The Irony: Ocwen Sues Fidelity Information Services Over ‘Fraudulent, Abusive Billing Scheme’

The Irony: Ocwen Sues Fidelity Information Services Over ‘Fraudulent, Abusive Billing Scheme’ Ocwen Financial Corp. has filed a lawsuit in California Superior Court alleging that Fidelity Information Services LLC (FIS) inflated its monthly rate and charged Ocwen for a variety of expenses while serving as its monitor for a 2015 mortgage servicing settlement case. According … Read more

Document Forgery in Financial Industry More Common Than You’d Think

“Forgery is supposed to be a criminal offence,” says Stan Buell, of the Small Investor Protection Association. “But you could count on the fingers of one hand the people who have been charged criminally or sent to jail. It doesn’t happen.” ~ Document Forgery in Financial Industry More Common Than You’d Think, Past Employees Say Employees in … Read more

MERS Assignment Fail: Mortgage Electronic Registration Sidesteps, Inc.

MERS Assignment Fail: Mortgage Electronic Registration Sidesteps, Inc. Over the years we have seen various Assignment Fails such as BOGUS and BAD BENE. Some even had effective dates as 09/09/9999, while others had forged signatures or were put together by someone with very poor Photoshop skills. Today, we present a new variation of a MERS … Read more

SEC Probes Rental Home Values in Private-Equity Bond Deals

SEC Probes Rental Home Values in Private-Equity Bond Deals U.S. securities regulators are investigating whether bonds backed by single-family rental homes and sold by Wall Street’s biggest residential landlords used overvalued property assessments. Radian Group Inc.’s Green River Capital unit is among companies that received a request for information from the Securities and Exchange Commission … Read more

Chain of Title: A No Trespassing Sign in Front of a Foreclosure

Favorite promotion of Chain of Title yet: on a No Trespassing sign in front of a foreclosure pic.twitter.com/INF4BdMZEv — David Dayen (@ddayen) May 6, 2017 ~ ~~~ David Dayen’s Chain of Title Confirms What You Always Suspected: The Game is Rigged Chain of Title should be required reading in every college-level business ethics class in America. … Read more

Wells Fargo Claws Back Millions From John Stumpf, Carrie L. Tolstedt, Over Account Sales Scandal

“In its report, the board said as of last Friday, it decided to claw back from Mr. Stumpf an additional $28 million of incentive compensation paid in March 2016 under an equity grant made in 2013. In September it announced $41 million in clawbacks from Mr. Stumpf. The board is also clawing back Ms. Tolstedt’s … Read more