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Banks Find A New Way To Profit Off Foreclosures

Banks Find A New Way To Profit Off Foreclosures


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

HuffPO-

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

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

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

[HUFFINGTONPOST]

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Vexed by Securitization Suit, Banks Pull Out of Mortgage Fraud Settlement Meeting

Vexed by Securitization Suit, Banks Pull Out of Mortgage Fraud Settlement Meeting


Banks blow up mortgage settlement talks, despite Iowa AG Tom Miller’s begging and whimpering!!

TIME-

The five biggest mortgage servicers have cancelled a planned negotiating session with representatives of the 50 State Attorneys General in apparent protest over a federal regulator filing suit against them, a source familiar with the matter tells TIME.

The banks canceled the meeting on Tuesday afternoon in protest over the announcement last Friday that the Federal Housing Finance Agency would bring a broad case against 17 firms, including those in talks with the State AGs. The FHFA, which oversees mortgage giants Fannie Mae and Freddie Mac, alleges the firms violated securities law by misrepresenting the value of bundles of high-risk mortgages they sold. FHFA did not say how much the case might be worth, but outside analysts have said it could potentially produce billions of dollars in compensatory damages from the firms.

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In Disputed Fannie and Freddie Mortgage Deals Evidence of ‘Robo-Signing’

In Disputed Fannie and Freddie Mortgage Deals Evidence of ‘Robo-Signing’


TIME-

Long before the banks started evicting delinquent homeowners, Wall Street, it appears, used robo-signers to ink mortgage deals that would eventually cost investors tens of billions of dollars and in part led to the financial crisis.

According to lawsuits filed last week by the U.S.’s Federal Housing Financing Agency, one individual was used by three different banks to sign off on 36 different mortgage bond deals in 2006 alone. Many of the deals contained as many as 4,000 home loans. Yet, according to the lawsuits, the individual Evelyn Echevarria signed documents attesting to the fact that all the loans – well over 100,o00 in 2006 alone


Read more:
[Curious Capitalist.blogs.time.com]

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It’s hard to Believe the Gnomes at Freddie and Fannie didn’t know what they were buying

It’s hard to Believe the Gnomes at Freddie and Fannie didn’t know what they were buying


This is a great article written by Kevin Villani who was senior vice president and chief economist at Freddie Mac from 1982 to 1985.

American Banker-

In the 1980s Freddie Mac had a marketing campaign “The Gnomes Know,” touting their expertise in mortgage markets. Now the Federal Housing Finance Agency has filed a $200 billion lawsuit against 17 of the nation’s largest mortgage lenders arguing that during the subprime lending debacle of the last decade the gnomes didn’t know!


[AMERICAN BANKER]

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Prove Fannie and Freddie Innocent Before Suing the Banks–And Here Is How

Prove Fannie and Freddie Innocent Before Suing the Banks–And Here Is How


Business Insider-

Last Friday the U.S. regulator, the Federal Housing Finance Agency (FHFA), which has the oversight responsibility of Fannie Mae and Freddie Mac, sued 17 large banks and financial institutions relating to losses on approximately $200 billion of Fannie Mae and Freddie Mac subprime bonds.

Now, let me be clear right from the start.  I am no apologist for the banks.  And historically my tendency has been to support better financial regulation and even the Democratic Party through my voting preference.

However, enough is enough.  At this point in time the Government and the FHFA have no right to sue the banking industry on behalf of Fannie Mae and Freddie Mac.  That is a joke.



Read more:
[BUSINESS INSIDER]

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Janet Tavakoli: “Fraud As a Business Model”

Janet Tavakoli: “Fraud As a Business Model”


If William K. Black and Janet would only team up to write a book?

HuffPO-

There were many factors that contributed to our recent financial bubble: deregulation, cheap money from the Fed, failure to enforce remaining regulations, crony capitalism, hubris, speculation, leverage, and fraud among other problems. While fraud wasn’t the only issue, it was and is a significant contributor to the credit bubble. Restraining fraud is a necessary but not sufficient condition for a sound financial system. Congressional investigations in recent years have put ample evidence of fraud in the public domain.

To illustrate just one type of malicious mischief, Senator Carl Levin (D. Mich.), Chairman of a senate investigative panel, issued a memo stating that Goldman ” magnified the impact of toxic mortgages.” The Wall Street Journal reviewed data showing that a $38 million subprime-mortgage bond created in June 2006 was referenced in more than 30 debt pool causing around$280 million in losses to investors by 2008. In other words, Goldman kept repackaging, reselling or protecting (buying credit default protection on) losers. It took the wrong kind of nerve for Goldman’s CEO to say he was doing “God’s work.”

