The Market Ticker – ROFL! Buffett Calls Banks “Victims”

Usually the "victim" has lost something like their life, money, their home, etc. With taxpayer funded bail outs aren't we the taxpayer the victim? The foreclosed party loses their home, the taxpayer loses money and the bankers have gained a boat load via TARP. Who's the "real" victim? Am I missing something here?

Full Article: 4closurefraud.org

JPMorgan, BofA Strain for Qualified Staff to Clear Foreclosures

It would seem to me bankers have only one concern - keeping the money they have and earning as much off foreclosures as possible. They seem to have no interest in hiring (and paying for) qualified people. Why would they want to hire qualified people when you can use that as an excuse to further stall settlements with home owners and earn more off defaults.


Full Article: bloomberg.com

HUD CHARGES BANK OF AMERICA WITH DISCRIMINATING AGAINST HOMEBUYERS WITH DISABILITIES

Is there any way that BOA could possibly gain any more negative publicity? Robosigning, busted loan mods, illegal foreclosures. Oh yeah, let's discriminate against those who receive disability payments. Funny, before the housing collapse they accepted these types of payments with no questions asked.

Full Article: 4closurefraud.org

Another win for the Law Offices of Robert Brown, P.C.

Plaintiff BANK OF NEW YORK has failed to establish that MERS was the lawful holder or assignee of the Note with regard to the first alleged assignment. Therefore, plaintiff BANK OF NEW YORK is without standing to commence this action as "an assignment of the mortgage without assignment of the underlying not or bond is a nullity".

Bank of America stops selling mortgages to Fannie Mae

Is that because non-HAMP mods have a higher rate of default and BOA will be forced to repurchase them? If so, why would BOA provide mods they know aren't going to work out in the first place? Just asking.

http://www.housingwire.com/article/bank-america-stops-selling-mortgages-fannie-mae

Overdue Mortgages Number 6,082,000

Almost 4,000,000 homes have yet to go into foreclosure! Add that to the dreaded Shadow inventory and perhaps this could be the worst year yet. Or, if the Fed insists on developing these new programs that do nothing for the borrower but everything for the banker we could be in this for another 10 years.

FULL STORY: Overdue Mortgages Number 6,082,000

New York, Delaware Pursue Mortgage Securitization Investigation

The securitizations problems are going to make the robosigning fiasco seem like child's play. What happens when these trusts are deemed to be invalid and there now becomes a tax issue? Can't wait to see how that plays out. The monetary problem with this settlement is that the proposed $2,000 to borrowers is not going to do anything for them. The AG's here MUST push the criminal end as well. The bankers will never learn their lesson unless some jail time is involved. After all if you simply have to stick your hand in your pocket to pay for crimes committed and you're a millionaire a hundred times over where's the deterrent? However, if ones freedom is taken away . . . . . . . . .

FULL ARTICLE: New York, Delaware Pursue Mortgage Investigation

AGs foreclosure deal still being tweaked

The sickening part about this is that it won't deter the banks from continuing the behavior that got us into this mess. It is simply too profitable to conduct business any other way. And again, at $2,000 per home owner it's easy to see who's getting the short end of the stick.

Full Article: AGs foreclosure deal still being tweaked

Fraudclosure Firm Baum’s Demise Leaves N.Y. Homeowners in Costly Limbo

This was a mess before Baum closed his office. Now it's going to be nightmare! This will certainly take a looooong time to clean up. If you're in foreclosure and have questions or aren't sure how this will affect your case please contact us.

Full Article: Baum's demise

Citi, BofA prove too big to punish harshly

Actually this is a pretty good idea. Unfortunately, since the bankers are in bed with the Fed it's unlikely this will see the light of day. Now, if there were restrictions on when lenders can sell their loans - effectively locking in the originating lenders for a certain period of time, that would have them think twice on who they approve for a loan. But then the bankers will say the "lock-in" is "unfair". The "lock-in" - isn't that exactly what the bankers do when they impose pre-payment penalties on borrowers? Hmmmmm. . . . . . . . .

Full Article: Citi, BofA prove too big to punish harshly

Proposed Bill to Speed Up Short Sale Process & Prevent Foreclosure

Banks have been dragging their feet on this just as they've done on loan modifications. The short sale process as it stands now makes absolutely no sense. The main reason for all the delays? Same reason for the loan mod delays - servicers. Servicers make more money when a loan is in default. It's that simple. The big joke here is the "fine" for non-compliance - $1,000 plus reasonable attorney fees. Banks are announcing record profits.Do you think a $1,000 fine is going to change their way of thinking?

Full Article: dsnews.com

Foreclosures on the rise again...

One in every 624 U.S. households received a foreclosure filing in January, up 3 percent from the previous month, according to a new report from RealtyTrac. Foreclosure activity froze in many states in 2011, due to processing delays after fraud, or so-called "Robo-signing," were uncovered in the fall of 2010.

FULL STORY: http://www.cnbc.com

Chief judge announces new foreclosure court part in state of judiciary speech

A new court initiative will allow all New York homeowners facing foreclosure to obtain legal representation and streamline the process of settling mortgage disputes out of court, Chief Judge Jonathan Lippman said Tuesday during his annual State of the Judiciary speech.

FULL ARTICLE CAN BE FOUND HERE: http://newsandinsight.thomsonreuters.com

Assemblyman Ortiz Sponsors Foreclosure Workshop

Politicians usually have a lot to say no matter what the subject. After all, it's part of their job. So in a world where our elected officials are unusually quiet when it comes to the foreclosure/financial crisis (read meltdown) Assemblyman Felix Ortiz has chosen to take action while other elected officials have refused to help their suffering constituents. Brooklyn has one of the highest foreclosure rates in the state. Yet local officials for the most part have chosen to turn a blind eye to those vicitumized by predatory lending, illegal foreclosures, tortuous loan modification attempts and lenders who refuse to help home owners under any circumstance. We applaud Assemblyman Ortiz for sponsoring this foreclosure workshop. A special thank you also goes out to Reverend Nestor Osorio of the Emmanuel Pentecostal Church for hosting the event. We look forward to working with Assemblyman Ortiz's office in the very near future to conduct another workshop.

