Some of the Nation’s Largest Pension Funds Are Going Broke

Some of the Nation’s Largest Pension Funds Are Going Broke

Hundreds of thousands, and possibly millions of hard working men and women, and also retirees across the nation are at risk of Pension_cuts_coming_for_retired_teamsterslosing most of their pensions. Recent news reports are revealing that some of the nation’s biggest retirement funds are going broke.

These cuts come on the heals of a new federal law that allows pension cuts previously banned. The end result could mean pension cuts for as much as 50% for pensioners by bankrupt funds, and potential financial doom for millions of hard working and retired Americans. (more…)

Black Knight: Mortgage Delinquencies and Foreclosure Sales Up Sharply

Black Knight: Mortgage Delinquencies and Foreclosure Sales Up Sharply

Black Knight Financial Services issued its “First Look” at January 2016 Mortgage Data yesterday, showing that mortgage delinquencies were up 6.6%, back above 5% nationally for the first time in 11 months.

Approximately 2.5 million properties were 30 days or more past due, but not in foreclosure, an increase of about 137,000 properties compared with December. About 831,000 properties were seriously delinquent (90 days or more past due), an increase of about 23,000 compared with December. (more…)

HUD Makes $40 million in Grants to Support Housing Counseling Organizations

HUD Makes $40 million in Grants to Support Housing Counseling Organizations

The U.S. Department of Housing and Urban Development (HUD) announced last week, that it is making $40 million in grants to support hud_logohundreds of housing counseling agencies across the nation who provide advice to consumers on buying a home, renting, defaults, foreclosures, and credit issues.

HUD Secretary, Julián Castro had said, “We know that housing counseling can make all the difference in purchasing and, most importantly, keeping a home. The grants we offer today will help ensure families and individuals make more informed housing decisions, whether it means buying their first home, avoiding foreclosure, or finding affordable rental housing.”
(more…)

Two California Residents Plead Guilty in Mortgage Loan Modification Scheme

Two California Residents Plead Guilty in Mortgage Loan Modification Scheme

(Source: USDOJ) – Deirdre M. Daly, United States Attorney for the District of Connecticut, today announced that MEHDI MOAREFIAN, mortgage-fraud1a.k.a. “Michael Miller,” 36, and DANIEL SHIAU, a.k.a. “Scott Decker,” 30, both of Irvine, Calif., pleaded guilty yesterday in Bridgeport federal court to conspiring to defraud homeowners across the United States who were seeking mortgage loan modifications.

According to court documents and statements made in court, MOAREFIAN, SHIAU and others jointly operated a series of California-based companies that falsely purported to provide home mortgage loan modifications and other consumer debt relief services to numerous homeowners in Connecticut and across the United States in exchange for upfront fees.  (more…)

California Supreme Court Rules Homeowners Have Right to Challenge Fraudulent Foreclosure Cases

California Supreme Court Rules Homeowners Have Right to Challenge Fraudulent Foreclosure Cases

In the case below of Yvanova v. New Century Mortgage, the California Supreme Court ruled, “A homeowner who has been foreclosed law and orderon by one with no right to do so has suffered an injurious invasion of his or her legal rights at the foreclosing entity’s hands.”

“A deed of trust may thus be assigned one or multiple times over the life of the loan it secures. But if the borrower defaults on the loan, only the current beneficiary may direct the trustee to undertake the nonjudicial foreclosure process.

Only the true owner or beneficial holder of a Deed of Trust can bring to completion a nonjudicial foreclosure under California law.” (more…)

Courts Find Nationstar Mortgage in Breach of Contract Over Failed Loan Modification

Courts Find Nationstar Mortgage in Breach of Contract Over Failed Loan Modification

A Florida homeowner has won a partial victory in a five year court battle against the fifth-largest residential mortgage servicer in the loan street and modification waycountry, Nationstar Mortgage, over failed loan modification negotiations.

