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August 2013 Article Archive

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Public Information Sought After Mortgage Fraud Arrest
kolotv.com | August 30, 2013
CARSON CITY, NV – Nevada Attorney General Catherine Cortez Masto is urging the public to report information related to a Las Vegas man recently charged with defrauding Northern Nevadans in real estate and mortgage scams.
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NY AG Schneiderman Breaks Up Mortgage Fraud Ring
nationalmortgageprofessional.com | August 30, 2013
New York State Attorney General Eric T. Schneiderman has announced the indictment of two attorneys, an appraiser and two others for their roles in a mortgage fraud ring that operated for years and netted more than $1 million by preying upon first-time home buyers and institutional lenders
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Interthinx Zeroes in on Mortgage Fraud and CFPB at National Risk Summit
nationalmortgageprofessional.com | August 30, 2013
Interthinx recently hosted its annual National Risk Summit in Avon, Colo., an event created to promote open discussion about the risks and challenges of the current marketplace. 
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Trio Pleads Guilty to Mortgage Fraud Charges
tvnz.co.nz | August 30, 2013
Three men have today admitted charges relating to their roles in a complex series of mortgage frauds.
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Morgan Stanley Mortgage Securitization Is a Microcosm of Our Economic Malady
moneynews.com | August 30, 2013
Recently, Morgan Stanley became the first investment bank to be sued by a group of homeowners, who claim they suffered from racial discrimination due to securitization of high-risk mortgage loans, which lead to the financial crisis of 2007-2008.
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U.S. Government Mortgage Fraud Lawsuit Against BofA Headed to Trial
reuters.com | August 29, 2013
NEW YORK, Aug 27 (Reuters) - A U.S. government lawsuit accusing Bank of America Corp of fraud in the sale of billions of dollars of toxic mortgage loans to Fannie Mae and Freddie Mac is on track to go to trial next month after a judge rejected the bank's bid to dismiss the case.
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Maryland Attorney Faces 90-Day Suspension Over "Robo-Signing"
insidearm.com | August 24, 2013
Many creditors and debt buyers have faced scrutiny over so-called “robo-signing” of affidavits in debt collection lawsuits. Affidavit review procedures employed by ARM industry members have undergone significant enhancements due to FDCPA class action lawsuits over supposed lax policies in having clerks sign hundred of affidavits per day.
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Bank of America Should Own up to its Part in the Mortgage Mess
pacbiztimes.com | August 23, 2013
The crackdown on financial institutions whose disgraceful actions in the subprime mortgage mess triggered the 2008 financial crisis have finally hit Bank of America.
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Is Government's Renewed Push On Mortgage Fraud Too Late?
npr.org | August 23, 2013
"Remain aggressive." That's the message Attorney General Eric Holder says he has given to prosecutors around the country about pursuing wrongdoing by financial institutions — particularly, wrongdoing related to the financial crisis of 2008.
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NEW CASE (Glaski) Securitization Audits Can Prove Wrongful Foreclosure in California
caselaw.findlaw.com | August 20, 2013
Before Washington Mutual Bank, FA (WaMu) was seized by federal banking regulators in 2008, it made many residential real estate loans and used those loans as collateral for mortgage-backed securities.
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Two Ex-JPMorgan Employees Charged in 'London Whale' Case
washingtonpost.com | August 18, 2013
U.S. officials on Wednesday lodged criminal charges against two former JPMorgan Chase employees accused of concealing hundreds of millions of dollars in trading losses in an episode that cast a sour light on the bank’s high-risk investments.
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BofA Charged by the SEC for Failing to Disclose Important Mortgage Details to Investors
loansafe.org | August 18, 2013
(Source: SEC) - The Securities and Exchange Commission today charged Bank of America and two subsidiaries with defrauding investors in an offering of residential mortgage-backed securities (RMBS) by failing to disclose key risks and misrepresenting facts about the underlying mortgages.
