August, 2011 | FORECLOSURE FRAUD | by DinSFLA

Archive | August, 2011

Memo: BofA to Sell Correspondent Mortgage Business

Memo: BofA to Sell Correspondent Mortgage Business

WSJ-

From: Home Loan News Sent: Wednesday, August 31, 2011 4:19am Subject: Important Message From Barbara DeSoer

To All IMS Associates

I wanted to provide this team with information about a strategic announcement our Home Loans business will make today that is consistent with our ongoing efforts to align the business to the bank’s customer-driven strategy.

Earlier this year, when we split out the Legacy Asset Servicing business, we did so in order for our team to focus on the future of the home loans business. We have made significant progress over the past several months and are taking steps to further position our business to serve the needs of the bank’s 58 million households and attract new mortgage customers with the potential to support growth across the franchise.

[WALL STREET JOURNAL]

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BoNY Mellon CEO Robert Kelly steps down

BoNY Mellon CEO Robert Kelly steps down

Aug 31 (Reuters) –

Bank of New York Mellon Corp said Robert Kelly, who has held the company’s top job since 2008, has stepped down as chairman and chief executive officer, following differences in approach to managing the company.

The company, one of the world’s largest custody banks, said it named board member Gerald Hassell as chairman and CEO, effective immediately.

[REUTERS]

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New York Attorney General Deposed 53 in Bank of America Case Over Merrill

New York Attorney General Deposed 53 in Bank of America Case Over Merrill

Bloomberg-

New York Attorney General Eric Schneiderman’s office has taken testimony from 53 witnesses in its investigation into Bank of America Corp. (BAC)’s 2008 acquisition of Merrill Lynch & Co., a federal judge said.

U.S. District Judge Kevin Castel in Manhattan said in an order today that “there have been 53 examinations under oath by the NYAG” in its investigation. The witnesses weren’t identified in the order, which involved evidence gathering in the case.

[BLOOMBERG]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Was president of LPS’ Loan Portfolio Solutions division just let go?

Was president of LPS’ Loan Portfolio Solutions division just let go?

UPDATE:

It was announced that he's left to 
spend more time with his family.

According to the Yahoo Message boards:

Greg Whitworth FIRED

If you do a google search under cached it brings you to his info, but when clicked on the message board link it brings you or redirects one to a 404 NOT FOUND.

Mysteriously his info went down.

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A STATEMENT ON MORTGAGE FRAUD THAT EVERY ATTORNEY GENERAL COULD ISSUE TODAY

A STATEMENT ON MORTGAGE FRAUD THAT EVERY ATTORNEY GENERAL COULD ISSUE TODAY

False Statements

Limited Purpose Corporate Officers

Action Date: August 31, 2011
Location: TALLAHASSEE, FL

A STATEMENT ON MORTGAGE FRAUD THAT EVERY ATTORNEY GENERAL COULD ISSUE TODAY

There has been widespread, well-documented abuse of corporate officer titles by banks, mortgage companies and mortgage servicing companies on mortgage-related documents. Individuals who are not corporate officers have been directed to sign as if they were corporate officers, particularly on documents used as evidence in mortgage foreclosure cases.

These individuals most often lack education, experience and training that would otherwise qualify them to be a corporate officer.

These individuals often list addresses directly underneath their signatures where they are not and never have been physically located.

In many cases, a designee of the board of directors authorizes such signing by issuing a corporate resolution authorizing this very limited use of the corporate officer title.

In many cases, a corporate resolution is also used to authorize non-employees (individuals employed by other corporations) to sign as officers of banks, mortgage companies and mortgage servicing companies.

The individuals signing as corporate officers are not disclosed as corporate officers on corporations’ annual filings with the state Division of Corporations.

The individuals signing as corporate officers are not disclosed as corporate officers to insurance companies that issue Director & Officer policies or other insurance policies.

In the mortgage industry, MERS (the Mortgage Electronic Registration System) allows corporate officers of its members to sign as corporate officers of MERS.

The Limited Purpose Corporate Officers often sign as MERS officers. EXAMPLE: Linda Green, a former employee of a mortgage servicing company, Lender Processing Services, signed thousands of mortgage documents as a corporate officer of American Home Mortgage, American Brokers Conduit, American Home Mortgage Acceptance, and Mortgage Electronic Registration Systems, Inc.

