Thursday - May 10, 2012 - ForeclosureGate Gazette

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ForeclosureGate Is A Public Service Homeowner Coalition And Cooperative, Created To Exchange News And Information And To Advance Justice For American Homeowners

THURSDAY MAY 10
Florida Supreme Court to hear landmark foreclosure case The Florida Supreme Court will decide whether financial firms can escape or remedy allegations of fraud in foreclosure proceedings by voluntarily dismissing the case. The case is a landmark in Florida since many financial firms rely on the dismissal-refile option to fix issues stemming from foreclosure complaints…. Fannie, Freddie are set to reduce mortgage balances in California As California pushes to get more homeowners into a $2-billion foreclosure prevention program, some Fannie Mae and Freddie Mac borrowers may see their mortgages shrunk through principal reduction. State officials are making a significant change to the Keep Your Home California program…. If WE owned a pool of loans… would WE allow principal reductions? The debate should center on whether reducing principal will do two things… significantly reduce or even largely eliminate the potential for future default, and lead to increased consumer spending as homeowners feel something akin to the wealth effect and decide it’s safe to spend at least a little bit once again…. 'Homeowner Bill of Rights' Moving Along in Sacramento A set of proposed laws that aim to protect California homeowners from foreclosure abuses is working its way through the Legislature. Two key pieces of legislation in that package, widely called the “Homeowner Bill of Rights,” are expected to face sharp criticism from the real estate and financial sectors…. Citizens Organize To Save Washburn Home from Foreclosure Chequamegon Bay residents have formed Save Our South Shore Homes after meeting with the Superior-Duluth based Project Save Our Homes Saturday, May 5, to strategize saving the home of a Washburn family from foreclosure. The new organization is planning to rally at the Ashland….

2012

SEC Weighs Sanctions for Lawyers Who Advise on Fraudulent Deals U.S. Securities and Exchange Commission investigators are considering extending the reach of enforcement actions in cases involving complex financial transactions to lawyers who provided the legal advice on fraudulent deals, an agency official said. “I’ve seen some factual situations where advice that was given didn’t look like it was done in good faith…. Michigan Counties Win Big in Fannie, Freddie Lawsuit Score one for the little guy. Or maybe make that $5 million for the little guy. A Michigan county has won a lawsuit against Fannie Mae and Freddie Mac in what might be the first – but probably won’t be the last – suit of its kind….

Operator Of Virginia-Based Mortgage Modification Scheme Pleads Guilty To Fraud Howard R. Shmuckler, 68, of Virginia Beach, Va., today pled guilty to running a fraudulent mortgage modification business that received substantial fees but actually modified clients' mortgages in only a few cases….

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