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March 2015 Article Archive

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Foreclosure to Home Free, as 5-Year Clock Expires
nytimes.com | March 31, 2015
MIAMI — In September, Susan Rodolfi celebrated an unusual anniversary: five years of missed mortgage payments. She is like a ghost of the housing market’s painful past, one of thousands of Americans who have skipped years of mortgage payments and are still living in their homes.
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CFLA Announces "Learn How to a Perform Mortgage Securitization Audit" Brooklyn, NY; April 24-26, 2015
pr.com | March 27, 2015
CFLA, Inc has created a comprehensive training certification program entitled: Mortgage Securitization Auditor "MSA"- A 24-hour in-person intensive seminar held across the country. Brooklyn, NY, March 27, 2015 --(PR.com)-- Register Online: www.cfla.com or call toll free: 888-758-CFLA (2352).
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Hurting Homeowners Say Bank Settlement Funds Belong with Them
gothamgazette.com | March 26, 2015
More than two years on and David Velez's battle with Hurricane Sandy is far from over. But, thanks to some help from the Attorney General's office, Velez's fight with his mortgage lender may soon be coming to an end. The first floor of the retired NYPD officer's home in Gerritsen Beach, Brooklyn was destroyed by flooding during the hurricane, and without help from insurance he and his wife used their savings to rebuild.
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John Cupis: Things are looking up for self-employed mortgage applicants
moneymarketing.co.uk | March 26, 2015
Being self-employed post-MMR feels like a bad place to be and the situation is worsening. According to the Bank of England, 15 per cent of the UK workforce is now self-employed, while self-employment has accounted for over a third of the overall increase in UK employment since the recession: around 600,000 people.
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Servicers in DOJ's Crosshairs Following JPM Robo-Signing Settlement
nationalmortgagenews.com | March 26, 2015
Mortgage servicers were supposed to have stopped robo-signing foreclosure documents when state and federal authorities cracked down on the practice years ago, but it seems some have not learned their lesson.
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More than 1,300 Mainers slated to receive checks resulting from national Robo-Signing abuses
star977.com | March 26, 2015
The practice of robo-signing documents that led to widespread abuses by national mortgage servicing companies led to a landmark $1.5 billion settlement against five of Americas largest firms. About 1,379 Maine residents will begin receiving checks today that average approximately $1,480.
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"Robo-Signing": A Symptom of the Shortcomings in Maryland's Policy of Expediting Foreclosure Proceedings
scholarworks.law.ubalt.edu | March 26, 2015
The foreclosure process in the United States has recently ground to a halt. Unfortunately, this delay has not been brought on by gains in the depressed U.S. housing market. Instead, a backlog of foreclosure filings has amassed, which stand to further delay the recovery of the real estate market.
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Eric Mains: "Acceptable Casualties"
livinglies.wordpress.com | March 26, 2015
I thought quite a bit about what I would say regarding the experience of battling with a large bank for the last 6 years in a foreclosure action. One could complain about the forgery, the fraud, the denial of due process and equal protections under apathetic state court system(s), the shifty attorneys, etc. One could, but frankly it’s not worth the time or waste of space writing about it in just my particular case. You can read the complaint(s) I filed in both State and Federal court, read the trial transcripts, and draw your own conclusions as to the whole situation and legalities.
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NJ Has Highest Foreclosure Inventory as a Percentage of Mortgaged Homes
newrepublic.com | March 23, 2015
IRVINE, Calif., March 10, 2015 / PR Newswire / — CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, today released its January 2015 National Foreclosure Report which shows that the foreclosure inventory declined 33.2 percent and completed foreclosures declined 22.5 percent from January 2014.
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JPMorgan Mortgage-Securities Deal Challenge Tossed by Judge
bloomberg.com | March 23, 2015
(Bloomberg) -- JPMorgan Chase & Co.’s $13 billion fraud settlement with the U.S. can’t be blocked by a watchdog group because it couldn’t prove it was harmed by the deal.