[HUFFINGTON POST]

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FHFA puts out statement clarifying lawsuits

FHFA puts out statement clarifying lawsuits


For Immediate Release Contact:

Corinne Russell (202) 414-6921
Stefanie Johnson (202) 414-6376

September 6, 2011

Federal Housing Finance Agency Statement on Recent Lawsuits Filed Upon

[ipaper docId=64098989 access_key=key-2ooexah5egqokqopzcs0 height=600 width=600 /]

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U.S. banks offered deal over lawsuits – FT

U.S. banks offered deal over lawsuits – FT


REUTERS-

Big U.S. banks in talks with state prosecutors to settle claims of improper mortgage practices have been offered a deal that is proposed to limit part of their legal liability, the Financial Times reported on Tuesday.

The FT said state prosecutors have proposed a deal to limit part of the banks’ liability in return for a multibillion-dollar payment.

The talks aim to settle allegations that banks including Bank of America (BAC.N), JPMorgan Chase (JPM.N), Wells Fargo (WFC.N), Citigroup (C.N) and Ally Financial (GKM.N). seized the homes of delinquent borrowers and broke state laws by employing so-called “robosigners”, workers who signed off on foreclosure documents en masse without reviewing the paperwork.

[REUTERS]

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FHFA Complaints: Can Control Frauds Recover for Being Defrauded by other Control Frauds?

FHFA Complaints: Can Control Frauds Recover for Being Defrauded by other Control Frauds?


William K. Black-

Reading the FHFA complaints against many of the world’s largest banks is a fascinating and troubling process for anyone that understands “accounting control fraud.” The FHFA, a federal regulatory agency, sued in its capacity as conservator for Fannie and Freddie. Its complaints are primarily based on fraud. The FHFA alleges that the fraud came from the top, i.e., it alleges that many of the world’s largest banks were control frauds and that they committed hundreds of thousands of fraudulent acts. The FHFA complaints emphasize that other governmental investigations have repeatedly confirmed that the defendant banks were engaged in endemic fraud. The failure of the Department of Justice to convict any senior official of a major bank, and the almost total failure to indict any senior official of a major bank has moved from scandal to farce.

The FHFA complaints are distressing, however, in their failure to explain why the frauds occurred and how an accounting control fraud works. The FHFA complaint against Countrywide is particularly disappointing because …

[BENZINGA]

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Fannie-Freddie’s Hypocritical Suit Against Banks Making Loans that GSEs Helped Create

Fannie-Freddie’s Hypocritical Suit Against Banks Making Loans that GSEs Helped Create


Lets NOT forget both Fannie and Freddie, like most of the named banks they are suing, each are shareholders of MERS.

Again, who gave the green light to eliminate the need for assignments and to realize the greatest savings, lenders should close loans using standard security instruments containing “MOM” language back in April 26, 1999?

This was approved by Fannie Mae and Freddie Mac which named MERS as Original Mortgagee (MOM)!

Open Market-

“U.S. is set to sue dozen big banks over mortgages,” reads the front-page headline in today’s New York Times. The “deck” below the headline explains that that the Federal Housing Finance Agency, which oversees the government-sponsored enterprises Fannie Mae and Freddie Mac, is “seen as arguing that lenders lacked due diligence” in the loans they made.

A more apt description would probably be that Fannie and Freddie are suing the banks for selling them the very loans the GSEs helped designed and that government mandates encourage — and are still encouraging them to make. These conflicted actions are just one more of the government’s contributions to the uncertainty that is helping to keep unemployment at 9 percent.

Strangely the author of the Times piece, Nelson Schwartz, ignores the findings of a recent blockbuster

[OPEN MARKET]

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FULL COMPLAINTS | FHFA Sues 17 Firms to Recover Losses to Fannie Mae and Freddie Mac

FULL COMPLAINTS | FHFA Sues 17 Firms to Recover Losses to Fannie Mae and Freddie Mac


UPDATE :

FHFA suit stops short of going nuclear, ignores the biggest flaw in securitization/REMICs – failure to properly convey the notes….instead, FHFA sez loans were xferred properly to trust, to prevent 100% taxation 4 failure 2 comply w/ IRC’s REMIC requirements. Cute…I worry that this is an attempt to fix / limit total bank exposure by getting uncontested ruling that REMIC provisions were followed…

via @Thad Bartholow

What? Why is “WELLS FARGO” not listed? Let me know when they get to “W”.

