Jan. 28 (Bloomberg) — Graham Fisher Managing Director Josh Rosner discusses Fannie Mae and Freddie Mac allowing one-time borrowers to walk away from homes. He speaks on Bloomberg Television’s “Market Makers.” (Source: Bloomberg)

.

Rister’s 14 years with the county, she said she’s never dealt with anything like this.

Notice: MERS used the same exact statement in the recent response to KY AG’s suit against MERS.

KVUE-

Williamson County homeowners could face unexpected foreclosure and those looking to buy or sell a home could face hidden headaches.

That was the warning Friday night from the Williamson County Clerk’s Office after an audit turned up some serious red flags.

After hearing of similar problems around the country, Williamson County hired DK Consultants out of San Antonio to conduct a property records audit. What they found is nearly $1 million that has been lost because of errors in the national electronic registry, meaning homeowners or people looking to buy are at risk.

“As a clerk, our duty is to maintain good records for our citizens,” said County Clerk Nancy Rister.

[KVUE]

“I’ve met Mary Jo White, and I would tell you that anyone who knows her at all, she’ an extremely capable, competent, bright, tough, and a perfect choice.”

ValueWalk-

JP Morgan Chase CEO Jamie Dimon spoke with FOX Business Network’s (FBN) Liz Claman today at the World Economic Forum in Davos, Switzerland about the state of the economy, the negative image of banks, and quantitative easing. Regarding the nomination of Mary Jo White to head the Securities and Exchange Commission (SEC), Dimon said “she’s extremely capable, competent, bright tough. A perfect choice.” Dimon went on to discuss the U.S. economy saying “the table is really well set” and he is optimistic because “the consumer is in better shape” and “housing has turned totally.” Jamie Dimon also discussed how JP Morgan might be hurt if the Federal Reserve ended quantitative easing this year, saying, “It won’t affect us at all, really. Almost not at all.”

[VALUE TALK]

image: Associated Press

According to Aerotek’s website, they are a temporary staffing agency.

Will this make those signing for MERS harder to detect?

Who could possibly be in Jacksonville, FL? 🙂

via Jobs-

Currently seeking an experience mortgage servicing manager for a direct hire opportunity with a leading mortgage default solutions company.

Candidates MUST have:
• Strong Knowledge of Recent MERS guidelines (Mortgage Electronic Registration Systems)
• 1+ years recent Management, supervisory experience
• Strong knowledge of Mortgage default servicing to include: Foreclosure and Bankruptcy, debt collections
• Must have the ability to lead, coach, motivate and develop staff, as well as cross-train them in multiple functions.

[JOBS.NET]

image: via google search

Obama: Wall Street Did Nothing Illegal @ 27 seconds into this video above.

HuffPO-

The $8.5 billion foreclosure abuse settlement reached earlier this month with the mortgage industry was designed, bank regulators said, to speed quick relief to millions of homeowners. So far, however, it is the mortgage industry that successfully pushed for the deal that is likely feeling the most relieved.

Under the deal, struck with regulators at the Office of the Comptroller of the Currency and the Federal Reserve, 11 mortgage companies are responsible for $3.5 billion in direct payments to homeowners who received a foreclosure notice at the height of the housing crisis. The companies also owe another $5 billion in aid to current homeowners.

[HUFFINGTON POST]

Trying to get a sweetheart deal like in the Foreclosure Fraud Settlement that benefited the fraudsters instead of the victims. I see a tsunami of class actions heading thy way.

Reuters-

UBS Chairman Axel Weber raised the possibility of an industry-wide settlement for the rest of the banks involved in the Libor rate fixing scandal at a meeting of top bankers in Davos, sources familiar with the matter said.

Among the top bankers and officials present at the meeting on Thursday were Bank of Canada Governor Mark Carney, JP Morgan Chase Chief Executive Jamie Dimon, Citigroup CEO Mike Corbat and HSBC Chairman Douglas Flint. Carney is due to take over as head of the Bank of England later this year.

