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September 2015 Article Archive

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Chase Found Guilty (AGAIN) for Fabricating and Uttering False Documentation: CA Appeals Award $250,000+ Attorney Fees
livinglies.wordpress.com | September 28, 2015
In January Patrick Giunta and I won a case against US Bank, Chase and SPS. The basis was simple. The Trust never acquired the loan. Thus US bank failed to establish standing. The Plaintiff was US Bank as trustee for the certificate holders, but the real player was Chase who then slipped in SPS as a “Successor” to the “Servicing” of the a loan in which there were no servicing duties.
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Life Goes On After Foreclosure
nragent.com | September 24, 2015
These days, record-breaking foreclosure statistics are coming out with numbing frequency. But what happens to the thousands of families after their personal financial disaster is added to the mounting national count? Unfortunately, once a foreclosure is final, the financial and emotional upheaval is far from over.
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15 Year Battle: Connecticut Homeowner Claims Bank Of New York Wants To "Steal" Home Through "Fraudulent" Foreclosure
blackstarnews.com | September 24, 2015
After holding off the Bank of New York for 15 years Louis Roman, a Connecticut homeowner, claims the giant corporation could "fraudulently" foreclose on the house he's lived in for 47 years, tomorrow.
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SEC settles with former Fannie Mae execs over subprime fraud
housingwire.com | September 24, 2015
A 2011 lawsuit brought by the Securities and Exchange Commission against two former Fannie Mae executives over charges that the Fannie execs misled investors about the quality of subprime mortgages, is over, and it ended with a whimper.
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Quiet Title Law in California – Overview
tina4title.wordpress.com | September 24, 2015
The purpose of a quiet title action is to establish title against adverse claims to real property or any interest in the property. [Code Civ. Proc. §760.020] The remedy of quiet title can be combined with other causes of action or other remedies. In an action or proceeding in which establishing or quieting title to property is in issue, the court may, in its discretion and on the motion of any party, require that the issue be resolved pursuant to the Code Civ. Proc. provisions relating to quiet title actions. [Code Civ. Proc. §760.030]
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Crowdfunding effort aims to help Detroiters facing foreclosure
metrotimes.com | September 24, 2015
As statistics from the U.S. Census Bureau attest, among big U.S. cities Detroit has the most alarming mix of home ownership and high poverty. It’s a recipe for people losing their primary asset — their home — due to inability to pay taxes. And with delinquent water bills added on top, it makes it all the more daunting for people to keep their homes after having stuck it out when many had written the city off.
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Fines only deterrent in banking meltdown
wcfcourier.com | September 24, 2015
The 2007-09 banking crisis brought the nation to the brink of financial disaster, shrinking household wealth by $17 trillion, according to the Federal Reserve Bank of St. Louis, and causing millions of Americans to lose their jobs and/or homes.
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Fin. Freedom Acquisition, LLC v. Standard Bank & Trust Co.
justia.com | September 24, 2015
On October 14, 2010, OneWest Bank sued Standard, as trustee, and unknown trust beneficiaries, to foreclose a “reverse equity” adjustable-rate mortgage on property held by the trust and executed in 2009. Standard filed an answer and counterclaim on July 19, 2011, seeking to rescind the mortgage, alleging violations of the Truth in Lending Act (TILA). 15 U.S.C. 1601. The circuit court dismissed.
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Segarra v. Federal Reserve Bank of N.Y.
justia.com | September 23, 2015
Plaintiff filed a whistleblower action against FRBNY, her former employer, and three of its employees. The district court dismissed the suit and determined, inter alia, that palintiff could not maintain claims against the employees under the banking agency whistleblower protection statute, 12 U.S.C. 1831j(a)(2). The court concluded that neither sharing an interest in the financial well‐being of a company nor sharing information about that company leads to a reasonable inference that the employees were performing services for the FDIC.
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Bank of America, N.A. v. Greenleaf
justia.com | September 22, 2015
BAC Home Loans Servicing, LP filed a complaint for foreclosure against Scott and Kristina Greenleaf. Bank of America, N.A. (the Bank) was substituted for BAC after the entities merged. After a trial, the court entered a judgment of foreclosure in favor of the Bank. The Supreme Judicial Court vacated the judgment based on the Bank’s lack of standing. On remand, the district court dismissed without prejudice the action due to the Bank’s standing defect.
