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December 2014 Article Archive

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Mortgage Quality Control Job
dragjobs.com | December 30, 2014
Providing guidance on the design, development, and implementation of automated processes. Our Miami based client is looking for a Data Analyst with with both technical & functional expertise.
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Piggish bankers went whole hog to abuse consumers in 2014
chicagotribune.com | December 28, 2014
The end of the year occasions awards season in all industries, and the world of personal finance is no exception, which brings us to the 2014 edition of the Piggy Bank Awards for Dubious Achievements in Consumer Finance or, for short, "The Piggies."
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Credit Suisse must face $10bn mortgage-fraud lawsuit
dawn.com | December 28, 2014
NEW YORK: Credit Suisse Group has been ordered to face a $10 billion lawsuit by New York’s attorney general accusing the Swiss bank of fraud in the sales of mortgage-backed securities before the 2008 financial crisis. A New York State Supreme Court justice rejected the bank’s request to dismiss the case, a move that gives leverage to Attorney General Eric Schneiderman to demand internal bank documents and force a settlement. New York demonstrated the bank may have engaged in misconduct, Justice Marcy Friedman said in a Dec 24 decision, allowing the suit to head toward trial.
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Issuers of mortgage-backed securities have 1 year to comply with risk rule
marketwatch.com | December 26, 2014
WASHINGTON (MarketWatch)—Originators of residential mortgage-backed securities will have a year to comply with a risk-retention rule under the Dodd-Frank law. In October, the Federal Reserve Board of governors, along with five federal agencies including the Securities and Exchange Commission, voted to approve a risk-retention rule that would require sponsors of asset-backed securities to retain at least 5% of the credit risk of the assets collateralizing the issuance.
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Federal Regulators Publish Final Risk-Retention Rule
nationalmortgagenews.com | December 26, 2014
Federal regulators formally issued a final risk retention rule for mortgage securitizations, a long-awaited and hotly debated measure that is nevertheless expected to have little market impact when it takes effect a year from now.
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Wells Fargo, HSBC Among Banks Sued Over Subprime Securities
bloomberg.com | December 26, 2014
Wells Fargo & Co. (WFC), HSBC Holdings Plc (HSBA), Bank of New York Mellon Corp. (BK) and Deutsche Bank AG (DBK) were sued by an Irish securities firm that claims the banks failed to protect investors in their role as trustees of securities backed by home loans that defaulted after the 2008 credit crisis.
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Ocwen's billionaire chairman to step down after company agrees to pay $100M penalty
bizjournals.com | December 26, 2014
Ocwen Financial Corp.'s billionaire executive chairman will resign while the company pays a $100 million penalty as part of a legal settlement with the New York Department of Financial Services. Ocwen used to be based out of West Palm Beach before it moved to Atlanta, but still has an office here. Ocwen's chairman William Erbey could step down by mid-January as part of a proposed consent order, according to the Palm Beach Post. Ocwen also will pay $50 million in restitution.
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Citigroup Mortgage Settlement Approval Sought by Trustees
bloomberg.com | December 23, 2014
Trustees for mortgage bond investors asked a New York court to approve a $1.13 billion settlement reached in April with Citigroup Inc. (C) as the bank seeks to resolve liabilities for loans it packaged and sold in the run-up to the 2008 financial crisis.
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U.S. court narrows mortgage lawsuit against Bank of NY Mellon
reuters.com | December 23, 2014
Dec 23 (Reuters) - A U.S. appeals court on Tuesday threw out most of the claims in an investor lawsuit against Bank of New York Mellon Corp as trustee for subpar mortgage-backed securities involved in an $8.5 billion settlement by Bank of America Corp.
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Congress gives distressed homeowners Christmas gift
reuters.com | December 23, 2014
In the last fiscal year, the federal government recovered a record $5.69 billion under the False Claims Act, which means the payouts to the whistleblowers, who play a crucial role in exposing cases of fraud, have been some of the biggest ever.
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Foreclosure Statistics: Third quarter of 2014 Provisional Data
December 23, 2014
The registration of certifications of foreclosures begun in the land register decreases 29.5% as compared to the previous quarter and increase 10.5% in its annual rate. The registration of certifications of foreclosures begun on regular dwellings records a 29.4% quarterly decrease and a 13.5% annual increase.
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NY Requires Ocwen Reforms, $150M Homeowner Help
nytimes.com | December 23, 2014
ALBANY, N.Y. — New York financial regulators have reached a settlement with Ocwen Financial Corp. requiring the nation's largest subprime mortgage servicer to reform its practices and provide $150 million to help struggling New York homeowners.
