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July 2015 Article Archive

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Bergeron v. New York Community Bank
justia.com | July 31, 2015
Osceola County Clerk of Court Armando Ramirez hired a company owned by a felon — convicted in a $64 million scam in the 1990s that stole money from the U.S. government — to review county mortgage records last year. Ramirez employed David Paul Krieger's company, DK Consultants LLC of San Antonio, in June 2014 and paid the company $34,500 to find out whether Wall Street banks had illegally foreclosed on hundreds of local homes, records show.
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In re Montierth
justia.com | July 31, 2015
Appellants filed a promissory note that was secured by a deed of trust on their property. At the time that Appellants defaulted, Respondent was the holder of the note and Mortgage Electronic Registration Systems, Inc. (MERS) was the beneficiary of the deed of trust securing the note. After Appellants filed for bankruptcy, MERS assigned its interest in the deed of trust to Respondent.
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Outfit Given "No-Bid" Contract By Central Florida Court Official To Conduct Forensic Audits Of Banksters' Mortgage Documents Recorded With County Was Owned By 1990's Anti-Government Felon Convicted In $64 Million Scam
orlandosentinel.com | July 28, 2015
Osceola County Clerk of Court Armando Ramirez hired a company owned by a felon — convicted in a $64 million scam in the 1990s that stole money from the U.S. government — to review county mortgage records last year. Ramirez employed David Paul Krieger's company, DK Consultants LLC of San Antonio, in June 2014 and paid the company $34,500 to find out whether Wall Street banks had illegally foreclosed on hundreds of local homes, records show.
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Chase Bank Ordered to Stop Collecting on 528,000 Accounts – Pay $50 Million to Consumers
skibalaw.com | July 28, 2015
On July 8, 2015 the Consumer Financial Protection Bureau (CFPB) and 47 states took action against Chase Bank for illegal debt collection activities involving the sale of delinquent accounts to third-party junk debt buyers.
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Freddie Mac Revives Cash Securitization With New Product
globest.com | July 27, 2015
McLEAN, VA—Last week Freddie Mac launched another new credit risk transfer product: a $300 million offering of guaranteed senior and unguaranteed subordinate actual loss securities structured in a cash securitization. It is another new product for the GSE, which along with Fannie Mae, has been experimenting with various offerings that push risk off of its balance sheet.
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Opposition Filed to BofA’s Appeal to Dismiss $1.27 Billion Mortgage Fraud Verdict
themreport.com | July 26, 2015
The U.S. government has filed an opposition to Bank of America's appeal to dismiss a $1.27 billion penalty in a mortgage fraud case, according to media reports. Bank of America was ordered to pay a $1.27 billion civil penalty by Judge Jed Rakoff of the U.S. District Court of the Southern District of New York in July 2014 as a result of the bank's alleged role in selling toxic mortgage-backed securities to Fannie Mae and Freddie Mac before the crisis.
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Government opposes Bank of America appeal in 'Hustle' case
charlotteobserver.com | July 26, 2015
A federal appeals court should not overturn a judge’s ruling that Bank of America pay $1.27 billion in penalties for defective mortgages sold in Countrywide Financial Corp.’s now-defunct “Hustle” program, the U.S. government says. On Wednesday, the government filed its opposition to Bank of America’s appeal of the penalties the federal judge imposed on it last year in the three-year-old case. The Charlotte bank was ordered to pay the penalties after a jury in 2013 found Countrywide Financial liable for knowingly selling bad home loans to mortgage giants Fannie Mae and Freddie Mac.
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Mortgage loans funded Orange County marijuana grow houses
wral.com | July 26, 2015
Durham, N.C. — The former chief executive officer of a Durham financial services company is one of three men in trouble with federal authorities and linked to a multi-million dollar marijuana ring. Jotham Walker Pruitt pleaded guilty to one count each of bank fraud, filing false tax returns and money laundering after allegedly buying multiple homes in Orange County that were turned into marijuana grow houses he operated along with Aubrey Pruitt and Dustin Fisher.
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Another NY state senator convicted of crime
oneidadispatch.com | July 26, 2015
NEW YORK (AP) A once-powerful New York politician was convicted Friday on charges he lied to the FBI in an attempt to obstruct a corruption investigation targeting him for embezzlement. A federal jury in Brooklyn reached the verdict after deliberating for about a week at the trial of state Sen. John Sampson.
