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November 2013 Article Archive

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Judge Approves ResCap Settlement
nasdaq.com | November 29, 2013
A federal judge approved Residential Capital LLC's settlement with the Federal Housing Finance Agency resolving billions of dollars in claims tied to mortgage-backed securities sold to mortgage finance firms Fannie Mae and Freddie Mac during the financial crisis.
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Debt Alert
gulf-daily-news.com | November 29, 2013
MANAMA: Bahrain must drastically curb and reduce public debt - or face a potential crisis. This warning has come in the audit report, which fears an international ratings downgrade if swift action is not taken.
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Foreclosure Relief Funds Aren't Getting to Borrowers
columbian.com | November 29, 2013
Some of the states hit hardest by the foreclosure crisis aren’t spending millions of dollars that the federal government has set aside to help struggling homeowners, a new report shows.
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Half of Modern Students 'Will not Fully Repay Loans'
channel4.com | November 29, 2013
The government has been accused of not offering value for money when recovering student loans. Around half of all students who take out student loans from 2012 onwards will never fully repay the money, Whitehall's spending watchdog says.
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Former Boston Attorney Convicted of Mortgage Fraud
bizjournals.com | November 27, 2013
A former Boston attorney has been convicted of mortgage fraud involving more than a dozen properties throughout the city's residential neighborhoods of Dorchester, Roxbury and Jamaica Plain.
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FITB Agrees to $25m Mortgage Repurchase Claims Settlement with Freddie Mac
retailbanking.banking-business-review.com | November 27, 2013
Fifth Third Bancorp (FITB) has agreed to reimburse $25m to Freddie Mac to resolve certain repurchase claims associated with mortgage loans originated and sold prior to 1 January 2009.
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Wells Fargo VP May Be Added to Mortgage-Fraud Suit
nasdaq.com | November 27, 2013
The U.S. government filed a motion Friday to add a Wells Fargo & Co. executive in charge of quality control to a lawsuit accusing the biggest U.S. mortgage lender of "reckless" lending and leaving a federal insurance program to pick up the tab.
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Police Lieutenant, Former Bank CEO Arrested for Mortgage Fraud
mortgagedaily.com | November 27, 2013
An owner of Chicago realty business who also led a now-defunct Chicago bank was arrested today on federal bank fraud charges involving an alleged scheme to illegally provide a $650,000 mortgage for the purchase of a South Side apartment building.
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Payday Lender To Pay $19 Million For Robo-Signed Collections & Overcharged Servicemembers
consumerist.com | November 27, 2013
Last week, the Consumer Financial Protection Bureau took a big step toward reining in irresponsible, predatory lenders by taking its first enforcement action against a large payday loan operation accused of robo-signing court documents related to debt-collection lawsuits, illegally overcharging military servicemembers and their families, and trying to cover these actions up by destroying documents before the CFPB could investigate.
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Bank of America Liable for Countrywide Mortgage Fraud
reuters.com | November 27, 2013
(Reuters) - Bank of America Corp was found liable for fraud on Wednesday over defective mortgages sold by its Countrywide unit, a major win for the U.S. government in one of the few trials stemming from the financial crisis.
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Chicago Foreclosures - October 2013 Monthly Statistics
prweb.com | November 27, 2013
The latest numbers compiled by the Illinois Foreclosure Listing Service (ILFLS.com) indicate that the intriguing and contradictory trends seen this summer have continued into the fall. For October 2013, the battling number of ingoing and outgoing foreclosure properties seems to have found a healthier balance than in September 2013.
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Whistleblower Facing Foreclosure Wins $18 Million
cbsnews.com | November 27, 2013
(CBS News) When we first met Lynn Szymoniak on 60 Minutes last year, she was an angry homeowner facing foreclosure. Now, Szymoniak is walking away with an $18 million settlement after blowing the whistle on a "robo-signing" fraud that she says was perpetrated by some of the nation's largest mortgage companies.
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Foreclosure Auction Sales and Bank-Owned Sales Increase From Year Ago in October Even as Short Sales Decline
marketwired.com | November 27, 2013
IRVINE, CA--(Marketwired - Nov 26, 2013) - RealtyTrac®, the nation's leading source for comprehensive housing data, today released its October 2013 U.S. Residential & Foreclosure Sales Report, which shows that U.S. residential properties, including single family homes, condominiums and townhomes, sold at an estimated annualized pace of 5,649,965, a 2 percent increase from the previous month and up 13 percent from October 2012.
