National Mortgage Settlement

Roughly $25 billion in relief for distressed borrowers, states and federal government. After many months of negotiation, 49 state attorneys general and the federal government have reached agreement on a historic joint state-federal settlement with the country’s five largest loan servicers: •Ally/GMAC •Bank of America •Citi •JPMorgan Chase •Wells Fargo The settlement will provide asContinue reading “National Mortgage Settlement”

NATIONAL HOME OWNERSHIP RETENTION PROGRAM

The settlement contains $1.5 billion for 750,000 people who were foreclosed out of their homes between 2008 and 2011 because despite all the evidence of robosigning, faulty court documents and dropped phone calls to mortgage-servicing companies, there wasn’t much the AGs could do. Nobody knows how the homeowners will get their money. “The legal rightContinue reading “NATIONAL HOME OWNERSHIP RETENTION PROGRAM”

Foreclosure Defense Scams abound in California

Five defendants from California have been charged with a foreclosure rescue scheme: Jewel L. Hinkles aka Cydney Sanchez, 61, Los Angeles; Bernadette Guidry, 43, Irvine; Jesse Wheeler, 34, Roseville; Cynthia Corn, 58, Oakland; and Brent Medearis, 45, Modesto; were charged in an indictment returned by a federal grand jury on December 1, 2011. Hinkles andContinue reading “Foreclosure Defense Scams abound in California”

Bankruptcy Fraud to Stop Foreclosures

Frederic Alan Gladle, 53, Austin, Texas, pleaded guilty in the Western District of Texas for his role in operating a foreclosure rescue scam in Southern California and elsewhere that charged distressed homeowners fees in exchange for fraudulently postponing foreclosure sales. As previously reported by Mortgage Fraud Blog, the defendant was charged on Dec. 9, 2011,Continue reading “Bankruptcy Fraud to Stop Foreclosures”

Beware of Foreclosure Rescue Scams

Jeff McGrue, 51, Tacoma, Washington, was sentenced to 25 years in federal prison for running a scheme that defrauded owners of distressed Southern California homes by promising to prevent foreclosure through the paying off of their mortgages, but in reality doing no more than sending their lenders fake notes, totaling $55 million, that were supposedlyContinue reading “Beware of Foreclosure Rescue Scams”

AB 284, Assembly Bill 284

Assembly Bill 284 took effect Oct. 1, making it a felony if a mortgage servicer or trustee made false representations concerning a title. There also will be a $5,000 fine assessed if fraud, such as robo-signing, is detected. The new law requires servicers to provide a new affidavit that provides the amount due on theContinue reading “AB 284, Assembly Bill 284”