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Mostrando entradas con la etiqueta Foreclosure Freeze. Mostrar todas las entradas
Mostrando entradas con la etiqueta Foreclosure Freeze. Mostrar todas las entradas

15 de diciembre de 2011

Propietarios en apuros se benefician con fallo de la corte en Florida

Struggling homeowners gain favor in key ruling

By KIMBERLY MILLER
Palm Beach Post Staff Writer


Updated: 9:10 p.m. Thursday, Dec. 15, 2011

Posted: 9:08 p.m. Thursday, Dec. 15, 2011

Home­owners in foreclosure may have a better chance of getting a true trial, instead of a quickie judgment, following a 4th District Court of Appeal decision that requires banks to prove ownership of the note at the time they file for repossession.
The ruling Wednesday in Palm Beach County was heralded by foreclosure defense attorneys who said it may even force banks to dismiss some cases and start over with new paperwork.
Tom Ice, founder of the Royal Palm Beach-based foreclosure defense firm Ice Legal, called the decision a "sea change" in the way courts are looking at foreclosure cases and the importance of assignments of mortgage.
"No longer can banks just walk in and have their attorney wave around a piece of paper saying this is the note," Ice said. "The good news for homeowners is now they have an opportunity to prove their case and get a trial on its merits."
The 4th DCA ruling follows a rare Florida Supreme Court decision last week to take up an already settled Greenacres foreclosure case that involved an allegedly backdated assignment of mortgage that the bank used to show ownership. The court said it wanted to rule on the case, in which the homeowner was defended by Ice's firm, because its opinion could have an impact on the "mortgage foreclosure crisis throughout the state."
Wednesday's ruling was on the case of Robert McLean vs. JPMorgan Chase, and involved a 2009 Broward County foreclosure.

1 de octubre de 2011

Bloomberg: Procurador de California niega propuesta de acuerdo de BoA y JPMorgan

A proposed nationwide settlement with banks including Bank of America Corp. and JPMorgan Chase & Co. is being rejected by California Attorney General Kamala Harris, who will pursue her own mortgage investigation in the state that had the second-highest foreclosure rate in August.

The proposed agreement is “inadequate” and would allow too few California homeowners to stay in their homes, Harris said in a letter yesterday obtained by Bloomberg News.

“After much consideration, I have concluded that this is not the deal California homeowners have been waiting for,” Harris, a Democrat who took office in January, said in the letter to the U.S. Justice Department and the Iowa attorney general, who is leading talks for the states.

All 50 state attorneys general last year announced they were investigating bank foreclosure procedures following complaints that the companies were using faulty documents in seizing homes.

State attorneys general and federal agencies have been negotiating a settlement with the five largest mortgage servicers, including Charlotte, North Carolina-based Bank of America and New York-based JPMorgan. They have sought a settlement that would fund loan modifications and set requirements for how the banks conduct foreclosures and interact with borrowers. Harris’s office has been negotiating directly with the banks on behalf of the states. One in every 226 California housing units had a foreclosure filing during August, more than twice the national average and second only to Nevada, according to a RealtyTrac Inc. report. Harris said 2.2 million Californians are underwater in their mortgages.

20 de septiembre de 2011

Según expertos, 10 millones de préstamos hipotecarios entraran en default


10 million more mortgages set to default, expert says
Posted By JON PRIOR On September 20, 2011 @ 10:39 am | 2 Comments
Roughly 10.4 million mortgages, or one in five outstanding home loans in the U.S., will likely default if Congress refuses to implement new policy changes to prevent and sell more foreclosures, according to analyst Laurie Goodman from Amherst Securities Group.

At the end of the second quarter, more than 2.7 million long-delinquent loans, others in foreclosure and REO properties sat in the shadow inventory, more than double what it was in the first quarter of 2010. With the market averaging roughly 90,000 loan liquidations per month, it would take 32 months, nearly three years, to move through the overhang.

And that number is contingent on no other loans going into default.

"Many analysts looking at the housing problem mistakenly assume it is limited to loans that are currently non-performing (or 60-plus days past due). Such borrowers have a high probability of eventually losing their homes. However, the problem also includes loans with a compromised pay history; these are re-defaulting at a rapid rate," Goodman told [1] a Senate subcommittee Tuesday.

