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August 2015 Article Archive

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How corrupt banking system creates a mountain of bad loans & makes recovery process complicated
economictimes.indiatimes.com | August 30, 2015
In the morning of May 19, 2014, three days after the Lok Sabha poll results were announced, and with a government not quite in place, chaos reigned at the debt recovery tribunal (DRT) in Ballard Estate, the old commercial district of Mumbai. A lawyer, his juniors and his clients were shouting slogans against the presiding officer of what is known as DRT 1, on the 5th floor of Scindia House.
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Banks defend mortgage verification practices after Home Capital fraud allegations
thespec.com | August 30, 2015
TORONTO — Some of Canada's biggest banks are defending their verification practices for mortgage applications in light of recent news that mortgage lender Home Capital Group cut ties with dozens of brokers over fraud allegations.
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Homeowner loses to CHASE (Second Dist. Div. 3 holds "No standing" to challenge foreclosure DISAGREES w/Glaski)
August 27, 2015
APPEAL from orders of the Superior Court of Los Angeles County, Barbara Scheper, Judge. Affirmed. Law Offices of Bruce J. Guttman and Bruce J. Guttman, for Plaintiff and Appellant. Wood, Smith, Henning & Berman, Raymond Babaian, Christopher D. Perez, Andrew J. Mallon and Fred R. Vasquez, for Defendant and Respondent Canterbury Lots 68, LLC. Bryan Cave, Christopher L. Dueringer and Nicole N. King, for Defendant and Respondent JPMorgan Chase Bank, N.A.
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Eric Holder's corporate law firm is turning into a 'shadow Justice Department'
businessinsider.com | August 27, 2015
The revolving door between the Department of Justice and a certain corporate law firm is spinning faster than ever. On July 6, former Attorney General Eric Holder returned to his previous employer, Covington & Burling — a firm that's represented the biggest banks on Wall Street, and is internationally known for its white-collar defense practice. A week later, his DOJ chief of staff Margaret Richardson announced that she would be following him there.
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FHFA vs JP Morgan
August 27, 2015
This action arises out of Defendants’ actionable conduct in connection with the offer and sale of certain residential mortgage-backed securities to Fannie Mae and Freddie Mac (collectively, the “Government Sponsored Enterprises” or “GSEs”). These securities were sold pursuant to registration statements, including prospectuses and prospectus supplements that formed part of those registration statements, which contained materially false or misleading statements and omissions.
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Ohio District Court Distinguishes Date of Foreclosure Action from Date of Foreclosure Sale When Applying New CFPB Mortgage Rules
livinglies.wordpress.com | August 26, 2015
In Cooper v. Fay Servicing, LLC, 2015 WL 4470213 (S.D. Ohio July 17, 2015), the mortgagors sued the servicer of their real estate loan asserting claims for alleged violations of Regulation X relating to the loss mitigation process. Critical to this case was the timing of the loss mitigation process that resulted in the alleged Regulation X violations, the date of the foreclosure filing, and the date of the foreclosure sale.
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The Illuminati and the House of Rothschild
redicecreations.com | August 25, 2015
The "Illuminati" was a name used by a German sect that existed in the 15th century. They practiced the occult, and professed to possess the 'light' that Lucifer had retained when he became Satan.
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Welcome to the End of the Financial Bubble
newsmax.com | August 25, 2015
When I posted a piece a week ago noting that the S&P 500 had crossed the 2100 line from below for the 13th time this year, it signified that the market had been thrashing sideways since February 13th.
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U.S. banks moved billions of dollars in trades beyond Washington’s reach
reuters.com | August 25, 2015
Part 2: The story of how Wall Street’s giants got around derivatives rules imposed by the CFTC after the financial crisis. The fix: tweaking contracts and shifting deals offshore. NEW YORK – This spring, traders and analysts working deep in the global swaps markets began picking up peculiar readings: Hundreds of billions of dollars of trades by U.S. banks had seemingly vanished.
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Predatory Lending Against Our Military?
August 23, 2015
In my last article I discussed the continuing predatory lending practices by the mortgage and credit card industry by continuing to add fraudulent charges or unnecessary services.
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Florida housing expert fears another bubble is about to burst
dailyherald.com | August 23, 2015
DELRAY BEACH, Fla. -- Jack McCabe watched the last housing bubble rip through South Florida like a hurricane, and he watched the investors from up north roll in to town to buy up the wreckage. For 15 years, he has consulted on real estate deals here, advising clients large and small on what to buy and where, and on when to get out.
