When Churches Face Foreclosure
mortgageorb.com | Oct 31, 2012
On Aug. 8, Pastor Steve Munsey addressed his congregants at the Family Christian Center in Munster, Ind., with some very serious news: the church owed $750,000 in back payments on its mortgage and was facing foreclosure.
RBS Settles Nevada AG Subprime Securitization Charge for $42 Million
housingwire.com | Oct 31, 2012
The investigation focused on the activities of the subprime activities of Countrywide and Option One, which originated mortgages securitized by RBS. Masto said many borrowers did not understand the likelihood that they would not be able to repay their loans.
Mortgage Fraud Charges May Apply to Bank of America Employees
thenichereport.com | Oct 27, 2012
(TheNicheReport) — The ongoing civil fraud case against Bank of America for allegedly selling toxic mortgage assets to government-sponsored mortgage investment companies could target individuals and bank employees.
RBS Financial Agrees to $42 Million Nevada Settlement
chicagotribune.com | Oct 26, 2012
RBS Financial Products Inc., of Stamford, Conn., has agreed to pay a $42 million settlement to end an investigation by the Nevada attorney general's office of its role in buying and securitizing subprime mortgages.
RBS to Pay $42 Million to Settle Nevada ARM Probe
marketwatch.com | Oct 24, 2012
RBS Financial Products has agreed to pay $42 million to resolve an investigation into its role in purchasing and securitizing subprime and payment option adjustable rate mortgages in Nevada, according to Nevada Attorney General Catherine Cortez Masto.
Housing, a Forgotten Issue in U.S. Elections, Still Vexes Economy
newsobserver.com | Oct 22, 2012
WASHINGTON -- Lost in the campaign arguments over who’s to blame for a weak economy and sluggish hiring is what has and hasn’t been done to improve home sales and housing finance, key causes of the nation’s severe financial crisis and ones that continue to drag against a robust recovery.
Asset-Backed Securities May Face Tougher Basel Bank Rules
bloomberg.com | Oct 22, 2012
Banks trading asset-backed securities may face tougher capital requirements and stricter oversight from global supervisors amid concerns that regulation is failing to curb excessive risk-taking.
MBA's Stevens Calls for a "Traffic Cop" to Manage Flood of New Regulations
mortgagenewsdaily.com | Oct 22, 2012
The Mortgage Bankers Association (MBA) called on policymakers in Washington today to create a new position to coordinate housing policy; what MBA President and CEO David H. Stevens, called "a traffic cop for all new rules" to ensure that the flood of new regulations complement one another rather than conflict.
Spanish Mortgage-Backed Bond Manager to Liquidate Two Issues
bloomberg.com | Oct 22, 2012
Titulizacion de Activos SGFT, a Spanish manager of securitizations, said it will liquidate two mortgage-backed bond transactions because of the high default rates and low recovery values on the underlying loans.
Queens Foreclosure Attorney Beats Back US Bank and Obtains Dismissal
examiner.com | Oct 18, 2012
On October 17, 2012, the Queens Civil Supreme Court posted a ruling issued a week earlier in a 2 year old foreclosure case.
A History Lesson from the Great Depression in Foreclosure Management
thenichereport.com | Oct 18, 2012
Of all the lessons learned during the Great Depression of the 1930s, the Federal Home Loan Bank Act of 1932 stands as one of the most powerful examples of efficient government intervention during a time of economic crisis.
Redwood Sells $297 Million of Mortgage Bonds as Deals Accelerate
businessweek.com | Oct 18, 2012
Redwood Trust Inc. (RWT) sold $297 million of bonds tied to new U.S. home loans without government backing as issuance accelerates after a slump that began in 2007.
ACLU Sues Morgan Stanley for Bias in Mortgage Business
chicagotribune.com | Oct 15, 2012
The American Civil Liberties Union sued Morgan Stanley on Monday, alleging racial discrimination over packaging subprime mortgage loans into securities.
Morgan Stanley Sued for Racial Discrimination in Pushing Predatory Loans to Black Homeowners
aclu.org | Oct 15, 2012
Morgan Stanley discriminated against black homeowners and violated federal civil rights laws by providing strong incentives to a subprime lender to originate mortgages that were likely to be foreclosed on, according to a groundbreaking lawsuit filed today.
Suit Brought Against Deutsche Bank Over $183 Million in Securitized Mortgage Loans
jdsupra.com | Oct 13, 2012
On September 27, HSBC Bank USA, National Association, in its capacity as trustee of ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE4, filed a summons with notice of claims against Deutsche Bank Structured Products, Inc. in the Supreme Court for the State of New York, New York County.
