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November 2014 Article Archive

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Bank of America Mortgage Judgment Clears Way for $16.7B Accord
charlotteobserver.com | November 28, 2014
A final judgment against Bank of America Corp. in a mortgage-bond lawsuit by the U.S. Securities and Exchange Commission was signed by a federal judge, helping clear the way for the lender to complete a $16.7 billion global settlement of claims it misled investors about risk.
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A Ray of Hope, at Last, for Homeowners in Foreclosure
businessweek.com | November 28, 2014
The Federal Housing Finance Agency has finally budged on a policy that had the pernicious effect of favoring moneyed investors over residents in foreclosure cases. While the change is narrowly targeted, it could be a precursor to broader changes advocated by representatives of people who have trouble keeping up with mortgage payments.
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Two greedy RBS bankers who used their jobs to run £3million property fraud escape jail because judge says THEY 'have suffered'
dailymail.co.uk | November 28, 2014 
Two 'greedy' Royal Bank of Scotland bankers who masterminded a £3million property fraud were spared jail after a judge decided they had already 'suffered' enough. Andrew Ratnage, 50, and his boss Raymond Pask, 54, were both earning more than £100,000-a- year but wanted to make more money using a mortgage scam.
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Sham Law Firms And Mortgage Fraud
mondaq.com | November 28, 2014 
Impersonating a solicitor has been a criminal offence, carrying a penalty of a fine and/or up to 2 years imprisonment, for many years. Notwithstanding the consequences, however, it can also, unfortunately, be an extremely lucrative business and therefore a very attractive prospect for those of an "enterprising" nature.
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Goldman Sachs Launches First Jumbo Mortgage Bond Since Crisis
housingwire.com | November 28, 2014 
One of the most notorious names from the mortgage crisis is back. And they’re back in a big way. Goldman Sachs (GS), which was at the forefront of the toxic mortgage crisis that nearly crippled the U.S. economy, is preparing to launch its first post-crisis prime jumbo residential mortgage-backed securitization.
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U.S. Bancorp Expands Paperless Push as Others Hesitate
americanbanker.com | November 28, 2014 
The benefits of handling loans electronically rather than passing around sheaves of paper are a given. An all-digital process is quicker, with fewer errors and less paper to be filed in a cabinet. Less bureaucracy and faster answers make for happier customers. U.S. Bancorp, for one, has found all these advantages in its six years of offering paperless consumer loans and recently rolled out a similarly automated account opening.
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Nearly Half of All States and Half of the Top 50 Metro Housing Markets Now Showing Positive Momentum
stockhouse.com | November 28, 2014 
MCLEAN, VA--(Marketwired - Nov 26, 2014) - Freddie Mac (OTCQB: FMCC) today released its newly updated Multi-Indicator Market Index® (MiMi®) showing the U.S. housing market continuing to stabilize as nearly half of the markets tracked are now showing positive momentum.
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Bank of America Settles with Government in Mortgage Bond Case
oregonlive.com | November 28, 2014 
A final judgment against Bank of America Corp. in a mortgage-bond lawsuit by the U.S. Securities and Exchange Commission was signed by a federal judge, helping clear the way for the lender to complete a $16.7 billion global settlement of claims it misled investors about risk.
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More Homes, Lower Interest Rates May Boost Buyers This Winter
boston.com | November 28, 2014 
On the hunt for a house and looking for a steal as 2014 comes to a close? You may be in luck this holiday season. The combination of a rising number of homes on the market with low interest rates heading even lower will boost buyers looking for deals in Greater Boston, notes Alex Coon, market manager for brokerage firm Redfin’s Boston office.
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A Tale of Two Bailouts: AIG, Fannie and Freddie and Beyond
forbes.com | November 28, 2014 
It has been some time since my last Forbes column on Fannie and Freddie. After eight weeks in Court, it appears as though the AIG trial, in which former AIG CEO Maurice (“Hank”) Greenberg is mounting a challenge to recover some $40 billion for shareholders from the United States, by attacking all the steps in the multi-billion U.S. bailout, initiated in September 2008, which started at $85 billion, but may have run to as much as $180 billion by May 2009.
