settlement | FORECLOSURE FRAUD | by DinSFLA - Part 2

Tag Archive | "settlement"

Abigail Field: Turns out the Mortgage Deal Is Still Not Done

Abigail Field: Turns out the Mortgage Deal Is Still Not Done


Abigail Field-

Q: When is a deal not a deal?

A: When the deal documents punt on contentious issues, merely agreeing to agree later. 

Sadly, that’s what this “deal” does. This “deal” is a hybrid contract and term sheet, with all the crucial, operational aspects of compliance unresolved. A smallish to-be-dealt-with-later item is the timing for implementing the servicing standards. The biggie is the Work Plans; those have not been negotiated at all.

Yes, part of compliance has been finalized; the metrics, and the basic enforcement structure. But it’s not enough to have metrics; you also need processes for gathering the metric data and computing the results. Similarly you need more than a structure for enforcement; you need how-to details. The not-yet-existing Work Plan will cover all that. Worse, the negotiations will happen while the clock is ticking on the deal.

Servicing Standards Take Effect On a Date TBD

When the deal is approved

[REALITY FIELD]

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Millions awarded to Palm Beach Gardens mortgage whistleblower, Plans to release a list of all the homeowners in PBC who are victims of forged docs

Millions awarded to Palm Beach Gardens mortgage whistleblower, Plans to release a list of all the homeowners in PBC who are victims of forged docs


WPTV-

Szymoniak is still fighting her foreclosure, but plans to use part of the settlement to buy a new home. She also promises to donate a portion to charity.

“My dad was a Marine,” said Szymoniak. “I tried to make a commitment early on, that I would fight as hard for my country as my father did.”

In just a few weeks, Szymoniak plans to release a list of all the homeowners in Palm Beach County who have a mortgage that was processed by the now-defunct company that she suspects of forging her own foreclosure documents.

She says every homeowner deserves to know whether their chain of title is compromised.

Read more: http://www.wptv.com

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L. Randall Wray: Secret Deals, Foreclosure Settlements, Stress Tests and Vampire Squid Whistleblowers

L. Randall Wray: Secret Deals, Foreclosure Settlements, Stress Tests and Vampire Squid Whistleblowers


HuffPo-

No Hollywood scriptwriter could plot a more implausible story. Here is the plotline sequencing:

  1. Bankers make NINJA loans, securitize them, and sell on to government GSEs
  2. Bankers destroy all the loan documents and begin random and fraudulent foreclosures, throwing millions of innocent victims out on the street
  3. GSEs sue bankers and force them to take back bad mortgages
  4. Bankers sell servicing rights for the same bad mortgages back to GSEs, who overpay
  5. GSEs resell servicing rights to companies run by former GSE officials
  6. Bankers slapped on wrist with puny foreclosure settlement in return for government promise it will never sue them for past foreclosure fraud
  7. Government stress test claims banks are healthy
  8. Bankers get sweet deal, counting mortgage mods for best borrowers toward the settlement
  9. HUD report released demonstrating massive foreclosure fraud that reached to highest levels of banks
  10. Vampire Squid Executive Director fires off resignation letter decrying bankster culture
  11. Banksters walk away scott-free as statute of limitations runs out for criminal behavior

This would have to be a fantasy because no one would ever believe it could have been true...

[HUFFINGTON POST]

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Barofsky & Stoller: Don’t Believe Hype About $25B Mortgage Settlement

Barofsky & Stoller: Don’t Believe Hype About $25B Mortgage Settlement


by on Mar 15, 2012

March 15 (Bloomberg Law) — The $25 billion mortgage settlement between lenders and state attorneys general won’t help nearly as many people as its touted to, Neil Barofsky, the former Special US Treasury Department Inspector General for the Troubled Asset Relief Program (TARP), tells Bloomberg Law’s Lee Pacchia. He’s joined by Matthew Stoller, a fellow at the Roosevelt Insitute, who says the government and banks delayed filing details of the settlement to give investors less time to challenge the deal in court.

