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Tag Archive | "CitiGroup"

The Bankers’ Subversion of the Rule of Law, Notary and Land Records edition

The Bankers’ Subversion of the Rule of Law, Notary and Land Records edition


Abigail C. Filed-

Hi

For the next couple of weeks, I’m one of the David Dayen subs at FireDogLake–no one person could fill his shoes–and this post ran there earlier today. This version is slightly updated but essentially the same.

One way to see the double standard at the heart of the foreclosure fraud—one set of laws for the bailed out banks, one for the rest of us—is to focus on the role of notaries public, and then consider that role in light of what our Supreme Court said about notaries in 1984, in a case called Bernal v. Fainter, Secretary of State of Texas.

First, let’s recap the role of notaries in the foreclosure fraud crisis: Notaries are the people who verify that someone actually is who they say they are when that person signs a document. Because banks and their agents industrialized “Document Execution” as part of their foreclosure business model, notaries did not do their jobs. Notaries’ failure to verify identities has been so complete that many people will sign as one person, say, “Linda Green.” Notaries have also been told to sign documents using one name, and then notarize their own “surrogate” signature. “Well, what’s the big deal?” bank defenders say. Beyond the fact that there’s no “business convenience” exception to following the rule of law, consider Bernal.

Bernal involved Texas’s requirement that all notaries be citizens; lawful permanent resident aliens need not apply. Bernal challenged the Constitutionality for the citizenship requirement. To rule on the question, the Court had to consider what notaries did, and whether or not what notaries did was so political, so central to representative democracy, that limiting being a notary to citizens was rational. In finding that notaries were important but not political officers of the state, the Court made some observations of note.

[REALITY CHECK]

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Review Finds Possible Flaws in More Than 138,000 Bank Foreclosures

Review Finds Possible Flaws in More Than 138,000 Bank Foreclosures


Not this word again “Flaw”…it’s FULL   B L O W N   FRAUD!

Why wasn’t this review done prior to any settlement? Because they never began any investigation.

DealBook-

The nation’s biggest banks may have put the huge $25 billion settlement over bad foreclosure practices behind them, but that doesn’t mean their mortgage troubles are over.

A separate review — this time by independent consultants on behalf of the Office of the Comptroller of the Currency — flagged more than 138,000 cases for possible flaws in the foreclosure process at the nation’s largest mortgage servicers. Those include foreclosures involved with the so-called robo-signing scandal, in which bank representatives churned through hundreds of documents a day in foreclosure proceedings without reviewing them for accuracy.

[DEALBOOK]

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Citigroup Whistle-Blower Says Bank’s ‘Brute Force’ Hid Bad Loans From U.S.

Citigroup Whistle-Blower Says Bank’s ‘Brute Force’ Hid Bad Loans From U.S.


Keep rewarding these dead beats, making them serve no jail time and they shall continue buying their settlements for as long as they go unpunished!

BLOOMBERG-

Four years after rotten mortgages helped trigger a global financial crisis, Sherry Hunt said her Citigroup Inc. quality-control team was still finding flaws in new loans that included altered tax forms, straw buyers and borrowers who listed fictitious employers.

Instead of reporting the defects to the Federal Housing Administration, the bank saddled the agency with losses by falsely declaring the loans fit for its federal insurance program, according to a complaint filed yesterday by the U.S. Attorney’s Office in Manhattan. Citigroup agreed to pay $158.3 million to settle the claims, and admitted that it certified loans for FHA backing that didn’t qualify.

[BLOOMBERG]

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U.S. Plans to Sue Banks Over Mortgage-Related Actions Linked to the Financial Crisis – WSJ

U.S. Plans to Sue Banks Over Mortgage-Related Actions Linked to the Financial Crisis – WSJ


Yea… OK… Just like you gave them a free pass over the Foreclosure Fraud. Aren’t most working for the Obama Administration?

Elections are around the corner!

WSJ-

Federal securities regulators plan to warn several major banks that they intend to sue them over mortgage-related actions linked to the financial crisis, according to people familiar with the matter.