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Collecting Debts on Dubious Foreclosures
takingnote.blogs.nytimes.com | November 24, 2014
In early 2012, when five big banks settled with government officials over foreclosure abuses in the housing bust, the settlement sum, $26 billion, was actually a small price for the banks to pay. It was small compared to the economic damage from the banks’ reckless lending and abusive foreclosures. And it was small compared to what the banks got in return.
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An ongoing criminal enterprise: Why America's housing disaster is back and wrecking terror
salon.com | November 24, 2014
According to housing analyst RealtyTrac, foreclosure filings shot up 15 percent last month, the largest increase in over four years. Almost 60,000 homes were newly scheduled for auction in October, a spike far beyond the usual seasonal rush to complete repossessions before the holidays. Auctions rose 53 percent in Nevada, 118 percent in New Jersey and an amazing 399 percent in Oregon.
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Justice Department Is Weighing Civil Suit Against Angelo Mozilo
dealbook.nytimes.com | November 24, 2014
Federal prosecutors are wrestling with whether to file a civil fraud lawsuit against Angelo R. Mozilo, the former chief executive of Countrywide Financial, which was at the center of the subprime mortgage boom and bust, people briefed on the matter say.
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Bank, Government Unlikely to Reach Settlement Over Mortgage Fraud Claims
dsnews.com | November 24, 2014
Settlement talks between Wells Fargo and the U.S. government over alleged mortgage insurance fraud have stalled, according to a media report. According to a report from Bloomberg, lawyers for both sides told a judge on Tuesday they’re doubtful about the chances of reaching an agreement on a suit alleging the bank fraudulently submitted loans for insurance through the Federal Housing Administration (FHA).
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New Allegations Against Ocwen
wzzm13.com | November 24, 2014
(WZZM) -- Despite the best wishes of many, the housing crisis is not over. There were 700,000 foreclosures last year. More than six years after the housing crash, lawyers for homeowners contend many mortgage companies are still making mistakes and foreclosing on homes when they shouldn't be. The biggest offender is Ocwen Financial.
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Eleven California Real Estate Investors Indicted for Bid Rigging and Fraud at Public Foreclosure Auctions
imperialvalleynews.com | November 24, 2014
San Francisco, California - A federal grand jury in San Francisco returned three multi-count indictments against eleven real estate investors for their role in bid rigging and fraud schemes at foreclosure auctions in Northern California, the Department of Justice announced.
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Delaware Man Found Guilty in TARP Fraud Kickback Scam
nationalmortgageprofessional.com | November 24, 2014
Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), and Charles M. Oberly III, U.S. Attorney for the District of Delaware, has announced that Peter W. Hayes of Newark, Del., has pleaded guilty to one count of accepting a gift for procuring loans, in violation of Title 18, United States Code, Section 215. United States District Judge Richard G. Andrews scheduled a sentencing hearing for March 17, 2015.
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Financial Institutions Account for Much of DOJ’s Record $24.7 Billion in Fines Collected in FY 2014
dsnews.com | November 24, 2014
The U.S. Department of Justice (DOJ) announced earlier this week that it has issued $24.7 billion in fines and penalties from various organizations for the fiscal year ending September 30, 2014, which was more than three times the $8 billion that DOJ collected for FY 2013. Much of the money collected was a result of enforcement actions by DOJ upon financial institutions for their handling of residential mortgage-backed securities.
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Whistleblower Goes Public
berkeleydailyplanet.com | November 24, 2014
The courageous whistleblower, Alayne Fleischmann, who exposed JPMorgan Chase’s mortgage fraud has finally moved out of the shadows and gone public. She provided details how she witnessed massive criminal securities fraud in the bank’s mortgage operations. Her story is profiled in Matt Taibbi’s new Rolling Stone investigation, "The $9 Billion Witness . .” Fleischmann accused JP Morgan of committing outright fraud by overstating the quality of mortgages it was selling to investors. When the toxic securities turned sour investors lost faith in the banking system which precipitated the housing crisis of 2008 that caused millions of home foreclosures.
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Top Secret Banking Guide-Mortgage Fraud Guidelines
dsnews.com | November 24, 2014
This book explains the mortgage fraud upon the people of the US and How to Challenge Bankers in Foreclosure defense proceedings.
