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August 2014 Article Archive

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SEC Tightens Rules on Credit Rating Agencies, Asset-Backed Securities
thinkadvisor.com | August 28, 2014
Final rules give investors 'powerful new tools' to evaluate the quality of asset-backed securities and credit ratings. The Securities and Exchange Commission on Wednesday approved final rules cracking down on credit rating agencies and asset-backed securities — two areas that SEC Chairwoman Mary Jo White said were “at the center of the financial crisis.”
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NJ Lawyer Sees Victory for Homeowners Suing Banks for Consumer Fraud
insurancenewsnet.com | August 21, 2014
Joshua Denbeaux, partner at the law firm of Denbeaux and Denbeaux, sees the recent ruling that Freedom Mortgage Corp was guilty of violating the NJ Consumer Fraud Act as a victory for NJ residents because now their rights have been upheld and the lenders will have to pay money to homeowners.
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Bank of America Agrees to Record $17BN Settlement over Mortgage Fraud
rt.com | August 21, 2014
America’s second largest lender has reached a $16.65 billion settlement with US federal authorities for selling toxic mortgages misleading investors, the Justice Department said Thursday. “This historic resolution - the largest such settlement on record - goes far beyond ‘the cost of doing business,’” Attorney General Eric Holder said in a statement posted on the US Justice Department website on Thursday.
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Report Brings Securitization Market Closer
globes.co.il | August 18, 2014
The Joint Team to Promote Securitization in Israel seeks to avoid the flaws that triggered the 2008 financial crisis. After years of discussion and deliberation, securitization could soon become an accepted and important financial tool in Israel. Yesterday, the Bank of Israel, the Israel Securities Association, the Ministry of Finance, the Ministry of Justice, and the Israel Tax Authority, released the interim report of the Joint Team to Promote Securitization in Israel.
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Attorney Rips Freddie Mac over Leaving Neighbors to Maintain Vacant, Mold-infested Home
mlive.com | August 17, 2014
The issues at 1053 Janet Ave. are nothing new in Ypsilanti Township. The derelict and once unsecured home's grass is mowed by neighbors and the odor from a severe mold infestation is identifiable from the sidewalk.
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Housing Foreclosures still Profitable for Investors
seattletimes.com | August 17, 2014
While still smaller when compared to the heyday of the mortgage-backed securities market before the financial crisis, demand is expected to grow as institutional investors search for yield and analysts estimate that there are still billions worth of delinquent mortgages in the U.S.
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Metro Homeowners Fight to Keep Their Homes After What They Call Mortgage Scam
kshb.com | August 15, 2014
Several metro homeowners are fighting to keep their homes after what they’re calling a mortgage scam. They signed owner financing agreements, but they said the owner isn’t holding up his end.
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Deutsche Bank Accused Of Massive Mortgage Fraud, Sued for $1 Billion By U.S.
theadvocacyforconsumerrights.org | August 15, 2014
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New Report Teaches Families How To Stop Foreclosure
digitaljournal.com | August 15, 2014
People who are interested in learning how to stop foreclosure may be interested in Free Your Mind Online’s brand new report, “Stop House Repossession.” This report reveals several methods that people can use to fight foreclosure and stay in their home.
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Investors Profit From Foreclosure Risk on Home Mortgages
dealbook.nytimes.com | August 15, 2014
Rises in housing prices have been profitable to private equity firms and institutional investors that bought foreclosed homes to flip them or to rent them out. Now the recovery in housing is fueling a niche market for newly minted bonds that are backed by the most troubled mortgages of them all: those on homes on the verge of foreclosure.
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Check Out JPMadoff.com—The True Horror Series Starring Fraud Street and You!
portal.hud.gov | August 14, 2014
Forget House of Cards, Game of Thrones, Madmen, and all the other series you can’t wait to restart. There’s a new series out that beats them all. It went live yesterday on this channel. It’s free for the viewing, well, actually for the reading. It’s as shocking and scary as anything you’ll see in The Walking Dead.
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S&P Accuses U.S. of Withholding Documents in Fraud Suit
bloomberg.com | August 15, 2014
The U.S. is withholding documents that might show the government sued Standard & Poor’s for $5 billion in retaliation for downgrading the country’s debt, the ratings company said, asking a court to compel the records’ production.
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Fraud in the Mortgage Note
youtube.com | August 15, 2014
The bank does not let you know that a promissory note is actually a "negotiable instrument" under the Uniform Commercial Code, and that it will be deposited to fund your loan. Nor did they tell you that the bank has a liability to you of approximately the amount of the loan. (The bank owes you by their own bookkeeping entries!)
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NEW CASE (Glaski) Securitization Audits Can Prove Wrongful Foreclosure in California
August 15, 2014
Before Washington Mutual Bank, FA (WaMu) was seized by federal banking regulators in 2008, it made many residential real estate loans and used those loans as collateral for mortgage-backed securities. Many of the loans went into default, which led to nonjudicial foreclosure proceedings. Some of the foreclosures generated lawsuits, which raised a wide variety of claims.
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SEC Strongly Cracking Down on Micro-Cap Securities Fraud
azwhitecollarcrime.com | August 15, 2014
The Securities and Exchange Commission has increased its enforcement activities against suspected fraud involving very small companies also known as micro-caps. In its most recent activity against such a company, the Securities and Exchange Commission filed charges against the chief executive of a penny stock company. According to the charges, the chief executive and a serial con artist defrauded investors by issuing fraudulent news releases.
