September, 2011 - FORECLOSURE FRAUD - Page 2

Archive | September, 2011

Freddie Protecting Banks, Not Taxpayers, And Never Mind Homeowners

Freddie Protecting Banks, Not Taxpayers, And Never Mind Homeowners

I’ll say it again, Their days are numbered. Plenty to hide but eventually the cat will come out of the bag!

HuffPO-

For many months, people concerned about the anemic American economy have focused on the housing market, and the reality that many of the nation’s homeowners remain underwater, owing banks more than their homes are worth. Eyes have turned to Fannie Mae and Freddie Mac, the two government-controlled mortgage behemoths that collectively back about half of the nation’s $11 trillion worth of outstanding home loans: If they would forgive a significant slice of this debt for homeowners facing difficulty, that would give borrowers a greater stake in their properties, diminishing the foreclosure crisis. The move would put more money in people’s pockets via lowered mortgage payments — money that borrowers would in turn spend, generating jobs for other people.

But the government body that now supervises Fannie and Freddie, the Federal Housing Finance Agency, has refused to…

[HUFFINGTON POST]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUD1 Comment

Evaluation of the Federal Housing Finance Agency’s Oversight of Freddie Mac’s Repurchase Settlement with Bank of America

Evaluation of the Federal Housing Finance Agency’s Oversight of Freddie Mac’s Repurchase Settlement with Bank of America

FEDERAL HOUSING FINANCE AGENCY
OFFICE OF INSPECTOR GENERAL

Evaluation of the Federal Housing Finance Agency’s
Oversight of Freddie Mac’s Repurchase Settlement
with Bank of America

EXPLANATION OF REDACTIONS IN THIS REPORT
This report includes redactions requested by the Federal Housing Finance Agency (FHFA) and the Federal Home Loan Mortgage Corporation (Freddie Mac). According to FHFA and Freddie Mac, the redactions are intended to protect from disclosure material that they consider to be confidential financial, proprietary business, and/or trade secret information, which Freddie Mac claims it would not ordinarily publicly disclose and, if disclosed, could place it at a competitive disadvantage.

[ipaper docId=66614177 access_key=key-vharlbnpqt5jvhin3xf height=600 width=600 /]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUD0 Comments

It’s Time to Get Money Out of Politics – #GetMoneyOut

It’s Time to Get Money Out of Politics – #GetMoneyOut

From Dylan Ratigan


Bailouts. War. Unemployment. Our government is bought, and we’re angry. Now, we’re turning our anger into positive action. By signing this petition, you are joining our campaign to get money out of politics. Our politicians won’t do this. But we will. We will become an unrelenting, organized wave advocating a Constitutional amendment to get money out of politics.

As the petition grows, we can use my show on MSNBC as a platform to force this issue to the center of the 2012 elections. Join us. Sign up. Tell your friends. Facebook it. Tweet it. #GetMoneyOut.

 

Click Image Below To Get Involved

or Text “Sign” to 917-720-6888

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUD2 Comments

Ranking Members Cummings, Smith, and Andrews Lead Members in Calling on Housing Regulators to Help Servicemembers Avoid Foreclosure

Ranking Members Cummings, Smith, and Andrews Lead Members in Calling on Housing Regulators to Help Servicemembers Avoid Foreclosure

Washington, D.C. — Today Representatives Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, Adam Smith, Ranking Member of the Committee on Armed Services, and Robert Andrews, Ranking Member of the Subcommittee on Health, Employment, Labor and Pensions, joined nine Members in writing to federal housing regulators requesting a comprehensive review of the challenges facing servicemembers who are forced to relocate for work and risk losing their homes.

“Men and women in uniform, who make unyielding sacrifices to protect our nation, are not immune to the worst economic downturn in nearly a century,” the Members wrote.  “We urge you to protect their homes by adjusting current home foreclosure prevention programs and pressing mortgage servicers to address the unique challenges of military homeowners.”

The Members sent letters to Departments of Treasury and Housing and Urban Development, the Federal Housing Finance Agency, and the Securities and Exchange Commission, after hearing concerns from servicemembers about the difficulties they face when receiving Permanent Change of Station (PCS) orders, and attempting to qualify for home foreclosure prevention programs. Servicemembers and their families are often unable to sell their homes quickly at prices that will enable them to pay off their mortgages, and they cannot generate enough rental income to cover their mortgage payments or retain their homes until housing prices return to normal values.

