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May 2014 Article Archive

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RBS to Slash Jobs From its Mortgage Business
mortgageorb.com | May 28, 2014
Royal Bank of Scotland is reportedly planning to shrink its mortgage trading business by two-thirds over the next two years, due mainly to new rules set out by the U.S. Federal Reserve that require stronger capitalization for mortgage firms to protect against potential losses.
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Wells Fargo Agrees to Settlement for Alleged 'Robo-Signing' Practices
zacks.com | May 28, 2014
Wells Fargo & Company (WFC - Analyst Report) is set to end the legal tussle it has been encountering since 2011 for a settlement of around a minimum of $67 million in connection with the ‘robo-signing’ fiasco. It was alleged that the company officials have conducted improper verification of documents in the home-foreclosure process.
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Mortgage Securitization is Only as Good as the Mortgage Loans Packaged
mortgagenewsclips.com | May 27, 2014
Mortgage lenders will refinance or provide loan modifications to stop foreclosure. They securitize these loans and sell them to investors. I’ve noticed a meme floating around the bearish blogosphere portraying all securitizations as unstable financial products that should be… – Mortgage securitization is only as good as the mortgage loans packaged
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US Accuses Bank Of America Of Fraud In Mortgage Bonds
valuewalk.com | May 27, 2014
US gov't accuses bank of america of civil fraud in sale of $850m of mortgage bonds in 2008, Washington – the u.s. government has accused bank of america corp. of civil fraud, saying the company failed to disclose risks and mislead investors in its sale of $850 million of mortgage bonds during 2008. the justice department filed a civil suit.
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A Recent FHFA Study Shows the Challenge in Pursuing Multiple, Conflicting Goals
valuewalk.com | May 27, 2014
When details of the Crapo-Johnson proposal for reforming Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) were first released, one of the surprises was that it would set capital requirements for any bank participating in the new program at 10% of risk weighted assets. At that level (and with a reinsurance policy on top), it’s hard to argue that Fannie Mae and Freddie Mac would be vulnerable to another housing crisis, but the additional financing costs would likely push lower income prospective homeowners out of the market.
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Robo-signing is over. But robo-suing is growing.
csmonitor.com | May 27, 2014
A small group of debt collectors are robo-suing people who default on their credit cards. Now, state and federal authorities are cracking down.
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Mortgage Fraud Assault a Pyrrhic Victory
post-gazette.com | May 27, 2014
In 2008, as the housing market dragged the world economy down, orders came from Washington, D.C., to federal prosecutors nationwide: Bust the people whose lies contributed to the mess.
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Glaski v Bank of America Quiet Title Wrongful Foreclosure
tune.pk | May 27, 2014
HUGE foreclosure defense case out of fifth circuit court of appeals in California confirming that even California homeowners who are foreclosed on have legal rights to challenge the tardy assignments of the deed of trust (and the note) that are made to securitized loan trusts after the "cutoff date" of the trust (this happens alot).
See Video

Dispute Over Banking Group’s Analysis of Mortgage Denials to Blacks
dealbook.nytimes.com | May 27, 2014
The Mortgage Bankers Association, one of the nation’s most influential financial lobbying groups, made a startling claim this week about the access of black borrowers to credit.
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Wells Fargo Settles Another Robosigning Lawsuit
trulia.com | May 27, 2014
"Wells Fargo and its directors are pleased to have resolved this matter," said Wells Fargo spokesman Tom borrowers. "We remain committed to our efforts to assist borrowers facing financial challenges and believe this settlement benefits the company, our customers and our shareholders."
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Bank of America is Making Money on its Financial Crisis Settlement
finance.fortune.cnn.com | May 27, 2014
The deal that BofA struck two months ago with Fannie and Freddie's regulator, restitution for financial crisis misdeeds, could end up boosting the bank's bottom line by $1.4 billion.
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Geithner Must Give S&P Documents in U.S. Fraud Suit
bloomberg.com | May 18, 2014
Ex-U.S. Treasury Secretary Timothy Geithner must comply with Standard & Poor’s demand that he provide documents related to its claim the U.S. sued the company in retaliation for downgrading government debt.
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US Foreclosures Linked To Increased Suicide Rate In Middle-Aged Adults
universityherald.com | May 18, 2014
Recent foreclosures in the United States have been linked to an increase in suicide rates, according to a recent study.
