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September 2013 Article Archive

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Wells Fargo Fails to End U.S. Mortgage Fraud Lawsuit
reuters.com | September 30, 2013
(Reuters) - A federal judge has rejected Wells Fargo & Co's bid to dismiss a U.S. government lawsuit accusing the nation's largest mortgage lender of fraud, a victory for federal investigators pursuing cases tied to the recent housing and financial crises.
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Forceful Mayor's Drastic Plan to Stop Foreclosures
courier-journal.com | September 30, 2013
RICHMOND, Calif. - Gayle McLaughlin looks and sounds like the former school teacher and data entry worker she was - down to her sensible brown walking shoes.
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Bank Internal Auditors Warned About Lending Risks
ww2.cfo.com | September 30, 2013
As a variety of headwinds continue to buffet financial institutions, internal auditors need to sharpen their monitoring skills, say experts at PricewaterhouseCoopers.
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LPS: Mortgage Delinquency Rate Declined Further in August, In-Foreclosure Rate Lowest in 4 1/2 Years
calculatedriskblog.com | September 30, 2013
According to the First Look report for August to be released today by Lender Processing Services (LPS), the percent of loans delinquent decreased in August compared to July, and declined about 10% year-over-year. 
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Mortgage Loan Performance Report for August and Foreclosure Inventory Stats
loansafe.org | September 30, 2013
(Source: Lender Processing Services, Inc.) – Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology, data and analytics to the mortgage and real estate industries, reports the following “first look” at August 2013 month-end mortgage performance statistics derived from its loan-level database representing approximately 70 percent of the overall market.
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Fannie Mae Woos Investors For Mortgage Risk-Sharing
news.investors.com | September 30, 2013
Fannie Mae (FNMA), preparing its first sale of securities that would share the risks of homeowner defaults with bondholders, will offer better terms than in Freddie Mac's initial deal as the U.S.-backed mortgage companies seek to expand investor participation in the market.
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Why Judges Are Scowling at Banks
nytimes.com | September 30, 2013
Last week, for the first time since the financial crisis, the government faced off in court against a major bank over lending practices during the mortgage mania.
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Mortgage Application Fraud Risk Declined 5.6% in Q2 2013
loansafe.org | September 26, 2013
(Source: CoreLogic) – CoreLogic® , a leading residential property information, analytics and services provider, today released its Mortgage Fraud Report showing that fraud risk among U.S. mortgage applications declined 5.6 percent year over year in the second quarter of 2013.
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Securitization Audits Successfully Used as Evidence in Robo-Signing Violation Cases
sbwire.com | September 23, 2013
Cheyenne, WY -- (SBWIRE) -- 09/23/2013 -- As the foreclosure crisis rages on, robo-signing continues to play a key role in foreclosure fraud cases.
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For Short-Sellers, Some Good News
stltoday.com | September 22, 2013
WASHINGTON -- Policy changes by two of the biggest players in the mortgage market could open doors to home purchases this fall by thousands of people who were hard hit by the housing bust and who thought they'd have to wait for years before owning again.
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FBI Hosts Anti-fraud Seminar in Norfolk
wavy.com | September 22, 2013
NORFOLK, Va. (WAVY) - Norfolk FBI is hosting a free seminar for the public next week on how to prevent several different kinds of fraud.
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Hundreds of Wall Street Execs Went to Prison During the Last Fraud-Fueled Bank Crisis
midasletter.com | September 21, 2013
September 15th marked the fifth anniversary of Wall Street giant Lehman Brothers going into bankruptcy, which precipitated the Great Recession that lingers on today – it remains the largest bankruptcy in U.S. history. To date, no executives have faced prosecution for the widespread mortgage fraud that fueled the bubble.
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Bloomberg: Wells Fargo to Cut 1,800 Jobs in Mortgage Business
rttnews.com | September 19, 2013
Wells Fargo & Co. (WFC: Quote), the fourth-largest bank in the U.S. by assets, will cut about 1,800 jobs in its mortgage business, Bloomberg reported Wednesday. The company's reported move to cut jobs comes as higher mortgage interest rates slow down refinancing activity.
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Realtors to Regulator: Don’t Lower the Loan Limits
blogs.wsj.com | September 19, 2013
A top housing trade group said Tuesday that the federal regulator for mortgage companies Fannie MaeFNMA +6.84% and Freddie MacFMCC +6.19% doesn’t have the authority to lower the maximum loan amounts that the firms are able to purchase.
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Attorney General's Office Sues Mortgage Services Company
kpho.com | September 19, 2013
PHOENIX (CBS5) - The Arizona Attorney General's Office has filed a consumer fraud lawsuit against a Phoenix-based mortgage company.
