House | FORECLOSURE FRAUD | by DinSFLA

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Ex-Countrywide/ IndyMac Angelo Mozilo Puts Up House For Sale For $3.4 Million

Ex-Countrywide/ IndyMac Angelo Mozilo Puts Up House For Sale For $3.4 Million


The Real Estalker is one of my favorite blogs and actually was one of a few that inspired me to create this site. Please check it out!

And Yes, we know Mr. Mozilo, this is just one of a few hundred you call “primary residence”. If walls could only talk in this house.

The Real Estalker-

mansion located behind the guarded gates of the well-heeled Sherwood County Clubowned as per property records–and much to our pearl clutching flabbergast–by the vastly-loathed and utterly disgraced former Countrywide Financial CEO and COB Angelo Mozilo who has the architecturally conventional (mc)mansion listed on the open market with an asking price of $3,400,000.

Mister Mozilo, a mortgage industry maverick who co-founded Countrywide in 1969 and nearly 30 years later co-founded the dramatically collapsed IndyMac Bank (now OneWest Bank), is widely regarded as one of the more Machiavellian sub-mortgage-men who helped march the U.S. (and global) economy straight off the cliff in the mid-Noughts. While Mister Mozilo and his mortgage-making army pushed and pedaled sub-prime home loans he talked up the then-flourishing company’s stock price, earned hundreds of millions in compensation, and cashed out more than $400,000,000 worth of Countrywide stock, a large portion of it during the last couple of years of his tattered tenure as the king of Countrywide.

[THE REAL ESTALKER]

listing photo: Prudential California Realty

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



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250 party at Bank of America bank’s vacant house in Bradenton, FL

250 party at Bank of America bank’s vacant house in Bradenton, FL


Bradenton Herald-

Deputies had to clear out a crowd of at least 250 partiers from a vacant house owned by Bank of America early Sunday.

The loudness of the party, which caused a neighbor to call the Manatee County Sheriff’s Office, was held in the 4400 block of Sanibel Way in Bradenton, according to a sheriff’s office report.

The people who lived in the house just before it became vacant moved out a few days ago, but told friends they were going to throw one last party, the report stated.

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



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PASSED Washington State HB 1362: Protecting and assisting homeowners from unnecessary foreclosures

PASSED Washington State HB 1362: Protecting and assisting homeowners from unnecessary foreclosures


Homeowners will now have 30 days from the time that they get an initial letter from their lenders to respond and ask for a period of time called “meet and confer.” If they do, they’ll get 60 days to talk with their lender and counselors before the lender can issue a notice of default, followed by a notice of trustee sale.

read more here

History of Bill

as of Thursday, April 14, 2011 1:16 PM

Sponsors: Representatives Orwall, Hope, Rolfes, Moeller, Liias, Probst, Green, Darneille, Frockt, Kirby, Miloscia, Roberts, Hunt, Dickerson, Upthegrove, Fitzgibbon, Kagi, Eddy, Hasegawa, Pettigrew, Ormsby, Sells, Kenney, Cody, Hudgins, Lytton, Moscoso, Ryu, Appleton, Reykdal, Van De Wege, Carlyle, Dunshee, Santos, McCoy, Tharinger, Haigh, Goodman, Jinkins, Jacks, Takko, Sullivan, Blake, Seaquist, Billig, Stanford, Ladenburg, Finn, Pedersen
Companion Bill: SB 5275
2011 REGULAR SESSION
Jan 19 First reading, referred to Judiciary. (View Original Bill)
Jan 26 Public hearing in the House Committee on Judiciary at 8:00 AM. (Committee Materials)
Feb 3 Executive session scheduled, but no action was taken in the House Committee on Judiciary at 10:00 AM. (Committee Materials)
Feb 17 Executive action taken in the House Committee on Judiciary at 10:00 AM. (Committee Materials)
JUDI – Executive action taken by committee.
JUDI – Majority; 1st substitute bill be substituted, do pass. (View 1st Substitute) (Majority Report)
Referred to Ways & Means.
Feb 23 Public hearing in the House Committee on Ways & Means at 1:30 PM. (Committee Materials)
Feb 25 Executive action taken in the House Committee on Ways & Means at 1:30 PM. (Committee Materials)
WAYS – Executive action taken by committee.
WAYS – Majority; 2nd substitute bill be substituted, do pass. (View 2nd Substitute) (Majority Report)
Minority; do not pass. (Minority Report)
Passed to Rules Committee for second reading.
Mar 1 Placed on second reading by Rules Committee.
Mar 2 2nd substitute bill substituted (WAYS 11). (View 2nd Substitute)
Rules suspended. Placed on Third Reading.
Third reading, passed; yeas, 83; nays, 13; absent, 0; excused, 2. (View Roll Calls)
IN THE SENATE
Mar 4 First reading, referred to Financial Institutions, Housing & Insurance.
Mar 16 Public hearing, executive action taken in the Senate Committee on Financial Institutions, and Housing & Insurance at 1:30 PM.
Mar 17 FIHI – Majority; do pass with amendment(s). (Majority Report)
Passed to Rules Committee for second reading.
Mar 18 Placed on second reading by Rules Committee.
Mar 29 Committee amendment adopted with no other amendments.
Rules suspended. Placed on Third Reading.
Third reading, passed; yeas, 36; nays, 11; absent, 2; excused, 0. (View Roll Calls)
IN THE HOUSE
Apr 1 House concurred in Senate amendments.
Passed final passage; yeas, 78; nays, 15; absent, 0; excused, 4. (View Roll Calls)
Apr 6 Speaker signed.
IN THE SENATE
Apr 7 President signed.
OTHER THAN LEGISLATIVE ACTION
Apr 8 Delivered to Governor. (View Bill as Passed Legislature)

