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December 2013 Article Archive

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Flagstar to Pay Freddie Mac $8.9M for Mortgage Repurchase Obligations
crainsdetroit.com | December 31, 2013
Troy-based Flagstar Bancorp Inc. has agreed to pay the Federal Home Loan Mortgage Corp. - commonly known as Freddie Mac - $8.9 million to resolve repurchase requests for home loans originated between Jan. 1, 2000, and Dec. 31, 2008.

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Savvy New Year's Resolutions IRS Hopes You Won't Keep
forbes.com | December 31, 2013
Making and keeping New Year’s resolutions is tough. Yet some resolutions about taxes aren’t hard to keep and could fatten your wallet in 2014. They could even have a spillover effect into the future. Here are 9 to consider.

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Most Compelling Mortgage Finance Stories of 2013
housingwire.com | December 31, 2013
Looking back at the year 2013, it’s clear the housing market is one of the few parts of the economy that started to consistently sing a positive tune throughout the year – albeit a tepid tune at times.

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Wells Fargo Reaches $591M Deal with Fannie Mae
bizjournals.com | December 31, 2013
Wells Fargo & Co. (NYSE:WFC) has reached a $591 million deal with Fannie Mae to settle allegations of mortgage wrongdoings, according to The Wall Street Journal.

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Mass. AG: Countrywide to Pay $17.3M in Settlement
boston.com | December 30, 2013
BOSTON (AP) — The Massachusetts state employees’ pension fund will receive more than $11 million as part of a settlement with Countrywide Securities Corp., state Attorney General Martha Coakley said Monday. The settlement was announced as part of Coakley’s industry-wide review of residential mortgage securitization practices in Massachusetts.

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Flagstar Reaches Settlement with Freddie Mac over Mortgage Repurchase Obligations
online.wsj.com | December 30, 2013
TROY, Mich., Dec. 30, 2013 /PRNewswire/ -- Flagstar Bancorp, Inc. (NYSE: FBC) ("Flagstar" or the "Company"), the holding company for Flagstar Bank, FSB (the "Bank"), today announced that the Bank has entered into an agreement with the Federal Home Loan Mortgage Corporation ("Freddie Mac") to resolve substantially all of the repurchase requests and obligations associated with loans originated between January 1, 2000 and December 31, 2008 and sold to Freddie Mac.

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Average U.S. 30-year Mortgage Rises to 4.48 Percent
lowellsun.com | December 30, 2013
WASHINGTON -- Average U.S. rates for fixed mortgages crept higher last week but remained low by historical standards. Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan increased to 4.48 percent from 4.47 percent the previous week. The average on the 15-year fixed loan rose to 3.52 percent from 3.51 percent.

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Today’s 30 and 15 Year Fixed Mortgage Interest Rates Rise Says Freddie Mac; Stimulus Tapering Affects Market
learningandfinance.com | December 27, 2013
Mortgage rates and Stimulus tapering news review December 24, 2013:
Analysts contend that mortgage rates trend-lines will skew higher due, in part, to the Feds decision to taper stimulus funding.

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Industry Data Shows 1,256,000 Loans in Foreclosure
dsnews.com | December 27, 2013
The industry’s foreclosure inventory contracted again in November upon continued improvements on the housing and economic fronts. Although on a monthly basis, the inventory of homes in foreclosure fell slightly by 1.72 percent, year-over-year, it was down 28.81 percent, Lender Processing Services (LPS) reports.

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Total U.S. Delinquency Rate Hits 6.45 Percent in November
nationalmortgageprofessional.com | December 27, 2013
Lender Processing Services Inc. (LPS) has reported the following “first look” at November 2013 month-end mortgage performance statistics derived from its loan-level database representing approximately 70 percent of the overall market. In November, total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure) stood at 6.45 percent. The month-over-month change in delinquency rate was 2.63 percent, while the year-over-year change in delinquency rate stood at -9.41 percent.

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BofA's Legal Costs Mount in Countrywide Mortgage Fiasco
latimes.com | December 27, 2013
NEW YORK — A federal judge will soon decide how much Bank of America should pay for some of Countrywide Financial Corp.'s sins in the lead-up to the financial crisis.

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Home News Business Nation US Mortgage Applications Tumble to a 13-year Low
dailyamerican.com | December 27, 2013
The number of Americans applying for mortgages has fallen 63 percent since a May peak, reflecting a cooling housing market and higher borrowing rates.