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Even a "consumer" is entitled to due process
July 24, 2015
No residential mortgage loan and no extension of credit under an open end consumer credit plan secured by the principal dwelling of the *consumer may include terms which require arbitration or any other non-judicial procedure as the method for resolving any controversy or settling any claims arising out of the transaction.
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Valbuena Beat OCWEN
justia.com | July 24, 2015
Plaintiffs filed suit against Ocwen after their lender's purchase of their residence at a nonjudicial foreclosure sale, alleging that Ocwen violated Civil Code section 2923.6, the prohibition on "dual tracking" contained in the Homeowners Bill of Rights, when it conducted a foreclosure sale of plaintiffs' property while their loan modification application was pending. The trial court sustained Ocwen’s demurrer.
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Chase Bank Ordered to Stop Collecting on 528,000 Accounts – Pay $50 Million to Consumers
skibalaw.com | July 21, 2015
On July 8, 2015 the Consumer Financial Protection Bureau (CFPB) and 47 states took action against Chase Bank for illegal debt collection activities involving the sale of delinquent accounts to third-party junk debt buyers. After a thorough investigation the CFPB found that Chase Bank had done the following.
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CFPB Orders Citibank to Pay $700 Million in Consumer Relief for Illegal Credit Card Practices
consumerfinance.gov | July 21, 2015
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) has ordered Citibank, N.A. and its subsidiaries to provide an estimated $700 million in relief to eligible consumers harmed by illegal practices related to credit card add-on products and services. Roughly 7 million consumer accounts were affected by Citibank’s deceptive marketing, billing, and administration of debt protection and credit monitoring add-on products. A Citibank subsidiary also deceptively charged expedited payment fees to nearly 1.8 million consumer accounts during collection calls. Citibank and its subsidiaries will pay $35 million in civil money penalties to the CFPB.
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Paper Rape: The Untold Story of Foreclosure in America In Loving Memory of Linda James
piggybankblog.com | July 21, 2015
There is a story that has yet to be told. It is Linda’s story. It is a story of pain,suffering, loss, destruction and death. It is the story of the real casualties of the greatest financial scam in history told through the eyes of a foreclosure paralegal. It is the story of broken communities,families and lives that lay scattered like bodies on a battlefield, in the wake of financial schemes and taxpayer bailouts. It is the story that few want to face and even fewer are responding to. It is the story of foreclosure in America.
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Stop calling it Money - Who lends money that doesn't exist?
stage2omega.com | July 19, 2015
Here’s how they did it. At your closing, the mortgage company had you sign a “Promissory Note” in which you promised your sweat, your equity, full faith and credit against an unpaid balance. Then without your knowledge, the mortgage company sold your Promissory Note (your credit) to a warehousing institution such as Fannie Mae or Freddie Mac. The warehousing institution uses your Promissory Note (your credit) as collateral and generates loans to other people and corporations, with interest.
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JPMorgan Reaches $388 Mln Settlement In Mortgage Securities Lawsuit
nasdaq.com | July 19, 2015
(RTTNews.com) - JPMorgan Chase & Co. (JPM) agreed to pay $388 million to settle a suit by investors who claimed the bank misled them about the safety of $10 billion worth of residential mortgage-backed securities it sold before the financial crisis. Robbins Geller Rudman & Dowd LLP announced a $388 million recovery on behalf of a class of investors in nine 2007 residential mortgage-backed securities or MBS offerings issued by JPMorgan- bringing to a successful conclusion one of the last remaining MBS purchaser class actions arising out of the global financial crisis.
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Robbins Geller Rudman & Dowd Obtains $388 Million Recovery in J.P. Morgan MBS Class Action
marketwatch.com | July 17, 2015
SAN DIEGO, Jul 17, 2015 (BUSINESS WIRE) -- Robbins Geller Rudman & Dowd LLP announced a $388 million recovery on behalf of a class of investors in nine 2007 residential mortgage-backed securities (MBS) offerings issued by J.P. Morgan – bringing to a successful conclusion one of the last remaining MBS purchaser class actions arising out of the global financial crisis. The settlement represents, on a percentage basis, the largest recovery ever achieved in an MBS purchaser class action.
