December, 2012 - FORECLOSURE FRAUD - Page 2

Archive | December, 2012

Royal Park Investments Seeks More Than $3 Billion in Investment-Bank Lawsuit Against Major Banks Arising from Fortis Bank’s Purchases of US MBS, Securitized

Royal Park Investments Seeks More Than $3 Billion in Investment-Bank Lawsuit Against Major Banks Arising from Fortis Bank’s Purchases of US MBS, Securitized

Press Release

Royal Park Investments SA/NV starts a lawsuit against several investment banks in an action for damages arising from Fortis Bank’s purchases of US residential mortgage-backed securities, securitized and/or sold by those investments banks

Brussels, December 21st, 2012

Royal Park Investments SA/NV (“RPI”) is the plaintiff in an action pending in New York state court
against the following investment banks (the “defendants”): JP Morgan, Deutsche Bank, Goldman
Sachs, Credit Suisse, Royal Bank of Scotland, Merrill Lynch, Morgan Stanley, Bank of America,
Barclays, CitiGroup and UBS, alleging that the those defendants made negligent and fraudulent
misrepresentations and omissions in offering documents used to sell hundreds of residential
mortgage-backed securities (“US RMBS”). RPI is suing as the assignee of several Fortis Bank
entities, the original purchasers of the RMBS. The special purpose and mission statement of RPI is to
minimize the downside risk and maximize recoveries on its legacy portfolio.

A complaint was filed and served on December 14th, 2012. RPI alleges that, in the offering
documents, defendants misrepresented: (1) the underwriting guidelines used to originate the
mortgage loans underlying the RMBS; (2) the loan-to-value (“LTV”) ratios of such loans; (3) the owner
occupancy rates (“OOR”) of the loans; (4) that title to the loans was properly and timely transferred;
and (5) the credit ratings assigned to the RMBS. RPI claims damages in excess of USD 3 billion.

RPI’s lawsuit alleges that defendants negligently and fraudulently represented in the offering
documents that the loans underlying the RMBS were originated pursuant to certain prudent
underwriting guidelines designed to assess the borrowers’ ability and willingness to repay the loans,
and the adequacy of the underlying properties as collateral for the loans. The action alleges these
representations were false and misleading because defendants knew and concealed that the loan
originators had abandoned their underwriting guidelines and instead were making loans to anyone
they could, regardless of their repayment ability. Many loans were made to borrowers who either
could not afford to repay them or never intended to repay them. The lawsuit also alleges that
defendants knew and concealed that originators were using falsely inflated appraisals of the
underlying properties and therefore they were not evaluating whether the values of the properties were
sufficient security for the loans.

The lawsuit further alleges that the LTV ratios stated in the offering documents were false and
misleading because loan originators were using inflated appraisals, which caused the LTV ratios
stated in the offering documents to be misleadingly understated. This created the false impression
that the loans were safer and much less risky than represented.

In addition, the lawsuit alleges that defendants falsely overstated the OOR in the offering documents.
The lawsuit alleges that defendants knew that borrowers and originators were misrepresenting that the
borrowers intended to occupy the properties when in fact the borrowers were not intending to and did
not occupy the properties as their primary residences. This had the effect of making the loans appear
safer and less risky than was true. Notwithstanding this knowledge, defendants reported the false and
inflated OOR.

RPI’s lawsuit alleges that defendants did not properly or timely transfer title to the loans to the trusts
issuing the RMBS, contrary to defendants’ representations in the offering documents.
The lawsuit also alleges that defendants supplied the credit ratings agencies with false data about the
loans, including the misrepresented information described above, which resulted in the credit agencies
giving the RMBS “investment grade” credit ratings that they should not have received. The action
alleges defendants were well aware of this but did not correct the misstatements.

Finally, RPI’s lawsuit also alleges that several of the defendant banks, knowing that the US RMBS
they sold were terrible investments, concealed that they were selling such securities “short” at the
same time they sold them to RPI’s assignors, while simultaneously representing that such securities
were safe ‘investment grade’ securities.