Investors’ Billion-Dollar Fraud Fighter
dealbook.nytimes.com | Oct 10, 2012
A few days after securing the largest shareholder recovery arising from the financial crisis — $2.43 billion from Bank of America — the plaintiffs’ lawyer Max W. Berger was not taking a victory lap.
U.S. Files Civil Mortgage Fraud Suit Against Wells Fargo
securitizationauditservices.com | Oct 9, 2012
Wells Fargo & Co. (WFC) was sued by the U.S. government over claims the bank committed fraud by making reckless mortgage loans, according to a complaint filed in Manhattan federal court.
CNBC on Securitization Fraud - Who Really Owns Your Mortgage?
youtube.com | Oct 9, 2012
Click here to watch the video
Economist Expects Recovery to Remain Slow
lvbusinesspress.com | Oct 8, 2012
William Emmons, chief economist with the Federal Reserve Bank of St. Louis, expects slow economic growth both in the "short term and further ahead" as the nation's housing market continues to struggle toward a full recovery.
FHFA Seeks Public Input on Building a New Secondary Mortgage Market
thenichereport.com | Oct 8, 2012
Washington, DC – The Federal Housing Finance Agency (FHFA) today released for public input a white paper on a proposed framework for a common securitization platform and a model Pooling and Servicing Agreement.
Money, Power and the Rule of Law
economix.blogs.nytimes.com | Oct 5, 2012
Economic policy is always torn between helping the broader social interest - lots of ordinary people - and favoring particular special interests. Unfortunately, special interests typically win out in the kind of situation we have in America in 2012, when it's all about spending money to win friends and influence people.
Residential Mortgage-Backed Securities Working Group Members Announce First Legal Action
justice.gov | Oct 3, 2012
“This lawsuit will bring accountability for the misconduct that led to the crash of the housing market and the collapse of the American economy,” said Attorney General Schneiderman. “Our lawsuit demonstrates that there is one set of rules for all – no matter how big or powerful the institution may be – and that those rules will be enforced vigorously.
The First Case For the President’s Residential Mortgage-Backed Securities Working Group
secactions.com | Oct 3, 2012
The President’s Residential Mortgage-Backed Securities Working Group, announced earlier this year in the State of the Union speech, brought its first case. The action is against Bear, Stearns & Co., Inc., which has been acquired by JPMorgan Chase.
JPMorgan Sued by AG Schneiderman for Fraudulent Residential Mortgage-backed Securities
loansafe.org | Oct 2, 2012
In his role as co-chair of the Residential Mortgage-Backed Securities Working Group, Attorney General Eric T. Schneiderman today announced a Martin Act lawsuit against J.P. Morgan Securities LLC (formerly known as Bear Stearns & Co. Inc.), JP Morgan Chase Bank, N.A., and EMC Mortgage LLC (formerly known as EMC Mortgage Corporation) for making fraudulent misrepresentations and omissions to promote the sale of residential mortgage-backed securities (RMBS) to investors.
CIFG Sues Greenpoint Over $277 Million in Mortgage Loans
businessweek.com | Oct 2, 2012
CIFG Assurance North America Inc. sued GreenPoint Mortgage Funding Inc., claiming the shuttered company provided false information and made material omissions about loans it originated.
Bear Stearns E-Mails: Executive Calls Mortgage Bonds "Dog," "Shit Breather," "Sack Of Shit"
huffingtonpost.com | Oct 2, 2012
"Piece of shit," you've been replaced by "shit breather" in the lexicon of dumb Wall Street emails. Because if there's a Wall Street scandal, you can bet there are some dumb emails involved.
New York Attorney General Sues JP Morgan Chase Over Alleged Mortgage-Backed Securities Fraud
thinkprogress.org | Oct 1, 2012
New York Attorney General Eric Schneiderman (D) has filed a civil lawsuit against JP Morgan Chase alleging “widespread fraud in the sale of mortgage-backed securities,” the Wall Street Journal reports. The suit is the first action brought by the Obama administration’s mortgage fraud task force, which Schneiderman chairs.
Palestinian Authority Aims to Securitize $200 Million of Debt
news.yahoo.com | Oct 1, 2012
Palestinian authorities are aiming to securitize an initial $200 million of some $1.3 billion worth of government debt by the first quarter of 2013 to help reduce state borrowing from local banks, a top banker said on Sunday.
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