December, 2011 | FORECLOSURE FRAUD | by DinSFLA

Archive | December, 2011

Stress of foreclosure can make homeowners ill

Stress of foreclosure can make homeowners ill

Listen carefully because this is probably the most important post on this site. I know for a fact, many of you carry stress on your shoulders until it knocks you down like a ton of bricks without any notice. You get absolutely no warning.

For some time now, I wanted to post an article by Deepak Chopra for you to read called Hypertension: A Lifestyle Disorder Needs a Lifetime of Attention, so this is the perfect opportunity.

Stress is a silent killer, it’s not worth it.

SunSentinel-

Foreclosures are making Florida homeowners sick.

A series of studies over the past year, including one that zeroed in on Florida and other hard-hit states, found that people who go through home foreclosures suffer more stress-related illnesses, from high blood pressure to depression to heart trouble to nausea.

With foreclosures expected to begin rising again in the coming year, doctors and mortgage counselors said they expect to see more distressed homeowners fall ill.

[SUNSENTINEL]

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Mandi Shaw, Utah Woman With Multiple Disabilities, Asks YouTube To Help Save Her Home (VIDEO)

Mandi Shaw, Utah Woman With Multiple Disabilities, Asks YouTube To Help Save Her Home (VIDEO)

HuffPO-

Mandi Shaw was dealt a seemingly insurmountable hand.

The 47-year-old Utah woman’s heart is at only 20 percent of normal capacity, and the results of her birth defects include clubbed feet, no fingers on her right hand and teeth so soft they fell out, according to Deseret News.

Her disabilities are making it impossible for her to work and nearly impossible to pay her mortgage, according to the news site. Now, Shaw is turning to YouTube for help in keeping their home.

To anyone willing to help, Shaw says in the video: “I would be forever grateful and indebted.”

[HUFFINGTONPOST]

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KABOOOM! Judge Rakoff Says S.E.C. Misled Two Courts in Citi Case

KABOOOM! Judge Rakoff Says S.E.C. Misled Two Courts in Citi Case

NYT-

The federal judge overseeing the Securities and Exchange Commission’s fraud case against Citigroup became even more direct in his criticism of the agency’s actions on Thursday, accusing the commission of misleading both his court and the federal court of appeals.

[NEW YORK TIMES]

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Attorney General Pam Bondi Asks Fourth District Court of Appeal to Certify Important Foreclosure Investigation Case for Florida Supreme Court Review

Attorney General Pam Bondi Asks Fourth District Court of Appeal to Certify Important Foreclosure Investigation Case for Florida Supreme Court Review

NOTE: Below in her request appears a reference to a link @ #4 Nevada v. LPS, but where is her lawsuit against LPS??

Attorney General Pam Bondi today filed a motion asking the Fourth District Court of Appeal to certify that its recent decision in Law Offices of David Stern, P.A. v. State of Florida passes upon a question of great public importance. In Stern, the Fourth DCA held that the Attorney General’s Office lacked authority under the Florida Deceptive and Unfair Trade Practices Act (“FDUPTA”) to subpoena records of the Stern firm as part of an investigation into possible misconduct in the firm’s handling of foreclosure cases.

Applicable court rules require certification from the Fourth DCA before this office may appeal the Stern decision to the Florida Supreme Court. The Attorney General’s motion asks the Fourth DCA to certify that its decision in Stern passes upon the following question of great public importance: whether the creation of invalid assignments of mortgages by a law firm and subsequent use of such documents by the firm in foreclosure litigation on behalf of the purported assignee is an unfair and deceptive trade practice which may be the subject of an investigation by the Office of the Attorney General.