Under a reasonable estimate, which is calculated with more conservative market conditions than what is currently being experienced, Goodman found nearly 2 million re-performing mortgages would default again and another 3.6 million already troubled loans to default as well.

The rest of the 10.4 million estimate is made of always-performing loans at various stages of negative equity. Of the 2.5 million always-performing mortgages with loan-to-value ratios above 120%, nearly half will default. Even 5% of the always-performing mortgages that have some equity left will default, as well, Goodman said.

26 de octubre de 2010

Fannie Mae pide a firma de abogados detener casos de ejecuciones hipotecarias pendientes

Fannie Mae asks Florida law firm to hold cases

10/26/2010 © Florida Today

ORLANDO - Fannie Mae has asked a Florida law firm under investigation by state
officials for fabricating foreclosure documents to put on hold all the cases involving the
government-controlled mortgage buyer.

Fannie Mae today also asked the Law Offices of David Stern to stop setting up
hearings for Fannie Mae cases. Spokeswoman Amy Bonitatibus said Fannie Mae was working
closely with their regulator on this matter. Last week, the Florida Attorney General's Office released the deposition of a former assistant at the law firm who testified that the office manager for the foreclosure department would sign 1,000 files a day without reviewing them. The office manager also would allow
paralegals to sign her name for her when she got tired, the former assistant said.

23 de octubre de 2010

Estiman que mercado inmobiliario sufre por congelamiento de ejecuciones hipotecarias

Freeze souring house deals

10/23/2010 © Daytona Beach News-Journal

DAYTONA BEACH -- So far, major banks freezing parts of the foreclosure process have caused some lost or delayed house sales in the Volusia-Flagler market, real-estate officials said this week.
"It's a strong knee-jerk reaction by the lenders, and it's too strong," said Aswin Suri, owner of Exit Realty of Daytona. "We had a deal with a bank that's not even among the ones freezing foreclosures, and it was about to close when it was held up because of the freeze."
Still, investigations of mishandled foreclosures are continuing across the country.

21 de octubre de 2010

Procurador General de la Florida se involucra en la crisis de ejecuciones inmobiliarias

Florida's foray into the foreclosure crisis

10/21/2010 © South Florida Sun-Sentinel editorial

For a short-timer, Florida Attorney General Bill McCollum has a lot on his plate, particularly when it comes to residential and commercial foreclosures. News of unscrupulous lending practices, coupled with the examination of those practices by lenders, resonates in a state that relies so heavily on real estate for growth and jobs. So it was a relief that McCollum last week joined counterparts in the other 49 states in scrutinizing banks, mortgage companies and loan servicers involved in the debilitating foreclosure crisis. He has also asked for a meeting with major lenders that have curtailed foreclosure procedures to assess how big an impact a foreclosure moratorium could have on Florida.
The reality is that the impact could be huge. Half of Florida's housing sales currently involve foreclosed properties, and if that pipeline is shut off for a long period of time, it would prolong hopes for an economic recovery in the Sunshine State. For that reason, McCollum is wise to hold off on any further action, such as encouraging a freeze on foreclosures or initiating lawsuits, at this point.

Opinan que congelamiento de ejecuciones hipotecarias perjudica la ya debilitada economía

Our views: The crisis continues.
Foreclosure moratorium would hurt the still struggling economy

Florida Today editorial
October 21, 2010

During the real estate bubble, lenders wrote mortgages like they were giving away candy on Halloween.
Their irresponsibility nearly sank the economy and now they’re repeating it as the foreclosure crisis continues.
Attorneys general in all 50 states are starting a coordinated probe into inaccurate and fraudulent documents prepared by lenders and their subcontractors in foreclosure suits.
Federal investigators are doing the same.
The problem involves untrained mortgage company and law firm workers who signed hundreds of documents a day without reviewing them, violating laws that require a signed affidavit saying all documents filed were complete and accurate.
As a result, experts say an untold number of people may have been forced from their homes illegally.
Some of the nation’s largest lenders, such as Bank of America and JP Morgan Chase, put a temporary halt on foreclosure sales to address the problem, with the effect rippling along the Space Coast: Brevard County courts, which currently are handling nearly 13,000 foreclosure suits, are reporting a growing number of foreclosure hearings canceled or postponed. The figure reflects just part of the Space Coast’s crisis, where 30,000 foreclosure suits were filed between January 2007 and September 2010.

