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August 2016 Article Archive

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Why the Mortgages Cannot Legally Be Enforced
livinglies.wordpress.com | August 30, 2016
From the point of view of Article 9 there can be no foreclosure of a mortgage without the party claiming rights under the mortgage showing that they purchased the mortgage for value.
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Michigan sets parole for 'Linda Green' robo-signer
livinglies.wordpress.com | August 29, 2016
The only person jailed in connection with a foreclosure forgery scandal that swept through Michigan and the rest of the country after the collapse of the housing bubble spends her days confined to the Women’s Huron Valley Correctional Facility in Pittsfield Township. But not for long.
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Pre-crisis mortgage bonds still haunting investors
reuters.com | August 26, 2016
NEW YORK, Aug 25 (IFR) - A New York City property that investors were told would be the home of another iconic Apple store has instead wound up stuck in a mortgage bond facing hundreds of millions in unpaid debt. Apple never built a store on the 34th Street site and, like much of the bond's remaining US$1.7bn collateral, not one penny of the principal on its US$100m mortgage has been repaid.
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CFPB: Prohibition of Unfair, Deceptive, or Abusive Acts or Practices in the Collection of Consumer Debts
livinglies.wordpress.com | August 26, 2016
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd Frank Act), all covered entities are legally required to refrain from committing unfair, deceptive, or abusive acts or practices (collectively, UDAAPs) in violation of the Act. Certain acts or practices related to the collection of consumer debt that could, depending on the facts and circumstances, constitute UDAAPs prohibited by the Dodd-Frank Act. Whether conduct like that described in this bulletin constitutes a UDAAP may depend on additional facts and analysis.
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Welcome To Hell(ocs)! Home Equity Loans Come Back to Haunt Borrowers, Banks
anthonybsanders.wordpress.com | August 24, 2016
A home equity lines of credit (or HELOC) is a loan, using your home as collateral, that lets you borrow up to a certain amount, rather than a set dollar amount. A HELOC acts like a credit card: It has a credit limit, and you can borrow against it, pay all or part of the balance, and borrow again up to the credit limit. The interest rate varies with the prime rate.
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Ford achieves record pricing with auto ABS return
globalcapital.com | August 24, 2016
Ford Auto Finance (China) broke the pricing record for China auto ABS by quite a wide margin with its second transaction of the year – the Rmb3bn ($450m) Fuyuan 2016-2 Retail Auto Mortgage Loan Securitization.
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New York Judge Orders Release of Hidden Documents
livinglies.wordpress.com | August 24, 2016
This is just the beginning of what I have been predicting for 10 years. When the public finds out that the government itself is addicted to the false scheme of securitization --- and that this has led to abandonment of policies and rules of law that have continued to depress the U.S. economy --- the "movements" of Sanders and Trump will look like garden parties.
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JPMorgan Ends WaMu Disputes with FDIC and Deutsche Bank
finance.yahoo.com | August 22, 2016
As we can see the total fix was in from the beginning. Further, the agreement allows JPMorgan to avoid nearly $6 billion in legal liabilities related to Deutsche Bank case. Deutsche Bank was the trustee to 99 trusts holding residential mortgage backed securities underlying WaMu home loans. Now, the FDIC will allow Deutsche Bank to have a claim against the estate.
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Bank of America HAMP Denial? Rackeetering Claims Revived
livinglies.wordpress.com | August 20, 2016
(CN) — Homeowners can sue Bank of America for claims it feigned compliance with a mortgage assistance plan that was a condition of the bank's $45 billion bailout in 2008, the 10th Circuit ruled Monday. Bank of America hired Urban Settlement Services dba Urban Lending Solutions to administer its Home Affordable Modification Program, or HAMP.
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Dallas firm put black homeowners at higher risk of foreclosure, suit alleges
dallasnews.com | August 19, 2016
Dallas equity firm Lone Star Funds is being sued by a group of black homeowners in New York who allege the company pushed them toward foreclosure by misleading them about their mortgages. A 53-year-old plaintiff told a federal court that the company's mortgage servicer would call him almost every day — sometimes two or three times a day — threatening foreclosure and pressuring him to accept an unfavorable change to his loan.
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Bank of America ordered to pay $2.2 million to 1,000 black job seekers it discriminated against
nydailynews.com | August 18, 2016
As an employer, it wasn’t exactly the bank for all of America. Bank of America was ordered Monday to pay 1,147 African American job applicants $2,181,593 in back wages and interest after a judge found that the company’s Charlotte office had racially discriminated against them.
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About Those PSA Signatures
livinglies.wordpress.com | August 16, 2016
What is apparent is that the trusts never came into legal existence both because they were never funded and because they were in many cases never signed. Failure to execute and failure to fund the trust reduces the "trust" to a pile of ashes.
