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October 2013 Article Archive

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Freddie Mac Begins Securitizing $1 Billion in HAMP Modified Mortgage Loans
loansafe.org | October 30, 2013
(Source: Freddie Mac) – Freddie Mac announced today that it has begun securitizing performing Home Affordable Modification Program (“HAMP”) modified mortgage loans held in the company’s mortgage-related investments portfolio.
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New York City and Long Island Foreclosures Continue to Increase a Year After Hurricane Sandy Hit
digitaljournal.com | October 29, 2013
IRVINE, CA--(Marketwired - Oct 29, 2013) - One year after Hurricane Sandy made landfall on the U.S. eastern seaboard, RealtyTrac® (www.realtytrac.com), the nation's leading source for comprehensive housing data, today reported that foreclosure activity in the first nine months of 2013 is up 33 percent compared to the first nine months of 2012 in the 7-county region including the five boroughs of New York and Long Island.
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Countrywide mortgage advisers suspended for fraud
mortgagesolutions.co.uk | October 28, 2013
Countrywide has launched an inquiry after some of its advisers were caught showing buyers how to get around mortgage rules.
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Bank of America's Fraud Conviction Could Be Just the Beginning
dailyfinance.com | October 28, 2013
The recent jury verdict against Bank of America, in which the bank was found to be liable for defrauding government-sponsored entities Fannie Mae and Freddie Mac by selling the organizations mortgage bonds stuffed with toxic home loans, is significant for two reasons.
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Rucker v. Novastar - APPELLATE Unpublished Opinion - No Statutory Authority
October 28, 2013
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The Glaski Report Vol. 1 Issue 3 - Fourth Circuit Petitioner Wants to Ask New York Court of Appeals: Is Glaski, et al "on point"? Banksters "Should be Afraid, very AFRAID"?
October 28, 2013
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Homeowner WIN against JPMorgan Chase...
October 28, 2013
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NY Court limits expert testimony in JP Morgan whistleblower suit for merely bolstering Plaintiff’s allegations
expertwitnessguru.com | October 27, 2013
In a recent development in the JP Morgan whistleblower suit brought by ex-employee Jennifer Sharkey, the U.S. District Court of New York limited the expert testimony of Plaintiff’s finance and accounting expert for merely bolstering the Plaintiff’s allegations. The Defendants’ motion to preclude the expert testimony was granted in part and denied in part.
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Executive At Center Of Bank Of America Mortgage Fraud Case Now Working For JPMorgan Chase
news.firedoglake.com | October 27, 2013
The Bank of America executive at the center of the recent mortgage fraud case – for which Bank of America was found liable by a jury – is not only still working on Wall Street, she is still working in the housing market. Rebecca Mairone, the architect of the scam known as “the Hustle”, now works for JPMorgan Chase as the Managing Director of Home Lending, according to her LinkedIn profile and a report by the New York Times.
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More Legal Headaches from the Mortgage Mess and Bernie Madoff
courthousenews.com | October 23, 2013
The long trail of destruction from the mortgage mess is still working its way through the system. Bank of America has been found liable for mortgage fraud. The bank’s Countrywide unit sold defective mortgages in the lead-up to the housing collapse.
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Reparations From Banks
nytimes.com | October 27, 2013
The government’s attempts to hold banks accountable for their mortgage practices may finally be paying off. On Friday, JPMorgan Chase agreed to pay $5.1 billion to the regulator of Fannie Mae and Freddie Mac to resolve charges related to toxic mortgage securities sold before the financial crisis.
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Orange County Man Third Defendant to be Sentenced in Mortgage Fraud Scheme
loansafe.org | October 27, 2013
(Source: FBI) – Wifredo A. Ferrer, United States Attorney for the Southern District of Florida, and Michael B. Steinbach, Acting Special Agent in Charge, Federal Bureau of Investigation (FBI), Miami Field Office, announce that defendant Bhardwaaj “Deo” Seecharan, 53, of Orange County, was sentenced on Wednesday for his participation in an extensive mortgage fraud scheme.
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Countrywide verdict a major victory for US Justice Department
nytimes.com | October 27, 2013
According to a Reuters report, the verdict rendered by a New York federal jury which found the Countrywide unit of Bank of America Corp liable for mortgage fraud was a major victory for the US government.
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JPMorgan to pay $5.1 bn to settle Fannie, Freddie claims
globalpost.com | October 27, 2013
JPMorgan Chase will pay $5.1 billion to settle charges it overstated the quality of mortgages and mortgage-backed securities sold to Freddie Mac and Fannie Mae, US officials said Friday.
