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February 2012 Article Archive

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Goldman Sachs, Wells Fargo May Face SEC Charges Over Mortgage Bonds
nasdaq.com | Feb 29, 2012
Goldman Sachs Group Inc. (GS) and Wells Fargo & Co. (WFC) have been warned by federal regulators that they may face enforcement action related to their sales of mortgage-backed securities that played a major role in the 2008 financial crisis.
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Bank Of America's $8.5 Billion Mortgage Settlement Back In State Court
4-traders.com | Feb 28, 2012
In a win for Bank of America Corp. and Bank of New York Mellon Corp., an appeals court decided a $8.5 billion settlement reached with mortgage-backed securities investors should be a matter of state rather than federal court.
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Freddie Mac Announces Third $1 Billion Multifamily Securities Offering This Year, K-017
bradenton.com | Feb 28, 2012
Freddie Mac (OTC: FMCC) today announced a new offering of Structured Pass-Through Certificates ("K Certificates"), which are multifamily mortgage-backed securities. The company expects to offer approximately $1.1 billion in K Certificates ("K-017 Certificates"), which are expected to price the week of February 27, 2012, and settle on or about March 20, 2012.
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Proposed $8.5B BofA Mortgage Settlement Returned to State Court
foxbusiness.com | Feb 27, 2012
Bank of America Corp won a victory when a U.S. appeals court ruled that a proposed $8.5 billion settlement with investors in mortgage-backed securities should be reviewed in New York state court, not federal court.
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Examining Risk-taking Incentives of Bank CEOs Prior to Financial Crisis
infozine.com | Feb 27, 2012
In the wake of the financial crisis of 2008-09, public officials implemented policies to restrict and monitor the pay of the financial executives who “got us into this mess” with their “greed and excessive risk-taking.” Of course, these policies were based on the assumption that corporate risk-taking can be controlled by adjusting the incentives in executives’compensation contracts.
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Wells Fargo Seeks to End Mortgage-Repurchase Duties as Trustee
businessweek.com | Feb 24, 2012
Wells Fargo & Co.’s mortgage-bond trustee division is planning to hand its duties to investigate soured home loans and pursue lender repurchases to other companies, in a move meant to address the appearance of conflicts of interests, an executive said.
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MBS 'Putback' Investors Target Big Issuers
abalert.com | Feb 24, 2012
State and federal officials will aggressively investigate misconduct in the bundling of mortgages into securities following a settlement with banks over foreclosure abuses, the New York and Delaware attorneys general said.
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Mortgage securitization probe expands
delawareonline.com | Feb 23, 2012
State and federal officials will aggressively investigate misconduct in the bundling of mortgages into securities following a settlement with banks over foreclosure abuses, the New York and Delaware attorneys general said.
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FHFA Submits Plan Envisioning GSE Drawdown, 'Market Of The Future'
mortgageorb.com | Feb 22, 2012
The Federal Housing Finance Agency (FHFA) yesterday presented a plan to Congress that emphasizes the development of a new, unified secondary marketing platform that will accommodate private investors and minimize - or eliminate - the roles of government-sponsored enterprises (GSEs) Freddie Mac and Fannie Mae.
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Pimco Said to Quit Mortgage Bond Group
bloomberg.com | Feb 22, 2012
Pacific Investment Management Co. is quitting the American Securitization Forum (0150170D) after the trade group declined to issue a statement about investors’ views on the nationwide foreclosure settlement this month by five banks, two people with knowledge of the matter said.
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Syncora Guarantee Sues EMC Over Mortgage-Backed Securities
online.wsj.com | Feb 21, 2012
New York's attorney general on Friday accused some of the nation's largest banks of deceit and fraud in using an electronic mortgage registry that he said puts homeowners at a disadvantage in foreclosures while saving banks over $2 billion.
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NY's U.S. Bankruptcy Court Rules MERs Illegal
huffingtonpost.com | Feb 20, 2012
United States Bankruptcy Judge Robert Grossman has ruled that MERS's business practices are unlawful. He explicitly acknowledged that this ruling sets a precedent that has far-reaching implications for half of the mortgages in this country. MERS is dead. The banks are in big trouble. And all foreclosures should be stopped immediately while the legislative branch comes up with a solution.
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Bank Mortgage Probes Will Proceed, New York and Delaware Say
bloomberg.com | Feb 17, 2012
State and federal officials will aggressively investigate misconduct in the bundling of mortgages into securities following a settlement with banks over foreclosure abuses, the New York and Delaware attorneys general said.
