Jerrold Nadler | FORECLOSURE FRAUD | by DinSFLA

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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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LETTER | Iowa AG: Banks may face criminal liability after robo-signing settlement

LETTER | Iowa AG: Banks may face criminal liability after robo-signing settlement


LIES: Didn’t we hear this before?

HW-

The eventual robo-signing settlement between the 50 state attorneys general and major mortgage servicers will not release these firms from any criminal and not all civil liabilities, according to Iowa AG Tom Miller.

Rep. Jerrold Nadler (D-N.Y.) and 20 members of the New York congressional delegation sent a letter to Miller Wednesday, chiding him for allegedly ousting New York AG Eric Schneiderman from the talks.

“We are deeply troubled by your recent action to silence New York’s voice by removing New York State Attorney General Eric Schneiderman from an executive committee negotiating a nationwide settlement with the banks,” Nadler wrote.

[…]

“While a final multistate case release has not been negotiated and the release is a work in progress, attorneys general on the negotiation committee are not preparing to, nor will they agree to, release the banks from all civil liability,” Miller wrote in his letter to Nadler. “We are also not preparing to, nor can we agree to, release the banks from any criminal liability.”

[HOUSING WIRE]

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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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Nadler and NY Delegation Assail Iowa Attorney General for Excluding NY Attorney General from Mortgage Settlement Talks

Nadler and NY Delegation Assail Iowa Attorney General for Excluding NY Attorney General from Mortgage Settlement Talks


Tuesday, 30 August 2011

NEW YORK, NY – Today, Congressman Jerrold Nadler (D-NY), the ranking Democrat on the Judiciary Subcommittee on the Constitution, and 20 members of New York’s congressional delegation chided Iowa Attorney General Tom Miller for his dismissal of New York Attorney General Eric Schneiderman last week from ongoing mortgage settlement negotiations, demanding that Attorney General Miller explain how he intends to ensure that New York’s interests are represented during the remainder of the negotiation talks.  The national committee of state Attorneys General are working to settle numerous complex legal matters arising from the 2008 housing collapse.


“As members of the New York congressional delegation, we are united in fighting for a fair resolution of the housing crisis that has devastated tens of thousands of families across our state,” the members wrote.  “That is why we are deeply troubled by your recent action to silence New York’s voice by removing New York State Attorney General Eric Schneiderman from an executive committee negotiating a nationwide settlement with the banks.  We ask that you explain how New York’s interests will be protected as negotiations move forward.”

Below is the full text of the letter:

August 30, 2011

The Honorable Tom Miller
Attorney General
1305 East Walnut Street
Des Moines, IA 50319

Dear Attorney General Miller:

As members of the New York congressional delegation, we are united in fighting for a fair resolution of the housing crisis that has devastated tens of thousands of families across our state.  That is why we are deeply troubled by your recent action to silence New York’s voice by removing New York State Attorney General Eric Schneiderman from an executive committee negotiating a nationwide settlement with the banks.  We ask that you explain how New York’s interests will be protected as negotiations move forward.

New York’s homeowners and investors have been hit hard by the economic impact of wrongdoing related to the mortgage crisis.  According to the FBI, New York ranked as one of the top ten states for known or suspected mortgage fraud activity for two consecutive years.  It also was one of the top ten states for reports of mortgage fraud across all originations in 2010.  Undoubtedly, our state, the third largest in the nation, deserves a seat at any negotiating table that could potentially limit our state’s ability to investigate and penalize wrongdoing done within our borders.

Raising legitimate concerns about elements of the proposed settlement is a responsibility of every member of the executive committee and should never be the basis for silencing a viewpoint.  Your removal of Attorney General Schneiderman sets a dangerous precedent for other attorneys general who, out of fear of what might happen, may choose silence over voicing valid concerns with particular aspects of the proposed settlement.  Moreover, your attempt to banish opposition rather than address varying viewpoints undermines both the validity of the process and any settlement reached by the committee.

New York deserves adequate representation during the remainder of the mortgage settlement negotiations.  We look forward to hearing how you will ensure that New York’s voice is heard.

Sincerely,

Jerrold Nadler
Carolyn Maloney
Maurice Hinchey
Joseph Crowley
Edolphus Towns
Carolyn McCarthy
Jose Serrano
Gary Ackerman
Timothy Bishop
Eliot Engel
Charles Rangel
Nita Lowey
Louise Slaughter
Paul Tonko
Gregory Meeks
Bill Owens
Yvette Clarke
Kathleen Hochul
Brian Higgins
Nydia Velazquez
Steve Israel

###

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