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March 2016 Article Archive

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Funds Blame Wells Fargo for Bad-Loan Losses
courthousenews.com | March 30, 2016
SAN FRANCISCO (CN) - Wells Fargo has blown billions of investor dollars by ignoring problems with bad loans that went into mortgage-backed securities, BlackRock and other huge financial services firms claim in state court. PIMCO, Prudential Insurance, TIAA-CREF, Group Alliance, Kore Advisors, Sealink Funding and DZ Bank joined BlackRock in class action filed Monday against Wells Fargo in San Francisco Superior Court.
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Kyle Bass Was Source That “Brought Down” Bear Stearns
valuewalk.com | March 30, 2016
Since the fall of Bear Stearns people have been wondering who was responsible for the crisis of confidence in the firm, and it turns out Kyle Bass played a role. On Wednesday March 12 2008, reporter David Faber asked Bear Stearns chief Alan Schwartz if it was true that Goldman Sachs wouldn’t “accept the counterparty risk of Bear Stearns” during a 9am interview. Although Schwartz said that firms were still trading with the bank, the damage was already done, writes John Carney for The Wall Street Journal.
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Flashback? New AAA mortgage bond features pre-crisis subprime, Alt-A mortgages
housingwire.com | March 30, 2016
In a move that could lead some to have flashbacks of the housing crisis, a new AAA-rated mortgage bond is about to hit the market, but what makes this new mortgage bond a blast from the past is the fact that it features pre-crisis subprime and Alt-A mortgages. But before everyone goes thinking that this new mortgage bond is a harbinger of the housing crisis redux, nearly three-quarters of the loans in the deal have never been modified, while nearly all of the remaining loans were previously modified and are current.
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California Supreme Court Risks Subprime Crisis II
breitbart.com | March 30, 2016
In a blockbuster ruling by the California Supreme Court that could be a disaster for the $8.7 trillion mortgage bond market, defaulted borrowers can now sue to void a “wrongful foreclosure” if the assignment of their note and deed of trust bore any defects. The foreclosure crisis that began in 2008 metastasized into a housing bubble collapse when it became obvious that missing documentation to securitize trillions of dollars of home loans into mortgage bonds threatened voiding the debt owed by defaulted borrowers.
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For Beacon Hill immigrant, American dream turned foreclosure nightmare
seattleglobalist.com | March 23, 2016
Imagine your dreams of home ownership finally coming true. The bank qualifies you for a loan to buy a modest but perfect two bedroom craftsman on Beacon Hill. Then the economy tanks. You discover you owe much more in loans than your home is worth. The payments would eat up almost all of your now-reduced monthly income. You realize you’re on the verge of losing your home to foreclosure, with the thousands of dollars you’ve already made in payments vanishing into thin air.
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Banks Got Bailed Out, Homeowners Got Sold Out — and the Feds Made a Killing
thefiscaltimes.com | March 13, 2016
You wouldn’t think that anyone could look at the calamity of the foreclosure crisis, where fraudulent mortgage origination, fraudulent securitizations, fraudulent loan servicing and fraudulent evictions combined to dispossess 6 million Americans from their homes, and see it as a money-making opportunity.
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Clock begins to tick on those bad old mortgages
nypost.com | March 13, 2016
Financial firms that have clogged New York courts with questionable foreclosures may finally feel the effects where it hurts: their profits from troubled mortgage loans. Eight years after the housing bubble burst, foreclosures nationwide have finally declined to levels last seen before the crisis. But while pundits talk of “healing” the housing sector, the foreclosure crisis lingers in pockets of New York’s market. A big one: so-called severely delinquent loans, past due for an astonishing six years or more.
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Proposed Settlement of Class Action on Behalf of Purchasers of Bear Stearns Mortgage Pass-Through Securities
prnewswire.com | March 9, 2016
The following statement is being issued by Bernstein Litowitz Berger & Grossmann LLP and Cohen Milstein Sellers & Toll PLLC regarding the In re Bear Stearns Mortgage Pass-Through Certificates Litigation.
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California high court opens door to wrongful foreclosure suits
latimes.com | March 6, 2016
During the bust that followed last decade's housing boom, hundreds of thousands of Californians lost their homes to foreclosure. It was a process later found to be rife with problems, such as overwhelmed bank employees who sometimes didn't even read the foreclosure documents in front of them. But challenging foreclosures on the basis of paperwork problems proved to be mostly futile, given California courts had ruled that borrowers who weren't paying their mortgages didn't suffer financial harm.
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Borrowers Score a Victory in Wrongful Foreclosure Claim
dsnews.com | March 5, 2016
In the latest edition of Counsel's Corner, Eric Houser of Houser & Allison discusses a recent court decision which a borrower challenged the servicer's right to foreclose based on the assignment of the loan.
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The Banks Business Model is Foreclosing on Homeowners
March 2, 2016
Securitization is the reason banks want homeowners to foreclose. When a bank assigns the risk of a loan to the investors (certificate holders) of a Real Estate Investment Conduit Trust (SPV), the “bank” is no longer a traditional bank that gets the benefit of mortgage payments. Mortgage banks give as few modifications as possible and comply minimally with statutes put in place to protect borrowers, all while employing tricks to “cash in” on homeowners’ defaults, pushing them to foreclosure.
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Moody's Fate in Subprime Probe to Be Decided Soon by U.S.
bloomberg.com | March 1, 2016
The U.S. Justice Department will decide in the next few months whether it will sue Moody’s Corp. for allegedly inflating ratings on mortgage bonds at the heart of the 2008 financial meltdown, according to people familiar with the matter. The multiyear inquiry into Moody’s is among the remaining live investigations into the mortgage lenders, Wall Street banks and ratings firms that the government has sought to hold accountable for the subprime crisis. A year ago, ratings company Standard & Poor’s, a unit of McGraw Hill Financial Inc., paid $1.5 billion to resolve allegations that it had inflated mortgage-bond ratings to gain business during the housing boom.
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