Judges, county recorders, homeowners, home buyers, title insurers and others have given undeserved credence to mortgage documents that have been signed by these Limited Purpose Corporate Officers, not knowing that an individual signing as an officer of a bank or mortgage company was not, in fact, even a clerical employee of that bank or mortgage company.

It is the determination of the Attorney General that such use of Limited Purpose Corporate Officer titles on mortgage documents is an Unfair and Deceptive Trade Practice and must cease immediately.

All individuals signing mortgage-related documents:

1. must sign their own names using a full signature (not a check mark, initials or other symbol);

2. must set forth immediately underneath their signature the name of their actual employer and the address of their employer where they were located when they signed the document;

3. no corporate officer title may be used unless such officer is an officer for all purposes.


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Hagens Berman Announces Securities Investigation Of Bank Of America

Hagens Berman Announces Securities Investigation Of Bank Of America

Hagens Berman Sobol Shapiro LLP today announced that it is investigating concerns by hedge funds and institutional investors who believe Bank of America Corp. (NYSE: BAC) may have failed to disclose to investors the risk associated with a $10 billion lawsuit threat from American International Group (“AIG”) (NYSE: AIG).

According to reports, AIG invested in billions of dollars of mortgage-backed securities sold by Bank of America prior to the housing collapse. In January 2011, after analyzing data from hundreds of thousands of loans, AIG reportedly informed the bank that it felt the risk of the securities had been misrepresented and was prepared to sue the banking giant for more than $10 billion.

Hagens Berman is investigating whether Bank of America failed to disclose fully the risks of its dispute with AIG. According to media reports, the bank did not mention the threat of the lawsuit in its quarterly regulatory filing, which was issued four days before AIG’s lawsuit was filed.

“We believe that Bank of America knew, or should have known, that its dispute with AIG represented a significant risk for investors,” said Partner Reed R. Kathrein, who is leading the firm’s investigation from its San Francisco office. “If the company did indeed fail to disclose such a risk, it could represent a major breach of the securities laws.”

On August 8, 2011, after several months of negotiations, AIG filed its lawsuit. Bank of America shares fell sharply, losing 20 percent of their value.

Institutional investors and others who purchased Bank of America common stock between May 5, 2011 and August 8, 2011, and who have losses exceeding $1,000,000 as a result of BAC’s stock drop on August 8, 2011, are encouraged to contact the firm. Reed R. Kathrein can be reached at (206) 623-7292 or via email at CCME@hbsslaw.com. Investors can also learn more about this investigation at www.hbsslaw.com/BACsecurities.

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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BREAKING: Bank of America to Exit Mortgage Business

BREAKING: Bank of America to Exit Mortgage Business

It’s going to tank!

WSJ-

Bank of America Corp. intends to sell its correspondent mortgage business, as the troubled lender looks to narrow its focus and bolster its financial strength, said people familiar with the situation.

Employees could be notified as soon as Wednesday that the lender has decided to exit the correspondent channel because it no longer fits with the long-term strategy for its mortgage unit. The company decided to get out roughly four to six weeks ago, following a review led by mortgage chief Barbara Desoer. The business employs more than 1,000 people.

[WALL STREET JOURNAL]

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The Countrywide settlement that NV AG Masto says BofA is flagrantly violating was also signed by… Tom Miller.

The Countrywide settlement that NV AG Masto says BofA is flagrantly violating was also signed by… Tom Miller.

H/T David Dayen

SURE DID!

.

For immediate release — Monday, October 6, 2008.
Contact Bob Brammer – 515-281-6699.

Miller: AGs Reach Agreement with Countrywide Financial that Will Help Almost 400,000 Borrowers Facing Foreclosure

The Iowa Attorney General says the settlement will offer mortgage loan modifications to more than 1,100 Iowans that will help many avoid foreclosure and loss of their homes.

Des Moines. Attorney General Tom Miller said Monday that mortgage lender Countrywide Financial Corp. has agreed to provide loan modifications to up to 397,000 borrowers nationwide under a settlement with Iowa and other states. Permanent relief to borrowers could equal about $8 billion nationwide, the company estimated.

The agreement was reached late Friday by several states with Bank of America, which acquired Countrywide Financial on July 1, 2008. Miller was a lead negotiator of the agreement.