[ipaper docId=53051356 access_key=key-7sp3tnsasywl2wbz44m height=600 width=600 /]

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



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GRETCHEN MORGENSON: Too Large for Stains

GRETCHEN MORGENSON: Too Large for Stains


By GRETCHEN MORGENSON The Wall Street Journal

Published: June 25, 2010

OUR nation’s Congressional machinery was humming last week as legislators reconciled the differences between the labyrinthine financial reforms proposed by the Senate and the House and emerged early Friday morning with a voluminous new law in hand. They christened it the Dodd-Frank bill, after the heads of the Senate Banking and House Financial Services Committees who drove the process toward the finish line.

The bill is awash in so much minutiae that by late Friday its ultimate impact on the financial services industry was still unclear. Certainly, the bill, which the full Congress has yet to approve, is the most comprehensive in decades, touching hedge funds, private equity firms, derivatives and credit cards. But is it the “strong Wall Street reform bill,” that Christopher Dodd, the Connecticut Democrat, said it is?

For this law to be the groundbreaking remedy its architects claimed, it needed to do three things very well: protect consumers from abusive financial products, curb dangerous risk taking by institutions and cut big and interconnected financial entities down to size. So far, the report card is mixed.

On the final item, the bill fails completely. After President Obama signs it into law, the nation’s financial industry will still be dominated by a handful of institutions that are too large, too interconnected and too politically powerful to be allowed to go bankrupt if they make unwise decisions or make huge wrong-way bets.

Speaking of large and politically connected entities, Dodd-Frank does nothing about Fannie Mae and Freddie Mac, the $6.5 trillion mortgage finance behemoths that have been wards of the state for almost two years. That was apparently a bridge too far — not surprising, given the support that Mr. Dodd and Mr. Frank lent to Fannie and Freddie back in the good old days when the companies were growing their balance sheets to the bursting point.

So what does the bill do about abusive financial products and curbing financial firms’ appetites for excessive risk?

For consumers and individual investors, Dodd-Frank promises greater scrutiny on financial “innovations,” the products that line bankers’ pockets but can harm users. The creation of a Consumer Financial Protection Bureau within the Federal Reserve Board is intended to bring a much-needed consumer focus to a regulatory regime that was nowhere to be seen during the last 20 years.

It is good that the bill grants this bureau autonomy by assigning it separate financing and an independent director. But the structure of the bureau could have been stronger.

For example, the bill still lets the Office of the Comptroller of the Currency bar state consumer protections where no federal safeguards exist. This is a problem that was well known during the mortgage mania when the comptroller’s office beat back efforts by state authorities to curtail predatory lending.

And Dodd-Frank inexplicably exempts loans provided by auto dealers from the bureau’s oversight. This is as benighted as exempting loans underwritten by mortgage brokers.

Finally, the Financial Stability Oversight Council, the überregulator to be led by the Treasury secretary and made up of top financial regulators, can override the consumer protection bureau’s rules. If the council says a rule threatens the soundness or stability of the financial system, it can be revoked.

Given that financial regulators — and the comptroller’s office is not alone in this — often seem to think that threats to bank profitability can destabilize the financial system, the consumer protection bureau may have a tougher time doing its job than many suppose.

ONE part of the bill that will help consumers and investors is the section exempting high-quality mortgage loans from so-called risk retention requirements. These rules, intended to make mortgage originators more prudent in lending, force them to hold on to 5 percent of a mortgage security that they intend to sell to investors.