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U.S. Government Seeks to Add Wells Fargo Vice President to Mortgage-Fraud Suit
online.wsj.com| November 4, 2013
The U.S. government on Friday filed a motion to add a Wells Fargo & Co. (WFC) executive in charge of quality control to a lawsuit accusing the biggest U.S. mortgage lender of "reckless" lending and leaving a federal insurance program to pick up the tab.
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Big Banks Could Face Mortgage Fraud Charges
cbsnews.com | November 27, 2013
The SEC appears to be on the verge of doing what the Justice Department has yet to attempt -- prosecuting the biggest players responsible for the mortgage securities fiasco that trashed the U.S. economy.
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JPMorgan Settlement Could Pose Legal Risk
usatoday.com | November 24, 2013
Banks' packaging of risky mortgages into securities and selling them to investors was a key factor that led to the nation's financial crisis.
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HLSS Preps $300M Servicer Advance Securitization
nationalmortgagenews.com | November 23, 2013
HLSS Holdings is coming out with a $300 million securitization of servicer advances, according to a presale report by Standard & Poor's.
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JPMorgan's 'Admission' Oversold by Government
thestreet.com | November 20, 2013
NEW YORK (TheStreet) - Maybe New York State Attorney General Eric Schneiderman and U.S. Attorney General Eric Holder should have just said JPMorgan's (JPM_) $13 billion settlement on mortgage securities it sold prior to the financial crisis was a historic victory for state and federal regulators.
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JPMorgan Will Pay Record $13 Billion Settlement Over Mortgages
businessinsider.com | November 20, 2013
JPMorgan Chase will pay a $13 billion settlement to the government related to mortgages, according to a press release.  It's the largest settlement paid by a company to the government. 
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Foreclosure Backlog Boosts Sheriff's Sales
yorkdispatch.com | November 20, 2013
York County sheriff's sales are at their highest level in three years. The sheriff's office is listing 269 new properties for sale on Monday, Dec. 9, bringing the count to 1,616 new properties listed this year.
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JPMorgan Chase Reaches Record $13 Billion Mortgage-Backed Securities Settlement
lexisnexis.com | November 20, 2013
JPMorgan Chase has reached a $13 billion settlement with regulators – the largest settlement with a single entity ever. The agreement resolves federal and state civil claims arising out of the packaging, marketing, sale, and issuance of residential mortgage-backed securities (RMBS) by JPMorgan, Bear Stearns, and Washington Mutual prior to January 1, 2009.
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JPMorgan Chase pays largest penalty for mortgage misdeeds
centralvalleybusinesstimes.com | November 19, 2013
JP Morgan Chase, the largest bank in the country is paying the largest penalty ever levied against a financial institution -- $13 billion. It resolves federal and state civil claims arising out of the packaging, marketing, sale and issuance of residential mortgage-backed securities (RMBS) by JPMorgan, Bear Stearns and Washington Mutual prior to 2009.
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BNY Calls $8.5 Billion BofA Mortgage Deal 'Easy Decision'
businessweek.com | November 18, 2013
The $8.5 billion settlement reached with Bank of America Corp (BAC:US). on behalf of mortgage-bond investors was an “easy decision,” recovering more than twice what investors might have won through litigation, said an attorney for the trustee who negotiated the deal.
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Borrower Indicted for Falsifying Assets to Qualify for Line of Credit
mortgagefraudblog.com | November 18, 2013
Alberto Solaroli, 59, Jacksonville, Florida, a Canadian citizen, who was living and working in Jacksonville, Florida, has been indicted on charges that he borrowed $1.5 million via false pretenses from OneBanc in April 2007.
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HARP Program Has Precluded Foreclosure for Some 60,000 Pennsylvania Homeowners
southerndailypress.com | November 18, 2013
A recent report from nationally accredited lender network HARP Mortgage Lender quoted a number of analytics in stating that close to 60,000 homeowners in Pennsylvania were able to avoid foreclosure thanks to the Obama Administration’s Home Affordable Refinance Program. This figure dates back to the launch of the program in 2009, and takes into account HARP’s revision in late 2011.
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US Bank Admits, in Writing from their Corporate Office, that the Borrower is a Party to an MBS Transaction; that Securitization Trustees are not Involved in the Foreclosure Process; have no Advance Knowledge of when a Loan has Defaulted; that the “true Beneficial Owners” of a Securitized Mortgage are the Investors in the MBS; and that the Goal of a Servicer is to “maximize the Return to Investors”
foreclosuredefensenationwide.com | November 18, 2013
We have been provided with a copy of U.S. Bank Global Corporate Trust Services’ “Role of the Corporate Trustee” brochure which makes certain incredible admissions, several of which squarely disprove and nullify the holdings of various courts around the country which have taken the position that the borrower “is not a party to” the securitization and is thus not entitled to discovery or challenges to the mortgage loan transfer process.