“Over 1,100 Iowans will be offered mortgage loan modifications that will help many people avoid foreclosure and losing their homes,” Miller said. He said the potential economic relief to borrowers in Iowa from the modifications is estimated to be about $11 million. About one-fourth to one-half of all Countrywide subprime loans in Iowa are delinquent, depending on the type of loan.

“This large, systematic, streamlined modification program is a break-through,” Miller said. “We urge other servicers to adopt this approach to aiding borrowers facing foreclosure. This is the approach we need across this industry to stop the flood of foreclosures, which is at the heart of the problem of falling home prices and the liquidity crisis,” he said.

Under the agreement, eligible subprime borrowers will be able to modify the terms of their loans to make monthly payments more affordable. Modified loan terms will vary according to the circumstances of the borrower, but they may include an automatic freeze or reduction in interest rates, conversion to fixed-term loans, or reduction of principal owed.

First-year payments of principal, interest, taxes and insurance (PITI) will be targeted under the modifications to equate to 34 percent of the borrower’s income (or 25 percent of income for borrowers for whom taxes and insurance are not escrowed.)

Countrywide said the loan modification program will be ready for implementation by December 1, 2008, and that the company would engage in proactive outreach to eligible customers by then. Countrywide also noted that foreclosure sales will not be initiated or advanced for borrowers likely to qualify until Countrywide has made an affirmative decision on a borrower’s eligibility.

The toll-free number for Countrywide subprime customers who want more information is 800-669-6607. There also will be information soon at Countrywide’s web site, www.countrywide.com.

The settlement resolves allegations that Countrywide used unfair and deceptive tactics in its loan-origination and servicing activities – and that borrowers often were put in structurally unfair and unaffordable loans. Countrywide is the largest provider of subprime mortgages in the U.S.

Bank of America / Countrywide also will pay $150 million to states nationwide in a Foreclosure Relief Program for eligible Countrywide customers. The states may use up to half of those funds for programs aimed at preventing foreclosures. Bank of America / Countrywide also will pay up to $70 million nationwide in payments for relocation assistance to borrowers unable to retain their homes, and will waive up to $60-$80 million in prepayment penalties and default fees.

A report issued last week by the State Foreclosure Prevention Working Group led by Miller concluded that industry measures to keep homeowners out of foreclosure had slipped since the Working Group’s previous report in April, and that nearly eight out of ten seriously delinquent homeowners are not on track for any loss mitigation outcome. The group of state Attorneys General and banking departments concluded: “The mortgage industry’s failure to develop systematic approaches to prevent foreclosures has only spurred declines in property values and further increased expected losses on mortgage loan portfolios.” [Go to Foreclosure Prevention Working Group Report, 9-29-08.]

Miller said the Countrywide agreement’s program of loan modifications to prevent foreclosures is a win for all parties. “Foreclosure is the enemy. Most important, loan modifications can help homeowners avoid foreclosures and keep their homes. Avoiding foreclosures also helps the companies, helps communities and neighborhoods, and helps our overall economy by stabilizing the housing market,” he said.

“This is what we have been looking for. This agreement provides for the kind of systematic and streamlined loan modification program that is critical right now,” Miller said. “I strongly urge other servicers to undertake similar aggressive programs to prevent foreclosures.”

– 30 –

More details and background:

Miller urged Countrywide customers in Iowa to call the Countrywide toll-free number, 800-669-6607, for more information, including what records they will need to assemble to determine if they qualify for the loan modification program. Miller also urged any OTHER Iowans facing difficulty making their mortgage payments to call the Iowa Mortgage Help Hotline at 877-622-4866.

Countrywide said the loan modification program was designed to achieve affordable and sustainable mortgage payments for borrowers who financed their homes with subprime loans or pay option adjustable rate mortgages serviced by Countrywide that were originated prior to Dec. 31, 2007, and who are seriously delinquent or are likely to become seriously delinquent as a result of loan features, such as interest rate resets or payment recasts.

Under the settlement, which does not constitute an admission of wrongdoing, Bank of America / Countrywide also agreed to: stop offering pay option ARMs and significantly curtail offering “low-documentation” and “no-documentation” loans; initiate an early identification and contact program for people who have trouble making their payments; and continue working with non-profits, federal agencies, and state Attorneys General on ways to use REO (real estate owned) and other properties for community development.