Lawsuit: Chase And Wells Fargo Overcharged Homeowners As Much As 300% On Mortgage Fees

In cases of default and/or foreclosure home owners need to pay special attention to any pay off or reinstatement figures that the bank provides. A close look at the figures will usually reveal overcharges and bogus fees. One needs to remember that services are paid much more when a loan is in default than when the borrower is making timely payments. Scrutinize every charge when viewing these statements. In many cases the servicer will be unable to explain what the questionable charge is when pressed for an answer.

http://articles.businessinsider.com/2012-02-13/news/31054084_1_mortgage-fees-strategic-default-mortgage-payments

Pimco: $25 Billion Foreclosure Deal to Hit Pensions Harder Than Banks

The bottom line here is once again the banks are being bailed out on the backs of the taxpayers. To add insult to injury the taxpayers that had the foresight to save for their retirement will now get pounded by losses incurred by their pension, IRA's and 401-k plans.


http://www.moneynews.com/StreetTalk/pimco-foreclosure-banks-pensions/2012/02/10/id/429048#

MERS Speak | Setting the Record Straight – MERSCORP’s Response to Some of Attorney General Schneiderman’s Claims

Funny.. .. I don't see MERS disputing the New York AGs allegation they owe back recording fees.

http://4closurefraud.org/2012/02/06/mers-speak-setting-the-record-straight-merscorps-response-to-some-of-attorney-general-schneidermans-claims/

New York Housing Counselor Charged with Defrauding Homeowners

You should never pay up front for a loan modification. On the same note you should be just as cautious when you go to your lender for help and you're told they cannot help you unless you are behind on your loan or in foreclosure. That simply is NOT true. You must show you're in imminent danger of default (job loss, death of wager earner, divorce, illness, etc.)If you choose to work directly with your lender for a loan modification take note that for the most part your lender is NOT interested in helping you. I believe as soon as most borrowers understand that they're better off. Here are a few tips to help you along:1).Get a notebook and document every time contact is made with the lender. That includes phone calls. letters, faxes, etc. When speaking with the lender always get the name, ID number/Ext number of the person as well as their department. 2). Call your lender weekly to see what updates there are on the account. 3). After sending any documents always call them the next day to verify they were received (banks are notorious for losing documents). 4). When sending in a loan modification package be sure all paperwork has your loan number on it, all documents requiring a signature are signed especially tax returns. 5). At the begininng of every month fax current bank statements and pay stubs.

Hope these tips help. If you feel you need help please call your local housing counselor or legal services.

http://www.dsnews.com/articles/print-view/new-york-housing-counselor-charged-with-defrauding-homeowners-2012-02-06

More than 40 states to sign foreclosure settlement

If this settlement agreement is such a good deal for both the states that have chosen to sign on the dotted line and the multitude of home owners in foreclosure (not to mention those who are drowning in negative equity) why are both the Fed and HUD pushing so hard? If it really is a great deal the AGs will sign on their own without the pressure.


http://www.housingwire.com/article/more-40-states-sign-foreclosure-settlement

Another win for the Law Offices of Robert Brown, P.C.

Decision

A.G. SCHNEIDERMAN ANNOUNCES MAJOR LAWSUIT AGAINST NATION’S LARGEST BANKS FOR DECEPTIVE & FRAUDULENT USE OF ELECTRONIC MORTGAGE REGISTRY

Complaint Charges Use Of MERS By Bank Of America, J.P. Morgan Chase, And Wells Fargo Resulted In Fraudulent Foreclosure Filings.

We had a feeling the AG was working on something big. Now in addition to hammering these banks he can put some more pressure on them by getting MERS to pay all of the unpaid recording fees they owe. We are VERY happy to see this! As I've said before we in New York are EXTREMELY lucky to have Mr. Schneiderman as our AG.


http://www.ag.ny.gov/media_center/2012/feb/feb03a_12.html

Why Fannie and Freddie are Hesitating to Help Homeowners

The reason there's no help for the home owners is that it isn't good for the bottom line of the GSE's or their shareholders. All of the fraud we've seen (and we've seen plenty considering we do our own internal audits)the one thing we're still not seeing is prison time for those involved. Seems if you steal a little you go directly to jail. If you steal massive amounts of money, crushing the country financially and illegally foreclosing on homes you get a free pass. We're in deep trouble here folks!

http://4closurefraud.org/2012/02/02/why-fannie-and-freddie-are-hesitating-to-help-homeowners/

EXPANDING EFFORTS TO HELP MORE HOMEOWNERS AND STRENGTHEN HARD-HIT COMMUNITIES

The Law Offices of Robert E. Brown, P.C.

The Obama Administration announced important enhancements to the Making Home Affordable Program, including the Home Affordable Modification Program (HAMP), to expand the reach of the program to help additional homeowners stay in their homes and strengthen hard-hit communities.

Full Story: http://4closurefraud.org

Loan Modifications Are on the Decline: Moody's

Again, for the most part banks earn much more money when you're in default. So, why bother trying to modify a loan earning less interest when you can simply earn more by keeping the borrower in limbo? We've seen multiple cases where borrowers are in trial mods for over 18 months! Why is that? I don't for one minute believe it takes any lender that long to make a decision. The whole process regarding loan modifications or the denial thereof depends on where the lender earns the most money. And in many cases more money is earned in late/bogus fees. It's that simple.

http://www.dsnews.com/articles/print-view/loan-modifications-are-on-decline-moodys-2012-01-23

Chase, BofA may lose $131 million in HAMP payments

The incentives the feds are offering for HAMP compliance is nothing compared to how much money banks earn in late fees (and any other fees they can think of)when they purposely keep a borrower in default.

http://www.housingwire.com/2012/01/25/chase-bofa-have-131-million-in-hamp-payments-at-stake

Old mortgages rise from the dead, haunt homeowners

This is just another way banks make a mess out of everything they touch. After your loan is satisfied you need to go to your county clerk and be certain the satisfaction is recorded. You must also keep a copy of the satisfaction for your records as well.

http://www.reuters.com/article/2012/01/26/us-usa-housing-mortgage-reincarnation-idUSTRE80P0SJ20120126

Bank of America Settlements Impede Fraud Probe, Arizona Says

Bank of America has never played by the rules. Why should now be any different?

http://www.businessweek.com/news/2012-01-26/bank-of-america-settlements-impede-fraud-probe-arizona-says.html

Foreclosure Robo-Signing Deal Worries N.Y. Official

Yesterday we had the honor of meeting the AG at a Chinese New Year Brunch. We spoke with him for a few minutes and he seemed very determined to go his own way and get the best deal possible for New York. There are other states who wish they had our AG.

http://www.npr.org/2012/01/23/145535135/foreclosure-robo-signing-deal-worries-n-y-official

Top Banker Servicing Abuses. Has This Happened To You?

-Loan sold without your knowledge
-Dual Tracking (working on mod & foreclosure filed)
-Foreclosure filed even though you’re current
-Faxing modification paperwork multiple times
-Different stories every time you call your lender
-Trial Mod exceeds the 3 month timeline
-Improper denial of HAMP (or in-house mod)
-Rights waiver inserted into loan modification agreements
-Improperly applied mortgage payments
-Escrow payments applied incorrectly
-Bogus/inaccurate fees on reinstatement figures
-Not providing timely reinstatement or payoff figures
-Bank provides no communication to borrower regarding late payments or pre-foreclosure
-Robo-signing (save the best for last). Bad signatures, bad assignments, no affidavits



If you believe any of the above has happened and feel you need help to resolve the problem please contact our office for a FREE consultation.

Law Offices of Robert E. Brown, P.C.
2409 Richmond Road Staten Island, New York 10306
jbrancato@robertbrownlaw.com
718-979-9779
Att’y Advertising

Looming wave of new foreclosures threatens rebound of Staten Island's real estate market

Clearly, this is the calm before the storm. Once Steven J. Baum's cases are transferred to other firms these cases may once again begin moving forward. What should also be considered is that banks are taking longer to file foreclosure actions. These are the other side of the "shadow inventory" coin. These I guess you could call "Shadow Foreclosures" in that the foreclosure should be filed but the bank has chosen not to do so. Perhaps on reason is because during reporting times to their shareholders they don't have to report them as actually being in foreclosure. They can simply state they're in loan modification "review". Yeah, review. they'll have plenty of time for review since they ask for the same documents over and over and over again. Or better yet-servicers like the borrowers to stay late because they earn late fees (and any other fee they can think of).

http://www.silive.com/news/index.ssf/2012/01/think_its_hard_to_sell_a_home.html

Top Banker Servicing Abuses. Has This Happened To You?

