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May 2015 Article Archive

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Fannie Mae – New Shareholder Lawsuit: The Government’s Actions Are Illegal
valuewalk.com | May 31, 2015
There were two notable legal developments this week. On Thursday, three Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) And Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) shareholders in Iowa filed a lawsuit against the federal government in federal court in Iowa, claiming the Third Amendment Sweep amounts to a breach of contract and illegally taking of property. The previous day, lawyers for Fairholme Funds, Inc., filed formal arguments essentially rejecting the government’s rationale for withholding relevant documents in a case being litigated in Federal Claims Court.
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Nevada lawmakers want to cut HOAs’ power in foreclosure
rgj.com | May 31, 2015
CARSON CITY – Lawmakers who say a recent Nevada Supreme Court decision has given homeowners associations too much power to foreclose over unpaid dues are pushing for a last-minute legislative fix, saying the ruling could drag down the recovering market and threaten Nevadans’ ability to get federally backed loans.
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Beaufort County lawsuit against mortgage registry moves ahead
islandpacket.com | May 31, 2015
A lawsuit filed by Beaufort County and four other counties against a nationwide mortgage database can proceed, a judge has ruled. The counties are suing Mortgage Electronic Registration Systems and its member banks, alleging the system hides who owns loans. That constitutes fraud and undermines the county's property-ownership records, which state law requires to list the exact owner of a property's title, county attorney Josh Gruber has said.
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A Dallas Attorney's One-Man Crusade Against a Debt Collection Giant
dallasobserver.com | May 31, 2015
In early 2011 then-Texas Attorney General Greg Abbott moved to bring down the hammer on Midland Funding, one of the country's more rapacious debt-collection outfits. Every year the company would buy billions of dollars in debt from banks and credit card companies for pennies on the dollar (in 2010 those figures were $10.9 billion and 3.3 cents, respectively) and then badger the debtors in an attempt to turn a profit.
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Foreclosures Hit an 18-Month High: Is Your State Struggling?
msn.com | May 22, 2015
More than 45,000 homes in the U.S. were repossessed last month, up 50% from April 2014, marking the completion of the foreclosure process for thousands of homeowners. The spike in banks taking possession of housing units drove the U.S. residential foreclosure rate to an 18-month high, with one in every 1,049 housing units in some state of foreclosure in April, according to the latest foreclosure market report for real estate data company RealtyTrac.
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California Court Pierces the Curtain of Secrecy on WAMU Deals
livinglies.wordpress.com | May 20, 2015
This decision finally brings the real issue to the forefront: who, if anyone, actually has the legal status of creditor or the right to claim ownership of the debt, loan, note or mortgage? In this case the Court correctly centered on the real issue: if WAMU had ALREADY sold the loan before it “sold” the loan to a trust or anyone else, then the entire chain is not just defective, or corrupted, it is void. And then you have quiet title, wrongful foreclosure and probably RICO although that does not seem to be in the pleadings for this case.
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Bank of America’s Inconsistent Positions re: Faulty Residential Mortgage-backed Securities
natlawreview.com | May 20, 2015
Bank of America recently moved to dismiss a lawsuit filed by Ambac Assurance Corp. in New York state court, alleging $600 million in damages for fraudulent inducement in connection with payments it made under policies insuring faulty residential mortgage-backed securities issued by Countrywide. In its complaint filed at the end of 2014, Ambac claims that it insured securities in eight RMBS trusts worth $1.68 billion at the height of the housing boom from 2005 to 2007, in reliance on Countrywide securities offerings that contained false and misleading information.
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Too Late to Foreclose? re: Florida Mortgage Foreclosure Statute of Limitations
natlawreview.com | May 20, 2015
As many lenders know, Florida has a five year statute of limitations for mortgage foreclosures. This requires that a foreclosure lawsuit be filed within that amount of time following the borrower’s default. But what happens if a foreclosure is filed and then dismissed?
