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October 2014 Article Archive

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UPDATE 4-NY says Ocwen backdated foreclosure letters, company shares slide
reuters.com | October 27, 2014
NEW YORK, Oct 21 (Reuters) - Ocwen Financial Corp may have harmed hundreds of thousands of borrowers by sending backdated letters about loan modifications and foreclosures, New York state's financial regulator said on Tuesday, sparking a selloff in shares of the mortgage servicer.
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Judge tosses Mass. suit against Fannie Mae, Freddie Mac
bostonglobe.com | October 27, 2014
A federal judge has dismissed a lawsuit brought by Massachusetts Attorney General Martha Coakley against the federal agencies Freddie Mac and Fannie Mae for refusing to sell homes in foreclosure to nonprofit groups that want to return them to the original owners.
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Five real estate investors indicted in bid rigging scheme in San Mateo, San Francisco counties
mercurynews.com | October 27, 2014
SAN FRANCISCO - Five real estate investors accused of rigging bids at foreclosure auctions in San Francisco and San Mateo County have been indicted in federal court in San Francisco, according to the U.S. Attorney's Office.
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Nation briefs: N.Y. officers wounded in hatchet attack
post-gazette.com | October 27, 2014
NEW YORK — Investigators on Friday were closely examining the background of a man who attacked several police officers in Queens with a hatchet Thursday, focusing in part on comments he made on the Internet disparaging whites and Christians and supporting violent jihad.
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Mortgage Giant Accused Of Faking Documents To Justify Foreclosures
mortgagefraudblog.com | October 27, 2014
New York state’s top financial regulator says one of the biggest mortgage servicing companies in America has continued to backdate paperwork in order to justify illegitimate foreclosures, more than two years after the widespread falsification of key foreclosure documents by financial companies was revealed and quickly resolved through a settlement with the federal government.
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Madigan, Schimpf face off for attorney general
post-gazette.com | October 27, 2014
SPRINGFIELD | The man seeking to unseat Illinois' long-serving attorney general says its time for a change in the office. Republican Paul Schimpf, a political newcomer from Waterloo, says he's trying to make the case that Democratic incumbent Lisa Madigan's hold on the post should come to an end when her third term ends in January.
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Ocwen Accused Anew of Improper Practices
wsj.com | October 23, 2014
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JP Morgan Set to Pay $1 Billion to Cover Yet Another Fraud
theblaze.com | October 21, 2014
JP Morgan has set aside another $1 billion to cover penalties for manipulating the foreign exchange market. The bank has paid out billions over regulatory violations and lawsuits in the last two years from the “London Whale” trading scandal to fraudulent sales of mortgage backed securities.
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Federal Prosecutors Cleared in Lisa Blue Case
texaslawyer.com | October 20, 2014
The U.S. Attorney's Office for the Eastern District of Texas did not engage in misconduct when it opened—and later terminated—an investigation into Lisa Blue, according to a recent letter the U.S. Department of Justice's Office of Professional Responsibility (OPR) sent to the Dallas trial lawyer.
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Delamaide: Nobel economist talks tough on banks
usatoday.com | October 20, 2014
WASHINGTON — Governments need to intervene to "tame" giant firms in banking and other industries where a few companies dominate the sector, according to the latest Nobel Prize winner.
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4 Admit Bribing Bankers to Win Bids to Purchase Secondary Mortgage Loans
mortgagefraudblog.com | October 20, 2014
Israel Hechter, 47, San Diego, California, the owner of San Diego-based mortgage investment firms Ocean 18, LLC, and Note Tracker Corporation, admitted in federal court that he paid $1 million in bribes to bank insiders at J.P. Morgan Chase Bank, GMAC Mortgage, LLC, and National City Bank. Three other defendants also pleaded guilty to participating in the conspiracy.
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FBI Charges Pennsylvania Lawyer in Title Insurance Fraud Scheme
loansafe.org | October 20, 2014
The U.S. Attorney’s Office for the Middle District of Pennsylvania announced this past Thursday, that a lawyer, Susan C. Kevra-Shiner, 46, of Clarks Summit, Pennsylvania, was indicted by the federal grand jury and charged with seven counts of mail fraud. The fraud was related to a title company Kevra-Shiner owned and operated in Avoca, Pennsylvania, known as GK Abstract Co., Inc.
