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November 2012 Article Archive

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The SEC Lets Wells Fargo Off The Hook Over Mortgage Securities
trefis.com | Nov 29, 2012
In what comes as a welcome relief for Wells Fargo (NYSE:WFC) and its investors, the U.S. Securities & Exchange Commission (SEC) has decided to drop its inquiry into the bank’s alleged misrepresentation of facts while selling mortgage-backed securities worth around $60 billion. [1] The SEC had announced the investigation early this year, and had also involved the federal court in procuring requisite information from the bank in March.
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HSBC Mtge. Corp. (USA) v Carr | NY Appellate Division, 2nd Dept. – Cancellation and Discharge of the HSBC HELOC Mortgage
stopforeclosurefraud.com | Nov 29, 2012
In an action to foreclose a mortgage, the defendant Dale Hansen appeals from an order of the Supreme Court, Queens County (Taylor, J.), dated September 15, 2011, which denied his motion for summary judgment dismissing the complaint insofar as asserted against him.
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The Use of Injunctions in Combatting the Consequences of Mortgage Fraud and Predatory Lending
menafn.com | Nov 29, 2012
In 2007, the U.S. began to experience its worse housing and foreclosure crisis since the Great Depression. The economic crisis we are currently experiencing had its origin in an economic bubble; a distortion in the economy that occurs whenever a major commodity or service (in this case housing) becomes such an object of speculation that its perceived value inflates far beyond its actual value.
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Lorraine Brown, Convicted Fraudulent Mortgage Document Preparer, Charged with Racketeering by State of Michigan
firedoglake.com | Nov 27, 2012
The pile-on for Lorraine Brown continues. When we last left this story, Brown, the former President of fraudulent document processor DocX, pleaded guilty in federal court to one count of wire and mail fraud, and agreed to face a sentence of up to five years in prison. The state of Missouri also reached a plea agreement with Brown on document forgery and perjury charges, which carry a 2-3 year sentence that will probably get served concurrently.
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Has Obama's Foreclosure Settlement Worked?
huffingtonpost.com | Nov 25, 2012
On November 19th, the core of the Obama "Justice" Department's "49 State Settlement," of the millions of fraud claims by the suing mortgagees against the mega-banks who were trying to foreclose on robo-signed and other dubious mortgages, was finally announced, and it basically gave the mega-banks what they wanted: all of the money they could possibly get out of those mortgagees, and with future U.S. taxpayers furthermore absorbing the resulting losses, in the form of taxpayers needing to pay off the federal debt for the massive bailouts of Wall Street and its "counter-parties," losses which were being absorbed by Timothy Geithner's U.S. Treasury, and by Ben Bernanke's U.S. Federal Reserve.
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INDICTMENT & PLEA AGREEMENT | Lorraine Brown, Former Founder-President of DOCX Pleads Guilty
stopforeclosurefraud.com | Nov 21, 2012
The defendant herein, did knowingly and willfully combine, conspire, confederate and agree with others to commit certain offenses, to execute and attempt to execute a scheme and artifice to defraud, and to obtain money and property by means of material false and fraudulent pretenses, representations, and promises, by utilizing the United States mail and private and commercial interstate carriers, for the purpose of executing such scheme and artifice, in violation of Title 18, United States Code, Section 134.
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Thousands of Underwater Mortgages in NY Get Adjustments
rbj.net | Nov 19, 2012
More than 7,000 New York homeowners have had underwater mortgages adjusted since state attorneys general, including New York’s Eric Schneiderman, and several major U.S. banks announced a deal last spring in which the banks agreed to provide relief to homeowners affected by the mortgage crisis, a report issued Monday by settlement monitor Joseph Smith Jr. found.
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Multnomah County to Sue MERS Over Mortgage Recording Fee Evasion
blueoregon.com | Nov 16, 2012
On Thursday the Multnomah County Commission voted unanimously to sue the Mortgage Electronic Registration System (MERS) to recover fees that the County has lost for recording documents of transactions involving trust deeds, due to MERS handling such transactions without recording them.
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Lenders Worry Mortgage Rules will Overlap
dispatch.com | Nov 15, 2012
WASHINGTON — Mortgage bankers and Realtors warn that it could become even harder for borrowers to qualify for a home loan early next year as the industry faces a collision of new rules.
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Court Systems Wakes up to Loan Securitization
sanduskyregister.com | Nov 15, 2012
Four years ago, when the housing market bubble burst, and I became involved in securitized mortgage loan defense (not simply foreclosure defense), I learned our judicial system was like a sleeping giant – it was going to take courts time to wake up and understand the brand-new world of loan securitization, and how that world fit within long-standing principles of law.
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How Bear Stearns Really Screwed Investors
businessinsider.com | Nov 12, 2012
The Wall Street Journal reports this morning that JP Morgan will merely pay a fine for transgressions that occurred at Bear Stearns prior to the large money-center bank’s life-saving takeover of the former Wall Street broker.
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JPMorgan Executives Won't be Charged in Securities Sale Probes: WSJ
reuters.com | Nov 12, 2012
The Securities and Exchange Commission (SEC) does not intend to charge any JPMorgan Chase & Co executives in two investigations relating to the allegedly fraudulent sale of mortgage-backed securities, the Wall Street Journal reported.
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Marin Lawyer Faces Disbarment in Foreclosure 'Rescue' Scam Case
mercurynews.com | Nov 10, 2012
A Greenbrae attorney involved in what court officials called a bogus predatory lending lawsuit scheme and foreclosure rescue scam faces disbarment after a decision by a State Bar Court hearing judge this week.
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SEC and JPMorgan Reach Agreement in Principle over ‘Misleading Investors’
insideinvestorrelations.com | Nov 9, 2012
JPMorgan Chase has reached an agreement in principle with the SEC to resolve claims related to mortgage-backed securities by the investment bank and Bear Stearns, which JPMorgan acquired in 2008, according to a filing with the SEC.
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Banks Should Fear Ominous New Rulings in Fannie/Freddie MBS Cases
newsandinsight.thomsonreuters.com | Nov 9, 2012
JPMorgan Chase filed quite a remarkable quarterly report with the Securities and Exchange Commission on Thursday, crammed with far more details about its exposure to litigation and mortgage repurchase demands than the earnings report the bank issued in mid-October.
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