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SUBRAMANI v. WELLS FARGO BANK NA | USDC CA – First there was a Mountain, then there was None, then there IS. Glaski acknowledged and then IGNORED and THEN the Banksters get GORED
stopforeclosurefraud.com | November 18, 2013
Now before the Court is Defendant Wells Fargo Bank N.A.’s (“Defendant”) motion to dismiss Plaintiff Karthik Subramani’s (“Plaintiff”) first amended complaint. ECF Nos. 24 (“FAC”), 25 (“MTD”). The matter is fully briefed, ECF Nos. 27 (“Opp’n”), 28 (“Reply”), and appropriate for decision without oral argument, Civ. L.R. 7-1(b). As explained below, the Court GRANTS in part and DENIES in part Defendant’s motion to dismiss.
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JPMorgan Chase Agrees to Pay $4.5 Billion on Mortgage Security Claims
reuters.com | November 18, 2013
(Reuters) - JPMorgan Chase & Co said on Friday it has agreed to pay $4.5 billion to settle claims by investors who lost money on mortgage-backed securities before the collapse of the U.S. housing market.
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New Jersey Homeowners Now Using Quiet Title Actions to Affirmatively Challenge a Party’s Standing to Foreclose
saul.com | November 18, 2013
On November 4, 2013, the New Jersey Appellate Division in Suser v. Wachovia Mortgage, FSB, et al. affirmed a homeowner’s right to file a prospective quiet title action to affirmatively challenge a bank’s standing to foreclose on a particular piece of property.
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Nevada Foreclosure Rate No. 2 in Nation in October
businessweek.com | November 18, 2013
Nevada's foreclosure rate was second in the nation in October, the month after a major filing surge. RealtyTrac statistics released Thursday show one in every 407 homes in Nevada saw some sort of foreclosure filing in October. The firm counted nearly 1,700 initial notices of default.
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Officials Launch Offensive to Debunk Foreclosure Data that Ranks Maryland Third-worst in U.S.
bizjournals.com | November 18, 2013
Online foreclosure tracker RealtyTrac has moved Maryland's foreclosure ranking from fourth in the nation to third after the state posted a 10 percent increase in foreclosure activity in October. But Maryland officials insist that only tells part — if any — of the real story.
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Bank of America and Subsidiaries Found Guilty by Federal Jury of Mortgage Fraud
abcnews.go.com | November 18, 2013
A federal grand jury has found Bank of America and its subsidiary Countrywide guilty of mortgage fraud, which triggered the recession that started in 2008.
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JPMorgan cancels Q&A on Twitter with investment banker Jimmy Lee
reuters.com | November 14, 2013
JPMorgan Chase & Co canceled a question and answer session on Twitter with veteran investment banker Jimmy Lee after being flooded with insulting questions less than 24 hours before the session was to begin.
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Cosajay v. Mortgage Electronic Registration Systems, Inc. | RIDC – The Court finds that Ms. Cosajay has standing to bring her lawsuit against these Defendants
stopforeclosurefraud.com | November 14, 2013
This matter is before the Court on Plaintiff Eloisa Cosajay’s objection to a Report and Recommendation (R&R) issued by Magistrate Judge Martin on June 23, 2011, in which he recommended that her mortgage foreclosure case be dismissed for lack of standing because she was not a party to the assignment documents that her lawsuit challenged.
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Your mortgage documents are fake!
salon.com | November 13, 2013
If you know about foreclosure fraud, the mass fabrication of mortgage documents in state courts by banks attempting to foreclose on homeowners, you may have one nagging question: Why did banks have to resort to this illegal scheme? Was it just cheaper to mock up the documents than to provide the real ones? Did banks figure they simply had enough power over regulators, politicians and the courts to get away with it? (They were probably right about that one.)
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Suit Charges 3 Credit Rating Agencies With Fraud in Bear Stearns Case
dealbook.nytimes.com | November 11, 2013
The collapse of two Bear Stearns hedge funds in 2007 was among the earliest signs of the impending financial crisis. More than six years later, lawyers continue to fight over the cause of their demise.
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US Seeking Maximum Penalty Of $864 Million From BofA Over Countrywide Loans
rttnews.com | November 11, 2013
The U.S. government is seeking the maximum penalty of $864 million, allowed under the law, from financial services major Bank of America (BAC: Quote) in connection with a Countrywide loan program dubbed "Hustle" that ran between August 2007 and April 2008.
