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May 2012 Article Archive

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Foreclosures and Resulting Blight Infest Once-Safe Neighborhoods
latimes.com | May 30, 2012
William Perez has been waiting a long time to tell someone all the sad and crazy things he's seen. Perez runs a crew that crisscrosses Los Angeles and the Antelope Valley doing the dirty but essential job of cleaning up homes that have been foreclosed and then trashed by humans and neglect.
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SEC Will Do NOTHING To Punish Lehman Brothers Execs
gothamist.com | May 30, 2012
Despite a court-ordered 2010 report that showed that there was "actionable balance sheet manipulation" at Lehman Brothers, the emails to prove that company brass knew about it, and a Lehman employee who was willing to help expose wrongdoing at the company, the SEC will do nothing. Bloomberg News obtained a memo prepared by SEC investigators that states that the agency likely will not recommend any enforcement action against the firm or its executives. Screw up a food festival in Brooklyn, and you'll taste justice in 48 hours. Help cause the implosion of the global economy? Nothing to see here, folks!
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Who's Protecting Investors from Bailed-Out Bankers?
money.msn.com | May 29, 2012
Watch out investors -- the Securities and Exchange Commission has forgotten why it exists. You're on your own. The latest proof? The SEC admitted it was doing nothing in the face of Lehman Brothers' crisis-leading fraud.
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Ally Financial: Newly Released Letter Show Scope Of Possible Mortgage Screwups
huffingtonpost.com | May 27, 2012
Trying to count the number of bank screwups during the foreclosure crisis is a little like guessing the amount of change in a huge jar: You can see that the answer is "an awful lot," but without breaking the jar and counting by hand, there's no way to know for sure.
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Class Action Law Suit Against CitiMortgage for not Answering QWRs (RESPA VIOLATION)
stopforeclosurefraud.com | May 25, 2012
The class of persons Plaintiff seeks to represent are those owners of “owner occupied” residential structures or condominiums (or who have an interest in such real property) who’s mortgage loans are serviced by Defendant, and who have been injured by Defendant’s pattern of systematically, violating and circumventing the provisions of RESPA (12 U.S.C. Section 2605(e) et seq.), and the FDCPA (15 U.S.C. § 1692(c) et seq.), as well as New York GBL § 349 within one year from the date of the commencement of this action.
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Canadian Households Could Withstand 40% Drop in House Prices
thestar.com | May 24, 2012
Canadian households could withstand as much as a 40 per cent drop in house prices without defaulting on their loans, a report by the debt-rating agency DBRS says.
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Are We Facing a Student Loan Bubble?
thebradentontimes.com | May 24, 2012
President Barack Obama used his January State of the Union address to show he’s on top of the housing crisis, announcing a new “special unit” to investigate mortgage fraud.
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Obama's Mortgage Fraud Task Force Under Fire
politico.com | May 22, 2012
President Barack Obama used his January State of the Union address to show he’s on top of the housing crisis, announcing a new “special unit” to investigate mortgage fraud.
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Bankruptcy of Ally Mortgage Unit Raises Questions About Foreclosure Fraud Settlement
firedoglake.com | May 22, 2012
Ally Bank, formerly known as GMAC Mortgage, the nation’s fifth-largest mortgage servicer, put its mortgage subsidiary Residential Capital into bankruptcy. This is part of a continuing effort on the part of Ally, which is still majority-owned by the US government, to escape its mortgage liabilities. But what does it mean for the foreclosure fraud settlement, to which Ally is a signatory?
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FDIC Bank Lawsuit Floodgates Ready to Open
thestreet.com | May 22, 2012
NEW YORK (TheStreet) -- The Federal Deposit Insurance Corp.'s three lawsuits filed on Friday against a group of large banks could be the tip of the iceberg.
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MERS FRAUD & WALL SREET BANKSTERS: You Probably Don’t Even Own the House You Are Paying For
stopforeclosurefraud.com | May 22, 2012
In 2012, when we think Wall Street we think: MF Global theft, JPM criminality, Goldman naked shorting, DTTC failures to deliver, precious metals manipulation, fractional reserve banking, Comex games, HFT trading and endless derivatives.