The Ranking Members have led congressional efforts to help servicemembers and their families stay in their homes.

In July, Members led a forum with Senator Jay Rockefeller to examine illegal foreclosures against servicemembers and their families. Holly Petraeus, the director of the Office of Servicemember Affairs at CFPB, appeared alongside servicemembers and other experts to begin developing recommendations to help servicemembers with housing issues.

Below is the letter.

September 27, 2011

The Honorable Timothy Geithner                       The Honorable Shaun Donovan
Secretary of Treasury                                              Secretary of Housing and Urban Development
U.S. Department of the Treasury                        U.S. Department of Housing
1500 Pennsylvania Avenue, N.W.                     and Urban Development
Washington, D.C. 20220                                        451 7th Street, S.W.
                                                                                         Washington, D.C. 20410

Edward DeMarco                                                     The Honorable Mary L. Schapiro.
Acting Director                                                        Chairman
Federal Housing Finance Agency                    Securities and Exchange Commission
1700 G Street, N.W., 4th Floor                         100 F. Street, N.E.
Washington, D.C. 20552                                      Washington, D.C. 20549

Dear Secretary Geithner, Secretary Donovan, Chairman Schapiro and Director DeMarco:

We write to urge you to take action to protect military families who have been particularly hard hit by the ongoing foreclosure crisis.  Men and women in uniform, who make unyielding sacrifices to protect our nation, are not immune to the worst economic downturn in nearly a century.  We urge you to protect their homes by adjusting current home foreclosure prevention programs and pressing mortgage servicers to address the unique challenges of military homeowners.

We hear repeatedly from servicemembers and their families about challenges they face with Permanent Change of Station (PCS) orders.  These servicemembers are typically current on their mortgages, but they are forced to move because the military requires them to do so.   Like so many other Americans, servicemembers and their families are often unable to sell their homes quickly at prices that will enable them to pay off their mortgages, and they cannot generate enough rental income to cover their mortgage payments or retain their homes until housing prices return to normal values.  Many of these families are also forced to make ends meet with lower housing allowances at their next duty stations, and they sometimes lose the incomes of non-military spouses as they try to find new employment.

Military servicemembers with PCS orders often do not qualify for mortgage modifications because they are not delinquent on their mortgages or because their homes are no longer their primary residences.  If they opt for delinquency, foreclosure, deed in lieu of foreclosure, short sale, or bankruptcy, their credit could be negatively affected and their security clearances could be suspended, rendering them unable to perform their assignments.  For example, the Treasury Department’s Home Affordable Modification Program requires homeowners to be in imminent default and covers only primary residences.  In addition, many home foreclosure prevention initiatives offered directly by mortgage servicers have similar requirements.  As a result, some servicemembers are opting to move alone to their new duty stations without their families.  This is particularly disheartening for servicemembers who have just returned from overseas deployments.

United States servicemembers should not have to choose between saving their homes and continuing to serve their country.  To address these concerns, we ask that you review these problems comprehensively and develop specific initiatives to address the unique needs of military servicemembers.  We would appreciate a response to this request by October 7, 2011, describing the joint efforts you are undertaking.  Thank you for your consideration.

Sincerely,

Elijah E. Cummings                                                   ……………Adam Smith   
Ranking Member                                                      …………… Ranking Member
Committee on Oversight and Government Reform       Committee on Armed Services

Rob Andrews                                                            Edolphus Towns
Member of Congress                                             Member of Congress

Eleanor Holmes Norton                                       John F. Tierney
Member of Congress                                             Member of Congress

William Lacy Clay                                                     Stephen F. Lynch
Member of Congress                                                 Member of Congress

Danny K. Davis                                                        Bruce Braley
Member of Congress                                            Member of Congress
Jackie Speier                                                           Peter Welch
Member of Congress                                            Member of Congress

cc:    Holly Petraeus
    Office of Servicemember Affairs
    Consumer Financial Protection Bureau

[source: http://democrats.oversight.house.gov]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUD0 Comments

Freddie Faulted on Mortgage Reviews

Freddie Faulted on Mortgage Reviews

Just like his Twin Fannie and their Robo-Machine…it’s just all a mess. I give them a few months and kaput! 

