Story on Zero Hedge and Bloomberg: AG Mark Shurtleff advised Brian Moynhian that the bank’s foreclosures in Utah are illegal. “A Bank of America Corp. unit conducting home foreclosures in Utah is violating the law, the attorney general said in a letter as individual states advanced their investigations of mortgage servicing. “All real estate foreclosures […]
From the Huffington Post and the AP Wire comes this report California and Illinois Target LPS in Robo-Signer Probe LOS ANGELES — Prosecutors in California and Illinois are investigating allegations that Lender Processing Services Inc., one of the nation’s largest mortgage processing companies, engaged in the illegal practice of “robosigning” – signing thousands of foreclosure […]
Martin Andelman did a great piece on this today. Go here and read the whole thing. Here’s a snippet: But it wasn’t homeowners we were bailing out… it wasn’t Main Street either. No, it was the banks that we were going to rescue, or so we thought. We didn’t have the political grit to stop […]
“We will work to safeguard the homeowner at every step of the process – from origination of a loan to its securitization, and we will prosecute to the fullest extent of the law those who take advantage of trusting California families,” said Attorney General Harris. “We are setting a high bar for other states and […]
From Glenn Greenwald at Salon comes this piece on Eric Schneiderman, NY AG who is actually not so afraid to do his job. I’m sure that the Wall Street mafiosos are looking for (manufacturing) his Eliot Spitzer moment as we speak. In the meantime, carry on, Mr. Schneiderman, and do it quickly: But most noteworthy and […]
The Amended Complaint by investors against LPS is a thing of beauty. It details some of the alleged illicit practices as buttressed by the testimony of 17 confidential witnesses, mostly ex-LPS employees with varying levels of duties and responsibilities. 5 20 2011 City-of-St-Clair-Shores-Employees-Retirement-System-v-LPS-et-al-Amended-Complaint-May-18-2011. Summary by Catherine Eckland: LPS’ Illicit Practices: · Fabrication of documents · “robo-signing” · […]
Full story on Huffington Post here: A set of confidential federal audits accuse the nation’s five largest mortgage companies of defrauding taxpayers in their handling of foreclosures on homes purchased with government-backed loans, four officials briefed on the findings told The Huffington Post. The five separate investigations were conducted by the Department of Housing and […]
Today’s New York Times had another good article by Gretchen Morgenson, who has been covering the foreclosure crisis from the beginning. She asks, “Why are these institutions [the servicers and TBTF banks] so afraid of a little sunlight?” Yves Smith at Naked Capitalism talks about it here, with an excerpt here: Note that this article provides […]
From my home state, comes this decision of the First Court of Appeals in Wells Fargo as Trustee v Ballestas TX 1st Ct App.. The gist is that no, Wells Fargo, you aren’t entitled to special rules, and you can’t litigate the same issues over and over until you get a decision you like. This […]
From the “The Hell You Say” category comes this report by mortgage modification whistleblowers as reported by Yves Smith and Dylan Ratigan. Seriously, I have seen so much of this craziness from homeowners walking into my office, it isn’t even funny anymore.
Beth Findsen Attorney 