Letter | FORECLOSURE FRAUD | by DinSFLA

Tag Archive | "letter"

Wall Street’s New Nightmare: The Next Wave Of Mortgage-Backed Securities Claims

Wall Street’s New Nightmare: The Next Wave Of Mortgage-Backed Securities Claims


In case you want a refresher of Attorney Kathy Patrick you can read a letter from Attorneys for Bank of America, who fired back at her on November 4, 2010 about her “baseless allegations”.

Her $8.5 billion Bank of America settlement over bad mortgage deals was just the beginning. Now, backed by bond giants Pimco and BlackRock, Texas lawyer Kathy Patrick is gearing up for a new legal assault on the financial industry.

[FORBES]

Hmmmm…. Could we get any warmer?

 IN RE WELLS FARGO MORTGAGE-BACKED CERTIFICATES LITIGATION.

Consolidated Class Action No. 09-CV-1376-LHK (PSG).
United States District Court, N.D. California, San Jose Division.
October 13, 2011.

Kathy D. Patrick-Texas Bar No. 15581400, Scott A. Humphries-Texas Bar No. 00796800, Gibbs & Bruns LLP, Houston, Texas, Email: kpatrick@gibbsbruns.com, Email: shumphries@gibbsbruns.com.
.

(Pending Pro Hac Vice Admission), Charles M. Kagay-CBN 73377, Spiegel Liao & Kagay, LLP, San Francisco, California, Email: cmk@slksf.com, Attorneys for Neuberger Berman Europe, Ltd. and Bayerische Landesbank.

ORDER GRANTING APPLICATION FOR ADMISSION OF ATTORNEY ATTORNEY PRO HAC VICE

LUCY H. KOH, District Judge.

Kathy D. Patrick, whose business address and telephone number is 1100 Louisiana Street, Suite 5300, Houston, Texas 77002, (713) 650-8805 and who is an active member in good standing of the bar of Texas having applied in the above-entitled action for admission to practice in the Northern District of California on a pro hac vice basis, representing Neuberger Berman Europe, Ltd., as Agent for Sealink Funding, Ltd. and Bayerische Landesbank.

IT IS HEREBY ORDERED THAT the application Is granted, subject to the terms and conditions of Civil L.R. 11-3. All papers filed by the attorney must indicate appearance pro hac vice. Service of papers upon and communication with co-counsel designated in the application will constitute notice to the party. All future filings in this action are subject to the requirements contained in General Order No. 45, Electronic Case Filing.

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READ | Letter from Representative Elijah E. Cummings to Darrell E. Issa re: Foreclosure Fraud, Subpoenas

READ | Letter from Representative Elijah E. Cummings to Darrell E. Issa re: Foreclosure Fraud, Subpoenas


June 21, 2011

The Honorable Darrell E. Issa
Chairman
Committee on Oversight and Government Reform
U.S. House of Representatives
Washington, DC 20515

Dear Mr. Chairman:

Today marks the six-month anniversary of my first letter to you requesting that the Committee investigate widespread and systemic abuses by mortgage servicing companies, including illegal foreclosures, inflated fees, and fraud against American homeowners. This is now my fourth letter to you on this subject.1

[…]

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Bank of America apologizes for mistakenly accusing 5,000 Oregonians of being late on property taxes

Bank of America apologizes for mistakenly accusing 5,000 Oregonians of being late on property taxes


Oregonian-

Bank of America said today it mistakenly sent nearly 5,000 Oregonians letters claiming they owe property taxes and might be risking foreclosure when they, in fact, don’t.

Washington County Department of Assessment and Taxation director Rich Hobernicht estimates his office has received 1,000 calls since Monday from homeowners who received letters from BAC Tax Services Corp, an arm of the bank’s BAC Home Loan Servicing division.

Continue reading [OREGONLive]

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READ LETTER | MBA Asks HUD to Permit E-Signatures on FHA Loans

READ LETTER | MBA Asks HUD to Permit E-Signatures on FHA Loans


We all know where very similar words got MERS…

“E-signatures will reduce the volume of lost paperwork, reduce signature fraud, reduce the time required to close a loan, and may lead to lower borrower costs.”