[REUTERS]

I would get highly suspicious this is heading the wrong way, if she does not hire Neil Barofsky, like she did back in 2000.

Rolling Stone-

I was shocked when I heard that Mary Jo White, a former U.S. Attorney and a partner for the white-shoe Wall Street defense firm Debevoise and Plimpton, had been named the new head of the SEC.

I thought to myself: Couldn’t they have found someone who wasn’t a key figure in one of the most notorious scandals to hit the SEC in the past two decades? And couldn’t they have found someone who isn’t a perfect symbol of the revolving-door culture under which regulators go soft on suspected Wall Street criminals, knowing they have million-dollar jobs waiting for them at hotshot defense firms as long as they play nice with the banks while still in office?

[ROLLING STONE]

image credit: New York Times

This statement is completely the opposite! Listen to the issues the AG’s office found in the [VIDEO] Attorney General Conway Files Suit Against “MERS” In Foreclosure Investigation

MERS-

“There is no merit to the allegations leveled at MERS by Kentucky Attorney General Jack Conway in today’s news conference. All MERS mortgages are registered in the local land records and all recording fees are properly paid. The MERS® System’s role in the mortgage industry has reduced chain of title issues, provided efficiencies through e-commerce, and resulted in lower mortgage borrowing costs. Our business model is straightforward and transparent, and MERS role is clearly spelled out in the contract between borrower and lender. MERS® System data is not used by servicers to make loan modification, refinance or foreclosure decisions.

[MERS]

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

Do you think their Massive Fraudulent Acts have anything to do with this?

RT-

US Federal Reserve is reporting a major deposit withdrawal from the nation’s bank accounts. The financial system hasn’t seen such a massive fund outflow since 9/11 attacks.

­The first week of January 2013 has seen $114 billion withdrawn from 25 of the US’ biggest banks, pushing deposits down to $5.37 trillion, according to the US Fed. Financial analysts suggest it could be down to the Transaction Account Guarantee insurance program coming to an end on December 31 last year and clients moving their money that is no longer insured by the government.

[RT]

Washington Post-

A small Texas bank, together with two conservative advocacy groups, have filed suit against the Consumer Financial Protection Bureau, claiming that its powers and Obama’s recess appointment of its director are unconstitutional.

The State National Bank of Big Spring, Tex., the Competitive Enterprise Institute and the 60 Plus Association, a conservative advocacy group for seniors, claim that Dodd-Frank effectively gives “unbounded power to the CFPB,” resulting in “unprecedented violations of ‘the basic concept of separation of powers’ ” laid out in the Constitution.

[WASHINGTON POST]

Via: BERGMAN & GUTIERREZ LLP

SUPERIOR COURT OF CALIFORNIA

COUNTY OF LOS ANGELES

TERENCE SCHOSHINSKI, as individual,

Plaintiffs,

vs.

COMPASS BANK; and Does 1-100, inclusive,

Defendants.

[ipaper docId=122199973 access_key=key-1f2b9htf4vc7tom7zhlm height=600 width=600 /]

I wonder what Obama’s chosen one as the next chairman of the S.E.C., thinks of this since her firm represents Morgan Stanley?

NYT’s Deal Book-

On March 16, 2007, Morgan Stanley employees working on one of the toxic assets that helped blow up the world economy discussed what to name it. Among the team members’ suggestions: “Subprime Meltdown,” “Hitman,” “Nuclear Holocaust” and “Mike Tyson’s Punchout,” as well a simple yet direct reference to a bag of excrement.

Ha ha. Those hilarious investment bankers.

Then they gave it its real name and sold it to a Chinese bank.

We are never going to have a full understanding of what bad behavior bankers engaged in in the years leading up to the financial crisis. The Justice Department and the Securities and Exchange Commission have failed to hold big wrongdoers to account.

[NEW YORK TIMES]

Decided on January 7, 2013

25188/10

Bernice Daun Siegal, J.