But Dodd-Frank sensibly removes high-quality mortgages — those made to creditworthy borrowers with low loan-to-value ratios — from the risk retention rule. Requiring that lenders keep a portion of these loans on their books would make loans more expensive for prudent borrowers; it would likely drive smaller lenders out of the business as well, causing further consolidation in an industry that is already dominated by a few powerful players.

“This goes a long way toward realigning incentives for good underwriting and risk retention where it needs to be retained,” said Jay Diamond, managing director at Annaly Capital Management. “With qualified mortgages, the risk retention is with the borrower who has skin in the game. It’s in the riskier mortgages, where the borrower doesn’t have as much at stake, that the originator should be keeping the risk.”

In the interests of curbing institutional risk-taking, Dodd-Frank rightly takes aim at derivatives and proprietary trading, in which banks make bets using their own money. On derivatives, the bill lets banks conduct trades for customers in interest rate swaps, foreign currency swaps, derivatives referencing gold and silver, and high-grade credit-default swaps. Banks will also be allowed to trade derivatives for themselves if hedging existing positions.

But trading in credit-default swaps referencing lower-grade securities, like subprime mortgages, will have to be run out of bank subsidiaries that are separately capitalized. These subsidiaries may have to raise capital from the parent company, diluting the bank’s existing shareholders.

Banks did win on the section of the bill restricting their investments in private equity firms and hedge funds to 3 percent of bank capital. That number is large enough so as not to be restrictive, and the bill lets banks continue to sponsor and organize such funds.

On proprietary trading, however, the bill gets tough on banks, said Ernest T. Patrikis, a partner at White & Case, by limiting their bets to United States Treasuries, government agency obligations and municipal issues. “Foreign exchange and gold and silver are out,” he said. “This is good for foreign banks if it applies to U.S. banks globally.”

That’s a big if. Even the Glass-Steagall legislation applied only domestically, he noted. Nevertheless, Mr. Patrikis concluded: “The bill is a win for consumers and bad for banks.”

Even so, last Friday, investors seemed to view the bill as positive for banks; an index of their stocks rose 2.7 percent on the day. That reaction is a bit of a mystery, given that higher costs, lower returns and capital raises lie ahead for financial institutions under Dodd-Frank.

Then again, maybe investors are already counting on the banks doing what they do best: figuring out ways around the new rules and restrictions.

A version of this article appeared in print on June 27, 2010, on page BU1 of the New York edition.

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



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Wood Co. man barricades self in foreclosed home: TOLEDO

Wood Co. man barricades self in foreclosed home: TOLEDO


By Laura Rice TOLEDO24
Monday, May 03, 2010 at 8:23 p.m.Photo

WOOD COUNTY, OH — A Wood County man facing foreclosure has boarded himself up in his home along with five others.

They are refusing to leave, despite a court order, and they say they will be there until Wood County Sheriff’s Officers drag them out.

Protestors are gathered outside Keith Sadler’s home of 20 years in rural Wood County trying to bring public attention to what they say is unfair action by banks and trying to keep the sheriff’s department from kicking him out.

“So far they have not come. Probably because of the strong public presence that has been so basically we can call this a victory for the day and hopefully we can carry that through tomorrow and the rest of the foreclosure,” said Lance Crandall, Toledo Foreclosure Defense League.

But the real action is going on inside, where Sadler and five others are locked up with supplies with no plans to leave.

NBC24 spoke with Sadler over an internet connection.

“They’re going to have to drag us out. We’re not going to willingly walk out,” said Sadler.

Sadler emphasizes that this is a peaceful protest and that they do not have any weapons.

He says he is doing this for himself.

“Because it’s my home,” said Sadler.

But also for all the others that could not keep up with house payments. Sadler was off work after a hand injury.

“I cut all the avenues that I could before that to try to make payments, to try to keep as close to on time as I could and of course it was getting impossible,” said Sadler.

What Sadler wants now is a moratorium on foreclosures. But, in talks with Wood County Sheriff Mark Wasylyshyn, that is not happening.

“(The Sheriff is) basically refusing to do that, saying it’s his duty to uphold the law of the courts even though the laws are immoral and unjust,” said Sadler.

NBC24 spoke with Sheriff Wasylyshyn who said it is Sadler who has broken his word.

Wasylyshyn met with him weeks ago to discuss an eviction plan and he says Sadler agreed to leave peacefully.

Wasylyshyn says sheriff’s deputies will remove the protestors from the property but he would not say when. He says his top priority is keeping his officers safe.

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GARY DUBIN LAW OFFICES FORECLOSURE DEFENSE HAWAII and CALIFORNIA
Chip Parker, www.jaxlawcenter.com
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