MERS cannot even keep track of who owns what loan and with all the alleged fraudulent signatures originating from it’s certifying officers signing virtually any number of documents to land records… special caution to permit e-signatures that can easily be cut and pasted.

What if this ever gets “hacked”… nothing is bullet proof.

Read the letter below…

[ipaper docId=57025234 access_key=key-145ld1yf6pkpn8zowucm height=600 width=600 /]

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NY Fed probing Goldman Sachs mortgage servicing unit Litton Loan Servicing

NY Fed probing Goldman Sachs mortgage servicing unit Litton Loan Servicing


REUTERS-

The Federal Reserve Bank of New York is investigating whether Goldman Sachs’ (GS.N) mortgage servicing arm did not conduct proper reviews before denying borrowers the option to lower their payments under a government loan modification programme.

In its quarterly filing with the SEC earlier this month, Goldman said regulators had sought information on the foreclosure and servicing protocols and activities of its mortgage servicing unit Litton Loan Servicing.

“We are in possession of the letter and are conducting an inquiry,” a NY Fed spokesperson told Reuters, referring to a letter from a Litton employee sent to the NY Fed by the Financial Times. A spokesperson for Goldman Sachs declined to comment when contacted by Reuters.


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READ | Letter from Utah Attorney General Mark Shurtleff to Bank of America President Brian T. Moynihan re: ReconTrust “ILLEGAL”

READ | Letter from Utah Attorney General Mark Shurtleff to Bank of America President Brian T. Moynihan re: ReconTrust “ILLEGAL”


“All real estate foreclosures conducted by ReconTrust in the state of Utah are not in compliance with Utah’s statutes, and are hence illegal”

[ipaper docId=56254613 access_key=key-1y6gmyihelxc0a0sczvm height=600 width=600 /]

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JPMorgan Chase CEO Jamie Dimon’s Letter to Shareholders 4.4.2011

JPMorgan Chase CEO Jamie Dimon’s Letter to Shareholders 4.4.2011


Excerpt:

We do not believe that the Federal Reserve or the Treasury would want to leave American banks at a disadvantage. We need American leadership to be forceful and engaged to ensure a fair outcome.

We all have a vested interest in getting this right The government took great action to stop the crisis from getting worse. Lawmakers and regulators have and will take much action to fix what clearly was a broken system.

[hit image to read pdf]

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MI Clerks Bullard, Hertel testify before House committee about fraudulent mortgage documents

MI Clerks Bullard, Hertel testify before House committee about fraudulent mortgage documents


LegalNews-

If someone does not pay their mortgage they will lose their home. But banks have to play by the rules, too.” Hertel further stated,


“We are looking at a massive fraud committed against the people of the state of Michigan.”


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READ | Letter from Oakland County, Michigan Reg. of Deeds Bullard to Attorney General Schutte on Mortgage Fraud

READ | Letter from Oakland County, Michigan Reg. of Deeds Bullard to Attorney General Schutte on Mortgage Fraud


Be sure to catch the samples of Linda Green signatures down below…

P.S. He’s currently reviewing 12,000 assignments of mortgages that were recorded in 2010!

They’re all doing an excellent job! Talk about hero’s!

[ipaper docId=54751289 access_key=key-2hwhs1wtsdaiqyeb23f9 height=600 width=600 /]

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



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PBPOST | Chief Judge objects to foreclosure mill’s proposals

PBPOST | Chief Judge objects to foreclosure mill’s proposals


T/O: At what point does the Florida Bar need to step in?