- Loan sold without your knowledge

- Dual Tracking (working on mod & foreclosure filed)

- Foreclosure filed even though you’re current

- Faxing modification paperwork multiple times

- Different stories every time you call your lender

- Trial Mod exceeds the 3 month timeline

- Improper denial of HAMP (or in-house mod)

- Rights waiver inserted into loan modification agreements

- Improperly applied mortgage payments

- Escrow payments applied incorrectly

- Bogus/inaccurate fees on reinstatement figures

- Not providing timely reinstatement or payoff figures

- Bank provides no communication to borrower regarding late payments or
pre- foreclosure

- Robo-signing (save the best for last). Bad signatures, bad assignments, no
affidavits



If you believe any of the above has happened and feel you need help to resolve the problem(s) please contact our office for a FREE consultation.



____________________________________________________________________
Law Offices of Robert E. Brown, P.C.
2409 Richmond Road Staten Island, New York 10306
jbrancato@robertbrownlaw.com
718-979-9779
Att’y Advertising

NY AG funds $1 million to borrowers contesting foreclosures

THANK YOU New York Attorney General Eric Scheiderman. This money will help some of the nonprofits that are trying to help those in foreclosure. If you're in foreclosure and believe you qualify for free legal services seek out their services in your local area.

http://www.housingwire.com/2012/01/13/ny-ag-funds-1-million-to-borrowers-contesting-foreclosures

Wells Fargo earns record $4.1 billion in 4Q

WELLS FARGOOOOO! You now have RECORD earnings for the 4th quarter. Where are the loan modifications?????? Stop stalling already!


http://www.housingwire.com/2012/01/17/wells-fargo-earns-record-4-1-billion-in-4q

More failed HAMP trials end in foreclosure

And here you have it. Less loan modification approvals more foreclosures. What's most interesting is Wells Fargo's announcement of record earnings ($4 Billion - 4 Q). Yet they have one of the lowest modification rates in the Country!

http://www.housingwire.com/2012/01/16/more-failed-hamp-trials-end-in-foreclosure

If you're having problems being approved for a loan modification or if the bank has already filed a foreclosure action please give us a call today for a FREE Consultation. We'll be happy to answer any questions you might have on how best to protect yourself and your family.

Looming wave of new foreclosures threatens rebound of Staten Island's real estate market

The Law Offices of Robert E. Brown, P.C.

STATEN ISLAND, N.Y. -- Any hope for a rebound in the Staten Island real estate market this year is being strangled by a looming wave of foreclosures that will add homes to an already flooded market.

Foreclosure filings on Staten Island last year dropped by nearly one-half from 2010, but lawyers say those figures are misleading.

Pointing to a still-sluggish economy, they predict foreclosure filings will jump dramatically this year and say last year's drop-off resulted from several factors, including tougher filing requirements and the shutdown of the law firm that handled the lion's share of the litigation for lenders and servicers.

"I don't think it is at all a sign that things are getting better. People still aren't paying their mortgages," said Robert E. Brown, a New Dorp-based foreclosure defense attorney. "All it means is it's piling up. I think it's going to be a tsunami."

In fact, a June 2011 study by the Federal Reserve Bank of New York revealed that one in 10 residential mortgages in the city either was in foreclosure or "seriously delinquent" -- defined as 90 or more days past due. Figures weren't available for Staten Island.

"I think it's the lull before the storm," said Paul Hollender, a bankruptcy lawyer and partner in the Bloomfield-base firm, Corash & Hollender.

Last year, 997 new foreclosures were brought on Staten Island -- a 46 percent drop from the 1,846 filings commenced in 2010, according to information maintained at the Richmond County Clerk's office.

The dip was even sharper (almost 58 percent) compared to 2009, when 2,361 new foreclosures were started on Staten Island. There were 1,954 filings in 2008.

While each of last year's monthly filings declined compared to 2010, the lowest numbers were recorded in the first and last third of 2011.

Brown attributed the drop over 2011's first four months to the stringent new requirements enacted by New York state's chief justice in October 2010.

'DUE DILIGENCE' REQUIRED

In cases involving one-to-four family homes, bank lawyers must submit a "due diligence" affirmation, certifying they've taken reasonable steps to verify the foreclosure documents' accuracy. A supporting affidavit is also required from a representative of the lender or servicing company bringing the action.

Brown said the dip over the final four months of 2011 resulted largely from the closure of the upstate Steven J. Baum law firm. Baum's company -- decried as a foreclosure mill -- handled about 40 percent of the 46,572 foreclosure proceedings brought by plaintiffs statewide in 2010, the New York Law Journal reported. It was not immediately clear how many are on Staten Island.

Brown said he expects foreclosure filings will be low early this year as banks and lenders determine Baum's replacement.

The firm agreed in October to pay $2 million after admitting to errors in legal filings. It also aroused ire when The New York Times published pictures from the company's 2010 Halloween party, showing people dressed to look homeless and part of the office decorated to resemble a row of foreclosed homes.

"There's no firm in New York state to handle the volume that Baum's handling," Brown said. "Foreclosures are highly technical. It's not like you can hire any attorney to do it. There's going to be a feeling-out process."

Brown anticipates foreclosures will spike once such matters are resolved.

"There's going to be a lot more filings," he said. "I don't think the economy has turned around."

SHADOW INVENTORY EXPECTED

Realtor Joan Camerlengo has seen some activity in the first two weeks of the year, but she expects a release of shadow inventory -- pending foreclosures that haven't been processed yet -- will depress the market further.

"I think this is going to be an uncertain year," said Ms. Camerlengo whose namesake firm is in Grant City. "Are they going to open the floodgates and release the shadow inventory they are holding or are they going to continue to hold them and delay a recovery. If they do release the inventory, there may be a little bit more of a decline in prices."

The county clerk's foreclosure data notwithstanding, one defense lawyer said she hasn't witnessed a decline in cases.

"We're seeing no diminution in filings of summonses and complaints," said Margaret Becker, lead attorney with the Homeowner Defense Project of Staten Island Legal Services in St. George, referring to the legal papers filed to start foreclosure litigation. "The foreclosure problem hasn't decreased. We answered more summonses and complaints in 2011 than in 2010."

To document that point, Ms. Becker provided a July 2011 report by MFY Legal Services, the Manhattan-based non-profit that, like Staten Island Legal Services, offers homeowners free legal aid. The study states the foreclosure crisis "shows no signs of ebbing, and foreclosure filings are expected to remain at a crisis-level high."

Just as troubling, both Ms. Becker and John Brancato, loss mitigater for Brown, the defense lawyer, said lenders, servicers and their lawyers are dragging their feet in filing the "due diligence" affirmations that get the cases rolling. Those affirmations, filed after the foreclosure summons and complaint is served, help start the clock for the mandatory settlement conference.

Without them, the cases languish, and late fees and other charges accrue against homeowners, decreasing their chances for a loan modification.