WSJ-

A federal watchdog said Freddie Mac may have given up opportunities to recover billions of dollars in claims over defaulted mortgages and suggested that a January settlement with Bank of America Corp. to resolve $1.3 billion in bad-loan claims was inadequate.

The report is to be released Tuesday by the inspector general for the Federal Housing Finance Agency, which regulates Freddie Mac and its larger cousin, Fannie Mae.

A senior FHFA examiner warned in September 2010, months before the Bank of America settlement, that Freddie “could be passively absorbing billions of dollars in losses” by not more aggressively reviewing defaulted …

[WALL STREET JOURNAL]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUD0 Comments

Florida Supreme Court reconsidering foreclosure mediation program

Florida Supreme Court reconsidering foreclosure mediation program

Just more of the same that does not work. How about a moratorium until everyone figures out a solid plan to help with those 46+ million struggling to get back on their feet? Leave the brilliant bank brains out of this one Heh?

America stop running around in circles and start preparing for a disaster heading our way.

Palm Beach Post-

The Florida Supreme Court ordered a review Monday of its landmark foreclosure mediation program which has shown limited success in finding alternatives for struggling homeowners.

The mandatory program for all homesteaded properties was ordered by the court in Dec. 2009 in an effort to reduce judicial caseloads and help borrowers avoid foreclosure with options that can include a loan modification, deed-in-lieu of foreclosure or a short sale.

[PALM BEACH POST]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUD3 Comments

Michael Moore on Wall Street protests: “It’s going to spread across the country”

Michael Moore on Wall Street protests: “It’s going to spread across the country”

Some eventually will wake up too late.

Filmmaker and author Michael Moore was a guest on “Piers Morgan Tonight” this evening, and he talked about the “Occupy Wall Street” protest, 2012 politics and more. “I do well,” Moore told Piers Morgan. But: “We reward people for making money off money, and moving money around and dividing up mortgages a thousand times over, selling it to China…and it becomes this shell game.”

Of the current state of the America: “None of the major religions, in fact they all, say it’s one of the worst sins you could commit, is to take such a large piece of the pie while others suffer.” And of the Wall Street protests: “It’s starting. It’s down there right now on Wall Street. It starts with the young people…it’s going to spread across the country.”

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUD2 Comments

Deloitte & Touche Sued for $7.6 Billion in Collapse of Lender Taylor Bean

Deloitte & Touche Sued for $7.6 Billion in Collapse of Lender Taylor Bean

It’s all of the banks. They did not accumulate wealth because they were honest. It’s all of them!

 Bloomberg-

Deloitte & Touche LLP, one of the so-called Big Four accounting firms, was sued for failing to detect a fraud that allegedly led to more than $7 billion in losses at defunct mortgage lender Taylor, Bean & Whitaker Mortgage Corp.

Deloitte, which audited Taylor Bean’s financial statements from 2002 to August 2009, ignored red flags in the company’s books, allowing the lender’s former chairman Lee Farkas to orchestrate a fraud that toppled the company, according to the complaints filed today in state court in Miami. Taylor Bean’s bankruptcy trustee, Neil Luria, and its Ocala Funding unit are seeking more than $7.6 billion in damages.

[BLOOMBERG]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUD0 Comments

Certified: Employee WARN Act Class Action Moves Forward Against David J. Stern, DJSP Enterprises, Inc.

Certified: Employee WARN Act Class Action Moves Forward Against David J. Stern, DJSP Enterprises, Inc.

RENAE MOWAT e t al.,

V.

DJSP ENTERPRISES, INC., et al.,

[ipaper docId=66453888 access_key=key-hlmxg11b6bxnm2daebs height=600 width=600 /]

 

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUD0 Comments

11th Circuit Reversed/Remands “the federal court lacked jurisdiction because although the petition referenced federal laws, none of the claims relied on federal law”

11th Circuit Reversed/Remands “the federal court lacked jurisdiction because although the petition referenced federal laws, none of the claims relied on federal law”

IN THE UNITED STATES COURT OF APPEALS
FOR THE ELEVENTH CIRCUIT

WEKESA O. MADZIMOYO,
Plaintiff-Appellant,

versus

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., f.k.a. The Bank of New York Trust Company, N.A.,
JP MORGAN CHASE BANK, N.A.,
GMAC MORTGAGE, LLC,
MCCURDY & CANDLER, LLC,
ANTHONY DEMARLO, Attorney,
Defendants-Appellees.
________________________
Appeal from the United States District Court
for the Northern District of Georgia
________________________
(September 7, 2011)

Before TJOFLAT, CARNES and KRAVITCH, Circuit Judges.

