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June 2013 Article Archive

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Los Angeles City Attorney, Deutsche Bank Reach Settlement
online.wsj.com | June 30, 2013
The City of Los Angeles Attorney and Germany's Deutsche Bank AG (DB) Saturday said they have reached a settlement in a conflict over foreclosed properties in the city, with the bank saying it will not contribute any funds toward the settlement.
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BUSTED: Bankers Caught On Tape, Joking About Bailout, And How They'd Never Pay It Back
businessinsider.com | June 26, 2013
Once again, we have more embarrassing conversations between bankers... The Irish Independent, a Dublin-based newspaper, has uncovered tapes of an internal phone conversation from September 2008 between two executives at Anglo Irish Bank during its bailout deal and they sound pretty scandalous. The Irish Independent points out that the recordings show they misled the Central Bank.
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Senators Push Bill to Scrap Mortgage Firms Fannie, Freddie
www.reuters.com | June 26, 2013
A bipartisan group of senators on Tuesday introduced a bill to abolish Fannie Mae and Freddie Mac and replace them with a government reinsurer of mortgage securities that would backstop private capital in a crisis.
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Ohio Foreclosures Still a Major Problem
norwalkreflector.com | June 22, 2013
Thirty-five of Ohio's 88 counties, including Huron County, reported more foreclosures in 2012 than in 2011.
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Next Robo Signing Scandal
video.foxbusiness.com | June 22, 2013
FBN's Liz MacDonald on looming losses for investors in mortgage bonds.