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Washington SC will Title Co Owes Duty to Homeowner not to Record Fraudulent Docs
justia.com | July 17, 2015
This case arose from a dispute between plaintiffs and Chicago Title over whether Chicago Title breached a duty of care to plaintiffs, causing damages, when it recorded unauthorized liens on Plaintiff CPIII's property. Because this appeal turns on an unresolved question of Washington law, the court certified the following question to the Washington Supreme Court: Does a title company owe a duty of care to third parties in the recording of legal instruments?
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Rescission Causing a Stir: NEXT WEEK! On the Neil Garfield Show
livinglies.wordpress.com | July 17, 2015
The question is what do you do after you have sent the notice of rescission? And that extends to rescissions that were sent years ago. There are many nuances here caused by State and Federal law. But one thing cannot denied: the rescission is effective by operation of law when it is mailed and nothing except another operation of law can change that.
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7 white lies that can hurt your homebuying chances
newsnet5.com | July 17, 2015
Getting a mortgage and buying a house involves a lot of money. And the answers you give on your mortgage application have a direct impact on how much money you’ll get approved for, or whether you’ll be able to get the loan in the first place. So it’s not surprising that some people may be tempted to fudge the facts just a bit.
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U.S. housing regulator paid law firms $373 million to sue banks
reuters.com | July 17, 2015
The Federal Housing Finance Agency disclosed on Thursday that it paid two law firms over $373 million since 2010 to pursue litigation against several banks over mortgage-backed securities sold to Fannie Mae and Freddie Mac before the financial crisis.
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Florida scores the biggest slice of $136 million JPMorgan Chase settlement
bizjournals.com | July 17, 2015
JPMorgan Chase has entered into a $136 million joint state-federal settlement, and Florida will receive the largest chunk of that payment, according to Attorney General Pam Bondi’s office.
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Arizona to get $3.1M under JPMorgan settlement
ifreepress.com | July 15, 2015
As part of the settlement, the bank and Chase Bankcard Services will pay $136 million to 47 states, the District of Columbia and the federal Consumer Financial Protection Bureau. Chase will pay more than $166 million in penalties to state and federal officials and $50 million in refunds to account holders. Further, the bank’s debt buyers can not resell debts purchased to other buyers.
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Rescission Update: The Notice and the Response
livinglies.wordpress.com | July 15, 2015
The challenge is getting people to accept the simplicity of the specific statutory procedures contained in the statutes governing TILA Rescission. The most common mistake I see is that the borrower justifies the rescission with all sorts of factual allegations in their notice of rescission. In so doing they may have set the stage for their undoing.
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U.S. Court of Appeals for the Ninth Circuit Summaries for July 15, 2015
justia.com | July 15, 2015
Foley v Biter: Petitioner, convicted of first degree murder and related charges, appealed the district court's order denying his motion for relief from judgment pursuant to F.R.C.P. 60(b)(6). Petitioner properly filed a petition for habeas corpus in federal district court in 2001; the district court denied the petition in 2004; and petitioner's counsel, forgetting that he represented petitioner, did not inform petitioner of the denial. Petitioner discovered that his petition was denied six years later when he sent a letter inquiring about his status.
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7 of Region's Nonprofits to Share $21 Million of Chase Settlement
heraldtribune.com | June 12, 2015
Seven Southwest Florida nonprofits will share a part of the $21.5 million that the state will collect in a settlement with Chase Bank over unlawful credit card debt-collection practices. Local agencies slated to receive funds include Gulf Coast Legal Services, Legal Aid of Manasota, Junior Achievement chapters in Manatee and Sarasota counties, Charlotte County Department of Human Services, Manatee Community Action Agency and Sarasota County Health and Human Services Business Center.
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Compelling Discovery and Explaining Why You want Answers
timothymccandless.wordpress.com | July 12, 2015
I have always said that these cases will be won in discovery. Discovery must of course be preceded by proper pleading. Typically borrowers ask all the right questions and get no answers. They are met with objections that are, to say the least, disingenuous. The motion to compel better answers or to overrule the objections of the party seeking foreclosure is the real battle ground, not the trial.
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Cosajay v. MERS - Homeowners Have the Right to CHALLENGE Assignments
July 12, 2015
Federal Court Judge John J. McConnell issued a decision in the Cosajay v. MERS case this week. This case provides the plaintiffs with an opportunity to over-turn thousands of home foreclosure cases and will be viewed as a watershed moment in foreclosure law. Judge McConnell's decision in the case puts to bed once and for all the contention that homeowners have no right to challenge fraudulent assignments appearing in their chain of title.
