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May 2013 Article Archive

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Court Rules for Government in Mortgage Fraud Case
nydailyrecord.com | May 7, 2014
WASHINGTON (AP) — The U.S. Supreme Court has clarified how restitution must be computed in mortgage fraud cases.
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UBS Defeats Shareholders' U.S. Appeal Over Mortgage Losses, Tax Probe
chicagotribune.com | May 7, 2014
NEW YORK (Reuters) - A federal appeals court in New York rejected appeals by UBS AG shareholders seeking to hold the Swiss bank liable for their losses for having concealed its exposure to risky mortgage-backed securities and helping clients evade U.S. taxes.
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KPMG and Salient Federal Solutions Team Awarded $94M HUD FHA Mortgage Risk and Fraud Initiative BPA
marketwatch.com | May 7, 2014
FAIRFAX, Va., May 07, 2014 (GLOBE NEWSWIRE via COMTEX) -- KPMG LLP, the U.S. audit, tax, and advisory firm, and Salient Federal Solutions, Inc. (Salient), a leading provider of information technology, have been awarded a contract to modernize the Federal Housing Administration's (FHA) business processes and technology.
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3 Unexpected Trend Changes in the Foreclosures and Housing Market - Reported by RealEstateLicense.org
digitaljournal.com | May 27, 2013
"We're seeing three surprises in the housing market today. Despite the 'bad economy' foreclosures are down, there's been a shift in the underlying reasons for new foreclosures, and the purchasing power of cash buyers is increasing." says Jeffry Evans, real estate agent, investor and founder of RealEstateLicense.org.
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Freddie Mac Securitizes $1 Billion In Modified Loans
mortgageorb.com | May 27, 2013
Seeking to capitalize on rising demand for mortgage securities as the housing market rebounds, government-sponsored enterprise Freddie Mac has started packaging the modified mortgage loans it holds into bonds, with more than $1 billion securitized so far.
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Bankruptcy and Robo-Signing?
stopcreditor.com | May 27, 2013
Robo-signing is the automatic signing of documents, without reading them. What does that have to do with bankruptcy? I’m glad you asked me that. Robo-signing was one of many shortcuts used by the big banks that caused the real estate bubble, the explosion of which is still causing bankruptcy filings, both Chapter 7 and Chapter 13 bankruptcy, in Detroit, Michigan and around the USA.
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Another Pierce Commercial Bank Executive Sentenced for Mortgage Fraud
thewoodslawoffice.com | May 27, 2013
As the housing market shows signs of recovery from the recent collapse, the number of people accused of mortgage fraud is on the rise.  In an effort to crack down on fraud, federal and state agencies have combined their resources to pursue criminal activity involving mortgage fraud.
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MBA Requests That Fannie/Freddie Begin Offering Risk Sharing Options to Lenders
loansafe.org | May 24, 2013
(Source: MBA) – The Mortgage Bankers Association (MBA) today released Up-Front Risk Sharing: Ensuring Private Capital Delivers for Consumers, a concept paper suggesting the Federal Housing Finance Agency (FHFA) require Fannie Mae and Freddie Mac (collectively, the GSEs) to offer risk sharing options to lenders at the “point of sale” rather than on the back end after loans have been delivered to the GSEs.
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Mortgage Forgiveness Could Save Uncle Sam Billions, Report Says
bizjournals.com | May 24, 2013
Fannie Mae and Freddie Mac, the government-backed enterprises that own or guarantee more than half of all home mortgages in the U.S., played a big rule in creating the Great Housing Bubble of 2006.
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How a Big-Bank Failure Could Unfold
economix.blogs.nytimes.com | May 24, 2013
Marc Jarsulic, chief economist at Better Markets, is the author of “Anatomy of a Financial Crisis.” Simon Johnson, former chief economist of the International Monetary Fund, is the Ronald A. Kurtz Professor of Entrepreneurship at the M.I.T. Sloan School of Management and co-author of “White House Burning: The Founding Fathers, Our National Debt, and Why It Matters to You.”
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Freddie Mac Creates Bonds Supported by Modified Mortgages
valuewalk.com | May 24, 2013
Mortgage giant Freddie Mac (OTCBB:FMCC) announced today that it started creating bonds supported by certain performing modified mortgage loans held in the company’s mortgage-related investment portfolios.
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Watch out. The mortgage securities market is at it again.
money.cnn.com | May 23, 2013
Once upon a time, hardly anyone defaulted on a mortgage. Bankers made sure that their borrowers had mortgages they could afford, because if they didn't, the bank would suffer a loss. Lenders were highly motivated to keep homeowners in their castles.
