Rep. Elijah E. Cummings Seeks Bank Subpoenas on Fraudclosure Crisis

Cummings seeks bank subpoenas on foreclosure crisis Baltimore Rep. Elijah E. Cummings on Wednesday requested that the House Oversight Committee issue subpoenas to six banks he said have refused to voluntarily provide documents detailing their role in the mortgage foreclosure meltdown. Cummings, the top-ranking Democrat on the committee who has made the foreclosure issue a … Read more

Foreclosure Contractors Face New Scrutiny From States

Foreclosure Contractors Face New Scrutiny From States by Marian Wang ProPublica While federal and state officials investigating flawed foreclosures [1] have largely focused on holding the banks accountable and bringing relief to wronged homeowners, officials in a few states have begun targeting the more obscure middlemen of the foreclosure scandal. Prosecutors in California and Illinois … Read more

ALERT | Rhode Island Secretary of State: Electronic Appearance of Notaries do not comply with state laws

Rhode Island Secretary of State: Electronic Appearance of Notaries do not comply with state laws Following is the ALERT: Please be advised that pursuant to state law, all Notary Publics authorized to by his Excellency the Governor, may exercise said powers “within this state”. An individual completing an acknowledgment must do so “before” a … Read more

Streaming Broadcast – Banking and Financial Services Committee Hearing Testimony from Bill Hultman, Mortgage Electronic Registration Systems

Michigan… Watch streaming testimony on non-judicial foreclosures and more from Bill Hultman (MERS) by clicking here… Worth watching all the way through. ~

ReCONtrust | Utah Has Had Enough: BofA / CFC Foreclosures

  The Market Ticker – Utah Has Had Enough: BofA / CFC Foreclosures It appears that Utah has had enough: ReconTrust Co. isn’t meeting requirements for carrying out foreclosures in the state, Utah Attorney General Mark Shurtleff said in a letter to Bank of America Chief Executive Officer Brian Moynihan. The letter, dated May 19, … Read more

Mish Is Again Off The Rails (Foreclosuregate)

  The Market Ticker – Mish Is Again Off The Rails (Foreclosuregate) Sigh….. State attorneys general are not happy with a $5 billion offer by major banks to settle lawsuits regarding robo-foreclosures and other alleged grievances. Some officials want as much as $20 billion. The compromise threat is on the high end. He then goes … Read more

Hoorah for Hooker | Hooker v Bank of America, MERS – “The MERS system greatly increased the number of investors stuck with worthless notes.”

Hooker vs MERS / Bank of America Note: MERS is a defendant, not a plaintiff in this case. “While I recognize that plaintiffs have failed to make any payments on the note since September 2009, that failure does not permit defendants to violate Oregon law regulating non-judicial foreclosure. .. A party conducting a non-judicial foreclosure must demonstrate … Read more

SEC Adopts Rules to Establish Whistleblower Program

Washington, D.C., May 25, 2011 – The Securities and Exchange Commission today adopted rules to create a whistleblower program that rewards individuals who provide the agency with high-quality tips that lead to successful enforcement actions. Additional Materials Final Rule The new SEC whistleblower program, implemented under Section 922 of the Dodd-Frank Act, is primarily intended … Read more