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Buybacks Wearing on Industry; Fannie, Freddie and Wall Street; FHA & Condo Project Changes?
mortgagenewsdaily.com | May 22, 2012
Pick an overwhelming percentage, like 80 or 90%. Remember when residential loan production wasn't "that" percent agency? Non-agency loans are still out there and periodically being securitized (just ask Redwood Trust in the jumbo sector), but by most accounts the market is "dislocated."
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FDIC Sues Banks over Securitization Appraisals
americanbanker.com | May 21, 2012
The Federal Deposit Insurance Corp. has sued Bank of America (BAC), Citigroup (NYSE: C), JPMorgan Chase (JPM) and other banks for a cumulative $92 million in damages on mortgage-backed securities, alleging that shoddy appraisals and other underwriting defects tainted their sale.
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The Global Importance of Government Guarantees in Mortgage Finance
americanprogress.org | May 21, 2012
Critics of the federal government’s role in the mortgage markets often claim the United States is unique among developed countries in providing significant guarantees for home mortgage financing. A corollary to this critique is that European countries do not provide government guarantees for mortgage finance. Both of these statements are wrong, because they fail to understand the ways in which other countries, particularly European ones, support their residential mortgage markets
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Newschannel 9 Investigates Robosigning
ktsm.com | May 18, 2012
According to the FBI, Texas is among the top ten states victimized by mortgage fraud. Mortgage fraud can be committed by a borrower or lender. But, if you're a homeowner, and you're about to unjustly lose your property, what do you do?
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Eric Griego, House Candidate in New Mexico, Wants Corrupt Bankers to Go to Jail
news.firedoglake.com | May 18, 2012
As I’ve been reporting, the fallout from JPMorgan Chase’s “Fail Whale” trade has returned financial reform to the political agenda. The conventional wisdom previously was that Dodd-Frank would be implemented and the political system wouldn’t have to worry about Wall Street for a few years. The JPMorgan Chase test case, along with the frustration and anger from the public on these issues, particularly on the lack of accountability for criminal actions by bank executives, has made that position untenable.
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How To Turn A Financial Crisis Into A Business Opportunity
forbes.com | May 16, 2012
Believe it or not, when we founded our US business seven years ago, banks were thought of as boring, ‘the 1%’ referred to low-fat milk, and Wall Street was a place young graduates lined up to work, not occupy."
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AG Biden Says $25B Settlement Not the End, Securitization Next
mortgagenewsdaily.com | May 16, 2012
Delaware Attorney General Beau Biden said recently that the states' attorneys general need to make it clear that the recent $25 billion settlement with five major banks is the beginning not the end of their enforcement actions.   Biden, speaking on MSNBC's Morning Joe said the savings and loan crisis cost the economy $168 billion and 1,000 people went to jail.  "This crisis, which was man made," he said, "cost the economy trillions and I can't really find anyone who has been held accountable."
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SoFla Woman's 2-Year Battle Gets Mortgage Wiped Out
nbcmiami.com | May 14, 2012
Castro said the signatures on her foreclosure documents appeared to have been signed by different people.
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Mortgage Deduction on Second Homes Could Become Thing of the Past
seattletimes.nwsource.com | May 12, 2012
The mortgage-interest deduction for vacation homes and other non-primary residences should be eliminated as part of housing-finance overhaul, said Lewis Ranieri, a pioneer of loan securitization.
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Lew Ranieri, Raj Date, Scott Simon to Headline MBA’s National Secondary Market Conference and Expo
mbaa.org | May 12, 2012
Lew Ranieri, considered the “father” of the mortgage securitization market, Raj Date, Deputy Director of the Consumer Financial Protection Bureau, and Scott Simon, Managing Director and head of the mortgage- and asset-backed securities teams at PIMCO, are among the speakers at MBA's Secondary Market Conference & Expo, the largest annual gathering for secondary market executives, taking place May 6-9, 2012 at the Marriot Marquis in New York City.