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Gov't Report: Fannie Knew of 'Robo-signing' in '03
timesnews.net | May 23, 2013
WASHINGTON (AP) — Mortgage giant Fannie Mae knew about allegations of improper foreclosure practices by law firms in 2003 but did not act to stop them, a government watchdog says.
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No Bank is 'Too big to jail,' U.S. Attorney General Holder Warns
blogs.reuters.com | May 20, 2013
NEW YORK, May 20 (Thomson Reuters Accelus) - Corruption, cyber threats and transnational organized crime – and the money laundering that greases the wheels of illicit commerce – are high on the list of law enforcement priorities, U.S. Attorney General Eric Holder told the House Judiciary Committee on Wednesday.
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Banking Publication: Statistics Signal End of Foreclosure Crisis in Bay State
metrowestdailynews.com | May 20, 2013
Foreclosure activity dropped dramatically in March, indicating an end to the foreclosure crisis in Massachusetts, The Warren Group said Monday.
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Title Disputes, Clouds on Title, and Quiet Title Actions
businessandrealtylaw.com | May 19, 2013
If one person claims to be the owner of an interest in real property, and another person claims to be the owner of that same in interest in the same property, either may sue the other for a judgment resolving that conflict.
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Is the Federal Magistrates Act Unconstitutional? Ninth Circuit Pro Se Asks the U.S. Supreme Court for An Answer
9thcircuitprosereport.blogspot.com | May 19, 2013
Commencing June 14, 1979, via General Order 194, [1] and amended July 2, 1979 via General Order 194-A [2] the Central District Court of California has denied access to unincarcerated, unrepresented citizens seeking to enforce their constitutional rights under 42 U.S.C. §1983.
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N.Y. AG Revising Foreclosure Settlement Complaint Against B of A, Wells
americanbanker.com | May 19, 2013
New York Attorney General Eric Schneiderman is revising his allegations of foreclosure settlement violations by Wells Fargo (WFC) and Bank of America (BAC), resetting the clock on his plans to sue the banks over 339 alleged servicing violations.
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Calif. Sues JPMorgan Chase for Robosigning Debt Collection Suits
blogs.lawyers.com | May 19, 2013
California’s top lawyer has filed a suit against JPMorgan Chase for fraudulent and unlawful debt collection practices. Attorney General Kamala Harris accused the lender of burying California courts in thousands of debt collection lawsuits without verifying the validity of the suits or even serving the defendants with court papers.
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More Foreclosures and Suicides than During the Great Depression
blogs.lawyers.com | May 19, 2013
The San Francisco Chronicle notes that it is difficult to keep track of foreclosure rates now...let alone during the Great Depression: Foreclosure rates of the late 2000s are often compared with those of the Great Depression, which took place through the first half of the 1930s. However, there were no public or private agencies keeping track of foreclosure rates at that time. Indeed, the government still does not keep an official statistic on the number of homes in foreclosure or repossessed by banks and lenders.
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N.Y. Judges Split on Time Bar for Billion-dollar MBS Put-back Claims
newsandinsight.thomsonreuters.com | May 19, 2013
It is no exaggeration to say that billions of dollars hang on the question of whether New York Supreme Court Justice Shirley Kornreich or her colleague Justice Peter Sherwood is correct about how long mortgage-backed securities trustees have to assert claims that MBS sponsors breached representations and warranties.
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The Last Of The 2008 Doomsday Scenarios Is Fading Away!
forbes.com | May 19, 2013
The gloom and doom theorists swarmed out of the woodwork during the 2008 financial meltdown in reaction to government actions taken to prevent the ‘great recession’ from morphing into the next great depression.
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Elizabeth Warren Pushes Feds For Answer On Big Bank Enforcement
huffingtonpost.com | May 15, 2013
WASHINGTON -- Sen. Elizabeth Warren (D-Mass.) raised the stakes of her quest to find out why a single Wall Street bank has not been prosecuted in the aftermath of the financial crisis Tuesday, sending a letter to the heads of three federal agencies.
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Spain Foreclosure Seizure for Needy Seen Violating EU: Mortgages
sfgate.com | May 13, 2013
May 13 (Bloomberg) -- Spanish politicians trying to cushion the blows of austerity plan to seize foreclosed homes to house the needy, discouraging foreign investment and threatening to violate terms of the European bailout of the country’s banks.
