Tuesday, April 30, 2013

Napoli Bern Ripka Shkolnik Files Class Action Against Chase Bank


The Law Offices of Napoli Bern Ripka Shkolnik, LLP, Hanly Conroy Bierstein Sheridan Fish & Hayes LLP, and Katz & Kern LLP have filed a class action complaint against JPMorgan Chase & Co. The complaint alleges various causes of actions arising from defendants’ failure to honor its “Same Day Payment Guarantee” whereby defendants promised that payments made on-line from a Chase deposit account to a Chase credit card account would be credited on the same day. However, the plaintiffs allege that the payments were not credited on the same day.

On February 11, 2013, Bieghler et al. v. JPMorgan Chase Bank N.A., et. al., Index No. 13-CV-967, was filed on behalf of thousands of account holders. As to overdraft protection connected to Chase Visa or other Chase credit cards, the complaint alleges that Chase failed to timely credit payments payees made online from their deposit accounts to their credit cards resulting in credit card payments being late, causing assessment of credit card late fees, causing problems with overdraft protection, to be artificially low resulting in checks being returned as unpaid and fees wrongfully assessed, resulting in promotional checks chase mailed with low (teaser) interest rates to be wrongfully increased to a much higher rate.

If you believe that you made payments from your Chase deposit account to your Chase Visa account and that the payments were not credited on the same day and that you suffered any of the above-referenced damage, please send an email or call:
Adam J. Gana, Esq.
Napoli Bern Ripka Shkolnik, LLP
Phone: (212) 267-3700
E-mail: agana(at)napolibern(dot)com

*No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.

 Napoli Bern Ripka Shkolnik Files Class Action Against Chase Bank

Monday, April 29, 2013

Independent Foreclosure Review Payment Agreement for Goldman Sachs and Morgan Stanley


Payments to more than 220,000 borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley are scheduled to begin on Friday, May 3 following an agreement announced earlier this year by the Federal Reserve Board.

Under the agreement, $247 million will be made in direct payments to borrowers whose homes were at any stage of the foreclosure process in 2009 and 2010 with the former subsidiaries of Goldman Sachs (Litton Loan Servicing LP) and Morgan Stanley (Saxon Mortgage Services, Inc.).

Payments will range from $300 to more than $125,000. In most cases, borrowers will receive a letter with an enclosed check sent by the paying agent--Rust Consulting, Inc. Some borrowers may receive letters from Rust requesting additional information needed to process their payments. Previously, Rust sent postcards to borrowers notifying them of their eligibility to receive payment under the agreement.

The payments stem from agreements reached earlier this year between 13 servicers and two agencies--the Office of the Comptroller of the Currency and the Federal Reserve. The agreements provide for a total of $3.6 billion in cash payments to 4.2 million borrowers. Distribution of checks to borrowers whose mortgages were serviced by the other 11 servicers began April 12 and will continue through mid-July. As of April 26, approximately 1.2 million checks have been cashed or deposited totaling approximately $1.2 billion dollars.

As in the case of the other servicers, payment amounts for borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley were determined after categorizing borrowers according to the stage of the foreclosure process and the type of possible servicer error. In some cases, the payment amounts for Goldman Sachs and Morgan Stanley borrowers differ from those received by borrowers in the same categories with the other 11 servicers. The amounts differ because borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley were not able to request a review of their foreclosure file.

As is the case for borrowers whose mortgages were serviced by the other 11 firms, borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley who accept a payment will not be prevented from taking any action related to their foreclosure. Servicers are not permitted to ask borrowers, in connection with accepting these payments, to sign a waiver of any legal claims they may have against their servicer.
Borrowers with all 13 servicers can call Rust at 1-888-952-9105 to update their contact information, verify that they are covered by the agreement, or with further questions. Information provided to Rust will only be used for purposes related to the agreement. Borrowers should beware of scams and anyone asking them to call a different phone number or to pay a fee to receive payment under the agreement.