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Bank of America Breaks Almost Even Despite Big Settlement
wfae.org | October 20, 2014
Bank of America broke roughly even in its third quarter earnings, despite paying part of the massive, more than $16 billion settlement with the federal government over mortgage fraud that helped spur the financial crisis.
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All Whistleblowers, listen up! Seven figure chump change or eight-figure bonanza, what will it be?
jdsupra.com | October 20, 2014
Several events happened in the last few months to inspire conversation about whistleblowers. First, on July 30, 2014, “National Whistleblower Appreciation Day” was observed for the second year in row by declaration of Congress. Second, on September 17, 2014, AG Holder criticized a whistleblower cap of $1.6 million to be “a paltry sum.” Last in interest was the announcement by the Securities and Exchange Commission, on September 22, 2014, that $30 million would be awarded to an anonymous tipster living in a foreign land, a record award for the SEC. So let’s talk about whistleblowers.
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Look What DOJ Found – A New Enforcement Tool: FIRREA
jdsupra.com | October 20, 2014
The Justice Department recently read through the United States Code and discovered something important — a statute that authorizes the government to issue administrative subpoenas to build massive civil fraud cases that carry huge penalties.
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Vice President of TD Bank Indicted by the Feds for Fraud
loansafe.org | October 20, 2014
The US Department of Justice (USDOJ) announced this week, that Frank Spinosa, the regional Vice President of TD Bank has been charged with conspiring to commit fraud, and having worked with the already convicted executive officer Scott W. Rothstein of Rothstein, Rosenfeldt and Adler, P.A.
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Banker Admits Taking Bribes in Secondary Mortgage Fraud Scheme
mortgagefraudblog.com | October 20, 2014
Robert Moreno, San Diego, California, a banker who sold mortgages on behalf of GMAC, admitted receiving more than one million dollars in bribe payments while working on behalf of GMAC. In return, Moreno used his position and influence to ensure that his customers won their bids to purchase mortgage notes.
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Delia v. GMAC | FL 5th DCA – "Because the bank failed to introduce any evidence on the element of adequate protection for its lost note, we reverse."
stopforeclosurefraud.com | October 20, 2014
Dennis Delia (homeowner) appeals the final judgment of foreclosure entered by the trial court in favor of GMAC Mortgage Corporation (bank). Because the bank failed to introduce any evidence on the element of adequate protection for its lost note, we reverse.
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Quiet Title Action Based on Mortgagee’s Failure to Respond to Mortgagors’ Written Demand to Prove that Mortgagee Loaned Money to Mortgagors
kashilawletter.com | October 20, 2014
The mortgagors filed an action to quiet title because the mortgagee failed to respond to their written demand to prove it lent money to them. The mortgagee filed a motion to dismiss the complaint with prejudice, and the trial court did so, despite the mortgagors’ request for leave to amend, based on the premise that amendment would be futile because the mortgagors’ claim was a sham.
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Are Americans Becoming More Financially Secure?
wallstcheatsheet.com | October 18, 2014
Over the past several years, many of us have heard reports of large percentages of people living paycheck to paycheck, high foreclosure statistics, and inadequate retirement savings across the board, but especially among those near retirement.
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California foreclosures hit lowest level in eight years
housingwire.com | October 18, 2014
Lending institutions initiated formal foreclosure proceedings last quarter on the lowest number of California homes in more than eight years, a CoreLogic DataQuick report said.
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Could Federal Reserve’s New Rules Affect Housing Market?
realtytoday.com | October 18, 2014
The U.S. Federal Reserve and other banking associations all around the world have been trying to formulate new rules for financial protection of both customers and banking institutions. Could these new rules affect the housing market? If so, how?
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Fannie Mae, Freddie Mac reach deal to ease mortgage lending
latimes.com | October 18, 2014
Mortgage financing giants Fannie Mae and Freddie Mac, together with their federal regulator, have drawn up rules aimed at loosening constricted lending standards to make mortgages more affordable and easier to get for those with less than stellar credit.