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Matt Stoller: Robosigning Still Going on at Wells Fargo, Reports HUD Inspector General

Matt Stoller: Robosigning Still Going on at Wells Fargo, Reports HUD Inspector General


Naked Capitalism-

I’ve been going over the mortgage settlement documents over the past few days – a lot has been released, with many implications.  There is plenty to criticize.  Subprime Shakeout has a great summary, and David Dayen has done a wonderful job going through the nitty gritty.  Abigail Field has a spectacular review of the problems with the servicing standards.  I’ll make a few criticisms of my own below.  But I think the most interesting parts of the document release were the HUD Inspector General reports on the five banks and the DOJ complaint.  What these prove is what we’ve always known – the law enforcement community knew exactly what these banks were doing.  DOJ simply chose not to prosecute.  There was intent to defraud, fraud, and frankly, according to HUD.

In fact, it’s not clear that the past tense is the correct tense to use.  The Wells Fargo report is particularly interesting on that last point.  Take it away, HUD OIG (italics are mine).

At the time of our review, affidavits continued to be processed by these same signers, who may not have been qualified, and these signers may not have adequately verified certain figures because they accessed a computer screen of data showing a compilation of figures instead of verifying the data against the information through review of the books and records kept in the regular course of business by the institution.

I’m sorry, but WHAT THE $&*@!?!?

[NAKED CAPITALISM]

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DE, MA & NY resolve some claims in MERS suits

DE, MA & NY resolve some claims in MERS suits


HW-

The nation’s five biggest banks will pay $25 million to the New York attorney general’s office to settle certain claims related to the use of Mortgage Electronic Registration Systems.

The agreement with New York Attorney General Eric Schneiderman releases Bank of America ($8.84 0.35), Citigroup ($35.21 -1.24), JPMorgan Chase ($43.58 0.19), Wells Fargo ($33.37 0.04) and Ally Financial from certain claims of robo-signing foreclosure documents.

Schneiderman sued Bank of America, JPMorgan and Wells Fargo, as well as MERS, in early February. The AG’s office said in the complaint the banks “created the MERS system as an end-run around the property-recording system.”

MERS is not involved in the agreement, and a company spokeswoman declined to comment.

Continue to read up on DE & MA … [HOUSING WIRE]

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HUD: Bank Of America Notary went from 60 Documents to 20,000 per day

HUD: Bank Of America Notary went from 60 Documents to 20,000 per day


HUD OIG Report | Bank of America Corporation Foreclosure and Claims Process Review


[ipaper docId=85365683 access_key=key-1fsf4lmx3b4vkbct4k9u height=600 width=600 /]

 

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HUD: CitiMortgage Notaries did not witness signatures, Attorneys may have improperly prepared documents

HUD: CitiMortgage Notaries did not witness signatures, Attorneys may have improperly prepared documents


HUD OIG Report | CitiMortgage, Inc. Foreclosure and Claims Process Review


[ipaper docId=85365712 access_key=key-csoceh86p97oisriqb8 height=600 width=600 /]

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HUD reviewed amounts in 36 Chase foreclosure affidavits; b/c Chase’s records are bad, HUD could validate only 1.

HUD reviewed amounts in 36 Chase foreclosure affidavits; b/c Chase’s records are bad, HUD could validate only 1.


HUD OIG | JPMorgan Chase Bank N.A. Foreclosure and Claims Process Review

[ipaper docId=85365666 access_key=key-2m8ptqj3wnff14pctchr height=600 width=600 /]

 

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HUD: Wells Fargo “upper management” knew it was committing foreclosure fraud and didn’t care.

HUD: Wells Fargo “upper management” knew it was committing foreclosure fraud and didn’t care.


HUD OIG Report | Wells Fargo Bank Foreclosure and Claims Process Review

Thanks to Abigail Field for pointing these out for us.

See PP 6 & 7

[ipaper docId=85365649 access_key=key-14bo0rfvr6w2x133nzra height=600 width=600 /]

 

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Ally bank employees took the 5th (as is their right) rather than cooperate with HUD:

Ally bank employees took the 5th (as is their right) rather than cooperate with HUD:


HUD OIG Report | Ally (GMAC) Financial, Incorporated Foreclosure and Claims Process Review

[ipaper docId=85368972 access_key=key-1puwleudzt8nhu1xxr11 height=600 width=600 /]

 

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Auditor Finds Widespread Failures in Bank Foreclosure Practices

Auditor Finds Widespread Failures in Bank Foreclosure Practices


Does anyone know the judge that is going to look over this case? If so, please forward their name or post in the comment section.