Independent Foreclosure Review Payment Agreement for Goldman Sachs and Morgan Stanley (PDF)

Released by the Board of Governors of the Federal Reserve System

Thursday, April 25, 2013

9 Banks Combine For Over $200 Trillion Derivatives Exposure - Business Insider

9 Banks Combine For Over $200 Trillion Derivatives Exposure - Business Insider



Demo10

Demonocracy

JP Morgan Chase has a derivative exposure of $70.151 Trillion dollars.
$70 Trillion is roughly the size of the entire world's economy.
The $1 Trillion dollar towers are double-stacked @ 930 feet (248 m).

JP Morgan is rumored to hold 50->80% of the copper market, and manipulated the market by massive purchases. JP Morgan is also guilty of manipulating the silver market to make billions. In 2010 JP Morgan had 3 perfect trading quarters and only lost money on 8 days. Lawsuits on home foreclosures have been filed against JP Morgan. Aluminum price is manipulated by JP Morgan through large physical ownership of material and creating bottlenecks during transport. JP Morgan was among the banks involved in the seizure of $620 million in assets for alleged fraud linked to derivatives. JP Morgan got $25 billion taxpayer in bailout money. It has no intention of using the money to lend to customers, but instead will use it to drive out competition. The bank is also the largest owner of BP - the oil spill company. During the oil spill the bank said that the oil spill is good for the economy.
JP Morgan Chase also received a SECRET $391 billion dollar bailout from the Federal Reserve.

WATCH: Elizabeth Warren Kicks Bank Regulator's Ass - Home - The Daily Bail

WATCH: Elizabeth Warren Kicks Bank Regulator's Ass - Home - The Daily Bail


"You work for the people not the banks!"

Elizabeth Warren vs. Captured Banking Regulators.  Guess who wins.
Outstanding clip from Senate hearing a few weeks ago on illegal foreclosures. Warren blasts the Fed's lawyer for shielding big banks and hiding fraud.
"You have made a decision to protect the banks but not to help the families who were illegally foreclosed on.  Families get pennies on the dollar for being the victims of illegal activities.  And you know of cases where the banks broke the laws, but you are not going to tell the homeowners.  People want to know that their regulators are watching out for the American public, not the banks."
Witnesses were:
  1. Daniel P. Stipano, Deputy Chief Counsel, Comptroller of the Currency
  2. Richard Ashton, Deputy General Counsel, Federal Reserve
Last week, the Government Accountability Office issued a report and concluded that regulators at the Fed and OCC gave banks “too much leeway” in how the reviews were conducted, implying that the shoddy review process led to a hastened settlement.  On Tuesday, regulators released new information suggesting that banks may have made errors in as many as 30 percent of all loans that qualified for a review.

Monday, April 22, 2013

INDEPENDENT FORECLOSURE REVIEW SETTLEMENT CHECKS FROM RUST | www.estavillolaw.com

INDEPENDENT FORECLOSURE REVIEW SETTLEMENT CHECKS FROM RUST | www.estavillolaw.com

Dear S.E.C. Chief - Clock Is Ticking on Mortgage Cases - NYTimes.com

Dear S.E.C. Chief - Clock Is Ticking on Mortgage Cases - NYTimes.com

More Foreclosure Review Fiasco: Paying Agent Rust Consulting Sends Letters to Different Addresses Than on Borrower Letters, Refuses to Make Corrections « naked capitalism

More Foreclosure Review Fiasco: Paying Agent Rust Consulting Sends Letters to Different Addresses Than on Borrower Letters, Refuses to Make Corrections « naked capitalism

 

Hedge fund manager and famed short seller David Einhorn is right: no matter how bad you think it is, it’s worse.

