The News-Press of Fort Myers reports Cape Coral resident William Wilson bought the light pink house for $96,000 on Tuesday. When he went to evaluate his purchase on Wednesday, he found a corpse on the master bedroom floor.
Cape Coral police cordoned off the property and began a death investigation.Neighbors told the newspaper that two sisters had lived in the home but no one had seen them for a while.
Police told Wilson the most recent piece of mail was from November 2011 and unpaid property taxes went back three years.
Morgan Stanley said on Tuesday it is responding to potential legal claims from government entities, including the U.S. Department of Justice and several state attorneys general over mortgage securities.
The Wall Street bank said some matters with government entities, which are part of the RMBS Working Group of the Financial Fraud Enforcement Task Force, are in “advanced stages.”
The matters include investigations related to its due diligence on loans it purchased for securitization, its communications with ratings agencies, disclosures to investors and its handling of servicing and foreclosure-related issues.
He’s done and I hope this opens up more investigations! Was he part of the backdated letters to homeowners?
NY POST-
The real estate tycoon foreclosed on 1,022 houses last quarter through his company Altisource Residential — a record, according to a quarterly presentation released Tuesday.
The skyrocketing foreclosure rate seemingly contradicts statements Erbey made last week that one of his companies’ goals is “to keep people in their homes whenever possible.”
Erbey — chair of at least five companies, including Altisource Residential and mortgage servicer Ocwen Financial — stands to gain handsomely when one of his companies forecloses on more homes, as all his companies primarily do business with one another, industry experts say.
The Ohio Public Employees Retirement System failed to prove Freddie Mac concealed a $2 billion loss on risky mortgages from investors before a 2007 financial report set its stocks reeling, a federal judge ruled.
The retirement system, alternately known as OPERS, sued the Federal Home Loan Mortgage Corporation in January 2008, alleging that the government-sponsored mortgage broker lied about the number of “subprime” loans it purchased in 2006 and 2007.
Following the release of a financial statement revealing a $2 billion loss on November 20, 2007, Freddie Mac’s stock dropped 29 percent in one day, resulting in shareholder losses of over $6.6 billion.
In its complaint OPERS claimed “the drop in [stock] price ‘confirms empirically that the market was previously unaware of the full extent of Freddie Mac’s exposure to, and risk from, non-traditional mortgages,” while Freddie Mac blamed the price drop on the financial crisis.
U.S. District Court Judge Benita Y. Pearson cited several of Freddie Mac’s annual reports in her opinion, pointing out how their disclosures run counter the plaintiff’s argument.
A real estate database company has used information from the DeKalb County Recorder’s Office without paying, and the county may consider taking legal action, county officials said Monday.
Lender Processing Services allegedly used more than 315,000 images from DeKalb County, County Recorder Katie Firestone told the DeKalb County commissioners Monday. She said using the images normally would come with a price tag of $1 per image.
David J. Reiss, Brooklyn Law School Jeffrey Lederman, Brooklyn Law School
Abstract
As the FHFA sets the housing goals for 2015-2017, it should focus on maximizing the creation and preservation of affordable housing. Less efficient proposed subgoals should be rejected unless the FHFA has explicitly identified a compelling rationale to adopt them. The FHFA has not identified one in the case of the proposed small multifamily subgoal. Thus, it should be withdrawn.
CalPERS said Monday it has received a $249.3 million payment from Bank of America, the result of a settlement over toxic mortgage securities purchased by the pension fund during the housing bubble.
With the Bank of America settlement, the California Public Employees’ Retirement System said it has now recovered more than $500 million from its investments in bad mortgage securities.
“This is money that rightfully belongs to our members for their long-term retirement security,” said CalPERS Chief Executive Anne Stausboll in a prepared statement. “We’re glad that those who misled investors about the risks of mortgage-backed securities continue to compensate our members for their losses.”
In mid-September, CalPERS collected $88 million from Citigroup Inc. over similar investments.
David Applegate, the former president of GMAC Mortgage and chairman of GMAC Bank, has been named the first chief executive of Common Securitization Solutions LLC, the new Fannie Mae and Freddie Mac subsidiary that will operate in the secondary mortgage market.
Applegate, whose GMAC career spanned 17 years, was most recently president and CEO of Homeward Residential Inc., a Dallas-based mortgage lender with $4.5 billion in assets.
Fannie and Freddie each appointed two executives to the CSS board of managers as well: David Lowman, Freddie Mac executive vice present of single-family business; Jerry Weiss, Freddie Mac executive vice president and chief administration office; Terry Edwards, Fannie Mae vice president and chief operating offer; and Rick Sorkin, Fannie Mae senior vice president, single-family pricing strategy.
Excerpt: Therefore, it is hereby ORDERED, that plaintiff produce Amanda Weatherly, Vice Preisident of Loan Documentation For Wells Fargo Bank, and that she appear, for the aforementioned hearing to give testimony regarding her affidavit; and it is further,
ORDERED, that plaintiff produce Razije Haxhiu Maverigi, and that he appear, for the aforementioned hearing to give testimony regarding his letter dated October 28, 2013 addressed to Allen and regarding the ownership of the subject of the loan, and it is further,
ORDERED, that plaintiff bring to the hearing for this court’s examination the ORIGINAL note for the subject loan.
They no longer give a shit what anyone thinks. Industries control Washington, control the regulators.
National Mortgage News-
Mortgage lenders finally got what they wanted from Washington.
In the last few months Federal Housing Finance Agency Director Mel Watt has struck a conciliatory tone with mortgage lenders, seeking input on housing policy and changing loan-buyback rules to be more favorable to the industry. Watt’s actions stand in stark contrast to those of former acting FHFA director Ed DeMarco, who helped Fannie and Freddie return to profitability but antagonized mortgage lenders with staunch buyback demands.
It’s a clear signal that the administration, six years after the financial crisis, has concluded it needs bankers’ help to jump-start the tepid housing recovery.
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