Australia’s Bendigo & Adelaide Plans Up to A$750 Million RMBS
businessweek.com | February 28, 2014
Australian regional lender Bendigo & Adelaide Bank Ltd. (BEN) is planning a mortgage-bond deal of as much as A$750 million ($672 million) later this year following a A$500 million offering this week.
Glaski Court Refuses to Depublish Decision, Two Judges Recuse Themselves
livinglies.wordpress.com | February 28, 2014
Corroborating what I have been saying for years on this blog, the Supreme Court of the state of California is reasserting its position that if entity ABC wants to collect on a debt in California, then that particular entity must own the debt.
Moving Past Mortgages, Banks Plunge into New Products, Industries
cbsnews.com | February 27, 2014
There was a time when banking was all about taking deposits, lending money and helping companies raise capital. That's changed -- something that became abundantly clear during the mortgage crisis and the Great Recession.
Freddie Mac Profit Moves U.S. Housing Bailout further into Black
generalholding.co | February 27, 2014
WASHINGTON (GENERAL HOLDING LLC) – Freddie Mac said on Thursday it will soon send the U.S. Treasury a $10.4 billion dividend after posting a ninth straight quarterly profit, putting taxpayers further into the black on their bailout of the mortgage giant.
New Jersey at Foreclosure Epicenter
newjerseynewsroom.com | February 27, 2014
Remember that recovery that you’ve been hearing about in the housing market? I’m afraid there’s no sign of it in our state.
Corrupt Broker Slammed over Mortgage Scam
bridgingandcommercial.co.uk | February 27, 2014
A mortgage broker has been severely disgraced in legal proceedings for his fraudulent conduct.
Jefferies Executive Tells Jury Lying to Clients Improper
businessweek.com | February 27, 2014
A colleague of former Jefferies & Co. bond trader Jesse Litvak, who is on trial in Connecticut for fraud in the trading of mortgage-backed securities, testified that it’s against the firm’s policy to lie to clients.
Bank of America Under Investigation for US Mortgage Fraud
newstrue.org | February 27, 2014
US federal authorities are investigating the Bank of America for potentially violating rules related to the Federal Housing Administration’s Direct Endorsement Program (FHADEP).
Another Wall Street Firm seems set to Buy its Way out of a Legal Jam
latimes.com | February 27, 2014
When is a crime not a crime? Apparently when it happens on Wall Street. Ever since the financial meltdown of 2007, prosecutors and market regulators have struggled with how to handle evidence of a wide range of chicanery by Wall Street financial firms and banking giants — most of which are flourishing again, by the way, while American workers continue to struggle with high unemployment, high underemployment and stagnant wages.
Bank of America Disputes Massive Mortgage Fraud Penalties
finance.yahoo.com | February 27, 2014
NEW YORK (Reuters) - Bank of America Corp (BAC) said it does not owe the U.S. government the $2.1 billion it is seeking in penalties after a jury found the bank liable for fraud over defective mortgages sold by its Countrywide unit, according to a court filing made on Wednesday.
Morgan Stanley Agrees to Pay $275 Million to End SEC Probe
businessweek.com | February 26, 2014
Morgan Stanley (MS:US) agreed to pay the U.S. Securities and Exchange Commission $275 million to resolve a probe into the sale of subprime mortgage-backed securities in 2007.
Chase puts Homeowners Through the Ringer
sanduskyregister.com | February 25, 2014
Jack and Ginny Ralston’s problems with their Chase Bank mortgage started three years ago when they separated for a year due to marital difficulties. Because supporting two household caused a severe strain on their budget, Ginny, who remained in the home during the separation, reached out to Chase for mortgage relief.
New York's U.S. Bankruptcy Court Rules MERS's Business Model is Illegal
huffingtonpost.com | February 24, 2014
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.
First Circuit Rejects "Robo-signing" Allegation as Basis to Challenge Assignment of Mortgage
lexology.com | February 24, 2014
Mortgagors argued that they had standing to challenge the assignment of mortgage from Mortgage Electronic Registrations Systems, Inc. (MERS) to HSBC Mortgage Services, Inc. (HSBC) because they alleged in their complaint that the assignment was, inter alia, fraudulent and thus, void, because it was "robo-signed."
Justices to Assess Penalties for Subprime Mortgage Fraud
scotusblog.com | February 24, 2014
The Court has considered surprisingly few cases arising directly out of the subprime mortgage crisis, but it will get one in February in Robers v. United States, in which it will consider the proper amount of restitution due from a defendant convicted of wire fraud related to a home mortgage loan.