Consider this pious statement by David Holland of Rust Consulting, the firm responsible for sending out settlement checks, at the Senate Banking subcommittee hearings on the Independent Foreclosure Review earlier this week:
Mr. Holland, Rust: We have a call center and we’re taking calls, you know, currently from people who have received the postcard notice as part of the settlement and now our first wave of checks that went out on Friday. So we do have a phone bank ready to answer any and all questions that we get from affected borrowers. We have on-site Spanish-speaking operators that can assist Spanish-speaking people, and there is a process by where we can use a third party to help translate I believe it’s up to 200 languages if somebody calls, you know, and has a language that we’re not supporting live with Spanish or English, and we can get an operator on the phone that can help them. In terms of the – your other question about, you know, are we making efforts to reach out to people? You know, we’ve had the data, the mailing data, for this group of people going back to the IFR and it went through several levels of mailing address correction that we performed. So when we had the settlement, we started with that address information and once again ran it through the national change of address database, and we’re mailing checks, you know, to the best address that we have currently. Some of those will be returned as undeliverable, and we will make other attempts to find better address information for those that are undeliverable. And there’s nothing in place yet, but we’ve had conversations about taking additional steps beyond what we’ve done in terms of address trace. We could implement an outbound calling program, e-mail blasts. There’s all sorts of things that may be available to us. Nothing’s set yet, but those discussions are happening.
We’ll not trouble ourselves with how a call center that handles only two languages can have a backup service that can correctly determine which of the 200 other languages it professes to be able to handle can determine accurately which one is actually being spoken.

Read Article at
More Foreclosure Review Fiasco: Paying Agent Rust Consulting Sends Letters to Different Addresses Than on Borrower Letters, Refuses to Make Corrections « naked capitalism
 

Wednesday, April 17, 2013

Are The Rust Consulting Independent Foreclosure Review Checks Bouncing? | Foreclosure Fraud - Fighting Foreclosure Fraud by Sharing the Knowledge

Is this yet another RIPOFF for foreclosed homeowners?  The banks have found another way to make money!   Bounced IFR checks equate to more fees for the banks.  How clever is this!  But if one of these foreclosure victims bounced a check, they could be arrested and go to jail while the BANKSTERS go scott free.

Read more at:
 
Are The Rust Consulting Independent Foreclosure Review Checks Bouncing? | Foreclosure Fraud - Fighting Foreclosure Fraud by Sharing the Knowledge

 bouncingCHECK

Sunday, April 14, 2013

HERRERA v. DEUTSCHEBANK NATIONAL TRUST COMPANY, No. C065630., May 31, 2011 - CA Court of Appeal | FindLaw

HERRERA v. DEUTSCHEBANK NATIONAL TRUST COMPANY, No. C065630., May 31, 2011 - CA Court of Appeal | FindLaw

Sigh. Elizabeth Warren Embarrasses Some Bank Regulators To Their Faces. Again.

Sigh. Elizabeth Warren Embarrasses Some Bank Regulators To Their Faces. Again.

NYT: JPMorgan Faces Multiple Criminal Investigations - Home - The Daily Bail

NYT: JPMorgan Faces Multiple Criminal Investigations - Home - The Daily Bail

DIMON ADMITS: Breaking The Law 'Is A Problem At JPM' - Home - The Daily Bail


Following the rules is not easy for Jamie

Dimon warns more sanctions are coming for JPMorgan.
Jamie Dimon warns that JPMorgan, which is under regulatory orders to tighten internal controls, will face more sanctions in the coming months.  Dimon comments on the London Whale, criminal investigations into activities at the bank, illegal foreclosures, money laundering and the threat of cyber attack.

Here's why Jamie is warning shareholders:

NYT: JPMorgan Faces Multiple Criminal Investigations

 Read More:   DIMON ADMITS: Breaking The Law 'Is A Problem At JPM' - Home - The Daily Bail

Wednesday, April 10, 2013

OCC: Payments to 4.2 Million Borrowers Covered by Foreclosure Agreement to Begin April 12

OCC: Payments to 4.2 Million Borrowers Covered by Foreclosure Agreement to Begin April 12

Joint Release
Board of Governors of the Federal Reserve System
Office of the Comptroller of the Currency

Payments to 4.2 Million Borrowers Covered by Foreclosure Agreement to Begin April 12

WASHINGTON — Payments to 4.2 million borrowers are scheduled to begin on April 12 following an agreement reached by the Office of the Comptroller of the Currency and the Federal Reserve Board with 13 mortgage servicers.

