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JPMorgan sued for $95 million over mortgage securities

JPMorgan sued for $95 million over mortgage securities


If investors were to open an investigation into each and every single one of the “trusts”, all hell would break!

Bloomberg-

JPMorgan Chase & Co has been sued for $95 million by the trustee for securities marketed in 2005 by the former Bear Stearns Cos over alleged misrepresentations regarding the underlying mortgage loans.

US Bank NA wants to force JPMorgan to buy back the mortgage loans because of alleged breaches of representations and warranties regarding the Bear Stearns Asset Backed Securities Trust 2005-4, for which it serves as trustee.

[BLOOMBERG]

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Wells sues JPMorgan over 800 mortgage loans, EMC breached representations and warranties on 89 percent of a sample of 948 loans

Wells sues JPMorgan over 800 mortgage loans, EMC breached representations and warranties on 89 percent of a sample of 948 loans


Now that’s what you call a HIGH PERCENTAGE of “clear defects”!

REUTERS-

JPMorgan Chase & Co (JPM.N) was sued by Wells Fargo & Co (WFC.N), which seeks to force it to buy back more than 800 soured mortgage loans that it oversees as trustee.

In a complaint made public on Wednesday in the Delaware Chancery Court, Wells Fargo accused JPMorgan’s EMC Mortgage LLC unit of refusing its demands that EMC buy back the loans, which were contained in Bear Stearns Mortgage Funding Trust 2007-AR2.

JPMorgan bought Bear Stearns and its EMC unit in 2008.

[REUTERS]

 

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Full Complaint | AMBAC v. EMC, JPMORGAN CHASE for “SACK OF SHIT” MBS

Full Complaint | AMBAC v. EMC, JPMORGAN CHASE for “SACK OF SHIT” MBS


NATURE OF THE ACTION

1. In mid-2006, Bear Stearns induced investors to purchase, and Ambac as a financial guarantor to insure, securities that were backed by a pool of mortgage loans that – in the words of the Bear Stearns deal manager – was a “SACK OF SHIT.”1 Within the walls of its sparkling new office tower, Bear Stearns executives knew this derogatory and distasteful characterization aptly described the transaction. Indeed, Bear Stearns had deliberately and secretly altered its policies and neglected its controls to increase the volume of mortgage loans available for its “securitizations” made in patent disregard for the borrowers’ ability to repay those loans. After the market collapse exposed its scheme to sell defective loans to investors through these transactions, JP Morgan executives assumed control over Bear Stearns and implemented an across-the-board strategy to improperly bar EMC from honoring its contractual promises to disclose and repurchase defective loans through a series of deceptive practices. In what amounts to accounting fraud, JP Morgan’s bad-faith strategy was designed to avoid and has avoided recognition of the vast off-balance sheet exposure relating to its contractual repurchase obligations – thereby enabling JPMorgan Chase & Co. to manipulate its accounting reserves and allowing its senior executives to continue to reap tens of millions of dollars in compensation
following the taxpayer-financed acquisition of Bear Stearns.

continue to the complaint below…

[ipaper docId=49597312 access_key=key-1ntbyo6ofse38sd72v9v height=600 width=600 /]

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



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COMPLAINT | ALLSTATE SUES JPMORGAN CHASE OVER FRAUD & MISREPRESENTATION OF RMBS CERTIFICATES

COMPLAINT | ALLSTATE SUES JPMORGAN CHASE OVER FRAUD & MISREPRESENTATION OF RMBS CERTIFICATES


ALLSTATE BANK, ALLSTATE
INSURANCE COMPANY, ALLSTATE
LIFE INSURANCE COMPANY,
ALLSTATE NEW JERSEY INSURANCE
COMPANY, ALLSTATE LIFE
INSURANCE COMPANY OF NEW YORK,
AGENTS PENSION PLAN, and ALLSTATE
RETIREMENT PLAN,
Plaintiffs,

-against-

JPMORGAN CHASE BANK, N.A.; J.P.
MORGAN ACQUISITION CORPORATION;
J.P. MORGAN SECURITIES INC.; J.P.
MORGAN ACCEPTANCE CORPORATION
I; WM ASSET HOLDINGS
CORPORATION; WAMU ASSET
ACCEPTANCE CORPORATION; WAMU
CAPITAL CORPORATION;
WASHINGTON MUTUAL MORTGAGE
SECURITIES CORPORATION; LONG
BEACH SECURITIES CORPORATION;
DAVID BECK; DIANE NOVAK; THOMAS
LEHMANN; EMC MORTGAGE
CORPORATION; STRUCTURED ASSET
MORTGAGE INVESTMENTS II INC.;
BEAR STEARNS ASSET BACKED
SECURITIES I LLC; and SACO I INC.
Defendants.

excerpt:

NATURE OF ACTION

1. This action arises out of Defendants’ fraudulent sale of residential mortgage-backed
securities in the form of pass-through certificates (the “Certificates”) to Allstate.
Whereas Allstate was made to believe it was buying highly-rated, safe securities backed by pools
of loans with specifically-represented risk profiles, in fact, Defendants knew the pool was a toxic
mix of loans given to borrowers that could not afford the properties, and thus were highly likely
to default.