The move would mark a stepped-up regulatory effort to hold Wall Street accountable for its sale of bonds linked to subprime mortgages in 2007 and 2008. At issue is whether the banks misrepresented the poor quality of loan pools they bundled and sold to investors, the people said.

It isn’t clear which firms will receive the formal Securities and Exchange Commission enforcement warnings, known as “Wells notices.”

Banks whose activities …

[WALL STREET JOURNAL]

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TREVINO vs MERSCORP | MERS Settles, Avoiding Class Action Foreclosure Fee Lawsuit

TREVINO vs MERSCORP | MERS Settles, Avoiding Class Action Foreclosure Fee Lawsuit


An 11th-hour settlement is expected to stave off potential class action status in a lawsuit that claims foreclosed borrowers were overcharged for attorneys’ fees that the Mortgage Electronic Registration Systems Inc. did not actually incur.

National Mortgage News-

The plaintiffs, Jose and Lorry Trevino, filed a motion seeking class action status and an amended complaint on Jan. 12. The defendants had until Jan. 17 to respond, but received a two-week extension, “so that the parties can memorialize their settlement,” according to court documents filed Jan. 13.

The parties have agreed to terms, but the settlement is pending final paperwork. The case hasn’t been dismissed and likely won’t until the settlement is finalized.

The suit, originally filed in 2007, names Merscorp and a number of its shareholders, including Citigroup, Countrywide, Fannie Mae, Freddie Mac, GMAC Residential Funding, HSBC, JPMorgan Chase, Washington Mutual and Wells Fargo.

[NATIONAL MORTGAGE NEWS]

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Former Ameriquest Employee fired after he reported illegal activity, sued under the whistleblower provision of the Sarbanes Oxley Act of 2002

Former Ameriquest Employee fired after he reported illegal activity, sued under the whistleblower provision of the Sarbanes Oxley Act of 2002


Those of you who’ve had any dealings with Ameriquest may find this interesting…


Via William McCloskey

William McCloskey worked for Ameriquest from November 2004 till March 2005. William was fired after he reported illegal activity behind the walls of his Ameriquest branch, which virtually mirrored all of the widespread reports about the company (to local detectives, the PA Attorney General, the S.E.C. and the F.B.I).

William sued Ameriquest Mortgage Company under the whistleblower provision of the Sarbanes Oxley Act of 2002. The act pertained to publicly traded companies and issuers of securities under Section 15(d) and 12h-3 of the Securities and Exchange Act of 1934.

[WJM 7]

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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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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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Barney Frank requests hearing on mortgage abuses at Ally

Barney Frank requests hearing on mortgage abuses at Ally


Just one day after Attorney General Martha Coakley urged Congress to investigate Ally, GMAC, this comes.

REUTERS-

Congressman Barney Frank on Wednesday asked his colleagues to hold a hearing on alleged mortgage abuses at Ally Financial, a day after the attorney general from his home state of Massachusetts requested that lawmakers investigate.

“Given Ally’s significant role in the mortgage business and the federal government’s considerable financial investment,” Frank wrote to Spencer Bachus, the chairman of the House Financial Services Committee, “a prompt investigation of this matter by the Committee is warranted.”

The U.S. Treasury owns some 74 percent of Ally after a 2008 investment in the firm.

Last week Massachusetts sued Ally’s mortgage unit, GMAC Mortgage, and four other top banks for allegedly pursuing illegal foreclosures and deceiving homeowners whose loans they service.

[REUTERS]

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LETTER: Attorney General Martha Coakley urges Congress to investigate Ally, GMAC

LETTER: Attorney General Martha Coakley urges Congress to investigate Ally, GMAC


THE COMMONWEALTH OF MASSACHUSETTS
OFFICE OF THE ATTORNEY GENERAL
ONE ASHBURTON PLACE
BOSTON, MASSACHUSETTS 02108
MARTHA COAKLEY
ATTORNEY GENERAL
(617) 727-2200
www.mass.gov/ago

December 6, 2011
The Honorable Tim Johnson
Chairman

U.S. Senate Committee on Banking, Housing, and Urban Affairs
534 Dirksen Senate Office Building
Washington, D.C. 20510

The Honorable Spencer Bachus
Chairman
U.S. House Committee on Financial Services
2129 Rayburn House Office Building
Washington, DC 20515

Re: Ally Financial; GMAC Foreclosure Behavior

I am writing regarding what we believe is serious misconduct committed by Ally
Financial, through its subsidiary GMAC Mortgage, against homeowners in
Massachusetts.