PER CURIAM:

Wekesa Madzimoyo, proceeding pro se, appeals the district court’s
judgment on the pleadings in favor of the defendants. Because we conclude that
the district court lacked removal jurisdiction, we vacate and remand.

In July 2009, Madzimoyo filed an emergency petition in state court seeking
a temporary restraining order (TRO) to stop foreclosure proceedings on his home
by defendants Bank of New York Mellon Trust Company, JP Morgan Chase Bank,
McCurdy & Candler, and attorney Anthony DeMarlo. According to the petition,
none of the defendants was the original lender and there was no evidence that the
original lender had transferred its rights to any defendant. In support of his
petition, Madzimoyo submitted correspondence sent to the defendants in which he
sought to verify their rights over the mortgage. Some of the correspondence
referenced the Fair Debt Collection Practice Act (FDCPA) and Regulation Z, the
Truth-in-Lending regulations. The state court issued the TRO and scheduled a
hearing on the petition to stop the foreclosure.

The day before the scheduled hearing in state court, the defendants removed
the petition to federal district court in the Northern District of Georgia, asserting
federal-question jurisdiction because Madzimoyo had alleged violations of the
FDCPA and Regulation Z. Madzimoyo moved to remand to state court, disputing
that he raised any basis for federal jurisdiction.

The magistrate judge denied the motion to remand, finding that
Madzimoyo’s petition raised federal questions under the FDCPA and Regulation
Z. The defendants then moved for judgment on the pleadings. In a brief in
support of the motion, the defendants argued that the FDCPA and Regulation Z
claims failed because Madzimoyo had not alleged any violation of these statutes.
The magistrate judge recommended that the motion for judgment on the
pleadings be granted. The district court adopted the recommendation, over
Madzimoyo’s objections, and granted judgment on the pleadings. This appeal
followed.

On appeal, both parties address the merits of the order granting judgment on
the pleadings, and there is no discussion of the district court’s jurisdiction over
Madzimoyo’s action. Nevertheless, we are “obliged to notice any lack of
jurisdiction regardless of whether the question is raised by the parties themselves.”
Edge v. Sumter Cnty. Sch. Dist., 775 F.2d 1509, 1513 (11th Cir. 1985).

We review questions of subject-matter jurisdiction de novo. Romero v.
Drummond Co., 552 F.3d 1303, 1313 (11th Cir. 2008). We consider sua sponte
whether the district court had removal jurisdiction. Cotton v. Mass. Mut. Life Ins.
Co., 402 F.3d 1267, 1280 (11th Cir. 2005).

Under the removal statute:
Any civil action of which the district courts have original jurisdiction
founded on a claim or right arising under the Constitution, treaties or
laws of the United States shall be removable without regard to the
citizenship or residence of the parties. Any other such action shall be
removable only if none of the parties in interest properly joined and
served as defendants is a citizen of the State in which such action is
brought.

28 U.S.C. § 1441(b). In other words, to be removable on federal-question
jurisdiction grounds, the case must arise under federal law. See Merrell Dow
Pharm. Inc. v. Thompson, 478 U.S. 804, 807-08 (1986). The “well-pleaded
complaint” rule instructs that a case does not arise under federal law unless a
federal question is presented on the face of the plaintiff’s complaint. Id. at 808;
Kemp v. Int’l Bus. Mach. Corp., 109 F.3d 708, 712 (11th Cir. 1997) (citing
Franchise Tax Bd. v. Constr. Laborers Vacation Trust, 463 U.S. 1, 11 (1983)).

