The pool guy, plumber and lawn man for a Palm Beach Gardens homeowner who recently won an $18 million settlement in a foreclosure-related lawsuit are being sought for questioning by the bank still seeking to repossess her home.
Lynn Szymoniak, a 63-year-old attorney who specializes in white collar crime, shot to national fame last year when she was featured on the CBS news show 60 minutes for her role in uncovering widespread mortgage and foreclosure fraud after finding it in her own 2008 case.
This month, it was announced she would receive $18 million from a whistle-blower lawsuit filed under the federal False Claims Act, which allows the government to bring civil actions against entities that knowingly use or cause the use of false documents to obtain money from the government.
This will never end and the fraud will go on forever with no end in sight.
REUTERS-
Bond insurer Assured Guaranty Ltd filed new claims against JPMorgan Chase & Co over a mortgage-backed security sold by Bear Stearns, saying more than 35 witnesses have come forward to testify about how loans in the $337 million transaction were misrepresented.
The lawsuit contends Bear Stearns and its EMC mortgage arm, acquired by JPMorgan after their collapse in 2008, knew the pool of more than 6,000 home-equity lines of credit that served as collateral for the investment was filled with defective loans.
* Syncora can pursue claims based on entire loan pool
* Insurer need not show breaches of individual loans
NEW YORK, March 28 (Reuters) – JPMorgan Chase & Co (JPM.N) could be forced to repurchase thousands of home equity loans, after a judge ruled in favor of a bond insurer that argued it could build its case based on a sampling of loans.
The ruling against EMC Mortgage Corp, once a unit of Bear Stearns Cos, comes amid many lawsuits seeking to force banks to buy back tens of billions of dollars of mortgage and other home loans that went sour. JPMorgan bought Bear Stearns in 2008.
You may read the court Order below:
SYNCORA GUARANTEE INC., f/k/a XL Capital Assurance Inc.,
v. EMC MORTGAGE CORP.,
No. 09 Civ. 3106 (PAC).
USDC, S.D. New York.
March 25, 2011.
OPINION & ORDER
HONORABLE PAUL A. CROTTY, United States District Judge.
This breach of contract lawsuit arises out of a securitization transaction (“Transaction”), involving 9,871 Home Equity Line of Credit (“HELOC”) residential mortgage loans, which were purchased and used as collateral for the issuance of $666 million in publicly offered securities (“Notes”). (Mem. in Supp. Mot. to Am. 3). Defendant EMC Mortgage Corp. (“EMC”) aggregated the HELOCs, sold the loan pool to the entity that issued the Notes, and contracted with Plaintiff Syncora Guarantee Inc., formerly known as XL Capital Assurance Inc., (“Syncora”) to provide a financial-guaranty insurance policy protecting the investors in the Note. (Id.) Syncora claims that EMC breached its representations regarding 85% of the loan pool. It now moves for partial summary judgment or, alternatively, a ruling in limine, that it was not required to comply with a repurchase protocol as the exclusive remedy for all such claims. The Court GRANTS the motion for partial summary judgment on the grounds that, in light of the broad rights and remedies for which Syncora contracted, any such remedial limitation would have to be expressly stated.
To:ALL HOLDERS OF RESIDENTIAL MORTGAGE BACKED SECURITIES FOR WHICH DEUTSCHE BANK NATIONAL TRUST COMPANY OR DEUTSCHE BANK TRUST COMPANY AMERICAS ACTS AS A SECURITIZATION TRUSTEE
FROM: DEUTSCHE BANK TRUST NATIONAL COMPANY, AS TRUSTEE AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS TRUSTEE (the “Trustee”)
Date: October 25, 2010
Re: Certain Allegations Regarding Loan Servicer Foreclosure Practices
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