The following papers numbered 1 to15 read on this motion for an order striking the Anser and dismissing the Counterclaims of Defendant Amany Said, granting plaintiff Summary Judgment, ordering that the caption in this action be modified deleting “John Doe and “Jane Doe”, as Defendants, inserting the names of the current tenants, Kimberlie Torres, Taha Tourky, Amada Quesada, Sara Masoud and Moshera Hamouda, and ordering a referee to compute pursuant to the Real Property Actions and Proceedings Law on the ground that the said defendant has no valid defense to the cause of action and no triable issue of fact exists in this case.

PAPERS

NUMBERED

Notice of Motion – Affidavits-Exhibits…………………………….1 – 4

Notice of Cross-Motion- Affidavits- Exhibits…………………..5 – 9

Reply Affirmation………………………………………………………..10 – 12

Reply Affirmation……………………………………………………….13 – 15

Upon the foregoing papers, it is hereby ordered that the motion and cross-motion are resolved [*2]as follows:

Plaintiff moves for an order pursuant to CPLR §3212 granting summary judgment and striking the answer of defendant Amany Said (hereinafter “Said”) on the grounds that Said has no valid defenses and there are no triable issues of fact and upon such order dismissing and severing the counterclaims of Said; amending the caption in this action by replacing “John Doe” and “Jane Doe” as defendants with the names of the current tenants, Kimberlie Torres, Taha Tourky, Amada Quesada, Sara Masoud, and Moshera Hamouda; finding that plaintiff has complied with the October 20, 2010 Administrative Order of the Chief Administrative Judge of the Courts as amended and ordering a referee to compute pursuant to the Real Property Actions Law.

Said cross-moves for an order pursuant to CPLR §3212 granting summary judgment and dismissing plaintiff’s complaint; and an order pursuant to CPLR §6514(a) cancelling the Notice of Pendency in this action.

This is an action for foreclosure on a consolidated mortgage secured by real property located at 35-36 9th Street, Long Island City, New York. On March 18, 2002, a mortgage (hereinafter, “first mortgage”) and its accompanying note were executed to defendant Amany Said (hereinafter, “defendant”) by Wachovia Mortgage Corporation (hereinafter, “Wachovia”) in the sum of $276,000.00; the first mortgage was recorded on June 24, 2002.

On March 27, 2006, Said secured a second mortgage in the sum of $214,803.39 with an accompanying note from Mortgage Electronic Registration Systems, Inc. (hereinafter “MERS”) as nominee for Hemisphere National Bank (hereinafter “MERS as nominee for Hemisphere”; the second mortgage was recorded on May 10, 2006. On March 27, 2006, a Consolidation, Extension, and Modification Agreement (hereinafter “CEMA”) was executed to consolidate the two mortgages to form a single lien for the sum of $480,000.00 (“Consolidated Mortgage”); this agreement and Consolidated Mortgage were recorded on May 10, 2006.

Six assignments occurred in the within action. On March 13, 2003, Wachovia assigned the first mortgage to MERS as nominee for Chase Manhattan Mortgage Corp. (hereinafter “MERS as nominee for Chase”); this assignment of the first mortgage was recorded on July 18, 2003. ( Exhibit I Said’s cross-motion.)

On March 6, 2006, the first mortgage was then assigned from Wachovia to MERS as nominee for Hemisphere; this assignment of the first mortgage was recorded on May 10, 2006.^[FN1]

On May 20, 2010, the Consolidated Mortgage was assigned from MERS as nominee for First United Bank (formerly known as Hemisphere National Bank) (hereinafter, “MERS as nominee for First United”) to First United Bank (hereinafter, “First United”); this assignment of the Consolidated Mortgage was recorded on June 1, 2010. [*3]

On August 27, 2010, the first mortgage was assigned from MERS as nominee for Chase to MERS as nominee for Hemisphere; this assignment of the first mortgage was recorded on September 21, 2010.