From Kim Miller:

Palm Beach County Chief Judge Peter Blanc said in a letter Wednesday to David J. Stern that Stern’s suggestions to deal with thousands of abandoned cases are not permitted by Florida rules of law.

continue to Palm Beach Post

[ipaper docId=53051118 access_key=key-1nczmmm9f73nii67hqhu height=600 width=600 /]

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Stern Law firm Seeks New Exit, Blames Lenders For Not Transferring Cases

Stern Law firm Seeks New Exit, Blames Lenders For Not Transferring Cases


Miami Herald

On Monday, Stern wrote a letter to Palm Beach County Chief Judge Peter D. Blanc, pitching new strategies for the courts in dealing with his inevitable exit from the business of foreclosure prosecution. His letter places much of the blame on the lenders who ended their relationship with his firm but have not yet transferred the cases to new lawyers, leaving them in limbo and clogging up the overloaded courts.

[ipaper docId=52842742 access_key=key-28gy1ssdtjsppmxvfass height=600 width=600 /]

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FL Chief Justice Canady and Governor Rick Scott’s Agreement Letter On Court Loan

FL Chief Justice Canady and Governor Rick Scott’s Agreement Letter On Court Loan


April 6, 2011

The Honorable Charles T. Canady
Chief Justice, Supreme Court of Florida
500 South Duval Street
Tallahassee, FL 32399-1925

Dear Chief Justice Canady:

On March 22,2011, our office approved a temporary loan of $14,000,000 and requested additional information prior to approving any additional loan amounts. The information provided by your office, and the cost containment measures implemented, show that the remaining loan amount needed to cover the projected deficit through May has been reduced from $28,483,326 to $19,487,027. The Executive Office of the Governor hereby approves an additional loan, not to exceed $19,487,027, from available trust fund balances within the State Treasury to the State Courts Revenue Trust Fund.

Pursuant to section 215.18, Florida Statutes, transfers should only be made as needed to cover deficiencies, and the loan must be repaid as soon as practical, but not later than June 30, 2011.

[ipaper docId=52564508 access_key=key-29jiktxdrunpccdxtug8 height=600 width=600 /]

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HIGHLIGHTS: FROM AN AHMSI LETTER TO 60 MINUTES

HIGHLIGHTS: FROM AN AHMSI LETTER TO 60 MINUTES


LOL– These are not the ORIGINAL Assignments, They’re locked up in a vault … (sure they are)

From the Letter:

“In addition to transferring the mortgage through an unrecorded assignment at the time the assignee securitization trust obtains the loan, it has been industry practice for the loan servicer to have an assignment of mortgage executed and recorded in the name of the trustee for the securitization trust typically shortly before a foreclosure action is commenced. This latter assignment would be recorded to put record title into the name of the owner or holder of the loan, to eliminate any confusion about the assignee being the appropriate plaintiff to commence the foreclosure action. However, this assignment would not act to transfer ownership or holder status to that assignee, which occurred earlier, as explained above.

Although there exists a signed and notarized unrecorded assignment of mortgage in favor of the securitization trustee in a loan file maintained under contract by a custodian retained by the trust, in most cases it is very burdensome and costly to obtain that old, original assignment and more troublesome to record it, which is a document in favor of blank (that is, the name of the assignee is not filled in) and is dated, signed, and notarized years ago; it is generally less burdensome, more efficient, and less expensive to have foreclosure counsel review the current state of title and counsel or a document preparer prepare, sign, notarize, and record a currently prepared assignment, pursuant to appropriate corporate authority.”

ENTIRE LETTER:

[ipaper docId=52487250 access_key=key-11f6oucsrh7o0az6j08h height=600 width=600 /]

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READ | Chief Inspector Neil Barofsky of TARP Resignation Letter

READ | Chief Inspector Neil Barofsky of TARP Resignation Letter


Trouble Asset Relief Program (TARP) chief watchdog Neil M. Barofsky announced his resignation today in a letter addressed to President Obama.

