Banks Settle Modifications for Soldiers: Camo Washing

A Foreclosure Problem Congress Couldn’t Ignore After a news report showed banks were improperly foreclosing on members of the military, the companies are scrambling to fix the problems and camo-wash their images. David Dayen | April 28, 2011 Wells Fargo settled a similar class action lawsuit on military foreclosures for $10 million and instituted a […]

Odds and Ends–New MERSCORP Chief is ex Citibank; Judges Say Servicers Aren’t Improving Despite Consent Orders

MERSCORP names Citigroup’s former chief as CEO. Judges See Little Improvement in Foreclosure Procedures Wall Street Journal 4/29/11  Quote: Some judges are skeptical of claims by lenders that they have substantially improved their foreclosure procedures since controversy over the practices exploded last fall. F. Dana Winslow, a N.Y. State Supreme Court Justice in Long Island’s […]

Seriously, Nancy McLain? Bizarre Rationalizations for Not Allowing SB 1259 to Be Voted Upon

Excuse me, but since when, in hundreds of years of real property law, did it become a “loophole” for foreclosing parties to be required to be legally entitled to foreclose?  So, let me get this straight, requiring banks to be accountable for the ownership they claim before they dispossess thousands of Arizonans of their homes, and passing laws that clarify […]

Another MA Case to Watch:Bevilacqua v Rodriguez

In another Massachusetts case currently pending before its high court, US Bank, NA faces the consequences of another faulty foreclosure, where it attempted to sell an interest that it did not have.  Here’s the Credit Slips post on it, and the link to the amicus brief by Professor Adam Levitin, Professor Katie Porter and others.  […]

Martin Andelman on Arizona SB 1259

Here’s Mandelman Matters on the untimely disappearance of our straightforward little bill that would have involved simple truth telling by foreclosing banks.  A Funny Thing Happened on the Way to the Arizona House of Representatives

LPS Law Suits Multiplying

It looks like foreclosure mill law firms in Arizona better start to beware.  Lawsuits against LPS have revealed what looks to be unlawful, undisclosed fee sharing (kickbacks) in bankruptcy court, and the unauthorized practice of law by LPS and foreclosure mill non-lawyer employees. Interesting allegations regarding the LPS agreements arose in class action lawsuits in […]

Cash for Sudden Blindness?

This is gross.  Not surprising, but gross nonetheless. Matt Taibbi talks about the sudden contributions that AG Tom Miller got from the financial industry after heading the investigation: Best Way to Raise Campaign Money?  Investigate Banks This is about as perfect an example of how American politics works as you’ll ever see. This foreclosure issue […]

Goldman Sachs and Fabrice Sued By SEC for Civil Fraud

Remember the embarassing Goldman hearings and the fabulous Fab?  Goldman Sachs and Executive Charged With Fraud Monday 18 April 2011 by: Greg Gordon, McClatchy Newspapers Washington – The Securities and Exchange Commission Friday charged Goldman Sachs & Co. and one of its executives with fraud in a risky offshore deal backed by subprime mortgages that cost […]

Neutrality Should Be a Given for Judiciary

Lawyer/reporter Abigail Field analyzes the role of the judiciary in the foreclosure crisis for Fortune, Fighting a Foreclosure?  Hope for the Right Judge: Not all judges are confronting the issues in the same way. Many are adopting procedures to stop any fraudulent behavior by the banks and are investigating questionable documents submitted in their cases. […]