A Correction Assignment was executed on September 29, 2010, correcting the assignee’s name to U.S. Bank National Association, as Trustee for CSMC Mortgage-Backed Pass-Through Certificates, Series 2006-6 (CSMC 2006-6), (hereinafter, “plaintiff”); this correction assignment of the first mortgage was recorded on October 12, 2010. The execution date, as set forth in the recording and copy of CEMA, was September 29, 2010.^[FN2] (Exhibit H plaintiff’s motion for summary judgment.)

On September 30, 2010, a Correction GAP Assignment was executed from MERS as nominee for Chase to MERS to correct the assignee name to MERS and to include “GAP” in the document heading; this assignment of the first mortgage was recorded on October 14, 2010.

Said is in default for the January 2009 payment of the Consolidated Mortgage. Plaintiff commenced this action by filing a notice of pendency, summons, and complaint on October 5, 2010. The only defendant to either appear or answer the complaint was Said. On November 22, 2010, Said served a verified answer on plaintiff and on December 13, 2010, Said served a verified amended answer asserting affirmative defenses and counterclaims (hereinafter “amended answer”) on plaintiff. Plaintiff served a reply to Said’s amended answer, dated December 23, 2010.

Plaintiff contends that Said’s affirmative defenses are without merit. In particular, plaintiff contends that plaintiff has standing since there is no defect in the chain of assignments of the mortgage and that plaintiff, as the holder of the note and mortgage, is a proper party to bring this suit against Said. Furthermore, plaintiff contends that summary judgment should be granted and defendant’s affirmative answers should be stricken because defendant failed to raise a material issue of fact in its answer, and alternatively, that the affirmative defenses are without merit and that there are no material issues of fact. In support of its motion and in opposition to the Said’s motion to dismiss, plaintiff asserts that plaintiff has stated a cause of action; that plaintiff has standing because there is no defect in the chain of assignments of the mortgage; that plaintiff, as the holder of the note and mortgage, is a proper party; that plaintiff is not barred by estoppel since plaintiff has not acted in any way which would result in an expectation by defendants that they were no longer obligated to pay the note and mortgage; that plaintiff showed a reasonable likelihood of success on the merits because plaintiff’s complaint states a cause of action; that defendant cannot claim that damages sustained by plaintiff was caused by plaintiff’s culpable and/or negligent conduct in a breach of contract action; that because relief for foreclosure is statutory, an equitable relief is inappropriate; that plaintiff complied with RPAPL §§1303 and 1304; that an entitlement to a settlement conference pursuant to CPLR §3408 is not a valid defense to a mortgage foreclosure; and that plaintiff complied with the terms of the mortgage to provide a thirty day notice as a condition precedent to requiring “immediate payment in full.” Plaintiff further contends that plaintiff did not violate the Federal Truth in Lending Act (hereinafter, “TILA”), 15 U.S.C. §1601 et seq. because defendant’s counterclaim is time barred by the one year statute of limitations, a mortgage to be foreclosed is not a transaction [*4]relegated under 15 U.S.C. §1602(aa), and the total points and fees do not exceed eight percent of the entire loan. Plaintiff contends that defendant’s counterclaim that plaintiff violated the Real Estate Settlement Procedure Act (hereinafter, “RESPA”), 12 U.S.C. §2601 et seq.fails because defendant’s claim fails to state a cause of action upon which the Court may grant, defendant failed to substantiate a single violation of RESPA, defendant is time barred from any action based on a violation of RESPA.

In opposition, Said contends that plaintiff lacks standing and has no legal capacity to sue because the assignment in which plaintiff was assigned the first mortgage was invalid since there was an improper chain of assignments prior to the assignment involving plaintiff.

For the reasons set forth below, plaintiff’s motion for summary judgment pursuant to CPLR §3212 is denied in its entirety; and Said’s cross-motion for summary judgment dismissing plaintiff’s complaint pursuant to CPLR §3212 is grantedin its entirety.