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LI foreclosure rate climbing, DiNapoli says
latestpolicenews.org | August 19, 2015
Long Island's foreclosure rate grew even as New York City's share of housing distress declined early this year, the state's fiscal watchdog reported Monday. Long Island had the highest foreclosure rate in New York, Thomas P. DiNapoli, the state comptroller, reported in a new analysis of state court data. In Suffolk County, 2.82 percent of all homes -- one in 35 -- were in foreclosure, the largest share in the state. Nassau County had the second-largest foreclosure rate, at 2.47 percent.
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Goldman Sachs Pays $272M to Settle Suit Over Mortgage-Backed Securities
stopforeclosurefraud.com | August 19, 2015
Goldman Sachs Group Inc. will pay $272 million to settle a lawsuit that claimed the Wall Street bank defrauded investors about the safety of about $6 billion of residential mortgage-backed securities they bought in 2007 and 2008.
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CFPB fines company $1.6 million for creating loan modification purgatory
mpamag.com | August 16, 2015
The Consumer Financial Protection Bureau has fined a mortgage servicer $1.6 million for blocking consumers’ efforts to save their homes from foreclosure. The CFPB claims that Residential Credit Solutions failed to honor loan modifications for mortgages transferred from other servicers, treated consumers who were not in default as if they were, sent borrowers escrow statements falsely claiming they were due a refund and forced consumers to waive their rights in order to get a repayment plan.
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Homeowner Consumer gets a Break from Second Circuit Court of Appeal
justia.com | August 14, 2015
Plaintiff filed suit under the Fair Debt Collection Practices Act (FDCPA), 15 U.S.C. 1692 et seq., against FCI, his mortgage loan servicer and a debt collector, alleging that FCI violated the FDCPA by sending him two written communications that failed to comply with FDCPA requirements that debt collectors timely provide certain notices to debtors.
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Security-clearance firm accused of fraud settles with Justice Department
washingtonpost.com | August 14, 2015
A onetime giant in government background checks that was accused of defrauding the federal government has settled with the Justice Department, according to a new court filing. Altegrity and its subsidiary USIS used to run most of the government’s security clearance background checks. It lost those contracts last year and was forced to file for bankruptcy protection in the wake of a data breach and earlier accusations from a whistleblower.
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Majority of GSE HAMP Permanent Modifications Remain Active
dsnews.com | August 14, 2015
Slightly more than 419,000 permanent loan modifications completed by homeowners using the Department of Treasury's Home Affordable Modification Program (HAMP) on loans insured by Fannie Mae and Freddie Mac remained active as of the end of May 2015, according to the FHFA's May 2015 Foreclosure Prevention Report released this week.
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Goldman Sachs to pay $272 million in toxic mortgage lawsuit
housingwire.com | August 14, 2015
Goldman Sachs (GS) will pay $272 million to settle a lawsuit over losses suffered due to alleged misrepresentations of the quality of mortgage loans that backed crisis-era mortgage-backed securities. According to a Reuters report, the settlement is with investors led by NECA-IBEW Health & Welfare Fund, an electrical workers' pension fund in Decatur, Illinois.
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Federal Lawsuit against Bank of America & Nationstar Mortgage gets massive media coverage
digitaljournal.com | August 14, 2015
Michael Bondi filed a Federal Law Suit Against Bank of America and Nationstar Mortgage, LLC Claiming Fraud, Civil Conspiracy, violations of the Federal Fair Credit Reporting Act, Federal Fair Debt Collections Practices Act, and Misrepresentation. His story has drawn nationwide attention.
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How mortgage fraud plagued Chicago's poorest neighborhoods
youtube.com | August 14, 2015
Falsified income information on mortgage applications led to many foreclosures in the poor Chicago neighborhoods of Garfield Park and Englewood. Chicago Booth's Amir Sufi discusses how it happened, and questions whether there will ever be a criminal investigation.
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Mortgage Defense and the Law of Restitution
August 12, 2015
Wanton and willful financial misconduct in the origination, securitization, servicing and foreclosure of a mortgage debt will not bar collection and enforcement of the debt. Notwithstanding the creditor’s misconduct, the sanctity of debt is the controlling and paramount variable. Judges believe that absent strict enforcement of the obligation to repay debt, the engine of commerce will grind to a halt without lubrication of the gears with commercial credit.