After defendants made the misrepresentations above, and which induced RPI’s assignors to purchase
the RMBS, the loans underlying the RMBS began to default at extremely high rates. As a result, the
credit ratings agencies downgraded the RMBS from “investment grade” securities, to “junk” bond
status or worse. Many of the RMBS are now in default and have suffered write-downs, causing
billions of dollars in damages to RPI. RPI has instituted this lawsuit to recover those damages caused
by defendants’ misrepresentations and omissions.

About RPI
RPI was created by Ageas (former Fortis Holding), the Belgian State acting through SFPI/FPIM and
BNP Paribas for the purpose of acquiring a portion of the structured credits portfolio of ex-Fortis Bank.
RPI was incorporated on 20 November 2008. The portfolio was acquired on 12 May 2009, for a
purchase price of EUR 11,7 billion. The corresponding face value of the portfolio amounted to EUR
20,5 billion. Despite different challenges, RPI managed to post stable financial results, with a gross
result of EUR 264 million during the first 3 quarters of 2012. During the first 3 quarters of 2012 RPI,
which was set up as a defeasance structure, continued to work out the portfolio. At the end of
September 2012 the company had EUR 12,6 billion assets under management. The Net Book Value
(Economic Recovery Value) of these assets was EUR 8,1 billion, down from EUR 9,1 billion at the end
of 2011. EUR 4,9 billion of debt remained outstanding, down from EUR 6,1 billion. The addition of
profits to the retained earnings (in total EUR 857 million) has also strengthened the net worth of the
company to EUR 2,6 billion.
(end of Press Release)

* * *

For additional information, please contact:
Danny Frans: +32 2 221 03 41 or +32 494 56 72 36
Jacques Straetmans: +32 2 221 03 42 or +32 470 99 17 19
www.royalparkinvestments.com

[ipaper docId=118010615 access_key=key-c976p3cgshbumwq1isk height=600 width=600 /]

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



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The False Claims Act and Financial Institutions: A New Role for an Old Statute – Covington & Burling LLP

The False Claims Act and Financial Institutions: A New Role for an Old Statute – Covington & Burling LLP

The False Claims Act and Financial Institutions: A New Role for an Old Statute

D. Jean Veta
Ethan M. Posner
Benjamin J. Razi

Covington & Burling LLP

Down Load PDF of This Case

 

 

 

.

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Full Christmas Movie ~ It’s a Wonderful Life ~ Complete Original/Unedited

Full Christmas Movie ~ It’s a Wonderful Life ~ Complete Original/Unedited

George Bailey’s monologue on the working poor and mortgages could have been given, like, yesterday.

Courtesy of Christian33AD

On Christmas Eve 1946, George Bailey (James Stewart) is deeply depressed, even suicidal. Prayers for George are heard by the angels. Clarence Odbody (Henry Travers), an Angel Second Class, is sent to Earth to save him—and thereby earn his wings. Joseph, the head angel, reviews George’s life with Clarence.

As a 12-year-old boy in 1919, George (Bobby Anderson) saved the life of his younger brother Harry (Todd Karns) after he fell through the ice on a pond, though George got an ear infection that impaired his hearing in one ear. Later, as an errand boy in a pharmacy, George stopped his boss, local druggist Mr. Gower (H.B. Warner), from mistakenly filling a child’s prescription with poison while grief-stricken over the death of his son from influenza.

From childhood, George’s greatest ambition has been to see the world and design bridges and skyscrapers. However, he repeatedly has to sacrifice his dreams for the well-being of others. He puts off going to college to help in the family business until Harry graduates from high school and can replace him at the Bailey Building and Loan Association, vital to many of the disadvantaged in town. On Harry’s graduation night in 1928, George discusses his future with Mary Hatch (Donna Reed), who has had a crush on him since she was a little girl. Uncle Billy (Thomas Mitchell) and Harry then break the news to George that his father has had a stroke. Mr. Potter (Lionel Barrymore), a heartless slumlord, seizes the opportunity to try to convince the board of directors to end the “sentimental hogwash” of providing home loans for the working poor. George persuades them to reject Potter’s proposal, but they agree only on condition that George himself run the Building and Loan. He reluctantly stays in Bedford Falls and gives his school money to his brother.