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Justice Department Sets Sights on Wall Street Executives
nytimes.com | September 14, 2015
WASHINGTON — Stung by years of criticism that it has coddled Wall Street criminals, the Justice Department issued new policies on Wednesday that prioritize the prosecution of individual employees — not just their companies — and put pressure on corporations to turn over evidence against their executives.
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Avila v. CitiMortgage, Inc. (7th Cir.) Home Burns
justia.com | September 14, 2015
Avila bought his Chicago home with a $100,500 CitiMortgage loan. Five years later, a fire made the house uninhabitable. Avila’s insurance carrier paid out $150,000. CitiMortgage took control of the proceeds and paid $50,000 to get the restoration underway. CitiMortgage later inspected the work and found that it needed to be redone.
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Citibank Keeps Insurance Proceeds; Homeowner Shafted
justia.com | September 14, 2015
At issue in this case was Connecticut’s debt negotiation statutes, Conn. Gen. Stat. 36a-671 through 36a-671e, which authorize the Banking Commissioner to license and regulate persons engaged in the debt negotiation. Plaintiff, a national consumer advocate law firm, petitioned the Commissioner for a declaratory ruling stating that Plaintiff qualified for exemption from the debt negotiation statutes under the attorney exception.
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Court Dismisses His Claim of Fiduciary Duty
justia.com | September 14, 2015
Churn, the owner of a Tennessee construction company, was convicted of seven counts of bank fraud stemming from two schemes in which he received bank loans ostensibly to construct houses, but performed little to no work. The district court sentenced him to 33 months in prison and ordered restitution of $237,950.50.
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Mortgage banking firm settles with DOJ for participation in fraudulent reimbursement scheme
lexology.com | September 11, 2015
On September 4, the DOJ announced a settlement of more than $29 million with a Florida-based mortgage banking firm in connection with violations of the False Claims Act. The firm’s subsidiaries participated in HUD’s Home Equity Conversion Mortgages (HECM) program, which insures reverse mortgage loans by reimbursing lenders that are unable to recoup the full amount of a reverse mortgage loan once the loan becomes due and payable.
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UD tenants lose challenge (9th Circuit Ct of Appeal) to reassigning all UD cases to "hub courts" in LA County
justia.com | September 9, 2015
Plaintiffs and numerous non-profit organizations filed a class-action suit challenging one aspect of the LASC's consolidation plan: the consolidation of unlawful detainer (tenant eviction) actions into hub courts.
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Sanctions: $60,000 In CCP § 128.7 Sanctions Against Plaintiff And Plaintiff’s Attorney For Years Of Forestalling Foreclosure Efforts Affirmed On Appeal
calattorneysfees.com | September 8, 2015
This next post counsels litigants and their counsel that there is a point where the battle has been lost, under penalty of having sanctions imposed for further litigation—which is exactly what happened.
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Proof of Ongoing Foreclosure Fraud and Mortgage Document Fabrication, in Five Emails
nakedcapitalism.com | September 6, 2015
Five years ago this month, GMAC became the first mortgage servicer to announce that they would suspend foreclosure operations, due to irregularities in their document preparation. Within a few weeks every major mortgage servicer in America followed suit. This is usually called the robo-signing scandal, but to be more precise we gave it the name foreclosure fraud. It ended with the five leading servicers, including GMAC, signing the $25 billion National Mortgage Settlement.
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Homeowner Sheedy loses to WAMU/CHASE & Deutsche Bank in First Circuit
nakedcapitalism.com | September 6, 2015
In 2004, Laura Sheedy refinanced property she owned. For the transaction, Sheedy executed a promissory note and mortgage in favor of Washington Mutual Bank (WAMU). The mortgage was eventually assigned to Deutsche Bank National Trust Company. JPMorgan Chase National Association (Chase) serviced the loan. Deutsche Bank subsequently commenced foreclosure proceedings.
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Of Course Wells Fargo Is Helping St. Louis Homebuyers. Legally, It Has To
riverfronttimes.com | September 3, 2015
On Monday, Mayor Francis Slay and Treasurer Tishaura Jones trumpeted an initiative by Wells Fargo to spend $4.5 million to help people in our metropolitan statistical area buy homes. It's called HomeLIFT. Most of the money — $4.1 million of it — will be given to eligible St. Louisans in the form of $15,000 grants they can use toward a down payment on a house.
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