Did Federal Banking Regulators Inadvertently Expose Massive Mortgage Backed Securities Fraud as Part of Fraudclosure Investigation?
Federal Banking Regulators Expose Massive Mortgage Backed Securities Fraud as Part of Fraudclosure Investigation From the InterAgency Report: The Federal Reserve System, the Office of the Comptrollerof the Currency (OCC), the Federal DepositInsurance Corporation (FDIC), and the Office ofThrift Supervision (OTS), referred to as the agencies,conducted on-site reviews of foreclosure processingat 14 federally regulated mortgage … Read more
Smalley v Shapiro & Burson LLP et al | Maryland Foreclosure Mill Shapiro & Burson Tagged With Federal Robosigner Suit Seeking Class Action Status
Law Firm’s Robo-Signers Defrauded Thousands, Class Action Charges Suit says Virginia law firm illegally foreclosed on “potentially thousands” of Maryland homes A federal class action claims that thousands of Maryland homeowners lost their homes because of the illegal robo-signing operation of the Shapiro & Burson law firm, with offices in Baltimore, Md., and Fairfax, Va., … Read more
National Fraudclosure Legislation Introduced | Foreclosure Fraud and Homeowner Abuse Prevention Act
In the Wake of Enforcement Actions Against Mortgage Servicers, Brown Introduces Bill to Keep Americans in Their Homes; Stem Foreclosure Crisis Foreclosure Fraud and Homeowner Abuse Act would Expand Protections for Investors and Homeowners, Increase Access to Foreclosure Mitigation Services April 14, 2011 WASHINGTON, D.C. – In the wake of a settlement between 14 U.S. … Read more
WaMu Hawaii Trips Drove Risk as Regulator Failed, Report Says
WaMu Hawaii Trips Drove Risk as Regulator Failed, Report Says Washington Mutual Inc. (WAMUQ), once the largest U.S. thrift, rewarded bankers for overcharging customers on subprime mortgages and selling the worst-performing loans to investors, a U.S. Senate panel concluded. The lender gave its top producers free trips to places like Hawaii and the Bahamas in … Read more
Investor Warning | Lender Processing Services SEC 8K Report on Consent Order RE Fraudclosures
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (date of earliest event reported): April 12, 2011 Lender Processing Services, Inc. (Exact name of Registrant as Specified in its Charter) 001-34005 (Commission File Number) On April 12, 2011, … Read more
FDIC Statement on Enforcement Orders Against Large Servicers Related to Foreclosure Practices
FDIC Statement on Enforcement Orders Against Large Servicers Related to Foreclosure Practices FOR IMMEDIATE RELEASE April 13, 2011 Media Contact: Andrew Gray (202) 898-7192 Email: angray@fdic.gov The Federal Deposit Insurance Corporation (FDIC) today issued the following statement commenting on the enforcement orders against large servicers related to their foreclosure practices: “Today, the three primary federal … Read more
Florida | “Everything is Skewed Right Now Because of the Robo-Signing Crisis” Another Steep Dive in Foreclosure Filings
Another steep dive in foreclosure filings The stranglehold on foreclosures tightened during March in Southwest Florida, with filings dropping 30 percent from an already slow February and by 75 percent from a year ago. Once one of the top four states in the country in foreclosure filings per household, Florida dropped to No. 8 in … Read more
Deutsche Bank Sold Mortgage-Linked CDO’s Described as “Pigs” and “Crap” as Market Buckled, Lawmakers Say
Deutsche Bank Sold Mortgage-Linked ‘Pigs’ as Market Buckled, Lawmakers Say Deutsche Bank AG (DBK), whose bets against subprime mortgages helped it weather the financial crisis, pressed to sell a $1.1 billion collateralized debt obligation to clients in 2007 as the co-head of its CDO team foresaw a market slump, a U.S. Senate panel found. “Keep … Read more
Press Release | JOHN L. O’BRIEN Southern Essex District Registry of Deeds “MERS must be held accountable for their failure to pay billons of dollars in recording fees”
For Immediate Release JOHN L. O’BRIEN, JR. Register of Deeds Phone: 978-542-1722 Fax: 978-542-1721 website: www.salemdeeds.com Commonwealth of Massachusetts Southern Essex District Registry of Deeds Shetland Park 45 Congress Street Suite 4100 Salem, Massachusetts 01970 NEWS FOR IMMEDIATE RELEASE Salem, MA April 14, 2011 Contact: John O’Brien, Register of Deeds 978-542-1722 john.obrien@sec.state.ma.us In light of … Read more
NY Times | In Financial Crisis, No Prosecutions of Top Figures
In Financial Crisis, No Prosecutions of Top Figures It is a question asked repeatedly across America: why, in the aftermath of a financial mess that generated hundreds of billions in losses, have no high-profile participants in the disaster been prosecuted? Answering such a question — the equivalent of determining why a dog did not bark … Read more
Hey Regulators, Settle This! | Military Man Returns from WAR to Find Home Foreclosed by Wells Fargo
Aren’t you glad you settled with these crooks… One day, the people will have had enough… Military man returns from war to find home foreclosed CLEARWATER – United States Coast Guardsman Keith A. Johnson returned last year from serving in a defense role overseas to find his bank had foreclosed on his home. It was … Read more
Report | WALL STREET AND THE FINANCIAL CRISIS: Anatomy of a Financial Collapse
WALL STREET AND THE FINANCIAL CRISIS: Anatomy of a Financial Collapse A voluminous report on the financial crisis by the United States Senate — citing internal documents and private communications of bank executives, regulators, credit ratings agencies and investors — describes business practices that were rife with conflicts during the mortgage mania and reckless activities … Read more
Chief Judge Peter Blanc Objects to Foreclosure Mill’s ie David Stern’s Proposals
It’s beginning to feel like a circus again… Chief Judge objects to foreclosure mill’s proposals by Kim Miller Palm Beach County Chief Judge Peter Blanc said in a letter Wednesday to David J. Stern that Stern’s suggestions to deal with thousands of abandoned cases are not permitted by Florida rules of law. Blanc was responding … Read more