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It will take a village to close a mortgage in 2015
inman.com | March 23, 2015
The amount of time and effort it takes to close a mortgage is incredible. Many participants in the process work overtime, sometimes for over a month, or several months, per closing to make sure the customer is happy. Unfortunately, the mortgage process itself often undermines all this hard work.
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Freddie Mac to Sell $1 Billion Worth of Non-Performing Mortgage Loans
dsnews.com | March 23, 2015
Freddie Mac is selling three pools of non-performing residential home loans with an unpaid principal balance of $1 billion, according to a report from Bloomberg.
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The statute of limitations expires this year for big bank mortgage frauds that crashed the economy in 2008, Leaving Wall St. lawless guarantees another, bigger, financial disaster!
investmentwatchblog.com | March 23, 2015
This is the last chance to get the DOJ to act on Alayne Fleischmann’s evidence of felony mortgage securities fraud which she witnessed when she was at JP Morgan Chase from 2006 – 2008.
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Why Fannie Mae And Freddie Mac May Require Further Bailouts
bidnessetc.com | March 23, 2015
Government-backed mortgage giants Fannie Mae (OTCBB:FNMA) and Freddie Mac (OTCBB:FMCC) showed signs of revival from the 2008 housing bust, posting handsome profits over the past few years. Recently though, there have been concerns regarding the duo’s future profitability, owing to the dismal performance of their derivative portfolios.
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One Bank is Finally on Trial for the Financial Crisis
newrepublic.com | March 23, 2015
The trial of the century—a long-awaited determination of the damage perpetrated by Wall Street institutions in the financial crisis—began Monday in New York. But it’s only happening because one bank—unlike Goldman Sachs, JP Morgan, Citigroup, and Bank of America—refused to settle out of court. The Japanese firm Nomura stands accused of lying to mortgage giants Fannie Mae and Freddie Mac about the quality of mortgages pooled into securities during the housing bubble. The case will finally reveal hard data on just how much money Nomura, and the rest of the industry, made through fraud.
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Defunct mortgage lender, Home America Mortgage and Taylor, Bean & Whitaker can't duck fraud claims
courthousenews.com | March 23, 2015
ATLANTA (CN) - The owner of a now-defunct mortgage lender cannot duck claims that he defrauded the United States of millions of dollars by falsifying loan applications, a federal judge ruled.
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Employee Affidavits Against B Of A in Hamp Fraud
March 16, 2015
The documents below might be useful as evidence to support fraud allegations if trying to stop foreclosure by denial of modification of a mortgage.
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Distressed homeowners oppose bills narrowing liability of banks in mortgage disputes
helenair.com | March 15, 2015
Lincoln homeowner Pat Freeland told a House committee Thursday that when Bank of America officials said they were modifying her mortgage to avoid foreclosure, they lied -- and that lawmakers shouldn’t vote for a pair of bills protecting the banks from liability.
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Florida, Michigan Lead in Completed Foreclosures, But Other Numbers Do Not Correlate
dsnews.com | March 15, 2015
Two states hit hardest by the foreclosure crisis a few years ago were Florida and Michigan – in fact, in the January 2015 CoreLogic National Foreclosure Report released earlier this week, those two states accounted for 29 percent (162,000 out of 552,000) of the nation's completed foreclosures in the 12-month period from February 1, 2014 to January 31, 2015.
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Hammond couple sue over 'robosigning'
chicagotribune.com | March 15, 2015
A Hammond couple claim in a federal lawsuit that they were victims of "robosigning" and other predatory mortgage practices that left them facing foreclosure. According to the lawsuit, which was filed in Lake County Superior Court a month ago and was moved to U.S. District Court in Hammond on Tuesday, Pedro and Elisa Rico bought their Hammond house in 1996.
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Connecticut Evaluates Mortgage Foreclosure Mediation Program
mediate.com | March 15, 2015
In October 2014, the Connecticut Judicial Branch released an evaluation of its Mortgage Foreclosure Mediation Program. The Connecticut study evaluates six years of foreclosure mediation program data, dating from the program’s inception in 2008. As RSI prepares the first evaluation of Illinois’ six foreclosure mediation incubation programs, the earliest of which began accepting cases in December 2013, it’s interesting to review Connecticut’s data and how the program has evolved over time.