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So How's that Crackdown on Wall St. Going?
thedailystar.com | August 18, 2013
The Justice Department admitted last week that it lied about the success of a year-long nationwide probe into mortgage fraud. Oh, and by the way, the lie was told a month before last fall’s presidential election.
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Banksters Love Holder; The FBI's 2010 Mortgage Fraud Report Reveals Why
opednews.com | August 18, 2013
The Obama administration's continuation of the Bush administration's refusal to prosecute the elite banksters (or even the vastly lower status CEOs of the fraudulent mortgage bank) that drove the crisis has made it clear that the rule of law no longer applies to wide ranges of life and that crony capitalism will continue to reign.
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Lending Executive Sentenced for Mortgage Fraud
mortgagedaily.com | August 18, 2013
The former manager of an Allentown, Pa., mortgage company was sentenced Wednesday to four years in prison for his role in a long-running mortgage fraud scheme.
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Mortgage Fraud Needs to Be Adjudicated
moneynews.com | August 18, 2013
In a recent mortgage fraud report, the Federal Bureau of Investigation suggests there remains great concern for unlawful activity in this sector of the economy that requires diligent attention and pursuit.
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NY AG Sues HSBC over Delayed Foreclosure Settlement Hearings
housingwire.com | August 18, 2013
New York Attorney General Eric Schneiderman filed suit against HSBC Bank USA and its HSBC Mortgage Corp. division over allegations that the global bank is putting distressed borrowers more at risk by delaying state-mandated foreclosure settlement conferences.
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Homeowner 'Securitization Theory' BofA Claim Dismissed
housingwire.com | August 15, 2013
The Nordeens fell on hard times in Las Vegas. The couple fell behind on their $140,000 Countrywide loan backed by a rental investment. The last renters in the property nearly destroyed it, and the damage was so extensive, the Nordeen's could not afford to repair the property to rent out again.
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Banks Stole Houses Through Illegal Foreclosures, Lawsuit Reveals
blogs.browardpalmbeach.com | August 14, 2013
In a cover story last year, we told you about how a few Florida women were the ones who discovered how banks were screwing people out of billions of dollars through foreclosures of homes during the past decade's housing crisis.
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New Fraud Evidence Shows Trillions Of Dollars In Mortgages Have No Owner
thinkprogress.org | August 14, 2013
Thanks to forged documents, banks can’t prove that they own trillions of dollars in mortgages, according to recently unsealed court documents relating to a lawsuit the government decided to settle out of court for $95 million in 2012.
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CFLA Expert Witness Wins Big Case in California- through the Law Offices of Patricia Rodriguez
scholar.google.com | August 12, 2013
Before Washington Mutual Bank, FA (WaMu) was seized by federal banking regulators in 2008, it made many residential real estate loans and used those loans as collateral for mortgage-backed securities.
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U.S. Steps up Probe of JPMorgan Over Bear Mortgage Bonds
reuters.com | August 9, 2013
The U.S. Department of Justice has stepped up a probe in recent weeks into Bear Stearns & Co's mortgage dealings in the run-up to the financial crisis, according to two sources familiar with the situation, raising the possibility that JPMorgan Chase & Co may face yet another case over mortgage bonds.
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SEC Charges Bank of America with Defrauding Investors in RMBS Offering
nationalmortgageprofessional.com | August 9, 2013
The SEC charged Bank of America and two of its subsidiaries on Tuesday with defrauding investors through a residential mortgage-backed securities offering that failed to disclose key risks and misrepresented facts about the mortgages.
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Los Angeles Man Wins Property Back After Foreclosure and Eviction
sbwire.com | August 7, 2013
Homeowner Mike Cohenshad lost his investment home to foreclosure and was also evicted. A securitization audit company and Pasadena law firm helped him get it back.