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Mortgage Securitization Auditor Training Certification Atlanta, GA
atlanta.eventful.com | November 24, 2014
The Mortgage Securitization Auditor Training Certification Class; Sponsored by Certified Forensic Loan Auditors "CFLA" is a comprehensive training certification program entitled: "Mortgage Securitization Auditor "MSA"—A 24-hour in-person intensive seminar held across the country." 
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Is China Building a Mortgage Bomb?
bloombergview.com | November 21, 2014
The first Chinese interest-rate cut in more than two years is a stark recognition that the world's second-biggest economy is in trouble.
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Senators Warren, Warner Urge FHFA Action on Housing Finance Infrastructure and Access to Credit
enewspf.com | November 19, 2014
Washington, DC --(ENEWSPF)--November 18, 2014. United States Senators Elizabeth Warren (D-Mass.) and Mark Warner (D-Va.) today wrote a letter to Federal Housing Finance Agency (FHFA) Director Melvin Watt urging the agency to take steps "to build a housing finance infrastructure for the future, enhance the role of private capital in the agency mortgage-backed security (MBS) market, and responsibly increase access to mortgage credit."
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Wall Street Firm on Rental Property Buying Spree in Cook County
chicago.curbed.com | November 19, 2014
Hearing the term "securitization" and Wall Street in the same sentence might make some people nervous. That goes double when it involves the place that you live in. Blackstone Group, a private equity firm that just completed a multi-billion dollar sale in New York, has been on a rental property buying spree, taking advantage of low prices to pick up $8 billion in property across the country, including 1,300 homes in Chicago and Cook County.
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Borrowers, Beware: The Robo-signers Aren’t Finished Yet
nytimes.com | November 16, 2014
Remember the robo-signers, those mortgage loan automatons who authenticated thousands of foreclosure documents over the years without verifying the information they were swearing to? Well, they’re back, in a manner of speaking, at least in Florida. Their dubious documents are being used to hound former borrowers years after their homes went into foreclosure.
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Wells Fargo Made False Statements of Material Fact to Fannie Mae
stopforeclosurefraud.com | November 10, 2014
Chicago Attorney, Tige C. Johnson, filed an Amended Counter Complaint in the 19th Circuit Lake County Court Waukegan, (Case # 11CH00416) Illinois on behalf of Therese Crowley, Counter Plaintiff vs. Wells Fargo Bank, N.A, d/b/a Wells Fargo Home Mortgage including multiple counts of “Fraudulent Misrepresentation, Fraud by Inducement, Repeated Violations of the Illinois Consumer Fraud and Deceptive Business Practices Acts and Negligent Infliction of Emotional Distress.”
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Lawsuit alleges real estate agent duped elderly homeowner into signing over property
insurancenewsnet.com | November 10, 2014
An 86-year-old Santa Fe man has filed a complaint in state District Court claiming he asked a friend in the real estate business to help him sell his family's adobe home in the heart of Santa Fe's east side, but instead the man tricked him in to signing over ownership of the home and never paid him for the property.
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Wells Fargo in talks with government to resolve mortgage case
sltrib.com | November 7, 2014
CHARLOTTE, N.C. - Wells Fargo said Wednesday it is in discussions with the U.S. government to possibly resolve a two-year-old mortgage fraud case. The government filed the civil lawsuit in 2012 against the San Francisco-based lender, accusing it of "reckless" origination of government-backed home loans.
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One Call From Jamie Dimon May Have Stopped The DOJ From Investigating Bankers For Fraud During The Financial Crisis
businessinsider.com | November 7, 2014
Matt Taibbi has reemerged at Rolling Stone with the scathing 6,000-word story of a former JPMorgan Chase securities lawyer who tried to blow the whistle on massive crisis-era mortgage frauds going on at the bank, only to have the government begin to ignore the case after Jamie Dimon offered a $9 billion civil settlement last year.
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Want to fight foreclosures? Reduce principal debt
detroitnews.com | November 7, 2014
When Mel Watt was nominated less than a year ago as director of the Federal Housing Finance Agency (FHFA), many housing activists expected him to initiate new polices at Fannie Mae and Freddie Mac that would prevent unnecessary foreclosures and protect neighborhoods still recovering from the housing bust of 2008.
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US announces 1st bitcoin securities fraud case
detroitnews.com | November 7, 2014
NEW YORK (AP) - The federal government on Thursday announced its first bitcoin securities fraud case, accusing a Texas man of engineering a Ponzi scheme by getting people to turn over their bitcoins in return for promises of high interest rates and the ability to recoup their investment at any time.