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Bank of America whistle-blower’s bombshell: "We were told to lie"
salon.com | March 11, 2015
Bank of America’s mortgage servicing unit systematically lied to homeowners, fraudulently denied loan modifications, and paid their staff bonuses for deliberately pushing people into foreclosure: Yes, these allegations were suspected by any homeowner who ever had to deal with the bank to try to get a loan modification – but now they come from six former employees and one contractor, whose sworn statements were added last week to a civil lawsuit filed in federal court in Massachusetts.
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New Bank of America whistle-blower emerges: More customer abuse secrets
salon.com | March 11, 2015
Last week, I detailed bombshell revelations from Bank of America whistle-blowers, in which former employees of the bank detailed systematic fraud and deceptive practices inside their loan modification department — including bonuses and Target gift cards for staff who racked up foreclosures.
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NY appeals court approves Countrywide’s $8.5B settlement
housingwire.com | March 6, 2015
A New York appeals court unanimously approved the Countrywide trustee’s proposed $8.5 billion rep and warranty settlement in its entirety on Thursday.
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Massachusetts Court of Appeals upholds MERS rights
housingwire.com | March 6, 2015
MERSCORP’s rights as mortgagee have come under fire in many courtrooms throughout the U.S., but a decision from the Massachusetts Court of Appeals reinforces the company’s right to assign a mortgage.
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JP Morgan Chase Settles Robo-Signing Charges For $50 Million, Tax Deductible
forbes.com | March 6, 2015
The U.S. Trustee struck a $50 million deal over charges JPMorgan Chase ‘robo-signed’ mortgage documents to numerous bankruptcy courts. The bank must pay more than 25,000 homeowners in the remedial deal. As a result, there appears to be no restriction on the bank’s ability to write off the entire amount on its taxes. Speaking of taxes, the case and its subject matter contains important reminders for everyone at tax time.
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Estero retiree suing bank after surprise foreclosure
nbc-2.com | March 5, 2015
ESTERO - A retired policeman got the surprise of his life when he returned from vacation and found his Estero home locked up and a foreclosure sign out front.
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Citigroup Checks in the Mail After Bank Bungles Foreclosure Deal
bloomberg.com | March 5, 2015
(Bloomberg) -- Two years after Citigroup Inc. was punished for widespread foreclosure abuses, the bank is dealing with another misstep: Thousands of people who were entitled to settlement checks never got any money.
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JPMorgan forks over $50M in 'robo-signing' pact with DOJ
usatoday.com | March 4, 2015
This story has been updated to reflect JPMorgan's statements, which take issue with the Justice Department's description of the improper bankruptcy filings as "robo-signing." JP Morgan Chase has agreed to fork over $50 million for perjurious dealings in tens of thousands of mortgages in the aftermath of the mortgage crisis.
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Morgan Stanley Under AG Radar, Lawsuit Around the Corner?
zacks.com | March 4, 2015
Last month, Morgan Stanley (MS - Analyst Report) disclosed a $2.6 billion settlement with the U.S. Department of Justice (DOJ) to resolve claims concerning the sale of mortgage-backed securities (MBS), indicating the end of a multi-year probe. However, the relief was short lived as the Wall Street giant revealed a potential lawsuit by the New York Attorney General (AG) in its annual filing yesterday.
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Morgan Stanley expects mortgage bond lawsuit from New York AG over approx. 30 subprime securitizations
stopforeclosurefraud.com | March 3, 2015
It turns out that Morgan Stanley (MS) is not out of the woods when it comes to trouble with regulators. Far from it, in fact. In a filing with the Securities and Exchange Commission, the company disclosed that it is expecting to be the subject of a lawsuit filed by New York Attorney General Eric Schneiderman over approximately 30 subprime securitizations sponsored by the company.
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