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PwC sued for $5.5bn over mortgage underwriter TBW’s collapse
ft.com | August 16, 2016
PwC is being sued for a record $5.5bn for failing to detect fraud that led to a bank collapse during the global financial crisis, in a case that could bring more auditing firms into the line of fire. Since the financial crisis, banks have paid out hundreds of billions of dollars in settlements while other services companies, such as credit rating agencies, have had to dig deep for payouts. But there have only been a handful of significant cases involving audit firms, which have argued they cannot be held liable for missing signs of fraud.
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Court of Appeals rules that Nevada HOA liens do not supersede first mortgages
housingwire.com | August 16, 2016
Mortgage lenders and investors needn’t worry about whether a homeowners’ association super lien will be given priority over a first mortgage in the state of Nevada, at least for now. According to an alert published Monday by Ballard Spahr, the Ninth Circuit Court Appeals ruled last week that an older version of Nevada’s laws, which previously gave super-priority status to HOA liens, is unconstitutional.
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The Bloom is off the Berg: You May be Broke and not Know it
livinglies.wordpress.com | August 14, 2016
Bloomberg is claiming that the U.S. economy is “growing”, inflation is “low”, and there are “lots of jobs”. Bloomberg wants you to drink the Kool-Aid and ignore that assets are more over-valued than any time in history. Stocks, bonds and real estate exist in an inflated, unsustainable bubble. Bloomberg also says Americans are broke. When they add up their debts and liabilities.
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Held Hostage by a Home: The Right to know WHO owns your Note
livinglies.wordpress.com | August 14, 2016
For 13 long arduous years I have fought off a loan servicer who has no standing. I have filed bankruptcy 3 times to stop the sale of my home. I have spent every dime of my retirement and every expendable dollar fighting a servicer to get an answer to one very simple question: Who OWNS my NOTE? 
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DOJ Takes Aim at Individuals: A quest to uncover violations of criminal law that purportedly occurred during the 2007-2008 financial crisis
metrocorpcounsel.com | August 14, 2016
Notwithstanding the recent series of record-breaking settlements between the Department of Justice (DOJ) and many of the world’s largest financial institutions[1], the DOJ has now set its sights on investigating individuals – pursuant to a civil statute – in a quest to uncover violations of criminal law that purportedly occurred at or around the time of the 2007–2008 financial crisis. Specifically, the DOJ is relying on the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA)[2], a broadly drafted law enacted as a result of the savings and loans crisis in the 1980s, in order to pursue fraud charges related to the mortgage-backed securities industry that it previously concluded were not viable as a criminal prosecution.
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$5.6 billion fraud trial over mortgage scam, bank collapse gets underway
August 12, 2016
A multibillion-dollar fraud trial over the demise of mortgage company Taylor Bean & Whitaker got underway this week in Miami. PricewaterhouseCoopers failed for seven years to detect the fraud that led to Taylor Bean’s collapse, a lawyer for the lender’s bankruptcy trustee said Tuesday.
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May 25, 2016 - OCC terminates Wells Fargo's mortgage servicing restrictions Fined $70 million civil money penalty
August 11, 2016
The Comptroller of the Currency of the United States of America (“Comptroller”), through his national bank examiners and other staff of the Office of the Comptroller of the Currency (“OCC”), conducted an examination of Wells Fargo Bank, N.A., Sioux Falls, South Dakota (“Bank”). The OCC identified deficiencies in the Bank’s practices that resulted in violations of Consent Order, AA-EC-11-19, dated April 13, 2011 (“2011 Consent Order”), between the Comptroller and the Bank and has informed the Bank of the findings resulting from the examination.
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Poorer Than Your Parents? New Study Shows 81% Of Americans Worse Off Than In 2005
livinglies.wordpress.com | August 10, 2016
The McKinsey study Poorer than Their Parents? offers a new perspective on income inequality over the period 2005-2014. Based on market income from wages and capital, the study shows 81% of US citizens are worse off now than a decade ago. In France the figure is 63%, Italy 97%, and Sweden 20%.
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Forbes: Fannie, Freddie Could Need as Much as $126 Billion in Crisis
livinglies.wordpress.com | August 9, 2016
Fannie and Freddie have reportedly been cash-cows for the federal government who have allegedly held the quasi-governmental guarantors hostage during eight-years of government receivership. Fannie and Freddie have returned to the Treasury over $60 billion more than they received in the bailout. But the amount they owe to the government remains outstanding. It is likely that the tax payer is being prepped to dole out another bail-out for the profitable GSE’s that insure trusts that are empty or no longer exist.
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Nearly 650,000 borrowers to receive more money from Independent Foreclosure Review
livinglies.wordpress.com | August 9, 2016
The clock is now at zero for the borrowers eligible for payment under the Independent Foreclosure Review Payment Agreements who have not yet cashed or deposited their check, and their money is going to the borrowers who already cashed their checks.