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Homeowner has standing to sue when assignments were withheld
July 12, 2015
This matter is before the Court on Plaintiff Eloisa Cosajay's objection to a Report and Recommendation (R&R) issued by Magistrate Judge Martin on June 23, 2011, in which he recommended that her mortgage foreclosure case be dismissed for lack of standing because she was not a party to the assignment documents that her lawsuit challenged.
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Supreme Court of California Case Notification for: S218973
appellatecases.courtinfo.ca.gov | July 12, 2015
Petition for review after the Court of Appeal affirmed the judgment in a civil action. The court limited review to the following issue: In an action for wrongful foreclosure on a deed of trust securing a home loan, does the borrower have standing to challenge an assignment of the note and deed of trust on the basis of defects allegedly rendering the assignment void?
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Mortgage Fraud, Forbearance and Foreclosure
dailymotion.com | July 7, 2015
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RBS to Pay $13 Billion as Settlement in MBS Case?
zacks.com | July 7, 2015
According to U.S. regulators, U.K. – based The Royal Bank of Scotland Group plc (RBS - Snapshot Report) might have to pay a total amount of $13 billion over presenting misleading information in the selling of mortgage-backed securities (MBS). The case is presently underway in the Connecticut court.
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Home buyers don’t catch break: U.S. mortgage rates rise again
bizjournals.com | July 7, 2015
As July begins to heat up America, home buyers are out in full force. But folks looking for record-low mortgage rates aren’t seeing them as those rates are on the upswing, according to Freddie Mac. The average 30-year fixed mortgage averaged 4.08 percent for the week ending July 2, up from 4.02 percent the previous week.
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Yarmouth mortgage fraud case leads to a fine, court costs of $50,025 against company
novanewsnow.com | July 7, 2015
YARMOUTH – A limited numbered company has been ordered by the court to pay $50,025 in a fine and court costs after a guilty plea was entered to a charge of defrauding financial institutions of money by submitting false mortgage applications. The offence against 3070763 Nova Scotia Limited (10304 Highway 3, Arcadia) dates back to having occurred between Jan. 20, 2006 and Aug. 3, 2009, although the charge was only sworn with the court on Feb. 4 of this year.
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First Circuit Holds Mortgagor Cannot Sue Mortgagee to Quiet Title in Title Theory State
consumerfsblog.com | July 7, 2015
The U.S. Court of Appeals for the First Circuit recently affirmed the dismissal of two mortgagors’ quiet title allegations against a mortgagee, holding that the plaintiff mortgagors could not assert a quiet title claim under Rhode Island law against the mortgagee defendants because Rhode Island is a title theory state, and the mortgagors’ equitable interest in title to the property at issue was not adverse to the mortgagee’s legal interest in title.
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Rescission Litigation: 3 days from when? 3 years from when?
livinglies.wordpress.com | July 3, 2015
This wraps things up for the week, and a reminder that there is no show tonight. I think the following rules should be applied to the letter of rescission. Remember that Congress explicitly stated that borrowers have the right to effectuate rescission with a mere letter. Congress did not state that the lenders could reject the rescission with a letter. They MUST file a legal action alleging whatever defects they wish to assert. Since the rescission is effective by operation of law it is ONLY through operation of law that the rescission could be vacated.
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Detroit braces for a flood of tax foreclosures
detroitnews.com | July 2, 2015
A fresh wave of foreclosures could destabilize neighborhoods in Detroit, just as they are beginning to recover from the mortgage meltdown. Wayne County plans to sell 28,545 Detroit properties at auction this fall — including about 10,000 occupied homes — that are three or more years delinquent on taxes. That's a record number, in part because Treasurer Raymond J. Wojtowicz ended a long practice of avoiding foreclosure on properties with delinquencies of less than $1,700.
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Combating Robo-Signing in Foreclosure and its Effects
detroitnews.com | July 2, 2015
In the years since the housing boom and bust, there have been many issues that have come to the surface. We see the many cases in which people were led to believe that their mortgages would be payable, even when banks or other middlemen knew that it would not be. The entire subprime market was ready to implode but kept getting fed into by many different banks. This led to a cascading effect in 2008 that led to the entire banking sector crash.
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