Eligible residents can apply for mortgage modifications through the federal Home Affordable Modification Program (HAMP). Lending institutions can also offer their own loan modifications.

Brancato contends that banks make homeowners jump through hoops to obtain a HAMP loan, and, as a result, most don't qualify.

"It's unfortunate that the only things banks understand is when you take them to court," he said. "This is not going to get better until they modify loans that can truly be modified."

Ms. Becker, however, said HAMP, while not perfect, is working.

"We're seeing more modifications," she said. "It has always been effective [and] it can be hugely effective, and it is getting better because more banks are complying with it. It does work, and it can work a whole lot better. HAMP needs better enforcement and compliance."

REALTORS ARE HOPEFUL

Even with the potential for an increase in foreclosures, local Realtors are hoping the sales numbers from the last three months offer a glimmer of what may come in 2012.
Prices have moderately dropped year-over-year, but the borough experienced a 12 percent increase in houses sold in September, October and November compared to the same time period in 2010, and a nearly 6.5 percent gain in houses going to contract.

"My people are telling me their phones have been busy," said Sandy Krueger, chief executive officer of the Staten Island Board of Realtors. "I expect to see a nice bump down the road. We should start the year off better."

The borough numbers are in line with the market taking shape around the country, where November sales reached their highest levels in 19 months with a 7.3 percent increase. The only time they were higher was in April 2010 when buyers were racing to cash in on the one-time-only home buyer tax credit.

Krueger also cited the still record-low interest rates, which are hovering at about 4 percent, as an incentive to buyers. But he noted that banks are being stiffer in approving mortgages.

"The lenders are making it more and more difficult to close these things out," he said. "I think word is getting out on that, and it is making people leery about jumping into the market. They are holding back a little."

George Wonica Jr. has also noticed that trend.

"People are recognizing this is a very good time to buy," said Wonica of Wonica Realtors and Appraisers, which has offices in Castleton Corners, Midland Beach and Rossville.

"But unfortunately, the banks are being more rigorous now. They are getting difficult to deal with and that is stirring buyer frustration. In the advent of tougher regulations, it's not uncommon for the banks to ask for 15 pieces of documentation that all say the same thing."

Still, Wonica is selling homes.

"People see the value in home ownership and realize that like stock and investments go up and down, the real estate market goes up and down," he said.

One of Wonica's most recent buyers did the opposite of many. Instead of trying to downsize, he went bigger.

"There were houses on the market that were a nice size on the inside, but didn't have a lot of property," said John Vitucci, a criminal court lawyer who was in the market for square footage, the right price, a good neighborhood and mostly, a big backyard for his two young children to play.

Vitucci and his wife, Randie, closed in October on a corner property in Westerleigh for $515,000 -- down from the $535,000 asking price -- and an interest rate of 4.1 percent.

"I found a lot of houses were overpriced for where the market was," said Vitucci, whose new home was on the market for 160 days before he bought it. "We were looking for something we wanted to spend the rest of our lives in."

Justice Department Issues Report in Support of Foreclosure Mediation

Although this was a great start to helping home owners more needs to be done. Banks have the upper hand in that they still earn their interest. Now if interest were tolled from the start then I believe we'd have the banks willing to settle within a more reasonable time frame.


http://www.dsnews.com/articles/justice-department-issues-report-in-support-of-foreclosure-mediation-2012-01-10

Uh-oh, Credit card Robosiging. JP Morgan Chase drops 1,000 credit card lawsuits

Credit card robo-signing and sloppy paperwork? Why not the bankers did the same with mortgages.So why not continue the trend and follow up on the mortgage fraud with credit card fraud and keep the illegal money machine humming?

http://stopforeclosurefraud.com/2011/06/24/uh-oh-did-robo-signing-cause-jpmorgan-chase-to-abandon-over-1000-credit-card-debt-lawsuits/

Morning Radar: Fed showed little alarm as housing bust loomed

And to think these were the "brightest" economists/bankers we had to offer. God only knows what would have happened if we had more intelligent people at the helm.

http://www.housingwire.com/2012/01/12/morning-radar-fed-showed-little-alarm-as-housing-bust-loomed

Mortgage Fraud & Predatory Lending Can Cost Borrowers $100,000+

Many borrowers we speak with have little understanding of what mortgage fraud or predatory lending is. And that’s just the way bankers and brokers like it. Who better to take advantage of than those who are in the dark? There are many ways brokers and lenders take advantage of borrowers. The real sin is the cost of these mistakes. The type of fraud will usually dictate the losses the borrower will incur. We’re not bashing all brokers and bankers – just the ones who take advantage of borrowers. Here’s a brief view of some of the most common types of mortgage fraud and predatory lending practices.

YSP (Yield Spread Premiums). Basically a kick-back from the lender to the broker. Usually a “reward” for putting the borrower into a loan they either weren’t qualified for or “up selling” them (charging an interest rate higher than what the lender quotes the broker). As an example the lender quotes the broker a rate of 5%. The broker calls you and says the best he can do is 5 1/2%. That ½ % over a 30 year time span can be costly to an unsuspecting borrower (approximately $74,000 in interest on a $500k loan).

Loan Discount Fee. This can happen two ways. 1). You tell the broker you’re unable to pay a certain rate he quoted. He states if you pay “x” the rate will be reduced. And then it’s either not reduced or reduced very little. 2). The broker simply pays himself extra by charging the borrower without telling the borrower or lowering the rate.

Bait and Switch. Fixed rate is switched to an adjustable rate without the borrower’s knowledge. Sometimes the borrower finds out for the first time when they come to our office for a loan audit. Adjustable rate loans usually cost the borrower much more in fees and interest payments.

Prepayment Penalty. This feature basically locks the borrower into the loan for a certain period of time. If the borrower refinances or sells before this period they’ll have to pay the penalty. The lock in time may be as long as 3 years!

Bogus Fees. This can be one of the worst fees. Why? Because you’re paying for a service you’re not getting. Bogus fees can cost a borrower thousands of dollars at the closing.

The end result with having a loan that may include any of the above is usually foreclosure. So in addition to what the above might cost the borrower, the cost of foreclosure must be taken into account as well.

This is a short list of how Mortgage Fraud & Predatory Lending Can Cost Borrowers $100,000+. If you feel you may be a victim of predatory lending or mortgage fraud give us a call for a FREE consultation.

The Law Offices of Robert E. Brown, P.C. 718-979-9779

Big Banks Face Inquiry Over Home Insurance

Forced-placed insurance is yet another way the banks make money. It may be good practice for home owners to automatically at the time of renewal or when switching insurance carriers to forward to their lender the binder or proof their policy remains in force. After you forward to your lender you must follow up with a call and confirm they received your proof of insurance. Be certain to get the name of the person you're speaking with as well as their ID number and department.

http://www.nytimes.com/2012/01/11/business/big-banks-facing-inquiry-over-possible-insurance-fraud.html?_r=2&smid=tw-nytmetro&seid=auto

Mortgage Modification Scams Make Top Ten Scam List for 2011

Scammers come in all colors, shapes and sizes. Usually they'll try and target people they have something in common with. Sometimes a scammer is a trusted friend or family member or in some unfortunate cases an attorney. If you believe you've fallen victim to a scammer please call our office for a FREE consultation.