.
source:  http://www.myfloridalegal.com

[ipaper docId=76789463 access_key=key-2dd5psfp0y694n3qwlkh height=600 width=600 /]

 

 

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BALDERAS v. COUNTRYWIDE | CA 9th Cir. Court of Appeals Reverses/ Remands “Truth in Lending Act (TILA), Right To Rescind”

BALDERAS v. COUNTRYWIDE | CA 9th Cir. Court of Appeals Reverses/ Remands “Truth in Lending Act (TILA), Right To Rescind”

FOR PUBLICATION
UNITED STATES COURT OF APPEALS
FOR THE NINTH CIRCUIT

VICTOR BALDERAS and BELEN
BALDERAS,
Plaintiffs-Appellants,

v.

COUNTRYWIDE BANK, N.A., a
National Banking Association;
AAA FUNDING, INC., DBA
USA Funding, a California corporation;
COUNTRYWIDE HOME MMA-JMA
LOANS, INC., DBA America’s
Wholesale Lender, a New York
corporation; MOR CAZAKOV, an
individual; GALENA KOROL, an
individual; DOES 1 through 10,
inclusive,
Defendants-Appellees. þ

Appeal from the United States District Court
for the Southern District of California

Michael M. Anello, District Judge, Presiding
Argued and Submitted

June 9, 2011—Pasadena, California

Filed December 29, 2011

EXCERPT:

KOZINSKI, Chief Judge:

The Balderases allege that they are immigrants who were
rooked by a bank that signed them up for loans it knew they
couldn’t afford, on terms they didn’t agree to. These are the
facts as recited in the complaint: Mor Cazakov, a mortgage
broker, cold-called the Balderases, representing that he could
refinance their home, switch them to a fixed rate mortgage
and let them cash out $50,000, all without a penalty. Subsequently,
Soraya Qassim, a “duly authorized agent” of Countrywide
Bank (Countrywide), filled out a uniform residential
loan application (URLA) for them and showed up unannounced
at their home, urging the Balderases to sign it. But
the form was in English, which they can’t read, and it overestimated
their income by over $40,000 per year. Qassim told
them it was an informal document the bank needed, so the
Balderases signed.

Three days later, on the evening of Monday, September 25,
2006, Cazakov showed up at their home with a notary public
and loan documents also written in English. He told them that
Countrywide “demanded” their signatures “that night” and he
couldn’t and wouldn’t leave without getting them. The
Balderases protested and asked to arrange the loan signing
when their English-literate daughter could attend. But Cazakov
said that Countrywide had instructed him to stay until he
got the signatures, and he “engaged in a series of actions
designed to intimidate, harass, and pressure [the Balderases]
into signing the loan documents.” After six hours of unrelenting
pressure by Cazakov and several unsuccessful attempts to
read the paperwork, the Balderases capitulated and signed the
documents just after midnight. On Wednesday, they called
Cazakov and asked him to rescind the loans. He refused. They
then called Countrywide a day later seeking the same relief.
Countrywide also refused, falsely representing it was too late.
In fact, the three-day statutory rescission period extended
through the next day, Friday, September 29.

The Balderases filed a complaint alleging, among other
things, a violation of the Truth In Lending Act (TILA). See
15 U.S.C. §§ 1601 et seq. Countrywide filed a 12(b)(6)
motion, which the district court granted. This timely appeal
followed.

* * *

[ipaper docId=76788689 access_key=key-4hh5yvqdgfzpfge3kza height=600 width=600 /]

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TYT: Feds Won’t Prosecute Banks Despite Evidence Of Crimes

TYT: Feds Won’t Prosecute Banks Despite Evidence Of Crimes

by on Dec 23, 2011

A devastating report by Reuters shows that the federal government is focusing on small scale swindlers while ignoring crimes by big banks despite a wealth of evidence against them. The Young Turks host Cenk Uygur breaks it down.

