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Mortgage Seizures Create 'Very Serious Concerns,' Sifma Says
msnbc.msn.com | June 27, 2012
Wall Street’s largest lobbying group is objecting to the use of eminent domain by municipalities to seize mortgages packaged into bonds so the loans can be shrunk to aid homeowners who owe more than their properties’ values.
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Dozens of Homeowners Demand Ban on Foreclosures
msnbc.msn.com | June 26, 2012
Dozens of homeowners and community activists took to the streets of Sacramento Monday in protest over foreclosure fraud. They are demanding immediate action from the banks in response to the wave of defaults sweeping the nation.
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U.S. Regulators Extend Foreclosure Review Deadline
reuters.com | June 24, 2012
Homeowners who were wrongfully foreclosed upon in 2009 or 2010 could receive more than $125,000 each from large U.S. banks under plans released on Thu rsday by banking regulators.
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Total U.S. Loan Delinquency Rate at 7.20 Percent Nationwide
bloomberg.com | June 23, 2012
Lender Processing Services Inc. (LPS) has reports the following "first look" at May 2012 month-end mortgage performance statistics derived from its loan-level database of nearly 40 million mortgage loans. LPS has found that total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure) stood at 7.20 percent, with a month-over-month change in delinquency rate of 1.1 percent.
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U.S. Banks to Pay $125,000 to Many Hurt in Foreclosures
bloomberg.com | June 22, 2012
U.S. banks including JPMorgan Chase & Co. (JPM) and Citigroup Inc. (C) will pay as much as $125,000 plus equity to individual customers most harmed by mishandled foreclosures in 2009 and 2010, according to a remediation plan released by federal regulators.
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U.S. Foreclosure Activity Increases 9 Percent in May
realtytrac.com | June 20, 2012
Overall foreclosure activity exceeds 200,000 for first time in three months foreclosure starts increase annually for first time since January 2010.
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Ninth Circuit Holds Debt Validation Notice That Implicitly Requires Debtor to Dispute Debt in Writing Does Not Violate FDCPA
jdsupra.com | June 20, 2012
On June 8, the U.S. Court of Appeals for the Ninth Circuit held that a debt validation notice does not violate the FDCPA if it only implicitly, rather than expressly, requires a debtor to dispute his or her debt in writing. Riggs v. Prober & Raphael, No. 10-17220, 2012 WL 2054640 (9th Cir. June 8, 2012).
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A.G. Schneiderman Introduces Legislation To Protect New Yorkers From Foreclosure Fraud
ag.ny.gov.com | June 15, 2012
“Foreclosure Fraud Prevention Act” Seeks To Protect New Yorkers Facing Foreclosure From “Robosigning” And Other Fraudulent Business Practices
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Fed: 38% of American Families are Poorer
community.nasdaq.com | June 12, 2012
The cat is out of the bag: American families are 38.8% poorer and it's mainly due to massive declines in the housing market (NYSEArca: XHB).
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Michael Olenick: How Servicers Lie to Mortgage Investors About Losses
nakedcapitalism.com | June 11, 2012
A post last week reviewed a botched foreclosure for a mortgage loan in Ace Securities Home Equity Loan Trust 2007-HE4 dismissed with prejudice, meaning that the foreclosure cannot be refilled; a total loss for investors. Next, we reviewed why the trust has not yet recorded the loss despite the six month old verdict.
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The First Bank Has Been Criminally Indicted for Mortgage Fraud
firedoglake.com | June 10, 2012
Manhattan DA Cy Vance has indicted a bank, a very small bank, for mortgage fraud. The first bank to be indicted in the foreclosure crisis is Abacus Bank, along with some of its executives.
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Group Forms to Urge Strict Oversight of Wall Street
nytimes.com | June 6, 2012
Efforts to increase and improve regulation of Wall Street have bogged down, according to Sheila C. Bair, the former chairwoman of the Federal Deposit Insurance Corporation. On Wednesday, she will announce a new group, the Systemic Risk Council, that will monitor and encourage regulatory reform.
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Regulatory Uncertainty Prevents Meaningful Housing Recovery
americanbanker.com | June 5, 2012
Last week's announcement by the Consumer Financial Protection Bureau that it would to delay issuing final Qualified Mortgage rules for the mortgage industry and the Treasury Department's comments that housing reform requires further study are just the latest in a string of policy deferrals that prolong meaningful recovery in housing. 
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Regulators Failed to Spot Massive Foreclosure Robo-Signings
ecreditdaily.com | June 5, 2012
Examinations by federal regulators from 2008 through 2010 were insufficient in “scope or application” to spot the so-called robo-signing of foreclosure documentation – an area that wasn’t even considered at risk, according to a critical report by a government watchdog.
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Orrick's Financial Industry Week In Review
jdsupra.com | June 5, 2012
On May 29, the Fed approved a final rule to implement Section 618 of the Dodd-Frank Act, outlining the procedures for securities holding companies (nonbank companies that own at least one registered broker or dealer) to elect to be supervised by the Fed.
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EU-Bank Network, Swiss Bank Capital, Mexico: Compliance
bloomberg.com | June 4, 2012
The Securities and Exchange Commission approved two proposals to alter trading curbs meant to curtail volatility in the U.S. stock market. The regulator approved a system known as limit-up/limit- down that prevents trades at prices outside a specified band, according to a statement on the SEC website June. It also backed changes to broader circuit breakers instituted after the 1987 market crash that halt exchange-listed securities in U.S. markets during periods of volatility. Both programs will be implemented on Feb. 4 for a one-year pilot period.
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U.S. Audit Cites OCC Lapses in Oversight of Foreclosure Process
businessweek.com | June 1, 2012
The Office of the Comptroller of the Currency underestimated the risks in bank foreclosure practices from 2008 to 2010 and gave examiners a 13-year-old handbook that didn’t address how securitization affects loan documentation, a Treasury Department audit found.
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