This is the colorized version.

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William D. Cohan: UBS Libor Manipulation Deserves the Death Penalty, Shut Down

William D. Cohan: UBS Libor Manipulation Deserves the Death Penalty, Shut Down

Each and Every Single bank who has committed massive fraud deserves the death penalty. This includes all the banks that have close ties to regulator/lap dogs.

Bloomberg-

There is no point in mincing words: UBS AG (UBSN), the Swiss global bank, has been disgracing the banking profession for years and needs to be shut down.

The regulators that allow it to do business in the U.S. — the Federal Reserve, the Securities and Exchange Commission, the Commodity Futures Trading Commission and the Office of Comptroller of the Currency — should see that the line in the sand was crossed last week. On Dec. 19, the bank paid $1.5 billion to global regulators — including $700 million paid to the CFTC, the largest fine in the agency’s history — to settle claims that for six years, the company’s traders and managers, specifically at its Japanese securities subsidiary, manipulated the London interbank offered rate and other borrowing standards.

[BLOOMBERG]

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Rockefeller Center Saks Fifth Avenue – Christmas big wall projection show 2012

Rockefeller Center Saks Fifth Avenue – Christmas big wall projection show 2012

Courtesy of peterpan11232

HAPPY HOLIDAYS EVERYBODY!

 

———————–

If you prefer Christmas Gangnam Style then the video below is for you.

Courtesy of listentoourlights

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DALLAS COUNTY, TEXAS vs. MERSCORP, MERS | PLAINTIFFS’ FOURTH AMENDED COMPLAINT

DALLAS COUNTY, TEXAS vs. MERSCORP, MERS | PLAINTIFFS’ FOURTH AMENDED COMPLAINT

Via Dave Krieger of Clouded Titles.com

This was filed in response to the failure of the federal court to allow class action certification, as evidenced in the second Motion to Strike

IN THE UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF TEXAS
DALLAS DIVISION

DALLAS COUNTY, TEXAS;
HARRIS COUNTY, TEXAS; and
BRAZORIA COUNTY, TEXAS,
Plaintiffs,

v.

MERSCORP, INC.; MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC.; and BANK OF AMERICA, NATIONAL ASSOCIATION,
Defendants.

[ipaper docId=117813440 access_key=key-meoete21agzurxjzmux height=600 width=600 /]

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Banks Seek a Shield in Mortgage Rules

Banks Seek a Shield in Mortgage Rules

The longer you bank with them the stronger and more evil they will become against you.

NYT-

As regulators complete new mortgage rules, banks are about to get a significant advantage: protection against homeowner lawsuits.

The rules are meant to help bolster the housing market. By shielding banks from potential litigation, policy makers contend that the industry will have a powerful incentive to make higher quality home loans.

But some banking and housing specialists worry that borrowers are losing a critical safeguard. Industries rarely get broad protection from consumer lawsuits, and banks would seem unlikely candidates given the range of abuses revealed during the housing bust.

[NEW YORK TIMES]

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Legislature, Supreme Court face key foreclosure decisions in new year

Legislature, Supreme Court face key foreclosure decisions in new year

Oregon Live-

Oregon’s new foreclosure mediation program was supposed to give homeowners one last chance at keeping their homes.

Instead, when it took effect in mid-July, it brought out-of-court foreclosures to a screeching halt. Faced with new requirements and costs, lenders simply stopped filing new foreclosures. The logjam was compounded a week later by an appellate court ruling that lenders’ recording practices didn’t meet state law.

Five months later, more foreclosures are making their way to courtrooms, an alternative usually slower and costlier for all involved than a traditional foreclosure outside the court system.