Last week, our office filed a lawsuit against Ally and four national banks for
pursuing illegal foreclosures and deceptive loan servicing. Ally and other banks charted
a destructive path by cutting corners and rushing to foreclose on homeowners without
following the rule of law, which has exacerbated the nation’s foreclosure crisis.
In light of Ally’s alleged deceptive and illegal actions against homeowners in
Massachusetts and across the country, I respectfully request that your committees
investigate Ally’s serious misconduct and consider what actions the federal government
can take to ensure that Ally adheres to the law.

[…]

[ipaper docId=74953296 access_key=key-26rwiob9swfb2t53q7p9 height=600 width=600 /]

 

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Secrets of the Bailout, Now Revealed – Gretchen Morgenson

Secrets of the Bailout, Now Revealed – Gretchen Morgenson


I’ve always said if walls could talk in these secretive rooms, look no further than Gretchen to shut it down with a story.

NYT-

A FRESH account emerged last week about the magnitude of financial aid that the Federal Reserve bestowed on big banks during the 2008-09 credit crisis. The report came from Bloomberg News, which had to mount a lengthy legal fight to wrest documents from the Fed that detailed its rescue efforts.

It is dispiriting, of course, that we are still learning about the billions provided to various financial firms during the crisis. Another sad element to this mess is that getting the truth requires the legal firepower of an organization as rich as Bloomberg.

[NEW YORK TIMES]

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Prosecuting Wall Street, pt. 2 – 60 Minutes – CBS News

Prosecuting Wall Street, pt. 2 – 60 Minutes – CBS News


Two high-ranking financial whistleblowers say they tried to warn their superiors about defective and even fraudulent mortgages. So why haven’t the companies or their executives been prosecuted? Steve Kroft reports.

Read Story: Prosecuting Wall Street

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Foreclosure Fraud Expert Marie McDonnell Commends Attorney General Martha Coakley’s Lawsuit Against Banks and MERS

Foreclosure Fraud Expert Marie McDonnell Commends Attorney General Martha Coakley’s Lawsuit Against Banks and MERS


Marie McDonnell, President of McDonnell Property Analytics, Inc., and a pioneer in exposing fraudulent and illegal practices in the mortgage industry through her forensic audits, today commends Attorney General Martha Coakley and her staff for filing a comprehensive lawsuit against Bank of America Corp., Wells Fargo & Co., J.P. Morgan Chase & Co., Citigroup, Ally Financial Inc., MERS and MERSCORP, Inc.

“Today, AG Coakley took strong and decisive action to enforce the rule of law and obtain meaningful
relief for Massachusetts consumers. As someone who has worked extensively with homeowners who
have faced the threat of foreclosure due to unforeseen circumstances such as illness and job loss, or
because they were intentionally victimized by these banks for profit motives, I feel it is imperative that
the banks be held responsible for the damage they have caused to people’s lives, their communities and
the Commonwealth at large. I applaud AG Coakley for having the courage to stand up to these rogues
and hold them accountable for what they have done, and I look forward to the relief and restitution that
this will bring families moving forward.”

McDonnell was tapped by John O’Brien, Register of the Essex Southern District Registry of Deeds in
Salem, to perform an in-depth forensic examination of assignments of mortgage recorded during 2010
to and from JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., and Bank of America, N.A. to test the
transparency and integrity of his registry. The audit gained national attention and uncovered massive
fraud and defects in title, such as:

  • · Only 16% of all mortgage assignments examined are valid
  • · 75% of all assignments examined are invalid and 8.7% are questionable
  • · 27% of the invalid assignments are fraudulent, 35% are “robo-signed” and 10% violate the

Massachusetts Mortgage Fraud Statute.