20 de octubre de 2010

Jueces proponen otra solución antes que un congelamiento de las ejecuciones hipotecarias


No foreclosure moratorium: White House, judges have a better response.


10/20/2010 © Palm Beach Post editorial

From now on, Palm Beach County Chief Judge Peter Blanc says, even when foreclosure
cases are uncontested, banks will have to produce sworn or certified documents to prove that
they have the right to repossess a home. That approach in courts around the country beats a
national foreclosure moratorium.
Since Florida Rules of Civil Procedure require such paperwork, that should have been the case
all along. In light of allegations that attorneys representing lenders and mortgage servicers have been using forged documents, it's more important than ever that judges make them follow the letter of the law. Civil rights organizations and some Democratic lawmakers have called for a nationwide moratorium on foreclosures in response to the alleged fraud. Holding lenders accountable makes more sense.
Judge Blanc admitted to The Post's Kim Miller, however, that in thousands of cases that hasn't happened. "In the past, when affidavits came in on defaults, the judges haven't been requiring the documents because no one was there objecting," Judge Blanc said, noting that 80 percent of the cases are uncontested. "Dealing with the volume we are dealing with, we want to make sure that all our i's are dotted and t's crossed."
Even when the homeowner fails to show up in court, lenders should have to prove their case, because they can collect from defaulting homeowners the balance between what they owe and what the bank gets from selling the home. The records that support lenders' foreclosure claims include details of the loan, borrower fees and payment history that verify how much is owed. In one case, a judge failed to inspect the documents and granted summary judgment to a lender even when the homeowner's attorney objected to the validity.
A summary judgment is a swift ruling made instead of a trial when the facts of the foreclosure are considered irrefutable. The problem has been that, too often, the facts are disputable.
The 50 state attorneys general have opened a joint investigation into whether banks and loan servicers used false documents and signatures to justify hundreds of thousands of foreclosures. The Obama administration's Financial Fraud Enforcement Task Force is investigating whether those that did submit flawed paperwork misled federal housing agencies, which own or insure a majority of home loans.
These investigations, coupled with judges taking a more active role, is a practical response as opposed to the political response of calling for a moratorium. A nationwide foreclosure moratorium only would delay the inevitable for most homeowners, and further delay the housing market recovery.
Jack McCabe, a real estate consultant based in Deerfield Beach, favors a moratorium, but admits that it would have a negative effect on the economy. "Forty to 50 percent of sales in the state have been foreclosure sales," he said. With a moratorium, there would be "a large reduction in the number of foreclosure sales, and in sales in the overall market with these foreclosures not being available." Buyers of non-distressed properties might wait, fearing that they are paying too much.
The housing market will not improve until those distressed homes get back onto the market and get sold. The foreclosures must be scrutinized, but they must continue.

- Rhonda Swan, for The Palm Beach Post Editorial Board

18 de octubre de 2010

Complicaciones creadas por un posible Foreclosure Freeze


Foreclosure freeze creates major headache for Collier, Lee real estate industry

10/18/2010 © Naples Daily News

Since Oct. 4, banks have withdrawn more than 270 foreclosure homes from the Fort Myers multiple listing service, or MLS. In the Naples market, there have been about 120 listings pulled from the MLS during the past week.

NAPLES —For years, Mike Donnelly has dreamed of owning his own home. His dream was about to come true, until his closing was abruptly halted last week by the seller, Fannie Mae.
“I was heartbroken,” said Donnelly, 52. “I thought, ‘You’re kidding me.’ It’s the perfect dream house.”
Fannie Mae, the seller, stopped the closing because of concerns over the title. The servicer on the defaulted loan was Countrywide, now part of Bank of America. Earlier this month, Bank of America announced it was putting a chill on foreclosure sales in 50 states because of concerns over faulty documents. Other major lenders, including Ally and JP Morgan Chase, also have suspended some foreclosure sales, as they review their procedures following criticisms that they improperly took homes away from struggling borrowers.

14 de octubre de 2010

PB Post: El Robin Hood de los dueños de casa lucha contra los gigantes de las ejecuciones hipotecarias

Homeowners' Robin Hood fights foreclosure giants


10/14/2010 © Palm Beach Post

Tom Ice was a desert boy who wanted to be Jacques Cousteau. He earned the degree and everything, leaving his home in Santa Fe, N.M., to study ocean engineering at the University of Miami.

