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September 2016 Article Archive

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RBS to pay $1.1 billion to resolve some of its U.S. mortgage claims
reuters.com | September 28, 2016
Royal Bank of Scotland Group will pay $1.1 billion to resolve claims that it sold toxic mortgage-backed securities to credit unions that later failed, the U.S. National Credit Union Administration (NCUA) said. The resolution comes as RBS prepares to settle a number of U.S. cases where it is accused of mis-selling mortgage-backed bonds and brings the U.S. regulator's recoveries against various banks to $4.3 billion over their sales of such securities before the 2008 financial crisis.
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Wells Fargo plans to eliminate sales goals sooner than planned
reuters.com | September 28, 2016
Embattled Wells Fargo & Co plans to eliminate sales goals for its retail banking business sooner than planned, according to prepared remarks its chief executive officer will deliver at a congressional hearing on Thursday. Wells Fargo is under pressure to show it is holding top brass accountable after government investigators discovered that employees opened as many as 2 million accounts without customers' knowledge in order to meet sales targets.
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Wells Fargo customers recall their shock upon discovering fraudulent accounts
finance.yahoo.com | September 26, 2016
The numbers at the heart of the scandal at Wells Fargo (WFC) are staggering. Over 5,300 employees were fired for creating millions of accounts without customers’ permission, under intense corporate pressure to meet high sales targets.
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SEC dropping fraud charges against Thornburg Mortgage execs
newswest9.com | September 26, 2016
SANTA FE, N.M. (AP) - The Securities and Exchange Commission is dropping some fraud charges against two former executives of Santa Fe-based Thornburg Mortgage. The agency filed a motion Friday, saying it would no longer pursue three of five claims and an allegation that the two had filed a false financial statement.
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ABSENCE OF CREDITOR: Breaking Down the Language Of The "Trust"
livinglies.wordpress.com | September 26, 2016
The problem with all this is that the REMIC Trust never received the proceeds of sale of the MBS and therefore could not have paid for or purchased any loans. It had no assets. And THAT is why the Trust never shows up as a Holder in Due Course (HDC). HDC is a very strong status that changes the risk of loss on a note. Under state law (UCC) of every state alleging and proving HDC status means that the entire risk shifts to the maker of the note (the person who signed it) even if there were fraudulent or other circumstances when the note was signed.
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Why The Investors Are Not Screaming "Securities Fraud!"
livinglies.wordpress.com | September 20, 2016
Everyone is reporting balance sheets with assets that derive their value on one single false premise: that the trusts that issued the original mortgage bonds owned the loans. They didn't.
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The Deutsch Bank-DOJ Dance
livinglies.wordpress.com | September 20, 2016
The DOJ continues to participate in this PR scheme to keep people from asking — “if everything was so illegal at the top of this food chain, why are we treating the bottom of the food chain as presumptively legal.”
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RESPA and HBOR and the 5 day rule for “complete” modification application
livinglies.wordpress.com | September 20, 2016
On January 10, 2014 new RESPA rules went into effect concerning loss mitigation procedures. The new rules specify procedures a servicer must follow if a mortgage loan borrower requests loss mitigation assistance, such as a loan modification. The rules were drafted by the Consumer Financial Protection Bureau (“CFPB”). In drafting the loss mitigation requirements in Regulation X § 1024.41, the CFPB drew a distinction between “substantive” and “procedural” regulation of servicers’ loss mitigation activities.
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Fitch: U.S. Mortgage Loan Mods Double for Ocwen Post-Streamline HAMP
livinglies.wordpress.com | September 18, 2016
The following statement was released by the rating agency) NEW YORK, September 15 (Fitch). Ocwen Loan Servicing's (Ocwen) loan modification activity has roughly doubled beginning in July due to the implementation of the Streamline HAMP program, according to Fitch Ratings. Ocwen expects modification activity to remain elevated for several months as a result of the program.
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Pols blame HUD for leaving African-American homeowners defenseless to foreclosure
nydailynews.com | September 12, 2016
A Department of Housing and Urban Development mortgage program that’s supposed to help struggling homeowners is actually leaving many of them vulnerable to foreclosure — particularly African Americans, advocates and politicians said Thursday. Many of the homeowners in danger live in southeast Queens, a bastion of black home ownership for generations.
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The True Lender Issue May Be An Open Door Now
livinglies.wordpress.com | September 12, 2016
In an article published by Morgan, Lewis & Bockius LLP, it appears that the evasive true lender argument received new life in an ancillary proceeding before a Federal District Judge in California. By holding that a tribal bank originating loans for a non-bank lender was not a "true lender." The effects on foreclosure litigation are obvious. Most loans were originated by parties acting not as banks but as sales organizations or mortgage brokers. The money came from an entity created to mask the fact that the funding for the loan came from a dark pool of investor money instead of either a bank lender or a non bank lender. Hence the "table-funded" lender was not a lender any more than the originator.
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5,300 Wells Fargo employees fired over 2 million phony accounts
money.cnn.com | September 12, 2016
Everyone hates paying bank fees. But imagine paying fees on a ghost account you didn't even sign up for. That's exactly what happened to Wells Fargo customers nationwide. On Thursday, federal regulators said Wells Fargo (WFC) employees secretly created millions of unauthorized bank and credit card accounts -- without their customers knowing it -- since 2011.
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Wells Fargo fined $185 million for Fraudulently Opening Accounts for Customers
livinglies.wordpress.com | September 12, 2016
For years, Wells Fargo employees secretly issued credit cards without a customer’s consent. They created fake email accounts to sign up customers for online banking services. They set up sham accounts that customers learned about only after they started accumulating fees.
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Lawmaker Presses FBI to Release Crisis-Related Files
themreport.com | September 8, 2016
One year has passed since the U.S. Department of Justice issued a memo stating they planned to prosecute individuals and not just firms for their roles in the crisis, but they have yet to do so—and one lawmaker is asking the FBI why.
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Frequently Violated FDCPA (Fair Debt Collection Practices Act) Guidelines
September 5, 2016
Debt Collectors are liable under the following regulations.
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Unlike the U.S. experience, Canada’s housing meltdown will be gradual
mortgagebrokernews.ca | September 5, 2016
Instead of an immediate crash, Canadians should be anticipating a gradual collapse in its housing segment, especially since almost all mortgages in the country do not permit delinquent payers to just walk away.
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Still Waiting on the Florida Statute of Limitations
livinglies.wordpress.com | September 5, 2016
We are still waiting for the Florida Supreme Court to decide this issue that it has previously decided before. It may seem obvious that when the Statute of Limitations has run you are SOL even on a valid claim. But in the grand effort to prevent "free houses" the Florida 3rd DCA in Beauvais came up with alternative theories. Presently we wait for the The Florida Supreme Court to decide the issue once and for all.
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