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Fannie and Freddie Have Not Repaid Taxpayers a Dime, Says Chairman Hensarling
loansafe.org | November 10, 2013
(Source: Committee on Financial Services) – Reports that failed government-run corporations Fannie Mae and Freddie Mac are close to “paying back” taxpayers for the largest bailout in American history are completely false, said Financial Services Committee Chairman Jeb Hensarling (R-TX).
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Should underwater homeowner stiff lender despite ability to pay?
chicagotribune.com | November 10, 2013
Q: I enjoy your column and follow you on Facebook. In a recent article, you mention that the IRS Gift exclusion limit is $13,000 per person per year. Since Jan. 1, 2013, the exclusion is $14,000 per person per year. ..
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U.S. seeks $864 million from Bank of America after fraud verdict
baltimoresun.com | November 10, 2013
NEW YORK (Reuters) - The U.S. government urged that Bank of America Corp pay $863.6 million in damages after a federal jury found it liable for fraud over defective mortgages sold by its Countrywide unit.
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Bank of America seeks to dismiss U.S. mortgage bond lawsuits
baltimoresun.com | November 10, 2013
WASHINGTON –  Bank of America asked a federal court on Friday to throw out two U.S. government lawsuits accusing the nation's second-largest bank of defrauding investors during the financial crisis.
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Royal Bank of Scotland to Pay $153.7 Million to Settle Mortgage Case
dealbook.nytimes.com | November 8, 2013
The Royal Bank of Scotland agreed on Thursday to pay the Securities and Exchange Commission $153.7 million to settle charges that it misled investors into buying a risky mortgage-backed security offering, the latest move in a crackdown on mortgage practices that fueled the financial crisis.
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Putting the “Robo” in “Robo-signing”: Debt Collectors Accused of “Cutting and Pasting” Signatures onto Fraudulent Affidavits
ceinquiry.wordpress.com | November 4, 2013
The Minnesota attorney general is suing a Florida company that was a major buyer of overdraft debt from Minnesota banks, accusing it of churning out reams of fake bank affidavits to use in its collection from individuals and businesses.
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Nationwide Title Clearing Settles 'Robo-signing' Suit in Illinois
chicagotribune.com | November 4, 2013
Illinois and Nationwide Title Clearing Inc., have entered into a consent decree that dismisses a lawsuit filed against the company last year, alleging it filed faulty mortgage documents with county recorders.
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The Bankster Mortgage Fraud & What To Do About It
curezone.com | November 4, 2013
I just wanted to show you guys part of the fraud that has been committed on American's by the banksters. The more that know this, the more will take back their homes and destroy the banksters who need to be wiped off the face of the Earth.
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Jury Convicts Man of Stealing Homes by Recording False Deeds, then Renting to Unsuspecting Tenants
mortgagefraudblog.com | November 4, 2013
Blair Christopher Hanloh, 50, Long Beach, California, was convicted of stealing over $3.5 million in a fraudulent scheme by falsely transferring residential property deeds and fraudulently renting out houses.
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JP Morgan Revisited – When Is Fraud Really Fraud?
econintersect.com | November 4, 2013
Fraud is defined as “deceit or trickery perpetrated for profit”. But what if both parties to an alleged fraud know what is up? That is, they all knew there were very risky mortgages in the packages they were buying and selling. That led me to question what evidence the Justice Department has that is so definitive that JPM would settle for $13 billion. In this article, I present some data on evidence and discuss what it means.
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Bank of America Liable for Countrywide Mortgage Fraud
reuters.com | November 4, 2013
(Reuters) - Bank of America Corp was found liable for fraud on Wednesday over defective mortgages sold by its Countrywide unit, a major win for the U.S. government in one of the few trials stemming from the financial crisis.
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Aurora Loan Serv., LLC v Murphy | NYSC
stopforeclosurefraud.com | November 4, 2013
Aurora failed to establish that it transferred an interest to Nationstar … neither language explicitly assigning the Note nor language showing Aurora's intention … to transfer it.
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California Homeowner in Foreclosure Wins Quiet Title – It’s a Free House!
mandelman.ml-implode.com | November 4, 2013
A Riverside, California homeowner, Denise Saluto, who was in foreclosure filed for quiet title against Deutsche Bank National Trust, as trustee for Long Beach Mortgage, and its successors and/or assigns, and Washington Mutual Bank, successor in interest to Long Beach Mortgage Company… and won by default. (And Washington Mutual, turned into JPMorgan Chase.)
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Freddie Mac to Sell $3.0 Billion in Bills on Monday
reuters.com | November 4, 2013
Nov 4 (Reuters) - Freddie Mac, the No. 2 U.S. home funding company, said it will sell $3.0 billion of reference bills on Monday.
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