Free Foreclosure Prevention Workshop in Flagler County, Florida December 3

(Source: Palm Coast) – Many Flagler County homeowners are facing the threat of foreclosure. St. Johns Housing Partnership (SJHP) is a non-profit organization which assists homeowners in many Florida counties. This free workshop will help homeowners learn how to get up to a year of mortgage payment assistance with no payback, provide assistance with loan modification and principal reduction programs while providing access to legal aid and one-on-one credit counseling. (more…)

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Two Northern California Real Estate Investors Plead Guilty to Bid Rigging and Fraud at Foreclosure Auctions

(Source: FBI) WASHINGTON—Two Northern California real estate investors have agreed to plead guilty for their role in conspiracies to rig bids and commit mail fraud at public real estate foreclosure auctions in Northern California, the Department of Justice announced.

Felony charges were filed today in the U.S. District Court for the Northern District of California in Oakland against Su Chu Chou “Terry” Cheng and Chung Li “George” Cheng of Walnut Creek, California. (more…)

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Former New Jersey Bank Branch Manager Sentenced to 30 Months in Prison for Embezzlment

(Source: FBI) CAMDEN, NJ—A former branch manager for Newfield National Bank in Franklinville, New Jersey, was sentenced today to 30 months in prison for embezzling $263,864 from the bank, U.S. Attorney Paul J. Fishman announced.

Season Wengert, 32, of Franklinville, previously pleaded guilty before U.S. District Court Judge Robert B. Kugler to an information charging her with one count of bank embezzlement. Judge Kugler imposed the sentence today in Camden federal court. (more…)

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FHFA Announces 2015 Conforming Loan Limits

(Source: FHFA) Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced that the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2015 will remain at $417,000 for one-unit properties in most of the country.   The loan limits are established under the terms of the Housing and Economic Recovery Act of 2008 (HERA) and are calculated each year.   (more…)

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Sixteen People Charged in Nationwide Telemarketing Scheme That Involved Thousands of Homes in Detroit

(Source: FBI) – Sixteen people have been charged for operating a fraudulent telemarketing scheme that involved losses of over $20 million to more 290 victims in 46 states and Canada, including Michigan, announced United States Attorney Barbara L. McQuade.

McQuade was joined in the announcement by Paul M. Abbate, Special Agent in Charge of the FBI Detroit Field Office. (more…)

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Ohio’s Sixth District Reverses Order Granting Class Certification

(Source: JD Supra) – In Gordon v. Erie Islands Resort & Marina, 6th Dist. No. OT-13-040, 2014-Ohio-4970, the Court of Appeals for the Sixth District of Ohio reversed an order granting class certification on the grounds that the trial court failed to provide any rationale for its decision. The defendant, Erie Islands, owned a collection of cottages and recreational facilities in Port Clinton, Ohio. The named plaintiffs were individuals who purchased undivided ownership interests as tenants-in-common to Erie Islands, at varying membership levels, beginning in 1989. (more…)

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We therefore reverse the deficiency judgment for the bank

“The bank has lost its right to seek a deficiency judgment.” 

This breaking court news is based on a recent foreclosure case in California where the bank was granted a deficiency judgement against a widow’s estate based on land owned by her deceased husband that was foreclosed on after his death. The Court of Appeals of California, Fifth District reversed the decision for the bank’s deficiency judgement  on November 21, 2014.  This was a great win for consumers and big loss for the banks.

Here are the most important footnotes in the case: (more…)

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Equity-Building Mortgage Challenged

(Source: NY Times) – A proposal by the American Enterprise Institute for a low-cost, 15-year mortgage intended to help low- and middle-income borrowers build equity has attracted considerable attention over the last two months, including in this column. But the concept is getting some pushback from the Urban Institute. (more…)

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TransUnion: Auto Loan Delinquency Rate and Debt Rise Again

(Source: Transunion)  – Auto loan delinquency rates jumped nearly 13% in the last year to close Q3 2014 at 1.16%. At the same time, auto loan debt rose for the 14th straight quarter to $17,352. The latest TransUnion auto loan report also found that delinquency rates increased most for the youngest population subset with those under the age of 30 seeing a nearly 18% rise.