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Deutsche Bank Trust Co. Ams. v Day | NYSC Denies Motion For Summary Judgment Due to Lack of Affidavits

Deutsche Bank Trust Co. Ams. v Day | NYSC Denies Motion For Summary Judgment Due to Lack of Affidavits

SUPREME COURT – STATE OF NEW YORK
IAS PART 43 – SUFFOLK COUNTY

DEUTSCHE BANK TRUST COMPANY AMERICAS
AS INDENTURE TRUSTEE FOR THE REGISTERED
HOLDERS OF SAXON ASSET SECURITIES TRUST
2005-3 MORTGAGE LOAN ASSET BACKED NOTES,
SERIES 2005-3,
Plaintiff,

-against-

DENNIS D. DAY, SMI MORTGAGE,
“JOHN DOE #1” through “JOHN DOE #12”,
the last twelve names being fictitious and unknown to
plaintiff, the persons or parties intended being the
tenants, occupants. persons or corporations, if any,
having or claiming an interest in or lien upon the
premises, described in the complaint,
Defendant, ,

EXCERPT:

The plaintiff alleges in the verified complaint that there has been compliance with RPAPL
§ 1304; however, neither a copy of the purported 90-day notice nor an affidavit of service of the
notice in compliance with RPAPI. § 1304 has been annexed to the moving papers (see, Aurora Loan
Servs., LLC v Weisblum, 85 AD3d 95, supra). Without an affidavit of service from one with
personal knowledge of compliance with the specific service requirements of RPAPI., § 1304 or, in
the alternative, an affidavit sufficient to show why the requirements of § 1304 do not apply, the
Court may not grant an order of reference.

[ipaper docId=76762366 access_key=key-17117pbrbepm49qovj6y height=600 width=600 /]

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Ex-Countrywide/ IndyMac Angelo Mozilo Puts Up House For Sale For $3.4 Million

Ex-Countrywide/ IndyMac Angelo Mozilo Puts Up House For Sale For $3.4 Million

The Real Estalker is one of my favorite blogs and actually was one of a few that inspired me to create this site. Please check it out!

And Yes, we know Mr. Mozilo, this is just one of a few hundred you call “primary residence”. If walls could only talk in this house.

The Real Estalker-

mansion located behind the guarded gates of the well-heeled Sherwood County Clubowned as per property records–and much to our pearl clutching flabbergast–by the vastly-loathed and utterly disgraced former Countrywide Financial CEO and COB Angelo Mozilo who has the architecturally conventional (mc)mansion listed on the open market with an asking price of $3,400,000.

Mister Mozilo, a mortgage industry maverick who co-founded Countrywide in 1969 and nearly 30 years later co-founded the dramatically collapsed IndyMac Bank (now OneWest Bank), is widely regarded as one of the more Machiavellian sub-mortgage-men who helped march the U.S. (and global) economy straight off the cliff in the mid-Noughts. While Mister Mozilo and his mortgage-making army pushed and pedaled sub-prime home loans he talked up the then-flourishing company’s stock price, earned hundreds of millions in compensation, and cashed out more than $400,000,000 worth of Countrywide stock, a large portion of it during the last couple of years of his tattered tenure as the king of Countrywide.

[THE REAL ESTALKER]

listing photo: Prudential California Realty

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In Challenging S.E.C. Settlement, a Judge in Wisconsin Cites a Court in New York

In Challenging S.E.C. Settlement, a Judge in Wisconsin Cites a Court in New York

One by One, judges are going to finally have enough of the ponzi’s.

To the judges who aren’t turning a blind eye… thank you.

NYT-

A federal judge in Wisconsin has challenged the Securities and Exchange Commission over a proposed settlement of fraud charges against a publicly traded company, citing as a precedent the agency’s pending case against Citigroup.

That represents a significant expansion of the impact of the Citigroup case, in which Judge Jed S. Rakoff of the Federal District Court in New York threw out a proposed settlement between the company and the S.E.C.

Judge Rakoff said he had rejected the Citigroup settlement because there were no established facts on which to base a decision whether the settlement was “fair, reasonable, adequate and in the public interest.”

