FLA 3rd DCA: Kelsey vs SunTrust Mortgage, Inc. – Note, Mortgage Are Impermissible Hearsay Unless Properly Authenticated
FLA 3rd DCA: Kelsey vs SunTrust Mortgage, Inc. – Note, Mortgage are Impermissible Hearsay Unless Properly Authenticated At trial, SunTrust’s only testifying witness was Lauren Gergeceff (“Gergeceff”), a mediation litigation specialist employed by Nationstar Mortgage, LLC (“Nationstar”).1 Gergeceff testified that she had no independent knowledge of the loan, she had only seen the subject note … Read more
The NYT Implies that Not Prosecuting JPMorgan Proves DOJ’s Vigor
The NYT Implies that Not Prosecuting JPMorgan Proves DOJ’s Vigor By William K. Black No one expects Andrew Ross Sorkin’s slavish “Deal Book” lackeys to demand that the elite Wall Street bankers whose frauds drove the financial crisis be imprisoned, but the slavishness to the banks revealed when major news stories emerge continues to irritate … Read more
Casey Anthony’s Orlando Home In Foreclosure
ORLANDO (CBSMiami) – Casey Anthony’s name is back in the news. A foreclosure is looming over the house where Anthony lived with her parents and 2-year-old daughter. A lender filed a foreclosure complaint against Anthony’s mother, Cindy, earlier this month. Nationstar Mortgage said Cindy Anthony owes almost $129,000 on the house, according to our news … Read more
Family Almost Evicted From Home A Day Before Thanksgiving
Family almost evicted in risky short sale “We were going to close the Monday after we had scheduled the move-in date,” Nathan Cooper said. The Cooper’s moved in last month, but shortly after, both of the mortgages on the home were sold. “So now the new servicer decided to put it directly into foreclosure,” Cooper … Read more
Bob Shiller on House Appreciation “It’s Different Now, We Can’t Trust Momentum”
Bob Shiller on House Appreciation “It’s Different Now, We Can’t Trust Momentum” “I just don’t see evidence that people believe we are launching into a great new era” of home price appreciation,”that’s what we had in the early 2000s.” Simply put, he chides Faber and Cramer, “people are not so excited about the future,” in … Read more
RealtyTrac: Cash Sales Pull Back From Previous Month… Institutional Investor Purchases Plummet Nationwide
Cash Sales Pull Back From Previous Month, Still Represent 44 Percent of Total Sales Institutional Investor Purchases Plummet Nationwide, Up in Georgia, North Carolina RealtyTrac: Cash Sales Pull Back From Previous Month… Institutional Investor Purchases Plummet Nationwide IRVINE, Calif. – Nov. 25, 2013 — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, … Read more
And in Other News… Faucets at $1,000 Abound as Home Equity Spigot Opens
Faucets at $1,000 Abound as Home Equity Spigot Opens A year ago, New Jersey contractor Michael Mroz’s customers were focused on saving money when renovating kitchens and baths, he said. Now, with a resurgence of home equity lending, they’re ready to pay for the best. “People don’t want granite countertops — they want marble … Read more
A New Wave of U.S. Mortgage Trouble Threatens: Home Equity Lines
A New Wave of U.S. Mortgage Trouble Threatens: Home Equity Lines (Reuters) – U.S. borrowers are increasingly missing payments on home equity lines of credit they took out during the housing bubble, a trend that could deal another blow to the country’s biggest banks. The loans are a problem now because an increasing number are … Read more
Man Facing Foreclosure Kills Self, Burns House Down on Same Day He was to Vacate
Man Dead in Dania Beach Home Fire A man was killed in a house fire in Dania Beach on Wednesday. Friends identified the man as Tad Vaughn, and authorities said they believe he killed himself. “I was standing in front of his house before the fire department got here,” neighbor Gloria Lawson said. “I had … Read more
Top Democrats Demand Answers on Independent Foreclosure Review Process
Top Democrats Demand Answers on Independent Foreclosure Review Process WASHINGTON, D.C. – In the absence of a long-promised public report, leading Democratic Members of Congress have called on federal regulators to disclose critically important information related to the Independent Foreclosure Review (IFR) process for 14 mortgage servicers and the $9.3 billion settlement that abruptly replaced … Read more