[OREGON LIVE]

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Thomas P. Dore- Sworn Testimony Admitting No First Hand Knowledge in Foreclosure Case

Thomas P. Dore- Sworn Testimony Admitting No First Hand Knowledge in Foreclosure Case

You can read more about this knowledge here: Foreclosure attorney Thomas P. Dore violated rules by having others sign his name on affidavits, court finds

H/T Todd W

[ipaper docId=117623547 access_key=key-8rzfldy7awuz346418m height=600 width=600 /]

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Freddie Mac buys $62.5 billion in mortgages

Freddie Mac buys $62.5 billion in mortgages

Wow! The article should read…Taxpayers just got themselves into another dilemma.

I honestly hope these mortgages were diligently researched, because we know how this is going to end.

HW-

Freddie Mac bought $62.5 billion worth of loans in September, up from $50 billion in purchases in October. The agency saw its mortgage portfolio increase at an annualized rate of 3.6% in November, according to its monthly value summary report.

The government-sponsored enterprise modified 6,622 loans in November, compared to 6,988 in October.

The unpaid principal balance on Freddie’s mortgage-related investment portfolio decreased by $6 billion in November.

[HOUSING WIRE]

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Confidential Deposition of Glenn Hubbard: MBIA INSURANCE CORPORATION v. COUNTRYWIDE HOME LOANS, INC., et al.

Confidential Deposition of Glenn Hubbard: MBIA INSURANCE CORPORATION v. COUNTRYWIDE HOME LOANS, INC., et al.

In The Matter Of:

MBIA
INSURANCE

CORPORATION v.COUNTRYWIDE
HOME LOANS, INC., et al.

___________________________________________________

R. GLENN HUBBARD

Vol.1

July 30, 2012

___________________________________________________

CONFIDENTIAL

 

[ipaper docId=116440677 access_key=key-114zkmyr1d9zo9sby0qr height=600 width=600 /]

 

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



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LETTER | Barney Frank to Eric Holder: Do Your Job & Prosecute Big Bankers Criminally!!

LETTER | Barney Frank to Eric Holder: Do Your Job & Prosecute Big Bankers Criminally!!

Dear Mr. Attorney General:

I note several instances recently in which Administration officials have proceeded civilly against blatant violations of our important financial laws, in part because of the difficulty of proving cases beyond a reasonable doubt, especially where the law may have been somewhat uncertain, but also because of a concern that the criminal conviction—and even indictment—of a major financial institution could have a destabilizing effect. This latter consideration does not apply, similarly, to individuals. It is, of course, the case that no corporation can have engaged in wrongdoing without the active decision of individual officers of that entity. I believe it is also the case that prosecuting individuals has more of a deterrent effect than prosecuting corporations.

I am writing to you as well as to financial regulators, understanding that the decision to pursue criminal proceedings rests with the Justice Department, so I ask that there be a series of consultations involving law enforcement officials and regulators with the goal of increasing prosecution of culpable individuals as an important step in seeing that the laws that protect the stability and integrity of our financial system are better observed.

BARNEY FRANK

H/T Barry Ritholtz

[ipaper docId=117524643 access_key=key-9k83i8ivixsomqu6nfz height=600 width=600 /]

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Montgomery County Recorder of deeds challenges MERS system for handling assignments of mortgage

Montgomery County Recorder of deeds challenges MERS system for handling assignments of mortgage

One word. BIFURCATION.

In order to break MERS, one must get the Trust(s) Agreements with MERS, MERSCORP.


Lexology-

An interesting challenge is being played out in the federal court in Pennsylvania regarding the way most mortgage assignments are now handled within the land record system. Plaintiff, the Montgomery County Recorder of Deeds, commenced the litigation on behalf of herself and a proposed class of similarly situated Recorders of Deeds Offices in Pennsylvania against MERSCORP, Inc. and Mortgage Electronic Registration Systems (MERS). The Recorder claims that defendants have created a private system for tracking conveyances of interests in land which ignores the statutorily created recording system established by Pennsylvania law.

In a traditional transaction, a lender retains a promissory note in its own loan portfolio and may later transfer the note with a corresponding assignment of the mortgage which secures the debt. When the assignment is made, it must be recorded, for a fee, with the Recorder for the county in which the property is located. However, in recent years, many promissory notes have been subject to a complex process called “securitization”. When a note is securitized, it is transferred along with other notes into a trust which then issues securities backed by the trust to investors.