[NEW YORK TIMES]

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St. Louis Park (MN) woman has mortgage reinstated, but CitiMortgage still wants fees for its attorneys and foreclosure costs

St. Louis Park (MN) woman has mortgage reinstated, but CitiMortgage still wants fees for its attorneys and foreclosure costs

Star Tribune-

In a last-minute move, Citi- Mortgage called off the foreclosure sale of a St. Louis Park house whose owner battled to stay in her home with the support of the Minnesota attorney general.

Nancy Gosselin was scheduled to lose her house in a sheriff’s auction scheduled for Tuesday, even though an investigation by the attorney general determined that at most, she had missed one payment of $584 more than two years ago.

After Gosselin was featured in a Whistleblower column on Nov. 13, CitiMortgage postponed the foreclosure for a month. Then, this week, Gosselin got the good news.

[STAR TRIBUNE]

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Millions Of Americans Are Realizing They Can Default On Their Mortgage And Live Scot-Free For Years

Millions Of Americans Are Realizing They Can Default On Their Mortgage And Live Scot-Free For Years

And… Millions of Americans Are Realizing their titles are flawed…and millions more know better than buying a foreclosed house because the banks can’t prove they own the home they foreclosed on.

Best of all Millions of Americans know for a fact banks are stealing our homes!

Business Insider-

If you’re planning on ditching your mortgage payments and letting your home fall into foreclosure, now just may be the time to do it.

Thanks to record long waits for foreclosure reviews this year, 40 percent of homeowners in default have been sitting pretty in their homes for the last two years without paying a dime, CNN Money reports.

And they know exactly what they’re doing.

[BUSINESS INSIDER]

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ANDERSON v. BURSON | MD Appeals Court requires full proof of note transfer

ANDERSON v. BURSON | MD Appeals Court requires full proof of note transfer

IN THE COURT OF APPEALS
OF MARYLAND
No. 8

September Term, 2011

HOSEA ANDERSON, et ux.

v.

JOHN S. BURSON, et al.

Bell, C.J.,
Harrell
Battaglia
Greene
*Murphy
Adkins
Barbera,
JJ.
Opinion by Harrell, J.

Filed: December 20, 2011

EXCERPT:

A nonholder in possession, however, cannot rely on possession of the instrument
alone as a basis to enforce it. The transferee’s right to enforce the instrument derives from
the transferor (because by the terms of the instrument, it is not payable to the transferee) and
therefore those rights must be proved. Com. Law § 3-203 cmt. 2; accord Leavings v. Mills
175 S.W.3d 301 (Tex. Ct. App. 2004 ) (“A person not identified in a note who is seeking to
enforce it as the owner or holder must prove the transfer by which he acquired the note.”)
The transferee does not enjoy the statutorily provided assumption of the right to enforce the
instrument that accompanies a negotiated instrument, and so the transferee “must account for
possession of the unindorsed instrument by proving the transaction through which the
transferee acquired it.” Com. Law § 3-203 cmt. 2. If there are multiple prior transfers, the
transferee must prove each prior transfer. U.S. Bank Nat’l Assoc. v. Ibanez, 941 N.E.2d 40,
53 (Mass. 2011) (citing In re Parrish, 326 B.R. 708, 720 (Bankr. N.D. Ohio 2005)). Once
the transferee establishes a successful transfer from a holder, he or she acquires the
enforcement rights of that holder. See Com. Law § 3-203 cmt. 2. A transferee’s rights,
however, can be no greater than his or her transferor’s because those rights are “purely
derivative.” Lawrence, supra, § 3-203:15R. Thus, the Substitute Trustees here, who possess
an unindorsed note and wish to enforce it, had the burden of proving their status as nonholder
in possession.