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Second Circuit Holds RMBS-issued (Residential Mortgage-backed Securities) Certificates Are Exempt from the Trust Indenture Act (TIA)
natlawreview.com | May 20, 2015
On December 23, 2014, the United States Court of Appeals for the Second Circuit issued an opinion on an issue of first impression, namely the scope of § 304(a)(2) of the Trust Indenture Act of 1939, 15 U.S.C. §§ 77aaa-77aaaa (the “TIA”), and its application to certificates issued by trusts under pooling and servicing agreements (“PSAs”). See Ret. Bd. of Policemen’s Annuity & Benefit Fund v. Bank of N.Y. Mellon, Nos. 13-1776-cv, 13-1777-cv (2d Cir. Dec. 23, 2014).
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Beware the Boilerplate: Issue One
natlawreview.com | May 20, 2015
A loan is only as good as its documents. Over the next four weeks, this series will review the potential implications that may go unnoticed in boilerplate language and the importance of customizing standard language in loan documents from one transaction to the next.
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Important TILA rescission not barred under SSC Jesinoski c. CW; however, lost as he never alleged 1635(i)(2) claim
justia.com | May 19, 2015
After refinancing a home mortgage in 2007, Beukes, mailed a notice of rescission in 2010, which was rejected. Beukes stopped making payments. Mortgage Electronic Registration Systems (MERS), as nominee for the lender, published notices of a mortgage foreclosure sale. MERS ultimately purchased the property at a foreclosure sale. Beukes sued, seeking rescission and damages under the Truth in Lending Act, 15 U.S.C. 1635(a), claiming that the amount disclosed as the finance charge on the loan understated the amount they were actually charged by $944.31.
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IMPORTANT NY Case 6-yr SOL does not bar suit where FORGED DEED is VOID AB INITIO no SOL bar
justia.com | May 19, 2015
Faison v Lewis 2015 NY Slip Op 04026 Decided on May 12, 2015 Court of Appeals Rivera, J. Published by New York State Law Reporting Bureau pursuant to Judiciary Law § 431. This opinion is uncorrected and subject to revision before publication in the Official Reports.
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Five major banks caught with felony fraud
english.pravda.ru | May 18, 2015
Citigroup, JPMorgan Chase, Royal Bank of Scotland Group, Barclays and UBS are charged with felony fraud. International banks are to pay fines of several billions of dollars. The banks have committed deliberate manipulation within foreign exchange markets and gained possession of billions of dollars owing to retirees, university endowments and municipalities.
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6th Circuit Reverses Trial Court on RICO Against BofA, Law firm, et al
livinglies.wordpress.com | May 18, 2015
The key element here is the Court’s determination that the lawyers were misleading the court by characterizing the homeowner’s claim as seeking damages for a false assignment. The Sixth Circuit correctly analyzed the situation and arrived at the simple conclusion: if BOA didn’t have any right to foreclose the mortgage then it doesn’t matter whether or not the homeowner defaulted.
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Racketeering Lawsuit over Robo-Signing Can Proceed
troydoucet.com | May 18, 2015
Yesterday, a federal appeals court ruled that a RICO lawsuit against Bank of America, its law firm, a law firm employee, and MERS could proceed. The United States Court of Appeals for the Sixth Circuit ruled that a Racketeer Influenced and Corrupt Organizations Act (“RICO”) lawsuit could proceed against Bank of America, NA (“BANA”), Mortgage Electronic Registration Systems, Inc. (“MERS”), the law firm of Lerner Sampson and Rothfuss, and one of the law firm’s paralegals, for illegal robo-signing in an earlier state court foreclosure action.
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Robo-Signing Settlement Leaves Questions of Criminal Liability for Banks
votebeam.org | May 16, 2015
On February 9, 2012 the Obama Administration and forty-nine state prosecutors struck a $25 billion agreement with the nation’s five largest mortgage servicers to address mortgage loan servicing and foreclosure abuses. The announcement presages potential relief for some Americans whose mortgages are now underwater or are facing foreclosure.
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Elderly Man Allegedly Dies in Court Fighting Wells Fargo 'Wrongful' Foreclosure
alternet.org | May 16, 2015
An elderly man "succumbed to the pressure" of losing his home to Wells Fargo and died at a court hearing fighting the bank's wrongful foreclosure, his estate claims in court. The administrator of the estate of Larry Delassus sued Wells Fargo, Wachovia Bank, First American Corp. and others in Superior Court, for wrongful death, elder abuse, breach of contract and other charges.
