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Tag Archive | "MetLife"

Fed Targets Eight More Firms in Foreclosure Probe

Fed Targets Eight More Firms in Foreclosure Probe


NYT-

Federal regulators are poised to crack down on eight financial firms that are not part of the recent government settlement over home foreclosure practices involving sloppy, inaccurate or forged documents.

Last week, a senior Federal Reserve official recommended fines for these additional financial institutions, raising questions about how deep foreclosure problems run through the banking industry.

In addition, judges, lawyers and advocates for homeowners say that people are still losing their homes despite improper documentation and other flaws in the foreclosure process often involving these firms.

The eight firms cited by the Federal Reserve — HSBC’s United States bank division, SunTrust Bank, MetLife, U.S. Bancorp, PNC Financial Services, EverBank, OneWest and Goldman Sachs — should be fined for “unsafe and unsound practices in their loan servicing and foreclosure processing,” Suzanne G. Killian, a senior associate director of the Federal Reserve’s Division of Consumer and Community Affairs, told lawmakers last month in a House Oversight Committee hearing in Brooklyn.

[NEW YORK TIMES]

Click here to read Judge Schack Slams Foreclosure Firm Rosicki, Rosicki & Associates, P.C. “Conflicted Robosigner Kim Stewart”, the case mentioned in the article.

Click here to read about robo-signer Marti Noriega in OREGON DISTRICT COURT ISSUES A TRO AGAINST MERS, BofA and LITTON, the case mentioned in the article.

Last from this article is the one and only Erica Johnson-Seck…

INDYMAC FED. BANK FSB v. GARCIA | NYSC Vacates Default JDGMT “Robo-Signer, Fraudulent Erica Johnson-Seck Affidavit”

Full Deposition Of ERICA JOHNSON SECK Former Fannie Mae, WSB Employee

[NYSC] Judge Finds Issues With “NOTE AMOUNTS”, Robo Signer “ROGER STOTTS” Affidavit: ONEWEST v. GARCIA

[NYSC] JUDGE SCHACK TAKES ON ROBO-SIGNER ERICA JOHNSON SECK: DEUTSCHE BANK v. MARAJ (1) (64.591)

[NYSC] JUDGE SCHACK TAKES ON ROBO-SIGNER ERICA JOHNSON SECK: DEUTSCHE BANK v. HARRIS (2) (70.24)

[NYSC] JUDGE SCHACK TAKES ON ROBO-SIGNER ERICA JOHNSON SECK: ONEWEST BANK v. DRAYTON (3)

Wall Street Journal: Foreclosure? Not So Fast

ONEWEST BANK ‘ERICA JOHNSON-SECK’ ‘Not more than 30 seconds’ to sign each foreclosure document

INDYMAC’S/ONEWEST FORECLOSURE ‘ROBO-SIGNERS’ SIGNED 24,000 MORTGAGE DOCUMENTS MONTHLY

WM_Deposition_of_Erica_Johnson-Seck_Part_I

Deposition_of_Erica_Johnson-Seck_Part_II

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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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.

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Rep. Elijah E. Cummings seek subpoenas of 6 Banks on foreclosure crisis

Rep. Elijah E. Cummings seek subpoenas of 6 Banks on foreclosure crisis


Baltimore Sun-

Baltimore Rep. Elijah E. Cummings on Wednesday requested that the House Oversight Committee issue subpoenas to six banks he said have refused to voluntarily provide documents detailing their role in the mortgage foreclosure meltdown.

Cummings, the top-ranking Democrat on the committee who has made the foreclosure issue a top priority, said the documents are needed to help the committee determine how the foreclosure crisis unfolded. He said it is his first request for subpoenas since starting in the position in January.

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Freddie Mac sued by attorney David Stern over $1.3 million

Freddie Mac sued by attorney David Stern over $1.3 million


According to DBR:

The Federal Home Loan Mortgage Corp. was sued by Florida attorney David Stern, who claims he is owed $1.3 million for legal services, according to a complaint filed today.

The government-run mortgage company breached its contract with Stern’s law firm by failing to pay, according to the complaint filed in federal court in Miami.

Recap of previous stunners [links]:

David Stern Sues Lenders That Once Hired Him

FORECLOSURE MILLS: SHAPIRO & FISHMAN V. LAW OFFICES OF DAVID J. STERN

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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David Stern Sues Lenders That Once Hired Him

David Stern Sues Lenders That Once Hired Him


According to South Florida Business Journal:

The lenders are GMAC Mortgage LLC, U.S. Bank, MetLife Bank, Space Coast Credit Union, Chase Home Finance LLC, Ocwen Loan Servicing, Nationstar Mortgage LLC and PNC Bank.

This doesn’t add up because there are others missing. As soon as the rest of the parties such as Wells Fargo, Bank of America, Aurora, Fannie and Freddie come up (if they do) in a lawsuit, we’ll get to see a bit more of what is really going on.

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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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 /]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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YET ANOTHER: Owners say their Boise home was sold without their knowledge

YET ANOTHER: Owners say their Boise home was sold without their knowledge


A Boise family fights eviction after what its lawyer calls a botched loan modification.