Hedge Fund Takes $1.3 Billion Position in Fannie Mae and Freddie Mac
dailyfinance.com | February 24, 2014
Fannie Mae and Freddie Mac experienced an incredible run in 2013—and a hedge fund known for its success has voted with its dollars that the streak will continue into 2014 and beyond.
4-Fannie Mae Profits Push Taxpayers into Black on Housing Bailout
online.wsj.com | February 20, 2014
WASHINGTON, Feb 21 (Reuters) - Fannie Mae said on Friday it would soon send the U.S. Treasury a dividend of $7.2 billion that will make taxpayers whole for the 2008 bailout of the mortgage-financing giant and its sibling company Freddie Mac.
7 Jaw-Dropping Numbers from the Fannie Mae Earnings Report
fool.com | February 24, 2014
On Friday, Fannie Mae (NASDAQOTCBB: FNMA ) reported its earnings for the fourth quarter and full year of 2013. The government-sponsored entity continued its recovery after the collapse of the housing market, with pre-tax income of $8.3 billion, the eighth quarter in a row it was in the green.
Fannie Mae, Freddie Mac Dividend Payments to Surpass Government Aid
valuewalk.com | February 24, 2014
Fannie Mae / Federal National Mortgage Association (OTCBB:FNMA) proposes to pay $7.2 billion as a profit-related dividend to the U.S. Treasury, turning the mortgage bailout into a profitable venture for taxpayers.
The Government's Going to Make a Profit on the Fannie/Freddie Bailout
slate.com | February 24, 2014
At the depths of the economic downturn, the federal government nationalized Fannie Mae and Freddie Mac and continued to make good on their debt obligations via a tremendously expensive and broadly unpopular bailout.
Citi Preps Securitization of Seasoned Home Loans
nationalmortgagenews.com | February 24, 2014
Five classes of Citigroup Mortgage Loan Trust 2014-A received preliminary investment-grade ratings ranging from AA(sf) to BBB(sf), and one tranche received a speculative grade preliminary rating of B(sf), according to Standard & Poor's and DBRS reports. The deal has one senior class with a 4% interest rate, one interest-only class, and five subordinate classes with roughly a 5.44% interest rate, according to S&P.
Fannie Mae Prices $1.23 Billion Multifamily DUS REMIC (FNA 2014-M2) Under Its Fannie Mae GeMS(TM) Program
online.wsj.com | February 20, 2014
WASHINGTON, Feb. 19, 2014 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) priced its second Multifamily DUS(R) REMIC in 2014 totaling $1.23 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on February 12, 2014.
Ocwen MSR Securitization Prices under Expectations
housingwire.com | February 20, 2014
The latest capital markets plan from Ocwen Financial Corp. (OCN) to sell securitized mortgage-servicing rights to investors priced under expectations.
Freddie Mac Offering Cash Incentives to Home Buyers and Real Estate Agents in 23 States
realtytoday.com | February 20, 2014
Freddie Mac, the government-backed lending giant, will reportedly pay cash incentives to home buyers and real estate agents in 23 target states, who sell or list a foreclosed home owned by the firm. The incentive will be given once the home sells, according to several news reports.
Court Approves Lehman Settlement with Freddie Mac
washingtonpost.com | February 20, 2014
A U.S. Bankruptcy Court judge has approved Lehman Brothers Holdings Inc.’s $767 million settlement with Freddie Mac — an agreement that releases hundreds of millions of dollars to return to the failed investment bank’s creditors.
Newly Released Treasury Dept Memo Reveals Holders of Fannie Mae and Freddie Mac Stock Unable to Access Future Earnings
nicedeb.wordpress.com | February 20, 2014
A recently uncovered memo to Treasury Secretary Tim Geithner reveals that he approved a policy that ensures that the “existing common equity holders will not have access to any positive earnings from the G.S.E.’s in the future.” Experts say this previously undisclosed arrangement could violate securities laws and amounts to a de facto nationalization of the companies.
Mortgage Relief Project to Hold Meeting
jg-tc.com | February 20, 2014
CHAMPAIGN -- The Mortgage Relief Project, which is a part of the Illinois Foreclosure Prevention Network established by Gov. Pat Quinn, can help homeowners take advantage of programs to help lower a mortgage, avoid foreclosure and keep your home.
