Bloomberg | Bank of America Said to Offer MBIA Settlement in Defective-Mortgage Suit
Bank of America Said to Offer MBIA Settlement Pennies on the Dollar in Defective-Mortgage Suit Bank of America Corp. (BAC), the biggest U.S. bank, has made a preliminary offer to bond insurer MBIA Inc. (MBI) aimed at settling a legal dispute tied to defective mortgages, according to two people briefed on the discussions. The two … Read more
Strategic Default? | JPMorgan Files Foreclosure on R. Kelly After Attempted Modification
First, from Business Insider… R. Kelly Hasn’t Made Payments On His Multimillion Dollar Mansion In Over A Year R. Kelly is an incredible R&B Grammy award-winning artist known for everything from “I Believe I Can Fly,” which was featured in the hit movie Space Jam, to ”Ignition (Remix).” However, as he faces foreclosure on his … Read more
John O’Brien Registry of Deeds vs Robosigners
Registrar vs. robosigners The head of the Registry of Deeds in Salem is challenging lenders’ handling of mortgage records; some say he’s overstepping his authority A county registrar doesn’t usually take on major US lenders, send out rapid fire press releases, and investigate the home loans of celebrities such as Sarah Palin. But John O’Brien … Read more
Fraudclosure | JPMorgan Chase Profit Jumps Despite Continued Mortgage Woes
“I would do anything to get it done today,” Jamie Dimon, JPMorgan’s chief executive, said of the settlement talks on a conference call Thursday. “Honestly, I would get in an airplane, fly down there, and get it done today if I could,” he said of the talks on another conference call. “It would be good … Read more
New Jersey | Denbeaux TILA Defense Deutsche Bank vs. Dominguez and Status of BOA v. LImato
TILA Defense Deutsche Bank vs. Dominguez and Status of BOA v. LImato Here is a new direction that Joshua Denbeaux is successful with as of late. {PR} New defense strategy based on review of original documents and TILA. Deutsche Bank National Trust Company vs. Miguel Dominguez et al., Docket No F-01322-10 Order denying Plaintiff’s Summary … Read more
New York Investigating BofA’s $8.5 Billion Mortgage-Securitization Accord
New York Investigating BofA’s $8.5 Billion Mortgage-Securitization Accord Bank of America Corp. (BAC)’s proposed $8.5 billion settlement over mortgage-securitization trusts is being probed by New York Attorney General Eric Schneiderman, who is seeking client information from more than 20 companies. Schneiderman’s office sent letters dated July 7 to the companies, including Goldman Sachs Group Inc. … Read more
Brad Miller Letter to Federal Housing Finance Agency Acting Director Ed DeMarco RE BofA $8.5 Billion Settlement
Federal Housing Finance Agency 1700 G St NW Washington, DC 20552 July 8, 2011 Acting Director DeMarco, I am writing concerning the proposed settlement of claims against Bank of America for breach of the contractual representations and warranties, or “put back” claims, for residential mortgage-backed securities (“RMBS”) issued by subsidiaries of Countrywide Financial Corporation, which … Read more
Fraudclosure | Large US Banks Submit Plans To “Fix” Foreclosure Operations
“The OCC will now review the banks’ action plans, which will remain confidential” ~ Large US Banks Submit Plans To Fix Foreclosure Operations WASHINGTON -(Dow Jones)- The largest U.S. banks have submitted plans to fix their troubled mortgage-servicing operations, responding to orders issued in April, a bank regulator said Wednesday. The Office of the Comptroller … Read more
NPR | As Number Of Foreclosed Homes Grows, So Does Mold
As Number Of Foreclosed Homes Grows, So Does Mold As huge numbers of foreclosed homes continue to work their way through the real estate pipeline, another problem is blossoming — mold. In most homes, as residents go in and out and the seasons change, natural ventilation sucks moisture up to the attic and out through … Read more
Naked Capitalism | SEC Prods Banks Over Mortgage Litigation Reserves
Mirabile Dictu! SEC Prods Banks Over Mortgage Litigation Reserves When the SEC wakes up and starts acting like a regulator, you know something serious is afoot. The Wall Street Journal reports that the securities agency, spooked by Bank of America setting aside over $20 billion for mortgage-related liability, has sent letters to “a number of … Read more
Stress Tests | State-by-State Data Shows More Than 25% of U.S. Community Banks Will Be Undercapitalized
FOR IMMEDIATE RELEASE New Ground-Breaking Bank Stress Test by Invictus Group Available On-Line for First Time — State-by-State Data Shows More Than 25% of U.S. Community Banks Will Be Undercapitalized — Economic Impact on Bank Lending Highlighted NEW YORK , NY, July 13, 2011—The Invictus Group LLC, an independent financial risk management firm, announced today … Read more
July 15 TAMPA Happy Hour for Combatants of Fraudclosures
It’s that time again for our monthly happy hour event, a regular happening since November 2009. For the first year, we were viewed as wacko-fringe. Behold the transformation! Now we are all the rage. Now we are cutting edge! Our October 2010 event was featured on the front page of our local paper here. … Read more
“Squatter Nation” Why is Abandonment Morally Superior to Struggling to Stay On?
“Squatter Nation” The phrase “squatter nation” seems to be catching on in articles about real estate issues. Today it is featured (again) not surprisingly in a CNN story by Lee Christie. A headline in the story “False Hopes for Mortgage Market” says “Squatter Nation: 5 years with no mortgage payments.” Nothing in the story supports … Read more