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Sixth Circuit Rejects Claims Challenging Loan Securitization and Denial of HAMP Loan Modification
babc.com | December 23, 2014
On Friday, December 5, 2014, the United States Court of Appeals for the Sixth Circuit recently issued its decision in Thompson v. Bank of America, et al., --- F.3d ---, No. 14-5561, 2014 WL 6844931, a case involving various statutory, tort, and contractual challenges to the securitization of a mortgage loan and the denial of a loan modification under the Home Affordable Modification Program (“HAMP”). In an opinion designated for publication, the Sixth Circuit affirmed the district court’s dismissal of the lawsuit, holding that the borrower did not state any claim for relief.
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Citigroup Mortgage Settlement Approval Sought by Trustees
bloomberg.com | December 23, 2014
Trustees for mortgage bond investors asked a New York court to approve a $1.13 billion settlement reached in April with Citigroup Inc. (C) as the bank seeks to resolve liabilities for loans it packaged and sold in the run-up to the 2008 financial crisis.
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Citigroup Mortgage Settlement Approval Sought by Trustees
bloomberg.com | December 23, 2014
Trustees for mortgage bond investors asked a New York court to approve a $1.13 billion settlement reached in April with Citigroup Inc. (C) as the bank seeks to resolve liabilities for loans it packaged and sold in the run-up to the 2008 financial crisis.
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A Second Bank of America Whistle-Blower Is Set to Get $56 Million
dealbook.nytimes.com | December 19, 2014
Robert Madsen, one of four whistle-blowers in the federal government’s $16.65 billion civil settlement with Bank of America, said keeping secret his cooperation with federal prosecutors for nearly four years had not been easy.
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U.S. Regulators Approve Risk Retention Rules For Mortgage Backed Securities
consumerfinancewatch.com | December 18, 2014
On October 22, 2014 The Office of the Comptroller of the Currency, Treasury; Board of Governors of the Federal Reserve System; Federal Deposit Insurance Corporation; U.S. Securities and Exchange Commission; Federal Housing Finance Agency (FHFA); and Department of Housing and Urban Development adopted rules to implement the credit risk retention requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
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Congress votes unanimously to extend SCRA one-year foreclosure protection period
dealbook.nytimes.com | December 18, 2014
Congress has unanimously approved legislation to extend until January 2016 a provision of the Servicemembers Civil Relief Act (SCRA) that prohibits foreclosing on a servicemember’s house for one year following the servicemember’s return from active duty. The CFPB has made SCRA compliance a priority issue.
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Connecticut's Foreclosure Picture Improves As Auctions Decline
courant.com | December 14, 2014
Home foreclosure auctions in Connecticut fell for the first time in nearly two years in November, a new report Thursday shows, a sign that pressure from foreclosures on the state's housing recovery is lifting. Auctions — a major driver of the state's foreclosure activity in recent months — fell 19 percent in November, to 178 from 221 a year earlier, according the RealtyTrac, which tracks and markets foreclosed properties. RealtyTrac releases statistics nationally and state-by-state each month.
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Quiet Title Information from Florida Attorney Robert Peters
youtube.com | December 14, 2014
Looking for investment property in Florida? If you purchase a tax deed you need to have a clear title on that property before you find a buyer. Let Attorney Robert Peters help you with filing a Quiet Title Action in Florida.
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Largest Tax Fraud, Security Fraud, and Bankruptcy Ever - Greg Morse
redpillreports.com | December 14, 2014
Greg Morse, one of the earliest whistleblowers of the S&L frauds of the 1980’s, makes the case that the mortgage derivatives that crashed in 2008 were the biggest tax evasion in history and the biggest securities fraud in history. He also alleges the money was passed through Swiss banks to fund black ops, overthrow governments and other criminal activity. It’s reminiscent to Iran-Contra except the funding for their illegal activity isn’t coming from selling weapons to Iran or crack cocaine to Americans but from gambling with the mortgages of Americans, destroying the chain of title and collapsing the wealth of Americans.
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Justice Is Blind To Those Who Can’t Afford It
mintpressnews.com | December 14, 2014
WASHINGTON — Two days after a Staten Island grand jury acquitted NYPD Officer Daniel Pantaleo in the death of Eric Garner, banking and financial services giant BNP Paribas S.A. (BNPP) was able to delay sentencing that would force it to pay $8.9 billion for pleading guilty to violating U.S. sanctions regulations. Nobody at the global banking giant is likely to be prosecuted, and nobody will serve time.
