Schneiderman for his leadership on this issue and for taking full advantage of this powerful enforcement tool.”

The problem is all too real for Joyce and Alton Harden who have lived in their home in the Rockaways for 35 years, and who have been trying to negotiate with Wells Fargo for a loan modification for the past three years. After suffering a series of setbacks, starting with an on-the-job injury that kept Mr. Harden out of work for several months, and culminating with suffering massive damage to their home when Hurricane Sandy hit, the Hardens ended up in foreclosure. The Hardens reached out to MFY Legal Services who helped them prepare a full loan modification package that was submitted to Wells Fargo in early March.

Under the Settlement, Wells Fargo is required to respond to the loan modification request within 30 days. Despite that requirement, the Hardens did not hear a word back until late last week when Wells Fargo wrote to ask them to start the process over again and to resubmit a new application. Meanwhile the Hardens remain in foreclosure, uncertain about their future and desperate to move past this process.

“My husband and I are heading into our 70’s and we want to move past this and enjoy this part of our lives without this constant threat hanging over our heads,” saidhomeowner Joyce Harden. “We hope Attorney General Schneiderman’s actions will finally help us settle this case and save our home.”

The 339 violations received by the Office of the Attorney General allege that Wells Fargo and Bank of America violated four Servicing Standards relating to the timeline for processing mortgage modifications. Specifically:

  1. Borrower must receive written acknowledgement of receipt of a loan modification application within 3 business days or receipt.
  2. Servicer must notify borrower of all missing documents or deficiencies in the application within 5 business days of receipt of the borrower’s initial loan modification application.
  3. Servicer must give borrower 30 days to submit missing documentation or correct a deficiency.
  4. Servicer must make a decision on a complete loan modification application within 30 days.

By mid-November of last year, the Attorney General’s Office received numerous complaints from HOPP housing counselors and legal services attorneys from across New York State alleging that Bank of America and Wells Fargo repeatedly failed to respond to homeowners seeking loan modification within the timeline dictated by the Servicing Standards. In response, the Attorney General created a special complaint form to monitor compliance with the four timeline related Servicing Standards. By the end of April, Attorney General Schneiderman’s office had collected complaints citing 210 violations by Wells Fargo, and 129 violations by Bank of America.

Attorney General Schneiderman’s letter to the Monitoring Committee notifying them of his intent to sue Bank of America and Wells Fargo may be found here: www.ag.ny.gov/pdfs/Letter%20to%20Monitoring%20Committee%20NYS%20AG%205%206%2013.pdf.

source: http://www.ag.ny.gov

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Fannie Mae Announces Eviction Moratorium from December 19, 2012 through January 2, 2013

Fannie Mae Announces Eviction Moratorium from December 19, 2012 through January 2, 2013

WASHINGTON, DC – Fannie Mae (FNMA/OTC) announced today that it will suspend evictions of foreclosed single family and 2-4 unit properties from December 19, 2012 through January 2, 2013.  Legal and administrative proceedings for evictions may continue, but families living in foreclosed properties will be allowed to remain in the home during this period.

“We’re taking this step in support of families who have faced financial challenges and gone through a foreclosure,” said Terry Edwards, Executive Vice President of Credit Portfolio Management, Fannie Mae. “The holidays are a chance to be with loved ones and we want to relieve some stress at this time of year.  We encourage homeowners having difficulty to reach out for help as soon as possible.”

Previously, Fannie Mae announced a temporary suspension of foreclosure sales and evictions in areas designated for individual assistance by FEMA due to Hurricane Sandy.  That 90-day suspension will last through February 1, 2013.

[FANNIE MAE]

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Freddie Mac Halts Eviction Lock-Outs Between December 17, 2012 and January 2, 2013

Freddie Mac Halts Eviction Lock-Outs Between December 17, 2012 and January 2, 2013

MCLEAN, Va., Dec. 3, 2012 /PRNewswire/ Freddie Mac (OTC: FMCC) today announced it is suspending evictions nationwide between December 17, 2012 and January 2, 2013 on foreclosed occupied single family homes, and 2-4 unit properties, that had Freddie Mac mortgages. This is in addition to the previous announcement suspending evictions in eligible major disaster areas caused by Hurricane Sandy.

News Quote:

Attribute to Tracy Mooney, Senior Vice President of Servicing and REO at Freddie Mac. 

“We are instructing our foreclosure attorneys to suspend pending eviction lockouts on foreclosed homes in order to provide a greater measure of certainty to families during the holiday season.”

News Facts:

  • The two-week holiday suspension will only apply to eviction lockouts on Freddie Mac-owned REO homes and will not affect other pre- or post-foreclosure processes.
  • Although no evictions will take place, firms handling local evictions for Freddie Mac will continue to file documentation in preparation for evictions, scheduled after January 2, 2013.
  • Today’s announcement is separate from the 90-day eviction suspensions in eligible Hurricane Sandy disaster areas, which continue through February 2013.

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four homebuyers and is one of the largest sources of financing for multifamily housing. www.FreddieMac.com.

 

SOURCE Freddie Mac

For further information: Brad German, +1-703-903-2437

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Spain Halts Evictions For Two Years After Second Suicide

Spain Halts Evictions For Two Years After Second Suicide

How many suicides has the US had due to foreclosures? How many families have suffered due to bank fraud/manipulation? What will it take for the US to protect the people?