The agreement, which was reached earlier this year, provides $3.6 billion in cash payments to borrowers whose homes were in any stage of the foreclosure process in 2009 or 2010 and whose mortgages were serviced by one of the following companies, their affiliates, or subsidiaries: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo.

The payments will range from $300 to $125,000.  For borrowers whose mortgages were serviced by 11 of the 13 servicers—all servicers but Goldman Sachs and Morgan Stanley—checks will be sent in several waves beginning with 1.4 million checks on April 12.  The final wave is expected in mid-July 2013.  More than 90 percent of the total payments to borrowers at those 11 servicers are expected to have been sent by the end of April.  Information about payments to borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley will be announced in the near future.

In most cases, borrowers will receive a letter with an enclosed check sent by the Paying Agent—Rust Consulting, Inc.  Some borrowers may receive letters from Rust requesting additional information needed to process their payments.  Previously, Rust sent postcards to the 4.2 million borrowers notifying them of their eligibility to receive payment under the agreement.

Rust is sending all payments and correspondence regarding the foreclosure agreement at the direction of the OCC and the Federal Reserve.

Borrowers can call Rust at 1-888-952-9105 to update their contact information or to verify that they are covered by the agreement.  Information provided to Rust will only be used for purposes related to the agreement.  Borrowers should beware of scams and anyone asking them to call a different number or to pay a fee to receive payment under the agreement.

Accepting a payment will not prevent borrowers from taking any action they may wish to pursue related to their foreclosure.  Servicers are not permitted to ask borrowers to sign a waiver of any legal claims they may have against their servicer in connection with accepting payment.

In determining the payment amounts, borrowers were categorized according to the stage of their foreclosure process and the type of possible servicer error.  Regulators then determined amounts for each category using the financial remediation matrix published in June 2012 as a guide, incorporating input from various consumer groups.  Regulators have published the payment amounts and number of people in each category on their Web sites at www.occ.gov/independentforeclosurereview and www.federalreserve.gov/consumerinfo/independent-foreclosure-review-payment-agreement.htm.
While the agreement ended the Independent Foreclosure Review for the 13 companies identified above, the review continues for OneWest, Everbank, and GMAC Mortgage.
 
Regulators continue to monitor the servicers’ actions to correct the unsafe and unsound mortgage servicing and foreclosure practices required by other parts of regulators’ enforcement actions, which remain in effect.

Regulators have issued guidance to the servicers under foreclosure-related enforcement actions directing a review before foreclosure sales for all pending foreclosures.  These reviews help prevent avoidable foreclosures by ensuring foreclosure-prevention alternatives are considered and foreclosure standards are met.  Regulators encourage borrowers needing foreclosure prevention assistance to work directly with their servicer or contact the Homeowner's HOPE Hotline at 888-995-HOPE (4673) (or at www.makinghomeaffordable.gov) to be put in touch with a U.S. Department of Housing and Urban Development-approved nonprofit organization that can provide free assistance.

INDEPENDENT FORECLOSURE REVIEW PAYMENT DETAILS

bcreg20130409a1.pdf

Foreclosure Review Report Shows That the OCC Continues to Bury Wall Street’s Bodies | The Nation

Foreclosure Review Report Shows That the OCC Continues to Bury Wall Street’s Bodies | The Nation

Excerpt:
 
Deception #1: Regulators obfuscated abuses by failing to provide a consistent approach.
The GAO report shows that regulators failed to design a single methodology for all consultants to use, instead leaving it up to each consulting firm. Without a clear methodology set by the regulators, consultants had vastly different approaches, reviewed different categories of problems and created data that could not be aggregated. Because of this inconsistency, we have no easy way of knowing if Citigroup’s servicing violations were more or less egregious than Wells Fargo’s. And really, how better for the regulators to obscure the consistent harm banks commit against homeowners than to inject as much chaos as possible into the process of reviewing said harm?