To be properly before the court, lack of standing must be raised as a defense in defendant’s answer or amended answer or in a timely pre-answer motion to dismiss the complaint pursuant to CPLR §3211(a)(3). (See CPLR §3211[e]; U.S. Bank, N.A. v Denaro,98 AD3d 964, 965 [2d Dept 2012]; Wells Fargo Bank Minnesota, N.A. v Mastropaolo,42 AD3d 239, 244 [2d Dept 2007].) Here, Said asserted plaintiff’s alleged lack of standing as its second and third affirmative defenses in its verified amended answer. Thus, defendant has not waived the affirmative defense of plaintiff’s lack of standing.

“Where a defendant raises the issue of standing, the plaintiff must prove its standing to be entitled to relief.” (U.S. Bank, N.A. v Dellarmo, 94 AD3d 746, 748 [2d Dept 2012]; U.S. Bank, N.A. v Sharif, 89 AD3d 723, 724 [2d Dept 2011]; Bank of New York v Silverberg, 86 AD3d 274, 279 [2d Dept 2011]; U.S. Bank, N.A. v Collymore, 68 AD3d 752, 753 [2d Dept 2009].) “In a mortgage foreclosure action, a plaintiff has standing where it is both the holder or assignee of the subject mortgage and the holder or assignee of the underling note at the time the action is commenced.” (Denaro,98 AD3d at 964; Dellarmo, 94 AD3d at 748; Bank of New York, 86 AD3d at 279; Countrywide Homes Loans, Inc. v Gress, 68 AD3d 709, 709—10 [2d Dept 2009]; Collymore, 68 AD3d at 753; Wells Fargo Bank, N.A. v Marchione, 69 AD3d 204, 207 [2d Dept 2009]; Fed. Natl. Mtge. Assn. v Youkelsone, 303 AD2d 546,546—47 [2d Dept 2003].) In essence, for a plaintiff to commence a foreclosure action, “the plaintiff must have legal or equitable interest in the subject mortgage.” (GRP Loan, LLC v Taylor, 95 AD3d 1172, 1173 [2d Dept 2012]; Countrywide Homes Loans, Inc., 68 AD3d at 709; Marchione, 69 AD3d at 207.) Thus, ” foreclosure of a mortgage may not be brought by one who has no title to it’.” (Sharif, 89 AD3d at 724, quoting Kluge v Fugazy, 145 AD2d 537, 538 [1988]; see also Marchione, 69 AD3d at 207.)

Here, plaintiff has failed to prove that plaintiff has legal or equitable interest in the Consolidated Mortgage. The Corrected Assignment of the Mortgage provides, in relevant part, that

“Mortgage Electronic Registration Systems, Inc., as nominee for 1st United Bank, a Florida Banking Corporation as successor to Republic Federal Bank, N.A. formerly known as the Hemisphere National Bank, N.A. . . . (“Assignor”), all right, title and interest in an to that certain Mortgage executed by Amany Said as Mortgagor on March 18, 2002, and recorded in the Office of the Clerk of the County of QUEENS, State of New York, on June 24, 2002, . . . given to secure the payment of a promissory note in the original amount of Two Hundred, Seventy-Six Thousand, and 00/100 [*5]Dollars ($276,000.00) and interest. . . . This assignment is to fix the assignee information. The assignee information is to read: U.S. Bank National Association, as Trustee for CSMC Mortgage-Backed Pass-Through Certificates, Series 2006-6 (CSMC 2006-6). . . .”

The Corrected Assignment dated September 29, 2010, by its plain language, only assigned the first mortgage, not the Consolidated Mortgage and significantly, the corrected assignment was made and recorded after the recording of the Consolidated Mortgage. Hence, plaintiff does not have title to the Consolidated Mortgage in order to have standing to maintain an action against Said.

