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January 2015 Article Archive

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Coakley Announcement Reaffirms Foreclosed Homeowner’s Consistent Claims in 3-year Court Battle
scribd.com | January 30, 2015
Boston, MA, January 24, 2015 – Foreclosed homeowner (and pro se litigant), Mohan A. Harihar now has the confirmed validation he has been waiting over 3 years for...
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Subprime bonds are back in U.S. with a new name
chicagotribune.com | January 29, 2015
NEW YORK — The business of bundling riskier U.S. mortgages into bonds without government backing is gearing up for a comeback. Just don't call it subprime.
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Foreclosed-on homeowners may return to market
reviewjournal.com | January 29, 2015
(Bloomberg) -- Societe Generale SA is entering the U.S. commercial-mortgage-backed securities market and has hired a team of more than 10 people from Royal Bank of Scotland Group Plc for the effort.
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SocGen Enters CMBS Market in U.S. by Hiring Team From RBS
bloomberg.com | January 29, 2015
(Bloomberg) -- Societe Generale SA is entering the U.S. commercial-mortgage-backed securities market and has hired a team of more than 10 people from Royal Bank of Scotland Group Plc for the effort.
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The Risk Retention Rules: A Victory for Securitizations Involving Residential Mortgage-Backed Securities?
jdsupra.com | January 29, 2015
When Congress passed the Dodd-Frank Act, it mandated the creation of risk retention rules in an effort to align the incentives of sponsors of asset-backed securities (ABS) with the interests of investors and to improve the underwriting and selection of securitized assets. As with much of the Dodd-Frank Act, Congress left the details of the risk retention requirements to be developed by various agencies.
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Fourth-quarter decline in Commerce earnings leads to a flat 2014
kansascity.com | January 29, 2015
Commerce Bancshares Inc. reported a 4.8 percent drop in fourth-quarter earnings, leaving the Kansas City company with flat earnings for all of 2014. Profits totaled $62.7 million, or 62 cents a share, in October, November and December. A year earlier, the banking company earned $65.9 million, or 65 cents a share, in the quarter.
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California reaches settlement with loan company over mortgage practices
bizjournals.com | January 29, 2015
The California Department of Business Oversight said it reached a $2.5 million settlement with Ocwen Loan Servicing over the company's failure to provide loan compliance information, and the company will keep its license to operate in the state.
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Murray vs HSBC
January 27, 2015
In this foreclosure puzzle, one of the pieces is missing. The borrowers appeal a final judgment of foreclosure following a non-jury trial. They argue the bank failed to prove standing. We agree and reverse.
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Mortgage Fraud Lands Former NFL Player In Prison
miami.cbslocal.com | January 25, 2015
BOCA RATON (CBSMiami) – Former Tampa Bay Buccaneer Jeffrey Charles Leroy Taylor was sentenced to three years in prison for his role in a South Florida-­based $7 million mortgage fraud scheme, the U.S. Attorney’s Office said.
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Wall Street's Achilles Heel may be hidden in plain sight
opednews.com | January 25, 2015
Based upon my current understanding of the mechanics of the now decade long, open-ended foreclosure crises, I'm convinced there is a solution hidden in plain sight. I call it The Re-Redistribution of Housing Wealth in America Program.
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Loan Modification Applications Dropped 14 Percent in November
selectedloans.com | January 25, 2015
Only about 34,000 troubled homeowners received permanent loan modification from financial institutions in November 2014, a decrease of 14 percent from October’s tally of about 39,000. This was revealed earlier in the week by private-sector group HOPE NOW in its monthly report of foreclosure and loan modification statistics.
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S&P's Settlement With the SEC Isn't the End of Its Problems
uniongazette.com | January 25, 2015
Normal & Poor's is poised to settle a key Securities and Exchange Commission investigation of ratings of securities in the industrial-mortgage bond marketplace. The SEC will exact a extreme punishment: a yearlong suspension from grading securities backed by various industrial loans, according to Bloomberg News.
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Title Agent Admits Role in Mortgage Fraud Scheme
mortgagefraudblog.com | January 19, 2015
Ania Nowak, 48, Belvidere, New Jersey, a former real estate title agent, admitted carrying out a mortgage fraud scheme in which she obtained seven loans, totaling more than $3.7 million, on two properties located in Wood-Ridge, New Jersey and Belvidere, New Jersey.