But the former high school debater had an inexplicable change of heart, one that led him from the rhythmic comfort of the ocean to the tense arguments of the courtroom. Ice, 50, has emerged as a Robin Hood of sorts in the tangled world of foreclosures, representing homeowners and fighting powerful law firms backed by big banks.

From his West Palm Beach home - he doesn't have an office at his firm in Ice's legal wrangling is largely recognized for contributing to the nationwide suspension of foreclosures enacted by several major lenders. On Wednesday, attorneys general from every state launched a nationwide probe of loan servicers.

Ice credits his engineering background for his attention to detail and years of litigating for his tenacity. He was trained, he said, to doubt everything the other side says and "look under every rock." What he and his wife, Ariane, found buried under boulders of foreclosure paperwork were backdated documents, affidavits sworn to by bank employees processing thousands of foreclosures a month, and questionable assignments of mortgages coming out of the Mortgage Electronic Registration System, or MERS.

12 de octubre de 2010

Ejecuciones hipotecarias continuan a pesar del anuncio hecho por bancos


Lee County foreclosures continue
10/13/2010 © Ft. Myers News-Press

Two giant lenders who said they’re freezing foreclosures nationwide are conducting business as usual at the Lee County Courthouse.
JPMorgan Chase & Co. and Bank of America Corp., along with some smaller lenders, have announced that they were holding off on court-based foreclosures until they could sort out issues with them, such as whether attorneys actually read all the paperwork.
But in Lee County, court records show both of those banks have continued to get court judgments allowing the sale of mortgages on foreclosed houses at public auction.
That’s despite statements from both banks that they stopped doing that about two weeks ago.
April Charney, a Jacksonville-area legal aid attorney who’s an expert on foreclosure issues, said she’s hearing similar reports from around the country.

Procuradores Generales de Florida y otros 39 estados investigan crisis de ejecuciones hipotecarias


General joins 39 states investigating foreclosure crisis
10/12/2010 © South Florida Sun-Sentinel

Florida Attorney General Bill McCollum has joined top regulators from 39 other states in scrutinizng the banks, mortgage companies and loan servicers involved in the widening foreclosure crisis.
But McCollum stopped short of calling for some or all lenders to temporarily halt to foreclosures, short sales or evictions — something attorneys general in Massachusettes, Texas and some other states have done within the past week.
"While this is no doubt a serious matter, there still exist valid foreclosures that need not be delayed," said Ryan Wiggins, McCollum's spokeswoman.
Iowa Attorney General Tom Miller, who is leading the State Foreclosure Prevention Working Group that Florida joined, last week asked that foreclosures by three major lenders be stalled in that state: the GMAC Mortgage unit of Ally Financial, Bank of America, and JPMorgan Chase.

2 de octubre de 2010

Abogados reclaman pedido del Procurador General

Lawyers fight AG inquiry
10/02/2010 © Miami Herald
TOLUSE OLORUNNIPA
tolorunnipa@MiamiHerald.com

South Florida law firms being investigated for shady foreclosure practices are fighting back by challenging the attorney general's jurisdiction, refusing to cooperate with parts of the probe and gearing up for a legal showdown.

A Palm Beach County judge is expected to rule Monday on a motion by Shapiro & Fishman of Boca Raton to "quash" the subpoena issued in August by Attorney General Bill McCollum. The motion calls the investigative subpoena "overly broad, unreasonable and unduly burdensome." The subpoena demands the firms -- Shapiro, the Law Offices of David J. Stern and the Law Offices of Marshall C. Watson -- turn over five years worth of documents and e-mails, and copies of all contracts between the law firm and the lenders that hired it to handle their foreclosures.

The Law Offices of David J. Stern has decided to partially cooperate, its legal counsel said. The Plantation-based firm handed over some of the requested documents to the attorney's general office, but not all of them, according to Miami attorney Jeffery Tew, who represents Stern's firm. Tew said he believed that the attorney general's subpoena was too broad, but that Stern's firm had provided three years worth of documents that were relevant to the investigation.