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Ohio’s Mortgage Woes Rank High Nationally
ohio.com | September 19, 2013
Ohio is a hotbed for mortgage fraud, ranking first nationwide in a new analysis. The LexisNexis 15th Annual Mortgage Fraud Report says the state had two times the reported fraud and misrepresentation last year than it should have for loans issued.
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JPMorgan Execs Indicted for Book-Cooking
courthousenews.com | September 19, 2013
MANHATTAN (CN) - Federal prosecutors say two JPMorgan Chase executives cooked the books to hide losses in the credit derivatives trading portfolio that ultimately lost more than $6 billion Though the Synthetic Credit Portfolio (SCP), which consists of indices and tranches of indices of credit default swaps, has generated $2 billion in gross revenues since its inception in 2007, the SCP began sustaining consistent and considerable losses in the first quarter of 2012, according to the indictment.
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OCC Takes Action Against JPMC to Protect Consumers and to Ensure Servicemembers Receive Credit Protections for Their Non-Home Loans
stopforeclosurefraud.com | September 19, 2013
WASHINGTON – The Office of the Comptroller of the Currency (OCC) today announced an enforcement action against JPMorgan Chase Bank, N.A., Columbus, Ohio, JPMorgan Bank and Trust Company, N.A., San Francisco, California, and Chase Bank USA, N.A., Wilmington, Delaware (collectively, the bank), for unsafe or unsound practices in connection with the bank’s non-home loan debt collection litigation practices and the bank’s non-home loan compliance with the Servicemembers Civil Relief Act (SCRA).
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Jobless Claims in U.S. Increase Less Than Forecast
bloomberg.com | September 19, 2013
Jobless claims in the U.S. rose less than forecast last week as two states began working through a backlog of applications that were caused by computer-system changeovers.
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Small Lenders Finally Make a Mortgage Bang
housingwire.com | September 18, 2013
The mortgage industry is bracing itself for another round of layoffs. As usual, these are expected at the big boys, as incoming regulations and rising interest rates slow refinancing activity, taking a toll on the bottom line.
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California Mortgage Grabs Are a Terrible Idea
bloomberg.com | September 18, 2013
During World War II, Richmond, California, was the home of legendary shipyards that could build a single Liberty cargo vessel in a matter of days. Now it's mostly known for hosting a Chevron refinery and for being one of the most dangerous cities in the United States.
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Nevada Foreclosure Rate Back Up to No. 1
sacbee.com | September 16, 2013
LAS VEGAS -- Nevada's foreclosure rate has jumped back to highest in the nation after surging 104 percent in August compared with a month earlier.
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Mortgage Fraud Fallout: Federal Appeals Court Rules on "Liar Loans"
wisbar.org | September 16, 2013
Sept. 13, 2013 – One Wisconsin couple escaped, another did not in a pair of recent mortgage fraud rulings relating to loans peddled by the same scamming mortgage broker, accepted by the same unethical bank, and obtained with false statements.
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NY Mortgage Fraud May Top $100M
nypost.com | September 16, 2013
New York City and state have suffered massive mortgage-document fraud, with damages potentially exceeding $100 million.
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Glaski Case Discusses Assignment of Deed of Trust in California Quiet Title Case
youtube.com | September 13, 2013
This video by Attorney Steve is an overview of securitized loan process and the Glaski quiet title case in California, that challenged late assignments of the note and deed of trust (after the loan cutoff date as set forth in the pooling and servicing agreement). The California Court of Appeals (5th circuit) sent the case back to the trial court to resolve issues involving cancellation of instruments, quiet title, wrongful foreclosure and slander of title.
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Mortgage Fraud Whistle-Blower Lynn Szymoniak Exposed Robosigning's Sins
businessweek.com | September 13, 2013
As an attorney in West Palm Beach, Fla., Lynn Szymoniak built a career investigating fraudulent insurance claims, scouring documents for inconsistencies that revealed a con.
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U.S. Can Pursue Mortgage Fraud Case vs Texas Broker/Judge
in.reuters.com | September 13, 2013
(Reuters) - A judge has rejected the former Allied Home Mortgage Capital Corp's effort to dismiss a lawsuit accusing it of defrauding the U.S. government into insuring tens of thousands of risky mortgage loans, hurting taxpayers and forcing thousands of homeowners from their homes.
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Ohio's Top Ranking in Mortgage Fraud Raises Questions
columbusceo.com | September 13, 2013
The 15th annual mortgage-fraud report released by LexisNexis yesterday shows the state had more than twice the rate of reported fraud or misrepresentation than it should have had in 2012. The report is based on loans sought by people buying homes or refinancing their homes last year.