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Winnie faces fraud charge for forged affidavit
zazi.co.za | January 19, 2015
The Sunday Times has established that the ex-wife of former president Nelson Mandela submitted a supporting affidavit with an alleged forged signature as part of court papers in her fight to stop a Mandela family meeting from taking place in Qunu in the Eastern Cape this past Friday.
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Senior police officer on trial accused of mortgage fraud gives evidence
manchestereveningnews.co.uk | January 19, 2015
A senior police officer is on trial accused of mortgage fraud. Chief Inspector John Buttress, 48, considered one of GMP’s high-flyers, was arrested at the force’s HQ in March 2013. The officer is on trial at Liverpool Crown Court accused of mortgage fraud. The prosecution allege the officer obtained a mortgage for his home in North Wales without informing his lender that he was letting out the property to holiday-makers.
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Judge sides with Portland lawyer in ‘robo-signing’ appeal
pressherald.com | January 19, 2015
A Maine Supreme Judicial Court justice has ordered the withdrawal of a public reprimand of a Portland lawyer in a high-profile mortgage foreclosure scandal involving a practice called “robo-signing.”
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Beleaguered Bill Erbey exiting Ocwen Financial after 27 years
nypost.com | January 19, 2015
Bill Erbey is walking toward the exit. The chairman of Ocwen Financial, the beleaguered mortgage servicing company, is expected to step down from his position Friday after more than 27 years on the job — his reputation shredded and his net worth tattered. Years of regulatory investigations into alleged foreclosure and mortgage-financing shenanigans caught up with Erbey last year.
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S&P's Former Commercial Mortgage Chief Sues SEC
nasdaq.com | January 19, 2015
A former Standard & Poor's Ratings Services executive filed a lawsuit Friday asking that any Securities and Exchange action against her be heard by a federal court instead of a judge appointed by the SEC.
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Schneiderman to target more banks for mortgage securities fraud
housingwire.com | January 19, 2015
Banks are not past the days of mortgage fraud cases, according to an article in Reuters. Eric Schneiderman, the New York attorney general, said he plans to bring more fraud cases against the world’s biggest banks for selling shoddy mortgage-backed securities before the financial crisis.
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Growing threat hangs over legacy mortgage bonds
reuters.com | January 19, 2015
NEW YORK, Jan 16 (IFR) - Investors including US mortgage giant Fannie Mae holding decade-old residential mortgage bonds are fretting over potentially huge losses on securities where delayed foreclosures could lead to complete write-offs on defaulted loans.
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More banks targeted for mortgage securities fraud
brecorder.com | January 19, 2015
New York's top law enforcement official said he plans to help bring more fraud cases against the world's biggest banks for selling shoddy mortgage-backed securities before the 2008 financial crisis. Eric Schneiderman, the state's attorney general, said some of these banks were involved in the same kind of wrongdoing that has led him since 2012 to join the federal government in multi-billion-dollar cases against J.P. Morgan Chase & Co, Bank of America Corp and Citigroup Inc, the three-largest US banks.
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Banks agree to $2.7m foreclosure settlement with state
bostonglobe.com | January 19, 2015
Four national banks will pay the state $2.7 million to settle allegations that they violated Massachusetts laws and improperly foreclosed on homeowners during the housing crisis. Bank of America, the state’s largest bank, along with JP Morgan Chase, Citi, and Wells Fargo Bank were all part of the settlement, announced by out-going Attorney General Martha Coakley.
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Banks Rejected by U.S. High Court on Mortgage Securities Suits
bloomberg.com | January 13, 2015
The U.S. Supreme Court dealt a blow to Royal Bank of Scotland Group Plc and Nomura Holdings Inc. (8604), refusing to derail federal government lawsuits that seek billions of dollars over the sale of risky mortgage-backed securities.
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Quantum of Justice - the Documentary (Trailer) by Doug Boggs
youtube.com | January 12, 2015
This is the trailer of the film of the first hand experience of the film maker, Doug Boggs, and what he uncovered in his personal fraudulent foreclosure process and the subsequent legal battle against Wells Fargo Bank while acting as his own attorney through the state of CA Superior, Appeals, Supreme, and Federal court systems.