Read his letter below…

[ipaper docId=48841604 access_key=key-1anf106x725vk4y6z93w height=600 width=600 /]

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NYC COMPTROLLER LIU: $432 BILLION PENSION FUND COALITION DEMANDS BANK DIRECTORS IMMEDIATELY EXAMINE FORECLOSURE PRACTICES

NYC COMPTROLLER LIU: $432 BILLION PENSION FUND COALITION DEMANDS BANK DIRECTORS IMMEDIATELY EXAMINE FORECLOSURE PRACTICES


A coalition of seven major public pension systems called on the boards of directors of Bank of America (NYSE: BAC), Citigroup (NYSE: C), JP Morgan Chase (NYSE: JPM), and Wells Fargo (NYSE: WFC) to immediately undertake independent examinations of the banks’ mortgage and foreclosure practices.

PR11-01-003
Contact: Sharon Lee / Matthew Sweeney, (212) 669-3747
January 9, 2011

$432 BILLION PENSION FUND COALITION DEMANDS
BANK DIRECTORS IMMEDIATELY EXAMINE
FORECLOSURE PRACTICES

View in pdf
View coalition’s letter to Bank of America, Citigroup, JPMorgan Chase, Wells Fargo

NEW YORK, NY – A coalition of seven major public pension systems called on the boards of directors of Bank of America (NYSE: BAC), Citigroup (NYSE: C), JP Morgan Chase (NYSE: JPM), and Wells Fargo (NYSE: WFC) to immediately undertake independent examinations of the banks’ mortgage and foreclosure practices.

Led by New York City Comptroller John C. Liu on behalf of the five NYC Pension Funds, the coalition also includes the Connecticut Retirement Plans and Trust Funds, the Illinois State Board of Investment, the Illinois State Universities Retirement System, the New York State Common Retirement Fund, the North Carolina Retirement Systems, and the Oregon Public Employees Retirement Fund.

The coalition of pension funds called for the banks’ Audit Committees to launch independent examinations of their loan modification, foreclosure, and securitization policies and procedures.

“This will help to prevent future compliance failures and restore the confidence of shareholders, regulators, legislators and mortgage markets participants,” the coalition advised in its letter.

The coalition members’ insistence on immediate action reflects the urgency of their concerns over mishandled mortgages.  In November, the New York City Pension Funds and Comptroller Liu made a similar request for bank boards to conduct independent policy reviews as part of a shareholder proposal to the banks’ annual meetings in the spring.

“The banks’ boards cannot continue to pretend the foreclosure mess is the result of technical glitches and paperwork errors,” Comptroller Liu said.  “There is a fundamental problem in their procedures that endangers not just homeowners, but shareholders, and local economies.  Given the risks involved, only a swift and unbiased audit can reassure shareholders that the pension funds of 700,000 working and retired New Yorkers are in safe hands.  The boards of directors have no time to waste.”

The coalition represents more than $430 billion in pension fund investments, including $5.7 billion invested in the four banks.

“We don’t know exactly what the banks were doing, and we don’t know if they did it right,” New York State Comptroller Thomas P. DiNapoli said.  “Millions of families have lost their homes, and the investments of the million members of the Common Retirement System have been put at risk.  As investors, we need to understand what happened.  A full and open examination of the procedures used to foreclose on millions of families is the only way to make sure our investments are protected and no one is ever wrongfully evicted from their home.”

Federal Reserve Governor Daniel K. Tarullo testified to the Senate Banking Committee on December 1 that the Federal Reserve’s preliminary findings on bank foreclosure procedures suggested “significant weaknesses in risk-management, quality control, audit and compliance practices as underlying factors contributing to the problems associated with mortgage servicing and foreclosure documentation.”

The Congressional Oversight Panel has estimated that banks’ potential mortgage liability could total $52 billion, borne largely by the four banks contacted by the pension funds.  The Panel’s November 16 report, “Examining the Consequences of Mortgage Irregularities for Financial Stability and Foreclosure Mitigation,” concluded that banks’ could suffer “disabling damage” if they were found to have misrepresented the quality of loans sold for securitization and forced to reabsorb billions in troubled loans.

“The responsibility for making sure that internal controls and compliance process are in place for mortgage and foreclosure practices rests squarely with these Audit Committees,” said North Carolina State Treasurer Janet Cowell.  “The recent testimonies and studies strongly suggest the need for these Audit Committees to act swiftly and objectively in conducting an independent and comprehensive review of these practices.”

