pimco - FORECLOSURE FRAUD

Tag Archive | "pimco"

U.S. Senators Push for Gross-Backed Bill to Ease Refinancing

U.S. Senators Push for Gross-Backed Bill to Ease Refinancing


H/T to a subscriber

This is about S 170 and HR 363.  Refi at LV, not FMV, and  appraisals are prohibited… Mortagee would presumably stay w/current servicer and lose existing rights, if any, re origination.  New securities are rebundled for sale (PIMCO, Penny Mac, et al).

If this happens, it will happen under the radar via Super Committee, not transparent law-making.

No one is looking at this.

(Bloomberg) —

U.S. Democratic Senator Barbara Boxer said she found a Republican colleague to help push a bill requiring Fannie Mae and Freddie Mac to let homeowners refinance properties worth less than their existing mortgage.

Senator Johnny Isakson, of Georgia, agreed to back the proposal that is also supported by Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., Boxer told reporters today on a conference call.

[BLOOMBERG]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (0)

A European Lynch Mob Is Coming For Bank of America

A European Lynch Mob Is Coming For Bank of America


By Matt Schifrin FORBES
Oct. 25 2010 – 1:01 am

I pity CEO Brian Moynihan and the 284,000 other employees of Bank of America Corp (BAC).  That includes 15,000 Merrill Lynch brokers who are still recovering from the financial crisis and now have to explain to their clients why they work for a firm that is at the epicenter of America’s housing crisis.

Not only have they seen $80 billion in stock market value evaporate since April but they also have to suffer the humiliation of having a parent company bone-headed enough to pay $4 billion for Countrywide, the financial firm created by subprime mortgage pimp Angelo Mozilo. That mess could wind up costing BAC $50 billion, excluding legal fees and brand value deterioration. Remember Countrywide originated  $1.4 trillion in mortgages from 2005 to 2007 alone.

The latest ugly news for Bank of America is actually coming from Europe, where big institutional money managers and other mortgage securities buyers are now beginning to organize for an assault. This information comes from  John Mauldin’s, Thoughts from the Frontline Weekly Newsletter. His e-letter is a must-read for many money managers and serious investors.

.

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (5)

DEFECTIVE MORTGAGES| CITIGROUP, Trouble For Other Banks

DEFECTIVE MORTGAGES| CITIGROUP, Trouble For Other Banks


One by one these will soon all come out…

Fraction of an Excerpt from BLOOMBERG:

Richard M. Bowen, former chief underwriter for Citigroup’s consumer-lending group, said he warned his superiors of concerns that some types of loans in securities didn’t conform with representations and warranties in 2006 and 2007.

In mid-2006, I discovered that over 60 percent of these mortgages purchased and sold were defective,” Bowen testified on April 7 before the Financial Crisis Inquiry Commission created by Congress. “Defective mortgages increased during 2007 to over 80 percent of production.”

<SNIP>

“The potential for owners to challenge lenders on foreclosure improprieties certainly is there,” Pallotta said. “Even if it turns out that the banks were right in 99 percent of these foreclosures, the additional diligence on their part, going forward, is going to cost them more money.”

The litigation over buybacks, also known as putbacks, can also pit big banks against each other. Last month, Deutsche Bank AG, acting as a trustee, refiled a lawsuit over misrepresented mortgages in $34 billion of Washington Mutual Inc. mortgage securities, with $165 billion in original balances.

The new suit in the U.S. District Court for the District of Columbia included JPMorgan as a defendant, after the Federal Deposit Insurance Corp. said that JPMorgan was wrongly claiming its insurance fund had agreed to cover the liabilities, according to the amended complaint.

Continue reading…BLOOMBERG

.

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (1)

Pimco, NY Fed Said to Seek BofA Repurchase of Mortgages

Pimco, NY Fed Said to Seek BofA Repurchase of Mortgages


By Jody Shenn – Oct 19, 2010 5:27 PM ET

Pacific Investment Management Co., BlackRock Inc. and the Federal Reserve Bank of New York are seeking to force Bank of America Corp. to repurchase soured mortgages packaged into $47 billion of bonds by its Countrywide Financial Corp. unit, people familiar with the matter said.

A group of bondholders wrote a letter to Bank of America and Bank of New York Mellon Corp., the debt’s trustee, citing alleged failures by Countrywide to service loans properly, their lawyer said yesterday in a statement that didn’t name the firms. The New York Fed acquired mortgage debt through its 2008 rescues of Bear Stearns Cos. and American International Group Inc.

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. Last month, BNY Mellon declined to investigate mortgage files in response to a demand from the bondholder group, which has since expanded. Countrywide’s servicing failures, including insufficient record keeping, may open the door for investors to seek repurchases by bypassing the trustee, said Kathy Patrick, their lawyer at Gibbs & Bruns LLP.

“We now are in a position where we have to start a clock ticking,” Patrick, who is based in Houston, said today in a telephone interview.

If the issues aren’t fixed within 60 days, BNY Mellon should declare Countrywide in default on its servicing contracts, Patrick said.

Continue reading…BLOOMBERG

.

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (1)


Advert

Archives