FDN Attorneys Obtain Dismissal of 9th Case in New Jersey; Rhode Island Court Permits Homeowners to Attack MERS Assignment
foreclosuredefensenationwide.com | February 20, 2014
For the 9th time, FDN attorneys in New Jersey have obtained a dismissal of a foreclosure action which was originally filed by foreclosure mill Zucker Goldberg and Ackerman, but with the case being later transferred to foreclosure mill Phelan Hallinan.
Fannie Mae, Freddie Mac Litigation Heating Up
valuewalk.com | February 19, 2014
Plaintiffs in the Federal National Mortgage (OTCBB:FNMA) litigation are requesting discovery to prove some of the claims made by Treasury in their briefs asking for dismissal of the case are accurate (this was IMO a large tactical error by the gov’t). I have long opined that this case not only does not go to trial but will not pass the discovery stage. Why?
Government Restricting Returns To Fannie Mae, Freddie Mac Shareholders
valuewalk.com | February 19, 2014
Investors in Fannie Mae / Federal National Mortgage Association (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) common stock may have had their fate sealed on December 20, 2010.
Credit Suisse Waits for $11 Billion Answer in N.Y. Fraud Suit
businessweek.com | February 19, 2014
As Credit Suisse Group AG (CSGN) sees it, time has run out on New York Attorney General Eric Schneiderman’s pursuit of Wall Street banks for mortgage fraud that helped trigger the financial crisis.
Lehman Seeks OK for $767M Settlement with Freddie Mac
tulsaworld.com | February 16, 2014
Lehman Brothers Holdings Inc. asked a judge to approve a $767 million settlement with Freddie Mac to pay off a $1.2 billion bankruptcy claim, one of the biggest remaining against the defunct bank.
New Report Reveals That 3 Million Homeowners Have Benefited from HARP
loansafe.org | February 16, 2014
(Source: FHFA) – The Federal Housing Finance Agency (FHFA) announced today that the Home Affordable Refinance Program (HARP) has reached a significant milestone: more than 3 million homeowners have now refinanced their mortgages through the program.
Lehman Settles with Freddie Mac over $1.2 Billion Claim
reuters.com | February 16, 2014
(Reuters) - Lehman Brothers Holdings Inc settled with Freddie Mac (FMCC.OB) a $1.2 billion claim, freeing up millions of dollars which will be available for distribution to the bank's creditors.
AG Settles Robo-Signing Case
8newsnow.com | February 16, 2014
LAS VEGAS -- Nevada's Attorney General has settled with a company that processed foreclosures over allegations of robo-signing, which is the robotic process of signing documents without items in the documents being verified.
Nevada AG takes Deal in Lender Fraud Civil Lawsuit
washingtonpost.com | February 16, 2014
LAS VEGAS — Nevada took a settlement Friday and dropped a consumer-fraud lawsuit against a mortgage services firm that state Attorney General Catherine Cortez Masto had accused of orchestrating a massive illegal “robosigning” scheme.
Nevada Judge Sanctions State AG In Robosigning Suit
jdsupra.com | February 16, 2014
On January 30, Nevada’s Clark County District Court ordered the State AG to pay attorneys’ fees in connection with a mortgage servicing vendor’s attempts to obtain discovery in the state’s case alleging the company facilitated fraudulent residential foreclosures, including through so-called “robosigning” tactics.
More Reason for Fannie Mae and Freddie Mac Shareholders to Be Afraid
fool.com | February 16, 2014
Fannie Mae (NASDAQOTCBB: FNMA ) and Freddie Mac (NASDAQOTCBB: FMCC ) have seen their stock prices rise by almost 950% over the last year -- but recent congressional action reveals the future may not be so bright.
Nevada AG Ordered to Pay Black Knight in Robosigning Lawsuit
housingwire.com | February 13, 2014
Most mortgage firms sued by Nevada's Attorney General Catherine Cortez Masto decide to settle. Deutsche Bank (DB) settled for $11.5 million. The Royal Bank of Scotland (RBS) settled for $42 million.
BofA, Goldman Among Banks Facing $16 Billion in Fines
marketwatch.com | February 13, 2014
NEW YORK (MarketWatch) — The settlements of lawsuits so far with major banks pave the way for some $16 billion in additional penalties to be paid by banks including Bank of America and Goldman Sachs Group over mortgage securities sold to government-seized housing giants Fannie Mae and Freddie Mac.
Banks Loosening Mortgage Lending Standards
thestreet.com | February 13, 2014
NEW YORK (TheStreet) -- The decline in mortgage activity in the United States continued in January and big banks, including Wells Fargo (WFC) and JPMorgan Chase (JPM) are responding by lowering their underwriting standards.