Law Offices of Robert E. Brown, P.C. 718-979-9779

http://www.dsnews.com/articles/print-view/mortgage-modification-scams-make-top-ten-scam-list-for-2011-2012-01-05

Treasury not ruling out changes in last year of HAMP

For the most part HAMP has been nothing but a huge failure as well as a waste of taxpayer money. How could a program like HAMP be successful when their underwriting standards are more stringent than the borrower's original loan??? Or at the start of a "trial mod" when the bank NEVER tells the borrower that if they're not approved for a modification that they will owe all of back payments they didn't make while the bank wasted time determining if the borrower qualified for a modification. Modifications - so simple unless you're a servicer or the Fed.

http://www.housingwire.com/2012/01/05/treasury-not-ruling-out-changes-in-last-year-of-hamp

Sloppy seconds: Feds probe million$ in 'double-billing' by banks

Approximately $179,000,000 in escrow overcharges! Another reason why the banks should not be allowed to collect escrow. If at all possible you should never allow them to collect taxes and insurance on your behalf. Set up a separate bank account and deposit enough funds monthly to cover the escrow. Escrow only provides another way for the banks to screw up.

http://www.nypost.com/p/news/business/sloppy_seconds_hhPMGlBggrkLMwD1BbpY2ORead more:

Wells Fargo, N.A. v Mcnee :: Another win for the Law Offices of Robert E. Brown!!

The Law Offices of Robert E. Brown, P.C.

Another win for the Law Offices of Robert E. Brown, P.C.! As real estate has the saying - location, location, location. Foreclosure Defense should have Standing, Standing, Standing! This proves once again that lenders will go to any length to foreclose.

Wells Fargo Bank, N.A. v McNee
Full decision below:

Wells Fargo Bank, N.a. v McNee w

Urban Institute: Foreclosure backlog to 'take decades to complete'

There's a good chance there will be parts of the country that may never recover. My belief is that all of the government programs put into place simply created a false bottom (not to mention they were a huge failure). We need a rock solid bottom in order to be able to move forward. As I've stated before the Fed simply should have told all the lenders in 2008 that they (the Fed) would purchase any defaulted loan at .50 cents on the dollar. Sure, at the time many of the banks would have told the Fed "thanks but no thanks". But as they dug themselves deeper (and with no bailout money to save them) they would have changed their tune. Then the Fed could have modified the loans any way they liked. Yes, there would have been multiple banks going under. But their assets most certainly would have been picked up by stronger banks.

http://www.housingwire.com/2011/12/29/urban-institute-foreclosure-backlog-to-take-decades-to-complete

Independent Foreclosure Review Fail | NY Times – Foreclosure Relief? Don’t Hold Your Breath

Independent. I'm not so certain bankers or our government for that matter truly understand the meaning of the word "Independent". How can one (auditor/reviewer) provide an "independent" review of another party's (banks)documents when there is a previous relationship between the two parties? Just asking!

http://4closurefraud.org/2011/12/28/independent-foreclosure-review-fail-ny-times-foreclosure-relief-dont-hold-your-breath/

The Law Office of Robert E. Brown is featured on CNN Money

The Law Offices of Robert E. Brown, P.C.

Foreclosure free ride: 3 years, no payments

NEW YORK (CNNMoney) -- Delinquent borrowers facing foreclosure are learning that they can stay in their homes for years, as long as they're willing to put up a fight.

Click Here: CNN Money

Lawmaker Presses for Criminal Investigation of GSEs

The fact that BOTH Fannie and Freddie entered into non-prosecution agreements with the SEC and agreed to cooperate in the litigation against their former executives should have told us this wasn't going anywhere anyway. MORE politicians need to step up to the plate like Senator Scott Brown. Hopefully, one day soon we'll see handcuffs on these bankers.

http://www.dsnews.com/articles/lawmaker-presses-for-criminal-investigation-of-gses-2011-12-23

Foreclosure dismissed-- Frivolous conduct by HSBC

The Law Offices of Robert E. Brown, P.C.

Foreclosure dismissed on basis of Frivolous conduct by HSBC.

Decision can be found here: HSBC Bank USA, N.A. v Taher

Silverberg Decision Hammers Elpiniki

The Law Offices of Robert E. Brown, P.C.

Silverberg decision hammers Elpiniki

Click here for Decision

Another win for The Law Offices of Robert E. Brown, P.C.

The Law Offices of Robert E. Brown, P.C.

This was a big win for us. Bank of New York was told over a year ago that they must comply with the court's OCA Affirmation. Last year Chief Judge Jonathan Lippman apparently had enough with repeated attempts by lenders to put onto the court documents that let's say were "not up to par". This affirmantion requirement bascially puts the bank and their attorney on the hot seat. They in effect are stating that the file has been reviewed and info in the file is correct.

See attached decision:

TROPIANO

Expunged from Public Record: Evidence of Fraud Warning to Future Buyers and Real Estate Researches

What the hell is going on in Florida? How does an affidavit just "disappear". Unbelievable!!

http://4closurefraud.org/2011/12/25/cover-up-whistleblowers-affidavit-exposing-mortgage-and-foreclosure-fraud-on-195-grove-city-terrace-unit-3-disappears-from-public-records/

Fannie Builds Servicing Business via Secret Contracts

And so the back-door deals of Washington continue. . . . . .

http://www.americanbanker.com/issues/176_243/fannie-mae-secretly-become-mortgage-servicing-giant-1044951-1.html?ET=americanbanker:e9198:1903271a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=AB_top10_122311

Capital One Financial | More Illegal Conduct By Banks Excused?

If you had a bankruptcy that discharged your credit card debt and the bank is still trying to collect from you please call our office immediately for a FREE consultation. Since your debts have been discharged they can not try to collect from you.

http://4closurefraud.org/2011/12/23/capital-one-financial-more-illegal-conduct-by-banks-excused/

Petition to Enforce | PEOPLE OF THE STATE OF CALIFORNIA, KAMALA HARRIS v FEDERAL HOME LOAN MORTGAGE CORPORATION

There are many reasons why they refuse to cooperate. The first two reasons that come to mind are fraud and (bungling) bureaucracy.

http://4closurefraud.org/2011/12/23/petition-to-enforce-people-of-the-state-of-california-kamala-harris-v-federal-home-loan-mortgage-corporation/

6 Things Renters Need to Know About Eviction from Foreclosed Properties

These are the things that home owners need to know as well. If you're not certain how to protect yourself you need to seek out an attorney familiar with foreclosures and the law pertaining to tenancy. Should you have any questions please feel free to call our office at 718-979-9779

http://4closurefraud.org/2011/12/23/5-things-renters-need-to-know-about-eviction-from-foreclosed-properties/

Special Report: The watchdogs that didn't bark

Great article. Be sure to read to the end. It does seem as if Washington (Eric Holder)is deathly afraid of both the banks and Wall Street. If I didn't know any better you'd think Eric Holder is afraid of getting beat up (bloody nose anyone?)So what gives??? What's with all of the settlement attempts? Seems to me there are plenty of fraud cases to go around to keep all prosecutors busy for a very long time. I can't help but think about the discussion I recently had with Neil Barofsky
(SIGTARP). He simply put it this way "to collect via settlement is better politically". Again, how sick is that? Homeowners get screwed over by their brokers, lenders and now by those who were supposed to protect them from the wolves.