A federal question is presented by the complaint when the suit relies on a
federal cause of action or where “the vindication of a right under state law
necessarily turned on some construction of federal law.” See Merrell Dow, 478
U.S. at 808. Under this latter analysis, federal question jurisdiction should be
narrowly construed. See id. at 810-14. “[T]he mere presence of a federal issue in
a state cause of action does not automatically confer federal-question jurisdiction,”
even where the interpretation of federal law may constitute an element of the state
cause of action. Id. at 813. More recently, the Supreme Court fashioned another
test for deciding whether federal courts should exercise federal question
jurisdiction over removed state court proceedings: “does a state-law claim
necessarily raise a stated federal issue, actually disputed and substantial, which a
federal forum may entertain without disturbing any congressionally approved
balance of federal and state judicial responsibilities.” Grable & Sons Metal
Prods., Inc. v. Darue Eng’g & Mfg., 545 U.S. 308, 314 (2005). “If the plaintiff
elects to bring only state law causes of action in state court, no federal question
will appear in the complaint that could satisfy the well-pleaded complaint rule, and
the case may not be removed to federal court.” Kemp, 109 F.3d at 712.

Upon review of the record, we conclude that the district court should not
have exercised federal-question jurisdiction upon the removal of this case.
Although Madzimoyo’s petition referenced federal laws in passing, none of his
causes of action relied on even the interpretation of federal law. Rather,
Madzimoyo merely asserted that he requested his loan information from the
mortgage companies in accordance with federal law to show that he had acted
diligently and merited state relief. Accordingly, we vacate the judgment of the
district court and remand with instructions that the district court remand the
proceeding to the state court.

VACATED AND REMANDED.

[ipaper docId=66347058 access_key=key-v4vyt62h3kei1952mcn height=600 width=600 /]

 

 

 

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUD0 Comments

Bloomberg: Why would banks lend money when you want to put them in jail

Bloomberg: Why would banks lend money when you want to put them in jail

Via: Meet The Press

MR. GREGORY: Can you explain how that impacts businesses? Because we hear it, it’s a conventional wisdom that a lack of leadership, uncertainty, means that businesses aren’t hiring. They’re making money, they’re doing more with less, and yet they’re not hiring.

MAYOR BLOOMBERG: Well, nobody has any confidence. If you’re a bank and you have money, would you make a loan when people are talking about putting you in jail for what happened in the mortgage crisis three, four years ago? You hunker down. If you’re a business, would you go take a loan and expand and hire more people when every day there’s talk about different regulation, different tax policy? Business has to know what it’s going to be in the future to plan because hiring people is a long-term commitment. If you’re an individual, would you go take that extra vacation, buy a new house and that sort of thing when you’re not sure whether Washington is going to do what’s right to keep job creation going in America? That’s the–in the end, it is confidence, confidence, confidence.

[image: exploredia]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUD6 Comments

Fun with Fax Machines & Wite-Out: the wonderful worked of faked documents and forged signatures

Fun with Fax Machines & Wite-Out: the wonderful worked of faked documents and forged signatures

The banks not only forge documents, they make sure to “eliminate a paper trail” — 

So what were ‘Shadow Approvals’? Read Part 2 of ‘The Great Mortgage Cover-up’ and find out:

A whistleblower speaks out…

iWATCHNEWS-

The mortgage market was struggling in March 2007 when Countrywide promoted Eileen Foster to executive vice president and tapped her to take over the company’s mortgage fraud unit.

Home prices were sputtering, borrower defaults were climbing, and the industry leader, Countywide, would soon be forced to ask Bank of America for an infusion of capital to help it keep afloat.

The fraud investigation unit was also struggling.

[iWATCH NEWS]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUD0 Comments

Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Bank of America Corporation

Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Bank of America Corporation

On September 23, 2011, Robbins Geller Rudman & Dowd LLP filed a complaint alleging violations of the federal securities laws by Bank of America Corporation and certain of its officers and/or directors. The class action was commenced in the United States District Court for the Southern District of New York on behalf of purchasers of BofA securities between February 25, 2011 and August 5, 2011 (the “Class Period”).

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at djr@rgrdlaw.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/bofaaig/ . Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint charges BofA and certain of its officers and directors with violations of the Securities Exchange Act of 1934. BofA is one of the largest financial institutions in the world.