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Stop freaking out over $13B JPMorgan settlement
usatoday.com | October 27, 2013
The size of the reported $13 billion settlement between the Justice Department and JPMorgan Chase commands awe and attention. It's also garnering a lot of criticism.
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Mortgage Fraud Case to Remain in Federal Court
courthousenews.com | October 23, 2013
(CN) - A mass action accusing Bank of America and others of deceptive mortgage lending belongs in federal court, despite minimal plaintiff commonality, the 9th Circuit ruled Wednesday.
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LPS: Mortgage Delinquency Rate Increased in September, In-Foreclosure Rate Lowest Since February 2009
calculatedriskblog.com | October 23, 2013
According to the First Look report for September to be released today by Lender Processing Services (LPS), the percent of loans delinquent increased seasonally in September compared to August, and declined about 13% year-over-year. Also the percent of loans in the foreclosure process declined further in September and were down 32% over the last year.
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FHFA Said To Seek $6 Billion From BofA For Mortgage Settlement
valuewalk.com | October 23, 2013
FHFA has reportedly sought $6 billion from Bank of America Corp (NYSE:BAC) for settlement of claims that the bank has willfully sold RMBS to Fannie Mae / Federal National Mortgage Association (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC).
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Bank Of America Lawyer Says U.S. Showed No Evidence In Mortgage Fraud Case
huffingtonpost.com | October 23, 2013
NEW YORK, Oct 22 (Reuters) - The U.S. government has failed to produce any evidence to show that Bank of America Corp's Countrywide unit committed mortgage fraud in the run-up to the financial crisis, a lawyer for the bank said on Tuesday.
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Where is Justice in Wall Street Settlements?
worldpropertychannel.com | October 23, 2013
Five years after Wall Street firms led the global economy to the edge of the fiscal cliff, some of the biggest players are finally facing punishment.
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Everything You Need to Know About JPMorgan’s $13 Billion Settlement
washingtonpost.com | October 22, 2013
JPMorgan Chase is nearing a $13 billion civil settlement with the Justice Department for its mortgage lending practices. So what's going on here? We're here to help.
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U.S. Regulators Seeking $6 Billion from Bank of America, Sources Say
nasdaq.com | October 21, 2013
Regulators at the U.S. Federal Housing Finance Agency want Bank of America ( BAC ) to pay a $6 billion penalty related to mortgage-backed securities sold to Fannie Mae (FNMA) and Freddie Mac (FMCC), The Financial Times reports Sunday, citing people familiar with the matter.
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JPMorgan 'to pay $13 billion' Over Mortgage Claims
france24.com | October 20, 2013
JPMorgan Chase will pay $13 billion to settle claims that it overstated the value of mortgage-backed securities it sold in the run-up to the 2008 financial crisis, a source close to negotiations between the bank and the US government said Saturday.
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Freddie Mac Stalls on Family Re-purchase of Home in Foreclosure
telegram.com | October 20, 2013
WORCESTER — Juan R. Alvarez is happy and comfortable at his home on Lovell Street surrounded by his parents and two older brothers. But the possibility of being evicted wears on his family's spirits daily.
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Title Company Manager Pleads Guilty to $5 Million Scam
nationalmortgagenews.com | October 20, 2013
A Maryland woman who lost her state license to issue title insurance policies pleaded guilty to committing wire fraud in connection with a scheme that resulted in losses of nearly $5 million.
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Jump in New Jersey Foreclosures, Despite Downward Nationwide Trend
world.einnews.com | October 20, 2013
On October 9, RealtyTrac, a nationwide supplier of foreclosure data and services, released a new report detailing rates of foreclosure around the country. Compared to a year ago, most parts of the country have experienced a decline in the number of residential foreclosures.
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JPMorgan Strikes Tentative $13 Billion Deal with DOJ
politico.com | October 20, 2013
JPMorgan Chase has reached a tentative agreement with the Justice Department to pay a record $13 billion to settle civil investigations into faulty mortgage securities the bank sold to investors in the lead up to the financial crisis, according to two people familiar with the negotiations.
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BofA Faces Fresh Mortgage Suit
politico.com | October 20, 2013
Bank of America Corp.'s USB +0.64% legal woes deepened Tuesday, as a big bank filed suit over soured home-loan bonds and a flurry of investors said they might object to a high-profile mortgage-bond settlement.
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JPMorgan Reports Massive Litigation Reserves Hike
fiercefinance.com | October 16, 2013
With a massive settlement over mortgage fraud still in the works (we hope anyway), JPMorgan Chase took a massive hit in the third quarter, setting aside reserves of $9.2 billion for litigation and legal costs. That took a toll on the bank's earnings.