Furthermore, the assignments that were prior to the assignment to plaintiff were invalid. The third assignment assigned the Consolidated Mortgage from MERS as nominee for First United to First United granting ownership interest and the ability to assign the Consolidated Mortgage in only First United. The fourth assignment assigning only the first mortgage from MERS as nominee for Chase to MERS as nominee for Hemisphere was invalid because MERS as nominee for Chase did not have legal title to the mortgage at the time that this assignment was made, instead First United did. In addition, the fifth assignment assigning only the first mortgage from MERS as nominee for Hemisphere to plaintiff was also invalid because MERS as nominee for Hemisphere did not have legal title to the mortgage at the time that this assignment was made, instead First United did. Plaintiff lacks standing because of an improper chain of assignments..

In the instant action, Said raised the issue of standing in its affirmative defenses and its amended answer and plaintiff failed to prove its standing to be entitled to relief. Plaintiff moved for an order for summary judgment on the ground that defendant’s answers did not raise triable issues of fact, including that plaintiff had standing to bring this suit; while defendant cross-moved for an order for summary judgment on the ground that plaintiff lacked standing maintain the within action.

In order to grant summary judgment, there must be no issues of material and triable facts to be resolved at trial. (See Suffolk County Dept. of Social Serv. on Behalf of Michael V. v James M., 83 NY2d 178, 182 [1994]; Sommer v Fed. Signal Corp., 79 NY2d 540, 554—55 [1992]; Andre v Pomeroy, 35 NY2d 361, 364 [1974]; Sillman v Twentieth Century-Fox Film Corp., 3 NY2d 395, 404 [1957]; Lopez v Beltre, 59 AD3d 683, 683 [2d Dept 2009]; Baker v D.J. Stapleton, Inc., 43 AD3d 839, 839 [2d Dept 2007].) However, if “there is any doubt as to the existence of such issues . . . or where the issue is arguable’,” then summary judgment should not be granted. (Sillman, 3 NY2d at 404.]) Here, as shown above, there are no issues of triable fact as to plaintiff’s lack of standing to bring this suit against Said.

Since there is no issue of fact that plaintiff lacks standing, this court need not address the other issues raised in plaintiff’s motion for summary judgment and in defendant’s cross-motion for summary judgment.

For the reasons set forth above, plaintiff’s motion for summary judgment pursuant to CPLR §3212 is denied in its entirety; and defendant’s cross-motion for summary judgment dismissing plaintiff’s complaint pursuant to CPLR §3212 is grantedin its entirety

This constitutes the decision and order of this court.

Dated: January 7, 2013

______________________________ [*6]

Bernice D. Siegal, J. S. C.

Footnote 1: The Court notes that plaintiff’s motion for summary judgment incorrectly labels this assignment. In the motion papers and complaint, plaintiff states that the mortgage was assigned from MERS to MERS as nominee for Hemisphere. The assignment of the mortgage states that assignor was Wachovia, but on top states MERS as assignor. The assignment of mortgage or deed of trust states that the assignee is MERS as nominee for Hemisphere on top and then further down states MERS as nominee for Chase as assignee (this is found in Exhibits A & H of plaintiff’s motion for summary judgment and in Exhibit J in defendant’s cross-motion).

Footnote 2:The Court notes that the plaintiff’s complaint erroneously states the execution date as September 20, 2012.

Attorney General Jack Conway announced that his office filed a lawsuit today in Franklin Circuit Court against MERSCORP Holdings, Inc., and its wholly owned subsidiary Mortgage Electronic Registration Systems, Inc. (MERS) for violations of Kentucky law. The lawsuit is a result of General Conway’s investigation of mortgage foreclosure issues in Kentucky.

The lawsuit alleges that MERS violated Kentucky law by not recording mortgage assignments with County Clerks when mortgages were sold or transferred from one bank to another. By law, mortgage assignments must be recorded in the appropriate County Clerk’s office and a $12 fee is collected by the clerks on behalf of the Commonwealth of Kentucky.