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States With The Most Zombie Homes
247wallst.com | September 13, 2013
There are more than 770,000 homes in foreclosure in the U.S. According to the latest data provided by RealtyTrac, roughly one in five of these, over 150,000 in all, has been abandoned by its owners, but remains unclaimed. These properties are referred to by the industry as “zombie” homes.
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Tampa Tribune: Foreclosures in Chaos Across Florida! Official Court Statistics on Foreclosure Vary WIDELY from "Industry" Statistics
mattweidnerlaw.com | September 13, 2013
TAMPA — The number of people facing new foreclosures locally and statewide has plummeted recently by more 40 percent by one count, but unfortunately the change seems related to a new law rather than homeowners’ improved fortunes.
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Mass. AG Announces $36.1 Million Settlement with Barclays
legalnewsline.com | September 11, 2013
BOSTON (Legal Newsline) – Massachusetts Attorney General Martha Coakley announced a $36.1 million assurance of discontinuance on Monday with Barclays Bank PLC to resolve allegations of unfair securitization practices.
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Banks Warned Over Lending Standards
brisbanetimes.com.au | September 10, 2013
The financial regulator has warned the nation's banks not to let lending standards slip in an environment of cheap credit, saying borrowers must be prepared for higher interest rates.
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Americans' Outlook on Housing Hits a 'Plateau,' Fannie Mae Says
blogs.marketwatch.com | September 10, 2013
Americans’ outlook on the housing market’s rebound “has hit a plateau,” with rising mortgage rates cutting into their expectations, according to survey data released Monday by federally controlled mortgage buyer Fannie Mae FNMA.
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Barclays to Pay $36.1 Million in Massachusetts Subprime Settlement
reuters.com | September 10, 2013
(Reuters) - Barclays Plc (BARC.L) agreed on Monday to pay $36.1 million to settle charges by Massachusetts that it hurt homeowners there by packaging subprime mortgages that the borrowers could not afford, and which violated state law, into securities.
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Government Mortgage Fraud Lawsuit Against BofA Headed To Trial
articles.chicagotribune.com | September 9, 2013
NEW YORK (Reuters) - A U.S. government lawsuit accusing Bank of America Corp of fraud in the sale of billions of dollars of toxic mortgage loans to Fannie Mae and Freddie Mac is on track to go to trial next month after a judge rejected the bank's bid to dismiss the case.
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Watered-Down Mortgage Rules Probably Won't Prevent Another Crisis
dailyfinance.com | September 4, 2013
Last week, a conglomeration of federal agencies unveiled the newest set of proposals regulating the mortgage industry. A newer, shinier version of those put forth in 2011, the rules are meant to rein in risky lending by, among other things, requiring banks to hold on their books 5% of the mortgages they securitize and sell.
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JP Morgan Sued By Investors Over $1.7B in Mortgage-Backed Securities
mondaq.com | September 4, 2013
On August 21, a collection of investors including Phoenix Light SF Limited, Blue Heron Funding II Ltd. and Kleros Preferred Funding V PLC (the Investors) brought suit against a number of JP Morgan and Bear Stearns entities in New York State Supreme Court.
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Guarantee Model to Cure Housing Gap
businessmirror.com.ph | September 4, 2013
Reactivating the automatic guarantee offered by the National Home Mortgage Finance Corp. (NHMFC) could help plug the housing deficit by providing much-needed housing finance to millions of Filipinos. 
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Freddie Mac Sells $2 Billion in Bills at Lower Rates
reuters.com | September 4, 2013
(Reuters) - Freddie Mac, the No. 2 U.S. home funding company, on Tuesday said it sold $2 billion of reference bills at lower rates and weaker demand compared with the most recent sales of similar maturities and comparable amounts.
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AG Cooper Announces Restitution for Victims of Paramount Mortgage Fraud Scheme
loansafe.org | September 4, 2013
(Source: Attorney General Roy Cooper) – Raleigh: Consumers who bought overvalued lots at two coastal real estate developments in Carteret and Onslow counties will get to recoup some of their money, Attorney General Roy Cooper said today.
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Asset Securitization Expanded
ecns.cn | September 4, 2013
China will include more high-quality credit assets in its pilot program for securitizing credit assets, a move that could support the development of the real economy and meanwhile prevent systematic risks from financial innovation, the central bank said Thursday.
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Four Key Questions on Housing Finance Reform
usnews.com | September 4, 2013
As Congress returns from its August recess and prepares to take up the issue of housing finance reform, the history of special-interest pleading and taxpayer bailouts will loom large. Here are four questions that our legislators should ask.
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Boom Brings Spike in Land Ownership Court Cases
thedickinsonpress.com | September 1, 2013
WATFORD CITY — Ann Johnsrud has been a busy woman lately. As the county recorder for McKenzie County, she oversees the land records. Lately, though, it seems more like she’s in the oil and gas business.
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