LivingLies: “The court disagreed with the bank, determining that while the mortgage modification application was filed pursuant to HAMP, the plaintiffs “do not seek to enforce HAMP.” Instead, the plaintiffs argue that the wrongful denial of their application and failure to disclose the calculation error for three years “constitutes unfair or deceptive conduct in violation of the [WCPA].””

Source: Not So Fast! Statute of Limitations Bars Claims for Enforcement of Statutory Duties But Does Not Bar Other Action For Damages Based on That Duty.

LivingLies: “Since 2000, more than 20 million people have been wrongfully displaced from their homes by parties invoking foreclosure laws, millions more lost jobs, and millions more suffered loss of economic opportunity, status and income as investment banks now masquerading as commercial banks continue to rake in huge amounts of revenue — sharing none of it with the investors who put up all the money or the borrowers who put up then lives, their signature, their credit reputation and their homes.”

DC Editor: 20 million is a very low figure considering over 100 million homes (2.5 persons per HH) have clouded titles. Just because they don’t know it yet – it is still problematic

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Source: State of the Union: Securitization is Running Amok and Taking Us All down With It

LivingLies: “While it is still a reasonable bet that the investment banks will continue to control the political and judicial narrative, there are many signs that “securitization fail” (see Adam Levitin) is being revealed in the courts. As the number of foreclosures decreases, the increased opportunity for judges to truly consider the scheme in front of them is leading to a rise in judgments for homeowners and a revelation that the “REMIC Trust” is a label without meaning or existence in the real world.”

Source: Ocwen is a Sham Designed To Be Thrown Under the Bus by Institutional “Investors”