Business Week-

An audit of foreclosure practices at the Federal Housing Administration’s five largest mortgage servicers uncovered widespread failures to ensure the banks had proper legal documents.

According to reports released today by the inspector general of the Department of Housing and Urban Development, banks including Bank of America Corp. and Wells Fargo & Co. (WFC) violated the federal False Claims Act when they improperly foreclosed on homes insured by the FHA.

The audits, spurred by revelations in 2010 that mortgage servicers were seizing homes using improper paperwork, were forwarded to the Department of Justice last year. They formed part of the basis for a $25 billion settlement with five banks filed in U.S. court in Washington yesterday.

“I believe the reports we just released will leave the reader asking one question: How could so many people have participated in this conduct?” the inspector general, David Montoya, said in a statement accompanying the reports. “The answer: simple greed.’”

[BUSINESS WEEK]

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Mortgage Settlement That Divided Democrats May Have Burned Eric Schneiderman’s Bridges

Mortgage Settlement That Divided Democrats May Have Burned Eric Schneiderman’s Bridges


HuffPO-

Top law enforcement officers from most of the 50 states gathered last week in Washington, D.C., for the annual spring meeting of state attorneys general, where the hot topic was the $25 billion foreclosure settlement finally filed in federal court on Monday.

More than a dozen state and federal officials who crafted the deal, which resolves charges that banks wrongfully foreclosed on homeowners, say it is the most ambitious of its kind ever reached, far outstripping the complexity and political machinations of the decade-old case against the giant tobacco companies.

But instead of high-fives and fist-bumps, officials, who had sniped at each other — and at the deal — for the better part of a year, tried to come to grips with the aftermath. The deal had to overcome disagreements between the banks and government officials, and between liberal Democrats and Tea Party-backed Republicans.

“It was like the Battle of Verdun, every square inch was fought over,” said George Jepsen, the Connecticut attorney general, of the 16 months of negotiations between federal officials, state attorneys general and five major financial institutions — Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial (formerly GMAC) — over the foreclosures and a host of other nasty “servicing” abuses.

[HUFFINGTON POST]

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New York AG settles part of the MERS lawsuit With 5 Banks

New York AG settles part of the MERS lawsuit With 5 Banks


Wall Street Journal-

Five of the nation’s biggest banks have agreed to pay New York a total of $25 million to settle claims brought by New York State Attorney General Eric Schneiderman regarding their use of a private national mortgage electronic system.

The agreement, filed in federal court Tuesday, resolves certain monetary claims by the New York attorney general against Ally Financial Inc., Bank of America Corp., Citigroup Inc., J.P. Morgan Chase & Co. and Wells Fargo & Co.

The agreement preserves the New York attorney general’s right to sue for damages suffered by consumers …

[WALL STREET JOURNAL]

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MBS investors: HUD Secretary let us down in national deal

MBS investors: HUD Secretary let us down in national deal


Alison Frankel-

In a conference call on Feb. 14, Secretary Shaun Donovan of the Department of Housing and Urban Development promised about 90 mortgage-backed bondholders that the $25 billion national mortgage settlement would include a 15 percent cap on the number of investor-owned loans that the five settling banks would be permitted to modify, according to the three participants in the call.

Donovan made the promise in response to MBS investor concerns that banks would shift the cost of the settlement onto their shoulders by writing down the principal in securitized mortgages, rather than in the loans banks hold in their own portfolios. He had already said in a press conference that the settlement would provide incentives for the settling banks — Bank of America, JPMorgan Chase, Citigroup, Wells Fargo, and Ally Financial — to reduce the principal in their own portfolio loans, estimating that “a relatively small share, in the range of 15 percent” of the write-downs would be in investor-owned mortgages. In the Feb. 14 call with bondholders, according to the three participants, Donovan went a step farther, assuring MBS investors that the written settlement agreement would limit the percentage of investor-owned loans the banks were permitted to modify.

[REUTERS LEGAL]

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Watchdog says banks impeded foreclosure inquiry; One notary said the daily volume of documents had increased from 60, to 200, to 20,000.

