MERS Responds to Essex Co., Mass. Announcement | Company in (NON) Compliance with Purpose and Intent of State Recording Acts
MERS Responds to Essex Co., Mass. Announcement | Company in compliance with purpose and intent of state recording acts FOR IMMEDIATE RELEASE Contact: Karmela Lejarde 703-761-1274 Reston, Virginia Feb. 25, 2011—MERS has not received any direct legal communication regarding Mr. O’Brien’s February 22, 2011 announcement. The use of MERS is in compliance with the purpose … Read more
SunTrust Finds Problems in Foreclosures, Admits to 4,000 Counts of Perjury
Here we go with those “Document (FELONY) Irregularities” again… SunTrust Finds Problems in Foreclosures (Reuters) – SunTrust Banks Inc is refiling documents in 4,000 foreclosure cases after an internal review found problems with the bank’s home repossessions. The Atlanta-based bank said in its 2010 annual report filed with U.S. securities regulators on Friday that some … Read more
Stopa | Foreclosure Judgment AFTER Service by Publication – VACATED
Plaintiff (Wells Fargo) Attorney: Shapiro & Fishman Foreclosure Judgment after Service by Publication – VACATED All defendants, even homeowners facing foreclosure, are entitled to due process of law before their property can be taken. (Many people even know the phrase in the constitution – “cannot be deprived of life, liberty, or property … without due process … Read more
US Congressman Cummings Launches Major Investigation of Mortgage Servicer Abuses
United States Congressman Elijah E. Cummings Ranking Member, Committee on Oversight and Government Reform http://democrats.oversight.house.gov/ 2471 Rayburn House Office Building Washington, DC 20515 FOR IMMEDIATE RELEASE February 25, 2011 Cummings Launches Major Investigation of Mortgage Servicer Abuses Ranking Member continues aggressive pursuit of foreclosure fraud (Washington, DC) – Congressman Elijah E. Cummings (MD-07), Ranking … Read more
Unsealed Complaint | Citi Tried to Pass Off Madoff Exposure – Irving Picard, Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC v Citibank and Citigroup Global Markets Limited
Citi Tried to Pass Off Madoff Exposure Citigroup Inc tried to pass on its exposure to Bernard Madoff to other banks just months before his epic fraud was revealed, the Madoff trustee said in a lawsuit accusing a second major U.S. bank of unsavory dealings with the financier. Trustee Irving Picard said red flags about … Read more
Press Release | Congresswoman Waters Troubled by Reported Foreclosure Fraud Deal
Congresswoman Waters Troubled by Reported Foreclosure Fraud Deal Reiterates Need for Servicing Standards, Raises Concerns about Settlement Figure & OCC Protecting Banks Over Borrowers Washington, Feb 25 – Congresswoman Maxine Waters (D-Calif.), a senior member of the Financial Services Committee, issued the following statement today after reports of a deal between the Obama Administration and … Read more
You Don’t Pay, You Don’t Stay? | BofA Refuses To Complete 3-Year Old Foreclosure Process
This post goes out to the “You don’t pay, you don’t stay” crowd… Would you rather have a “deadbeat” living in the home and maintaining it until the banks take possession or would you rather have people and the properties end up like the one below? Contact 13 Investigates: Foreclosed but not forgotten From the … Read more
Rocket Docket | Judges’ Words Shake Faith in Local Justice
Editorial: Judges’ words shake faith in local justice Local judges have made some disturbing comments recently regarding foreclosure cases and people fighting in court to save their homes. The comments appeared Sunday and Tuesday in stories in The News-Press about the case of Linda Bassett, who claims the bank trying to foreclose on her house … Read more
Freddie Mac’s Executive Vice President Don Bisenius Facing Possible SEC Charges
Freddie Mac exec facing possible SEC charges (Reuters) – A top Freddie Mac (FMCC.OB) executive received notice the government may file charges against him for allegedly violating securities laws in the years leading up to the housing bust, according to a regulatory filing (page 292) released on Thursday. Executive Vice President Don Bisenius received a … Read more
MBA Panel: Tread Carefully When Going After Strategic Defaulters
MBA panel: Tread carefully when going after strategic defaulters While it is no easy feat to determine if a homeowner defaulting on a mortgage is a strategic defaulter, it’s also no simple decision for servicers to decide whether to pursue a deficiency judgment against the homeowner. Panelists on a strategic default session at the Mortgage … Read more
Fannie, Freddie, FHA combined REO Inventory at Record Level
Fannie, Freddie, FHA combined REO Inventory at Record Level The combined REO (Real Estate Owned) inventory for Fannie, Freddie and the FHA increased to a record 295,307 units at the end of Q4, although REO inventory decreased slightly for both Fannie Mae and Freddie Mac in Q4 (compared to Q3). The REO inventory increased 71% … Read more
Daily Finance | Investor Lawsuits Are Raising the Heat on Bank of America for ‘Putbacks’
Investor Lawsuits Are Raising the Heat on Bank of America for ‘Putbacks’ One of the straightest paths this country could take toward Bank Bailout 2, the Sequel, would be through forcing financial institutions to buy back the lousy mortgage-backed securities they sold before the meltdown. Large-scale buybacks could open gaping wounds on bank balance sheets, … Read more