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Obama Urges Congress to Back New Housing Regulator
moneynews.com | May 13, 2013
President Barack Obama urged lawmakers to back his nominee to oversee mortgage financiers Fannie Mae and Freddie Mac, Democratic Representative Mel Watt.
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Bloomberg Admits Terminal Snooping
nytimes.com | May 13, 2013
Reporters at Bloomberg News were trained to use a function on the company’s financial data terminals that allowed them to view subscribers’ contact information and, in some cases, monitor login activity in order to advance news coverage, more than half a dozen former employees said.
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Lender Processing Agrees to $14 MLN Securities Fraud Settlement
newsandinsight.thomsonreuters.com | May 13, 2013
NEW YORK (Reuters) - Mortgage servicing company Lender Processing Services Inc has agreed to pay $14 million to settle claims the company misled investors about improper practices underlying its business model, including the "robo-signing" documents, in connection with foreclosures.
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Calif. AG Sues JPMorgan Chase, Alleges 'Robo-signing' and 'Sewer Service' in Credit-card Suits
abajournal.com | May 11, 2013
California's attorney general sued one of the nation's biggest banks on Thursday, alleging that JPMorgan Chase & Co.had engaged in widespread "robo-signing" of documents in credit card collection lawsuits.
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JPMorgan Sued by California over 'Illegal' Debt Collections
foxbusiness.com | May 11, 2013
California's attorney general sued JPMorgan Chase & Co on Thursday, accusing the company of falsely signing documents to unlawfully collect credit card debt from thousands of customers.
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California AG Sues Over Debt Collection Practices
wweek.com | May 11, 2013
California Attorney General Kamala Harris yesterday filed a lawsuit in Los Angeles Superior Court against J.P. Morgan Chase bank for some of the debt collection abuses highlighted in a recent WW cover story, "The Enforcer."
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Nevada Foreclosure Rate is 1st in Nation in April
businessweek.com | May 9, 2013
LAS VEGAS (AP) — Nevada's foreclosure rate has topped the nation for a second month, following a brief hiatus from the state's five-year reign as foreclosure king.
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Reverse Mortgage Delinquencies Surge
housingwire.com | May 7, 2013
Monday Morning Cup of Coffee is a quick look at the news coming across the HousingWire weekend desk, with more coverage to come on bigger issues.
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False Claims Act Lawsuit Filed Against Bank of America for Mortgage Fraud
bergermontague.com | May 5, 2013
The United States government has filed a lawsuit against Bank of America, charging the institution with costing taxpayers over $1 billion by selling thousands of bogus mortgage loans to “government-sponsored enterprises” (GSEs) Fannie Mae and Freddie Mac.
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The Stigma of Foreclosure Lifts as Lenders Alienate Borrowers
spokesman.com | May 5, 2013
Our nephew, a high school teacher and coach in Southern California, decided to stop paying on his mortgage a year ago. Matt, 34, is still in the home.
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US States, Housing Regulator Drop Objections to $8.5 Billion BofA Deal
economictimes.indiatimes.com | May 4, 2013
NEW YORK: The New York and Delaware attorneys general and the US housing regulator on Friday dropped their objections to Bank of America Corp's proposed $8.5 billion settlement with investors in Countrywide mortgage-backed securities, according to court filings.
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Ex-DocX President Gets at Least 40 Months in Robo-Sign Case
businessweek.com | May 4, 2013
Lorraine Brown, former president of the mortgage document processor DocX LLC, was sentenced to at least 40 months in prison on a racketeering charge in a robo- signing case, Michigan Attorney General Bill Schuette said.
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HARP Program Extended By 2 Years
theledger.com | May 4, 2013
Underwater homeowners with Fannie Mae- and Freddie Mac-backed mortgages will be able to try to refinance their mortgages for another two years.
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Fannie, Freddie Need a Permanent Fix
washingtonpost.com | May 4, 2013
AMONG THE many pieces of unfinished business remaining from the financial crisis, none is more important than reforming mortgage finance. Fannie Mae and Freddie Mac, the government-sponsored enterprises that own or guarantee more than $5 trillion worth of U.S. mortgages, have been under direct federal control since their collapse in mid-2008.
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MBIA Settles Flagstar Mortgage Lawsuit for $110 Million
businessweek.com | May 3, 2013
MBIA Inc. (MBI) said Flagstar (FBC) Bancorp Inc. agreed to pay $110 million to settle a lawsuit accusing it of making misrepresentations to induce MBIA to insure mortgage- backed securitizations that defaulted.
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