FHFA Sues 17 Firms to Recover Losses to Fannie Mae and Freddie Mac

Washington, DC — The Federal Housing Finance Agency (FHFA), as conservator for Fannie Mae and Freddie Mac (the Enterprises), today filed lawsuits against 17 financial institutions, certain of their officers and various unaffiliated lead underwriters. The suits allege violations of federal securities laws and common law in the sale of residential private-label mortgage-backed securities (PLS) to the Enterprises.

Complaints have been filed against the following lead defendants, in alphabetical order:

FHFA Filings in PLS Cases, September 2, 2011:

  1. Ally Financial Inc. f/k/a GMAC, LLC
  2. Bank of America Corporation
  3. Barclays Bank PLC
  4. Citigroup, Inc.
  5. Countrywide Financial Corporation
  6. Credit Suisse Holdings (USA), Inc.
  7. Deutsche Bank AG
  8. First Horizon National Corporation
  9. General Electric Company
  10. Goldman Sachs & Co.
  11. HSBC North America Holdings, Inc.
  12. JPMorgan Chase & Co.
  13. Merrill Lynch & Co. / First Franklin Financial Corp.
  14. Morgan Stanley
  15. Nomura Holding America Inc.
  16. The Royal Bank of Scotland Group PLC
  17. Société Générale

The cases are Federal Housing Finance Agency v. Bank of America Corp. (BAC), 11-CV-6195; FHFA v. Barclays Bank Plc., 11-CV- 6190; FHFA v. Citigroup, 11-CV-6196; FHFA v. Credit Suisse Holdings (USA) Inc., 11-CV-6200; FHFA v. Deutsche Bank AG, 11- CV-6192; FHFA v. First Horizon National Corp., 11-CV-6193; FHFA v. Goldman, Sachs & Co., 11-CV-6198; FHFA v. HSBC North America Holdings Inc., 11-CV-6189; FHFA v. JPMorgan Chase & Co., 11-CV- 6188; FHFA v. Merrill Lynch & Co., 11-CV-6202; FHFA v. Nomura Holding America Inc., 11-CV-6201; FHFA v. SG Americas Inc., 11- CV-6203, U.S. District Court, Southern District of New York

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Memo: BofA to Sell Correspondent Mortgage Business

Memo: BofA to Sell Correspondent Mortgage Business


WSJ-

From: Home Loan News Sent: Wednesday, August 31, 2011 4:19am Subject: Important Message From Barbara DeSoer

To All IMS Associates

I wanted to provide this team with information about a strategic announcement our Home Loans business will make today that is consistent with our ongoing efforts to align the business to the bank’s customer-driven strategy.

Earlier this year, when we split out the Legacy Asset Servicing business, we did so in order for our team to focus on the future of the home loans business. We have made significant progress over the past several months and are taking steps to further position our business to serve the needs of the bank’s 58 million households and attract new mortgage customers with the potential to support growth across the franchise.

[WALL STREET JOURNAL]

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BREAKING: Bank of America to Exit Mortgage Business

BREAKING: Bank of America to Exit Mortgage Business


It’s going to tank!

WSJ-

Bank of America Corp. intends to sell its correspondent mortgage business, as the troubled lender looks to narrow its focus and bolster its financial strength, said people familiar with the situation.

Employees could be notified as soon as Wednesday that the lender has decided to exit the correspondent channel because it no longer fits with the long-term strategy for its mortgage unit. The company decided to get out roughly four to six weeks ago, following a review led by mortgage chief Barbara Desoer. The business employs more than 1,000 people.

[WALL STREET JOURNAL]

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Federal Housing Finance Agency Action Regarding Court Consideration of Proposed Bank of America Settlement

Federal Housing Finance Agency Action Regarding Court Consideration of Proposed Bank of America Settlement


For Immediate Release

Contact:
Corinne Russell (202) 414-6921
Stefanie Johnson (202) 414-6376

August 30, 2011

Federal Housing Finance Agency Action Regarding
Court Consideration of Proposed Bank of America Settlement

The Federal Housing Finance Agency (FHFA), in its capacity as conservator of Fannie Mae and Freddie Mac (the Enterprises), today filed an Appearance and Conditional Objection regarding the proposed settlement between Bank of America and a consortium of 22 investors being considered by a court in New York. This pleading was filed to obtain any additional pertinent information developed in the matter. The conservator is aware of no basis upon which it would raise a substantive objection to the proposed settlement at this time. In fact, FHFA considers it positive that the proposed settlement includes subservicing requirements, specific terms for the servicing of troubled mortgages and the curing of certain document deficiencies. Additionally, FHFA is encouraged that a number of significant market participants support the proposed settlement.

