This Edition Of The ForeclosureGate Gazette Contains Active Links ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LE GISLATE OP-ED HOMEOWNERS NEWS ForeclosureGate Is A Public Service Homeowner Coalition And Cooperative, Created ToExchange News And Information And To Advance Justice For American Homeowners2012 TUESDAYMARCH 6 Brookings: 5% of underwater borrowers eligible for write-downs A calculation by a Brookings Institution economist narrowed down the pool ofunderwater homeowners to 500,000 who could qualify for principal reduction from the $25 billion mortgage settlement. About $10 billion of the settlement, in the form of credits, will go toward principal write-downs made by the five banks. Only homeowners delinquent on their mortgages are eligible…. Mortgage servicers fiddled whilehomeowners were burned by foreclosure abuse While federal officials and state attorneys general wrangled for a year with mortgage servicers to finalize the settlement, mortgage servicers continued abusive foreclosure tactics. Now, even with the settlement signed, it isn’t really a done deal, thanks to the settlement’s “agreement in principle” and “final terms and provisions” small print….Banks drag their feet processing modifications on mortgages that outrank their junior liens Bank of America Corp., Wells Fargo & Co. and three other banks that settled a nationwide probe of foreclosure practices this month will get a bonus from the deal: protection for $308 billion ofhome-equity loans they hold. The banks that service about half the nation’s mortgages on behalf of investors will be able to share losses on their junior loans with bondholders….How to seek a reduction on your home's property tax If you believe you're paying too much property tax because the county has overestimated the value of your home, you can seek a reduction. Here are tips on how to do this: If you believe the assessment was unfair in the past, contact your county assessor's office or visit its website as soon as possible. At this time of year, many assessors are in the process of updating property values….NJ homeowners due $838M in foreclosure settlement between feds, big banks New Jersey will receive an estimated $837 million as part of Thursday’s $25 billion settlement among five giant banks and state and federal authorities on foreclosure abuses, raising hopes of financial relief for some homeowners who were evicted or are facing foreclosure. The settlement money will be used to lower loan amounts and allow refinancing….Former President of Orion Bank Pleads Guilty To Bank Fraud and Related Charges The Office of the Special Inspector General forthe Troubled Asset Relief Program (SIGTARP) and U.S. Attorney for the Middle District ofFlorida Robert E. O’Neill today announced that Jerry J. Williams (51), formerly of Naples, Florida, and currently residing in Fort Worth, Texas, pleaded guilty today to conspiracy to commit bank fraud and making false statements to…. 2006-Report To Fannie Mae Regarding Shareholder Complaints, Case No. 5595 The Office of Corporate Justice has retained Baker & Hostetler LLP to conduct anindependent investigation of concerns expressed by Mr. Nye Lavalle, a Fannie Mae shareholder, about several Fannie Mae business practices in connection with single-family….HUD Secretary Expects “Substantial”Payment of Foreclosure Fraud Settlement with MBS Investor Money Housing and Urban Development Secretary Shaun Donovan mostly confirmed that private- label mortgage-backed securities investors, not banks or servicers, will end up shouldering the cost of much of the imminent foreclosure fraud settlement despite the risk of litigation….