[LEXOLOGY]

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HSBC judge requests justification for approving $1.9 billion drug money-laundering settlement

HSBC judge requests justification for approving $1.9 billion drug money-laundering settlement

Hope the judge asks the DOJ if any conflict of interest exist since many of these Bankers have conflicts with top justice officials.


Bloomberg-

HSBC Holdings Plc (HSBA) and U.S. prosecutors were asked by a judge to submit a brief giving reasons he should approve the bank’s $1.9 billion settlement of money-laundering charges over drug cartel-related transfers.

“My suggestion is you present to the court a document that demonstrates why I should accept the agreement,” U.S. District Judge John Gleeson said today at a court hearing in Brooklyn, New York. “There’s been some publicized criticism of this. I think you should feel free to address it.”

The U.S. Justice Department said this month that the London-based bank agreed to pay a $1.25 billion forfeiture and $665 million in civil penalties to settle money-laundering charges. The government alleged the London-based bank failed to monitor more than $670 billion in wire transfers and more than $9.4 billion in purchases of U.S. dollars from HSBC Mexico.

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Glenn Hubbard, Leading Academic and Mitt Romney Advisor, Took $1200 an Hour to Be Countrywide’s Expert Witness

Glenn Hubbard, Leading Academic and Mitt Romney Advisor, Took $1200 an Hour to Be Countrywide’s Expert Witness

Matt Taibbi, Rollingstone-

Karma is a bitch. Just ask Glenn Hubbard.

A few months ago, the Dean of Columbia’s business school was a leading economic advisor to Mitt Romney and a rumored (perhaps even consensus) candidate for the Treasury Secretary job.

Now Romney’s out of the presidential picture and Hubbard – well, he’s just yet another grasping jobholder who’s been exposed as a paid mouthpiece in a court proceeding.

Anyone who’s seen the movie Inside Job will recall the stupendously angering scene in which Hubbard pissily snaps at his interviewer for asking about his outside relationships with financial services industry.

[ROLLINGSTONE]

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Foreclosure attorney Thomas P. Dore violated rules by having others sign his name on affidavits, court finds

Foreclosure attorney Thomas P. Dore violated rules by having others sign his name on affidavits, court finds

Baltimore Sun-

A Hunt Valley attorney who admitted to having his employees sign his name to foreclosure documents was found by a Baltimore County judge to have violated three of Maryland’s rules of professional conduct for lawyers, according to court records.

Thomas P. Dore engaged in behavior that was “prejudicial to the administration of justice” by “routinely and repeatedly” filing “with the courts affidavits purportedly signed by him and attested to by notaries” he employed, according to court documents. Affidavits are the written equivalent of taking the stand to testify under oath and Maryland law does not allow for them to be signed by a proxy.

[BALTIMORE SUN]

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MERRILL LYNCH MORTGAGE INVESTORS TRUST v MERRILL LYNCH MORTGAGE LENDING, INC., BofA | Securitization Trust, Defective Loans

MERRILL LYNCH MORTGAGE INVESTORS TRUST v MERRILL LYNCH MORTGAGE LENDING, INC., BofA | Securitization Trust, Defective Loans

H/T Alison Frankel

SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF NEW YORK

MERRILL LYNCH MORTGAGE
INVESTORS TRUST, SERIES 2006-RM4,
MERRILL LYNCH MORTGAGE
INVESTORS TRUST, SERIES 2006-RM5,
Plaintiffs,

-against-

MERRILL LYNCH MORTGAGE
LENDING, INC., MERRILL LYNCH
MORTGAGE INVESTORS, INC., BANK
OF AMERICA, NATIONAL
ASSOCIATION,
Defendants.

[ipaper docId=117463029 access_key=key-17kqz058w57drufk2mfv height=600 width=600 /]

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Alison Frankel: After Libor, arguments against financial regulation are a joke

Alison Frankel: After Libor, arguments against financial regulation are a joke

In one notorious 2008 phone conversation recounted in the FSA filing, a UBS trader told a brokerage pal, “If you keep (the six-month Libor rate) unchanged today … I will fucking do one humongous deal with you…. Like a 50,000 buck deal, whatever. I need you to keep it as low as possible … if you do that … I’ll pay you, you know, 50,000 dollars, 100,000 dollars … whatever you want … I’m a man of my word.”