Deception #2: Lack of transparency.
In addition to failing to report problems across all the bank servicers, the OCC and the Fed also refused to disclose specifics about the individual servicers. Earlier this year, Representative Waters sent a letter to the OCC requesting the preliminary results of the foreclosure reviews at the individual servicers and a second letter requesting, among many items, all calls from the consultants to the regulators. To date, the OCC has not provided the requested documents. Senator Elizabeth Warren and Representative Elijah Cummings also requested all updates the individual servicers made to the regulators, but as documented in their recent letter, have also received no response to date. So regulators refused to create a way to show abuses across banks and also refused to give us information about abuses at individual banks.

Deception #3: The OCC misled the public about how many homeowners were harmed.
Earlier this year, the OCC claimed that of all the foreclosure cases reviewed, there were only errors made by the servicers 4.2 percent of the time (a mistake in servicing was considered an “error” if it caused the homeowner financial harm). This number was immediately questioned by the press, with The Wall Street Journal reporting that the real error rates were far higher, with Wells Fargo’s error rate at 11 percent. The Journal’s report showed that the OCC could only have arrived at their error rate by gaming the numbers.

The GAO report released last week gives further credibility to the Journal's claims by essentially reporting that the OCC and the Fed couldn't have arrived at accurate estimates of the harm caused to borrowers even if they wanted to. The OCC and the Fed allowed the banks' captured consultants to define what constituted “harm” to the borrower—meaning that not only could findings of harm be minimized, but also that harm rates across the banks could never be aggregated to give a full picture of wrongdoing. Thus, the 4.2 percent error rate the OCC reported was compiled by mashing together incompatible data points, creating a statistic with no basis in reality.

Deception #4: Missing Documents were not considered “errors.”
Also revealed by the report was that the OCC did not define missing documents as an error, though they were “planning” to do so. If you are a homeowner who’s been illegally foreclosed on because your mortgage servicer lost documentation of your payments, you should know the OCC couldn’t be bothered to insist that constituted an error.

Deception #5: Regulators tried to find as few harmed borrowers as possible.
The regulators conveyed that they had two major goals for the Foreclosure Review; first, to “identify as many harmed borrowers as possible.” But a prior report from GAO shows how truly unimportant this goal was, with that report saying that the materials the regulators sent to homeowners were “too complex to be widely understood,” and that the regulators didn’t consult with experienced, on-the-ground advocates to figure out how to ensure the most people possible could have their foreclosures reviewed. In other words, they juiced the process from the get-go, and wanted to find as few harmed borrowers as possible.

Which gets to the second stated goal of the Review: to “restore public confidence in mortgage markets.” This is regulator-speak for reinvigorating the banks’ bottom lines, even if you have to sweep some wrongdoing under the rug in the process. This was the only goal that truly mattered, and the way the OCC and the Fed pursued this goal was to mislead, deny and bury the bodies for the banks.

Foreclosure settlement: a nationwide crime scene - Video on NBCNews.com

 

Foreclosure settlement: a nationwide crime scene - Video on NBCNews.com

 

 

Tuesday, April 9, 2013

Foreclosure Review Finds Potentially Widespread Errors

Foreclosure Review Finds Potentially Widespread Errors

FRB: Independent Foreclosure Review

FRB: Independent Foreclosure Review

What You Need to Know: Independent Foreclosure Review

Important Update: Borrower Information Postcards Mailed

On March 18, 2013, more than 4.2 million people were sent postcard notices about payments they will receive as a result of an agreement between federal banking regulators and 13 mortgage servicers. For more information, please call 1-888-952-9105, which is the number for Rust Consulting--the Paying Agent--that is printed on each postcard.
Watch out for scams. Beware of anyone who asks you to call a different phone number than the number above or to pay a fee to receive a payment under the agreement.
For borrowers with mortgage loans with the following servicers: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo,1  see: Payment Agreement.
For borrowers with mortgage loans with the following servicers: EverBank/EverHome Mortgage Company, Financial Freedom (OneWest), GMAC Mortgage, and IndyMac Mortgage Services (OneWest), the Independent Foreclosure Review process continues.