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Plan Proposed to Bring Standardization to the RMBS Market
dsnews.com | August 13, 2014
One of the enduring legacies of the mortgage crisis is the lack of standardization in the residential mortgage-backed securities (RMBS) market, particularly as they relate to warranties and repurchase enforcement mechanisms.
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DOJ Probes Subprime Auto-Lending under FIRREA
jdsupra.com | August 13, 2014
Two of the largest subprime auto-lenders disclosed last week that they have received subpoenas from the U.S. Department of Justice (DOJ). The U.S. Attorney’s Office for the Southern District of New York is leading an investigation into the origination and securitization practices of subprime automobile lenders.
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Foreclosures Still Plentiful Third Quarter Of 2014
fortunebuilders.com | August 13, 2014
There are still plenty of distressed homes and foreclosures in America. Moreover, the second half of 2014 appears to be ripe with these opportunities for those who know where to look for them.
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Quiet Title Action in Florida – typical questions answered by lawyer Robert Peters
keepbritainbiking.com | August 13, 2014
An action to quiet title is more like a suit which is submitted in a court to claim possession of a residential property. It is submitted in a court which has jurisdiction over land disputes.
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Fannie and Freddie Another Step Closer to Sharing Single Mortgage-Backed Security
louisianarecord.com | August 13, 2014
The Federal Housing Finance Agency (FHFA) moved another step closer on Tuesday to its strategic goal of issuing a single mortgage-backed security (MBS) under the aegis of both of the government sponsored enterprises (GSEs) Freddie Mac and Fannie Mae.  The agency has issued a request for input from interested stockholders on the security which is part of its efforts to develop a Common Securitization Platform (CSP).
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How to File for Quiet Title
scribd.com | August 13, 2014
This information is for a general quiet title action. Some states may use slightly different procedures; therefore it’s important to check your state law concerning quiet title action..
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Mortgage Lendor Accused of Mortgage Fraud by Louisiana Attorney General
louisianarecord.com | August 10, 2014
COVINGTON – Louisiana Attorney General Buddy Caldwell has brought suit against a California-based company, accusing it of falsely promising mortgage relief to financially distressed Louisiana homeowners.
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NJ, the Foreclosure State
northjersey.com | August 10, 2014
The rate of new foreclosures fell in New Jersey in the second quarter but was still the highest in the nation, followed by Maryland and Florida, a new Mortgage Bankers Association report said.
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Bank of America Reaches $16 Billion Mortgage Fraud Settlement
wsws.org | August 10, 2014
Bank of America (BoA) is finalizing a settlement with the Department of Justice (DOJ) over claims that the bank palmed off worthless mortgages to investors, according to the Wall Street Journal.
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Bank of America Negotiating Record Mortgage Fraud Settlement
money.cnn.com | August 8, 2014
Bank of America has tentatively agreed to pay more than $16.5 billion in what would be the biggest mortgage securities fraud settlement to date.
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JPMorgan Chase Fined Historic $13 Billion for Mortgage Fraud
occupy.com | August 5, 2014
America's largest bank, JP Morgan, is close to finalizing a $13 billion record settlement with the U.S. authorities over a number of issues related to the subprime mortgage crisis.
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Freddie Mac Multifamily Reaches $80 Billion Securitization Milestone and Announces Ninth Securities Offering This Year, K-F04
money.cnn.com | August 5, 2014
Freddie Mac (OTCQB: FMCC) today announced a new offering of Structured Pass-Through Certificates ("K Certificates"), backed exclusively by LIBOR-based, floating rate multifamily mortgages with five- and seven-year terms. The company expects to offer approximately $1.2 billion in K Certificates ("K-F04 Certificates"), which are expected to price the week of August 4, 2014, and settle on or about August 25, 2014.
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Bank of America Raises its Mortgage 'Settlement' Offer
4closurefraud.org | August 5, 2014
Bank of America and federal prosecutors have accelerated their negotiations to resolve an investigation into the bank’s sale of troubled mortgage securities before the financial crisis. The two sides, however, remain far apart on crucial issues and a settlement remained elusive late Wednesday, even after the bank significantly raised its offer.
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Bank of America Ordered to Pay $1.3 Billion for Mortgage Fraud
stromlaw.com | August 5, 2014
On Wednesday, July 30th, a federal jury ruled that Bank of America would pay $1.27 billion in civil penalties for mortgage fraud and bad home loans sold to Fannie Mae and Freddie Mac, which in part triggered the Great Recession in 2008.
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State AGs and Feds Crackdown on Mortgage Fraud
money.cnn.com | August 5, 2014
Although the rate of foreclosures nationwide has declined by April, 694,000 homeowners were still in some form of foreclosure, according to CoreLogic, a leading market analyst. Unfortunately, these consumers are also the targets of businesses charging costly, up-front fees for services that are never provided.
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How Did the Securitization of Loans Contribute to the Housing Crisis
termpaperwarehouse.com | August 5, 2014
“Worm or beetle - drought or tempest - on a farmer's land may fall, Each is loaded full o' ruin, but a mortgage beats 'em all” (Will Carleton 1845-1912). A mortgage is the greatest investment the average individual will make in their entire life-time.
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