[…]

[ipaper docId=76693545 access_key=key-5vg903o8qkya8gac4yp height=600 width=600 /]

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



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Adam Levitin: More Rot in the OCC Foreclosure Reviews

Adam Levitin: More Rot in the OCC Foreclosure Reviews

Credit Slips-

Michael Olenick, Gretchen Morgenson, and Yves Smith have all written pretty damning things about the foreclosure reviews persuant to the OCC consent orders with major mortgage servicers. (For my own previous thoughts, see here and here.) I’ve just started to peruse some of the engagement letters with the firms conducting the reviews, and the rot is even worse that these other critics portray.

What follows is in no way a comprehensive cataloging of the problems in the OCC foreclosure review process–this is just what I spotted from the briefest of perusals.  Yet it is clear that there are two types of serious problems:  conflicts of interest and flawed substance of the review process. I’ll lay both out below and then give some thoughts as to what could and should be done to remedy this farcical process in order to ensure some accountability to the public and justice for homeowners. The post concludes with some thoughts about the core problem–the OCC–and what can be done to remedy it.   

Conflicts of Interest

[…]

[CREDIT SLIPS]

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Whistleblower Records Shed Light On BNY Mellon Case

Whistleblower Records Shed Light On BNY Mellon Case

We all would agree that all the banks share the same protocols in how they conduct business. All frauds.

HuffPO-

Confidential whistleblower documents that helped spark a massive state and federal investigation into how Bank of New York Mellon Corp charged pension funds for currency exchange, provide a rare window into how a bank insider aided a lawsuit against the bank.

The information provided by whistleblower Grant Wilson, who worked at BNY Mellon, included a detailed analysis of how the bank allegedly provided “fictitious” foreign-currency costs for pension funds.

The analysis included a step-by-step guide to how currencies were traded and internal profits generated by the bank, according to documents seen by Reuters. A memo detailing fellow employees also was provided.

[HUFFINGTONPOST]

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Banks Find A New Way To Profit Off Foreclosures

Banks Find A New Way To Profit Off Foreclosures

They never lost a single penny from the foreclosures but made billions of profits. Course whatever they ask for they will pay a price to get it…except not to you.

HuffPO-

Banks helped create the housing crisis, and now they’re seeking a new way to profit from it. As Bloomberg reported Monday, several financial and investment companies have submitted proposals to the federal government, suggesting ways that they can help manage a program to rent out 180,000 foreclosed homes.

Fair and affordable housing advocates are calling on the Obama administration to reject help from the financial sector, or at least limit its influence.

“It’s really a question of whether the banks that made so much money creating this crisis are going to profit again,” Jeremy Rosen, policy director at the National Law Center on Homelessness and Poverty, told The Huffington Post.

[HUFFINGTONPOST]

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FNMA Servicing Announcement: Documentation Requirements for Foreclosure and Bankruptcy Referral Packages, Special Rules For Nevada

FNMA Servicing Announcement: Documentation Requirements for Foreclosure and Bankruptcy Referral Packages, Special Rules For Nevada

Servicing Guide, Part VIII, Section 104.01: Fannie Mae–Retained Attorneys; Section 104.03: Servicer-Retained Attorneys/Trustees and Special Rules for Nevada; Chapter 1, Exhibit 1: Mortgage Loan Status Data for Foreclosure Proceedings; Exhibit 2: Expected Servicer/Attorney (or Trustee) Interaction

Click image below… A little way too late in the game to try to perfect the documents one would say…

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William K. Black: What if the SEC investigated Banks the way it is investigating Mutual Funds?

William K. Black: What if the SEC investigated Banks the way it is investigating Mutual Funds?

New Economic Prospectives-

The Wall Street Journal ran a story today (12/27/11) entitled “SEC Ups Its Game to Identify Rogue Firms.”

“Rogue” is an interesting word with a range of definitions. When it is used as an adjective its meaning is: “a playfully mischievous person; scamp.” The trivialization of the most destructive elite frauds is one of the most common forms of what criminologists call “neutralization” of the moral content of wrong doing. Neutralization increases crime.