Background

The Federal Reserve Board issued enforcement actions against four large mortgage servicers
--GMAC Mortgage, HSBC Finance Corporation, SunTrust Mortgage, and EMC Mortgage Corporation--in April 2011. Under those actions, the four servicers were required to retain independent consultants to review foreclosures that were initiated, pending, or completed during 2009 or 2010. The review was intended to determine if borrowers suffered financial harm directly resulting from errors, misrepresentations, or other deficiencies that may have occurred during the foreclosure process.

A number of servicers supervised by the Office of the Comptroller of the Currency (OCC) were also required to conduct independent reviews. (See below for the full list of servicers.)
The deadline to request an independent review was December 31, 2012.

Eligibility for Independent Foreclosure Review

Borrowers were eligible for an independent foreclosure review if they met the following criteria:
  • the property securing the loan was the borrower's primary residence;
  • the mortgage was in the foreclosure process (initiated, pending, or completed) at any time between January 1, 2009, and December 31, 2010; and  
  • the mortgage was serviced by one of the following mortgage servicers:
America's Servicing Company* Countrywide* National City Mortgage*
Aurora Loan Services* EMC Mortgage Corporation* PNC Mortgage*
BAC Home Loans Servicing* EverBank/EverHome Mortgage Company Sovereign Bank*
Bank of America* Financial Freedom (OneWest) SunTrust Mortgage*
Beneficial* GMAC Mortgage U.S. Bank*
Chase* HFC* Wachovia Mortgage*
Citibank* HSBC* Washington Mutual (WaMu)*
CitiFinancial* IndyMac Mortgage Services (OneWest) Wells Fargo Bank, N.A.*
CitiMortgage* MetLife Bank* Wilshire Credit Corporation*
*These companies are participating in the Payment Agreement.
Eligible borrowers were sent a Request for Review form by mail starting in November of 2011 when the program launched.
If a borrower previously filed a complaint with these servicers about foreclosures pending during the review period, they were still eligible to file for an independent review of their foreclosure.
There were no costs associated with being included in the review; the review was a free program. Borrowers should beware of anyone requiring payments for assistance in connection with the Independent Foreclosure Review or any other foreclosure assistance program.

Federal Reserve's Role

The Federal Reserve's role is to ensure compliance with the enforcement actions issued in April 2011, including the payment process under the agreement in principle announced in January of 2013.
OCC and Federal Reserve examiners are continuing to closely monitor the servicers' implementation of plans required by the enforcement actions issued in April 2011 to correct the unsafe and unsound mortgage servicing and foreclosure practices.

1. Although not part of the Independent Foreclosure Review, on January 16, 2013, Goldman Sachs (Litton Loan Servicing LP) and Morgan Stanley (Saxon Mortgage Services, Inc.) reached similar agreements in principle with the Federal Reserve to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing. With the addition of Goldman Sachs (Litton Loan Servicing LP) and Morgan Stanley (Saxon Mortgage Services, Inc.), nearly 4.2 million borrowers will receive a total of $3.6 billion in cash compensation while an additional $5.7 billion will be provided by the thirteen servicers for mortgage assistance. Return to text

Related Links

PRESS RELEASE
February 28, 2013
Press Release 
January 18, 2013
PRESS RELEASE
January 16, 2013
PRESS RELEASE
January 7, 2013
Press Release
August 2, 2012
Press Release
June 21, 2012
Press Release
March 8, 2012
Press Release
February 27, 2012
Press Release
February 15, 2012
Press Release
November 1, 2011
Report
April, 2011
Resource
June 21, 2012

Independent Foreclosure Review

Independent Foreclosure Review

National Land Records Audit Petition

National Land Records Audit Petition

Sunday, April 7, 2013

AN ATTITUDE OF GRATITUDE


 



The word of the day is "GRATITUDE."  I am grateful for the good I have received during this journey with you.  I am grateful for the highest and best good manifesting in my life and affairs today and in the days ahead.