Reuters-

Everyone who has ever claimed that the financial industry is overregulated should be forced to read the final notice on UBS’s manipulation of the London interbank offered rate issued Wednesday by the United Kingdom’s Financial Services Authority.

[REUTERS ON THE SIDE]

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Grassley: HSBC Should Face Criminal Charges

Grassley: HSBC Should Face Criminal Charges

Dec. 19 (Bloomberg Law) — United States Senator Charles Grassley (R – Iowa) and Bloomberg Contributing Editor Neil Barofsky talk with Bloomberg Law’s Lee Pacchia about HSBC’s recent settlement with US authorities over claims the bank engaged in money laundering for drug cartels and terrorist organizations. Grassley is the ranking Republican on the Senate Judiciary Committee.

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Report Says Libor-Tied Losses at Fannie, Freddie May Top $3 Billion

Report Says Libor-Tied Losses at Fannie, Freddie May Top $3 Billion

When the banks are finished destroying the planet, only then will the government wake up! It will wipe them out too.


WSJ-

Fannie Mae FNMA and Freddie Mac FMCC may have lost more than $3 billion as a result of banks’ alleged manipulation of a key interest rate, according to an internal report by a federal watchdog sent to the mortgage companies’ regulator and reviewed by The Wall Street Journal.

The unpublished report urges Fannie and Freddie to consider suing the banks involved in setting the London interbank offered rate, which would add to the mounting legal headaches financial firms such as UBS AG UBSN.VX  and Barclays BARC.LN  PLC face from cities, insurers, investors and lenders over claims tied to the benchmark rate.

[WALL STREET JOURNAL]

 

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William K. Black: Did Obama and Cameron Require HSBC to Aid the Prosecution of Tax Frauds?

William K. Black: Did Obama and Cameron Require HSBC to Aid the Prosecution of Tax Frauds?

HuffPO-

I have explained in prior columns that HSBC is not only a criminal enterprise, but also a recidivist of epic proportions. The U.S. and the U.K. have refused to prosecute not only HSBC, but even its officers who directed the frauds and covered them up from the U.S. government. The U.S. Department of Justice (DOJ) claimed that one of the reasons it failed to prosecute was that HSBC gave it “immediate, full cooperation.”

I describe elsewhere why DOJ’s claim is untruthful. HSBC, in fact, continued its crimes for at least 15 years according to DOJ and deliberately deceived the U.S. government to prevent its crimes from being discovered. The fact that DOJ’s most senior officials felt the need to lie about HSBC simply confirms that they know that their actions are reprehensible.

In this column I simply ask reporters to ask DOJ a line of questions. The primary question is whether HSBC, as part of its “immediate, full cooperation” committed to providing full assistance to the U.S. and the U.K. in detecting, investigating, and prosecuting tax evasion involving HSBC. Tax fraud, of course, is simply an example of the many kinds of fraud that HSBC aided or committed in addition to the three forms of felonies that were the subject to the settlement (money laundering, evading sanctions on nations (e.g., Iran), and evading sanctions on terrorists groups).

[HUFFINGTON POST]

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BECKER vs WELLS FARGO BANK | Superior Court of CA – servicer can be held negligent for the damages caused by their negligent conduct in the loan mod process

BECKER vs WELLS FARGO BANK | Superior Court of CA – servicer can be held negligent for the damages caused by their negligent conduct in the loan mod process

Via: B-G Law

Judge’s tentative ruling in which they overruled Defendant’s demurrers and permitted plaintiffs to assert causes of action for negligence against services that mishandled the loan modification process by losing documents, taking trial mod payments, and pushing them into foreclosure. 

[ipaper docId=117331597 access_key=key-29alq0ayycggo5xul6ka height=600 width=600 /]

 

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



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