Deposit Insurance and U.S. Bank Credit Default Swap Trading Volume, 2010-2013
seekingalpha.com | February 13, 2014
A number of authors have suggested that credit default swap pricing be used as a basis for setting deposit insurance premiums for banking firms. We examine this proposal in this note, the fifth of a semiannual series of reports on credit default swap trading in U.S. bank and bank holding company reference names.
N.Y. Judge: Mortgage Securitization was not Racketeering Scheme
blogs.reuters.com | February 13, 2014
Did you happen to see the complaint Better Markets filed yesterday in federal court in the District of Columbia, accusing the Department of Justice of obfuscating the facts behind its $13 billion settlement with JPMorgan Chase?
Fourth Circuit Holds Fannie Mae, Freddie Mac Exempt From Local Transfer, Recordation Taxes
jdsupra.com | February 13, 2014
On January 27, the U.S. Court of Appeals for the Fourth Circuit upheld a district court decision and held that Fannie Mae and Freddie Mac are exempt from state and local real estate transfer taxes.
Big Bank FAIL - Judge Rules BOA Foreclosures Unconstitutional
youtube.com | February 13, 2014
Susanne Posel, Chief Editor at The US Independent joins Gary Franchi to break down her investigation onto the recent ruling against Bank of America's unconstitutional foreclosures...and what it means for you.
What is a Pooling and Servicing Agreement (PSA) in the Mortgage Industry?
nolo.com | February 11, 2014
A Pooling and Servicing Agreement (PSA) is the legal document that lays out the rights and obligations of certain parties over a pool of securitized mortgage loans. Read on to learn more about what a “securitized” mortgage loan is, how mortgage loans are securitized, and how the PSA relates to the securitization transaction.
Judge Overturns Bank of America Foreclosure
slog.thestranger.com | February 11, 2014
Here's some great news: Marysville's Jacob Bradburn, a 32-year-old crane operator, won a pre-trial summary judgement against Bank of America last week overturning his 2009 foreclosure. Snohomish County Superior Court judge George Bowden ruled that Bank of America's actions had been "unfair and deceptive" and voided the foreclosure.
Who'll Back Mortgages: Investors, Banks Or Taxpayers?
news.investors.com | February 10, 2014
The health of the real estate market improved markedly in 2013, yet mortgage lending and the securitization of loans are still on government life support.
Regulators Fear More Bad Mortgage Practices
money.cnn.com | February 10, 2014
You may have gotten a mortgage through the local branch of one of the megabanks, but did you know there's a good chance your bank turned around and sold the rights to service your loan to somebody else?
NY Regulator Stops Ocwen-Wells Fargo Deal
thenewstribune.com | February 10, 2014
New York’s top bank regulator has indefinitely halted Ocwen Financial Corp.’s purchase of the right to collect payments on a portfolio of mortgages from Wells Fargo & Co., a person familiar with the matter said on Thursday.
News About Foreclosure Fraud Expose Stop the Banking Mortgage Fraud
youtube.com | February 9, 2014
60 Minutes Mortgage Fraud Exposed on CBS
youtube.com | February 9, 2014.
Property Rights Gone Wrong
huffingtonpost.com | February 9, 2014
Most mortgages in America are now backed by our government. And in order for a bank to get that backing from our government it must fill two criteria.
Nationwide Tries to Shaft one of our Service Members While on Active Duty Risking his/her Life for all Americans!
FEDS send our servicemen overseas to die for us while the FED courts let BANKSTERS steal their homes!
Fannie, Freddie Buy Too Many Shaky Loans: Audit
cutimes.com | February 9, 2014
An audit from Federal Housing Finance Agency's inspector general has charged Fannie Mae and Freddie Mac with overriding a system designed to protect the quality of loans they purchased and buying questionable loans.
Freddie Mac Sells $1 Billion of Securities Sharing Default Risks
businessweek.com | February 9, 2014
Freddie Mac sold $1 billion of securities in the government-controlled mortgage-finance company’s largest offering of bonds whose buyers share in its risks from homeowner defaults.
Corruption: New Jersey - Former Mayor of Manalapan Arrested on Mortgage Fraud, Identity Theft, and Obstruction of Justice Charges
ionglobaltrends.com | February 9, 2014
TRENTON, NJ—The former mayor of Manalapan, New Jersey was arrested today on charges that he submitted falsified 2007 and 2008 tax returns in order to purchase a farm property in Manalapan and that he provided federal investigators and a federal grand jury with a fabricated document in 2013, U.S. Attorney Paul J. Fishman announced.