Today let me celebrate with you some victories, great and small, from my personal experience.

I am deeply grateful for:

  •  The opportunities to be in service to my fellow man and the friends I've made along the way.
  • All that I have learned on this journey.
  •  Shared information and support.
  •  The successful passage of the California Homeowner's Bill of Rights and working with great people to bring it to fruition.
  • The Mortgage Bank Settlement with the big banks and for the good resulting from it.
  •  Marching throughout the streets of San Francisco and Oakland to Make Banks Pay and the homes that were saved from foreclosure as a result of creating awareness.
  • For being a part of ACCE and the Home Defender's League and the help received and given through these great organizations.
  • For the funds coming to homeowners through the Independent Foreclosure Review Settlement with the major banks.
  • That I am living in my home and am still in the game.
  •  I have good legal representation.
  • I have managed to face every challenge with grace and dignity.
  • I have the love of my family and friends. 
  • I am sane, healthy, and positive-minded.
  • I am grateful for the abundant good -- the victories, the successes, the peace and prosperity, the perfect outcomes, the divine flow, the joy, the happiness, safety and good life -- coming our way.
Today is a new day.  This is a new week.  I have picked myself up and am moving forward.  I am in prayer for the highest and best good to manifest in every challenged homeowner's life, finances, and affairs.  Namaste and blessings.

Wednesday, April 3, 2013

To Clean Up Foreclosure Mess, Banks Rely On Little-Known Industry Plagued By Fraud, Abuse

  
Great new exposé out today about the shadowy industry making billions putting foreclosed families on the street.

To Clean Up Foreclosure Mess, Banks Rely On Little-Known Industry Plagued By Fraud, Abuse

JPMorgan Wins Dismissal of Most Dexia Mortgage Claims



(Reuters) - JPMorgan Chase & Co has won the dismissal of the vast majority of a lawsuit accusing it of misleading the Belgian-French bank Dexia SA into buying more than $1.6 billion of troubled mortgage debt.
The decision, made public Wednesday by U.S. District Judge Jed Rakoff in Manhattan, is a victory for the largest U.S. bank, in a case that gained notoriety after emails and other materials were disclosed that suggested the bank and its affiliates knew the debt was toxic, but sold it anyway.
Jennifer Zuccarelli
Dexia was not immediately available for comment. A spokesman for its U.S. law firm declined immediate comment. JPMorgan spokeswoman Jennifer Zuccarelli declined to comment.
The lawsuit is one of many accusing banks of trying to boost profit and revenue by packaging low-quality mortgages into seemingly safe securities, and simultaneously hiding the risks or failing to ensure that the loans were underwritten properly.
JPMorgan is also a defendant in litigation by the Federal Housing Finance Agency accusing 17 banks and lenders of selling roughly $200 billion of troubled mortgage securities to housing financiers Fannie Mae and Freddie Mac.
Dexia alleged it was misled about the quality of 65 RMBS certificates it bought from 51 offerings made in 2006 and 2007 by JPMorgan and the former Bear Stearns Cos and Washington Mutual Inc, both of which the bank bought in 2008.
In a two-page order, Rakoff dismissed the entire case with prejudice, meaning it cannot be brought again, apart from claims by Dexia's FSA Asset Management LLC unit over five of the certificates.
The judge said he would explain his reasoning in an opinion to be issued "in due course." On Feb. 27, he rejected JPMorgan's bid to dismiss the case in an opinion dated five months after he issued a "bottom line" holding.
It was unclear how Rakoff's order would affect prospects for a trial. The judge had said at a hearing last month that a trial could begin in early July.
The case is Dexia SA/NV et al v. Bear Stearns & Co et al, U.S. District Court, Southern District of New York, No. 12-04761.

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.

Report: Banks aren't complying with mortgage settlement terms - latimes.com

Report: Banks aren't complying with mortgage settlement terms - latimes.com