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Mortgage Auditor Training Certification Class with Guest Speaker Marie McDonnell (Ibanez Case) 5/23-5/25, Newark, NJ
pr.com | May 18, 2014
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.
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Mortgage Rescue Company Loses $1 Million Judgment to State for Fraud
therepublic.com | May 18, 2014
HONOLULU — Hawaii officials say the state has won a judgment of more than $1 million against a Big Island woman's company accused of defrauding homeowners who sought financial help to avoid foreclosure.
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A Practical Guide to a Successful Quiet Title Action in New York Supreme Court, by Rashida Maples
tune.pk | May 18, 2014
In a time when ownership and title in real property is constantly switching hands due to increased foreclosures and bank mergers, Quiet Title actions have been on the rise. Any gaps in the chain of title or interest in real property may cause severe problems for a lender who is trying to enforce the terms of a Mortgage or Deed of Trust.
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Former Mortgage Broker Admits Fraud
stuff.co.nz | May 13, 2014
Former Kapiti Coast mortgage broker Kerry Buddle broke down in tears as she plead guilty to 27 charges of fraud this morning. The former owner of Get Smart Mortgages and Insurance, operating under the umbrella of Kiwi Mortgage Market, initially pleaded not guilty and was due to go on trial next week.
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Quiet Title Action Attorney - Part I
tune.pk | May 13, 2014
Homeowners in judicial or non-judicial states have an opportunity to reduce their monthly mortgage payments, or even eliminate the mortgage, through a quiet title action or a declaratory judgment action.
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OneWest Bank Accepts Forged "Deed of Trust" Document and Proceeds With Foreclosure Process On Elderly Individual
digitaljournal.com | May 13, 2014
LOS ANGELES, CALIFORNIA, May 12, 2014, As a result of unscrupulous bank practices, such as "Robo-Signing", Mortgage Document Packages were sold off in batches with no oversight. Supporting Documents were far and few between, and exactly who owned many of these properties could not be determined.
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Rental Securitization Earns AAA Rating from Kroll, Morningstar and Moody's
housingwire.com | May 8, 2014
When American Homes 4 Rent (AMH) announced that it would be offering a single-family rental securitization, the details were sparse. Now, a day later, ratings agencies have gotten a look at the deal and released their presale reports.
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Bank of America Quants Issue Mortgage Rate Warning
housingwire.com | May 6, 2014
Analysts at Bank of America Merrill Lynch are making an interesting argument on whether or not the Federal Reserve should consider putting a temporary halt on the taper.
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Holder: No banks 'too big to jail'
politico.com | May 5, 2014
Attorney General Eric Holder declared Monday that no banks are too big to be prosecuted if they engage in criminal activity, while another law enforcement official said a pair of cases against major banks may culminate in guilty pleas in the near future.
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'Robo-Signing' Claims May Stick to U.S. Bank
fool.com | May 5, 2014
(CN) - U.S. Bank must face claims that it illegally "robo-signed" docs related to two residential mortgage-backed securities trusts originally worth more than $51 million, a federal judge ruled.
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The Fannie and Freddie Experiment Was a "Total Failure"
fool.com | May 5, 2014
Despite recent reports suggesting Warren Buffett was open to filling a potential void in the housing finance market if Fannie Mae and Freddie Mac were wound down, Buffett and Charlie Munger all but squashed that notion during the Berkshire Hathaway annual shareholder meeting on Saturday.
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Stress Test Shows Fannie, Freddie Would Need Bailout in Downturn
moneynews.com | May 4, 2014
Fannie Mae and Freddie Mac could require an additional bailout of as much as $190 billion in a severe economic downturn, according to the results of stress tests released by the regulator for the U.S.-owned companies.
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Title Company Manager Sentenced to More Than Four Years in Prison in $4.8 Million Mortgage Fraud Scheme (Federal Bureau of Investigation - Baltimore Field Office)
noodls.com | May 4, 2014
BALTIMORE-U.S. District Judge James K. Bredar sentenced Bonnie Kathleen Kreamer, a/k/a Bonnie Meehan, age 49, of Riva, Maryland, on April 25, 2014, to 51 months in prison, followed by three years of supervised release, for conspiring to commit wire fraud in connection with a mortgage fraud scheme that resulted in losses of more than $4.8 million.