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Recent REMIC Case in Washington
October 17, 2014
This is a Sept 25, 2014, Washington State supreme court ruling on REMIC taxes not exempt because Cashmere did not receive any interest in mortgages or deeds of trust to back its investment.
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Anastacia S. Lacombe and Max P. Lacombe vs Deutsche Bank National Trust Company, etc.| FL 1st DCA – Bank’s documents and witness did not prove the bank’s standing to bring the foreclosure action
stopforeclosurefraud.com | October 16, 2014
The Lacombes, defendants, appeal the final judgment of foreclosure against them and in favor of Deutsche Bank National Trust Co., as Trustee for Long Beach Mortgage Loan Trust 2006-2 (“Deutsche Bank”).
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Fed’s Tarullo: Banking Scandals more than Just a Few Bad Apples
marketwatch.com | October 13, 2014
WASHINGTON (MarketWatch)—The plethora of banking scandals cannot be written off as just the work of a few bad actors, Federal Reserve Governor Daniel Tarullo said Saturday.
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Fannie's Fraud
sanduskyregister.com | October 13, 2014
We’ve seen many cases over the years where our clients’ mortgage loans are owned by Fannie Mae or Freddie Mac, which are government supported entities. From this experience it is fair to conclude that Fannie and Freddie are no more interested that their private sector cousins in helping people save their homes.
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Fairholme Funds, Inc. Files Notice of Appeal of Ruling by U.S. District Court
seekingalpha.com | October 13, 2014
MIAMI--(BUSINESS WIRE)-- Fairholme Funds, Inc. (Fairholme) today filed a notice of appeal in the U.S. Court of Appeals for the District of Columbia of a ruling by District Court Judge Royce Lamberth that dismissed lawsuits filed by Fairholme and other plaintiffs against the U.S. Government. The lawsuits relate to the Fannie Mae/Freddie Mac Preferred Stock Purchase Agreement and subsequent amendments.
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Here's Why the Mortgage Refi Boom is Over
cnbc.com | October 13, 2014
Lower interest rates used to spark stampedes of homeowners looking to save a few bucks—or pull some cash out of their home equity piggy bank.
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Freddie Mac Launches Small Loan Program With 3 Lenders
globest.com | October 13, 2014
McLEAN, VA—Freddie Mac has unveiled the details of a new program in which it will purchase and securitize small multifamily loans of $1 million to $5 million for assets that have least five apartment units. The GSE has a designated Small Balance Loan team for the production, pricing, underwriting, closing, purchasing and funding of these loans, which are expected to further expand the inventory of affordable rental housing in the US.
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Why is Preet Bharara, the 'scourge of Wall Street', taking a friendly tone towards mortgage bankers?
ocregister.com | October 13, 2014
Here’s something you don’t expect to hear from a man who made his reputation by jailing bankers and becoming the “scourge of Wall Street”: ask him if fraud existed during the mortgage crisis and his answer is “the evidence is not there.”
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Mortgage Rates Fall for Third Week
ocregister.com | October 13, 2014
From Freddie Mac’s weekly survey: The average interest rate for a 30-year fixed-rate mortgage improved nicely, down to 4.12 percent from last week’s 4.19 percent.
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Virginia Loan Officer Sentenced for Multi-Million-Dollars Mortgage Fraud Conspiracy
loansafe.org | October 13, 2014
According to the FBI, Lorene Chittenden, a loan officer from Centerville, Virginia was sentenced last Friday to carry out 42 months in prison followed by a three year sentence of supervised release for conspiracy to commit bank fraud, along with various other charges that connected her to a mortgage fraud conspiracy. Restitution will be determined at a later hearing, although over $1 million was already seized from Chittenden’s bank accounts when she was initially charged.
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The Dark Side Of Eric Holder's Legacy
huffingtonpost.com | October 13, 2014
An effective way to burnish your legacy as a public servant to is to rebut your critics before you’ve even left office. Eric Holder seems to be trying to do just that: negotiating multi-billion dollar bank settlements at a rapid pace, and promising tough action in interest rate and currency manipulation cases.