Problemas de documentación detiene casos de ejecución hipotecaria

Mortgage document troubles holding up foreclosures
10/02/2010 © Palm Beach Post
Posted: 1:52 p.m. Saturday, Oct. 2, 2010

The technical glitch that Ally Financial is citing for freezing portions of its foreclosure machine could keep Susan Carlsen in her million-dollar Jupiter home for another year. Or, even win her the court case all together. Carlsen's attorney, no doubt like many foreclosure defenders nationwide, plans to take full advantage of the acknowledgments by Ally, JPMorgan Chase and now Bank of America, that legal documents used to repossess people's homes were flawed.

Attorneys for Ally, formerly GMAC, withdrew an affidavit stating how much Carlsen owes on the house last month as it was revealed bank employees swore to personal knowledge of foreclosure documents when they had no such knowledge. The unexpected reprieve for tens of thousands of delinquent borrowers opens legal avenues to slow Florida's so-called "rocket docket" - a blur of quickie foreclosure judgments aided by a summer infusion of $9.6 million to hire additional judges and court employees.

Bank of America detiene las ejecuciónes hipotecarias mientras Fannie Mae interviene

Bank of America slows foreclosures as Fannie Mae steps in
10/02/2010 © South Florida Sun-Sentinel

Bank of America announced it is delaying foreclosures in 23 states – including Florida - - after the Associated Press reported that a bank official acknowledged in a legal proceeding that she signed up to 8,000 foreclosure documents a month and typically didn't read them. 

Bank of America said late Friday it is delaying foreclosures in 23 states, becoming the third major lending institution to acknowledge mortgage documentation problems. Meanwhile, Fannie Mae stepped up efforts to hold lenders accountable, saying it will warn loan servicers to report problems with cases that may violate financial laws.

Bank of America -- one of the largest mortgage lenders in Florida and the nation's largest bank -- did not give an estimate for how many homeowners' cases will be affected in South Florida and elsewhere.
Bank of America spokesman Dan Frahm said the institution was "assessing our existing processes" and would be delaying some actions.

The Federal National Mortgage Association – commonly known as Fannie Mae -- said it is alerting 1,400 loan servicers nationwide that they would be in violation of their contracts on federally-backed Fannie Mae loans if their foreclosure processes don't comply with state and local laws.

29 de septiembre de 2010

JPMorgan Chase congela 56,000 ejecuciones hipotecarias


The Washington Post

J.P. Morgan Chase issued a freeze on 56,000 foreclosures on Wednesday, acknowledging that some employees may have signed off on documents submitted in support of them without proper review.

Chase spokesman Tom Kelly said the company has requested that the courts not enter judgments in pending matters until the company has had time to re-examine the filings "to verify that the affidavits and other documents meet the standard of personal knowledge or review where that is required."

"While Chase does not expect find any factual problems and that customers have been harmed, but if we do find any cases we will take appropriate action," Kelly said.

In May, a Chase employee named Beth Ann Cottrell said in a sworn deposition that she and her team signed off on up to 18,000 foreclosure affidavits and other documents a month without reviewing them thoroughly.

Another mortgage company, Ally Financial--the nation's fifth largest lender--on Sept. 20 halted evictions and resale of repossessed homes in 23 states. Jeffrey Stephan, a document processor for the company, admitted that he had signed off on 10,000 pieces of foreclosure paperwork a month without reading them.

State attorneys in at least nine states have announced investigations into the matter.

By Ariana Eunjung Cha | September 29, 2010; 5:07 PM ET

27 de septiembre de 2010

Jueces en Florida niegan casos a favor de bancos


MONDAY, SEPTEMBER 27, 2010

Florida’s Kangaroo Foreclosure Courts: Judges Denying Due Process on Behalf of Banks

Florida is ground zero of the foreclosure crisis. In addition to being one of the epicenters of the housing meltdown, it has also become the jurisdiction where local lawyers have been the most effective overall in unearthing how servicers and foreclosure mills have engaged in widespread document fabrications and use of improper affidavits to foreclose.
This abuse of contracts and legal procedures matters because the courts are the last bastion of defense of the individual. Even libertarians, who keenly oppose government mission creep, give courts an elevated role as a protector of rights.
Given the success that local attorneys are having (it has reached the point where the state attorney general’s office has opened an investigation into three so-called foreclosure mills operating in the state), pushback by the mortgage industrial complex was inevitable. The old saw about “best government money can buy” now looks to apply to the courts, the one area most people assume to be relatively free from tampering by well funded interests.
The New York Times did report on this development, but its account was such a pale version of what is happening on the ground as to give readers a distorted picture.
These new foreclosure-only courts are special creations of the Florida legislature, funded separately from the usual court system. They are manned by retired judges, which means in many cases they are not familiar with real estate law.