The Winners of the ‘Chase Twitter Fail’ Haiku Contest
The Winners of the ‘Chase Twitter Fail’ Haiku Contest Last week, I ran a quick post in this space (“Chase’s Twitter Gambit Devolves into All-Time PR Fiasco“) on the epic Twitter fail that was JP Morgan Chase’s planned #AskJPM online Q&A. For those who missed it, this was that outstanding Too-Big-To-Fail marketing idea where Chase … Read more
Former Foreclosure King David Stern is Ending His Fight to Hold Onto His Law License
Major foreclosure lawyer David Stern will accept disbarment TALLAHASSEE, Fla. (AP) — The Florida lawyer whose firm was handling tens of thousands of foreclosure cases at the height of the financial crisis is ending his fight to hold onto his law license. The likely disbarment of David Stern would mark the most significant punishment handed … Read more
J.P. Morgan, U.S. Reach Historic $13 Billion Settlement
J.P. Morgan, U.S. Reach Historic Settlement J.P. Morgan Chase JPM +1.59% & Co. and the Justice Department Monday agreed to a landmark $13 billion settlement that resolves a number of legal headaches for the largest U.S. bank, clearing the way for a public announcement as soon as Tuesday, according to people familiar with the talks. … Read more
The Paper Chase: Securitization, Foreclosure, and the Uncertainty of Mortgage Title
Securitization, Foreclosure, and the Uncertainty of Mortgage Title Via Credit Slips The Paper Chase is not exactly a short article, but if you’re the type that’s into reading about UCC Article 3 vs. Article 9 transfer methods for notes and MERS, then this piece is for you. There’s a lot of technical stuff in the … Read more
The Paucity of Criminal Prosecutions Arising from the Financial Crisis: Unaccountable?
Distinguished Jurist Lecture: Hon. Jed S. Rakoff, “The Paucity of Criminal Prosecutions Arising from the Financial Crisis: Unaccountable?” Time: 4:30 PM – 5:30 PM November 19, 2013 Location: Silverman 245A, Bernard Segal Moot Court Room Reception to follow. Open to the public. Jed Saul Rakoff is a federal judge for the United States District … Read more
Summary of Our Latest Trial Win and Reminder of a Great Lesson Learned in One of My First Jury Trials
Summary of Our Latest Trial Win and Reminder of a Great Lesson Learned in One of My First Jury Trials By Evan M. Rosen One of the more bizarre trials I’ve had in recent memory. Right out of the gate, things were going horribly. At a hearing the morning of the trial, the Judge denied … Read more
The Wall Street Code: A Thriller About a Genius Algorithm Builder Who Dared to Stand Up Against Wall Street
The Wall Street Code A thriller about a genius algorithm builder who dared to stand up against Wall Street. Haim Bodek, aka The Algo Arms Dealer. From the makers of the much-praised Quants: the Alchemists of Wall Street and Money & Speed: Inside the Black Box. Now the long-awaited final episode of a trilogy in … Read more
David Dayen: IRS Confirms that $12 Billion in “Mortgage Relief” in National Mortgage Settlement Completely Worthless
“Here is why this is important, aside from Californians being spared from getting hit with a tax bill on a short sale. The Justice Department, in the National Mortgage Settlement, allowed short sales in non-recourse states to count toward the penalty the five biggest mortgage servicers “paid.” If the IRS says something is not a … Read more
JP Morgan Tries Its Hand at Social Media… Gets Absolutely Lambasted By Angry Americans
Someone at JP Morgan said, “Let’s ask the American public what they’d like to say to one of our top bankers on Twitter.” Turns out that wasn’t such a great idea. The tweets generated from #AskJPM range from funny to down-right nasty. So someone at CNBC said, “Let’s have award-winning actor, Stacy Keach…the voice from … Read more
TAKE IT TO THE BANK
TAKE IT TO THE BANK By Washingtons Blog Reports like the recent one from SNL Financial – Branch Networks Continue to Shrink really get my goat. As I travel the increasingly vacant highways of Montgomery County, PA I’m keenly aware of my surroundings. If I were a foreigner visiting for the first time, I’d think … Read more