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CFPB: Proposed changes to our Mortgage Servicing Rules

New protections for surviving family members and other homeowners

(SOURCE: CFPB) Today, we’re proposing changes to our Mortgage Servicing Rules, which took effect on January 10, 2014. These rules provide important protections for consumers with mortgages, including:

* Requiring mortgage servicers (people who manage your mortgage loan account) to provide you with periodic mortgage statements or coupon books that give you important information about your mortgage. (more…)

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Three Miami Real Estate Developers Convicted in $20 Million Mortgage Fraud Scheme

(Source: USDOJ) – A federal jury convicted three Miami real estate developers today for their roles in a $20 million mortgage fraud scheme involving the sale of condominium units in the Miami area.

Assistant Attorney General Leslie R. Caldwell of the Justice Department’s Criminal Division, U.S. Attorney Wifredo A. Ferrer of the Southern District of Florida, Special Agent in Charge Nadine Gurley of the Department of Housing and Urban Development’s Office of the Inspector General (HUD-OIG) in Miami and Inspector General Laura S. Wertheimer of the Federal Housing Finance Agency Office of Inspector General (FHFA-OIG) made the announcement. U.S. District Judge Patricia A. Seitz presided over the trial in the Southern District of Florida. (more…)

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FHFA Announces Miami HARP Outreach Event Dec. 5

(Source: FHFA) Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced it will hold its fourth event to reach homeowners who could save as much as $200 per month through the Home Affordable Refinance Program (HARP).  FHFA Director Mel Watt will join housing experts and community leaders on December 5 in a town hall-style meeting at Miami Dade College North Campus in Miami, Florida.  The event is designed to provide tools to community leaders to encourage the more than 21,000 Miami area residents still eligible to take advantage of HARP. (more…)

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FHFA to Set Guidelines on Mortgage Fees

(Source: SAMCAR) – The Federal Housing Finance Agency (FAHFA) has announced that it will propose a new framework early next year for how mortgage giants Fannie Mae and Freddie Mac will set their so-called G-fees (Guarantee Fees). These are the fees that the GSEs charge lenders, and some housing analysts have been concerned that a rise in G-fees could prove more costly to consumers, since lenders likely would pass the higher costs down to buyers. (more…)

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Freddie Mac Issues 2015 Funding Calendar

(Source: Freddie Mac) MCLEAN, VA – Freddie Mac today issued its 2015 funding calendar, which provides optional announcement dates for Reference Notes® securities and announcement and auction dates for Reference Bills® securities. The 2015 funding calendar is available on the Debt Securities page of the company’s Web site at

On the Reference Notes announcement dates set forth on Freddie Mac’s 2015 Funding Calendar, Freddie Mac will announce whether it plans to issue a Reference Notes security. If a Reference Notes security will be issued, Freddie Mac also will provide relevant transaction information. Future Reference Notes issuances may vary in size and frequency based on the company’s funding needs or market demands. (more…)

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California Attorney Found Guilty in $13 Million Loan Modification Fraud Scheme

Following a three-week trial in San Diego federal court, an Oceanside, California attorney who was indicted in 2012 for Dean chandler attorneyoperating an $13 million loan modification scam, was found guilty of eight felonies on Thursday. According to the USDOJ, the jury returned guilty verdicts against Dean Gregory Chandler, the former president, chief Executive officer and attorney for the company; and Michael Eccles, a manager in the telemarketing call center.

The convicted attorney, Dean G. Chandler had operated a Oceanside-based law firm, 1st American Law Center (1ALC) from 2009-2012 in order to defraud struggling homeowners to pay thousands of dollars to his sham firm by deceptively boasting about their false successes, and lying to them  guarantying their mortgages would be modified if they hired the firm. (more…)

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