2. Defendants made numerous material misrepresentations and omissions regarding
the riskiness and credit quality of the Certificates in registration statements, prospectuses,
prospectus supplements, and other written materials (the “Offering Materials”).

continue below…

[ipaper docId=49576773 access_key=key-15x133iijedsevu342na height=600 width=600 /]

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



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NYSC Gives EMC The Boot For Not Having Standing, Vacates Judgment of Foreclosure, Sale Due To Retroactive Assignment

NYSC Gives EMC The Boot For Not Having Standing, Vacates Judgment of Foreclosure, Sale Due To Retroactive Assignment


NEW YORK SUPREME COURT – QUEENS COUNTY

EMC MORTGAGE CORP.,

v.

JEANETTA TOUSSAINT

excerpt:

In order to commence a foreclosure action, plaintiff must have a legal and equitable interest in the subject mortgage (Wells Fargo Bank v Machine 69 AD3rd 204). Here, the subject mortgage was not assigned until October 2, 2007, which was after the action was commenced on October 1, 2007. A retroactive assignment to September 25, 2007 cannot be used to confer standing upon the foreclosure action commenced prior to the execution of the assignment. (Countrywide Home Loans v Giess 68 AD3rd 709).

<SNIP>

The plaintiff, not being the holder of the assignment at the time the action was commenced, it did not have standing to commence this action. Accordingly, the Court vacates the Judgment of Foreclosure and Sale, which the County Clerks minutes indicate was executed on April 9, 2009 and dismisses the complaint.

Continue below…

[ipaper docId=49231983 access_key=key-2aughts7w0vnizchyf7y height=600 width=600 /]

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



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BLOOMBERG | JPMorgan Faces Texas Sheriff in Showdown Over Eviction Case Fees

BLOOMBERG | JPMorgan Faces Texas Sheriff in Showdown Over Eviction Case Fees


By Prashant Gopal and Thom Weidlich - Feb 1, 2011 3:16 PM ET

A JPMorgan Chase & Co. branch in El Paso, Texas, may have furniture and computers seized by the sheriff unless the bank complies with a judge’s order to pay the legal bills of a single mother whose eviction case he dismissed.

The manager of the Chase branch was served on Jan. 26 with court papers that instructed the New York-based company to pay attorney Richard A. Roman’s $5,000 in fees, according to Detective Hector Lara, an El Paso County sheriff’s officer. The manager, Jose Gomez, told Lara that the branch’s gear is protected by the Federal Deposit Insurance Corp. and that he would contact the bank’s security staff and the Federal Bureau of Investigation, Lara said today in a telephone interview.

Lara said he’s waiting for an opinion from the county attorney on whether the bank’s property can be seized.

“They don’t have a problem putting my client out in the street,” Roman said. “But when somebody prevails against a bank, they pull every string in the book to avoid paying.”

[ipaper docId=47639881 access_key=key-d2ak3tkz5ccj8d89ayl height=600 width=600 /]

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



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ADAM LEVITIN | Clash of the Titans: RMBS Edition

ADAM LEVITIN | Clash of the Titans: RMBS Edition


posted by Adam Levitin
.

And so it begins. We’re about to witness the main event in financial institution internecine warefare: investment funds (MBS buyers) vs. banks (MBS sellers).

There have already been some opening skirmishes. The monoline bond insurers (MBIA, Syncora, FGIC, Ambac (and here), CIFG (and here), and–I haven’t found any litigation with them on this, but there’s gotta be some–ACA) have been litigating against some of the banks whose securitizations they insured for various fraud, negligent misrepresentation, and breach of warranty claims. Many of the Federal Home Loan Banks (Chicago, Indianapolis, Pittsburgh, San Francisco, Seattle, maybe others that I don’t recall of the top of my head), which slurped up RMBS during the bubble, only to find them toxic, have brought (separate) suits mainly on securities fraud charges, but also on common law fraud and negligent misrepresentation claims. (See here for a totally dated, August 2010 estimation of the liabilities in these suits.)