Robo Signing Scandal
See Video

Losses Loom for Investors Enmeshed in US Mortgage Chaos
articles.economictimes.indiatimes.com | June 22, 2013
Since the financial crash, banks have been accused of wrongfully foreclosing on homeowners because they failed to create and maintain proper mortgage paperwork. Now, there are signs that chaotic document management is harming investors in mortgage bonds, too.
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The Effect of Mortgage Securitization on Foreclosure and Modification
scholar.harvard.edu | June 22, 2013
Does securitization affect the foreclosure and modification decisions of mortgage servicers? I exploit the third quarter 2007 freeze of private mortgage securitization as an exogenous change in probability of securitization for jumbo mortgages.
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Fannie Mae and Freddie Mac: New Qualified Mortgage Rules Approaching
loansafe.org | June 20, 2013
(LoanSafe.org) - According to the Federal Housing Finance Agency (FHFA), the mortgage giants Fannie Mae and Freddie Mac have announced that starting next year, their purchases on loans will be limited.
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Foreclosures Up in Palm Beach County
bocanewsnow.com | June 20, 2013
BOCA RATON, FL (BocaNewsNow.com) — Realtors will have fun spinning this: foreclosures are up in Palm Beach County if you compare April with May, but down if you compare last month to a year ago.
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Mortgage Settlement Monitor: Foreclosure 'Robo-Signing' Slowing Down Among Participating Lenders
loansafe.org | June 20, 2013
(Source: HUD) -- The nation’s largest mortgage servicers have failed eight of the servicing standards in the National Mortgage Settlement according to a report released by Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement.
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Father of Securitization Doubts Easy Return to Private Mortgage Bonds
housingwire.com | June 19, 2013
Known as the father of securitization, Lewis Ranieri dubbed himself "Dr. Frankenstein" during a forum at the Bipartisan Policy Center Monday, claiming the once profitable securitization market has yet to claw its way back.
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Foreclosures Remain Sky High in Nevada
lasvegas.cbslocal.com | June 14, 2013
The number of Nevada homes entering foreclosure is up 81 percent over last year, although the number that ultimately go up for auction is down.
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All Residential Mortgage Backed Securities Cases To Be Assigned To Justice Friedman Of The Commercial Division
mondaq.com | June 13, 2013
As reported yesterday in the New York Law Journal, Justice Marcy Friedman of the Commercial Division in Manhattan will now be assigned any new case filed in New York Supreme Court that alleges fraud or misrepresentation arising out of the creation or sale of residential mortgage backed securities ("RMBS") pursuant to a May 23 Order signed by Administrative Justice Sherry Klein Heitler.
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Mortgage Securitization Case Reinstated
lexology.com | June 13, 2013
On May 17th the U.S. District Court for the Southern District of New York, on its own initiative, vacated an order granting summary judgment to defendants in a mortgage-backed securities ("MBS") lawsuit.
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Florida Foreclosure Bill Signed Into Law
hispanicbusiness.com | June 13, 2013
A foreclosure bill emerged from Florida's legislature and found its way to the governor's desk. The new law expedites foreclosures on abandoned properties and reduces the window of time for lender to obtain a deficiency judgment.
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Ten Thousand Massachusetts Borrowers Who Lost Their Home to Foreclosure to Receive $16M in Relief
loansafe.org | June 12, 2013
(Source: Attorney General Martha Coakley) - BOSTON – More than 10,000 Massachusetts borrowers will receive checks in the mail next week totaling close to $16 million as part of the National Mortgage Settlement, Attorney General Martha Coakley announced today. 
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Freddie Mac Hopes to Increase Transparency with Releases of Raw Mortgage Data
washingtonpost.com | June 10, 2013
Five years after the national housing bust, Freddie Mac — the McLean-based entity that backs one-quarter of the country’s mortgages — is hoping to become more transparent by standardizing its processes and making raw data more easily accessible to the public.
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Money Clawed Back From Banks During Mortgage Crisis Goes for Affordable Housing
wusa9.com | June 7, 2013
SILVER SPRING, Md. (WUSA9) --  Money clawed back from banks busted for predatory lending and robo-signing during the nation's mortgage meltdown is being distributed to dozens of groups working to stabilize affordable housing neighborhoods.
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Bondi says Bank of America Breaking Rules in National Mortgage Settlement, Floats Lawsuit
miamiherald.typepad.com | June 7, 2013
Florida Attorney General Pam Bondi criticized Bank of America on Thursday for failing to follow the rules of a national mortgage settlement reached last year over the practice of robo-signing during the height of the foreclosure crisis.
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Florida AG Rips Bank of America Over Lingering Servicing Issues
housingwire.com | June 7, 2013
Another attorney general is snapping back at Bank of America over its mortgage servicing practices. Florida Attorney General Pam Bondi sent a critical letter to Bank of America outlining concerns about the mega bank’s failure to fully comply with the servicing standards she helped negotiate during the National Mortgage Settlement last year.
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Courts Clogged by Debt Cases, 'Rubber Stamp' Rulings, Advocacy Group Says
redtape.nbcnews.com | June 6, 2013
In Rochester, N.Y., city court is a busy place – for debt collectors. Plaintiff’s lawyers seeking judgments against alleged debtors consume 89 percent of the court docket -- 7,148 of the 8,032 lawsuits heard in city court during 2011 involved debt collection, a remarkable number.
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NBA Finals and Foreclosure Stats for Miami vs. San Antonio
examiner.com | June 6, 2013
Foreclosure.com released new foreclosure statistics today to coincide with the anticipated NBA Finals game tonight. On the basketball courts, Miami Heat and San Antonio Spurs may have similar skills. However, when it comes to real estate, the two cities are significantly different.
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U.S. Lawmakers Say FHA May Have Hidden Size of Potential Losses
reuters.com | June 5, 2013
The U.S. Federal Housing Administration may have tried to hide the magnitude of losses it could face under the most severe economic shock, according to a congressional committee.
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Senators Mull Timetable for Liquidating Fannie Mae, Freddie Mac
reuters.com | June 4, 2013
(Reuters) - Mortgage financiers Fannie Mae and Freddie Mac would be liquidated within five years and replaced by an entity offering government reinsurance for mortgage-backed debt under draft legislation from a bipartisan group of U.S. senators.
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Florida Residents Now Can Save About $35,000 on Foreclosed Properties
southerndailypress.com | June 4, 2013
New statistics released by Best Rate Home Loans show that home buyers in Florida can actually take advantage of the recent inundation of foreclosed homes in the state, as these properties sell at significantly lower prices than their market value.
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Cohen Milstein Role Under Fire in Robo-Signing Case
americanlawyer.com | June 4, 2013
The Nevada Supreme Court is expected to take up arguments in a high-profile robo-signing case in which a mortgage processing services firm is challenging the legal authority of the state's attorney general to hire Cohen Milstein Sellers & Toll on a contingent fee basis.
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Home Affordable Modification Program (HAMP) Extended
huffingtonpost.com | June 4, 2013
According to Jack Lew, U.S. Secretary of the Treasury, the Making Home Affordable Program (MHA) for non-Fannie Mae and Freddie Mac mortgage loans has been extended through December 31, 2015.
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MBA Wants Smaller Mortgage Lenders to Have More Investor Access
reversemortgagedaily.com | June 4, 2013
Mortgage market reform should provide smaller lenders the same access to the investor market as large lenders, according to a Mortgage Bankers Association proposal released Monday.
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Mortgage Employment Index Jumps Most in Nearly 4 Years
sacbee.com | June 4, 2013
The first quarter proved to be the best since 2009 for jobs in real estate finance. Much of the gain was in the state of Michigan.
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Ohio Foreclosure Problem Still a "Crisis"
daytondailynews.com | June 4, 2013
The overall number of foreclosure filings in Ohio dropped in 2012, but one research group says the number of new foreclosure cases filed last year — 70,469 — remains to be at crisis levels.
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How Much do Fannie and Freddie Still Owe Us?
cbsnews.com | June 2, 2013
(MoneyWatch) Fannie Mae and Freddie Mac took a lot of money from U.S. taxpayers during the Great Recession, but now they're giving it back.
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Lenders Accused of 'Systemic Fraud'
smh.com.au | June 2, 2013
Veteran consumer rights campaigner Denise Brailey is to make public 2500 private emails and bank documents from Monday to expose what she describes as ''Australia's subprime crisis''.
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States with Court Intervention Top Foreclosure-Inventory Rates
blogs.marketwatch.com | June 2, 2013
In April the three states with the highest foreclosure inventory as a percentage of all mortgaged homes in April were Florida, New Jersey and New York, each of which is a judicial state, according to CoreLogic, an Irvine, Calif.-based analysis firm.
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Mortgage Rates Spike Sharply
fool.com | June 2, 2013
Freddie Mac released its weekly update on national mortgage rates this morning, showing a continued rise in interest rates -- nearly across the board. While still historically low, fixed mortgage rates are the highest they've been in a year.
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Nader: U.S. has Duty to Fannie, Freddie Investors
marketwatch.com | June 2, 2013
WASHINGTON (MarketWatch) — The federal government has a moral obligation to Fannie Mae and Freddie Mac shareholders and needs to end the current state of limbo, activist and consumer advocate Ralph Nader tells MarketWatch in an interview.
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