David Dayen | Foreclosure Fraud Settlement Docs (I): Ally’s Side Deal
Foreclosure Fraud Settlement Docs (I): Ally’s Side Deal I spent last night reading most of the foreclosure fraud settlement documents that were filed in federal court in DC yesterday. I’m going to lay out my findings in a series of posts. Let’s take a look at the penalties being paid to the states. There’s a … Read more
David Dayen | Foreclosure Fraud Settlement Docs (II): Giving Homes to Charity as a Penalty
Foreclosure Fraud Settlement Docs (II): Giving Homes to Charity as a Penalty Here’s the second installment in the review of the foreclosure fraud settlement documents. Exhibit D in this document lays out the menu for credits toward the settlement. When we talk about credits, the federal government and state AGs want you to assume that … Read more
David Dayen | Foreclosure Fraud Settlement Docs (III): “Internal Review Group”
Foreclosure Fraud Settlement Docs (III): “Internal Review Group” Let’s take a look at the enforcement in the foreclosure fraud settlement. How will the servicers be made to meet their obligations? This is all covered in Exhibit E of the settlement documents. This starts out by telling us that the servicers will have up to 180 … Read more
David Dayen | Foreclosure Fraud Settlement Docs (IV): Association of Mortgage Investors Planning to Challenge in Court
Foreclosure Fraud Settlement Docs (IV): Association of Mortgage Investors Planning to Challenge in Court One of the things I looked at in an earlier installment of the foreclosure fraud settlement documents is how banks can satisfy their obligations by modifying mortgages they don’t own. HUD again tried to push back on this with a blog … Read more
Matt Stoller | Robosigning Still Going on at Wells Fargo, Reports HUD Inspector General
Matt Stoller: Robosigning Still Going on at Wells Fargo, Reports HUD Inspector General Matt Stoller is a fellow at the Roosevelt Institute. You can follow him on twitter at http://www.twitter.com/matthewstoller. I’ve been going over the mortgage settlement documents over the past few days – a lot has been released, with many implications. There is plenty … Read more
PB Post | Foreclosure Settlement Worth $18 Million to Gardens Woman
“Szymoniak, who is limited in what she can reveal because of continued litigation, said she plans to pay off her mortgage with her settlement money and donate to charities.” ~ Foreclosure settlement worth $18 million to Gardens woman PALM BEACH GARDENS — Tucked into the landmark $25 billion national foreclosure settlement filed this week in … Read more
Ruiz v. 1st Fidelity Loan Servicing, LLC | Minnesota Appeals Court: Foreclosure By Advertisement Is Void Unless Strict Statutory Compliance Is Met
Minnesota Appeals Court: Foreclosure By Advertisement Is Void Unless Strict Statutory Compliance Is Met In a recent ruling by the Minnesota Court of Appeals, the court issued a reminder that, for a foreclosure by advertisement to be valid in Minnesota, strict compliance with statutory requirements is met. Accordingly, it reversed a lower court ruling adverse … Read more
Michigan AG Bill Schuette Issues Second Subpoena in Criminal Probe of DocX (LPS)
Schuette Issues Second Subpoena in Criminal Probe of Mortgage Processors Contact: John Sellek or Joy Yearout 517-373-8060 Agency: Attorney General March 13, 2012 LANSING – Michigan Attorney General Bill Schuette today announced that he has issued a second criminal investigative subpoena against national mortgage servicing support provider DocX as his office continues to investigate questionable … Read more
Abigail Field | The Mortgage Settlement Lets Banks Systematically Overcharge You And Wrongly Take Your Home
The Mortgage Settlement Lets Banks Systematically Overcharge You And Wrongly Take Your Home On my first read through of the consent agreements the bailed-out bankers (B.O.Bs), the Feds and the States I saw much as had been promised. One thing I hadn’t seen coming, however, was that the B.O.Bs would now be allowed to systematically … Read more
Matt Weidner | WAKE UP AMERICA – THE AG SETTLMENT IS BAD FOR CONSUMERS and it’s not just me who’s raging…
