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Policy Changes aka eNotes are Here! New Paragraph 11 in Promissory Notes. — Deadly Clear

We’ve discussed UETA and eSign and the significance of explicit consent…in most cases pre-2008…there isn’t any. Here is a Indiana case that is riveting: Good v. Wells Fargo. Read it HERE. In this case, Bryan Good stated that in this 2008 transaction there were apparently 2 notes. Wells Fargo asserts that Good signed an eNote […]

via Policy Changes aka eNotes are Here! New Paragraph 11 in Promissory Notes. — Deadly Clear

 

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Ocwen responds to Qualified Written Request

So you have sent a QWR (hopefully a good one that qualifies as a Qualified Written Request or Debt Validation Letter) and Ocwen responds with a shotgun approach intended to intimidate the lawyer or homeowner who reads it. I recently did an anlysis and drafted a potential response for another lawyer representing a homeowner. I […]

via Response to QWR Response from Ocwen Re US Bank as Trustee of….hmmmm — Livinglies’s Weblog

Bank of America will pay $6 million to Erik and Renee Sundquist

And I remember reading this story… Bank of America Corp. has agreed to pay more than $6 million to a California couple whom a federal judge said had been harassed and illegally foreclosed upon by the bank’s mortgage unit, ending an eight-year-long dispute. The proposed settlement between the bank and Erik and Renee Sundquist would […]

via Bank of America to Pay $6 Million to Bankrupt Couple Evicted From Home — Justice League

The fact that Bank of America has agreed to pay $6 million to Erik and Renee Sundquist indicates to me that they were worried about their chances of prevailing on their appeal.  However while $6 million may seem like a lot of money to myself and many other people to a mega-bank like Bank of America it is “chump change”.

Wells Fargo is being sued by mortgage borrowers

More problems for Wells Fargo: Wells Fargo Bank has been hit with a proposed class action accusing it of collecting tens of millions of dollars from Texas borrowers who paid off their mortgages early without providing required disclosures about how to avoid the charges. Filed on Tuesday in Oakland, California federal court, the lawsuit said […]

via Borrowers sue Wells Fargo over paid-off mortgage interest — Justice League

The Housing Bubble is about to pop

“This isn’t your father’s housing and mortgage market- Mark Hanson, Real Estate Analyst https://www.mhanson.com/ In 2007 the largest housing bubble in American history was inflating and literally popped overnight. The Mainstream media would prefer that you focus on the DC Circus Show than on the Case-Shiller charts that indicate that 2017 looks eerily familiar. In […]

via Housing Bubble II: Bubble, Bubble, Toil and Trouble — Livinglies’s Weblog

Almost 40 millions of Americans live in housing they cannot afford

http://www.cnbc.com/2017/07/13/harvard-study-heres-how-many-americans-cant-afford-housing.html Ester Bloom Thursday, 13 Jul 2017 | 9:22 AM ET Harvard study: Almost 40 million Americans can’t afford to pay for housing According to new research by Harvard University, almost 40 million Americans “live in housing they cannot afford.” Homeownership has gone down and rental prices keep going up, meaning that millions of residents […]

via A shocking number of Americans live in housing they can’t afford, according to Harvard study — Livinglies’s Weblog

Subprime mortgages are making a comeback

Apparently the biggest banks in the US didn’t learn their lesson the first time around… Because a few days ago, Wells Fargo, Bank of America, and many of the usual suspects made a stunning announcement that they would start making crappy subprime loans once again! I’m sure you remember how this all blew up back […]

via The Subprime Mortgage Is Back: It’s 2008 All Over Again! — Easy Money

This is very bad news for the economy as this will make the real estate bubble grow even larger and guarantees that the next real estate crash will be several orders of magnitude worse than the last one.

 

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