Donnamarie Moore, 66, told ABC News that she was going through a loan modification with CitiMortgage on her Deep Creek home, but the numbers simply did not add up.

She decided to fight back, and just as she begun to battle, the loan was quickly sold to Fannie Mae and then to NationStar who is her current mortgage servicer. All three lenders are named in the suit.

A lawsuit that has left Moor in financial ruin, three attempted foreclosures, stress-related health problems, and a divorce. (more…)

Debtor’s Prison: U.S. Marshals Arresting People Who Have Outstanding Student Loans

Debtor’s Prison: U.S. Marshals Arresting People Who Have Outstanding Student Loans

Imagine having financial difficulties throughout your life. Your college training, and career choices didn’t turn out as your originally US Marshals arresting people for not paying their federal student loansplanned, and you are unable to pay back your debts such as your student loans.

15 years down the road, you’re sitting on an egg crate in your rented $500 a month apartment eating your nightly dinner that consists of Top Ramen, bologna and sugary fake fruit punch, when all of a sudden, U.S. Marshals armed with guns and bulletproof vests bust down your door to collect on your old student loan debt.

This may seem like a bad script for a corny debtor’s prison video on Youtube, but in reality, this is actually happening in a round about way in states such as Texas, where a Houston man was recently arrested for not paying his outstanding federal student loans. (more…)

Builder Confidence Drops Three Points in February

Builder Confidence Drops Three Points in February

The National Association of Home Builders (NAHB) announced their monthly survey today, showing that U.S. home builders reported home builderstheir confidence in the single family home market dropped three points to 58 in February, from an upwardly revised January reading of 61.

The NAHB/Wells Fargo Housing Market Index (HMI) is based on builder sales projection over the next six months. (more…)

JPMorgan Chase Hoarding 55 Million Ounces of Silver

JPMorgan Chase Hoarding 55 Million Ounces of Silver

In 2012, one of the largest banking institutions in the United States, JPMorgan Chase, had held only 5 million ounces of silver.jamie dimon

Over the past 3 years, Chase bank has increased its silver holdings to an incredible 55 million ounces.

Silver has always been used as a hedge against volatile economy. World famous investor, Warren Buffet, had bought 30% of the above ground silver supply in 2002 when prices were real low, and doubled his money 2 years later.

With current world-wide stock markets crashing, worthless government debt, and global geopolitical tensions, this looks like an obvious hedge move by JPMorgan Chase. (more…)

Owners of Nationwide Internet Payday Lending Enterprise Charged in $2 Billion Fraud Scheme

Owners of Nationwide Internet Payday Lending Enterprise Charged in $2 Billion Fraud Scheme

The owners of a massive internet payday lending enterprise, with 600 employees based in Overland Park, Kansas, have been charged in Payday-loansa $2 billion dollar fraud scheme.

The United States Department of Justice (USDOJ) had charged and arrested Scott Tucker, 53, of Leawood, Kansas, and Timothy Muir, of Overland Park, Kansas, this past week with violations of the Racketeer Influenced and Corrupt Organizations Act (“RICO”) and the Truth in Lending Act (“TILA”), that systematically evaded state laws in order to charge illegal interest rates as high as 700% on loans. (more…)

FHA “Still in a Precarious State”

FHA “Still in a Precarious State”

The Housing and Insurance Subcommittee met for the sixth time last week, to examine the “Future of Housing in America.” The goal of fhathe hearing was to discuss the fiscal health of the Federal Housing Administration (FHA), Mutual Mortgage Insurance Fund (MMIF), and the government reverse mortgage program, also known as “Home Equity Conversion Mortgage (HECM).

Subcommittee Chairman, Blaine Luetkemeyer (R-MO) had said, “FHA has suffered a case of mission creep, and the unfortunate truth is that the lack of sound underwriting and risk management puts both homebuyers and U.S. taxpayers at risk. While the most recent independent actuarial report showed signs of a modestly healthier agency, the bottom line is that FHA is still in a precarious state.” (more…)