The coalition of pension funds called for the banks to report the findings of their independent examinations in their 2011 proxy statements this spring. As of December 31, 2010, the coalition’s combined holdings in each bank included: 97.1 million Bank of America shares valued at $1.3 billion; 226.6 million Citigroup shares valued at $1.1 billion; 40.7 million JPMorgan Chase shares valued at $1.7 billion; and 50.6 million Wells Fargo shares valued at $1.6 billion.

The New York City Comptroller serves as the investment advisor to, custodian and trustee of the New York City Pension Funds.  The New York City Pension Funds are comprised of the New York City Employees’ Retirement System, Teachers’ Retirement System, New York City Police Pension Fund, New York City Fire Department Pension Fund and the Board of Education Retirement System.  The New York City Pension Funds hold a combined 138,786,887 total shares in Bank of America Corporation (NYSE: BAC), Citigroup Inc. (NYSE: C), JPMorgan Chase & Co. (NYSE: JPM), and Wells Fargo & Company (NYSE: WFC) for a combined asset value of $1,933,160,319 as of 12/31/2010.

The coalition’s letters to each bank are available on Comptroller Liu’s website:

http://comptroller.nyc.gov/press/2011_releases/pr11-01-003.shtm

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BLOOMBERG| Geithner Urged by Senators to Tackle Home-Foreclosure Process `Forcefully’

BLOOMBERG| Geithner Urged by Senators to Tackle Home-Foreclosure Process `Forcefully’


Treasury Secretary Timothy F. Geithner and federal regulators need to fix the mortgage foreclosure process so that it doesn’t derail the economic recovery, Senator Jack Reed and 16 other senators wrote in a letter yesterday.

“Mortgage market issues point to an emerging threat to financial stability that should be forcefully addressed now,” wrote Reed, a Democrat from Rhode Island. The letter, obtained by Bloomberg News, was also signed by Senator Bernie Sanders, an independent of Vermont, and 15 other Democrats including Senators John Kerry and Dick Durbin.

The letter shows increasing concern from lawmakers that the Obama administration hasn’t done enough to stem the housing crisis. Home prices may decline 5 percent this year as the housing market starts to stabilize, Jan Hatzius, chief U.S. economist at Goldman Sachs, said in a Dec. 31 Bloomberg Television interview.

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LETTER: American Association of Bank Directors To Sheila Bair “FDIC Should Stop Interfering with Bank Directors’ Rights to Defend Themselves”

LETTER: American Association of Bank Directors To Sheila Bair “FDIC Should Stop Interfering with Bank Directors’ Rights to Defend Themselves”


LETTER TO THE HONORABLE SHEILA C. BAIR, FDIC

December 22,2010

The Honorable Sheila C. Bair
Chairman
Federal Deposit Insurance Corporation
550 17th Street, N.W.
Washington, DC 20429-9990

Dear Chairman Bair:

We are writing in regard to the FDIC’s recently expressed policy that bank directors have no right to possess bank documents relevant to their defense of a potential suit by the FDIC as receiver. The FDIC has aggressively sought to enforce this previously undisclosed policy by filing a lawsuit against lawyers representing bank directors in the defense of proceedings by the FDIC aimed at recovering losses from their clients. This policy is shortsighted and counterproductive. It will deter qualified persons from accepting positions as bank directors and will motivate currently serving directors to resign. The American Association of Bank Directors is receiving calls from all over the U.S. from bank directors expressing concerns about this issue. Your agency should immediately clarify that the FDIC supports the right of bank directors to the bank records they need to defend themselves against suits by the FDIC and others.

Continue to letter…

[ipaper docId=46070922 access_key=key-1f5bp1wgskeeaxy3ndm1 height=600 width=600 /]

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Oops! BofA Sends Loan-Mod Letter in Error to WSJ Reporter

Oops! BofA Sends Loan-Mod Letter in Error to WSJ Reporter


December 17, 2010, 11:29 AM ET

By Nick Timiraos

Bank of America helpfully sent out a letter last week informing a Brooklyn homeowner that the bank didn’t have all the documents needed to finalize a loan modification application.