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Federal Home Loan Mortgage Corp: Freddie Mac Multifamily Completes First Bulk Loan Sale for $195 Million
4-traders.com | October 16, 2013
MCLEAN, VA--(Marketwired - Oct 14, 2013) - Freddie Mac (OTCQB: FMCC) recently completed its first Multifamily bulk loan sale. An affiliate of Colony Capital purchased the portfolio of 27 performing mortgage loans with an unpaid principal balance of $195 million, which included multifamily, student housing and assisted-living facilities. Freddie Mac retained Mission Capital Advisors as loan sale advisor.
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Performing Multifamily Loans Hit the Market
housingwire.com | October 16, 2013
A great deal of activity is surfacing in the multifamily sector in the form of nonperforming loan sales this week. Freddie Mac on Monday completed its first multifamily bulk loan sale. The GSE announced that an affiliate of Colony Capital acquired 27 performing multifamily mortgages with a total unpaid principal balance of $195 million from Freddie.
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Ex-Countrywide Exec Denies Fraud at BofA Trial over Mortgages
reuters.com | October 16, 2013
Oct 15 (Reuters) - A former executive of Bank of America's Countrywide unit told a federal jury on Tuesday that she did not knowingly sell toxic mortgages to Fannie Mae and Freddie Mac in the run-up to the financial crisis.
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How well do you know your expert witness?
internationallawoffice.com | October 16, 2013
The High Court decision in Proton Energy Group SA v Orlen Lietuva(1) is a warning to all litigators to choose their expert witnesses wisely. This update examines why it is important to know your expert witness well, but not too well.
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Profiting From Credit Default Swaps
businessweek.com | October 16, 2013
Oct. 15 (Bloomberg) -- Barclays Bradley Rogoff and Greenhill & Co.'s Scott Bok discuss credit-default swaps and U.S. default with Erik Schatzker on Bloomberg Television's "Market Makers."
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Ex-Countrywide Executive Denies Scheme to Mislead Loan Buyers
businessweek.com | October 16, 2013
A former executive of Bank of America Corp. (BAC:US)’s Countrywide unit testified she wasn’t part of a scheme to defraud Fannie Mae and Freddie Mac (FMCC:US) by selling them thousands of defective loans.
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Robo-signing is over. But robo-suing is growing.
csmonitor.com | October 14, 2013
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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Shutdown Threatens to Dent Slowing Housing Market
cbsnews.com | October 14, 2013
(MoneyWatch) The ongoing partial government shutdown is putting stress on a housing market already showing signs of slowing.
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Fannie Mae, Freddie Mac to go After More Strategic Defaulters
latimes.com | October 13, 2013
The Federal Housing Finance Agency is pushing Fannie and Freddie to chase down borrowers who can make home loan payments but choose not to. Anyone thinking of skating on mortgages owned by either Fannie Mae or Freddie Mac may want to think again. As a result of new government reports, the two companies say they are going to do a better job of going after so-called strategic defaulters.
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States Used Mortgage Settlement Money to Balance Budgets
usatoday.com | October 10, 2013
Instead of helping homeowners, states used at least $1 billion of the $2.5 billion they received in a legal settlement with major mortgage lenders to plug budget holes, pay for pet projects or promote economic development.
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Lots Going on in the Mortgage Insurance Biz; Investor & Vendor Updates Continuen
usatoday.com | October 10, 2013
I have decided to take matters into my own hands. I am in the Washington DC area today for the Mid-Atlantic Lender Conference, and I plan on telling Congress to be sure to wait until the last minute before making a deal, with the deal being to kick the proverbial can down the road to after the next election and causing the most turmoil because that is what we really need right now. We'll see if they take my advice.
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"Vampire" Foreclosures are What’s Keeping Bank Inventory High, Analyst Says
blogs.marketwatch.com | October 10, 2013
As if rising mortgage rates aren’t scary enough, analysts have identified a lurking threat to housing: “vampire” properties. These “vampire” properties are bank-owned foreclosed homes in which prior owners continue to live, as defined by RealtyTrac, an online foreclosure marketplace.
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Woman Charged with Lying to Obtain Home Equity Loan
mortgagefraudblog.com | October 8, 2013
Maria DeJesus-Guzman, 36, Philadelphia, Pennsylvania, was charged in a four count indictment with loan application fraud, passport fraud, falsely representing to be a United States citizen, and aggravated identity theft.