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Beware of Thieves and Con Artists
livinglies.wordpress.com | August 8, 2016
I know that the first line of thieves and con artists are viewed by many as the banks and the "servicers" and the "trustees." But the second wave are those who prey on the emotional turmoil of homeowners and get them to deed their homes into some sort of convoluted entity that will (1) shred the homeowners credibility in court and (2) essentially allow the new thief to get into your living room before the old thief has a chance to do so. In all events none of these schemes will ever do anything substantive to save a home, although some of the schemes may delay the judgment and sale for a short period of time.
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1.8 Million Resetting HELOCS Seriously Underwater
August 8, 2016
Did you know that a significant number of Home Equity Line of Credit loans (HELOCS) were due to reset over the current and next couple of years. After checking in to this some more, I was shocked to learn of the actual number of HELOCs that are in danger of defaulting.
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Australia cracks down on banks with grilling
chinapost.com | August 7, 2016
SYDNEY--Australia's largest banks will have to face a parliamentary committee for an annual grilling to "drive cultural change," Prime Minister Malcolm Turnbull said Thursday as he addressed public disquiet about their behavior. The country's "big four" lenders — among the developed world's most profitable — have been under scrutiny in recent years amid allegations of dodgy financial advice, life insurance and mortgage fraud.
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Midwest Bank officials, FDIC in settlement for $26.5 million over loans
chicagotribune.com | August 7, 2016
Eighteen former Midwest Bank officers and directors will pay a total of $26.5 million to the Federal Deposit Insurance Corp. to settle a 2013 lawsuit alleging that their negligence in lending to risky borrowers contributed to losses at the failed institution.
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New U.S. mortgage rules aim to stop wrongful foreclosures
reuters.com | August 7, 2016
The U.S. agency charged with protecting consumers' finances approved rules on Thursday that will help prevent wrongful home foreclosures, as the regulator continues to press on with reforming the country's massive lending market.
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Roller Coaster Ride of Foreclosure
livinglies.wordpress.com | August 7, 2016
First, a little Personal History. I lost 9 properties to bank fraud back in the mid 90’s. I tried to legally fight them, but who knew how and the legal system was more than hopeless, they were the piranha. Sure they’d represent me, but I had rental property so it would be an upfront fee of $10,000 “to review the case”. If I’d had that kinda money I wouldn’t have needed their help.
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Court asked to reconsider reversal of fraud verdict
news-gazette.com | August 7, 2016
NEW YORK (AP) — A federal appeals panel should reconsider its reversal of a fraud verdict against Bank of America Corp. and $1.2 billion penalty resulting from the bank's actions during the 2008 financial crisis, prosecutors say.
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Martinez v Bank of New York Mellon et al, 3D15-2350
August 5, 2016
Please see a 3rd DCA opinion [Martinez v Bank of New York Mellon et al, 3D15-2350 (July 27, 2016)] as an example of what constitutes Abuse of Discretion, which I attribute strictly to bias on the judge’s part, based on two things:
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U.S. Seeks New Hearing in Countrywide 'Hustle' Appeals Case
bloomberg.com | August 5, 2016
The U.S. asked a federal appeals court to reconsider its May decision to toss out an almost $1.3 billion judgment against Bank of America Corp.’s Countrywide Financial unit, claiming the panel overlooked “a wealth of evidence.”
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World Savings Bank Loans Were Securitized Before Wachovia Merger
saveourdream.blogspot.com | August 2, 2016
World Savings Bank was acquired by Wachovia Bank which in turn was acquired by Wells Fargo. We have previously reported here that we had no information regarding the actual securitization of loans had been originated by World Savings Bank. Now we have that information.
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BofA, Morgan Stanley must face fraud lawsuit over mortgage securities
reuters.com | August 2, 2016
Bank of America Corp and Morgan Stanley & Co must face a lawsuit alleging fraud in the sale of $32 million in notes from a collateralized debt obligation bundling toxic mortgage-backed securities.
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Lawyers Use Loopholes In Key Mortgage Program To Cheat Homeowners
reuters.com | August 7, 2016
The U.S. agency charged with protecting consumers' finances approved rules on Thursday that will help prevent wrongful home foreclosures, as the regulator continues to press on with reforming the country's massive lending market.
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Bid Rigging Guilty Plea
mortgagefraudblog.com | August 2, 2016
James R. Patterson Jr., a real estate investor, plead guilty for his role in bid-rigging and fraud conspiracies committed at public real estate foreclosure auctions in Georgia. Patterson admitted that he agreed with other real estate investors to rig auctions of foreclosed homes in Gwinnett County from May 2007 until at least November 2011.
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Ireland jails three top bankers over 2008 banking meltdown
reuters.com | August 1, 2016
Three senior Irish bankers were jailed on Friday for up to three-and-a-half years for conspiring to defraud investors in the most prominent prosecution arising from the 2008 banking crisis that crippled the country's economy.
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