It takes a hurricane.

Sky News-

Spanish banks have agreed to halt repossessions for the most vulnerable – three days after a woman jumped to her death as officials arrived to evict her from her home.

The two-year suspension will be observed by the country’s largest banks, and comes amid public outrage over the growing number of evictions affecting thousands of people caught in the economic crisis.

Kuxtabank, a lender in the northern Spain, was reportedly the first to make the unprecedented move after client Amaia Egana reportedly threw herself from the balcony of her flat in Barakaldo, in the Basque capital Bilbao.

The 53-year-old former Socialist politician’s death on Friday was the country’s second apparent suicide linked to evictions and sparked protests in the capital Madrid.

Fifteen days earlier, Jose Miguel Domingo, also 53, was found dead in the courtyard of his building in Granada moments after bailiffs appeared to evict him.

[SKY NEWS]

Call A Suicide Hotline
Call to Survive
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HUD SECRETARY ANNOUNCES FORECLOSURE PROTECTION FOR DISPLACED RHODE ISLAND STORM VICTIMS

HUD SECRETARY ANNOUNCES FORECLOSURE PROTECTION FOR DISPLACED RHODE ISLAND STORM VICTIMS

HUD No. 12-169
April A. Brown
(202) 708-0685
FOR RELEASE
Monday
November 5, 2012

HUD SECRETARY ANNOUNCES FORECLOSURE PROTECTION FOR DISPLACED RHODE ISLAND STORM VICTIMS

WASHINGTON – U.S. Housing and Urban Development Secretary Shaun Donovan today announced HUD will speed federal disaster assistance to the State of Rhode Island and provide support to homeowners and low-income renters forced from their homes due to Hurricane Sandy.

On Saturday, President Obama issued a disaster declaration for Bristol, Newport and Washington Counties. The President’s declaration allows HUD to offer foreclosure relief and other assistance to certain families living in these counties.

“Families who may have been forced from their homes need to know that help is available to begin the rebuilding process,” said Donovan. “Whether it’s foreclosure relief for families with FHA-insured loans or helping these counties to recover, HUD stands ready to help in any way we can.”

HUD is:

  • Offering the State of Rhode Island and other entitlement communities the ability to re-allocate existing federal resources toward disaster relief – HUD’s Community Development Block Grant (CDBG) and HOME programs give the State and communities the flexibility to redirect millions of dollars to address critical needs, including housing and services for disaster victims. HUD is currently contacting State and local officials to explore streamlining the Department’s CDBG and HOME programs in order to expedite the repair and replacement of damaged housing;
  • Granting immediate foreclosure relief – HUD granted a 90-day moratorium on foreclosures and forbearance on foreclosures of Federal Housing Administration (FHA)-insured home mortgages;
  • Making mortgage insurance available – HUD’s Section 203(h) program provides FHA insurance to disaster victims who have lost their homes and are facing the daunting task of rebuilding or buying another home. Borrowers from participating FHA-approved lenders are eligible for 100 percent financing
  • Making insurance available for both mortgages and home rehabilitation – HUD’s Section 203(k) loan program enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged houses to finance the rehabilitation of their existing single-family home; and
  • Offering Section 108 loan guarantee assistance – HUD will offer state and local governments federally guaranteed loans for housing rehabilitation, economic development and repair of public infrastructure.
  • Information on housing providers and HUD programs – The Department will share information with FEMA and the State on housing providers that may have available units in the impacted counties. This includes Public Housing Agencies and Multi-Family owners. The Department will also connect FEMA and the State to subject matter experts to provide information on HUD programs and providers.

Read about these and other HUD programs designed to assist disaster victims.

###

HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all.
HUD is working to
strengthen the housing market to bolster the economy and protect consumers; meet the
need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build
inclusive and sustainable communities free from discrimination; and transform the way HUD does business.
More information about HUD and its programs is available on the Internet at
www.hud.gov and
http://espanol.hud.gov
. You can also follow HUD on twitter @HUDnews, on facebook at
www.facebook.com/HUD, or sign up for news alerts on HUD’s News Listserv.

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US orders 90-day suspension of FHA foreclosures in disaster areas

US orders 90-day suspension of FHA foreclosures in disaster areas

Reuters-

One of the U.S. government’s largest mortgage aid programs will suspend foreclosures for 90 days in areas affected by megastorm Sandy, U.S. Housing and Urban Development Secretary Shaun Donovan said on Monday.

“I directed all FHA (Federal Housing Administration) lenders to impose a moratorium on any foreclosures for 90 days in disaster-affected areas. We don’t want families to be victimized twice, once by the storm, and once by a forecloses,” Donovan told reporters on a conference call.

[REUTERS]

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Royal Park Sues Bank of America Over Mortgage Securities

Royal Park Sues Bank of America Over Mortgage Securities

Business Week-

Royal Park Investments SA/NV sued Bank of America Corp. (BAC), the second-largest U.S. bank, in New York state court over losses on about $1.6 billion in residential mortgage-backed securities.

The suit seeks damages of more than $713 million for losses on the securities, which were initially purchased by third parties, according to a complaint filed in New York State Supreme Court in Manhattan on Oct. 26. The court was closed last week because of Hurricane Sandy.

[BUSINESS WEEK]

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