The Ohio Supreme Court Acquiesces to Fraud

January 10, 2018


“Whether the assignment was fraudulent is not relevant in this case…”

Chenault v. Deutsche Bank Natl. Trust Co., 2015-Ohio-1850

Appellants argue that the December 14, 2006 assignment is invalid due to a number of errors. Stephen Broviak, who Deutsche Bank claims executed the assignment, could not confirm that the signature on the assignment was his, stating that he did not recall signing the document, and the stamped name “Steve Broviak,” that appears by the signature line, is not how he signs his name; rather, he uses the name “Stephen.” (R. [Read More]

CFPB Director on the Ocwen Enforcement Action

May 12, 2017

From CFPB Director Richard Cordray

Today the Consumer Financial Protection Bureau is filing a lawsuit against Ocwen, one of the nation’s largest nonbank mortgage servicers. We are seeking relief to compensate consumers for years of systemic and significant errors throughout the mortgage servicing process, which cost some of them their homes. We allege that Ocwen calculated loan balances improperly, misapplied borrower payments, and botched escrow and insurance payments. We believe Ocwen failed to properly investigate and fix these problems when people formally complained, and it illegally foreclosed on borrowers.

[Read More]

“The CFPB Just Sued [Ocwen], But Indicted Itself”

May 12, 2017

From David Dayen at The Nation:

In December 2013, the Consumer Financial Protection Bureau and 49 states issued a $2.1 billion consent order against Ocwen, one of America’s largest mortgage companies, for “violating consumer financial laws at every stage of the mortgage servicing process.” Three and a half years later, the CFPB sued Ocwen in federal court for, well, violating consumer financial laws at every stage of the mortgage servicing process.

Why are we here again? Why did Ocwen continue to harm thousands of borrowers, years after first being caught?

[Read More]

Recent Articles

Trusts Not Made

By Lynn Szymoniak January 2, 2018

2016 and 2017 were home building boom years. Well-known builders produced over 300,000 new homes, priced mostly from $250,000 to $600,000. Lennar Homes, the nation’s number one home builder, increased its closings from 30,455 in 2014 to 41,652 in 2016. Two publicly-owned builders, AV Homes and The New Home Company, doubled their yearly closings from 2014 to 2016. Even with all of this, the construction of new homes in the United States falls below historical averages. There was also a boom in sales of existing homes, with sales rising to an expected annual rate of 5.48 million units. While there have been several years of major growth for home builders and existing home sales, Wall Street has not managed to revive sales in its related product, residential mortgage back securitized trusts. [Read More]

The Failure of Trustees to Diligently Pursue Foreclosures

By Lynn Szymoniak November 13, 2017

Trustees & Servicers are destroying shareholder value by acting against behavior defined in the PSAs for their own private benefit. Agency problems continue to incentivize cheap, fraudulent document management processes and inefficiency over investor value.

In over 30% of the cases examined, the trustees did not begin foreclosure actions until more than six months after the loan default dates.

In 85% of the cases examined, the trustees filed the foreclosure complaints with an allegation that the original notes had been lost, stolen or destroyed.

The courts dismissed nearly 20% of the cases for lack of prosecution after the trustees failed

[Read More]

Gillis v. Deutsche Bank

By The Housing Justice Foundation May 12, 2017

The Most Outrageous Trial Court Abuses, The Most Determined Homeowner, The Best Damn Appellate Brief.

 … [Read More]

Who is Wilbur Ross?

By Lynn Szymoniak November 25, 2016

On Thanksgiving day, President-Elect Trump announced that he would name Wilbur Ross as Secretary of Commerce.

Wilbur Ross was described in new reports as a “billionaire investor” who was also known as the “king of bankruptcy.” Ross was famous for buying and selling companies that had hit hard times and filed for bankruptcy.

Ross, 78 years old, was a big financial contributor to the Trump campaign. His wealth was estimated to be $2.9 billion by Forbes magazine.

One of the companies Ross acquired through bankruptcy was American Home Mortgage Servicing, Inc. (“AHMSI”). In August 2007, American Home Mortgage, the 10th … [Read More]