The complaint alleges that during the Class Period, defendants misled investors by failing to disclose that BofA potentially owes American International Group, Inc. (“AIG”) over $10 billion. Specifically, defendants’ statements during the Class Period were materially false and misleading for failing to disclose that between 2005 and 2007, BofA and two companies that BofA acquired — Merrill Lynch & Co., Inc. (“Merrill Lynch”) and Countrywide Financial Corporation (“Countrywide”) — and their subsidiaries sold AIG over $28 billion in residential mortgage-backed securities (“RMBS”), and that as a result of these sales, AIG suffered losses in excess of $10 billion and BofA was potentially subject to suit for those losses. Throughout the Class Period, defendants repeatedly informed investors about the claims of other entities for their RMBS losses but not about the massive losses suffered by AIG.

[MARKETWATCH]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUD0 Comments

Fannie Mae Cited for Failing to Stop Robo-Signing

Fannie Mae Cited for Failing to Stop Robo-Signing

Once again, without “MERS”, This would not have been made possible. Not only did they give power to 20,000+ certifying officers “VP’s” nationwide the ability to sign any document, it also opened up the possibility to forging, backdating and fabricating them as we’ve seen in court cases!

They knew what was happening.

AP-

Fannie Mae missed chances to catch law firms illegally signing foreclosure documents and its government overseer did not take the right steps to ensure Fannie was doing its job, federal regulators say.

The Federal Housing Finance Agency’s inspector general said in a report Friday that Fannie failed to establish an “acceptable and effective” way to monitor foreclosure proceedings between 2006 and early 2011. Government regulators then failed to ensure it was complying with demands that it clean up its programs.

[ABC NEWS]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUD2 Comments

Banks to meet with state, federal officials over foreclosure fraud deal

Banks to meet with state, federal officials over foreclosure fraud deal

Knowledge will forever govern ignorance, and a people who mean to be their own governors, must arm themselves with the power which knowledge gives – James Madison

 

WaPO-

State and federal officials on Friday were again to meet with representatives of the nation’s largest banks, trying to finalize a much-anticipated settlement over shoddy foreclosure practices that remains elusive a year after the abuses first garnered national attention.

People familiar with the negotiations said the session in Washington would center around how broad a release from future liability banks should receive in exchange for agreeing to overhaul their mortgage servicing practices and paying billions of dollars in penalties.

[WASHINGTON POST]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUD1 Comment

Bank of America Suit May Be ‘New Front’ in Mortgage Suits, Lawyer Says

Bank of America Suit May Be ‘New Front’ in Mortgage Suits, Lawyer Says

Again, this is what I’ve been waiting for. As Professor Peterson says, “This case is scary because if Dallas wins then there are a lot of other counties around the country that are going to follow.” … And follow they will.

I already see them lining up one by one. You see just because you can develop a system and input data, doesn’t mean it relieves you from any responsibility of some 67+ million “errors”. They knew what they had from its inception.

BLOOMBERG-

Bank of America Corp. (BAC) is among a group of lenders that may face a wave of new lawsuits claiming the system they’ve used for more than a decade to register mortgages cheated cash-strapped counties out of millions of dollars.

Dallas County District Attorney Craig Watkins said state attorneys general and county officials across the U.S. have expressed interest in his lawsuit against Mortgage Electronic Registration Systems Inc. and Bank of America, filed in Texas state court on Sept. 21. Dallas County could be owed as much as $100 million in filing fees, he said.

[BLOOMBERG]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUD4 Comments

iWatch News reporter Michael Hudson would like to hear from current and former mortgage industry workers about their experiences. Have a story to tell?

iWatch News reporter Michael Hudson would like to hear from current and former mortgage industry workers about their experiences. Have a story to tell?

What’s your experience with the mortgage industry?

In the coming weeks, iWatch News reporter Michael Hudson will be writing a series of stories following up on our two-part investigation,The Great Mortgage Cover-up.

To help inform his reporting, Hudson would like to hear from current and former mortgage industry workers about their experiences. Have a story to tell? Tips to guide our reporting? Tell us what you think we should know. The information you share is confidential and will only be used by journalists of the Public Insight Network for journalistic purposes.

Have a story to tell?

.

[CONTINUE TO iWATCH]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUD0 Comments

Wells Fargo accused of forging loan documents

Wells Fargo accused of forging loan documents

Nevada Attorney General Catherine Cortez Masto is expected to file criminal charges against bank and title company employees, as well as notary publics, over allegations of robo signing.

LVRJ-

A Las Vegas attorney who represents people facing foreclosure has accused Wells Fargo of forging loan documents. The allegation is the latest sign that efforts to hold mortgage lenders accountable are escalating in Nevada.