“Our records indicate that we are still missing some of the required documents, or some of the documents were sent to us with missing or incorrect information,” said the form letter dated Dec. 6.

But there was one problem: the letter was addressed to the couple that sold the Brooklyn apartment in 1998. It arrived in the mailbox of a Wall Street Journal reporter who bought that apartment and has never had a mortgage on it.

It’s no secret that banks’ paperwork problems have plagued the Obama administration’s Home Affordable Modification Program, or HAMP, and the letter offers a glimmer into potential miscues. Borrowers frequently tell of sending and resending paperwork three or four times, while banks often say that modifications aren’t being completed because borrowers aren’t filing all the necessary documentation.

Bank of America says this letter was sent in error after a loan modification negotiator entered in the wrong nine-digit loan number and that the incident appears to have been “very isolated.” “It was simply someone going into a template [who] punched in the wrong number,” said a bank spokeswoman. “Obviously, we’re very sorry for the confusion.”

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Bank of America Lawyers Demand Names in Mortgage-Bond Fight With Investors

Bank of America Lawyers Demand Names in Mortgage-Bond Fight With Investors


By Jody Shenn and David Mildenberg – Nov 5, 2010 4:21 PM ET

Bank of America Corp., responding to the attorney for a bondholder group that’s pushing the bank to repurchase soured home loans, demanded proof the lawyer is authorized to mount an attack on behalf of investors including units of BlackRock Inc. and MetLife Inc.

Wachtell, Lipton, Rosen & Katz’s Theodore N. Mirvis is among lawyers for Bank of America who said in a letter yesterday to Houston-based Gibbs & Bruns LLP’s Kathy Patrick that they want the names of individuals who approved signatures on a letter Patrick sent the Charlotte, North Carolina-based lender last month. They also want to know whether the board of directors for the bondholders Patrick said she represents approved signing of her correspondence.

“Troubling aspects of your letter strongly suggest that it was written for an improper purpose, or in furtherance of an ulterior agenda,” Bank of America’s attorneys wrote, saying they see no need to take action in response to Patrick’s letter.

Investors are stepping up efforts to recoup losses on mortgage bonds, which plummeted in value amid the worst slump in home prices since the 1930s. Bank of America Chief Executive Officer Brian T. Moynihan said Oct. 19 the lender will “defend our shareholders” by disputing any unjustified demands for mortgage buybacks.

Bank of America’s lawyers said they couldn’t determine “whether any investigation of your allegations is warranted” unless Patrick proves her clients own as much of the bonds created by the bank’s Countrywide Financial Corp. unit as they claim. Patrick also needs to show on a deal-by-deal basis how the bank is falling short of its responsibilities in servicing the home loans in the 115 securitizations at issue, they said.

Moynihan’s Surprise

Moynihan, 51, said yesterday that he was surprised by the Oct. 19 letter from investors, which included the Federal Reserve Bank of New York.

Moynihan’s company has resolved other debt disputes with the investors, and he has called BlackRock CEO Larry Fink to discuss the mortgage buyback issue, he said.

Patrick declined to comment.

Jerry Dubrowski, a spokesman for Bank of America, confirmed the letter’s authenticity and declined to comment further.

Lawyers Brian E. Pastuszenski of Goodwin Procter LLP and Marc T.G. Dworsky of Munger, Tolles & Olson LLP also signed the yesterday’s letter to Patrick, which was reported earlier today by the New York Times.

Do Not Print Letter Below (Poor quality and might not come out)

[ipaper docId=41405566 access_key=key-1ajd5uhf38y18hutsz68 height=600 width=600 /]

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Ambac Sues Bank of America Over Countrywide Bonds, CEO Gets A Warning Letter

Ambac Sues Bank of America Over Countrywide Bonds, CEO Gets A Warning Letter


Ambac Sues Bank of America Over Countrywide Bonds

Ambac Assurance Corp. sued Bank of America Corp. over $16.7 billion of mortgage-backed securities, saying the bank’s Countrywide Financial Corp. unit fraudulently induced Ambac to insure bonds backed by improperly made loans.