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Minnesota Supreme Court: "Nothing Plus Nothing Equals Nothing"
livinglies.wordpress.com | August 12, 2015
On February 25, 2015 the Minnesota Supreme Court considered several of the conventional theories advanced by the banks in favor of their right to foreclose. And the Court also considered the procedural and substantive issues surrounding rescission in Minnesota whose statutes closely resemble rescission under the Federal Truth in Lending Act.
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Definition of a National Bank - "Residential Mortgage Loan Originators Source"
August 12, 2015
National Bank are Federal branches and agencies of foreign banks, and their operating subsidiaries operating outside the several states of the Union.
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More arrests needed as Western megabanks are now stealing depositors' money
benjaminfulford.net | August 12, 2015
JP Morgan and other Western mega-banks have already begun stealing depositors’ money, according to sources at the Asian Development Bank and an American millionaire who reported his own funds were stolen. The development bank source said a man who had $4 million on deposit with JP Morgan contacted him to say the bank had refused to allow him to withdraw his money. Instead the man was offered a “365 day bank guarantee.” In other words, the bank would not give him his money but offered to tell other banks that he had money.
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Struggling With Your Mortgage? 7 Programs That Can Help
blog.credit.com | August 9, 2015
Buying a home and getting a mortgage: We all know these are big decisions that will impact our future tremendously — financially and beyond. No one knows this better than people struggling to make mortgage payments. If you find yourself in this position, there are some government programs that can help you refinance to a new mortgage that makes more sense for you or walk away with minimal credit damage.
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Bank of America Offering Five Pools of Delinquent Loans For Sale Worth $1.2 Billion
dsnews.com | August 9, 2015
Bank of America is offering five pools of residential mortgage loans for sale totaling $1.2 billion that range in status from current to modified to non-performing, according to multiple media reports on Friday. Citing a "person with knowledge of the matter," Bloomberg reported that although some of the loans being offered are current, most are in some stage of delinquency. According to the report, Bank of America is servicing four of the pools and Ocwen is servicing the other.
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Does your mortgage pre-approval hold water?
usatoday.com | August 9, 2015
If a lender tells you that you can be pre-approved in just a few minutes, you might want to stop and run in the other direction — fast. A real pre-approval involves much more than just a loan application and credit report.
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More homeowners can now play HARP refinance program
bostonherald.com | August 9, 2015
Many homeowners have heard of HARP, the Home Affordable Refinance Program, which was introduced a few years ago to help homeowners who were “upside down” on their mortgages to refinance and take advantage of decreasing interest rates.
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M&T facing probe over federally insured home loans
buffalonews.com | August 9, 2015
Buffalo-based M&T Bank said it is in settlement discussions with federal officials regarding an investigation into its origination and sale of federally insured home loans. M&T disclosed the information in a regulatory filing. The bank said the investigation centers on Federal Housing Administration insured residential home loans and residential home loans sold to Freddie Mac and Fannie Mae.
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HUGE: South Carolina Court Holds that the Foreclosure Law of the U.S. Supreme Court Trumps Everything: Foreclosing Party Must Own Both the Note and the Mortgage to Foreclose
hisadvocates.org | August 6, 2015
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Why The U.S. Isn’t Prosecuting White Collar Criminals
thinkprogress.org | August 5, 2015
A British banker is headed to prison for over a dozen years for cheating the markets, but American prosecutions of financial and other professionalized crimes are at their lowest levels in 20 years, according to data compiled by Syracuse University’s Transaction Records Access Clearinghouse (TRAC).
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CFLA Offers Mortgage Securitization Analyst Training Certification in Newark, NJ; August 28-30, 2015
pr.com | August 3, 2015
Certified Forensic Loan Auditors Mortgage Securitization Auditor Training Certification Class is a comprehensive 24-hour in-person intensive seminar held across the country. Students study and learn important topics related to Mortgage Securitization as well as complex analysis of how to obtain recorded documents. Trainees will complete (5) five full Mortgage Securitization Audits under the direct supervision of the Senior Auditor. Also covered are the complexities of form and substance related to Expert Witness Testimony and how to use your portfolio of Education and Experience to Educate Judges and Opposing Counsel on Securitization Issues, Chain of Title, and Robosigning. Graduates of the course will receive a Certificate of Completion having met the CFLA requirements necessary to be accredited as a Mortgage Securitization Auditor.
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