Due to its duty to preserve and conserve Enterprise assets, the conservator believes it prudent not only to receive additional information as it continues its due   diligence of the proposed settlement, but also to reserve its capability to voice a substantive objection in the unlikely event that necessity should arise.

###

The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.7 trillion in funding for the U.S. mortgage markets and financial institutions.

[ipaper docId=63608461 access_key=key-28qkwf1hpfo6v93rjo0r height=600 width=600 /]

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FHFA Audit of the Federal Housing Finance Agency’s Consumer Complaints Process

FHFA Audit of the Federal Housing Finance Agency’s Consumer Complaints Process


BACKGROUND

On July 30, 2008, the Housing and Economic Recovery Act of 2008 (HERA) established FHFA as regulator of the three housing-related government-sponsored enterprises: Fannie Mae, Freddie Mac, and the Federal Home Loan Banks (FHLBanks). FHFA’s mission is to promote their safety and soundness, support housing finance and affordable housing goals, and facilitate a stable and liquid mortgage market.

On September 6, 2008, just five weeks after its creation, FHFA became conservator of Fannie Mae and Freddie Mac, and the U.S. Department of the Treasury (Treasury) began providing the Enterprises substantial financial support. As conservator, FHFA preserves and conserves the assets and property of the Enterprises, ensures they focus on their housing mission, and facilitates their financial stability and emergence from conservatorship. As of March 31, 2011,
Treasury had invested almost $154 billion in the Enterprises in an effort to stabilize their operations and the mortgage market generally. The Federal Reserve also took steps to support the Enterprises, such as committing to purchase up to $1.25 trillion of their securities.

On October 12, 2010, FHFA’s first Inspector General was sworn in, and FHFA-OIG commenced operations. In November 2010, FHFA-OIG initiated this audit to assess how FHFA processed consumer complaints. For purposes of this report, consumer complaints include, but are not limited to, those involving allegations of fraud, waste, or abuse. These complaints run the gamut from difficulties obtaining information from the Enterprises to allegations of potential criminal activity. The time period covered by this audit begins with the creation of the Agency on July 30, 2008, and continues for two years and three months, through October 31, 2010, when FHFAOIG’s operations began.

[ipaper docId=58441283 access_key=key-29aimalwrawcj5ai8oem height=600 width=600 /]

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Oversight Group Did Not Refer Housing Complaints – Gretchen Morgenson

Oversight Group Did Not Refer Housing Complaints – Gretchen Morgenson


New York Times-

The federal agency overseeing Fannie Mae and Freddie Mac, the taxpayer-owned mortgage finance giants, failed to refer to criminal investigators and other authorities almost 100 complaints about possible foreclosure abuse and mortgage fraud at the companies over a recent two-year period, according to a report issued late Tuesday by the inspector general of the Federal Housing Finance Agency.

Continue reading [NEW YORK TIMES]

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FHFA Mandates Alignment of Servicing Requirements, Updated Framework to Include Servicer Incentives and Penalties

FHFA Mandates Alignment of Servicing Requirements, Updated Framework to Include Servicer Incentives and Penalties


For Immediate Release.

Contact: Corinne Russell (202) 414-6921
Stefanie Johnson (202) 414-6376

April 28, 2011

Fannie Mae and Freddie Mac to Align Guidelines for Servicing
Delinquent Mortgages

Updated Framework to Include Servicer Incentives and Penalties

Washington, DC – Federal Housing Finance Agency Acting Director Edward J. DeMarco has directed Fannie Mae and Freddie Mac (the Enterprises) to align their guidelines for servicing delinquent mortgages they own or guarantee. The updated framework will establish uniform servicing requirements as well as monetary incentives for servicers that perform well and penalties for those that do not.

“FHFA’s directive to align Enterprise policies for servicing delinquent mortgages should result in earlier servicer engagement to identify the best solution available for homeowners, given their individual circumstances,” DeMarco said.