  • · 683 assignments are missing, translating to approximately $180,000 in lost recording fees per

1,000 mortgages whose current ownership can be traced.

The audit also revealed the pervasive role of MERS in the mortgage industry:

  • · 46% of mortgages are MERS registered
  • · 47% are owned by Government Sponsored Enterprises (Fannie Mae, Freddie Mac, Ginnie Mae)
  • · Typically ownership of these mortgages is obscure

One little-known fact revealed by McDonnell’s audit is that when JPMorgan Chase Bank, N.A., Wells
Fargo Bank, N.A. and Bank of America, N.A. issue mortgage loans directly to consumers, they do not
register them into the MERS System. McDonnell also found that these banks do not record interim
assignments of mortgage and are in large part responsible for corrupting the chain of title in John
O’Brien’s registry.

McDonnell’s audit supports Attorney General Coakley’s allegations that these banks committed unlawful
foreclosures and engaged in deceptive practices.

McDonnell Property Analytics has and will continue to assist individual homeowners facing foreclosure
and the attorneys who represent them.

[ipaper docId=74648926 access_key=key-hy53up5vs4or89m2vcw height=600 width=600 /]

 

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CAPITAL STRIKE! GMAC stops mortgage lending in MA in response to AG lawsuit

CAPITAL STRIKE! GMAC stops mortgage lending in MA in response to AG lawsuit


SO WHAT WHO CARES… There are credit unions!

Mass AG: “In this state, banks must follow laws. It appears GMAC acknowledges it has a problem following those laws & being held accountable.”

WSJ-

GMAC Mortgage, the mortgage lender of Ally Financial Inc., is exiting the vast majority of its lending in Massachusetts a day after the state sued it over its foreclosure practices.

The nation’s fifth-largest mortgage originator said it “has taken this action because recent developments have led mortgage lending in Massachusetts to no longer be viable,” ratcheting up the high-stakes mortgage fight there.

Attorney General Martha Coakley sued the five biggest mortgage servicers Thursday, in the first government lawsuit targeting all five for alleged improper foreclosure practices including so-called robo-signing. The practice involves people who allegedly signed many foreclosure documents …

[WALL STREET JOURNAL]

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MA Attorney General Martha Coakley & Reg. Of Deeds John O’Brien on NBC Nightly News w/ Brian Williams [VIDEO]

MA Attorney General Martha Coakley & Reg. Of Deeds John O’Brien on NBC Nightly News w/ Brian Williams [VIDEO]


“The single most important thing we can do to return to a healthy economy is to address this foreclosure crisis,” said AG Coakley.  “Our suit alleges that the banks have charted a destructive path by cutting corners and rushing to foreclose on homeowners without following the rule of law. Our action today seeks real accountability for the banks illegal behavior and real relief for homeowners.”

 

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Massachusetts AG Coakley Takes on the Banks | Abigail C. Field

Massachusetts AG Coakley Takes on the Banks | Abigail C. Field


Abigail C. Field-

The posse of Wall Street Sheriffs just got bigger: Massachusetts Attorney General Martha Coakley joined Nevada Attorney General Catherine Cortez Masto, New York Attorney General Eric Schneiderman and Delaware Attorney General Beau Biden. AG Coakley’s effort is the most comprehensive to date by far, in that she sues five major banks (Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally) and MERS for unlawful and deceptive conduct. (AG Masto still retains the title as the only AG bold enough to indict people.) Her suit does not include all the kinds of claims other AGs have alleged, however, and some of the claims are uniquely provable under Massachusetts law.