BY SANDRA FORESTER – sforester@idahostatesman.com
Copyright: © 2010 Idaho Statesman
Published: 04/07/10

Editor’s note: This is a corrected story. An earlier version included an incorrect surname for MetLife spokesman Ted Mitchell and an incorrect assessed value of the Rudans’ home. It is assessed at $191,900.

•••

Zijad and Hata Rudan, refugees from Bosnia-Herzegovina, moved to Idaho in 2000. When they bought a new home in 2006 in a quiet, middle-class West Boise neighborhood, they planned to raise their three children, care for Zijad Rudan’s elderly, disabled mother, and finish their lives there.

A self-employed construction worker and stone mason, Zijad put thousands of dollars of labor, upgraded materials and landscaping into the house.

Now they’re on the verge of being thrown out. To the Rudans’ dismay, the house was sold last month at a foreclosure sale.

The sale occurred despite what the Rudans say were their loan servicer’s promises not to sell it. The family fell behind last year on monthly mortgage payments after the Valley’s housing downturn sharply cut Rudan’s income. The company that bought the home says it did nothing wrong. The loan servicer, in response to Idaho Statesman inquiries, said Tuesday that it is working with the Rudans to solve the problem.

“We hope to stay in the house,” Zijad Rudan said.

WHAT WENT WRONG

In 2008, Zijad’s income dropped to barely half what he made the year before. The family struggled but kept making house payments until February 2009. They owed $220,000 and were paying $1,684.78 a month.

Last April, they applied to their loan servicer, MetLife, for a loan modification.

The family said MetLife offered in May to let them pay $1,052.68 a month – a 38 percent reduction – through a three-month trial period while they were considered for a permanent modification under the federal Home Affordable Mortgage Program.

The federal program requires mortgage servicers to review the mortgage modification with the homeowner at the end of the trial period, convert the mortgage to the lower amount or consider other alternatives such as a short sale or taking the deed in lieu of payment before putting the home into a foreclosure sale.

The Rudans made two more full payments for March and April, with late fees. In June, they said, the payments were sent back to them.

Zijad Rudan said he called MetLife to ask why. He said he was told not to be concerned because the application for modification was still being processed. MetLife told him to start paying the reduced amount, he said. So he did.

THEN, AN UNHAPPY SURPRISE

The next month, the Rudans received a notice of trustee’s sale.

Alarmed, they called MetLife again. The Rudans said a representative again told them not to worry, saying the modification process was moving forward and they should throw the notice in the garbage. The family was told that their July payment had been received and that all was well.

They continued to make the required modified payments each month. As MetLife continued work on the loan-modification application, it sought more information. The Rudans faxed numerous documents, such as paycheck stubs, sometimes several times, the family said.

On Feb. 8, they wrote another monthly check. MetLife still had not notified them of any decision on their permanent loan modification request, they said. But the check returned Feb. 17.

Once again, the couple called MetLife. They said they spent the morning calling the company and reached only recorded messages, so then went to a MetLife office in Eagle for help.

The local MetLife representative called the parent company. MetLife again asked the family for more information and pay stubs. The Rudans said they faxed the documents that day.

The couple called March 4 to check on their status. They say they were told the modification was still being processes and they should call back March 10.

Instead, they called on March 8 and were told that their files had been turned over to a different department, and that a foreclosure sale had been scheduled but postponed. The Rudans said they were told not to make payments for February and March.

A MAN ON THE DOORSTEP

On March 12, a representative of Gorilla Capital Inc. showed up at their door. The Oregon company buys homes at foreclosure sales and says it sells them for about $20,000 less than comparable houses in the market.

The Gorilla representative said he’d bought the house at a foreclosure auction at 11 a.m. that day for $111,201, just $1 more than MetLife bid on it. The home is assessed at $191,900, said the Rudans’ attorney, Richard Eppink of Idaho Legal Aid.

The Gorilla representative started eviction proceedings against the family that day, court documents say.

Since then, the family has been in turmoil, trying to find help and to work through the legal process.

On Tuesday, the couple appeared in Ada County Magistrate Court, where a hearing to evict them was postponed for a week.

Eppink also filed a District Court lawsuit against MetLife Bank, Transnation Title and Gorilla Capital Inc. to undo the trustee’s sale and declare the Rudans the rightful owners.

“We’re trying to stop the eviction process until we get this sorted out and get everyone into court,” Eppink said.

FEELING CHEATED

Through an interpreter, the Rudans said they are confused because they did everything MetLife asked of them through the past year.

Eppink said he hopes MetLife will recognize what it’s done wrong and work things out, and that Gorilla will negotiate in good faith.

“I can assure you that MetLife Home Loans is working diligently to resolve this situation, and remains in contact with the customer,” MetLife spokesman Ted Mitchell said in an e-mail to the Statesman.

Gorilla CEO John Helmick said he would be delighted to see the Zudans buy back their home as some other homeowners have done with homes his company acquired.

He said he would sell it to them for $149,000 – one-third less than they owed to MetLife.

Gorilla said his company followed the law.

“Gorilla Capital has not been provided with any documentation showing that MetLife and the borrower reached an agreement,” Helmick said.

“Instead the trustee has taken our money and provided us with the deed to the house.”

Sandra Forester: 377-6464

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GARY DUBIN LAW OFFICES FORECLOSURE DEFENSE HAWAII and CALIFORNIA
Kenneth Eric Trent, www.ForeclosureDestroyer.com

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