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Bank Officer Charged with Soliciting and Accepting Bribe in Sale of Bank Property
mortgagefraudblog.com | October 8, 2013
Michael Ghabrial, 49, Martinsville, New Jersey, was charged by Information with one count of bank bribery.
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THE CARROLL COX SHOW - Mortgage Fraud
carrollcox.com | October 8, 2013
Carroll's guest is Edna Franco, who was featured in a 10/5/13 StarAdvertiser story she claims inaccurately reported she was defrauding the public as a "distressed property consultant", conducting "foreclosure rescue fraud".   Ms. Franco tells us the story was based on false accusations by the Office of Consumer Protection.   Ms. Franco also says the only witness was "misled and tricked" by the DCCA into making a statement against Franco and that statement was later retracted.     
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The Housing Crash: Examining a Misguided Class Analysis of Foreclosure Sales
minyanville.com | October 8, 2013
Things change. One thing that does not change is the predictable commentary about things changing. Catherine Rampell gives an excellent example in New York Times Magazine, “Boom, Bust, Flip.” She repeats the ancient charge that change benefits “the upper class while brutalizing the middle class.”
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Mortgage Fraud Exposed, Inside the Financial Fiasco 720p
youtube.com | October 8, 2013
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Deutsche Bank and Bloomberg Collaborate to Launch Mortgage OAS Model
marketwatch.com | October 7, 2013
NEW YORK, Oct 07, 2013 (BUSINESS WIRE) -- Deutsche Bank announced today its collaboration with Bloomberg on a new option adjusted spread (OAS) model. The OAS model combined with Deutsche Bank's Prepayment Model seeks to provide market participants a standard, accurate way to value agency mortgage backed securities (MBS) and collateralized mortgage obligations (CMOs) in today's low interest rate environment.
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Glaski Decision Appears To Place Lenders On Notice To Verify Accuracy And Effectiveness Of Loan Assignments
mondaq.com | October 6, 2013
The recent decision in Glaski v. Bank of America, National Association, et al., 160 Cal. Rptr. 3d 449 (2013), may, at least in certain circumstances, impact the ability of residential mortgage-backed security and commercial mortgage-backed security lenders to keep pooling and servicing agreements out of two-party borrower-lender disputes, and appears to place lenders on notice to verify the accuracy and effectiveness of their loan assignments.
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Stay on Top of the Changing Distressed Inventory Climate
inman.com | October 2, 2013
RealtyTrac Vice President Daren Blomquist is the company’s resident expert on foreclosure statistics and trends, overseeing the creation of RealtyTrac’s U.S. foreclosure market and sales reports.
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Foreclosures Surging in Maryland Despite Nationwide Decreases
prweb.com | October 2, 2013
Foreclosures in the state of Maryland are surging, nearly tripling compared to the same time last year, and showcasing a market which is far from recovered despite nationwide decreases. A bankruptcy and foreclosure defense attorney in Maryland such as the Law Offices of Brandon Bernstein, LLC, will be able to aggressively defend against foreclosure proceedings and find alternative solutions.
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Freddie Mac Reveals About $1.3B in Settlements with Financial Institutions
rttnews.com | October 2, 2013
Freddie Mac (FMCC.OB) said it has entered into agreements with three financial institutions concerning Freddie Mac's claims related to representations and warranties on single-family loans sold to Freddie Mac.
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As Financial Crime Terrain Grows, the Need for Good Expert Witnesses Expands Also, Recruiter Says
acfcs.org | October 2, 2013
Becoming an expert witness is a common career goal for financial crime specialists. For government specialists this goal often blossoms in late-career. Not all aspiring expert witnesses recognize the importance of self-promotion or the tools they should use to spread their skills and availability to wider circles.
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What Do Subprime Securitization Agreements Say About Mortgage Modification?
jreg.commons.yale.edu | October 2, 2013
This paper presents the results of the only publicly available empirical study of what agreements governing subprime securitized mortgages say about mortgage modification.
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JPM $11B Settlement Complicated By Washington Mutual
foxbusiness.com | October 1, 2013
JPMorgan Chase & Co's (JPM) possible $11 billion settlement of government mortgage probes has been complicated by a dispute with the Federal Deposit Insurance Corp over responsibility for losses at the former Washington Mutual Inc, said people familiar with the matter.
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Bank of America Faces Foreclosure Discrimination Complaint Over Neglecting Minority Neighborhoods
securitizationauditservices.com | October 1, 2013
The National Fair Housing Alliance hit Bank of America with an expanded complaint that it neglected maintenance and marketing of foreclosed homes in minority neighborhoods, while simultaneously investing more time and money into the upkeep and marketing of homes in primarily white communities.
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