‘Housing’ articles

National mortgage settlement details finally revealed

Over a month after settlement was first announced

Details of the February 9 national mortgage settlement have finally been filed in federal court in Washington.

Over a month after terms of the settlement “in principle” were announced, the U.S. Justice Department put the proposed language of the consent agreements with America’s five largest loan-servicing banks in the lap of the U.S. District Court for the District of Columbia.

The court documents can be downloaded here:

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The national mortgage-servicing settlement that isn’t

After well over a year, alleged ‘settlement’ still remains unsettled

So ... how soon is soon?

For the past four weeks, the National Mortgage Settlement website — erected Feb. 9 by state attorneys general amid a flood of press releases and photo-ops with President Obama — has promised that the actual terms of the settlement with the nation’s five biggest banks and mortgage servicers are “coming soon.”

One month later, however, the specific details of that alleged agreement still have not been revealed to the public, much less brought before a federal judge for the requisite consent order.

Veteran negotiators emphasize that the real-world legal effect of any agreement boils down to ...

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Ballyhoo for global mortgage pact was premature

Actual details of final settlement not yet resolved

Recall the fanfare last week when a $25 billion “national mortgage-servicing settlement” was announced?

President Obama, U.S. Attorney General Eric Holder, Nevada Attorney General Catherine Cortez Masto and 49 other state attorneys general hastened to microphones and issued a flurry of press releases.

They hailed as historic their state and federal governments’ “settlement” with the country’s five biggest mortgage servicers — Bank of America, Citi, Wells Fargo, JPMorgan Chase and Ally/GMAC.

It now turns out, however, that no final settlement actually yet exists.

Even today — the better part of a week after all the lawyer-politicians paraded before national ...

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Second lawsuit challenges constitutionality of foreclosure mediation program

Program violates multiple clauses of U.S. and Nevada constitutions, says appeal

CARSON CITY The constitutionality of Nevada’s Foreclosure Mediation Program is once again being challenged in court — with lawyers this time arguing that the program violates not only the state’s basic charter, but also the U.S. Constitution.


Wells Fargo is appealing to the Nevada Supreme Court an order from the state’s Second District Court rewriting several terms of a defaulting homeowner’s mortgage. Attorneys from Snell & Wilmer, representing the bank, argue that Nevada’s program violates the Takings, Contract and Due Process Clauses of the U.S. Constitution, as well as Article III of the Nevada Constitution ...

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Second District Court rules for foreclosure mediation program

To do so, judge repudiates his own previous ruling

The Second District Court in Washoe County has ruled that Nevada’s Foreclosure Mediation Program — the subject of a legal challenge by Deutsche Bank — is constitutional.

Whether or not the bank will appeal the ruling is not yet clear. After the decision, the Las Vegas law firm representing Deutsche Bank, Brooks Bauer, issued a bland statement saying it is reviewing the decision and looking at various options.

“Each branch of government is a separate, but not independent, arm of government. In the great enterprise of making democracy workable, all are partners,” opined Judge Patrick Flanagan.

“The Foreclosure Mediation Program,” he ...

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Court-managed foreclosure program may violate Nevada Constitution

Foreclosure mediation program uses ‘powers of the Executive Branch,’ could force recusal of state Supreme Court justices

Is the statewide home-foreclosure modification program run by the Nevada Supreme Court actually unconstitutional?

Nevada Second District Judge Patrick Flanagan wants to know. And since it’s a real question that could seriously impact the State of Nevada in multiple, powerful ways, he’s joined the state, represented by the Nevada attorney general, and the program’s administrator to a case being heard this afternoon in Washoe County.

The Foreclosure Mediation Program (FMP) was passed by the 2009 Nevada Legislature — unanimously in the Assembly and 17-4 in the Senate — as Assembly Bill 149. Becoming law as NRS 107.086, the ...

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Courts asked to ‘foreclose’ on robo-signers

Nevada law firm sues MERS, cites fee avoidance and dubious loan authorizations

Nevada and other homeowners who've been foreclosed out of their properties may soon find they have some big bargaining chips to play against America's megabanks.

Hager and Hearne, a Reno-based law firm, is taking nearly a dozen of the nation's largest banks and mortgage lenders to district court in California and Nevada, citing violations of the states' false-claims acts.

The legal offensive is part of the growing national furor over improper foreclosure documentation involving MERS, or Mortgage Electronic Registration Systems, a mortgage-record service company formed in 1997 that tracks more than 65 million mortgages.

MERS has filed ...

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