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Millions of Renters Could Become Homeowners in 2015
fool.com | January 2, 2015
It was recently announced that the FHA, which has historically been the go-to mortgage option for borrowers with limited down payments and credit, is planning to reduce its mortgage insurance premium from 1.35% of a loan's value per year to 0.85%. This comes on the heels of an announcement that both Fannie Mae and Freddie Mac are rolling out new products designed to let first-timers buy a home with as little as 3% down.
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California Foreclosure Law: California Supreme Court Grants Review Of The Keshtgar Decision
timesunion.com | January 11, 2015
As reported in our blog article below, in June the Second District Court of Appeal held that California’s non-judicial foreclosure statutes do not grant a defaulting borrower the right to enjoin a foreclosure sale by alleging that the lender lacks standing. (Keshtgar v. U.S. Bank, N.A. (2014) 226 Cal.App.4th 1201.)
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Bad debt cases ended
timesunion.com | January 11, 2015
The state attorney general wiped out $18 million in outdated bad debt judgments against thousands of New Yorkers in a settlement with one of the nation's largest debt collectors, which illegally sued debtors over old claims and filed unverified "robosigned" legal paperwork to support its efforts.
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JPMorgan to pay $500 million in Bear Stearns mortgage settlement
reuters.com | January 11, 2015
(Reuters) - JPMorgan Chase & Co (JPM.N) has agreed in principle to settle class action litigation arising from Bear Stearns' sale of $17.58 billion of mortgage securities that proved defective during the recent U.S. housing and financial crises.
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Philadelphia Foreclosure Activity Up 44 Percent In September
realtytrac.com | January 9, 2015
IRVINE, Calif. – Oct. 26, 2007 – The five-county Philadelphia metropolitan area reported 1,902 foreclosure filings in September, a 44 percent increase from the previous month and a foreclosure rate of one foreclosure filing for every 844 households — below the national average and second lowest among five of the nation’s largest metro areas, according to the latest RealtyTrac® U.S. Foreclosure Market Report.
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Top J.P. Morgan banker explains why he likes staff uncomfortable. Mr. Fixed Income exits Barclays
news.efinancialcareers.com | January 9, 2015
If you work for J.P. Morgan’s investment banking division (IBD) in Europe, don’t expect to get too comfortable in your job. The man who orchestrates JPM’s IBD business in the region makes it his business to keep staff slightly unnerved.
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Debt Buyer Faces Fine and Loss of Thousands of Court Judgments
dealbook.nytimes.com | January 9, 2015
In courtrooms across New York State, lawsuits poured in by the hundreds as if manufactured on an assembly line. Some included generic testimony, others relied on bogus affidavits, churned out so rapidly that they were seldom viewed for accuracy.
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Top Issuers of Reverse Mortgage Securities in 2014 Ranked
reversemortgagedaily.com | January 9, 2015
As predicted, Home Equity Conversion Mortgage (HECM) mortgage-backed securities (HMBS) ended 2014 at a record low not seen since 2008, but the total number of pools issued during the year were a different story altogether, says new commentary from New View Advisors, which also ranks the top issuers of the year.
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Regulation Z - 12 CFR 226 et. seq. - Notice of rescission under TILA - Tender Requirements
morganlewis.com | January 7, 2015
A notice of rescission under the Federal Truth in Lending Act (TILA) is the topic of this issue of the newsletter. In the recent case of Jesinoski v. Countrywide Home Loans the United States Supreme Court ruled unanimously that a borrower exercising their right to rescind under TILA is only required to provide written notice to their lender within the 3-year period, they are not required to file any lawsuit within that period.
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Johnson reflects on 36 years as county recorder
columbiatribune.com | January 4, 2015
In one of her final acts as Boone County’s recorder of deeds on Monday, Bettie Johnson signed a marriage license application for Anne Schauwecker and Kramer McCluckie — then personally paid the $51 application fee.
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Increase in real estate foreclosures
yle.fi | January 4, 2015
Compulsory auctions have declined in recent years as properties are sold online or through estate agents. Although there's been a 10-20 percent increase in foreclosures in Finland, unpaid debt by the average person has decreased slightly while it has increased for businesses and other groups.
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Ambac sues Bank of America over mortgage bonds
banking-business-review.com | January 2, 2015
New York-based Ambac Assurance has sued Bank of America to recover the losses from insuring and underwriting around $1.68bn of securities which were backed by the bank's Countrywide Home Loans unit.
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