In court papers filed this month in Clark County District Court, attorney Dave Crosby alleged bank employees committed forgery and fraud in making a $350,000 loan to a father of four who was unemployed at the time.

“They forged signatures, they backdated documents,” Crosby said. “We’ve got them cold.”

[LVRJ]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUD0 Comments

MBA takes MISMO back from MERS

MBA takes MISMO back from MERS

I would urge the AG’s investigating MERS to turn to MISMO next because it’s beginning to appear they are taking crucial parts away from MERS. Something is definitely up?

 

 

But why? On July 30, 2010 MBA went before the SEC begging them to adopt MERS:

The major participants in the residential mortgage industry utilize the MIN. Fannie Mae, Freddie Mac and Ginnie Mae all utilize the MIN. MISMO encourages the SEC to adopt the MERS Mortgage Identification Number (MIN) as the primary loan identifier for real estate finance ABS.

Scott Cooley an independent mortgage technology consultant, analyst and author once said “Calling on MERS”:

“Today, most of the aforementioned parties are shipping the documents at great cost through carriers such as Federal Express. With VLF, all such shipping and the manual handling of the traditional loan folder is eliminated. In fact, all the paper in the process is gone. Yes, this is a form of imaging that some mortgage companies are using today. However, it goes much further, in that it would be used by all parties involved with each loan. In addition, it would also store the electronic data file of the loan and do so in a Mortgage Industry Standards Maintenance Organization Inc . (MISMO) format.”

VIA HW-

The Mortgage Bankers Association is going to take back management of its MISMO platform from MERS, according to a HousingWire source familiar with the plans.

The crossover will be complete Dec. 1 and a press release providing more details is said to be in the works.

[HOUSING WIRE]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUD0 Comments

What was inside the shred bins at Countrywide’s subprime loan shops around Boston? Find out here:

What was inside the shred bins at Countrywide’s subprime loan shops around Boston? Find out here:

Investigation Reveals Legacy of Corruption in Mortgage Documents at BOA/Countrywide.

iwatchnews-

In the summer of 2007, a team of corporate investigators sifted through mounds of paper pulled from shred bins at Countrywide Financial Corp. mortgage shops in and around Boston.

By intercepting the documents before they were sliced by the shredder, the investigators were able to uncover what they believed was evidence that branch employees had used scissors, tape and Wite-Out to create fake bank statements, inflated property appraisals and other phony paperwork. Inside the heaps of paper, for example, they found mock-ups that indicated to investigators that workers had, as a matter of routine, literally cut and pasted the address for one home onto an appraisal for a completely different piece of property.

[iWATCHNEWS]

[ipaper docId=65933490 access_key=key-1e1q3uwhelxg9f8myffo height=600 width=600 /]

 

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUD0 Comments

Dear Representative Issa: Questions for Your Fannie Backdoor Bailout Investigation

Dear Representative Issa: Questions for Your Fannie Backdoor Bailout Investigation

By | September 22, 2011

Dear Representative Issa:

Thank you for investigating Fannie Mae’s purchase of mortgage servicing rights from Bank of America. As I detail below much more thoroughly than I did in my Fortune.com piece that you cited in your letter, the $500 million purchase is a backdoor bailout until proven otherwise.

Please continue reading … Dear Representative Issa

.

.

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUD0 Comments

Kentucky Attorney General Backs New York’s Schneiderman In National Foreclosure Settlement Talks

Kentucky Attorney General Backs New York’s Schneiderman In National Foreclosure Settlement Talks

HuffPO-

NEW YORK — Kentucky Attorney General Jack Conway has added his name to a list of state law enforcers who fear that a settlement being negotiated among government officials and big banks isn’t backed by a sufficient investigation into potential wrongdoing.

As law enforcers approach a deal with banks to settle allegations that the companies improperly foreclosed on American homeowners, the banks are pushing for a broad release from liability for actions that have not yet been fully investigated, Conway said in a Thursday email to the Progressive Change Campaign Committee, obtained by The Huffington Post.

By raising these concerns, Conway has aligned himself with New York Attorney General Eric Schneiderman and law enforcers from other states who have questioned the adequacy of the groundwork underlying the settlement talks.

[HUFFINGTON POST]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUD0 Comments

Advert

Archives