Day 1 for President Trump: HUD suspends FHA mortgage insurance premium cut

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Cutting mortgage insurance was Obama’s gift to the banks and insurance companies. Let’s face it, banks don’t make loans designed for 30 year ownership. The securitization process is designed to churn and burn. Until that is eliminated and/or Glass Steagall is reinstated insurance programs need to stay in place to protect taxpayers. We, the People bail out the defaults if there is no insurance in place and unfortunately the statistics in low income housing programs have the highest defaults. Think about it.

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And yes, the FHA insurance will go up and will hurt low income and middle class homeowners…

The Department of Housing and Urban Development announced it suspended the reduction of Mortgage Insurance Premiums, effective immediately.

HUD sent out an announcement just an hour after President Trump was sworn in on Friday, stating that the cuts have been suspended indefinitely.

The letter, found here, stated that the FHA will issue a subsequent Mortgagee Letter at a later date should this policy change.

“FHA is committed to ensuring its mortgage insurance programs remains viable and effective in the long term for all parties involved, especially our taxpayers,” the letter stated. “As such, more analysis and research are deemed necessary to assess future adjustments while also considering potential market conditions in an ever-changing global economy that could impact our efforts.”

Right before leaving office, the Obama administration cut FHA mortgage insurance premiums, marking the…

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Cuomo will make foreclosure reform a priority — finally

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Wonder if Tom Selick is keeping up with any of this? Somebody ought to clue him in, yeah?

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Gov. Cuomo and state lawmakers are finally making reverse-mortgage foreclosure reform a priority this year — following continuing coverage of a crisis by The Post.

Last week, the governor announced plans to provide reverse-mortgage holders the right to a mandatory foreclosure settlement conference with their lender, overseen by the court, just as traditional mortgage borrowers have, and to update regulations to prevent reverse-mortgage foreclosures.

Read on.

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Congresswoman Maxine Waters is the first in Congress to address David Dayen’s Mnuchin story. Says it disqualifies him

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Congresswoman Waters should know that Wilbur Ross isn’t any better. It appears Mr. Ross may have donated more to political PACs and campaigns because it
appears he is not on the Dem “objection radar” – and certainly should be.

Hopefully, President-Elect Trump has read Chain of Title along with the Republicans in Congress – and it’s not just the Dems who have educated themselves about this Wall Street fraud crisis; albeit they did nothing in 8 years but devise a poorly executed HAMP scam that merely foamed the runway for the banks. Failure to prosecute the banks and stop the fraudulent foreclosure actions signals to most of us that Congress and the Administration were in many ways complicit in the unregulated securitization and derivatives debacle that scammed over 140 million Americans and countries around the world.

Think you are safe just because you haven’t missed a mortgage payment? Think again. If you bought a home or refinanced after 2000 just look to see if there is Mortgage Electronic Registration Systems, Inc. (MERS) in your mortgage document. Then look for an Assignment filed in your Recorder’s office. If you’ve never missed a payment there will not likely be an Assignment because your collateral is still being rehypothecated (in limbo) until you default. And your original lender may have already disappeared. Is your title clouded? Do yourself a favor and find out specifically where your mortgage and note are sitting. Don’t confuse the “servicer” (like Ocwen) with the owner of your collateral. That would be foolish. You’ll find, that even though you’ve never missed a payment on your property it is likely (at the moment) a clean title is questionable. So Yes, if you have a mortgage you are likely one of over 140 million folks who have and are being scammed. If you haven’t yet read David Dayen’s Chain of Title maybe 2017 is time to start.

BTW – even if MERS isn’t in your mortgage doesn’t mean your collateral (loans and personal data) weren’t securitized. It’s likely your original lender is defunct and that ought to be a red flag…remember the “servicer” who you send your payments to is not likely the mortgagee (or investor) of your loan.

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Mnuchin Declines Reply to Sen. Brown’s Letter Before Panel Review

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  • Mnuchin won’t circumvent Senate process with reply letter
  • His Treasury chief nomination is subject to Senate approval

Treasury Secretary nominee Steven Mnuchin has declined to answer questions from a Democratic senator about his views on financial regulations, sanctions and his time as head of a bank accused of unfair foreclosure practices.

Senator Sherrod Brown of Ohio, the top Democrat on the banking committee, sent a letter on Dec. 21 asking Mnuchin to detail his position by Jan. 6 on issues that are under the committee’s purview, including fair lending laws and foreclosure-prevention programs. Mnuchin doesn’t plan to respond to the senator in writing, though several weeks ago he requested a meeting with Brown, who hasn’t yet accepted, according to Mnuchin’s spokeswoman Tara Bradshaw.

“Mnuchin will work with Senator Brown within the protocol of the finance committee — and will not be providing written answers in advance of a deadline yet…

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MNUCHIN EXPENDABLE: REVELATIONS ABOUT ILLEGAL ONEWEST ACTIVITIES PREVIEW WITHDRAWAL OF NOMINATION AS TREASURY SECRETARY

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Just one question… where are the objections to corrupt Wilbur Ross?! If Mnuchin is the foreclosure King – Ross has to be the great foreclosure Emperor. Neither of them should be serving in the cabinet. Like it or not, the majority of the folks electing a Trump were from the highest foreclosure rate states – and considered slime like these guys and what appears to be their fraudulent actions part of the swamp.

Investigators deduced Mnuchin’s OneWest was backdating documents because the dates were from before OneWest existed

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Come on Donald, you can do better than this! Yes, all these mortgage slime guys backdated documents and the Obama Administration knew and did nothing about it! Stop protecting the banks.

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Treasury Nominee Steve Mnuchin’s Bank Accused of “Widespread Misconduct” in Leaked Memo

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SAY INDYMAC, SAY INDYMAC – damnit! Don’t talk about Mnuchin without saying INDYMAC BANK and mentioning his pal NY U.S. Sen. Chuck Schumer and George Soros (the same guy funding the Democrat protests).

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By David Dayen

ONEWEST BANK, WHICH Donald Trump’s nominee for treasury secretary, Steven Mnuchin, ran from 2009 to 2015, repeatedly broke California’s foreclosure laws during that period, according to a previously undisclosed 2013 memo from top prosecutors in the state attorney general’s office.

The memo obtained by The Intercept alleges that OneWest rushed delinquent homeowners out of their homes by violating notice and waiting period statutes, illegally backdated key documents, and effectively gamed foreclosure auctions.

In the memo, the leaders of the state attorney general’s Consumer Law Section said they had “uncovered evidence suggestive of widespread misconduct” in a yearlong investigation. In a detailed 22-page request, they identified over a thousand legal violations in the small subsection of OneWest loans they were able to examine, and they recommended that Attorney General Kamala Harris file a civil enforcement action against the Pasadena-based bank. They even wrote up a sample legal complaint

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