wire fraud | FORECLOSURE FRAUD | by DinSFLA - Part 2

Tag Archive | "wire fraud"

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]

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



Posted in STOP FORECLOSURE FRAUDComments (0)

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 /]

 

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



Posted in STOP FORECLOSURE FRAUDComments (0)

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 /]

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



Posted in STOP FORECLOSURE FRAUDComments (1)

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 /]

 

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



Posted in STOP FORECLOSURE FRAUDComments (0)

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 /]

 

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



Posted in STOP FORECLOSURE FRAUDComments (1)

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 /]

 

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



Posted in STOP FORECLOSURE FRAUDComments (0)

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]

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



Posted in STOP FORECLOSURE FRAUDComments (1)

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]

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



Posted in STOP FORECLOSURE FRAUDComments (0)

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]

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



Posted in STOP FORECLOSURE FRAUDComments (0)

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]

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



Posted in STOP FORECLOSURE FRAUDComments (0)

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]

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



Posted in STOP FORECLOSURE FRAUDComments (0)

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

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



Posted in STOP FORECLOSURE FRAUDComments (0)

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]

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



Posted in STOP FORECLOSURE FRAUDComments (0)

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]

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



Posted in STOP FORECLOSURE FRAUDComments (2)

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 /]

 

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



Posted in STOP FORECLOSURE FRAUDComments (6)

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

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



Posted in STOP FORECLOSURE FRAUDComments (0)

Mortgage Deal Is Built on Tradeoffs

Mortgage Deal Is Built on Tradeoffs


Does anyone care how many lives were destroyed by these banks and continue to get hammered everyday??

NICK TIMIRAOS-

Banks won a handful of concessions in the landmark $25 billion settlement of alleged foreclosure abuses, as federal officials struck a balance between their desire to be tough on lenders and the need to provide immediate relief to the housing market.

A key sticking point in the year-long negotiations was how to structure mortgage write-downs, and who should bear the losses.

The banks that are party to the settlement—Ally Financial Inc., Bank of America Corp., Citigroup Inc., J.P. Morgan Chase & Co ., and Wells Fargo & Co .—heavily and publicly resisted initial government proposals that they absorb the hit for write-downs of loans held by investors for which the banks collect payments. They argued that doing so amounted to transfers of wealth to Fannie Mae, Freddie Mac, and investors in mortgage-backed securities such as hedge funds and pensions.

[WALL STREET JOURNAL]

image: Fox Business

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



Posted in STOP FORECLOSURE FRAUDComments (0)

National Mortgage Settlement To Be Filed In Federal Court Monday: Sources

National Mortgage Settlement To Be Filed In Federal Court Monday: Sources


Wish the court rejects this fraud!

HuffPO-

A previously announced $25 billion settlement between five major banks accused of abusive mortgage practices and government officials will be filed in federal court on Monday, people familiar with the matter said late Friday.

The pact unveiled Feb. 9 is expected to result in payments and other mortgage relief for about one million borrowers, but must first be approved by a judge.

Bank of America Corp, Wells Fargo & Co, JPMorgan Chase & Co, Citigroup Inc and Ally Financial Inc agreed to the settlement after 16 months of negotiations with state attorneys general and federal agencies, including the U.S. Justice Department and the U.S. Department of Housing and Urban Development.

But the fine print took another month to finalize.

Negotiators had hoped to file a settlement on Friday, but the deal was held up at the last minute over a disagreement between Nevada and Bank of America, people familiar with the matter said.

[HUFFINGTON POST]

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



Posted in STOP FORECLOSURE FRAUDComments (0)

Whistleblower Lawsuits Against Banks Extinguished in Foreclosure Fraud Settlement

Whistleblower Lawsuits Against Banks Extinguished in Foreclosure Fraud Settlement


Just when you’ve thought you’ve seen, read it all.


David Dayen-

I think my disgust over federal housing policy is just about complete. As you know, we’re still waiting for the actual terms of the foreclosure fraud settlement, more than one month after the announcement. But more information has dribbled out, not much of it to the good. Michael Hiltzik rounded up some of the more troubling issues. He mentions that OCC penalties will get folded into the settlement, basically charging $0 for their violations. The Federal Reserve did the same thing. He mentions the Ted Gayer study showing that only 500,000 borrowers will even be eligible for the principal reduction in the settlement, half of what HUD and other regulators promised. And he adds that the Treasury Department restored all HAMP incentive payments for servicers who failed to meet their obligations under the programs. As Hiltzik writes, “If the banks had shown as much forbearance toward their struggling borrowers as these three agencies have shown toward the banks, the foreclosure settlement wouldn’t have been necessary in the first place.”

But it gets worse.

[FIRE DOG LAKE]

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



Posted in STOP FORECLOSURE FRAUDComments (1)

Mortgage Settlement Deal Confronts Legacy of Obama Foreclosure Failure

Mortgage Settlement Deal Confronts Legacy of Obama Foreclosure Failure


COLOSSAL FAILURE!

HuffPO-

After years of incompetence, intransigence, malevolence and whatever else may explain how mortgage companies have managed to screw over millions of troubled American homeowners, a fix is finally at hand.

This is how the Obama administration invites us to view the broad, $25 billion state and federal foreclosure settlement that it struck last month with the nation’s five largest mortgage companies.

Officials have presented the deal as justice for the so-called robo-signing scandal, whereby major mortgage companies improperly foreclosed on millions of properties. They have touted its centerpiece: a $20 billion fund stocked with fines paid by the mortgage companies, which will deliver relief to as many as 1 million troubled borrowers via lowered monthly payments, principal reduction and refinanced loan terms.

[HUFFINGTONPOST]

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



Posted in STOP FORECLOSURE FRAUDComments (0)

Abigail C. Field: Understanding the Mortgage Settlement Part 1—The Money

Abigail C. Field: Understanding the Mortgage Settlement Part 1—The Money


Abigail C. Field-

Someday the mortgage settlement will be filed in court and thus we will get to see its terms. Which day? Who knows—the latest deadline, the end of February, passed in silence, and annual reports filed at the end of the month with the SEC by Wells Fargo, JPMorgan Chase and Ally Bank, three putative deal signers, unequivocally stated there’s no final deal yet. As Wells put it, 19 days after the deal was announced:

“Furthermore, there can be no assurance as to when or whether a definitive agreement regarding the settlement will be reached and finalized or that it will be on terms consistent with the settlement in principle.”

Still, enough details of the agreement ‘in principle’ have been released, including by Wells in that annual report, for me to write this guide.

The settlement has four basic moving parts: money, lawsuit peace/liability release, mortgage servicing standards, and enforcement. I’m going to look at all four in three different posts. This one focuses on the money in the settlement.

Understanding the Money In the Mortgage Settlement

Read More: [REALITY CHECK]

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



Posted in STOP FORECLOSURE FRAUDComments (0)

Video Q&A: Catherine Cortez Masto: State AG says settlement won’t stop investigation

Video Q&A: Catherine Cortez Masto: State AG says settlement won’t stop investigation


Las Vegas Sun-

Nevada Attorney General Catherine Cortez Masto recently spoke with the Sun discussing Nevada’s participation in the national mortgage settlement as well as a separate agreement the state made with Bank of America. See here for a news story about the settlement. Here’s an edited transcript of the conversation.

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



Posted in STOP FORECLOSURE FRAUDComments (1)

GARY DUBIN LAW OFFICES FORECLOSURE DEFENSE HAWAII and CALIFORNIA
Advertise your business on StopForeclosureFraud.com

Archives

Please Support Me!

All Of These Are Troll Comments