[REALITY CHECK]

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Five National Banks Sued by AG Coakley in Connection with Illegal Foreclosures and Loan Servicing

Five National Banks Sued by AG Coakley in Connection with Illegal Foreclosures and Loan Servicing


First Comprehensive Lawsuit to Address Foreclosure Crisis Seeks to Hold Banks Accountable For Illegal and Deceptiv

Bank of America, Wells Fargo, JP Morgan Chase, Citi, and GMAC All Named As Defendants; Mortgage Electronic Registration System (“MERS”) Also Sued 

BOSTON – Five national banks have been sued in connection with their roles in allegedly pursuing illegal foreclosures on properties in Massachusetts as well as deceptive loan servicing, Attorney General Martha Coakley announced today.  The lawsuit was filed today in Suffolk Superior Court against Bank of America, Wells Fargo, JP Morgan Chase, Citi, and GMAC.  It also names Mortgage Electronic Registration System, Inc. (“MERS”) and its parent, MERSCORP Inc., as defendants.

“The single most important thing we can do to return to a healthy economy is to address this foreclosure crisis,” said AG Coakley.  “Our suit alleges that the banks have charted a destructive path by cutting corners and rushing to foreclose on homeowners without following the rule of law. Our action today seeks real accountability for the banks illegal behavior and real relief for homeowners.”

In the complaint pdf format of    Complaint Against 5 National Banks  , the Attorney General alleges these five entities engaged in unfair and deceptive trade practices in violation of Massachusetts’ law by:

  • Pervasive use of fraudulent documentation in the foreclosure process, including so-called “robo-signing”;
  • Foreclosing without holding the actual mortgage (“Ibanez” violations);
  • Corrupting Massachusetts’ land recording system through the use of MERS;
  • Failing to uphold loan modification promises to Massachusetts homeowners.

USE OF FALSE DOCUMENTS TO EXPEDITE FORECLOSURES “ROBO-SIGNING”:

According to the complaint, the banks used false documentation in the foreclosure process, including so-called “robo-signing”, whereby bank personnel signed affidavits that were untrue, or not based on the signor’s actual knowledge.  An entity wishing to foreclose on a property must demonstrate it has filed an affidavit in compliance with Massachusetts law.  By  October 2010, the banks’ flagrant disregard of affidavit and notary process requirements became widely known.  Filings with various Registers of Deeds provided to the Attorney General’s Office revealed the pervasive use of mortgage service employees to sign hundreds of affidavits and sworn statements without personal knowledge of the information contained in those affidavits.   Evidence also suggests these practices were not confined to the foreclosure process, but also used in the assignment, transfer and modification of mortgages secured by property in Massachusetts.

FORECLOSING WITHOUT LEGAL AUTHORITY “IBANEZ VIOLATIONS”:

Second, these five entities participated in unlawful foreclosures when they commenced foreclosures on mortgages where they were not the holders of those mortgages.  The Supreme Judicial Court (SJC), in Commonwealth v Ibanez, recently upheld Massachusetts law and stated that “only the present holder of a mortgage is authorized to foreclose on the mortgaged property.”  The complaint alleges that these entities ignored this fundamental legal mandate and proceeded to foreclosure even though they did not hold the mortgage, and thus had no legal authority to conduct the foreclosure.  The banks’ failure to obtain a valid assignment of the mortgage prior to foreclosure has adversely impacted titles to hundreds, if not thousands, of properties in the Commonwealth.  The complaint alleges that the banks falsely claimed to be the holder of a mortgage in several foreclosure documents even though they failed to obtain a valid assignment of the mortgage.

UNDERMINING PUBLIC RECORDS “MERS”:

Third, the complaint alleges that these banks have undermined our public land record system through the use of MERS, a private electronic registry system.  According to the complaint, the creation and use of MERS was adopted by these defendants primarily to avoid land registration and recording requirements, including payment of recording and registration fees, and to facilitate sales of mortgage loans.  The use of MERS has resulted in a lack of transparency as to the entities that have the legal authority to enforce mortgages, and unfairly conceals from borrowers the true identity of the holder of the debt.  Since 1997, more than 63 million home loans have been registered on the MERS System, accounting for more than 60 percent of all newly-originated mortgage loans.  The complaint also alleges that through the use of the MERS system, the banks unlawfully failed to register assignments of mortgages and transfers of the beneficial interests in mortgages.