http://www.reuters.com/article/2011/12/22/us-foreclosures-idUSTRE7BL0MC20111222

For Every Two Homes for Sale, There's One in the Shadows

Shadow inventory. A few years ago it seemed the banks equated those words to the dreaded boogeyman. I believe the numbers stated here are on the low side. I think this is much bigger than any of the banks want to admit. Internally this is slowly crushing them. We still have another 5 years in this foreclosure crisis. So add that potential black cloud to these current numbers and you'll see the banks are in very bad position.

http://www.dsnews.com/articles/for-every-two-homes-sale-there-is-one-in-shadows-2011-12-21

Fannie Mae, Freddie Mac Sued by California Attorney General

Both should have been brought to the dumpster a long time ago. Bungling, bureaucracy and losing money seems to be their expertise.

http://www.bloomberg.com/news/2011-12-20/fannie-mae-freddie-mac-sued-by-california-attorney-general.html

BofA to pay $335 million in fair-lending settlement

Extracting these types of awards are great. These home owners absolutely deserve it. As usual though there are no indictments! Indictments leading to long prison sentences is what's needed.

http://www.housingwire.com/2011/12/21/bofa-to-pay-335-million-in-fair-lending-settlement

Principal reduction outpaces short sales under HAMP

The Law Offices of Robert E. Brown, P.C.

A borrower is more likely to get a principal reduction than a short sale or deed-in-lieu of foreclosure under the Home Affordable Modification Program.

The Full Story: housingwire.com

NYSC Judge Hammers Fremont, MERS, Pillar, Steven J. Baum PC, U.S. Bank “ASMT from MERS is defective, as it had no right, authority... .. ..

Full Story: stopforeclosurefraud.org

U.S Bank National Association v. Alan Bressler

U.S. Bank National Association, AS TRUSTEE FOR SG MORTGAGE SECURITIES ASSET BACKED CERTIFICATES, SERIES 2006-FRE2, Plaintiff,



against



Alan Bressler, CCU LLC, MERS, INC. ET AL, Defendants.


Full Decision can be found here: nycourts.gov


This case also calls Steven J. Baum's master "Robo-Signer" Elpiniki Bechakas into question again. When is somebody going to depose her and make an example of this behavior!

Too Big to Stop: Why Big Banks Keep Getting Away With Breaking the Law

Too big for prison as well??? I don't think so. This needs to stop being viewed as political. These are criminal actions. And as such they need to be prosecuted. Plain and simple.

http://stopforeclosurefraud.com/2011/12/15/too-big-to-stop-why-big-banks-keep-getting-away-with-breaking-the-law/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+ForeclosureFraudByDinsfla+%28FORECLOSURE+FRAUD+%7C+by+DinSFLA%29

SEC CHARGES FORMER FANNIE MAE AND FREDDIE MAC EXECUTIVES WITH SECURITIES FRAUD

WOW!! Holding people accountable for their actions? What a great idea. Why didn't I think of that?

http://4closurefraud.org/2011/12/16/sec-charges-former-fannie-mae-and-freddie-mac-executives-with-securities-fraud/

U.S. Senator Maria Cantwell - Cantwell to Justice Department: Fully Investigate Fraudulent Foreclosures before Bank Settlement

I wonder why other politicians haven't written with similar demands? Hmmmmmm.......

http://4closurefraud.org/2011/12/15/holy-fraudclosure-cantwell-to-justice-department-fully-investigate-fraudulent-foreclosures-before-bank-settlement/

Nevada AG Files Suit Against Three More Notaries

Ok, so going after those on the bottom is a good start. May be some good information will pass along to the prosecutors and they in turn can throw the bigger fish under the bus. Great, now we just need a driver for the bus. Any volunteers????

http://www.dsnews.com/articles/print-view/nevada-ag-files-suit-against-three-more-notaries-2011-12-15

'Conflicted robosigner' equals no foreclosure: NY state judge

Thank God for Judge Schack! He is truly a borrower's best friend. You would think the banks would know by now this man means business! But apparently the banks still believe they do not need to comply with the court's directives. Hopefully, they'll continue to disobey.

http://newsandinsight.thomsonreuters.com/Legal/News/2011/12_-_December/_Conflicted_robosigner__equals_no_foreclosure__NY_state_judge/

Neil Barofsky - SIGTARP

I had the pleasure of attending a meeting last night with a panel which included Neil Barofsky. Neil was the first Special Inspector General of the Troubled Asset Relief Program ("SIGTARP").

Many subjects were brought up during the discussion. The two main points though were the failure of HAMP and banker prosecutions. There wasn't one person in the room who seemed to believe HAMP ever had a chance to succeed. Which was pretty sad considering how much money the Fed pumped into this program. At the end of the session I had the opportunity to speak with Neil. Since he was a former federal prosecutor in the U.S. Attorney’s Office for the Southern District of New York (and Senior Trial Counsel who headed the Mortgage Fraud Group) I figured he'd be pretty interested in hearing what we do. Well I wasn't surprised. As soon as I mentioned "mortgage fraud, auditing and prosecutions" I had his attention. Our conversation quickly gravitated to the lack of prosecutions. In a nut shell he stated that it was "easier" to "settle". "Settle" like what the other AGs are doing as opposed to prosecuting individual cases. How sad is that? Because certain people don't want to do their jobs they "settle". AGAIN, WHERE'S THE DETERRENT?

Fed: House Flipping Led to Deeper Housing Collapse

I'm afraid this goes much deeper than "flippers". I believe one of the core reasons for this entire mess is poor underwriting. And the reason for poor underwriting is that lenders were no longer holding the paper they originated. They became originating machines. Why would you care how a loan performed if you're not going to be responsible for taking the loss? The simple answer is you wouldn't care.

http://www.dsnews.com/articles/fed-house-flipping-led-to-deeper-housing-collapse-2011-12-12

FDIC reaches $64M settlement in WaMu case

Ok, THIS is what I mean when I say "no deterrent". The FDIC was looking for $900,000,000 and they settled for $64,000,000. Guess what the bankers get to pay? Approximately $400,000 each! Yes, you read that right. Wait, it gets better. Ready for this? The remainder of the $64,000,000 will be paid by liability insurance!!!!! So let me get this straight....you steer your ship into the largest bank collapse in U.S. history while getting paid millions of dollars a year. So, why would you do anything differently the second time around??

http://www.upi.com/Business_News/2011/12/13/FDIC-reaches-64M-settlement-in-WaMu-case/UPI-60341323832507/?spt=hs&or=bn

Attorneys General Expect to Reach Settlement Before Christmas

I believe this will truly be a sad day for those states who agree to this proposal. Thank God the New York AG is going his own way to protect New Yorkers. Until bankers are held accountable they'll continue displaying the same behavior. And why not? There's no deterrent to act differently!

http://www.dsnews.com/articles/print-view/attorneys-general-expect-to-reach-settlement-before-christmas-2011-12-13

Do You Have Any Of These Violations On Your Mortgage?