Ambac found that 97 percent of 6,533 loans it reviewed across 12 securitizations sponsored by Countrywide didn’t conform to the lender’s underwriting guidelines, according to the complaint filed yesterday in New York state Supreme Court. Many of the loans were made to borrowers with limited or no ability to meet their payment obligations, Ambac said.

The lawsuit follows negotiations between Bank of America, which acquired Countrywide in 2008, and Ambac over mounting losses caused by loans made during the early 2000s as U.S. housing prices soared. Ambac has paid $466 million in claims from more than 35,000 Countrywide home-equity loans that have defaulted or been charged off, according to the lawsuit.

“Bank of America probably didn’t settle because they didn’t want to swallow the amount of money that it’s going to take to satisfy Ambac,” said Alan White, a law professor at Valparaiso University who specializes in housing industry issues. “Nobody wants to be left holding the bag.”

Shirley Norton, a spokeswoman for the Charlotte, North Carolina-based lender, and Ambac spokesman Pete Poillon, declined to comment on the lawsuit.

Repurchase of Billions

Repurchases of home loans from buyers and insurers of mortgage securities have already cost the four biggest U.S. lenders $9.8 billion, according to Credit Suisse Group AG. Bank of America has said it faces $11.1 billion of unresolved claims.

MBIA Insurance said it paid more than $459 million in claims stemming from losses on Countrywide-sponsored mortgage- backed bonds, according to a 2008 lawsuit in New York State Supreme Court.

The Ambac case involves 12 Countrywide-sponsored pools of home loans that were created from 2004 to 2006, including nine involving home equity lines of credit and three that involve fixed-amount second-lien loans.

Bank of America should repurchase as much as $20 billion in home loans that were based on wrong or missing information, the Association of Financial Guaranty Insurers said in a Sept. 2 letter to Bank of America Chief Executive Officer Brian Moynihan. More than half of the soured home-equity credit lines and residential mortgages created from 2005 through 2007 that insurers examined were candidates for repurchase, the group said.

Letter Below:

[ipaper docId=40431802 access_key=key-z7j0ixrfvplfrs6zqbf height=600 width=600 /]

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DEUTSCHE BANK TRUST NATIONAL LETTER TO SERVICERS REGARDING FORECLOSURES

DEUTSCHE BANK TRUST NATIONAL LETTER TO SERVICERS REGARDING FORECLOSURES


To: ALL HOLDERS OF RESIDENTIAL MORTGAGE BACKED SECURITIES FOR WHICH DEUTSCHE BANK NATIONAL TRUST COMPANY OR DEUTSCHE BANK TRUST COMPANY AMERICAS ACTS AS A SECURITIZATION TRUSTEE

FROM: DEUTSCHE BANK TRUST NATIONAL COMPANY, AS TRUSTEE AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS TRUSTEE (the “Trustee”)

Date: October 25, 2010


Re: Certain Allegations Regarding Loan Servicer Foreclosure Practices

[ipaper docId=40118047 access_key=key-ip8rlx60flja8xmwp35 height=600 width=600 /]

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SENATOR AL FRANKEN TO DOJ, TREASURY, WARREN… INVESTIGATE FORECLOSURE FRAUD

SENATOR AL FRANKEN TO DOJ, TREASURY, WARREN… INVESTIGATE FORECLOSURE FRAUD


“Unfortunately, concerns have been raised that Ally’s practices are not an anomaly in this industry, and that these bad practices are used by numerous other companies as well,”

[ipaper docId=38491690 access_key=key-2olponz6eirce0cjis4j height=600 width=600 /]

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Posted in assignment of mortgage, chain in title, CONTROL FRAUD, corruption, deed of trust, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, forgery, GMAC, investigation, mortgageComments (0)


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