So many foreclosure cases have been processed without original paperwork in the last few years that the state of North Carolina has taken the issue all the way to the state supreme court. Last week the court heard testimony from attorneys representing Wells Fargo and homeowner Linda Dobson, who is facing foreclosure. Dobson is arguing that Wells Fargo cannot foreclose Read full article »
Tag archives for Foreclosure Fraud
North Carolina State Supreme Court Determines Paperwork Requirements for Foreclosure
Massachusetts Supreme Court Revokes Ownership of Property Purchased at Foreclosure Auction
You can’t lose what you never had – or can you? The Massachusetts Supreme Court ruled earlier this week that Francis Bevilacqua, who purchased his home at a foreclosure auction in 2006, never had legal title to the property since the lender had no right to foreclose on it in the first place. Five years later, the robo-signing bank’s “dubious Read full article »
AG Foreclosure Fraud Settlement With Banks Allegedly Getting Close
According to sources that prefer to remain anonymous, a foreclosure settlement is “imminent” between the remaining state attorneys general involved in the national foreclosure fraud investigation, the Department of Justice and major lenders like JPMorgan Chase, Ally Financial, Citigroup Wells Fargo and Bank of America. Reports of the settlement are allegedly coming from bank officials at BofA and Citigroup. However, Read full article »
August Posts 33 Percent Spike in Foreclosures
It looks like the unofficial moratorium on foreclosure may be over. 33 percent more U.S. homes received an initial default notice in August over July – the biggest monthly gain in four years. While an initial notice does not guarantee a foreclosure, the spike does seem to indicate that lenders are done waiting for resolution on the robo-signer crisis and Read full article »
AARP Sues Wells Fargo, Fannie Mae
The AARP is challenging reverse mortgage foreclosures conducted by Fannie Mae and Wells Fargo, claiming that these lenders did not hold up their end of the bargain with senior homeowners before foreclosing. Part of the terms of a reverse mortgage require that borrowers – and often borrowers’ spouses and heirs – be permitted to purchase the property after the mortgagee’s Read full article »
The Politics of Real Estate
Few industries are as profoundly impacted by the political machinations in Washington as the real estate industry. Whether it's old legislation like Jimmy Carter's Community Reinvestment Act or Barack Obama's massive mortgage bailouts, the U.S. political machine has a huge impact (usually bad) on the business of real estate.
Ideally, we could ignore politics. But here at the Bryan Ellis Real Estate Letter, we insist on seeing the world with clarity - including the reality of Washington's aggressive involvement in every facet of our business, from mortgage lending to real estate sales license; from loan modification regulations to appraisal requirements... every piece of our business is profoundly impacted by politics. So rather than stick our heads in the sand and ignore reality, readers of the Bryan Ellis Real Estate Letter choose to be informed and prepared.
Mortgage Industry News
Few things change more rapidly than the mortgage market, and with the increasing dominance of GSE's Fannie Mae and Freddie Mac over the mortgage business, it's more important than ever to keep up. Here are a few recent mortgage news updates:
-
Mortgage News
- HAMP Success Tally Slowly Growing
- Western States Working Through Foreclosure Backlog Quicker than Eastern
- Biggest Down Payments in the Country Found in New Jersey
- President Bypasses Congress, Appoints Director of the Consumer Protection Bureau
- Federal Reserve Recommends Expanding GSEs to Turn Housing Market Around
- Mortgage Rates Likely to Remain Low for a While Longer
- Top Former FDIC, Wells Fargo Execs Say Fannie and Freddie Must Go
- FHA Continues to Extend Anti-Flipping Waiver
- More Homeowners Using Delaying Tactics to Slow Down Foreclosures
- Now that It’s Passed: The True Cost of the Payroll Tax Cut
About Bryan Ellis
Bryan Ellis is an Atlanta-based real estate analyst and publisher of the widely read newsletter "The Bryan Ellis Real Estate Letter". With over 200,000 subscribers - including real estate investors, agents, brokers, appraisers and other real estate professionals - the Bryan Ellis Real Estate Letter is among America's largest sources of unbiased coverage of politics and public policy for the real estate industry.
Bryan Ellis serves as editor in chief for the Bryan Ellis Real Estate Letter and is assisted by an extraordinary staff of writers, researchers and editors who are each real estate experts in their own right and who assure that the news we report is well researched, factual, and highly relevant to today's real estate industry.
Bryan is very happily married and has two wonderful daughters. He makes his home in the suburbs of Atlanta, Georgia. You can contact the team at the Bryan Ellis Real Estate Letter here.