“Kentucky’s statute is clear. It requires assignments be recorded with County Clerks, and MERS directly violated that law by creating this system that provides no public record of sales or transactions and deliberately circumvents paying recording fees to states,” General Conway said. “The process makes it difficult for consumers to access data to find out who owns their loans, and the Commonwealth is ripped off when it comes to recording fees.”

MERS was created in 1995 to enable the mortgage industry to avoid state recording fees, allow for the rapid sale and securitization of mortgages, and shorten the time it takes to pursue foreclosure actions. Its corporate shareholders include, among others, Bank of America, Wells Fargo, Fannie Mae, Freddie Mac, and the Mortgage Bankers Association.

Currently more than 6,500 MERS members pay for access to the private system. More than 70 million mortgages have been registered on the system. The lawsuit alleges that since MERS’ creation in 1995, members have avoided paying more than $2 billion in recording fees nationwide.

Hundreds of thousands of Kentucky loans are registered in the MERS system. As a result of not publicly recording the mortgage assignments and paying the required fees, the lawsuit alleges that MERS violated Kentucky’s Consumer Protection Act by committing unfair, false, misleading or deceptive conduct. Under Kentucky law, MERS could be fined up to $2,000 for every violation.

source: kentucky.gov

Where are the disclosures of any conflicts of interest involving robo-signing …etc.?

Bloomberg-

The Securities and Exchange Commission couldn’t get Ken Lewis on any securities-law violations after he helped drive Bank of America Corp. into the ground as its chief executive officer. Now the SEC is poised to get his attorney as its new chairman — and Morgan Stanley’s, too.

Mary Jo White is set to become the next chairman of the Securities and Exchange Commission. President Barack Obama is scheduled to make the announcement this afternoon at the White House. Assuming she is confirmed by the Senate, the former U.S. attorney from Manhattan will take over an agency that is ridiculed more than feared.

[BLOOMBERG]

Bloomberg-

* Union says ‘Whale’ loss is reason to divide JPMorgan

* AFL-CIO fund says bank has become too big to manage

* Another union group targets Bank of America, Citigroup

By Rick Rothacker and David Henry

Jan 24 (Reuters) – A federation of U.S. labor unions is looking to force JPMorgan Chase’s board to consider breaking up the company after the disastrous “London Whale” affair, but the bank is trying to ensure that its shareholders do not get to vote on the union’s proposal.

The largest U.S. bank is seeking permission from the U.S. Securities and Exchange Commission to omit the proposal from the measures that shareholders vote on this spring, according to a letter sent to the agency on January 14.

[BLOOMBERG]

RT-

‘­Hollywood is a very important contributor to Obama’

RT: You’ve blamed President Obama and the Obama administration for colluding with movie companies in order to orchestrate this giant arrest here in New Zealand. Is this kind of give-and-take relationship between Washington and Hollywood all that you say it is? Or are you just the exception? Does this really exist?

Kim Dotcom: You have to look at the players behind this case, okay? The driving force, of course, is Chris Dodd, the chairman of the MPAA [Motion Picture Association of America]. And he was senator for a long time and he is — according to [US Vice President] Joe Biden — Joe Biden’s best friend. And the state attorney that is in charge of this case has been Joe Biden’s personal counsel, Neil MacBride, and [he] also worked as an anti-piracy manager for the BSA, the Business Software Association, which is basically like the MPAA but for software companies.

[RT]

image: AFP Photo/Michael Bradley

Special Note: You may have seen documents executed out of Williamson County on behalf of IndyMac/OneWest & FDIC, amongst others.

Via- Dave Krieger – CloudedTitles.com

NEWS RELEASE
Contact: Connie Watson

FOR IMMEDIATE RELEASE
512-943-1663 (office)
512-844-3542 (cell)

COUNTY CLERK CONDUCTS AUDIT OF REAL PROPERTY RECORDS

January 24, 2013 (Williamson County, TX) –Williamson County Clerk Nancy Rister has had an audit conducted of the County’s Official Public Records (OPR). This audit is the first of its type for the State of Texas; however, these audits have been conducted in other states.