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Fannie Mae Job Opportunity
linkedin.com | December 27, 2013
Apply comprehensive knowledge of mortgage fraud schemes. Operate with considerable latitude to substantiate suspicion of fraud relating to single or multifamily originations, servicing or REO, and other frauds involving Fannie Mae financial instruments. Perform highly complex duties related to planning, conducting, and documenting inquiries into allegations of mortgage fraud. Reconcile fraud risk or recommend investigation. Utilize wide-ranging experience to conduct research and problem-solving on highly significant matters. Prepare and review complex reports.

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AG Biden Secures $7 Million for Delaware Homeowners Affected by Foreclosure Crisis
loansafe.org | December 23, 2013
(Source: Attorney General Beau Biden) – Delaware Attorney General Beau Biden today announced that Ocwen Financial Corporation and its subsidiary, Ocwen Loan Servicing, will provide $7 million to Delaware borrowers in the latest effort by his office to hold accountable those responsible for the mortgage foreclosure crisis. 

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LPS' November "First Look" Mortgage Report: Delinquencies Increase, Still Down 10% YTD; New Jersey Overtakes Florida in Non-Current Loans
capitalgazette.com | December 23, 2013
JACKSONVILLE, Fla., Dec. 23, 2013 /PRNewswire/ -- Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology, data and analytics to the mortgage and real estate industries, reports the following "first look" at November 2013 month-end mortgage performance statistics derived from its loan-level database representing approximately 70 percent of the overall market.

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LPS in Robo-Signing Deal Talks Said to Exceed $200 Million
bloomberg.com | December 22, 2013
Lender Processing Services Inc. (LPS) is in talks with regulators that could lead to a settlement of more than $200 million over improper and fraudulent foreclosure paperwork after the 2008 credit crisis, according to people briefed on the discussions.

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Tennessee AG Settles 'Robo-signing' Case
dnj.com | December 20, 2013
NASHVILLE — Tennessee Attorney General Bob Cooper announced Thursday that Ocwen Financial Corporation of Atlanta and its subsidiary, Ocwen Loan Servicing, have agreed to a $2.1 billion joint state-federal settlement with Tennessee, 48 additional states and the District of Columbia, and the Consumer Financial Protection Bureau.

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cibolabeacon.com | December 20, 2013
The general object of said action is to quiet all right, title, and interest to certain real property.

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Deutsche Bank Settles Mortgage Securitization Case for $1.9B
foxbusiness.com | December 20, 2013
Deutsche Bank will pay $1.9 billion to settle a law suit with the U.S. Federal Housing Finance Agency over mortgage-backed securities, part of the bank's efforts to resolve a long list of legal issues.

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3 Maine Lawyers to Face Hearing in Robo-signing
seacoastonline.com | December 18, 2013
PORTLAND, Maine (AP) — Three lawyers are facing possible disciplinary action before a state board for allegedly signing off on home foreclosures without first verifying documents, a practice referred to as "robo-signing."

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FHFA Eyes $400K Limit for Mortgages
marketwatch.com | December 18, 2013
WASHINGTON (MarketWatch) -- With officials continuing to work on housing-finance reform, federal regulators asked Monday for public comments on a proposal that would cut the size of mortgages that can be purchased by Fannie Mae FNMA +5.88% and Freddie Mac FMCC +5.06% .

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Bank of America Warns Against Coming China Debt Storm
foxbusiness.com | December 17, 2013
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Utah in Top 10 States for Foreclosures
sltrib.com | December 15, 2013
Utah was among the Top 10 U.S. states for foreclosure activities in November, but statistics show such numbers have fallen drastically from the years immediately after the bursting of the housing bubble that led into the Great Recession.

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The Government Is Cracking Down
trulia.com | December 15, 2013
Not all that long ago, it may have been profitable to commit mortgage fraud and chances are that you might even get away with a straw-buyer scheme or two because no one was really paying all that much attention.

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Real Estate Executives Indicted on Fraud Charges
loansafe.org | December 15, 2013
Laurance H. Freed, 51, Chicago, Illinois, and Caroline Walters, 53, of Palatine, Illinois, two executives of a prominent Chicago real estate development company, were indicted on federal fraud charges alleging that they lied about and concealed unpaid property taxes, the double-pledging of public financing notes issued by the City of Chicago, and the company’s default on those notes so they could secure credit extensions and payments from the city at a time when they knew their firm was having serious financial difficulties.