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CoreLogic Reports 41,000 Completed Foreclosures in March 2015
multivu.com | May 13, 2015
IRVINE, Calif., May 12, 2015– / PR Newswire / — CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, today released its March 2015 National Foreclosure Report which shows that the foreclosure inventory declined by 25.7 percent and completed foreclosures declined by 15.5 percent from March 2014. There were 41,000 completed foreclosures nationwide in March 2015, down from 48,000 in March 2014, representing a decrease of 65.2 percent from the peak of completed foreclosures in September 2010, according to CoreLogic data.
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Federal Judge Rules Bank’s Fraud Caused the Financial Crisis
breitbart.com | May 13, 2015
Wall Street bankers have argued since the beginning of the 2007-8 financial crisis that they did not break the law when packaging sub-prime mortgages into bonds and selling them to institutional and retail investors. But in a devastating precedent that could redefine history, a Manhattan federal judge ruled that Nomura Bank and Royal Bank of Scotland willfully misled Fannie Mae and Freddie Mac into purchasing mortgage bonds that contained numerous fraudulent misrepresentations and underwriting errors.
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MBS Flow Chart
May 12, 2015
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The Foreclosure Crisis and the Resegregation of Urban America
portside.org | May 12, 2015
The displacement of black and Latino households was so dramatic during the recent foreclosure crisis that it should be seen as a 'mass migration event,' according to the lead author of a new Cornell University study. The study found Black and Latino neighborhoods faced home-loss rates at approximately three times that of white areas. This high rate of home-loss, along with white flight, resulted in a massive resegregation of urban America.
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RBS, Nomura Scorched in Mortgage Fraud Case
courthousenews.com | May 12, 2015
The decision comes in an action that the Federal Housing Finance Agency filed against RBS, Nomura and 15 other financial institutions in September 2011, alleging violations of the Securities Act of 1933 and other statutes. With trial for two of these banks wrapping up earlier this year, U.S. District Judge Denise Cote wasted little time Monday in finding RBS and Nomura culpable in hundreds of scathing pages.
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Judge finds Japanese bank lied when it sold mortgage-backed securities to Fannie Mae and Freddie Mac
businessinsider.com | May 12, 2015
NEW YORK (Reuters) - A U.S. judge on Monday ruled that Nomura Holdings Inc made false statements in selling mortgage-backed securities to Fannie Mae and Freddie Mac ahead of the 2008 financial crisis. U.S. District Judge Denise Cote in Manhattan ruled for the Federal Housing Finance Agency, the conservator for Fannie Mae and Freddie Mac, in a ruling that could allow the U.S. regulator to recover around $450 million.
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Elliston couple files lawsuit in mortgage mess
roanoke.com | May 10, 2015
There are lots of crazy stories about the mortgage servicing mess dating from the mid- to late 2000s, and I’ve written about a couple of them. But the case of Trinity and Jessica Heckman may be the mother of all mortgage nightmares. The married couple — he’s a police officer, she’s a hospital nurse — live with their 2-year-old son in a modest home in Elliston that they purchased in 2006.
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The Rosen Law Firm Reminds Altisource Residential Corporation Investors of the Important Deadline in the Class Action Filed by the Firm
businesswire.com | May 10, 2015
NEW YORK--(BUSINESS WIRE)--The Rosen Law Firm, a global investor rights law firm, reminds purchasers of Altisource Residential Corporation (RESI) securities from February 7, 2013 through January 23, 2015 of the important May 26, 2015 lead plaintiff deadline in the class action filed by the firm. The lawsuit seeks to recover damages for Altisource Residential Corporation investors under the federal securities laws.
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Your Questions About Rules of Notary Publics in CA (they are commissioned for four years at a time) - Must Sit for Exam Each and Every Four Years and be Fingerprinted Again
sos.ca.gov | May 10, 2015
Click here to download handbooks used to sit for the every 4-year exam live, followed up by obtaining new fingerprints each time.
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Nod on Void Dot is Notice of Cloud on Title But Does Not Bar Suit to Quiet Title Statute of Limitations is Not a Bar
justia.com | May 8, 2015
Salazar was born in Mexico in 1945. He speaks little English and cannot write English. His wife attended school through the second grade. She does not speak, read or write English. They operate a food truck. In 1992, they purchased commercial property on Brundage Lane in Bakersfield. Most of the businesses occupying the property were run by their children, who did not pay rent. They also had rent-paying tenants.