The County hired DK Consultants out of San Antonio to perform the audit last October. The process took one week to audit official public records including trustees’ deeds, deeds, assignments of deed of trust, and other documents. On Tuesday, January 29, 2013, the Williamson County Commissioners Court will hear a presentation of the findings of the real property records audit during its regular court meeting starting at 9:30 a.m. in the Commissioners Courtroom on the second floor of the historic county courthouse, 710 S. Main Street, in Georgetown.

“During the audit, they are reviewing the documents for errors created by third party document manufacturers which can create a chain of title problem,” stated County Clerk Nancy Rister. “These errors are violations of state law and will be referred to the Attorney General’s Office.” The results of the audit revealed hundreds of issues involving suspect robosigning, suspect surrogate signing, suspect notary fraud and suspect forgery.

The Williamson County Clerk’s Office estimates that it has lost more than $957,000 because of documents that have not been recorded and should have been according to Texas law.

In addition, the public is being victimized by the lack of accurate records and in some cases the loss of their home. The OPR audit cost $12,500 and was paid for from the County Clerk’s records management fund. In addition, County Clerk Nancy Rister pointed out that some of these issues can be detected through Property Fraud Alert Software recently purchased and available on the Clerk’s website.

The new software allows Williamson County residents to sign up for notifications if documents are filed in Official Public Records with their names on them.

###

[ipaper docId=122246406 access_key=key-33wto3mws528zucaknb height=600 width=600 /]

IRS-

IR-2013-8, Jan. 24, 2013

WASHINGTON — The Internal Revenue Service today announced guidance to borrowers, mortgage loan holders and loan servicers who are participating in the Principal Reduction Alternative^SM offered through the Department of the Treasury’s and Department of Housing and Urban Development’s Home Affordable Modification Program^® (HAMP-PRA^®).

To help financially distressed homeowners lower their monthly mortgage payments, Treasury and HUD established HAMP, which is described at www.makinghomeaffordable.gov. Under HAMP-PRA, the principal of the borrower’s mortgage may be reduced by a predetermined amount called the PRA Forbearance Amount if the borrower satisfies certain conditions during a trial period. The principal reduction occurs over three years.

More specifically, if the loan is in good standing on the first, second and third annual anniversaries of the effective date of the trial period, the loan servicer reduces the unpaid principal balance of the loan by one-third of the initial PRA Forbearance Amount on each anniversary date. This means that if the borrower continues to make timely payments on the loan for three years, the entire PRA Forbearance Amount is forgiven. To encourage mortgage loan holders to participate in HAMP–PRA, the HAMP program administrator will make an incentive payment to the loan holder (called a PRA investor incentive payment) for each of the three years in which the loan principal balance is reduced.

[IRS.GOV]

Must Watch Video

by nyuschooloflaw on Feb 9, 2012

A day after his Frontline appearance!

WaPO-

Lanny A. Breuer is leaving the Justice Department after leading the agency’s efforts to clamp down on public corruption and financial fraud at the nation’s largest banks, according to several people familiar with the matter.

As one of the longest-serving heads of the criminal division, Breuer’s tenure has been filled with controversy and high-profile prosecutions. He was admonished for his role in the agency’s botched attempt to infiltrate weapon-smuggling rings in the operation dubbed Fast and Furious. And he has been accused of being soft on Wall Street for failing to throw senior bank executives behind bars for their role in the financial crisis.

[WASHINGTON POST]

If you missed the great piece exposing the DOJ’s lack of prosecuting Wall Street.

Embarrassing to say the least.

You can catch the re-play: Watch Now | The Untouchables: FRONTLINE investigates why Wall Street’s leaders have escaped prosecution for mortgage related fraud

via twitter pics- http://t.co/j6We5E6m