The Bank of America / Countrywide settlement resolved investigations into Countrywide’s lending practices by Arizona, Iowa, Ohio, Texas and Washington. The settlement also resolved lawsuits against Countrywide initiated by Illinois, California and Florida. Other states also are participating in the settlement.

Miller said he and his colleagues from Arizona, Ohio, Texas and Washington were especially insistent and focused on the loan modification program during extensive negotiations with Bank of America, and making the modification programs available quickly and nationwide.

– END –

NEVADA vs. BANK OF AMERICA CORP. | Second Amended Complaint “The Breach, Trusts Never Became Holders of These Mortgages””

[ipaper docId=63614235 access_key=key-1w4o8733ipo19ki3pfxf height=600 width=600 /]

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Bank of America Accused of Breaching Accord – Gretchen Morgenson

Bank of America Accused of Breaching Accord – Gretchen Morgenson

NEVADA vs. BANK OF AMERICA CORP. | Second Amended Complaint “The Breach, Trusts Never Became Holders of These Mortgages””

NY TIMES-

The attorney general of Nevada is accusing Bank of America of repeatedly violating a broad loan modification agreement it struck with state officials in October 2008 and is seeking to rip up the deal so that the state can sue the bank over allegations of deceptive lending, marketing and loan servicing practices.

In a complaint filed Tuesday in United States District Court in Reno, Catherine Cortez Masto, the Nevada attorney general, asked a judge for permission to end Nevada’s participation in the settlement agreement. This would allow her to sue the bank over what the complaint says were dubious practices uncovered by her office in an investigation that began in 2009.

[NEW YORK TIMES]

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NEVADA vs. BANK OF AMERICA CORP. | Second Amended Complaint “The Breach, Trusts Never Became Holders of These Mortgages””

NEVADA vs. BANK OF AMERICA CORP. | Second Amended Complaint “The Breach, Trusts Never Became Holders of These Mortgages””

UNITED STATED DISTRICT COURT
DISTRICT OF NEVADA

STATE OF NEVADA ,

vs.

BANK OF AMERICA CORPORATION,
BANK OF AMERICA, N.A.,
BAC HOME LOANS SERVICING, LP,
RECONTRUST COMPANY, N.A.,
COUNTRYWIDE FINANCIAL CORPORATION,
COUNTRYWIDE HOMELOANS, INC., AND
FULL SPECTRUM LENDING, INC.

Excerpt:

6. In addition, Bank of America misrepresented, both in communication with Nevada consumers and in documents they recorded and filed, that they had authority to foreclose upon consumers’ homes as servicer for the trusts that held these mortgages. Defendants knew (and were on notice) that they had never properly transferred [OMITTED] these mortgages to those trusts, failing to deliver properly endorsed or assigned mortgage notes as required by the relevant legal contracts and state law.

Because the trusts never became holders of these mortgages, Defendants lacked authority to collect or foreclose on their behalf and never should have represented they could.

[ipaper docId=63614235 access_key=key-1w4o8733ipo19ki3pfxf height=600 width=600 /]

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Federal Housing Finance Agency Action Regarding Court Consideration of Proposed Bank of America Settlement

Federal Housing Finance Agency Action Regarding Court Consideration of Proposed Bank of America Settlement

For Immediate Release

Contact:
Corinne Russell (202) 414-6921
Stefanie Johnson (202) 414-6376

August 30, 2011

Federal Housing Finance Agency Action Regarding
Court Consideration of Proposed Bank of America Settlement

The Federal Housing Finance Agency (FHFA), in its capacity as conservator of Fannie Mae and Freddie Mac (the Enterprises), today filed an Appearance and Conditional Objection regarding the proposed settlement between Bank of America and a consortium of 22 investors being considered by a court in New York. This pleading was filed to obtain any additional pertinent information developed in the matter. The conservator is aware of no basis upon which it would raise a substantive objection to the proposed settlement at this time. In fact, FHFA considers it positive that the proposed settlement includes subservicing requirements, specific terms for the servicing of troubled mortgages and the curing of certain document deficiencies. Additionally, FHFA is encouraged that a number of significant market participants support the proposed settlement.

