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March 2013 Article Archive

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Robo-Signing Victims to Get Money in April
afrmortgage.com | March 28, 2013
Are beleaguered homeowners who were unjustly led into foreclosure by unscrupulous mortgage lenders finally getting their financial comeuppance? Although 10 banks are preparing to provide wronged borrowers with settlements ranging from a few hundred dollars to $125,000, many are crying foul.
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LPS Servicing Settlement Results in New Consumer Complaint Resources
nationalmortgageprofessional.com | March 28, 2013
Connecticut Attorney General George Jepsen is advising consumers that two toll-free numbers are available for questions about faulty mortgage-related documents or field services provided by Lender Processing Services Inc. (LPS) and its subsidiaries, LPS Default Solutions and DocX. 
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FHFA Inspector General: Fannie Mae, Freddie Mac Not Enforcing Consumer Protection Laws
huffingtonpost.com | March 27, 2013
Fannie Mae, Freddie Mac and the federal agency that oversees them all are failing in their responsibility to protect homeowners from abusive bank practices, including racial discrimination, according to a new report by the inspector general of the Federal Housing Finance Agency.
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Conn. AG Advises Consumers Related to Robo-Signing Settlement
legalnewsline.com | March 27, 2013
Connecticut Attorney General George Jepsen announced Tuesday that two toll-free numbers are available for questions about faulty mortgage documents or field services provided by Lender Processing Services Inc. and its subsidiaries.
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Royal Bank of Scotland Sued Over Mortgage Securities
bloomberg.com | March 27, 2013
Royal Bank of Scotland Group Plc, Britain’s biggest taxpayer-owned lender, was sued by a bond insurer over what it claims was the bank’s sale of $1.15 billion of securities backed by “thousands of defective and fraudulently originated” home loans.
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Audit Faults Freddie Mac's Oversight of Mortgage Servicers
orlandosentinel.com | March 26, 2013
At least eight big providers of mortgage customer service have failed to properly track and resolve serious complaints about servicing fraud, according to an audit of Freddie Mac, the home finance giant that has been propped up by the government since the financial crisis.
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Recent Robo-Signing Case Dismissal Reignites Mortgage Fraud Concerns
oakparkforeclosurelawyer.com | March 26, 2013
Since the foreclosure epidemic began, banks have been foreclosing on homes at record rates. However, some of these foreclosures may not have been legal. Homeowners have alleged claims of “robo-signing” against banks and mortgage firms, but according to a recent article in the Chicago Tribune, robo-signing prosecutions may not lead to especially harsh penalties.
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Robo-Signing, All 3 Types Explained - 60 Minutes
youtube.com | March 26, 2013
Scott Pelley of 60 Minutes interviews Lynn Szymoniak, robo-signers Linda Green and others, and official Sheila Bair explaining how low wage workers signed documents which became the legal documents in foreclosure cases.
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Securitization Caused Recession, Say Experts
nuwireinvestor.com | March 26, 2013
Mortgage securitization is drawing an increased amount of criticism after yet more research is completed in an effort to uncover the cause of the U.S. financial crisis.
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Study Suggests Mortgage Market Insiders Just as Oblivious to Housing Crash as Rest of Wall Street
mortgagenewsdaily.com | March 26, 2013
Were mid-level managers who essentially ran mortgage securitization during the housing boom aware of the systemic risks occurring in subprime portion of that market?
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Mortgage Professionals Did Not Foresee Housing Bust, Economists Say
americanbanker.com | March 26, 2013
People who worked in the financial industry on the eve of the mortgage meltdown may themselves have believed that home prices would continue to rise.
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The Consumer Financial Protection Bureau defines “qualified mortgage” for residential loans – what implications will this definition have for RMBS “put-back” litigation?
lexology.com | March 24, 2013
The Consumer Financial Protection Bureau (the “CFPB”) has amended Regulation Z with respect to the Truth in Lending Act, which regulates a lender’s ability to make high-risk or high-priced residential mortgage loans.
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Mortgage Securitizers Didn’t Know Housing Was Going Bust
blogs.wsj.com | March 24, 2013
A popular explanation for why the housing bubble happened says that unbalanced incentives within the financial system were to blame. Financial-sector workers reaped huge bonuses for gambling on home prices continuing to climb, but knew that they bore little personal risk if things went awry.
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Foreclosure Timelines Now Measured in Years
mortgageauditsonline.com | March 15, 2013
The number of mortgages that are delinquent or in foreclosure is declining, but those in the pipeline are years away from clearing, according to a report from Lender Processing Services Inc. released today.
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Culhane Decision Provides Homeowners the Ability to Challenge the Invalid Assignment and Wrongful Foreclosure of Their Homes
babcocklawoffices.com | March 14, 2013
On February 15th, the United States Court of Appeals for the First Circuit held that a borrower has standing to challenge an assignment of their mortgage to a foreclosing bank. Culhane vs. Aurora Loan Services of Nebraska, C.A.No. 11-11098-WGY.
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Jumbo Mortgage Divide Starts Shrinking
cnbc.com | March 11, 2013
Even as mortgage rates begin to rise, the difference between conforming and jumbo loan rates is shrinking, and that is good news for buyers of higher-priced homes.
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Fannie, Freddie Asked to Get Securitization Platform Going
nationalmortgagenews.com | March 5, 2013
The GSE regulator has tasked Fannie Mae and Freddie Mac with building a new securitization platform that could one day serve as a public utility for the issuance of MBS.
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Fannie-Freddie in Venture to Securitize Home Loans
nytimes.com | March 5, 2013
WASHINGTON (Reuters) — Fannie Mae and Freddie Mac will form a new joint company for securitizing home loans as a steppingstone toward reducing government involvement in the mortgage market, the regulator of the government-controlled companies said on Monday.
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Fannie, Freddie Form New Mortgage Securitization Firm
chicagotribune.com | March 4, 2013
Fannie Mae and Freddie Mac will build a new joint company for securitizing home loans as a stepping stone toward less government involvement in the mortgage market, the regulator of the U.S. government-controlled firms said on Monday.
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Orlando Senator Seeks Foreclosure Reforms, Files Four Bills
mortgageauditsonline.com | March 3, 2013
Calling Florida ’s position as the No. 1 state for foreclosures “shameful,” Sen. Darren Soto, D-Orlando, has filed four bills aimed at helping struggling homeowners.
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