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Freddie Mac pitches REO plan to mortgage-bond investors
reuters.com | Feb 17, 2012
Freddie Mac has begun talks with institutional mortgage-bond investors interested in buying hundreds of distressed single-family residential properties across the US in order to convert them to rental units, according to people with knowledge of the discussions.
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BofA Mortgage Securities Case Still Winding Its Way Through Courts
insurancejournal.com | Feb 16, 2012
Legal wrangling over the proposed $8.5 billion settlement of some of Bank of America Corp.’s mortgage-backed securities liability could drag through the courts for years, a top appeals court judge said during arguments in the case.
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JPMorgan, HSBC, Deutsche Bank, Synccora, BofA, Citigroup in Court News
bloomberg.com | Feb 16, 2012
Switzerland’s biggest bank, sought immunity from prosecution by Canadian regulators probing a potential conspiracy to rig the price of derivatives globally, three people with knowledge of the inquiry said.
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BofA Seeks to Change Venue on $8.5 Billion Mortgage Deal
news.businessweek.com | Feb 15, 2012
Bank of America Corp. and a group of investors that reached an $8.5 billion mortgage-bond settlement with the bank are seeking to overturn a ruling that kept the deal before a federal judge for review.
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Syncora Guarantee Claims Fraud by EMC in Mortgage-Backed Securities Suit
bloomberg.com | Feb 15, 2012
Guarantee Inc. sued JPMorgan Chase & Co.’s EMC Mortgage unit over mortgage-backed securities, alleging fraud and breach of contract in a lawsuit filed in New York state court.
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Banks May Need to Invite in Mortgage Abuse Task Force
americanbanker.com | Feb 14, 2012
Announcing the $25 billion settlement over foreclosure practices last week, President Obama made a point of reminding everyone his administration recently created a task force to investigate possible misconduct by banks involved in mortgage origination and securitization.
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Wisconsin joins $25 billion mortgage settlement
wisbar.org | Feb 14, 2012
On February 9, 2011, at a press conference in Washington D.C., an historic $25 billion settlement agreement involving the mortgage servicing industry was announced.
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Is the $25 Billion Foreclosure Settlement a Stealth Bank Bailout?
business.time.com | Feb 13, 2012
Thursday’s $25 billion foreclosure settlement received praise from some consumer groups, but the reaction was not all positive. One detail of the deal that has raised questions and concerns is reports that the five major U.S. banks will get credit for principal reduction of mortgages they do not own. While the fine print of the plan has yet to be released, mortgage investors fear they will be forced to write down the value of their holdings.
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Bank's mortgage registry under increasing scrutiny
unionleader.com | Feb 13, 2012
Mortgage Electronic Registration System (MERS) Inc. wasn't a party to the federal-state foreclosure settlement with five big banks this week, but its practices have raised the ire of county registrars.
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New Obama Settlement Does NOT Preclude Homeowners From Suing Banks and/or MERS!
certifiedforensicloanauditors.com | Feb 10, 2012
This Obama agreement will not stop you from filing your individual lawsuit in reference to any of the fraud involved in your particular case. Scroll down to the 16th paragraph, the last 2 sentences about filing individual lawsuits and MERS. This agreement between Obama and the banks only makes the banks admit to the fraud and could hurt them and not help them. It will help the banks if you the homeowner accept the agreement.
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US banks still face legal claims after settlement
reuters.com | Feb 10, 2012
A landmark $25 billion settlement over foreclosure abuses will allow large banks to resolve one piece of their mortgage-related problems. But it still leaves them exposed to a wide range of lawsuits and other claims related to the housing crisis.
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Duplicitous Mortgage Settlement Deal
opednews.com | Feb 10, 2012
What major media scoundrels call relief is, in fact, business as usual coverup and fraud. Ellen Brown 's important writing explained. Obama pushed hard to get state attorneys general to settle for a fraction of stolen wealth, but it's worse than that. More on the announced deal below.
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N.Y. AG's new MERS suit: Where are the MBS investors?
newsandinsight.thomsonreuters.com | Feb 7, 2012
After New York Attorney General Eric Schneiderman filed his new complaint against JPMorgan Chase, Bank of America, Wells Fargo, and the Mortgage Electronic Registry System, I got an email from the AG's spokesman. "Looking forward to your story on the MERS lawsuit in the wake of your inaccurate conjecture this week," it said, referring to my column expressing skepticism that the recently-announced joint mortgage-backed securities task force will accomplish more than the individual task force members have.