MISREPRESENTING LOAN MODIFICATION PROGRAMS:

Finally, the complaint alleges the banks deceived and misrepresented to borrowers the process, requirements, and availability of loan modifications.   The banks publically claimed to be engaged in widespread loan modifications aimed at preserving home ownership and avoiding unnecessary foreclosures.   Through the National Homeownership Retention Program, which commenced on November 6, 2008, these banks represented that they would work with borrowers to help them avoid unnecessary foreclosures by reducing monthly mortgage payments to affordable and sustainable levels.  The complaint alleges these banks misled borrowers about their eligibility for this program and the amount of relief available, failed to achieve a significant level of modifications, and often strung along borrowers for months in trial modifications that were ultimately rejected. 

The AG’s lawsuit seeks civil penalties, restitution for harm to borrowers and compensation for registration fees that were avoided. The lawsuit also seeks to hold the banks accountable through permanent injunctive relief to provide a solution for prior unlawful foreclosures and to require that the banks, going forward, register assignments and other documents in accordance with Massachusetts law.

The lawsuit follows more than a year of negotiations with the banks over a 50-state settlement focused around the issues of fraudulent documents, including “robo-signing.”  AG Coakley had made clear that she would not sign on to an agreement with the banks if it included broad liability release regarding MERS and other issues or if she did not believe the banks had come to the table with an offer in the best interest of Massachusetts.

AG Coakley’s office has been a national leader in holding banks and investment giants accountable for their roles in the economic crisis.  AG Coakley has obtained recoveries from Morgan Stanley, Goldman Sachs, Royal Bank of Scotland, Countrywide, Fremont Investment & Loan, Option One, and others on behalf of Massachusetts homeowners.  As a result of these actions, her office has recovered more than $600 million in relief for investors and borrowers, helped keep more than 25,400 people in their homes, and returned nearly $60 million in taxpayer funds back to the Commonwealth.

More information about AG Coakley’s work during the lending crisis can be found here pdf format of    Subprime Lending Crisis Factsheet  .

The lawsuit is being handled by Attorney General Martha Coakley’s Consumer Protection Division, including Assistant Attorneys General Amber Villa, John Stephan, Sara Cable, and Justin Lowe; Acting Division Chief David Monahan; Chris Barry-Smith, Chief of the Public Protection & Advocacy Bureau and Stephanie Kahn, Deputy Chief of the Public Protection & Advocacy Bureau.

 

######################

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COMPLAINT | Commonwealth of Massachusetts vs.  MERS, MERSCORP, BofA (BAC), Wells Fargo, CitiMortgage, JPMorgan Chase, Ally

COMPLAINT | Commonwealth of Massachusetts vs. MERS, MERSCORP, BofA (BAC), Wells Fargo, CitiMortgage, JPMorgan Chase, Ally


COMMONWEALTH OF MASSACHUSETTS
SUFFOLK COUNTY SUPERIOR COURT DEPART

COMMONWEALTH OF MASSACHUSETTS
PLAINTIFF

vs.

BANK OF AMERICA, NA., BAC HOME
LOANS SERVICING, LP, BAC GP, LLC,
JPMORGAN CHASE BANK, N.A:, CrrIBANK,
NA., CITIMORTGAGE, rNC., GMAC
MORTGAGE, LLC, WELLS FARGO BANK,
N.A., MORTGAGE ELECTRONIC
REGISTRATION SYSTEK INC„ and
MERSCORP, INC.,
DEFENDANTS

 

[ipaper docId=74404114 access_key=key-1am5u5umyvfcaay5kqzo height=600 width=600 /]

 

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Massachusetts AG Coakley to announce “comprehensive lawsuit” on foreclosure documentation against MERS, BofA, Wells, Citi, JPM, Ally

Massachusetts AG Coakley to announce “comprehensive lawsuit” on foreclosure documentation against MERS, BofA, Wells, Citi, JPM, Ally


Developing Story… Come Back and check real soon!

WE SAW THIS COMING!

