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January 2016 Article Archive

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Virginia reaches $63 million pact with 11 banks in mortgage bond fraud suit
reuters.com | January 24, 2016
A group of 11 banks agreed to pay more than $63 million to settle allegations that they misled the Commonwealth of Virginia and its retirement system about residential mortgage backed-securities, Attorney General Mark R. Herring said on Friday.
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People v. Johnson
justia.com | January 22, 2016
After a jury trial, Defendant was convicted of first degree murder, conspiracy to commit murder, and as an accessory after the fact. After a penalty phase trial, the jury returned a verdict of death.
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Coker v. JPMorgan Chase Bank
justia.com | January 22, 2016
Under Cal. Code Civ. Proc. 580b, when an individual borrows money from a bank to buy a home and the bank forecloses on the home, the bank can collect proceeds from the foreclosure sale but may not obtain a deficiency judgment against the borrower.
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American Fidelity Assurance v. Bank of New York Mellon
justia.com | January 22, 2016
American Fidelity Assurance Company sued the Bank of New York Mellon (“BNYM”) for claims arising from BNYM’s conduct as Trustee of a trust holding mortgage-backed securities owned by American Fidelity.
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U.S. Bank Nat’l Ass’n v. Curit
justia.com | January 22, 2016
Defendants defaulted on their mortgage, and U.S. Bank filed a complaint for foreclosure. Following the Supreme Judicial Court’s decision in Bank of America, N.A. v. Greenleaf, the Bank filed a motion to voluntarily dismiss the foreclosure action without prejudice, arguing that it could not proceed with the foreclosure because it did not have a mortgage assignment from the original lender and thus did not have standing to pursue the action.
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McFarland v. Wells Fargo Bank
justia.com | January 22, 2016
Plaintiff filed suit against Wells Fargo, alleging that his mortgage agreement, providing him with a loan far in excess of his home’s actual value, was an “unconscionable contract” under the West Virginia Consumer Credit and Protection Act, W. Va. Code 46A–1–101 et seq. The court agreed with the district court that the amount of a mortgage loan, by itself, cannot show substantive unconscionability under West Virginia law, and that plaintiff has not otherwise made that showing.
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Justice Ginsburg Leads Supreme Court Majority To Deliver Blow To Big Business
huffingtonpost.com | January 21, 2016
WASHINGTON -- The U.S. Supreme Court on Wednesday issued the first decision in a series of class action cases this term that are widely viewed as attempts by business interests to shut the courthouse door to consumers and everyday plaintiffs.
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Goldman Sachs $5B Settlement in Favor of Homeowners
January 20, 2016
Find out if your home loan was securitized by Goldman Sachs during years 2005-2007 and thus subject to the $1.8b available for homeowners and consumers in the form of principal reduction or damages.
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Is another housing crisis just around the corner?
foxnews.com | January 19, 2016
Movie sequels are rarely as good as the original films on which they’re based. The same dictum, it appears, holds for finance. The 2008 housing market collapse was bad enough, but it appears now that we’re on the verge of experiencing it all again. And the financial sequel, working from a similar script as its original version, could prove to be just as devastating to the American taxpayer.
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China Officials Warn of Global Financial Crisis
economywatch.com | January 19, 2016
Chinese officials predict economic turmoil for the global economy. State Councillor Yang Jiechi told G-20 representatives in Beijing that recent volatility and “constant changes and intense transformations” will lead to unprecedented challenges to the world. “It is not possible to completely discard the possibility that an economic crisis could once again take place, and the problem should not be neglected,” he said in the meeting, adding “preventing or reducing negative effects from countries’ domestic policy measures is a pressing task."
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Nye Lavalle regarding today's Florida Supreme Court issuing of new foreclosure rules
January 19, 2016
It's taken over two-decades; tens of thousands of hours or research, investigation, and work; millions of pages of documents and data; dozens of lawsuits; over a $1 million dollars spent; and the sweat, blood and sacrifice of my mother, deceased dad (Tony Pew), and myself to get to this point. Yet today, we achieved a measure of victory when the Florida Supreme Court issued new foreclosure rules with some of the best practices I began asking for in the late 90s.
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Goldman Sachs reaches $5bn settlement over mortgage-backed securities
theguardian.com | January 15, 2016
Goldman Sachs has said it will pay $5.06bn to resolve civil claims related to the firm’s securitization, underwriting and sale of residential mortgage-backed securities from 2005 to 2007. The agreement with regulators will reduce earnings for the fourth quarter by about $1.5bn after tax, Goldman said in a statement.
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Bank of New York Mellon Trust Company v. Conley
stopforeclosurefraud.com | January 14, 2016
Melissa A. Giasi of Kass Shuler, P.A., Tampa, for appellant. Brian K. Korte and Scott J. Wortman of Korte & Wortman, P.A., West Palm Beach, for appellee Dennis M. Conley. In this foreclosure case, the trial court granted the borrower’s motion for involuntary dismissal because the bank did not present competent substantial evidence of its standing to foreclose. We affirm.
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Former Viacom executive files suit alleging tax fraud
washingtonpost.com | January 7, 2016
A former vice president of Viacom is suing the media company after she said it fired her for opposing a plan to illegally avoid paying U.S. taxes on the international licensing rights for Teenage Mutant Ninja Turtles.
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JPMorgan fined $48 million for failures in U.S. robo-signing settlement
reuters.com | January 7, 2016
JPMorgan Chase (JPM.N) has been fined $48 million for failing to meet terms of a settlement to resolve mortgage servicing violations, U.S. bank regulators said on Tuesday. The fine will be on top of another $2 billion that JPMorgan had been ordered to pay to cover remediation costs and foreclosure assistance to borrowers, the Office of the Comptroller of the Currency said.
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