by Brian Mahany It’s been several months since we wrote a mortgage foreclosure post. Our hope was that the recent national settlements and court approved monitors would help big banks clean up their mortgage messes. Unfortunately, we see little progress. Although the total number of foreclosures is down, the ones that remain are often a […]
David v Goliath – Homeowners Beat Wells Fargo, Freddie Mac In Foreclosure
[Post updated related to COVID-19 forbearances] We like rooting for the underdog. Particularly when the underdog has no lawyer and takes on the Federal Home Loan Mortgage Company (“Freddie Mac”). Freddie Mac is a government sponsored enterprise with over $2 trillion in assets. They certainly can afford great lawyers and take on small homeowners who dare […]
Bank of America: "There is No HAMP, There Is No Help, And There Is No Hope"
by Brian Mahany We have listened to many recorded conversations between bank workout specialists and borrowers. Until the mortgage meltdown and subsequent collapse of the lending industry, homeowners never thought to record their conversations with bankers. There was little need. Now with some of the major banks like Bank of America, Chase and Wells seemingly […]
Bank Of America Keeps Fraud Settlements Confidential
by Brian Mahany A lawyer recently asked about Bank of America’s policy of confidential settlements. It’s a good question and one in which we know some of the answers. But of course, we can’t answer because, well… homeowners (and their attorneys) who sue Bank of America typically are not allowed to discuss the terms of […]
Can I Sue For Denial Of HAMP Loan Modification?
by Brian Mahany “Can I sue for denial of a HAMP loan modification” is a question we frequently hear. Some lenders (Bank of America, Citi, Wells Fargo) seem to run borrowers through the ringer only to ultimately deny them a mortgage modification. That’s a shame since Congress authorized the Home Affordable Modification Program as part […]
Former Bank of America Executive Indicted For Fraud
by Brian Mahany Anyone reading this blog knows our opinion on big banks. Chase, Wells Fargo, BONY and especially Bank of America have become “to big to care” in our opinion. Treasury officials may say they are to big to fail but we think that they have outlived their usefulness. Although these banks still do […]
Ally Latest Lender To Admit Foreclosure "Problems"
by Brian Mahany Ask any court clerk and you will hear dozens of tales of missing documents, forgeries and even lenders foreclosing on homes when the borrower never missed a payment. The banks, however, are a bit more reluctant to come clean. Recently Ally FInancial and its servicing unit, GMAC Mortgage, identified thousands of problem […]
More Ammo In The Fight Against Fraudulent Foreclosures
by Brian Mahany Over the last several months we have identified many of the legal mistakes made by big banks and loan servicing companies – mistakes that may allow the homeowner to avoid foreclosure or at least force lenders to negotiate a fair and equitable resolution. Today’s post examines loan bundles and improper mortgage assignment […]
JPMorgan Loses $2 Billion, Calls Loss A "Stupid" Mistake
by Brian Mahany Originally, I wasn’t going to write about the $2 billion loss suffered by banking giant JP Morgan. After all, it just affects investors foolish enough to have purchased stock in the bank. (JP Morgan’s stock plunged after the loss became public.) The response to the loss in recent days is what has […]
Is Wells Fargo Guilty of Murder?
by Brian Mahany The title of this post is admittedly provocative and designed to really get people thinking. The story you are about to read comes from several mortgage blogs and from news reports published by the Huffington Post. Their headline read “Norman Rousseau, Foreclosure Victim, Commits Suicide During Wells Fargo Lawsuit”. What you are […]