Below you will find some of the results we have found after auditing our client’s mortgages:


Audited Results:
* Excessive fee charged to borrower
* Over compensation to mortgage broker
* Wrong lender foreclosing on borrower
* Borrower never received acceleration notice
* No HUD given to borrower at closing
* Mortgage broker over stated borrower’s income
* Mortgage broker added false bank account to borrower’s loan application
* Asset based lending
* Bait and switch. Borrower was switched at closing into an ARM loan
* No pre-closing documents – TIL, GFE, IOAF, Loan type, Broker’s fees
* Margin 7.125% (Adjustable rate loans only)
* TIL and Note payments do not match
* TIL does not clearly state mortgage payment
* Loan discount $ 9,315.00 – No benefit to borrower
* Mortgage broker never disclosed their additional fees
* Mortgage broker promised borrower a cash out of $76,000 if they closed the loan.
* Borrower received no note at the closing
* Borrower never signed any closing documents. Broker “lifted” borrower’s signatures from a
previous loan.
* Mortgage broker closed loan at borrower’s place of business without an attorney, notary or
title company.
* Foreclosure filed during the 30 notice period
* Loan flipping. No benefit to borrower
* Closing costs ($75,966.65) higher than GFE ($47,377.15)
* $28,589.50 missing from closing (HUD)
* Hidden payment to mortgage by bank (YSP $17,402.16)
* Mortgage broker over stated borrower’s bank account by $80,400.00
* Borrower was charged for the presence of an attorney when no one presented them
* High cost loan
* APR higher
* Borrower never received cash out as shown on HUD
* Borrower received no documents at closing
* Dual tracking -
* Borrower never served foreclosure documents
* Foreclosure illegally started
* Bank took payments from borrower and than foreclosed
* Process server falsified documents stating they served borrower when they did not.
* No pre-foreclosure documents given to borrower
* Foreclosure filed during the 30 day and 90 period.
* Real Estate broker, mortgage broker and attorney worked together to obtain financing and
sell property to an unsuspecting borrower providing him with false and misleading information
while also giving inaccurate and deceptive information to the lender.

Second Department allows homeowner to amend answer to raise standing.

The Law Offices of Robert E. Brown, P.C.


2011_N_Y__App__Div__LEXIS_76

NBC Nightly News | John O’Brien: Can’t tell who owns mortgages (VIDEO

This has been a real problem all over the country. You can also try to find out who owns your mortgage by sending a Qualified Written Request to your servicer. Be certain to mail by certified mail. You can also check out these other sites to see who might own your loan:
MERS https://www.mers-servicerid.org/sis/, FannieMae http://www.fanniemae.com/loanlookup/
Freddie Mac https://ww3.freddiemac.com/corporate/

http://4closurefraud.org/2011/12/08/nbc-nightly-news-john-obrien-cant-tell-who-owns-mortgages-video/

JPMorgan CEO Jamie Dimon: Stop Bashing the Rich “Acting like everyone who’s been successful is bad and that everyone who is rich is bad – I just don’t

What a shame. And, he's supposed to be an intelligent guy! I think most people don't begrudge those who have become wealthy with honesty and hard work. What Mr. Dimon fails to realize is that people are mad because of the way these people became wealthy by the way of fraud, lying cheating and outright stealing.

http://4closurefraud.org/2011/12/08/jpmorgan-ceo-jamie-dimon-stop-bashing-the-rich-acting-like-everyone-whos-been-successful-is-bad-and-that-everyone-who-is-rich-is-bad-i-just-dont-get-it/

Banker Servicing Abuses. Has This Happened To You?

- Loan sold without your knowledge
- Dual Tracking (working on mod & foreclosure filed at the same time)
- Foreclosure filed even though you’re current
- Faxing modification paperwork multiple times
- Different stories every time you call your lender
- Trial Mod exceeds the 3 month timeline
- Improper denial of HAMP (or in-house mod)
- Rights waiver inserted into loan modification agreements
- Improperly applied mortgage payments
- Escrow payments applied incorrectly
- Bogus/inaccurate fees on reinstatement figures
- Not providing timely reinstatement or payoff figures
- Bank provides no communication to borrower regarding late payments or pre-foreclosure
- Robo-signing (save the best for last). Bad signatures, bad assignments, no affidavits

If you believe any of the above has happened and feel you need help to resolve the problem please contact our office for a FREE consultation.

Law Offices of Robert E. Brown, P.C.
2409 Richmond Road Staten Island, New York 10306
jbrancato@robertbrownlaw.com

Att’y Advertising

SEC official: Feds conclude that many allegations of financial wrongdoing can’t succeed as criminal prosecutions

WHAT?????? Did I miss something here? Difficult to prosecute? Hmmmmm . . . sounds like a little more effort should be put into it. Or, get a bigger dog!

http://stopforeclosurefraud.com/2011/12/06/sec-official-feds-conclude-that-many-allegations-of-financial-wrongdoing-cant-succeed-as-criminal-prosecutions/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+ForeclosureFraudByDinsfla+%28FORECLOSURE+FRAUD+%7C+by+DinSFLA%29

NUCLEAR BOMBSHELL- THE IRS Enters The Fraudclosure Fight

Lawsuits will be piled high should these pass-throughs lose their tax status. Imagine getting a favored tax status that saves millions and millions of dollars and you blow it because you didn't do your job.

http://mattweidnerlaw.com/blog/2011/12/nuclear-bombshell-the-irs-enters-the-fraudclosure-fight/?utm_source=rss&utm_medium=rss&utm_campaign=nuclear-bombshell-the-irs-enters-the-fraudclosure-fight&utm_medium=twitter&utm_source=twitterfeed

GMAC Counters Lawsuit with Decision to Pull Lending in Massachusetts

Who does GMAC think they're hurting anyway? Their actions only prove they are NOT interested in playing by the rules but are more interested in taking advantage of borrowers.

http://www.dsnews.com/articles/gmac-counters-lawsuit-with-decision-to-pull-lending-in-massachusetts-2011-12-02

The Financial Crisis | A Timeline of Events and Policy Actions

WOW! This should be left as an open timeline so in years to come we can read about the carnage and perhaps learn something. Hopefully this timeline will include the arrests and convictions of all those who caused this mess.

http://4closurefraud.org/2011/12/05/the-financial-crisis-a-timeline-of-events-and-policy-actions/

Foreclosure Crisis Isn't Even Halfway Over: Study

I believe this market will not begin to correct itself for at least another 5 years. Let's see what needs to be addressed before we can move forward. Foreclosures (both legal & illegal), predatory loans, affordable modifications, class action lawsuits, AG settlements, investor suits against servicers, home owner counter claim suits, revamp Freddie and Fannie, dishonesty of Wall Street, Federal Government, prison terms for those who caused this mess. Did I leave anything/anyone out? Please feel free to let me know.

http://www.dsnews.com/articles/foreclosure-crisis-is-only-halfway-over-study-2011-12-05

Predatory Loan Test

You May Have a Predatory or Fraudulent Mortgage If:

•The closing took place in your home or place of business
•There was no physical closing
•You never signed any paperwork
•You never received all of your paperwork
•The mortgage broker promised or paid you to close
•You received no paperwork before the closing
•You were promised a fixed rate loan and then received an adjustable rate
•Your payment was higher than broker stated it would be
•You were told your payment included taxes and insurance
•You were told you needed to buy “life insurance” in order to be approved
•Your income was inflated
•You were approved for the loan based on the value of your home not on your income
•The mortgage broker increased the number of apartments on your application
•The broker added bank accounts you don’t have or inflated the balance in them
•The mortgage broker received an “extra” payment from the bank (known as a Y.S.P.)
•The mortgage broker earned more than what would be consider reasonable
•You refinanced multiple times (loan flipping)
•Broker promised to refinance you into a “better loan”
•Interest rate is higher than promised or incorrect
•Cash out promised is less than received
•Closing costs are higher than stated
•High closing costs
•Unearned or bogus fees paid to the bank or broker
•Payment to mortgage broker is higher than shown on closing statement (HUD)
•You were specifically targeted for a specific type of loan (more fees for broker)
•You were locked into the loan for a long period (or you had to pay a fee)


If you have any questions regarding your mortgage, predatory lending or how we can help you to fight back against foreclosure please feel free to contact us.