Then last fall the financial world was shaken by the New York Fed, BlackRock, and PIMCO’s demand letter to Bank of New York Mellon and Countrywide. That showed that A-list financial institutions were taking the range of problems with RMBS, from representation and warranty breaches to servicer malfeasance, seriously. (You can see the NY Fed, acting for the Maiden Lane LLCs, as really another representing AIG, essentially the mother of all monolines for these purposes.) But that wasn’t litigation proper, just an angry growl, with a threat of litigation if things weren’t resolved. (When you see the letterhead for the response, you’ll see that BoA/CW is taking this mighty seriously. Despite the typo in that snippy letter, it didn’t come cheap. These guys are lawyering up.)

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



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Former Texas Judge Gets Attorney Fees, TRO, Writ Of Execution Against Chase

Former Texas Judge Gets Attorney Fees, TRO, Writ Of Execution Against Chase


via: A. Campbell

Excerpt:

The Court has considered the pleadings, evidence and the arguments of the parties’ counsel and/or representative in this cause and is of the opinion that judgment should be rendered for defendants.

The Court makes the following findings:

A Temporary Restraining Order was signed by the Presiding Judge of the 448th Judicial District Court and was in effect at the time of the foreclosure sale; and

The Foreclosure sale was conducted irrespective of the Order of the 448th Judicial District Court and title is presently at issue.

It is accordingly ORDERED, ADJUDGED AND DECREED that:

Continue reading below…

[ipaper docId=47639881 access_key=key-d2ak3tkz5ccj8d89ayl height=600 width=600 /]

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



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[NYSC] Judge Restrains EMC MTG, MERS From Foreclosing For FRAUDULENT ASSIGNMENTS

[NYSC] Judge Restrains EMC MTG, MERS From Foreclosing For FRAUDULENT ASSIGNMENTS


Helene Hamilton and Sheikh Bey,
Plaintiff( s)

-AGAINST

EMC MORTGAGE CORPORATION, AND
MORTGAGE ELECTRONIC REGISTRATION
SYSTEMS, INC., (“MERS”) AS NOMINEE FOR:
FIRST NATIONAL BANK OF ARIZONA,
Patricia M. Esdinsky, Esq., as an individual,
Janan Weeks, as an individual,

Excerpt:

WHY an Order should not be made and entered herein:

1. Granting Plaintiff Stay, restraining order and vacatur of foreclosure action due to
the lack of standing associated with Assignments of FRAUD. The Defendants did not have
assignment rights to foreclose on the property. The Defendants received foreclosure sale
subject to presentment of Assignments, but failed to address the fact that the Assignments must
precede the filing of the Complaint of the subject property. The Referee sale would not have
taken place if Plaintiffs had discovered this FRAUD earlier.

<SNIP>

ORDERED, that until such time as this matter is heard  that defendants, their agents or attorneys’ actions are restrained from moving forward from pursuing further foreclosure proceedings under Index No. 93 19/03

Read the complete order below…


[ipaper docId=46420291 access_key=key-1j970so6de2vk6ge5u20 height=600 width=600 /]

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



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Connecticut Residents Charge EMC & Law Offices Of David J. Stern With Fraud

Connecticut Residents Charge EMC & Law Offices Of David J. Stern With Fraud


This is an excellent piece!

I could not get excerpts out of it because it’s ALL perfection!

CASE NAME:  EMC Mortgage Corporation vs. Karen A. Krondes, et al
STATE: Florida
DATE: October 19, 2010
RE:  Defenandants Motion For Order Prohibiting Plaintiff From Transfering, Selling Alleged Note and Mortgage

This motion pertains to the pending Florida foreclosure matter of EMC Mortgage Corporation vs. Karen A. Krondes, et al  –  (Case No: 56-2008-CA-000066), in the 19th Judicial Circuit Court In St. Lucie County, Florida.

[ipaper docId=39694571 access_key=key-mskoyxz89q32cbgx529 height=600 width=600 /]

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



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Mortgage Servicers: The TRUTH what they don't want you to know.

Mortgage Servicers: The TRUTH what they don't want you to know.


Why do mortgage companies continue to buy defaulted loans where the borrowers are either dilinquent or stopped making payments completely? For those who also want to know as to why the banks do not want to work with you. Well this is why…

[youtube=http://www.youtube.com/watch?v=vxyRFSYe7ws]

Posted in concealment, conspiracy, corruption, countrywide, emc, Mortgage Foreclosure Fraud, mozilloComments (0)


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