Due to its duty to preserve and conserve Enterprise assets, the conservator believes it prudent not only to receive additional information as it continues its due   diligence of the proposed settlement, but also to reserve its capability to voice a substantive objection in the unlikely event that necessity should arise.

###

The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.7 trillion in funding for the U.S. mortgage markets and financial institutions.

[ipaper docId=63608461 access_key=key-28qkwf1hpfo6v93rjo0r height=600 width=600 /]

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Homeowners Seek to Block Bank of America Settlement

Homeowners Seek to Block Bank of America Settlement

NYTIMES-

The legal onslaught continues for Bank of America.

On Tuesday, several homeowners filed suit in the Federal District Court in Manhattan seeking to block a proposed $8.5 billion settlement between Bank of America and major mortgage investors including BlackRock, Pimco and the Federal Reserve Bank of New York. The suit claims that the deal fails to address widespread servicing problems and would actually speed up foreclosures.

It’s the latest opposition to the $8.5 billion settlement, which was hammered out in June by Bank of America, 22 large investors in soured mortgage-backed securities and Bank of New York Mellon, the trustee for those securities. Smaller investors have already filed legal actions opposing the deal, as has the New York state attorney general, Eric T. Schneiderman.

[NEW YORK TIMES]

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U.S. Bancorp Sues BofA’s Countrywide, Claims Mortgage Pool Contract Breach

U.S. Bancorp Sues BofA’s Countrywide, Claims Mortgage Pool Contract Breach

Obviously there aren’t many days when I wake up and think positively about the Countrywide acquisition in 2008,” said Brian Moynihan during a conference call arranged by Fairholme Capital Management, one of the bank’s biggest shareholders. 8/2011

Bloomberg-

U.S. Bancorp asked a New York court to force Bank of America Corp. (BAC)’s Countrywide Financial unit to repurchase more than 4,000 loans in a mortgage pool to repair breaches of contract related to improper underwriting.

U.S. Bancorp, Minnesota’s largest bank, sued Countrywide yesterday in state court in New York, saying the lender agreed when it sold the pool in 2005 that it would repurchase all the loans within 90 days of receiving notice of a material breach. U.S. Bancorp is trustee for HarborView Mortgage Loan Trust 2005- 10, which held the pool. The pool’s original value was $1.75 billion, the bank said in court papers.

[BLOOMBERG]

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REUTERS Exclusive: Bank of America kept AIG legal threat under wraps

REUTERS Exclusive: Bank of America kept AIG legal threat under wraps

(Reuters) –

Top Bank of America Corp lawyers knew as early as January that American International Group Inc was prepared to sue the bank for more than $10 billion, seven months before the lawsuit was filed, according to sources familiar with the matter.

Bank of America shares fell more than 20 percent on August 8, the day the lawsuit was filed, adding to worries about the stability of the largest U.S. bank. It wasn’t until Warren Buffett stepped up with a $5 billion investment that those fears were eased, though hardly eliminated.

[REUTERS]

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Nadler and NY Delegation Assail Iowa Attorney General for Excluding NY Attorney General from Mortgage Settlement Talks

Nadler and NY Delegation Assail Iowa Attorney General for Excluding NY Attorney General from Mortgage Settlement Talks

Tuesday, 30 August 2011

NEW YORK, NY – Today, Congressman Jerrold Nadler (D-NY), the ranking Democrat on the Judiciary Subcommittee on the Constitution, and 20 members of New York’s congressional delegation chided Iowa Attorney General Tom Miller for his dismissal of New York Attorney General Eric Schneiderman last week from ongoing mortgage settlement negotiations, demanding that Attorney General Miller explain how he intends to ensure that New York’s interests are represented during the remainder of the negotiation talks.  The national committee of state Attorneys General are working to settle numerous complex legal matters arising from the 2008 housing collapse.


“As members of the New York congressional delegation, we are united in fighting for a fair resolution of the housing crisis that has devastated tens of thousands of families across our state,” the members wrote.  “That is why we are deeply troubled by your recent action to silence New York’s voice by removing New York State Attorney General Eric Schneiderman from an executive committee negotiating a nationwide settlement with the banks.  We ask that you explain how New York’s interests will be protected as negotiations move forward.”