Law Offices of Robert E. Brown, P.C.
2409 Richmond Rd., Staten Island, New York 10306
Phone: 718-979-9779 Email: jbrancato@robertbrownlaw.com
Attorney Advertising

Pillar Processing | 590 Face Layoff as Steven J. Baum Woes Spread

It's a real shame that in the end more people lose their jobs AND their homes. Instead of pushing these cases through the system using inaccurate information the more productive way would have been to honestly try and provide for an affordable loan modification where possible. But in my experience I have rarely witnessed this sort of an outcome. In the end the banks will be left with inventory that they will be unable to sell and they will become what they never intended on becoming. . . . . . . landlords

http://4closurefraud.org/2011/12/01/pillar-processing-590-face-layoff-as-steven-j-baum-woes-spread/

Massachusetts AG Lawsuit

Five Major U.S. Banks Accused Of Deceptive Foreclosure Practices.

Massachusetts Attorney General Martha Coakley is suing five of the nation's largest banks for deceptive foreclosure and mortgage modification practices, her office announced Thursday. Coakley's suit signals her formal departure from ongoing settlement negotiations between those banks, the Obama administration and a coalition of other state AGs over faulty foreclosure procedures.

Full Story: http://www.huffingtonpost.com

Massachusetts AG Lawsuit: Five Major U.S. Banks Accused Of Deceptive Foreclosure Practices

Only three AGs that I know of are really putting the squeeze on the banks. Coakley (Massachusetts) Biden (Delaware) and our very own Eric Schneiderman (New York). Where are the other AGs? Why are the rest "falling in line" and believing what they're being fed? If the rest of the AGs believe the best way for the country to move forward is to "get all this behind us" they are gravely mistaken. By doing so without REALLY punishing the bankers will have the bankers believe they have the "right" to screw over whoever they like and further cement the idea that if they make "bad bets" that they'll be bailed out again, again and again. They need to be fully punished. As far as I'm concerned if there is no jail time there is no punishment. Simply being able to "pay a fine" and keep your money is not punishment. What do you think?

http://www.huffingtonpost.com/2011/12/01/massachusetts-ag-foreclosure-lawsuit-banks_n_1123393.html

U.S. Foreclosure Fraud in a Nutshell, How Average Joe's Home Was Stolen

Very interesting article. Be certain to read the entire piece.

http://www.marketoracle.co.uk/Article31789.html

Secret Fed Loans Gave Banks $13 Billion Undisclosed to Congress

The whole thing just makes me SICK. Secret loans, ripping off the taxpayers, no arrests, no prison. I don't get it.

http://www.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to-congress-gave-banks-13-billion-in-income.html

Mortgage Servicers: Getting Away with the Perfect Crime?

If you think you have a predatory or fraudulent loan please give us a call. We'll conduct a loan audit to see if your mortgage has any violations. These violations may be used to fight back against the bank.

http://www.newdeal20.org/2011/11/28/mortgage-servicers-getting-away-with-the-perfect-crime-65555/

HERO Judge Rakoff May Have Goldman Sachs CEO Lloyd Blankfein Testify

Oh, boy! Can't wait to hear how he spins this one. This should be good.
http://stopforeclosurefraud.com/2011/08/22/serious-goldman-sachs-ceo-lloyd-blankfein-has-hired-high-profile-attorney-reid-weingarten/

A Banker Speaks, With Regret

Ok, so now a former banker admits the banks caused the whole housing mess. Perhaps this would be a great time to put this guy on the payroll and have him help us nail all of the other bankers responsible for this mess.

http://www.nytimes.com/2011/12/01/opinion/kristof-a-banker-speaks-with-regret.html?_r=2

Oversight Committee Democrats Urge FHFA Director to Produce Documents on Principal Reduction

This is the only politician speaking on behalf of the average Joe. Way to go!

http://4closurefraud.org/2011/11/30/elijah-cummings-oversight-committee-democrats-urge-fhfa-director-to-produce-documents-on-principal-reduction/

Interview with Scott Olsen About His Injury from the Police Attack on Occupy Oakland (Video)

Wake up people! America as you know it is slowly changing right before our eyes!

http://4closurefraud.org/2011/11/30/interview-with-scott-olsen-about-his-injury-from-the-police-attack-on-occupy-oakland-video/

Are loss-share lenders gouging us?

OneWest Bank got a GREAT deal from the FDIC also. Nothing like buying bad loans from the FDIC and having your down side limited! Hey, no problem the taxpayers will cover you!

http://4closurefraud.org/2011/11/30/fraudclosure-are-fdic-loss-share-lenders-gouging-us/

Employment and Income Fraud on the Rise

No surprise here. As credit tightens it will get worse.

http://www.dsnews.com/articles/print-view/employment-income-fraud-on-rise-2011-11-29

Adam Levitin | HARP’s Dirty Little Secret: Most HARP Refis are of Positive Equity Mortgages

Wait, that can't be true.  A Government program created to help underwater borrowers refinance helps very few of them . . . . . . . Surprise!!!!!!!!!!

http://4closurefraud.org/2011/11/30/adam-levitin-harps-dirty-little-secret-most-harp-refis-are-of-positive-equity-mortgages/

DO You Have A Mortgage With BAC Home Loans Servicing?

If the lender foreclosing on your property is BAC HOME LOANS SERVICING. Please contact our office at jbrancato@robertbrownlaw.com for some very important information.

Police, Movers Refuse to Evict 103-Year-Old Woman from Foreclosed Home of 53 Years

I guess if the bank wants to evict this woman they can send an executive to do it!

http://4closurefraud.org/2011/11/30/police-movers-refuse-to-evict-103-year-old-woman-from-foreclosed-home-of-53-years/

Robo-signer Whisleblower Found Dead in Nevada

The Law Offices of Robert E. Brown, P.C.

A notary public who signed tens of thousands of false documents in a massive foreclosure scam before blowing the whistle on the scandal has been found dead in her Las Vegas home.


Full Story: http://4closurefraud.org

Banks May Have Illegally Foreclosed on Members of the Military

The Law Offices of Robert E. Brown, P.C.



Ten leading US lenders may have unlawfully foreclosed on the mortgages of nearly 5,000 active-duty members of the US military in recent years, according to data released by a federal regulator.



Full Story: http://www.truth-out.org