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DOJ Sues Bank of America For Lying About Sketchy Mortgage-Backed Securities
consumerist.com | August 7, 2013
Even though Bank of America execs appear to have avoided criminal prosecution for their part in the recent economic collapse, BofA continues to be slapped upside its head with civil suits for its bad behavior.
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U.S. Accuses Bank of America of Mortgage-backed Securities Fraud
reuters.com | August 7, 2013
The lawsuits are the latest legal headache for the second-largest U.S. bank, which has already agreed to pay in excess of $45 billion to settle disputes stemming from the 2008 financial crisis.
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US DOJ Accuses Bank of America of Mortgage-backed Securities Fraud
gmanetwork.com | August 7, 2013
WASHINGTON - The U.S. government on Tuesday filed two civil lawsuits against Bank of America for what the Justice Department and securities regulators said was a fraud on investors involving $850 million of residential mortgage-backed securities.
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Bank of America Hit with Government Lawsuits Over Mortgages
money.cnn.com | August 7, 2013
The Department of Justice announced a civil lawsuit on Tuesday alleging that Bank of America defrauded buyers of mortgage-backed securities by lying about the quality of the home loans involved.
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Obama Said to Call for Limited U.S. Mortgages Role
bloomberg.com | August 6, 2013
President Barack Obama will call for Fannie Mae and Freddie Mac (FMCC) to be replaced with a government mortgage reinsurer that would sustain losses only in catastrophic circumstances.
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Boca Mortgage Broker Pleads Guilty to Fraud
sun-sentinel.com | August 6, 2013
A local mortgage servicer admitted he hid millions of dollars in paid-off loans from government-backed lenders Fannie Mae and Freddie Mac during the housing bust.
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Mortgage Fraud: Former Bear Stearns Mortgage Executives Have Plum Jobs on Wall Street
globalresearch.ca | August 6, 2013
Bear Stearns, once the nation’s fifth-largest investment bank, had been a fixture on Wall Street since 1923 and had survived the crash of 1929 without laying off any employees.
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BofA Preps for Storm of Litigation
nationalmortgageprofessional.com | August 4, 2013
Charlotte, N.C.’s Bank of America (BofA) is one of six banks being investigated by the U.S. Department of Justice (DOJ), New York Attorney General Eric T. Schneiderman and the Securities & Exchange Commission (SEC) for shady regulator activity during the financial crisis.
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U.S. Corporate Credit-Default Swaps Fall After July Jobs Report
businessweek.com | August 4, 2013
A gauge of U.S. corporate credit risk declined after a report showed employers added fewer workers than forecast in July, reducing concern the Federal Reserve will slow the pace of its stimulus measures.
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'Fabulous Fab' Found Liable in Mortgage-Fraud Case
news.gnom.es | August 4, 2013
The maneuver ended up making $1 billion for the hedge fund and its wealthy president, John A. Paulson, and millions of dollars in fees for Goldman. The SEC also sought to show that it helped earn Tourre a bonus that boosted his salary to $1.7 million in 2007.
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Morgan Stanley, Citigroup Cooperate With DOJ Derivatives Inquiry
businessweek.com | August 4, 2013
Morgan Stanley (MS:US) and Citigroup Inc. (C:US) said they’re cooperating with the U.S. Justice Department’s four-year-old antitrust probe into the credit-default swaps market.
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NY Jury Finds Former Goldman Trader Known as 'Fabulous Fab' Liable in Mortgage Fraud Case
680news.com | August 4, 2013
NEW YORK, N.Y. – A former Goldman Sachs trader who earned the nickname “Fabulous Fab” was found liable Thursday in a fraud case brought by federal regulators in response to the 2007 mortgage crisis that helped push the country into recession.
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Bear Stearns Mortgage Executives Have Plum Jobs on Wall Street
publicintegrity.org | August 1, 2013
Bear Stearns, once the nation’s fifth-largest investment bank, had been a fixture on Wall Street since 1923 and had survived the crash of 1929 without laying off any employees.
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