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SEC Commissioner Pushes For Elder Fraud To Top 2015 Agenda
insurancenewsnet.com | November 7, 2014
Elder fraud, which costs senior citizens billions of dollars every year, needs to be put “back high” on the agenda as the nation experiences a population aging boom over the next 20 years, a member of the Securities and Exchange Commission (SEC) said.
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BoC Governor addresses mortgage insurance exposure
mortgagebrokernews.ca | November 7, 2014
Brokers have already suggested it and now the deputy governor of the Bank of Canada, Lawrence Schembri, has suggested the creation of a “private-label mortgage securitization market.”
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Nearly $750,000 coming for mortgage fraud victims
bnd.com | November 7, 2014
DETROIT — The Michigan attorney general's office says nearly $750,000 is being distributed to 36 southeastern Michigan victims of mortgage modification fraud. The payouts announced Thursday by Attorney General Bill Schuette are from a state fund for foreclosure scam restitution.
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Lawsuit targets Ocwen over fees, seeks class action
detroitnews.com | November 7, 2014
Nov 6 (Reuters) - Mortgage servicer Ocwen Financial Corp faced a lawsuit this week over accusations it committed fraud by overcharging borrowers in order to drive up its own profits, according to a court filing.
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Coming to Atlanta, GA ~ Dec 5-7, 2014 ~ Mortgage Securitization Auditor Certification
briefingwire.com | November 7, 2014
CFLA, Inc has created a comprehensive training certification program entitled: Mortgage Securitization Auditor "MSA".
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UPDATE 1-Morgan Stanley may face legal claims from U.S. govt filing
reuters.com | November 6, 2014
Morgan Stanley said on Tuesday it is responding to potential legal claims from government entities, including the U.S. Department of Justice and several state attorneys general over mortgage securities.
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The NNA Talks 'Robo-Signing' With Syndicated News Anchor Brad Pomerance
youtube.com | November 5, 2014
In a recent television news talk show, Chris Sturdivant, NNA's Director of Corporate Relations, provided an expert's viewpoint of the "robo-signing" crisis, covering the role that mortgage servicers and notarization abuses played in one of the nation's worst financial crises. The television series, Charter Edition, is hosted by Brad Pomerance and features authorities on local, national and international issues.
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Wells Fargo V Allen | NYSC – Judge Orders Wells Fargo to Bring in Two Witness Concerning the Accuarcy of Their Affidavits
stopforeclosurefraud.com | November 5, 2014
Therefore, it is hereby ORDERED, that plaintiff produce Amanda Weatherly, Vice Preisident of Loan Documentation For Wells Fargo Bank, and that she appear, for the aforementioned hearing to give testimony regarding her affidavit; and it is further.
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Remember those massive fines against Wall Street banks for mortgage fraud? Well…
newsweek.com | November 5, 2014
At the Justice Department, senior officials like to congratulate themselves on the headline-making, big bucks settlements they have imposed upon banks and lenders for their part in causing the 2008 mortgage meltdown that sparked the biggest American financial crisis since the Great Depression.
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Blaming the Computer Excuse May Cost Ocwen $100 million
californiarealestatefraudreport.com | November 5, 2014
In the latest news to surface about Ocwen Financial committing servicing violations by backdating loan modification denial letters, Ocwen’s executive chairman said the company is setting aside $100 million to settle with Benjamin Lawsky, the superintendent of New York’s Department of Financial Services.
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DOJ seeks $1B in Bank of America mortgage fraud lawsuit
personalmoneynetwork.com | November 5, 2014
The government alleges in a $1 billion case that B of A and the previous Countrywide, absorbed into Bank of America, sold mortgage fraudulently to Fannie Mae and Freddie Mac. The Bank of America mortgage fraud lawsuit is not the first the financial institution has had to handle, nor likely will it be the very last.
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Mortgage Giant Accused Of Faking Documents To Justify Foreclosures
mintpressnews.com | November 3, 2014
The newest alleged violations at Ocwen, which is the fourth-largest mortgage servicing company nationwide, share DNA with the widespread document falsification scandal that was dubbed “robo-signing” when it broke into headlines in 2010.
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