Watchdog says banks impeded foreclosure inquiry; One notary said the daily volume of documents had increased from 60, to 200, to 20,000.


Best way to rob a bank is to own one – William Black


Reuters-

Top banks impeded a federal inquiry into their foreclosure processes, according to a report released Tuesday, dragging their feet on turning over documents and blocking investigators’ attempts to interview bank employees.

The inquiry led to the wide-ranging $25 billion mortgage settlement with the five largest mortgage servicers that was announced last month and filed in federal court on Monday.

But the banks hampered an early investigation into whether they were pursuing unlawful foreclosures through shoddy paperwork and lax controls, the inspector general’s office at the U.S. Department of Housing and Urban Development said in its report.

Bank of America (BAC.N), for example, provided only excerpts of files, incomplete documents, and conflicting information to government investigators, and refused to provide some of its foreclosure policies.

It also limited employee interviews, and refused to let employees answer certain questions, the report said.

[REUTERS]

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HUD OIG Audits re: Alleged False Claims Act Violations

HUD OIG Audits re: Alleged False Claims Act Violations


As Abigail Field says “I thought the indictment that led to the far-too-weak settlement was damning enough;” check out the HUD OIG reports:

Audit Reports

The following reports disclose conditions noted during the identified audit period. They do not necessarily reflect current conditions at the subject auditee. Any questions regarding the current status of corrective actions recommended in these reports should be directed to the report addressee.

 FEATURED

To save time we have provided these quick access links to the recently featured Audit Memorandums. You can also find all memorandums in their respective state sections with summaries.

Issue Date: March 12, 2012
Audit Memorandum No. 2012-KC-1801

Title: CitiMortgage, Inc. Foreclosure and Claims Process Review O’Fallon, MO


Issue Date: March 12, 2012
Audit Memorandum No. 2012-PH-1801

Title: Ally Financial, Incorporated Foreclosure and Claims Process Review Fort Washington, PA


Issue Date: March 12, 2012
Audit Memorandum No. 2012-CH-1801

Title: JPMorgan Chase Bank N.A. Foreclosure and Claims Process Review Columbus, OH


Issue Date: March 12, 2012
Audit Memorandum No. 2012-FW-1802

Title: Bank of America Corporation, Foreclosure and Claims Process Review Charlotte, NC


Issue Date: March 12, 2012
Audit Memorandum No. 2012-AT-1801

Title: Wells Fargo Bank, Foreclosure and Claims Process Review, Fort Mill, SC


For press releases and other OIG news-related information, please contact:

Kathleen A. Hatcher
Director, External Affairs Division

HUD – Office of Inspector General

Phone: (202) 402-8323
Fax: (202) 708-4837
Email:  khatcher@hudoig.gov
Mail: HUD OIG External Affairs Division
         451  7th St. S.W. Room 8254
         Washington, D.C. 20410

Source: http://www.hudoig.gov

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Palm Beach Gardens homeowner gets $18 million in foreclosure settlement

Palm Beach Gardens homeowner gets $18 million in foreclosure settlement


Palm Beach Post-

Palm Beach Gardens homeowner and foreclosure fighter Lynn Szymoniak is slated to get $18 million from the nationwide settlement with the country’s five largest banks that was filed in federal court Monday.

Szymoniak, who was featured on the CBS news show 60 Minutes last year for the work she did uncovering the robo-signing scandal, said this morning that her gain from the settlement seems “surreal.”

“I always tend to discount everything until it’s signed,” she said. “I knew it was part of the settlement in February, but not how much.”

Szymoniak’s settlement is part of a larger $95 million agreement reached with the banks and Bill Nettles, the U.S. District Attorney of South Carolina. That agreement is written into the $25 billion nationwide settlement between 40 state attorneys general and Bank of America, JPMorgan Chase, Ally Financial, Wells Fargo and Citigroup.

[PALM BEACH POST]

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Servicing settlement means more oversight of foreclosure law firms

Servicing settlement means more oversight of foreclosure law firms


Housing Wire-

The $25 billion mortgage servicing settlement means more due diligence work for servicers when assessing the work of law firms and other third parties assisting with foreclosures and bankruptcies.