CLICK HERE TO READ THE ACTUAL SETTLEMENT/SELLOUT TERMS and it’s not just me who’s raging… RAGE GROWS OVER MORTGAGE SETTLEMENT ~ 4closureFraud.org Tweet
Honor System for Foreclosure Paperwork Has Led to Illegal Colorado Seizures
Honor System for Foreclosure Paperwork Has Led to Illegal Colorado Seizures, Lawyer Surmises Thousands of Colorado homes were taken in foreclosure in recent years by banks that probably never had the right to do so because no one bothered to challenge the process, said a lawyer who worked for the state’s biggest foreclosure law firm. … Read more
Jeff Thigpen, Guilford County Sues To Clean Up Banks’ “Mess” at the Register of Deeds – GUILFORD COUNTY, ex rel. JEFF L. THIGPEN v. LENDER PROCESSING SERVICES, INC.; DOCX, LLC; LPS DEFAULT SOLUTIONS, INC.; MERSCORP HOLDINGS, INC.; MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC et al
Guilford County Sues To Clean Up Banks’ “Mess” at the Register of Deeds Guilford County, ex rel. Jeff L. Thigpen, Guilford County Register of Deeds, filed suit today against LPS/DocX, MERSCORP, MERS, Inc., and numerous banks, loan servicers, and foreclosure specialists seeking to clean up the “mess” Defendants created in the County’s property records registry. … Read more
NY Times | Federal Report Cites Bank Officials in Foreclosure Surge
Federal Report Cites Bank Officials in Foreclosure Surge Managers at major banks ignored widespread errors in the foreclosure process, in some cases instructing employees to adopt make-believe titles and speed documents through the system despite internal objections, according to a wide-ranging review by federal investigators. The banks have largely focused the blame for mistakes on … Read more
HUD OIG Report | Bank of America Corporation Foreclosure and Claims Process Review
Bank of America Corporation Foreclosure and Claims Process Review March 12, 2012 2012-FW-1802 MEMORANDUM FOR: Charles S. Coulter, Deputy Assistant Secretary for Single Family Housing, HU Craig Clemmensen, Director, Departmental Enforcement Center, CACB //signed// FROM: Gerald R. Kirkland, Regional Inspector General for Audit, 6AGA SUBJECT: Bank of America Corporation Foreclosure and Claims Process Review Charlotte, … Read more
HUD OIG Report | Ally (GMAC) Financial, Incorporated Foreclosure and Claims Process Review
Ally Financial, Incorporated Foreclosure and Claims Process Review March 12, 2012 MEMORANDUM FOR: Charles S. Coulter, Deputy Assistant Secretary for Single Family Housing, HU //signed// FROM: John P. Buck, Regional Inspector General for Audit, 3AGA SUBJECT: Ally Financial, Incorporated Foreclosure and Claims Process ReviewFort Washington, PA INTRODUCTION AND BACKGROUND As part of the Office of … Read more
HUD OIG Report | CitiMortgage, Inc. Foreclosure and Claims Process Review
CitiMortgage, Inc. Foreclosure and Claims Process Review March 12, 2012 MEMORANDUM FOR: Charles S. Coulter, Deputy Assistant Secretary for Single Family Housing, HU //signed// FROM: Ronald J. Hosking, Regional Inspector General for Audit, 7AGA SUBJECT: CitiMortgage, Inc. Foreclosure and Claims Process ReviewO’Fallon, MO INTRODUCTION AND BACKGROUND As part of the Office of the Inspector General’s … Read more
HUD OIG Report | Wells Fargo Bank Foreclosure and Claims Process Review
The affiants routinely signed and certified that they had personal knowledge of the contents of documents, including affidavits, without the benefit of supporting documentation and without reviewing the source documents referred to in the affidavits and verifying the accuracy of the foreclosure information stated in the affidavits. A number of affidavit signers admitted having signed … Read more
HUD OIG Report | JPMorgan Chase Bank N.A. Foreclosure and Claims Process Review
“We reviewed 36 affidavits for foreclosures in judicial States to determine whether the amounts of the borrowers’ indebtedness were supported. Chase was unable to provide documentation for the amounts of borrowers’ indebtedness listed on the affidavits for all except four. When we reviewed the four affidavits in detail with Chase management, three were inaccurate.” ~ … Read more