Below is the full text of the letter:

August 30, 2011

The Honorable Tom Miller
Attorney General
1305 East Walnut Street
Des Moines, IA 50319

Dear Attorney General Miller:

As members of the New York congressional delegation, we are united in fighting for a fair resolution of the housing crisis that has devastated tens of thousands of families across our state.  That is why we are deeply troubled by your recent action to silence New York’s voice by removing New York State Attorney General Eric Schneiderman from an executive committee negotiating a nationwide settlement with the banks.  We ask that you explain how New York’s interests will be protected as negotiations move forward.

New York’s homeowners and investors have been hit hard by the economic impact of wrongdoing related to the mortgage crisis.  According to the FBI, New York ranked as one of the top ten states for known or suspected mortgage fraud activity for two consecutive years.  It also was one of the top ten states for reports of mortgage fraud across all originations in 2010.  Undoubtedly, our state, the third largest in the nation, deserves a seat at any negotiating table that could potentially limit our state’s ability to investigate and penalize wrongdoing done within our borders.

Raising legitimate concerns about elements of the proposed settlement is a responsibility of every member of the executive committee and should never be the basis for silencing a viewpoint.  Your removal of Attorney General Schneiderman sets a dangerous precedent for other attorneys general who, out of fear of what might happen, may choose silence over voicing valid concerns with particular aspects of the proposed settlement.  Moreover, your attempt to banish opposition rather than address varying viewpoints undermines both the validity of the process and any settlement reached by the committee.

New York deserves adequate representation during the remainder of the mortgage settlement negotiations.  We look forward to hearing how you will ensure that New York’s voice is heard.

Sincerely,

Jerrold Nadler
Carolyn Maloney
Maurice Hinchey
Joseph Crowley
Edolphus Towns
Carolyn McCarthy
Jose Serrano
Gary Ackerman
Timothy Bishop
Eliot Engel
Charles Rangel
Nita Lowey
Louise Slaughter
Paul Tonko
Gregory Meeks
Bill Owens
Yvette Clarke
Kathleen Hochul
Brian Higgins
Nydia Velazquez
Steve Israel

###

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Matt Stoller: Power Politics – What Eric Schneiderman Reveals About Obama

Matt Stoller: Power Politics – What Eric Schneiderman Reveals About Obama

Absolute Must Read…

Naked Capitalism-

A lot of people have asked why New York Attorney General Eric Schneiderman is going after the banks as aggressively as he is. It’s almost unbelievable that one lone elected official, who happens to have powerful legal tools at his disposal, is doing something that no one with any serious degree of power has done. So what is the secret? What kind of machinations is he undertaking that no one else has been able to do?

I’ve known Schneiderman for a few years, back when he was a state Senator working to reform the Rockefeller drug laws. And my answer to this question is pretty simple. He wants to. That’s it. Eric Schneiderman is investigating the banks because he thinks it’s the right thing to do. So he’s doing it. This guy has thought about his politics. He wrote an article about how he sees politics in 2008 in the Nation, and in his inaugural speech as NY AG he talked about the need to restore faith in both public and private institutions. Free will still counts for something, apparently.

[NAKED CAPITALISM]

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‘Who’s Holding the Bag’ – Presentation at the Ira Sohn May 2007 Conference

‘Who’s Holding the Bag’ – Presentation at the Ira Sohn May 2007 Conference

‘Who’s Holding the Bag’

Presentation at the Ira Sohn May 2007 Conference

by Bill Ackman, Founder, Pershing Square Capital Management


[ipaper docId=63547253 access_key=key-1kmka9olyljx4fp5emby height=600 width=600 /]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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FISETTE v. KELLER | 8th Circuit BAP Okays ‘Chapter 20’ Lien Stripping on Unsecured Homestead 2nd Mortgage

FISETTE v. KELLER | 8th Circuit BAP Okays ‘Chapter 20’ Lien Stripping on Unsecured Homestead 2nd Mortgage

Via: Max Gardner’s Bankruptcy Boot Camp-

This is an important ruling for bankruptcy attorneys and their clients in Arkansas, Iowa, Minnesota, Missouri, Nebraska, North Dakota and South Dakota, some of whom have been unable to lien strip as local judges waited for authority from above.

United States Bankruptcy Appellate Panel
FOR THE EIGHTH CIRCUIT

No. 11-6012

In re:
Michael James Fisette,
Debtor.

Michael James Fisette,
Debtor – Appellant,

v.