The national mortgage servicer settlement involving the nation’s top five mortgage servicers shows firms taxed with ensuring that all law firms, trustees, subservicers and other third parties handling foreclosure or mortgage servicing activities are in line with best practices outlined in the settlement agreement.

The settlement, agreed to in February, was officially filed with the court on Monday.

Servicers are required to survey the firm’s qualifications, practices, information security for document handling and financial viability, according to settlement documents.

[HOUSING WIRE]

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Isaac Gradman: My Take On Newly Filed AG Foreclosure Settlement: As Bad As We Thought It Was

Isaac Gradman: My Take On Newly Filed AG Foreclosure Settlement: As Bad As We Thought It Was


Enjoy the perfect clip for this fiasco!~

Subprime Shakeout-

This famous postgame rant from former Arizona Cardinals coach Denny Green after his team’s epic meltdown on Monday Night Football against the Bears could just as easily apply to my reaction to reading the official terms of the Attorney General Foreclosure Settlement (the “AGFS”), filed today.  The nation’s largest banks get off with a relatively small penalty (much of it paid by investors or in “credits” for things the banks should already be doing) in return for releases across a broad spectrum of misconduct that pervades just about every dark corner of mortgage servicing.  The categories of servicer misconduct are laid out in detail in the complaint filed today in D.C. Federal Court, and include the following:

  • Providing false or misleading information to borrowers,
  • Overcharging borrowers and investors for services of dubious value,
  • Denying relief to eligible borrowers,
  • Foreclosing on borrowers who were pursuing loan mods in good faith,
  • Submitting forged or fraudulent documents and making false statements in foreclosure and bankruptcy proceedings
  • Losing or destroying promissory notes and deeds of trust,
  • Lying to borrowers about the reasons for denying their loan mods,
  • Signing affidavits without personal knowledge and under false identities,
  • Improperly charging excessive fees related to foreclosures,
  • Foreclosing on servicemembers on active duty,
  • Making false claims to the government for insurance coverage, and
  • Being unorganized, understaffed, and generally slower than molasses to respond to borrowers desperately in need of relief, while servicing fees continue to accrue.

The list goes on and on…

[SUBPRIME SHAKEOUT]

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Read the smoking hot, banks intentionally and thoroughly violated the law complaint: USA vs Foreclosure Fraud

Read the smoking hot, banks intentionally and thoroughly violated the law complaint: USA vs Foreclosure Fraud


Thanks to Abigail for the post title.

IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF COLUMBIA

UNITED STATES OF AMERICA,
555 4th Street, NW
Washington, DC 20530

49 States et al

Plaintiffs.

v.

BANK OF AMERICA CORPORATION,
Corporate Center 100
100 North Tyron Street
Charlotte, North Carolina 28255

BANK OF AMERICA, N.A.,
100 North Tyron Street
Charlotte, North Carolina 28255

BAC HOME LOANS SERVICING, LP f/k/a
COUNTRYWIDE HOME LOANS
SERVICING, LP,
4500 Park Grenada
Calabasas, California 91302-1613

COUNTRYWIDE HOME LOANS, INC.,
4500 Park Grenada )
Calabasas, California 91302

COUNTRYWIDE FINANCIAL CORPORATION,
4500 Park Grenada
Calabasas, California 91302

COUNTRYWIDE MORTGAGE
VENTURES, LLC,
4500 Park Grenada
Calabasas, California 91302-1613

COUNTRYWIDE BANK, FSB,
100 North Tryon Street
Charlotte, NC 282002

CITIGROUP INC.,
399 Park Ave.
New York, New York 10022-4614

CITIBANK, N.A.,
399 Park Ave.
New York, New York 10022-4617

CITIMORTGAGE, INC.,
1000 Technology Drive
O’Fallon, Missouri 63368

J.P. MORGAN CHASE & COMPANY,
270 Park Avenue
New York, New York 10017

JPMORGAN CHASE BANK, N.A.
1111 Polaris Parkway
Columbus, OH 43240

RESIDENTIAL CAPITAL, LLC,
1100 Virginia Drive
Fort Washington, Pennsylvania 19034

ALLY FINANCIAL, INC.,
200 Renaissance Center
P.O. Box 200
Detroit, Michigan 48265

