Speech by SEC Chairman Mary L. Schapiro: Remarks Before the American Securitization Forum 2011 Annual Meeting

“One of the root causes of the mortgage crisis was that many originators were not accountable for the loans they made, loosening underwriting standards and passing off the entire credit risk to investors through securitization.“ ~ Speech by SEC Chairman: Remarks Before the American Securitization Forum 2011 Annual Meeting by Chairman Mary L. Schapiro U.S. … Read more

Illinois Fines PHH Mortgage Corp $290,000 in Foreclosure Fraud Document Probe

Illinois has been on a role here the last couple of days… Illinois fines first company in foreclosure document probe Department of Financial and Professional Regulation finds evidence of ‘negligence or incompetence’ by New Jersey-based PHH Mortgage The state of Illinois said it found evidence of “negligence or incompetence” in PHH Mortgage Corp.’s foreclosure procedures and levied … Read more

Fraudclosure Class Action Complaint | STACY HILL v. FISHER AND SHAPIRO, LLC

STACY HILL, individually and on behalf of all others similarly situated, Plaintiff, v. FISHER AND SHAPIRO, LLC and DOES 1-20, Defendants. Some excerpts from the complaint… INTRODUCTION Plaintiff seeks relief for herself and other home loan borrowers who are victims of false, deceptive and unfair foreclosure litigation tactics employed by the law firm of Fisher … Read more

KABOOM | “Fraudulent Conspiracy” Michigan Counties, Oakland and Ingham, File Unprecedented Foreclosure Fraud Suits Against Fannie and Freddie

Michigan counties file unprecedented foreclosure fraud suits Counties, states may have lost tens of millions Two Michigan counties, Oakland and Ingham, are suing some of the biggest players in the mortgage industry for what one official called a “fraudulent conspiracy” to avoid paying state and county property transfer taxes. Oakland County Treasurer Andy Meisner is … Read more

FL 4th DCA | Valencia v. Deutsche – Summary Judgment Reversed

This is another conditions precedent case.  In this case, the foreclosing entity could not locate the default letter and instead produced 2 possible letters that could have been sent.  The borrowers located the default letter after the summary judgment was entered but the date on that letter differed from the dates on the 2 possible … Read more

Marshall Watson Multi Million Dollar Settlement with Bondi’s Office to Pay for Legal Aid Defense Against Marshall Watson Fraudclosures

From the Florida Bar… Florida Attorney General Pam Bondi has secured from the settlement of a legal action a $1 million donation to The Florida Bar Foundation for the Florida Attorney General Mortgage Foreclosure Defense Funding Grant Program. The funds will be distributed through the Foundation in the form of grants awarded to local legal … Read more