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Affordable Housing Industry Briefs
novoco.com | May 4, 2014
On March 27, Rep. Maxine Waters, D-Calif., Ranking Member of the Financial Services Committee, released the Housing Opportunities Move the Economy (HOME) Forward Act of 2014. The legislation would create a secondary mortgage market reform and end Fannie Mae and Freddie Mac.
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BFCSA: No Bankers Worldwide, Facing Prosecutions for Mortgage Fraud - Why?
bfcsa.com.au | May 4, 2014
Bank Mortgage Fraud is a world wide phenomena....so what are we to do about that.  Numbers?  There are many more victims of Bank Fraud than there are banks but why is there a startling LACK OF PROSECUTIONS against Bankers for this criminal activity run by the Banking Cartels?
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Caution: Senators at Work
blog.heritage.org | May 4, 2014
Obamacare is wreaking havoc on the economy; entitlement spending is swallowing the federal budget; America’s military readiness is in shambles; and a handful of senators are working hard to make sure the government stays in the housing finance business.
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First Horizon Settles With FHFA For $110 Million
mortgageorb.com | May 4, 2014
Mortgage lender First Horizon National Corp., along with related companies and specifically named individuals, will pay $110 million to resolve claims by the Federal Housing Finance Agency (FHFA) that First Horizon sold faulty mortgages to Fannie Mae and Freddie Mac in 2005-2007, during the run-up to the financial crisis.
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Former 'Foreclosure Mill' Offshoot to Lay Off 116
bizjournals.com | May 4, 2014
Ronald R. Wolfe & Associates — the offspring of Florida Default Group, an accused foreclosure mill caught up in the robo-signing scandal of 2010 — has filed a WARN notice with the State of Florida indicating it will lay off 116 workers from late May through mid-June.
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Freddie Mac Mandates 90-day Foreclosure Delay to Returning Servicemembers
zahal.com | May 4, 2014
Freddie Mac announced it will require its 2,300 mortgage servicers to automatically extend forbearance refraining from doing something that one has a legal right to do; giving of further time for repayment of an obligation or agreement and not to enforce claim at its due date. A delay in enforcing a legal right to borrowers recently released from active duty from the armed forces.
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Freddie Mac Prices Fifth Multifamily K Certificates Offering This Year, K-715
finance.yahoo.com | May 4, 2014
MCLEAN, VA--(Marketwired - May 2, 2014) - Freddie Mac (OTCQB: FMCC) today priced a $1.2 billion offering of Structured Pass-Through Certificates (K Certificates) backed primarily by fixed-rate multifamily mortgages with a 7-year term. The K Certificates (K-715 Certificates) are expected to settle on or about May 13, 2014. This is Freddie Mac's fifth K Certificate offering this year.
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Justice Department Keeps its Distance From Szymoniak Mortgage Fraud Lawsuit
mortgagecrisiswatch.com | May 4, 2014
As detailed in an August 2013 Salon article by David Dayen and a September 2013 Bloomberg Businessweek article by Karen Weise, West Palm Beach, Florida homeowner and attorney Lynn Szymoniak helped blow the whistle on widespread fraud in the mortgage industry.
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Mortgages Might be Easier to get as Wells Fargo Lowers Credit Requirements
bizjournals.com | May 4, 2014
Wells Fargo is making it a bit easier to qualify for a mortgage. The nation's largest residential mortgage lender lowered its minimum credit score for loans to be sold to Fannie Mae and Freddie Mac to 620 from 660, Bloomberg News reported.
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Push for Mortgage Bankster Prosecutions Heats Up
housingwire.com | May 4, 2014
The clock is ticking and chatter among industry sources and sources in Washington said the Department of Justice – under some pressure from other law enforcement – may be finally ramping up criminal prosecutions for individual senior bankers for their role in peddling toxic and subprime mortgage-backed securities.
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Secret Service Seeks Arrests for MBS Fraud
abalert.com | May 2, 2014
The U.S. Secret Service is pressing the Department of Justice to file criminal charges against several senior bankers for their roles in marketing shoddy mortgage-backed securities on the eve of the financial crisis.
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