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The House That George Romney Built
nytimes.com | May 12, 2012
As Mitt Romney casts around for big ideas to solve the continuing financial crisis, he would do well to remember the experiences of his father, George C. Romney: as the secretary for housing and urban development during the Nixon administration, he oversaw the emergence of the mortgage-backed security industry — and its first devastating policy failure.
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MBS - Bank Loan Bundling Investigated by Biden-Schneiderman: Mortgages
bloomberg.com | May 12, 2012
New York Attorney General Eric Schneiderman and Delaware’s Beau Biden are investigating banks for failing to package mortgages into bonds as advertised to investors, three months after a group of lenders struck a nationwide $25 billion settlement over foreclosure practices.
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SEC Charges Deloitte and Touche (JP Morgan’s Independent Foreclosure Review Firm) with Violating U.S. Securities Laws in Refusal to Produce Documents
4closurefraud.org | May 10, 2012
The Securities and Exchange Commission today announced an enforcement action against Shanghai-based Deloitte Touche Tohmatsu CPA Ltd. for its refusal to provide the agency with audit work papers related to a China-based company under investigation for potential accounting fraud against U.S. investors.
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Bernanke: Even Worthy Borrowers Can't Get Mortgages
reuters.com | May 10, 2012
Banks have become so restrictive in making mortgages that many worthy homebuyers are being frozen out of the U.S. housing market, and lending practices are not likely to loosen any time soon, Federal Reserve Chairman Ben Bernanke said on Thursday.
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MERS Critic Christopher Peterson Appointed to CFPB
totalmortgage.com | May 10, 2012
I do not like the Mortgage Electronic Registration System. I have written about it extensively over the past couple of years, and don’t really want to recap it all here. If you’re totally unaware of it, MERS is a system owned by banks designed to make mortgage securitization easier.
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Racketeering Charge Against BofA and MERS
businessinsider.com | May 10, 2012
A little over a year ago I became aware of robo-signing within the mortgage servicing industry and broached the topic that the activity likely rose to a level of racketeering. I aggressively questioned, Did Wall Street Violate the Racketeering Act?
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Highlights from CMHC’s 2011 Annual Report
canadianmortgagetrends.com | May 9, 2012
CMHC has inched closer to its $600 billion government-imposed default insurance limit. The nation's top mortgage insurer has just released its annual report showing its insurance in force as $567 billion (as of December 31). That’s up 10% from 2010 and is just 5.5% below its allowed maximum.
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DeMarco Discusses the Future of FHLBanks
mortgagenewsdaily.com | May 9, 2012
Edward J. DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA) told Federal Home Loan Bank (FHLBank) directors yesterday that their Banks' proven ability to access global markets could play a large role in their future. DeMarco spoke to the directors as they met in conference in Washington, DC.
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GILBERT v. RESIDENTIAL FUNDING LLC: Borrower May Sue after Three Years To Rescind Mortgage Loan, 4th Circuit Rules
stopforeclosurefraud.com | May 9, 2012
In a decision that possibly opens the door for renewed foreclosure delays, the U.S. Court of Appeals for the Fourth Circuit has held that a lawsuit seeking rescission is timely where the consumer provided notice of rescission to the subservicer within three years of closing but did not file suit until after the three-year deadline had passed.
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2011 Annual Report Highlights CMHC's Role in Housing in Canada
marketwatch.com | May 8, 2012
Canada Mortgage and Housing Corporation (CMHC) is committed to helping ensure the well-being and stability of Canada's housing system, in which spending on housing accounted for 20 per cent, some $346 billion, of the country's Gross Domestic Product last year. This is among the highlights contained in CMHC's 2011 Annual Report released today.
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Starwood Property Trust, Inc. Reports Results for the Quarter Ended March 31, 2012
marketwatch.com | May 8, 2012
Starwood Property Trust, Inc. STWD -0.25% (the "Company") today announced operating results for the first fiscal quarter ended March 31, 2012. The Company's Core Earnings, a Non-GAAP financial measure, were $55.0 million, or $0.58 per diluted share, for the quarter, an increase of 75% compared to $31.4 million, or $0.43 per diluted share, for the first quarter of 2011. Core Earnings include $12.2 million, or $0.13 per diluted share, of income related to the prepayment of a $143.9 million loan that primarily represents accelerated discount accretion.