The updated guidelines also address the so-called “dual track” by requiring servicers to contact borrowers as soon as they become delinquent and focus solely on remediating that delinquency. The foreclosure process may not commence if the borrower and servicer are engaged in a goodfaith effort to resolve the delinquency. The servicer must conduct a formal review of each case to ensure a borrower has been considered for foreclosure alternatives before the loan is referred for foreclosure. Even after foreclosure processing begins, financial incentives are provided to encourage servicers to continue to help borrowers pursue a foreclosure alternative.

Consistent with statements recently issued by federal and state regulators, this initiative is intended to deal with identified problems in mortgage servicing. The updated framework will streamline and expedite borrower outreach, align mortgage modification terms and requirements, and establish a consistent schedule of performance-based incentive payments and penalties. Fannie Mae and Freddie Mac will each issue detailed guidelines to their servicers
in the second and third quarters of 2011.

“Once fully implemented by the servicing industry, the Enterprises’ aligned policies should give homeowners a greater understanding of the process and faster resolution by requiring earlier contact, more frequent communication, and prompt decisions,” said DeMarco. “Equally important, the newly aligned policies will minimize taxpayer losses by ensuring that Enterprise loans are serviced efficiently and fairly.”

###

Link to Frequently Asked Questions

Link to Fannie Mae Notice to Servicers

Link to Freddie Mac Notice to Servicers

The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.9 trillion in funding for the U.S. mortgage markets and financial institutions.

[ipaper docId=54183091 access_key=key-2dbmirj98dppb56j3vc1 height=600 width=600 /]

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TESTIMONY OF JOHN WALSH ACTING COMPTROLLER OF THE CURRENCY

TESTIMONY OF JOHN WALSH ACTING COMPTROLLER OF THE CURRENCY


TESTIMONY OF
JOHN WALSH
ACTING COMPTROLLER OF THE CURRENCY
before the
SUBCOMMITTEE ON HOUSING AND COMMUNITY OPPORTUNITY
of the
COMMITTEE ON FINANCIAL SERVICES
U.S. HOUSE OF REPRESENTATIVES
November 18, 2010
Statement

Introduction

Chairwoman Waters, Ranking Member Capito, and members of the Subcommittee, I appreciate this opportunity to discuss recently reported improprieties in the foreclosure processes used by several large mortgage servicers and actions that the Office of the Comptroller of the Currency (OCC) is taking to address these issues where they involve national banks. The occurrences of improperly executed documents and attestations raise concerns about the overall integrity of the foreclosure process and whether foreclosures may be inappropriately taking homes from their owners. These are serious matters that warrant the thorough investigation that is now underway by the OCC, other federal bank regulators, and other agencies.

<SNIP>

A key objective of theMERS examination is to assess MERS corporate governance, control systems,
and accuracy and timeliness of information maintained in the MERS system. Examiners assigned to MERS
will also visit on-site foreclosure examinations in process at the largest mortgage servicers to
determine how servicers are fulfilling their roles and responsibilities relative to MERS.

We are also participating in an examination being led by the FRB of Lender
Processing Services, Inc., which provides third-party foreclosure services to banks.
We expect to have most of our on-site examination work completed by mid to late
December. We then plan to aggregate and analyze the data and information from each of
these examinations to determine whether or what additional supervisory and regulatory
actions may be needed. We are targeting to have our analysis completed by the end of
January.

We recognize that the problems associated with foreclosure processes and
documentation have raised broader questions about the potential effect on the mortgage
market in general and the financial impact on individual institutions that may result from
litigation or other actions by borrowers and investors.

Continue below…

[ipaper docId=43153024 access_key=key-botkxuxnkfpspwwh724 height=600 width=600 /]

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US Regulators Set To Investigate MERS, LPS Over Foreclosures

US Regulators Set To Investigate MERS, LPS Over Foreclosures


US Regulators Examining Two Mortgage Processing Firms

By Alan Zibel, Of DOW JONES NEWSWIRES

WASHINGTON -(Dow Jones)- Federal bank regulators are conducting examinations of two companies that banks use to process foreclosures, amid concerns that banks cut corners on thousands of foreclosure documents, Acting Comptroller of the Currency John Walsh said Wednesday.

Walsh, in remarks prepared for delivery Thursday, said his agency is examining Reston, Va.-based Mortgage Electronic Registration Systems in conjunction with the Federal Reserve, the Federal Deposit Insurance Corp. and the Federal Housing Finance Agency.

That company, known as MERS, lets lenders package and sell mortgages without recording each transaction with county property offices.

It has come under fire from critics, who say MERS doesn’t have the right to act as the legal representative of the mortgage owner in foreclosure cases.

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