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Will the Race for Congress Prove Too Hot for Trott?
msglaw.com | October 13, 2014
Yes, David Trott, former head honcho of the Michigan foreclosure law firm Trott & Trott will likely suffer serious burns now that he's the Republican pick for the Congressional race to represent Michigan's 11th District. Whether they'll be of the second or third degree variety is contingent on how cleverly his opponent spins the fact that the guy has made a fortune on the misfortune of others.
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What is a Quiet Title Action?
msglaw.com | October 13, 2014
When property titles are exchanged, legal ownership of the property can become unclear. Whether due to poor recordkeeping, a complicated foreclosure or fraud, other parties may claim ownership of a property you have purchased. Liens and other matters can also create dispute over the legal ownership of the title. Without a clear title to the property, you may find yourself in a legal battle over ownership.
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Attorney General Eric Holder's Bank Prosecution Legacy
usatoday.com | October 13, 2014
WASHINGTON — Is lying on a mortgage application fraud when lenders aren't interested in the truth? This may sound like an abstract philosophical question similar to trees falling in the forest with no one around to hear, but it was in fact a novel legal tactic that got four defendants in California acquitted of mortgage fraud.
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Glitches and Complaints Plague Ocwen, other Mortgage Servicers
rep-am.com | October 13, 2014
Tyesha Hansborough and her husband, Christley Paton, had paid the property insurance on their Inglewood, Calif., home along with their mortgage, putting the money in escrow like most homeowners.
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Understated Justice Department Lawyer Emerges As Key Player
npr.org | October 5, 2014
He's argued controversial cases involving same-sex marriage, the secrecy of the U.S. drone campaign, and the legality of the bulk-surveillance programs for American phone records. But he's still far from a household name. Now, though, with his recent promotion to serve as the third in command at the Justice Department, Stuart Delery is inching out of the shadows.
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Northern California Real Estate Investor Agrees to Plead Guilty to Bid Rigging and Fraud at Public Foreclosure Auctions
fbi.gov | October 5, 2014
WASHINGTON—A Northern California real estate investor has agreed to plead guilty for his role in conspiracies to rig bids and commit mail fraud at public real estate foreclosure auctions in Northern California, the Department of Justice announced.
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Former Jefferies Trader Can Remain Free While Appealing Conviction
dealbook.nytimes.com | October 5, 2014
A federal appeals court has determined that Jesse C. Litvak, a former senior trader at the Jefferies Group, can stay out of prison while he appeals a conviction of defrauding investors in mortgage-backed securities.
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Epitaph for Eric Holder: 'Guilty!'
presstv.ir | October 5, 2014
“I want you to know that everything I did, I did for my country.” - Pol Pot (Dictator of Cambodia, 1963-1981) Similarly, on Monday, Sept 15, 2014, Department of Justice (DoJ) leader, Eric Holder, announced a new set of US programs designed to increase America’s internal ability to spy and report on its own citizens.
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Davenport Mortgage Company Owner Admits to Wire Fraud
wqad.com | October 5, 2014
A Bettendorf man will spend a little over eight years in prison after pleading guilty to wire fraud. On Thursday, October 02, 2014, according to a statement from Attorney Nicholas A. Klinefeldt, 66-year-old Thomas Richard Jager was sentenced to eight years and one month in prison.
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If You Use Chase Bank, Watch Out For Email Scams Right Now
dealbook.nytimes.com | October 5, 2014
After disclosing that an attack on its computer system compromised the accounts of more than half of all U.S. households, the nation's biggest bank is trying to put customers' worries at ease. No money or Social Security numbers were stolen in the attack, and the bank hasn't seen "any unusual customer fraud," JPMorgan said Thursday in a regulatory filing.
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Underwriting, Not Regulation May Stall Housing Recovery
cutimes.com | October 5, 2014
For some first-time homebuyers, the underwriting process may be the culprit that prevented them from obtaining mortgages and hindered a solid rebound within the housing market.
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