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NY AG Schneiderman sues banks, accusing them of deceit in use of electronic mortgage registry
washingtonpost.com | Feb 6, 2012
New York’s attorney general on Friday accused some of the nation’s largest banks of deceit and fraud in using an electronic mortgage registry that he said puts homeowners at a disadvantage in foreclosures while saving banks over $2 billion.
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Freddie Mac’s Regulator Says Trades Were Shut Down Because They Were “Risky”
propublica.org | Feb 3, 2012
Freddie Mac’s regulator gave new detail today on why it halted the company’s controversial trades in complex mortgage-backed securities last year. In a letter to Senator Robert Casey (D-Pa), the Federal Housing Finance Agency said the trades were risky and required specialized risk management.
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5 Booming Bank Stocks Poised to Fall
forbes.com | Feb 8, 2012
After the amazing year-to-date run for bank stocks through last Friday’s strong employment report, which, according to Deutsche Bank analyst Greg Poole provided “further evidence the economy is entering into a self-sustaining, self-reinforcing expansion whereby rising job growth creates the requisite income to fuel consumer spending,” the market’s eyes this week will turn back to the dreadful mortgage mess.
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Attorney General announces major lawsuit
hvpress.net | Feb 8, 2012
Attorney General Eric T. Schneiderman has filed a lawsuit against several of the nation’s largest banks charging that the creation and use of a private national mortgage electronic registry system known as MERS has resulted in a wide range of deceptive and fraudulent foreclosure filings in New York state and federal courts, harming homeowners and undermining the integrity of the judicial foreclosure process.
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$698 Million Class Can Sue Goldman
courthousenews.com | Feb 7, 2012
A $698 million class action against Goldman Sachs will proceed, after a federal judge certified a class arising "out of a single offering ... of certificates derived from a pool of securitized fixed-rate, second-lien home mortgages."
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N.Y. AG's new MERS suit: Where are the MBS investors?
newsandinsight.thomsonreuters.com | Feb 7, 2012
After New York Attorney General Eric Schneiderman filed his new complaint against JPMorgan Chase, Bank of America, Wells Fargo, and the Mortgage Electronic Registry System, I got an email from the AG's spokesman. "Looking forward to your story on the MERS lawsuit in the wake of your inaccurate conjecture this week," it said, referring to my column expressing skepticism that the recently-announced joint mortgage-backed securities task force will accomplish more than the individual task force members have.
Read More

NY AG Schneiderman sues banks, accusing them of deceit in use of electronic mortgage registry
washingtonpost.com | Feb 6, 2012
New York’s attorney general on Friday accused some of the nation’s largest banks of deceit and fraud in using an electronic mortgage registry that he said puts homeowners at a disadvantage in foreclosures while saving banks over $2 billion.
Read More

Freddie Mac’s Regulator Says Trades Were Shut Down Because They Were “Risky”
propublica.org | Feb 3, 2012
Freddie Mac’s regulator gave new detail today on why it halted the company’s controversial trades in complex mortgage-backed securities last year. In a letter to Senator Robert Casey (D-Pa), the Federal Housing Finance Agency said the trades were risky and required specialized risk management.
Read More

NY Attorney General Slaps Fresh Mortgage Lawsuits On BofA, JPMorgan, Wells Fargo
forbes.com | Feb 3, 2012
When it rains it pours, they say, and when it comes to banks and the mortgage mess it has been pouring for five years straight. The latest storm comes from the office of New York State Attorney General Eric Schneiderman, which charged several major U.S. banks with executing a range of “deceptive and fraudulent” foreclosure filings through the creation and use of MERS, a private national mortgage electronic registry system.
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New task force to investigate mortgage-backed securities
pbs.org | Feb 2, 2012
Back in April of last year, we reported on the case of Charlie Engle, a professional ultra-marathoner who had been convicted and sentenced to prison time for lying on mortgage applications. It was a story originally reported on by New York Times columnist Joe Nocera, who questioned why the government had gone to such great lengths to prosecute Engle, while the lenders and banks responsible for the subprime mortgage crisis had not faced criminal punishment.
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Getting to the Bottom of the Housing Crisis
americanprogress.org | Feb 1, 2012
Talk about critical timing. President Barack Obama’s newly formed mortgage crisis working group within the Department of Justice is charged with investigating fraud in the home mortgage market that led to the housing and financial crises and the Great Recession.
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