The actual story makes it clear that the criminals that the SEC was identifying were not “rogues.” They were the CEOs of seemingly legitimate firms. The SEC is identifying “accounting control frauds” – the frauds that cause greater financial losses than all other forms of property crime combined. The SEC is not identifying a few rotten apples, but roughly 100 hedge funds likely to have engaged in accounting fraud. The WSJ describes the SEC’s identification system:

“The list is the low-tech product of a high-tech effort by the SEC to crack down on fraud at hedge funds and other investment firms. After the agency failed to detect the $17.3 billion Ponzi scheme by Bernard L. Madoff, who wowed investors with steady returns over several decades, SEC officials decided they needed a way to trawl through performance data and look for red flags that might signal a possible fraud.

In 2009, the SEC began developing a computer-powered system that now analyzes monthly returns from thousands of hedge funds. Officials won’t say exactly how it works or how much it cost to build, but the agency has announced four civil-fraud lawsuits filed as a result of what it calls the “aberrational performance initiative.”” The SEC should be applauded for finally understanding that “if it’s too good to be true; it probably isn’t true.” Our agency put a similar system in place in 1984 to identify the S&L accounting control frauds that were driving that crisis. A quarter-century later, the SEC began to follow our well-trodden trail – but only with regard to felons inhabiting the middle of the fraud food chain (hedge funds). 

The SEC has, inevitably, discovered that accounting fraud is common among …

[NEW ECONOMIC PROSPECTIVES]

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EXCLUSIVE: Eric Holder, Covington & Burling and MERSCORP

EXCLUSIVE: Eric Holder, Covington & Burling and MERSCORP

via: stacyvan

Rumors have been swirling for quite some time of this connection and here is some info below.

This doc below is asking for a legal opinion of eNotes…but read this carefully.

“We note that a state potentially could adopt legislation restricting operation of mortgage note registries to trust companies or similar entities;19 however, such a law would only be valid if it applied equally to electronic and paper mortgage notes.20”

Here’s a link when C&B said their goodbye’s as soon as Mr. Holder became the US AG in 2009:

http://www.cov.com/news/detail.aspx?news=1391

UPDATE: More of the same here…Former OCC, OTS & Fannie Executive Joined MERSCORP in 2011

Down Load PDF of This Case

 

MERS eRegistry Legal Opinion[1]

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I-Team: Nevada Supreme Court MERS Case Could Impact Homeowners

I-Team: Nevada Supreme Court MERS Case Could Impact Homeowners

This isn’t rocket science… The Banks created this unreliable system, destroyed land records, screwed the courts, screwed the counties of fees and fabricated documents that were all pre-dated in order to make them appear legit. All the Supreme Court needs to do is read Max Gardner’s Top Tips for Fake Mortgage Documents or read to spot the crime.

These are a few other interesting Nevada cases:

REDMON v. HOMEQ SERVICING INC. | Nevada Supreme Court Vacating Judgment & Remanding “Mediation, Sanctions, In RE PASILLAS”

Nevada Supreme Court Reversed & Remand – “Mediation, Sanctions, MERS Failed To Produce the Deed of Trust & Any Assignments” | HEREDIA-BONNET v. LOANSTAR

LEYVA v. National Default Servicing Corp. | Nevada Supreme Court Remand and Reverse “Defective ASMT, U.C.C Article 3, No Endorsement, In Re Pasillas, Wells Fargo, MortgageIt”

PASILLAS v. HSBC Bank USA | Nevada Supreme Court Reverse “Sanctionable offenses under the Foreclosure Mediation Program, IBANEZ, AHMSI, Alleged Assignment”

8NEWS NOW-

A case before the Nevada State Supreme Court next week could have far-reaching impact on Nevadans struggling to stay in their homes. Among the issues before the justices is what proof lenders must provide to show they own the property they seek to foreclose.

[8NEWS NOW]

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California’s GSE Suit Opens Legal Can of Worms

California’s GSE Suit Opens Legal Can of Worms

If you act like a bank, you think like a bank …you’ll think you’re above the law as well.

