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.

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“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.

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MIT Sloan: Was there ever a subprime crisis?

January 9, 2017

Fascinating read from MIT Sloan, challenging a central assumption of the housing crisis:

While all types of people participated in the crisis, borrowers defaulting on bigger mortgages were responsible for a greater dollar amount in defaults. The researchers found that the top quintile of borrowers by income were responsible for 13 percent of delinquent mortgage debt in 2003.

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A Rejection Of Politics As Usual

November 25, 2016

From Reuben Guttman for Law360:

Good trial lawyers know not to drink their own Kool-Aid. They view a case not just from their own vantage point but from the vantage point of their opponent. And at the end of a case they explore what was important to the jurors who rendered a verdict.

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The Foreclosure Vote

November 25, 2016

From Tom Adams for

The first map is from RealtyTrac, and indicates the states with the largest foreclosure inventory in 2012. The second is a map of the key battleground states. In 2008 and 2012, Obama won these states.

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NYT: How Letting Bankers Off the Hook May Have Tipped the Election

November 25, 2016

From Gretchen Morgenson at The New York Times:

There are many facets to the populist, anti-establishment anger that swept Donald J. Trump into the White House in Tuesday’s election. A crucial element fueling the rage, in my view, was this: Not one high-ranking executive at a major financial firm was held to account for the crisis of 2008.

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The Disaster of American Loan Servicing

August 28, 2016

From David Dayen at Salon:

It shouldn’t be terribly difficult to accept a monthly loan payment from a homeowner or a student borrower, and to manage day-to-day operations on the loan. This is the job function of a servicer, a company that handles loans on behalf of the ultimate owner, funneling payments through the system and deciding how to manage defaults.

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Inside the FBI’s Investigation into DocX

May 31, 2016

Lynn Szymoniak’s Freedom of Information Act request has helped generate a compelling article by David Dayen for Vice regarding the FBI’s investigation into the DocX document mill, and the limited prosecution that followed.

Six years ago, FBI agents in Jacksonville, Florida, wrote a memo to their bosses in Washington, DC, that could have unraveled the largest consumer fraud in American history.

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‘Chain of Title’ Review in the New York Times

May 14, 2016

David Dayen’s Chain of Title, which chronicles the fight against foreclosure fraud through the eyes of three South Florida activists: Lisa Epstein, Michael Redman, and Lynn Szymoniak. The book is available for purchase on Amazon and though other retailers. Here’s Frank Portnoy’s assessment from The New York Times:

On Sept.

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