GSE Shareholders Demand Respect
seekingalpha.com | February 9, 2014
Ralph Nader and the Center for Study of Responsive Law have recently started a new petition seeking rights for Fannie Mae (OTCQB:FNMA) and Freddie Mac (OTCQB:FMCC) shareholders. Additionally, they held a forum in Washington DC on Wednesday, February 5th. Nader has been a shareholder activist in the GSE common shares for many years. Now that the companies are 98.9% of the way to paying back taxpayers, I'd expect Nader and others to ramp up their activist efforts.
Mortgage Electronic Registration Systems (MERS) v Robinson | MERS GETS ITS ASS KICKED IN CALIFORNIA COURT! NOT A BENEFICIARY!
stopforeclosurefraud.com | February 3, 2014
Big Bank FAIL: Judge Rules Foreclosure Unconstitutional
occupycorporatism.com | February 3, 2014
Judge George N. Bowden of the Superior Court in Washington State ruled against Bank of America (BoA) in a foreclosure battle that ended with the “nonjudicial foreclosure sale under the Deed of Trust Act (DTA) [deemed] void” and the court setting the foreclosure aside.
Nevada AG Sanctioned in Lender Fraud Civil Lawsuit
sfgate.com | February 2, 2014
LAS VEGAS (AP) — A Nevada judge has ordered the state to pay legal costs that could amount to hundreds of thousands of dollars to a mortgage-services company that state Attorney General Catherine Cortez Masto accused of consumer fraud and engaging in an illegal "robosigning" scheme.
MERS v Robinson: MERS Loses Quiet Title Case in California
halfwaytoconcord.com | February 2, 2014
In MERS v Robinson, handed down Jan 28, 2014, the Central California District Court dismissed MERS (Mortgage Electronic Registration System) claims that it holds claim to the defendant’s property title instead of the Lender.
Justice Dept. says Bank of America Should be Fined $2.1 Billion for Mortgage Fraud
jhaines6.wordpress.com | February 2, 2014
The United States government is now seeking $2.1 billion in fines from Bank of America for selling fraudulent loans that precipitated the Great Recession, more than double the amount it initially sought last year.
Fitch: NY Approval of Mortgage Settlement Positive for BAC
reuters.com | February 2, 2014
CHICAGO, January 31 (Fitch) Today's decision by a New York State Supreme Court judge to approve the terms of a settlement between private-label mortgage securitization investors and Bank of America (BAC) is positive for the bank's credit profile, if not successfully appealed with respect to loan modifications, according to Fitch Ratings.
Credit Suisse Brings Fourth Jumbo RMBS to Market
housingwire.com | February 2, 2014
Credit ratings agency DBRS assigned mostly triple-A to a prime, jumbo residential mortgage backed securitization issued by Credit Suisse [CS]. The trust is called CSMC Trust 2014-IVR1. The triple-A credit enhancement is 6.85%.
BofA $8.5 Billion Mortgage Bond Pact gets Court Approval
northjersey.com | February 2, 2014
Bank of America Corp.'s proposed $8.5 billion settlement with mortgage-bond investors including BlackRock Inc. and Pacific Investment Management Co. was approved by a New York state judge, except to the extent the pact releases some loan modification claims.
Freddie Mac ARM Survey – Hybrid ARMs Remain Popular Loans Among Borrowers
businessinsider.com | February 2, 2014
On Tuesday, mortgage buyer Freddie Mac released the results of its latest Annual Adjustable Rate Mortgage Survey, its 30th such study covering prime loan products offered to consumers.
A Wall Street Invention That Almost Blew Up the World Five Years Ago is Falling Out of Fashion
businessinsider.com | February 2, 2014
Going the way of scrunchies and jerry curls, credit default swaps (CDS) are falling out of fashion on Wall Street, reports Bloomberg's Mary Childs.
Regulators Seek Higher Penalty from BofA - Analyst Blog
nasdaq.com | February 2, 2014
The Federal authorities are now seeking $2.1 billion in penalties from Bank of America Corp. ( BAC ) for the sale of risky residential mortgage-backed securities (RMBS). The RMBS were sold by Countrywide Financial Corp., which was acquired by BofA in 2008, to Fannie Mae ( FNMA ) and Freddie Mac ( FMCC ).
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