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August 2012 Article Archive

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Citi Settles for $590 Million With Shareholders Over Misrepresentations During Financial Crisis
news.firedoglake.com | August 30, 2012
Citigroup has settled a class-action lawsuit with shareholders over how Citi managed subprime securities during the financial crisis, a second-order fraud unconnected to the actual fraud of securitization and knowingly selling the bad securities in the first place.
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SEC is Investigating Residential Capital
startribune.com | August 29, 2012
Residential Capital, the bankrupt, Minnesota-based mortgage unit of Ally Financial Inc., is being investigated by the U.S. Securities and Exchange Commission for possible fraud.
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SEC Probing ResCap for Possible Mortgage Fraud
reuters.com | August 28, 2012
The U.S. Securities and Exchange Commission is investigating Ally Financial mortgage unit Residential Capital for possible misconduct in its loan origination and underwriting practices.
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Are megabucks MBS breach-of-contract settlements in the offing?
newsandinsight.thomsonreuters.com | August 27, 2012
On Tuesday, in a little-noticed filing, Bank of New York Mellon sued WMC Mortgage and GE Mortgage Holding in federal court in Manhattan. BNY Mellon oversees a $680 million trust whose notes are securitized by WMC and GE Mortgage loans. Its new complaint explains that BNY Mellon, as the mortgage-backed securities trustee, is suing at the direction of a certificate holder for breaches of representations and warranties about those underlying mortgages.
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Who's robbing banks now?
japantimes.co.jp | August 24, 2012
Between the late 1920s and 1952, Willie Sutton gained a fortune and infamy from robbing more than 100 banks of an estimated $2 million. But he really gained fame for his supposed response when a reporter asked him why he robbed banks: "Because that's where the money is."
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Real Remedies for the Foreclosure Crisis Exist: The Game-Changing Implications of Bain v. MERS
truth-out.org | August 22, 2012
Two landmark developments on August 16 give momentum to the growing interest of cities and counties in addressing the mortgage mess using eminent domain.
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MERS Business Model Destroys US Real Estate Market and Property Laws
prweb.com | August 22, 2012
Over 70 million properties in the USA may have clouded titles. Americans may be forced to file a quiet title suit just to be able to convey clear title to their properties.
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Governments Mull Radical Solution to Underwater Mortgages: Seize Them
economywatch.nbcnews.com | August 17, 2012
With millions of homeowners still underwater, some local governments are considering a novel solution: condemning their mortgages through the power of eminent domain.
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JPMorgan, Citi Units Sued by FDIC Over Colonial Sales
businessweek.com | August 11, 2012
JPMorgan Chase & Co. (JPM) and Citigroup Inc. (C) were among the banks sued by the Federal Deposit Insurance Corp. over $388 million in securities sold to Colonial Bank.
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Foreclosure Settlement Fails To Force Mortgage Companies To Improve
huffingtonpost.com | August 9, 2012
Katie Diaz arrives at the Bronx County Courthouse hoping for clarity, if not a reprieve from the foreclosure case threatening her home. Five months have passed since she submitted an application to Bank of America seeking lowered mortgage payments. She is eager for a decision -– an approval, a denial or at least a negotiation.
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Goldman Sachs Escapes Liability from SEC in Mortgage Backed Securities Case
firedoglake.com | August 9, 2012
Goldman Sachs announced in a regulatory filing that the Securities and Exchange Commission has closed their investigation into the firm misleading investors on a $1.3 billion subprime mortgage-backed security deal.
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Are Rental-Backed Securities the Next Big Thing?
247wallst.com | August 8, 2012
There has been a lot of investment buying of foreclosed and distressed US houses, and one of the questions that always comes up is how an essentially local business can be managed on a national scale without driving up operating costs. One answer to that question appears to be securitizing single-family rental payments and then offering the securities for sale, in much the same manner as other real-estate-backed securities are offered.
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Is Eminent Domain to Seize Mortgages the Solution to California's High Foreclosure Problem?
huffingtonpost.com | August 8, 2012
Under a joint authority, San Bernardino County has proposed the use of eminent domain to help homeowners with distressed mortgages. Rather than seizing homes, however, the county and several towns in it intend to seize the mortgages, replacing those mortgages with more affordable ones that would reduce the homeowners' debts and allow them to keep their homes.
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Foreclosure Moratorium Petition to California Governor Jerry Brown
occupysac.com | August 5, 2012
The foreclosure crisis continues to destroy the economic stability of California residents, businesses, communities and state and local governments.
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MBS Class Action - Thomson Reuters News & Insight
newsandinsight.thomsonreuters.com | August 4, 2012
New York common law trust and was the “Issuing Entity” for the Mortgage Backed Securities at issue in this case. In the instant action, Plaintiff is suing based on alleged misstatements and omissions in the offering documents filed by Defendants with the Securities and Exchange Commission (the “SEC”)(the “Offering Documents”).
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Former Strategist Sues UBS Over Pressure to Bias His Research
cnbc.com | August 2, 2012
A commercial mortgage-backed securities strategist at UBS Securities filed a whistle-blower suit that alleges he was fired for refusing to publish biased reports.
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Objectors to $8.5 BLN BofA Pact Denied More Records
reuters.com | August 2, 2012
Investors who are challenging a proposed $8.5 billion settlement with Bank of America Corp over mortgage-backed securities will not get additional records of negotiations that led to the agreement, a New York judge ruled on Thursday.
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Next Big Thing? Foreclosed Rental-Backed Securities
newsmax.com | August 1, 2012
Banks and real-state investors are working on a new type of security that is tied to the housing market, The Wall Street Journal reported, but instead of having the securities backed by mortgages, the new securities will be backed by the rental payments of residents who live in previously foreclosed homes.
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