FUBAR Mortgage Behavior: Florida Banks Destroyed Notes; Others Never Transferred Them

MONDAY, SEPTEMBER 27, 2010

Before we get to the meat of the post, I have a fun project for readers. Just as “whocoulddanode” has become inextricably linked to the excuses for the failure to see the housing crisis coming, we need a new tag phase for the hopeless tangled mess that the folks who screwed up mortgage securitizations have foisted on Americans. Conceptually, FUBAR (Fucked Up Beyond All Recognition) is accurate, but it is pretty antique as far as slang goes, so we need a new term. Ideas encouraged.
But to give readers the latest report of modern FUBAR, mortgage edition, let us continue with the sorry saga of “Where’s My Note?” For the benefit of newbies, what everyone calls a mortgage actually has two components: the note, which is the borrower IOU, and the mortgage (in some states, it’s called a deed of trust) which is the lien on the property. In 45 states, the mortgage is a mere accessory to the note; you must be the real party of interest in the note in order to foreclose.
The pooling and servicing agreement, which governs who does what when in a mortgage securitization, requires the note to be endorsed (just like a check, signed by one party over to the next), showing the full chain of title, and the minimum conveyance chain is A (originator) => B (sponsor) => C (depositor) => D (trust). The endorsements also have to be wet ink; no electronic signatures permitted.
I’ve had a lot of anecdotal evidence to support the idea that these procedures, which were created in the early days of mortgage securitizations, were simply not observed on a widespread, if not a universal basis. My sense is that the breakdown in practice was well underway by 2004, but it may have taken place earlier. For instance, a group of over 100 lawyers in a loose network around Max Garndner, a North Carolina bankruptcy lawyer who has taken a serious interest in this area, now has a standing joke that the first one that finds a deal where the note was correctly endorsed must bronze it and hang it on their wall. In other words, in none of the cases this large group has seen were the notes transferred to the trust properly.

17 de septiembre de 2010

Titulos usados por Jeffrey Stephan de GMAC


FORECLOSURE FRAUD – TITLES USED BY JEFFREY STEPHAN OF GMAC




Jeffrey Stephan,  who actually works for GMAC Mortgage Corp. in Montgomery County, PA, signs thousands of Mortgage Assignments each month as an officer of other banks and mortgage companies in order to transfer mortgages TO GMAC.
In Florida, the law firms that regularly present documents signed by Jeffrey Stephans as “proof” that GMAC has standing to foreclose include The Law Offices of Marshall Watson, The Law Offices of David Stern and Florida Default Law Group.
Stephan has admitted in depositions that he has no personal knowledge of the facts of documents he signs, does not verify the facts, and often does not sign in front of a notary (though the documents are eventually notarized).
Titles used by Jeffrey Stephan include the following:

4 de septiembre de 2010

NYT: Florida tiene una respuesta rápida al desastre hipotecario

The New York Times

September 4, 2010

Florida’s High-Speed Answer to a Foreclosure Mess


TEN days from now, a four-bedroom house on a cul-de-sac in Middleburg, Fla., is scheduled to be auctioned off at the Clay County courthouse, 25 miles south of Jacksonville.
A judge who recently took over their foreclosure case has ordered Rodney Waters; his fiancée, Terri Reese; and their four children to leave the home they bought in 2006.
Mr. Waters, a supervisor at a local packaging company and the family’s sole breadwinner, fell behind on his mortgage two years ago after his property taxes jumped unexpectedly. He now owes $264,000 on the house; a similar home down the street sold for $138,500 in February.
The predicament of the Waters-Reese family is common in Florida today. The state routinely sets new records for foreclosures — in the second quarter, 20.13 percent of its mortgages were delinquent or in foreclosure, a national high, according to the Mortgage Bankers Association. And with housing prices still in a free fall, almost half of all borrowers in Florida owe more on their mortgages than their properties are worth, says CoreLogic, a data firm.