Jasmine Z. Keller,
Trustee – Appellee.

EXCERPT:

ISSUES

The issue on appeal is whether the bankruptcy court may confirm the debtor’s
plan which provides for the avoidance of two junior liens on the Debtor’s principal
residence. In particular, we consider whether: (1) 11 U.S.C. § 1322(b)(2) prevents a
debtor from modifying the rights of junior lienholders of liens on his principal
residence if the value of the residence is less than the amount owed to the senior
lienholder; and (2) if not, whether such modification is contingent upon the debtor’s
receipt of a Chapter 13 discharge.

[ipaper docId=63547013 access_key=key-1iz7pehmkvq3k9g16sqa height=600 width=600 /]

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One More Reason to Shut the SEC and Start Over: William D. Cohan

One More Reason to Shut the SEC and Start Over: William D. Cohan

Bloomberg-

Thanks to Darcy Flynn, a longtime attorney at the Securities and Exchange Commission, we now have all the ammunition we need to do what should have been done years ago: terminate the SEC, with extreme prejudice, and in its place construct a new regulatory watchdog for Wall Street free of obvious conflicts of interest.

Flynn’s courage has almost been lost in all the recent apocalyptic talk of earthquakes and hurricanes, but a few weeks back he did something remarkable. After raising concerns internally at the SEC last year — and getting nowhere — Flynn went public and alleged in a formal whistleblower complaint that for at least 17 years the SEC “followed a policy of systematically destroying documents” related to what are known as Matters Under Investigation, or MUIs, most of which were focused on possibly illicit or illegal behavior at Wall Street firms. MUIs are the first step in investigating a case that may lead to a formal SEC inquiry.

[BLOOMBERG]

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The Man Who May Bring the Banksters to Justice (If They Don’t Break His Knees First)

The Man Who May Bring the Banksters to Justice (If They Don’t Break His Knees First)

New York State Attorney General Eric Schneiderman may will go down in history as the most important public official in reforming the corrupt financial system!!

HuffPO-

New York State Attorney General Eric Schneiderman may go down in history as the most important public official in reforming the corrupt financial system that caused the great Financial Crisis of 2008 and holding the perps responsible — if he can hold out against pressure from Wall Street, the Federal Reserve, and the Obama administration to give Wall Street a “Get Out of Jail Free” card.

Eric Schneiderman has played a key role in the investigation of foreclosure fraud and robo-signing by 50 state attorneys general against JP Morgan Chase, Bank of America, Wells Fargo, Citigroup, and Ally Bank. Reportedly, most of of the attorneys general — with the support of the Obama administration — are advocating a $20 billion settlement with the banks (less than a year’s worth of Wall Street’s bonus pool) in exchange for broad immunity from future investigations and prosecutions, not only of illegal foreclosures but of a wide range of fraudulent activity in connection with mortgage securitization over the past decade.

[HUFFINGTON POST]

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The Ohio Supreme Court is taking up the question of what a bank needs to prove to force someone from his home

The Ohio Supreme Court is taking up the question of what a bank needs to prove to force someone from his home

To preview the case check out OHIO APPEALS COURT AFFIRMS “NO STANDING TO FORECLOSE” U.S. BANK v. DUVALL

Be sure to listen to audio for the latest SURPRISING TWIST!

WKSU

The Ohio Supreme Court is getting ready to take on what some are calling the biggest issue in state foreclosure law in a century. The question before the justices is what paperwork does a lender need to force an owner out of his home? For Ohio Public Radio, WCPN’s Mhari Saito reports that what the state’s justices decide could have huge implications for the financial services industry.

[WKSU]

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FDIC Objects to Bank of America’s Proposed $8.5 Billion Mortgage-Bond Pact

FDIC Objects to Bank of America’s Proposed $8.5 Billion Mortgage-Bond Pact

There will be NO settlement!

Via Bloomberg

The FDIC objected to Bank of America Corp. (BAC)’s proposed mortgage-bond settlement.

Filing Courtesy of Naked Capitalism & Webber3292

[ipaper docId=63528705 access_key=key-zs0zok86w3cc6fo3fte height=600 width=600 /]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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GARY DUBIN LAW OFFICES FORECLOSURE DEFENSE HAWAII and CALIFORNIA
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Kenneth Eric Trent, www.ForeclosureDestroyer.com

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