National Mortgage News-

The Federal Housing Finance Agency believes California Attorney General Kamala Harris is pestering Fannie Mae with stupid questions. Whether that opinion is enough justification for the government-sponsored enterprise to ignore her queries is to be determined.

Earlier in the week Harris filed suit in San Francisco Superior Court, seeking to force Fannie to respond to a lengthy list of questions about defaulted loans it guarantees in the state and other matters. Appended to the filing is a letter from Arnold & Porter attorneys representing the FHFA, who argue that the agency’s authority over Fannie shield it from California’s questions.

[NATIONAL MORTGAGE NEWS]

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Still Waiting for Cleanup in Foreclosure Mess – ProPublica

Still Waiting for Cleanup in Foreclosure Mess – ProPublica

by Marian Wang ProPublica, Dec. 27, 2011, 10:56 a.m.

This is part of our year-end series, looking at where things stand in each of our major investigations.

If last year [1] was the year in which faulty foreclosures and bank errors became a full-blown scandal, this has been the year of waiting for something to be done about it.

First, there’s the still-to-come multi-state settlement over alleged fraud on the part of the country’s five largest mortgage servicers. That’s the settlement being brokered by a coalition of state attorneys general and once touted [2] as homeowners’ best bet for redressing banks’ flaws in foreclosure and mortgage documentation. Over the past year, one story after another declared such a deal was imminent, but the details — the total price tag [3], the deal’s framework, and the expected date — have continually been changing.

Earlier this month, the Des Moines Register reported Iowa Attorney General Tom Miller — a point man for the attorneys’ general probe — as saying that the final deal should be complete before Christmas [4] and would include a measure to reduce the total debt owed by underwater homeowners. No deal has yet been announced. Miller wouldn’t disclose a dollar figure on the size of the settlement — or whether California, one of the hardest-hit states, would participate.

Over the course of the year, some state attorneys general seemed to lose faith in the coordinated effort, voicing concerns that the eventual settlement would be too easy on the banks.

California Attorney General Kamala Harris signaled her hesitation too [5], as did the attorneys general of New York [6], Delaware, Nevada, Massachusetts [7], Kentucky [8] and Minnesota [9]. These state attorneys general — many of whom have filed their own suits against major servicers [10], foreclosure processing firms [11], and other players [12] — questioned whether the settlement would limit their ability to take more aggressive action against foreclosure abuses in their states and either expressed doubts about whether they’d sign on to the final settlement or pulled out of the talks altogether.

Banks, meanwhile, have pushed for the settlement to include broader releases from legal liability over mortgage-related abuses. According to a recent Wall Street Journal piece, they’ve tried to make their participation in the settlement contingent on being shielded [13] from the possibility of lawsuits brought by the new Consumer Financial Protection Bureau.

Also still to be determined? An official to monitor the banks and servicers [14] and ensure they comply with whatever agreement is eventually reached.

Meanwhile, federal banking regulators have also begun to act. In April, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Federal Reserve accused eight mortgage servicers and two third-party mortgage processing firms of 201Cunsafe and unsound [15]” foreclosure practices and ordered them to come up with a plan to prevent the same errors going forward. (Read the orders [16] they received.) But the revamp plans drawn up by the banks are kept confidential [17]. And no financial penalties [18] have been issued, though regulators have said that they’re still to come.

Regulators also launched an interagency foreclosure review program [19] [PDF] this year to identify and compensate homeowners who were wronged in the foreclosure process. The plan is to review sample loan files pulled from the files from 14 largest mortgage servicers, as well as files from homeowners who submit a request for a review.

The regulators in charge of the program have so far declined to disclose information on key aspects of the review, such as what kinds of compensation are available to homeowners, how compensation would be calculated, and for what specific offenses. (Homeowners with questions can see our FAQ on the reviews [20] to see whether they’re eligible for review and how to apply.)