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2 former TierOne executives charged with fraud
omaha.com | December 14, 2014
The former chief executive of failed TierOne Bank pleaded not guilty to white-collar criminal counts Wednesday. Earlier this week, the company’s ex-president pleaded guilty in the biggest Nebraska bank failure during the 2008-era financial crisis. Gilbert Lundstrom, CEO of Lincoln-based TierOne from 1999 to 2010, was indicted this week by a federal grand jury in U.S. District Court in Lincoln.
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Fannie Mae and Freddie Mac suspend foreclosure evictions during holidays
housingwire.com | December 14, 2014
Fannie Mae and Freddie Mac will suspend evictions of foreclosed single-family properties during the holidays from Dec. 17, 2014 though Jan. 2, 2015. Families living in foreclosed properties will be allowed to remain in the home, although legal and administrative proceedings for evictions may continue.
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Fannie Mae Taps Reinsurers in Mortgage Risk-Sharing Deal
businessweek.com | December 14, 2014 
Fannie Mae bought insurance to cover a portion of losses on $6.4 billion of home loans in the mortgage giant’s latest effort to share risks with private investors. The policy will cover as much as $193 million of losses on a pool of mortgages with a group of domestic reinsurers taking on that risk, according to a statement from the Washington-based company (FNMA:US) today. The loans backing the debt were acquired by Fannie Mae in the first quarter and have 30-year terms.
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Carney: No quick end to GSE conservatorship
seekingalpha.com | December 14, 2014 
“The only way to responsibly end the conservatorship is through legislation,” said Treasury's Michael Stegman recently, dashing hopes the President might do for Fannie Mae (OTCQB:FNMA -2.2%) and Freddie Mac (OTCQB:FMCC -2.1%) what he recently did for immigration (i.e. end a legislative stalemate by making an executive order).
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TILA-RESPA Video; Update on CFPB's Exams, Financial Condition and Civil Penalty Fund
youtube.com | December 14, 2014
Winston Churchill said, "There are a terrible lot of lies going around the world, and the worst of it is half of them are true." Figures don't lie, right? For folks who like lists, Yahoo, interestingly enough, picked up a story on the largest lenders and servicers out there. It is an interesting study in the momentum of non-bank players.
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Freddie Mac Announces Holiday Eviction Moratorium Between December 17, 2014 and January 2, 2015
sanfrancisco.cbslocal.com | December 14, 2014 
MCLEAN, VA--(Marketwired - Dec 9, 2014) - Freddie Mac (OTCQB: FMCC) today announced a nationwide suspension of eviction lockouts between December 17, 2014 and January 2, 2015. 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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5 Real Estate Investors Indicted For Fraud, Bid Rigging At East Bay Foreclosure Auctions
sanfrancisco.cbslocal.com | December 14, 2014 
SAN FRANCISCO (CBS SF) — Five real estate investors were indicted Wednesday on nine counts of fraud and illegally rigging bids at foreclosure auctions in Contra Costa County, officials at the Department of Justice said. The indictment charges real estate investors John Michael Galloway, Nicholas Diaz, Glenn Guillory, Thomas Joyce, and Charles Rock with participating in a conspiracy to defraud mortgage holders and others by rigging bids at foreclosure auctions.
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Getting a mortgage is about to get easier
foxct.com | December 10, 2014 
NEW YORK (CNNMoney) — For years now, if you didn’t have near perfect credit and a hefty 20% down payment, chances were slim that lenders would give you a mortgage. But that’s all about to change. That’s because Fannie Mae and Freddie Mac, the two government-backed mortgage giants that backstop a majority of all mortgages, have put new lending guidelines in place that should make it easier for borrowers to secure loans.
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Checks on way to Floridians who suffered mortgage abuses
realtime.blog.palmbeachpost.com | December 10, 2014 
Florida Attorney General Pam Bondi is expected to announce today that more than 14,000 Floridians who were clients of Ocwen Financial Corp. mortgage servicing will receive checks totaling $16 million this week.