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The New Mortgage Rules that are Likely to Affect Your Next Home Purchase
washingtonpost.com | December 15, 2013
If you’re planning to buy a house next year — and unless you’re in a position to make an all-cash offer — chances are you’ll be affected by some significant changes occurring in the mortgage application process beginning in January.

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Foreclosures Nationwide Reach Lowest Rates in Six Years
mrisblog.com | December 15, 2013
New data from foreclosure listing firm RealtyTrac Inc shows the number of U.S. homes entering the path to foreclosure or winding up repossessed by lenders has fallen to levels not seen in more than six years, another sign that that the housing market is well on the path to recovery.

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U.S. Can Add Wells Fargo Exec as Mortgage Fraud Defendant
reuters.com | December 13, 2013
Dec 12 (Reuters) - The United States may add Wells Fargo & Co Vice President Kurt Lofrano as a defendant in its year-old lawsuit accusing the country's largest mortgage lender of fraud, a Manhattan federal judge said.

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Freddie Mac Announces Holiday Eviction Moratorium Between December 18, 2013 to January 3, 2014
freddiemac.mwnewsroom.com | December 13, 2013
MCLEAN, VA--(Marketwired - Dec 12, 2013) - Freddie Mac (OTCQB: FMCC) today announced a nationwide suspension of eviction lock-outs between December 18, 2013 and January 3, 2014. The moratorium applies to all foreclosed occupied single family homes and 2-4 unit properties that had Freddie Mac owned-or guaranteed mortgages.

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U.S. Bank Pays $53 Million to Freddie Mac for Soured Mortgages
easternmorningherald.com | December 13, 2013
U.S. Bancorp (NYSE: USB) announced this week that it will be settling to the tune of $53 million, as part of an agreement to pay Freddie Mac for mortgage loans gone sour during the global economic recession.

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Fannie, Freddie Suspend Evictions for Holidays
chicagotribune.com | December 13, 2013
Fannie Mae and Freddie Mac said Thursday they would temporarily suspend foreclosure-related evictions from Dec. 18 through Jan. 3.

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Former RBS Banker Likely to Face Jail Time for £3m Mortgage Scam
reuters.com | December 13, 2013
Andrew Ratnage, 49, a former relationship manager at the bank, abused his senior position to approve a string of false and inflated valuations for homes he owned, a court at the Old Bailey was told.

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ING Mortgage Bonds Flood Market
housingwire.com | December 12, 2013
According to structured finance analytics firm Interactive Data, the announced liquidation of $5.1 billion from the ING Illiquid Assets Back-up Facility spiked activity levels higher yesterday in the mortgage bond market.

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US BANK NATL. ASSN. v. Nicholson | NYSC – Carrie S. Patridge affidavit does not say that the plaintiff was the holder of the note when the action was commenced
stopforeclosurefraud.com | December 12, 2013
This foreclosure action involves a loan made by Fremont Investment & Loan ["Fremont"] to the defendant on October 14, 2005, in the amount of $632,000.00, secured by a mortgage executed by the defendant on that same date.