The reviews themselves are being conducted by outside consulting firms [21] that will be supervised by the regulators but paid by the banks. As we’ve reported [22], some lawmakers have raised concerns about the experience of the reviewers and whether they will truly be able to operate independently of the banks.

Finally, it bears mentioning that despite the efforts on both the federal and state level to address the systemic failures of banks and mortgage servicers, errors are continuing [23] — and they’re still causing wrongful foreclosures.

The only subset of homeowners who seem to have gotten a break — or redress for botched foreclosures — is military families. Earlier this year, the Justice Department settled lawsuits [24] against subsidiaries of Bank of America and Morgan Stanley over allegations that they wrongfully foreclosed on active duty service members, in violation of a law that specifically offers them greater protection from foreclosure. As part of that settlement, the two companies apologized [25] and paid a combined penalty of $22 million, plus compensation to certain service members who suffered wrongful foreclosures.

 

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Posted in STOP FORECLOSURE FRAUD0 Comments

BUREAU OF CONSUMER FINANCIAL PROTECTION: Interim Final Rule – Real Estate Settlement Procedures Act (Regulation X)

BUREAU OF CONSUMER FINANCIAL PROTECTION: Interim Final Rule – Real Estate Settlement Procedures Act (Regulation X)

BUREAU OF CONSUMER FINANCIAL PROTECTION

12 CFR Part 1024

[Docket No. CFPB-2011-0030]
RIN 3170-AA06

Real Estate Settlement Procedures Act (Regulation X)

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Interim final rule with request for public comment.

SUMMARY: Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a
number of consumer financial protection laws from seven Federal
agencies to the Bureau of Consumer Financial Protection (Bureau) as of
July 21, 2011. The Bureau is in the process of republishing the
regulations implementing those laws with technical and conforming
changes to reflect the transfer of authority and certain other changes
made by the Dodd-Frank Act. In light of the transfer of the Department
of Housing and Urban Development’s (HUD’s) rulemaking authority for the
Real Estate Settlement Procedures Act (RESPA) to the Bureau, the Bureau
is publishing for public comment an interim final rule establishing a
new Regulation X (Real Estate Settlement Procedures Act). This interim
final rule does not impose any new substantive obligations on persons
subject to the existing Regulation X, previously published by HUD.

DATES: This interim final rule is effective December 30, 2011. Comments
must be received on or before February 21, 2012.

ADDRESSES: You may submit comments, identified by Docket No. CFPB-2011-
0030 or RIN 3170-AA06, by any of the following methods:
Electronic: http://www.regulations.gov. Follow the
instructions for submitting comments.

Mail: Monica Jackson, Office of the Executive Secretary,
Bureau of Consumer Financial Protection, 1500 Pennsylvania Ave. NW.,
(Attn: 1801 L Street), Washington, DC 20220.

Hand Delivery/Courier in Lieu of Mail: Monica Jackson,
Office of the Executive Secretary, Bureau of Consumer Financial
Protection, 1700 G Street NW., Washington, DC 20006.

All submissions must include the agency name and docket number or
Regulatory Information Number (RIN) for this rulemaking. In general,
all comments received will be posted without change to http://www.regulations.gov. In addition, comments will be available for public inspection and copying at 1700 G Street NW., Washington, DC 20006, on
official business days between the hours of 10 a.m. and 5 p.m. Eastern
Time. You can make an appointment to inspect the documents by
telephoning (202) 435-7275.

All comments, including attachments and other supporting materials,
will become part of the public record and subject to public disclosure.
Sensitive personal information, such as account numbers or social
security numbers, should not be included. Comments will not be edited
to remove any identifying or contact information.

FOR FURTHER INFORMATION CONTACT: Joseph Devlin or Jane Gao, Office of
Regulations, at (202) 435-7700.

[ipaper docId=76548832 access_key=key-1qm31nrrlszscec04ask height=600 width=600 /]

image: hlstx

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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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