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Deutsche Bank Sued for Tax Fraud; 3% Downpayments Make Comeback
americanbanker.com | December 10, 2014 
Shell Shock: Deutsche Bank is accused of owing the U.S. government more than $190 million in taxes, penalties and interest in a lawsuit filed Monday by federal prosecutors in Manhattan. The allegations against the German lender are pretty complicated, as the New York Times warns its readers. The basic charge is that back in 2000, Deutsche wanted to avoid paying capital gains taxes on the appreciated value of Bristol-Myers Squibb stock it had recently acquired—so it sold the shares to shell companies in a way that allowed it to dodge tax liabilities. "
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8 Critical Steps for First-Time Home Buyers
fool.com | December 7, 2014 
Even for experienced home buyers, the buying process can be a bit overwhelming. Not only must you choose a house, which is a major undertaking in and of itself, but you must also navigate negotiations, legal paperwork, appraisals, banks, and much more.
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What does securitization have to do with the foreclosure crisis?
avvo.com | December 7, 2014 
Securitization is the process by which mortgages are purchased, bundled together, and sold as stocks which are known as Residential Mortgage Backed Securities (RMBS). HUD created the first RMBS in 1970 and they were managed first by Ginnie Mae and later by Fannie and Freddie which approved the loans for securitization and sale to investors. RMBS were a good business at first, back when only prime loans were being securitized and I remember investing in a few myself.
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New York City: Aggressive "Broken Windows" Policing but Carte Blanche for Banksters
opednews.com | December 7, 2014 
New York City exemplifies two perverse criminal justice policies that drive many criminologists to distraction. It is the home of the most destructive epidemics of elite financial frauds in history. Those fraud epidemics hyper-inflated the housing bubble and drove the financial crisis and the Great Recession. The best estimate is that the U.S. GDP loss will be $21 trillion and that 10 million Americans lost their jobs. Both numbers are far larger in Europe.
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Justice Dept. Sets Fraud Recovery Record; Half of Amount Comes from Bank of America and Johnson & Johnson
sanfrancisco.cbslocal.com | December 7, 2014  
The Department of Justice under President Barack Obama has made it a priority to go after corporations for committing fraud and false claims, and officials have the dollar amounts from the settlements to show for it.
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5 Real Estate Investors Indicted For Fraud, Bid Rigging At East Bay Foreclosure Auctions
sanfrancisco.cbslocal.com | December 7, 2014 
SAN FRANCISCO (CBS SF) — Five real estate investors were indicted Wednesday on nine counts of fraud and illegally rigging bids at foreclosure auctions in Contra Costa County, officials at the Department of Justice said.
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Real Estate Investor Agrees to Plead Guilty to Bid Rigging
mortgagefraudblog.com | December 5, 2014 
Garry Wan, Concord, California, a Northern California real estate investor, has agreed to plead guilty for his role in conspiracies to rig bids and commit mail fraud at public real estate foreclosure auctions in Northern California.
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Virginia Beach doctor sentenced for loan fraud
fredericksburg.com | December 5, 2014 
NORFOLK — A Virginia Beach doctor convicted of defrauding lenders will spend nine years in prison. Irfan M. Jameel was sentenced Tuesday in U.S. District Court in Norfolk.
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Canadian households' $1.5 trillion debt; two thirds of which are home loans
mortgagebrokernews.ca | December 5, 2014 
TORONTO — Canadians continue to pile on debt and now collectively owe more than $1.5 trillion, according to the latest figures from Equifax Canada. The consumer credit rating agency says the level at the end of the third quarter was up 7.4 per cent from $1.409 trillion a year ago.
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Escrow Agent Sentenced for Investment Scheme
mortgagefraudblog.com | December 5, 2014 
Stephen J. Cormier, 42, Nokomis, Florida, the sole owner of a title insurance company, was sentenced by Senior U.S. District Judge Susan C. Bucklew to three years and five months in federal prison for his role in a conspiracy to commit wire fraud. As part of his sentence, the Court also entered a money judgment in the amount of $4.7 million, the proceeds of the fraudulent scheme.
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JPMorgan Is Said to Put Mortgage-Bond Trader on Leave
bloomberg.com | December 5, 2014 
JPMorgan Chase & Co. (JPM) put another of its mortgage-bond traders on leave, the latest in a string of suspensions amid regulatory scrutiny of the market, according to three people with knowledge of the move. The employee, Joshua Banschick, was told not to come in during the past week, said the people, who asked not to be named because the decision wasn’t public.
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Understanding Securitization & Foreclosure
getoutofdebtfree.org | December 5, 2014 
Bank A issues a mortgage to ME to purchase a house. Two documents are produced, a promissory note and a trust deed. The trust deed is essentially the title of the property that is held in trust until the promise to repay the loan (promissory note) is satisfied. Once the loan is paid in full Bank A releases its claim on the Trust deed and ownership passes in full to ME.
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