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New Bank Strategy: There was no securitization — IRS AMNESTY FOR REMICs
livinglies.wordpress.com | December 12, 2013
Reported figures on the financial statements of the “13 banks” that Simon Johnson talks about, make it clear that around 96% of all loans originated between 1999 and 2009 are subject to claims of securitization because that is what the investment banks told the investors who advanced money for the purchase of what turned out to bogus mortgage bonds. So the odds are that no matter what the appearance is, the loan went through the hands of an investment banker who sold “bonds” to investors in order to originate or acquire mortgages. This includes Fannie, Freddie, Ginny, and VA.
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Goldman Sachs Among Buyers of ING’s $5.1 Billion Mortgage Bonds
businessweek.com | December 11, 2013
Goldman Sachs Group Inc. (GS:US) and Bank of America (BAC:US) Corp. were among five buyers of U.S. mortgage-backed securities sold by the Netherlands, which acquired the debt as part of a rescue of ING Groep NV. (INGA)
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Ex-RBS Manager Facing Jail Term over £3m Mortgage Fraud
mortgagestrategy.co.uk | December 11, 2013
A former relationship manager at Royal Bank of Scotland is facing a possible jail sentence after pleading guilty to two out of three counts relating to a £3m mortgage fraud.
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Long Island Foreclosures Spur Looters Amid Home Limbo
businessweek.com | December 11, 2013
Brenda Clarke, a single mother of three on Long Island, New York, said looters at the foreclosed home next door stoked her deepest fears about getting evicted.
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Nationwide Title Clearing Settles 'Robo-Signing' Suit in Illinois for $350,000
articles.chicagotribune.com | December 11, 2013
Illinois and Nationwide Title Clearing Inc., have entered into a consent decree that dismisses a lawsuit filed against the company last year, alleging it filed faulty mortgage documents with county recorders.
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PNC Financial Services Group Reaches Settlement Agreement With Freddie Mac
news.morningstar.com | December 9, 2013
PNC Financial Services Group announced that its affiliate, PNC Bank, N.A., has reached an agreement in principle with the Federal Home Loan Mortgage Corporation (Freddie Mac) to resolve substantially all indemnification and repurchase obligations related to loans sold to Freddie Mac between 2000 and 2008.
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Bank of America to Pay Freddie Mac $404 Million
sentinelsource.com | December 9, 2013
CHARLOTTE, N.C. — Bank of America Corp. on Dec. 2, said it will pay Freddie Mac $404 million to settle remaining claims over soured home loans the bank sold to the mortgage giant, marking the bank’s latest attempt to put its mortgage woes behind it.
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Immigration Agent Admits Mortgage Fraud
hispanicbusiness.com | December 9, 2013
A federal immigration agent pleaded guilty Friday to lying to an FBI agent about a mortgage fraud scheme. Jeffrey Morriss , 48, of Kansas City, admitted in federal court that on loan applications he misrepresented his debt, his child support obligations and his monthly income, and he failed to mention that property he owned in Pleasant Hill, Mo. , was in foreclosure.
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LA Deputies Convicted in KC Mortgage Fraud Scheme
sfgate.com | December 9, 2013
KANSAS CITY, Mo. (AP) — Two Los Angeles deputies have been convicted in a Kansas City-area mortgage fraud scheme.
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Consumer Finance Needs Better Morals
tennessean.com | December 9, 2013
Drawing moral lines in our rough-and-tumble capitalist system can be hard. But it should not tax too many ethical muscles to set aside some protections for trusting, unsophisticated borrowers of modest means. That is, unless you’re a politician working on behalf of predatory lenders.
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KC Federal Agent Pleads Guilty to Mortgage Fraud
bizjournals.com | December 9, 2013
A Kansas City-based federal agent pleaded guilty to mortgage fraud Friday. Jeffrey Morriss, special agent for U.S. Immigration and Customs Enforcement's Homeland Security Investigations, admitted in federal court to making false statements on four home loan applications. He did so in order to receive more than $811,917 in loans.
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District Councillor gets Deferred Jail Term over Mortgage Fraud
scmp.com | December 9, 2013
A district councillor who used false documents to obtain HK$6.6 million in mortgages was given a 21-month prison term, suspended for two years, by the District Court yesterday.
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PNC Settles With Freddie Mac Over Mortgage Claims
originatortimes.com | December 9, 2013
PNC (NYSE: PNC ) announced today that it has reached an $89 million settlement with Freddie Mac (NASDAQOTCBB: FMCC ) related to mortgage claims for loans originated and sold to Freddie Mac between 2000 and 2008.
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Nationwide Title Clearing Settles 'Robo-signing' Suit in Illinois
chicagotribune.com | December 5, 2013
Illinois and Nationwide Title Clearing Inc., have entered into a consent decree that dismisses a lawsuit filed against the company last year, alleging it filed faulty mortgage documents with county recorders.
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At Freddie Mac, Chief Discarded Warning Signs
nytimes.com | December 2, 2013
The chief executive of the mortgage giant Freddie Mac rejected internal warnings that could have protected the company from some of the financial crises now engulfing it, according to more than two dozen current and former high-ranking executives and others.
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Police Investigating Death of Freddie Mac Official, Dead Of Apparent Suicide
latimes.com | December 2, 2013
WASHINGTON (AP) — The chief financial officer of money-losing mortgage giant Freddie Mac was found dead in his basement early Wednesday morning in what police said was an apparent suicide.
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Documents in JPMorgan Settlement Reveal how Every Large Bank in U.S. has Committed Mortgage Fraud
ukcolumn.org | December 2, 2013
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$35 Million Mortgage Fraud Uncovered
capitalgazette.com | December 2, 2013
GREENBELT, Md. — Eight people have been indicted in an alleged $35 million mortgage foreclosure rescue scheme to cheat lenders and homeowners facing foreclosure, a case authorities said is likely Maryland's largest mortgage fraud case ever.
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