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Boston Fed: Mortgages Not to Blame for Housing Crisis
reversemortgagedaily.com | May 7, 2012
It wasn’t irresponsible mortgage brokers or unscrupulous securities professionals who caused the housing crisis: it was price overestimation, argue policy advisors of the Boston Federal Reserve Bank in a report published last week.
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Who Is Responsible for the Housing Collapse?
minyanville.com | May 7, 2012
The darkest days of the housing market's downward spiral may be behind us, but the battle over who should shoulder the blame is rambling on.
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COLOSSAL FAILURE: Nothing-Backed Securites Investigated by Biden-Schneiderman, Attempt to Foreclose You Can’t Collect
stopforeclosurefraud.com | May 7, 2012
The sale of mortgages into the trusts that pool loans may be void if banks didn’t follow strict requirements for such transfers, said Biden. Ladies & Gentlemen…and what did MERS exactly do? It separated the mortgage from the note…skipped the deliverance and the acceptance process of the PSA.
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Fed Report: Mortgage Mess NOT an Inside Job
mortgagenewsdaily.com | May 5, 2012
A paper just published by The Federal Reserve Bank of Boston is bound to generate a lot of comment both inside and outside of the mortgage industry. Titled Why Did so Many People Make so Many Ex Post Bad Decisions? The Causes of the Foreclosure Crisis, the paper presents 12 facts about the mortgage market which the authors say refute the conventional wisdom that the housing crisis resulted from financial industry insiders deceiving uninformed borrowers and investors.
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Bank Loan Bundling Investigated by Biden-Schneiderman: Mortgages
businessweek.com | May 4, 2012
New York Attorney General Eric Schneiderman and Delaware’s Beau Biden are investigating banks for failing to package mortgages into bonds as advertised to investors, three months after a group of lenders struck a nationwide $25 billion settlement over foreclosure practices.
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Study Exonerates Federal Reserve's Crisis-Era Bailouts
reuters.com | May 4, 2012
A study by economists at one of the regional Federal Reserve banks has found that the U.S. central bank didn't break any laws in its handling of the 2007-09 U.S. financial crisis, and that, in fact, it handled that crisis better than the savings and loan collapse of the 1980s.
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Future of 'Safe' Mortgages in CFPB's Hands
marketwatch.com | May 3, 2012
A regulation that may limit mortgage availability in the U.S. may soon be set by a new consumer watchdog agency, with both banking and borrower advocates furiously lobbying to make sure it suits their interests.
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Fed Tarullo Q&A: Financial Stability Interwoven In Fed Mandate
mninews.deutsche-boerse.com | May 3, 2012
Asked about whether the Fed now had a third mandate -- the pursuit of financial stability -- along with price stability and maximum employment, Federal Reserve Governor Daniel Tarullo Wednesday answered with a history lesson on the Fed's origins.
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Research and Markets: Guide to the Dodd-Frank Act: Understand the Massive Mortgage Regulatory Transition
sunherald.com | May 2, 2012
Research and Markets has announced the addition of the "Guide to the Dodd-Frank Act: Understand the Massive Mortgage Regulatory Transition" report to their offering.
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Herkes Lauds Amended Mortgage Foreclosure Law
bigislandvideonews.com | May 2, 2012
Big Island State Representative Bob Herkes is pleased with the passage of the amended mortgage foreclosure law this media release issued by the Hawaii House of Representatives.
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Watertown Savings Bank President: Bank of America 'Misrepresented' Loans
wickedlocal.com | May 1, 2012
Watertown Savings Bank took on some big players Friday, filing a lawsuit in New York State Supreme Court against Bank of America, JP Morgan and Goldman Sachs, among others, over a $130 million investment.
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Ability-to-Repay Rule for Mortgages Nears CFPB Approval
bloomberg.com | May 1, 2012
Richard Cordray wants lenders to adhere to the most basic tenet of banking: making sure borrowers can repay. Getting them to agree on how is proving tougher.
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