GMAC MORTGAGE, LLC,
1100 Virginia Drive
Fort Washington, Pennsylvania 19034

GMAC RESIDENTIAL FUNDING CO. LLC
8400 Normandale Lake Boulevard
Minneapolis, Minnesota 55437

WELLS FARGO & COMPANY,
420 Montgomery Street Front
San Francisco, CA 94104-1205

WELLS FARGO BANK, N.A.,
One Home Campus
Des Moines, IA 50328

Defendants.
________________________________________________)

EXCERPT:

57. In the course of their conduct, management and oversight of loan
modifications in the plaintiff States, the Banks have engaged in a pattern of unfair
and deceptive practices.

58. The Banks’ failure to discharge their required loan modification
obligations, and related unfair and deceptive practices, include, but are not limited
to, the following:

a. failing to perform proper loan modification underwriting;

b. failing to gather or losing loan modification application
documentation and other paper work;

c. failing to provide adequate staffing to implement programs;

d. failing to adequately train staff responsible for loan
modifications;

e. failing to establish adequate processes for loan
modifications;

f. allowing borrowers to stay in trial modifications for
excessive time periods;

g. wrongfully denying modification applications;

h. failing to respond to borrower inquiries;

i. providing false or misleading information to consumers
while referring loans to foreclosure during the loan modification
application process;

j. providing false or misleading information to consumers
while initiating foreclosures where the borrower was in good faith actively
pursuing a loss mitigation alternative offered by the Bank;

k. providing false or misleading information to consumers
while scheduling and conducting foreclosure sales during the loan
application process and during trial loan modification periods;

l. misrepresenting to borrowers that loss mitigation programs
would provide relief from the initiation of foreclosure or further
foreclosure efforts;

m. failing to provide accurate and timely information to
borrowers who are in need of, and eligible for, loss mitigation services,
including loan modifications;

n. falsely advising borrowers that they must be at least 60
days delinquent in loan payments to qualify for a loan modification;

o. miscalculating borrowers’ eligibility for loan modification
programs and improperly denying loan modification relief to eligible
borrowers;

p. misleading borrowers by representing that loan
modification applications will be handled promptly when Banks regularly
fail to act on loan modifications in a timely manner;

q. failing to properly process borrowers’ applications for loan
modifications, including failing to account for documents submitted by
borrowers and failing to respond to borrowers’ reasonable requests for
information and assistance;

r. failing to assign adequate staff resources with sufficient
training to handle the demand from distressed borrowers; and

s. misleading borrowers by providing false or deceptive
reasons for denial of loan modifications.

3. Wrongful Conduct Related to Foreclosures

[…]

[ipaper docId=85089309 access_key=key-k9a69upx5raxl358sea height=600 width=600 /]

 

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FILED | The $25 Billion Foreclosure Fraud Settlement has been filed in court: Read Details

FILED | The $25 Billion Foreclosure Fraud Settlement has been filed in court: Read Details


Justice Dept files $25B mortgage servicing settlement agreement in US Dist Court in DC. 49 state attorneys gen, BAC, JPM, WFC, C, Ally

U.S. et al v. Bank of America Corporation, J.P. Morgan Chase & Co., Wells Fargo & Company, Citigroup Inc. and Ally Financial Inc.
Related Press

Speech: Attorney General Eric Holder Speaks at the Mortgage Servicers Settlement Press Conference, February 9, 2012

Press Release: Federal Government and State Attorneys General Reach $25 Billion Agreement with Five Largest Mortgage Servicers to Address Mortgage Loan Servicing and Foreclosure Abuses , February 9, 2012

Photos: Photos from the Mortgage Servicers Settlement Press Conference, February 9, 2012

 

Due to public interest in this case, the Department of Justice is releasing documents that may not be in an accessible format. If you have a disability and the format of any material on the site interferes with your ability to access some information, please email the Department of Justice webmaster at webmaster@usdoj.gov or contact Alisa Finelli at 202.514.2007. To enable us to respond in a manner that will be of most help to you, please indicate the nature of the accessibility problem, your preferred format (electronic format (ASCII, etc.), standard print, large print, etc.), the web address of the requested material, and your full contact information so we can reach you if questions arise while fulfilling your request.

Source: USDOJ.GOV

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