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Nebraska Supreme Court Rules Against Homeowner - No Standing to Challenge Assignment as They Could Not Show Any Damage From Such Assignment
justia.com | May 8, 2015
Plaintiffs asserted six causes of action against Wells Fargo Bank, N.A. (Wells Fargo), the Federal National Mortgage Association (Fannie Mae), Erika Knapstein, Bank of the West, and Jeff T. Courtney arising out of the foreclosure and subsequently sale of Plaintiffs’ residence. As a premise for all causes of action, Plaintiffs asserted that the assignment of their mortgage was defective.
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Delaware Supreme Court Rules Against Homeowner - Failed to Timely File Notice of Appeal of Grant of Summary Judgment to Bank
justia.com | May 8, 2015
In 2013, the Superior Court granted Branch Banking and Trust Company's ("BB&T") motion for summary judgment on its foreclosure and breach of contract claims. In 2014, the Superior Court entered a final judgment order awarding damages to BB&T. The Eids failed to file a timely notice of appeal of thatorder.
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Mortgage Fraud Risk Spreading Across the Country
nationalmortgagenews.com | May 6, 2015
The risk of mortgage lenders being victimized by fraud increased during the first quarter as economic conditions nationwide shift, according to a report from Interthinx.

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Bank of America paid $315 million to settle crisis-era lawsuits
charlotteobserver.com | May 6, 2015
Charlotte-based Bank of America has paid $315 million to settle a pair of financial crisis-era lawsuits over who should pay for the multibillion dollar fraud at failed lender Taylor Bean & Whitaker Mortgage, The Wall Street Journal reported Tuesday.

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Los Angeles sues Wells Fargo over alleged fraud
america.aljazeera.com | May 6, 2015
Wells Fargo employees used customers' private information to open unwanted checking accounts and credit cards in their names, resulting in unexpected fees and damaged credit scores, the city of Los Angeles claimed in a lawsuit filed late Monday.

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Moody's takes action on $147.6 Million of Prime Jumbo RMBS issued from 2003 to 2005
moodys.com | May 6, 2015
New York, May 04, 2015 -- Moody's Investors Service has downgraded the ratings of five tranches and upgraded the ratings of nine tranches backed by Prime Jumbo RMBS loans, issued by Banc of America Mortgage.

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Dan Gilbert says government can't 'coerce' him into admitting Quicken Loans committed fraud
cleveland.com | May 6, 2015
CLEVELAND, Ohio -- Two weeks after his mortgage company was sued by the federal government, Quicken Loans Chairman Dan Gilbert on Monday blasted the U.S. Department of Justice, saying he believes it's trying to score points with Americans by going after big players in the mortgage industry.

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Why Quiet Title Actions will Become Commonplace in the Future
May 5, 2015
Since the beginning of this country, county land records were designed because America needed some sort of “fundamental order” in its keeping of land ownership records.   And in this case, I’m talking about the proper ones, not the ones influenced by the behaviors of today’s legislatures (at the whims of the banking cartels).  
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New York High Court Weighs Mortgage Claim Time Limits
bloomberg.com | May 1, 2015
New York law gives investors who say they were duped into buying flawed mortgage bonds six years to sue. But does the clock start ticking on the day the bonds were packaged or after problems with the loans came to light?
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Quicken Loans worker charged with bank fraud by Justice Department
mlive.com | May 1, 2015
DETROIT, MI - Quicken Loans took another hit just a few days after the Detroit loan giant got into the ring with the U.S. Justice Department. The Detroit News reports that the Justice Department has charged a former Quicken contractor with conspiracy to commit bank fraud.
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SEC proposal would require certain non-U.S. swap dealers to register in U.S.
pionline.com | May 1, 2015
The SEC on Wednesday proposed requiring non-U.S. swap dealers that operate trading desks in the U.S. to register with the agency as a security-based swap dealer. Also, those desks' transactions would be subject to the reporting and public dissemination requirements under Regulation SBSR, which requires reporting of security-based swap information to registered data repositories.
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