WILL NEW YORK BE NEXT?

.

.

 The Commonwealth of Massachusetts

Office of the Attorney General

ONE ASHBURTON PLACE

BOSTON, MASSACHUSETTS 02108

(617) 727-2200

 (617) 727-4765 TTY

www.mass.gov/ago

 

FOR IMMEDIATE RELEASE:                                           MEDIA CONTACT:

December 1, 2011                                                                  Press Office

                                                                                                (617) 727-2543

                                                                       

MEDIA ADVISORY

 

AG COAKLEY TO HOLD PRESS CONFERENCE TO ANNOUNCE NATION’S FIRST COMPREHENSIVE LAWSUIT AGAINST 5 NATIONAL BANKS TO ADDRESS FORECLOSURE CRISIS

Files Suit After More Than Year of 50-State Negotiations

 

WHAT:           Massachusetts Attorney General Martha Coakley will hold a press conference this afternoon to announce that her office has filed the nation’s first comprehensive lawsuit against the five major national banks regarding the foreclosure crisis.  The lawsuit was filed today in Suffolk Superior Court against Bank of America, Wells Fargo, JP Morgan Chase, Citi, and Ally Financial.  It also names Mortgage Electronic Registration System, Inc. and its parent, MERSCORP Inc, as defendants. 

 

The AG’s lawsuit seeks accountability for the banks’ unlawful and deceptive conduct in the foreclosure process, including unlawful foreclosures, false documentation and robo-signing, MERS, and deceptive practices related to loan modifications.

 

WHO:             Massachusetts Attorney General Martha Coakley

WHEN:          TODAY at 1:00 PM              

 

WHERE:     Massachusetts Attorney General’s Office

   One Ashburton Place

                        20th Floor

                        Boston, MA   

 

CALL IN:       For those who cannot attend the press conference, you may listen to the audio by dialing into the conference number below. A prompt will then ask you for the Access Code. Please note that you will not be able to ask questions via the conference line.

 

PHONE NUMBER     877-820-7831

ACCESS CODE          379877

 

 

##########

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Judge Rakoff’s Ruling in S.E.C. v. Citigroup Global Markets

Judge Rakoff’s Ruling in S.E.C. v. Citigroup Global Markets


UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK

U.S. SECURITIES COMMISSION,
AND
EXCHANGE
Plaintiff,

v-

CITIGROUP GLOBAL MARKETS INC.,
Defendant.
————-

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Judge rejects $285M Citigroup settlement, says the case should go to trial so the public can know the truth

Judge rejects $285M Citigroup settlement, says the case should go to trial so the public can know the truth


Get all these cases away from the regulators reach and into the hands of the people.

One by one they all will go down.

Seek the Truth.

 AP-

A federal judge in New York has struck down a $285 million settlement that Citigroup reached with the Securities and Exchange Commission, citing a need for truth about the financial markets.

Judge Jed Rakoff rejected the settlement Monday. The deal would have imposed penalties on Citigroup even as it allowed the company to deny allegations that it misled investors on a complex mortgage investment. The SEC has accused the bank of betting against the investment in 2007 and making $160 million, while investors lost millions.

The judge wrote that there is an overriding public interest in knowing the truth about the financial markets. He set a July 16 trial date for the case.

[ASSOCIATED PRESS]

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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DAN RATHER: Avoiding the Auction Block – RALI Series Exposed, Goldman Sachs, Aurora, UBS, CitiGroup

DAN RATHER: Avoiding the Auction Block – RALI Series Exposed, Goldman Sachs, Aurora, UBS, CitiGroup


HuffPO-

No other state has experienced the dizzying heights of the housing boom or the depths of the subsequent bust quite like California. Today, four metro areas in the Golden State have the highest foreclosure rates in the country, eclipsing — for the first time — even Las Vegas, Nevada. In last night’s look at the housing crisis that continues to cripple this country, we traveled to southern California and met Lise Johnson, a mother of four who’s been in the same home for 12 years and is desperate to stay put.

[HUFFINGTON POST]

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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