Federal Reserve issues enforcement actions related to deficient practices in residential mortgage loan servicing and foreclosure processing
Federal Reserve issues enforcement actions related to deficient practices in residential mortgage loan servicing and foreclosure processing Release Date: April 13, 2011 For immediate release The Federal Reserve Board on Wednesday announced formal enforcement actions requiring 10 banking organizations to address a pattern of misconduct and negligence related to deficient practices in residential mortgage loan … Read more
Foreclosuregate | Ally Financial Statement on Mortgage Servicing Consent Order
Ally Financial Statement on Mortgage Servicing Consent Order DETROIT, April 13, 2011 /PRNewswire/ — Ally Financial Inc. (Ally) and certain of its subsidiaries have executed the Consent Order issued by the Board of Governors of the Federal Reserve and the Federal Deposit Insurance Corporation related to the servicing operation of its mortgage business. The company … Read more
USA, DOT, OCC Fraudclosure Settlement Consent Orders for the Banksters
Interagency Review of Foreclosure Policies and Practices (461 KB PDF) Consent Order for Bank of America Corp. (34 KB PDF) Consent Order for Citigroup Inc. and CitiFinancial Credit Co. (28 KB PDF) Consent Order for Ally Financial, Inc., ResCap, GMAC Mortgage, and Ally Bank (87 KB PDF) Consent Order for HSBC North America Holdings, Inc. … Read more
BREAKING | Regulators, Mortgage Servicers Agree on Fraudclosure Reforms but their Victims DO NOT
Regulators, mortgage servicers agree on reforms Three federal regulators reached agreements with the nation’s largest mortgage servicers on Wednesday that aim to stem shoddy foreclosure practices. But the plans do not impose financial penalties on these banks or recommend the kinds of loan modifications that consumer advocates and other regulators are pushing for. The agreements … Read more
Full Deposition of Christine Odem of Nationstar by Florida Foreclosure Defense Lawyer, Brian Korte
Below are some excerpts from the deposition of Christine Odem. It’s a good thing she is “the person with the most knowledge.” Q. Ma’am, you’ve been brought here today as the person with the most knowledge from CitiMortgage, Inc. with regards to the transfer of the Note, calculation of damages and affidavits for amounts due … Read more
California | Bankruptcy Judge Denies MERS, Foreclosure Sale Void, “MERS System is not an Alternative to Statutory Foreclosure Law”
In re: ELEAZAR SALAZAR UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF CALIFORNIA While US Bank meets the minimal test for standing to seek relief from stay, Salazar’s foreclosure sale challenge must still be addressed to resolve the merits of US Bank’s relief from stay motion. Relying upon controlling California statutory and decisional authority, the Court … Read more
Settlement | JPMorgan Says Foreclosure Accord With Federal Reserve, OCC May Come Today
JPMorgan Says Foreclosure Accord With Federal Reserve, OCC May Come Today JPMorgan Chase & Co. (JPM), the second- biggest U.S. bank by assets, may settle an investigation into the bank’s foreclosure practices by federal regulators as early as today, executives said. The bank took a $1.1 billion charge and may add as many as 3,000 … Read more
In RE Wilson | Lender Processing Services, LPS, Gets Gets Slammed by BK Judge, Motion For Sanctions Granted
Is this the beginning of the end for Lender Processing Services, LPS? From the ruling. IN RE: RON WILSON, SR. LARHONDA WILSON The fraud perpetrated on the Court, Debtors, and trustee would be shocking if this Court had less experience concerning the conduct of mortgage servicers. One too many times, this Court has been witness … Read more
Solution Letter to Chief Judge Peter Blanc RE David J. Stern Withdrawal Letters in Foreclosure Cases
April 12, 2011 Hon. Chief Judge Peter D. Blanc Palm Beach County Main Judicial Complex, Room 5.2500 205 N. Dixie Highway West Palm Beach, FL 33401 IN RE: David J. Stern Withdrawal Letters Dear Chief Judge Blanc, My name is Michael Olenick. I’m the founder and CEO of Legalprise, Inc., a PBC-based litigation support and … Read more
$25,000 Policy | New Questions about Banks’ Force-Placed Insurance Deals
New Questions about Banks’ Force-Placed Insurance Deals QBE, carrier used by Wells Fargo and SunTrust, avoids oversight through ‘surplus lines’ structure The first time Luis Juarez heard of force-placed insurance was when he received a $25,000 bill for it in the mail. A Florida doctor and homeowner, Juarez had been dropped by his previous insurer … Read more
BofA Chief Says More Foreclosures Inevitable as Repeated Defaults Top 50%
BofA Chief Says More Foreclosures Inevitable as Repeated Defaults Top 50% Bank of America Corp. (BAC) Chief Executive Officer Brian T. Moynihan said efforts to prevent foreclosures are failing frequently, with more than half of borrowers in some categories defaulting a second time. “We’re reaching a point where some customers will be dealing with the … Read more
Follow the Money: How Systemic Bank Fraud Contributed to the Financial Crisis
Barry Ritholtz’s presentation to the National Association of Attorney General. Follow the Money: How Systemic Bank Fraud Contributed to the Financial Crisis ~ 4closureFraud.org Tweet
More CDO Games? JPMorgan Ex-Structured Product CDO Head Llodra May Face SEC Suit
The Market Ticker – More CDO Games? (JPM This Time) Hmmmm, what did the cat drag in today? U.S. regulators notified a former JPMorgan Chase & Co. (JPM) executive whose unit packaged mortgage- linked investments that he may be sued for his role in selling the securities as the housing crisis worsened in 2007. Oops. … Read more
The Real Housewives of Wall Street | Why is the Federal Reserve forking over $220 million in bailout money to the wives of two Morgan Stanley bigwigs?
The Real Housewives of Wall Street Why is the Federal Reserve forking over $220 million in bailout money to the wives of two Morgan Stanley bigwigs? By Matt Taibbi Rolling Stone In August 2009, John Mack, at the time still the CEO of Morgan Stanley, made an interesting life decision. Despite the fact that he was … Read more
Affidavit | Ben-Ezra Defends Himself Against Contempt Order in Miami-Dade Foreclosure
Ben-Ezra defends himself against contempt order in Miami-Dade foreclosure by Kim Miller Attorney Marc Ben-Ezra, founding partner of the Ben-Ezra & Katz law firm in Fort Lauderdale, has filed an affidavit in the foreclosure case where he was found in contempt of court in February. Miami-Dade Judge Maxine Cohen Lando has yet to file a … Read more
A Ridiculous Take on the Mortgage Settlement | State AG Servicer Terms Could Cost Economy $10 Billion a Year
A Ridiculous Take on the Mortgage Settlement By Felix Salmon Cheyenne Hopkins of American Banker, who first published the terms of the proposed mortgage servicer settlement in March, has now got her hands on a ridiculous paper from Charlie Calomiris, Eric Higgins, and Joseph Mason, which says that the settlement is a bad one which … Read more
