Whistleblower from the Congressional Budge Office saw the mortgage fraud coming, and wrote a report which the CBO changed. Interview with Dr. Phan Mortgage Fraud Whistleblower
Full article by Ben Hallman on Huffington Post here, and the letter is linked within his article, The letter dated Feb. 1 is from the bank’s mortgage servicing unit, GMAC Mortgage, to PricewaterhouseCoopers, the accounting firm it hired to review troubled loans as part of a 2011 agreement with federal regulators. It puts a number […]
Bill Black on JP Morgan’s Gambling Problem, with the full article over at the Big Picture here: We need to begin with context. It was toxic financial derivatives (not) backed by fraudulent liar’s loan mortgages (“green slime”) that drove the U.S. crisis. Paul Volcker urged the administration and Congress to bar any entity that received […]
Well, what do we have here? Hometown Dallas, represent! Bloomberg News Bank of America, MERS Lose Bid to Dismiss Texas Fee Suit By Margaret Cronin Fisk and Tom Korosec on May 24, 2012 Bank of America Corp. (BAC) and Mortgage Electronic Registration Systems Inc. failed to persuade a judge to dismiss a lawsuit claiming they shortchanged […]
Billion Dollar Bait & Switch: States Divert Foreclosure Deal Funds by Paul Kiel and Cora Currier ProPublica, May 22, 2012, 12:26 p.m. Answers to homeowners’ questions about the Independent Foreclosure Review.The administration’s website for the foreclosure prevention program. Provides an FAQ, homeowner examples, and other tools to see whether you might qualify for the program.A […]
This is from Pipeline Press at Mortgage News Daily: In an interesting move, in May Bank of America will repurchase $330 million of home loans from Freddie Mac “after flaws were found in how they were created.” In a story from Bloomberg, the facts seem to be that the payments on the “vast majority” of the loans […]
Here is the AZ Supreme Court decision in Hogan v WaMu Hogan v WaMu AZ SC 2012 In my opinion, the best parts (even though some should be entirely obvious, in Arizona, they aren’t always) are: Hogan argues that a deed of trust, like a mortgage,“may be enforced only by, or in behalf of, a […]
The Arizona Supreme Court said, regarding the long-awaited decision, on its web site today: The Arizona Supreme Court anticipates the filing of an Opinion in the following cases at approximately 10:00 a.m. on the next business day: CV-11-0115-PR HOGAN v. WASHINGTON MUTUAL BANK et al consolidated with CV-11-0132-PR HOGAN v. WASHINGTON MUTUAL BANK et al The plaintiff in this case, […]
The case is In re: Residential Capital LLC, U.S. Bankruptcy Court, Southern District of New York, No. 12-12020. GMAC’s bankruptcy filings reveal that Deutsche Bank is listed as its largest unsecured creditor. Also, as American Banker reports here: Other large creditors include Bank of New York Mellon, U.S. Bank, and several bond insurers including MBIA and […]
As we have discussed in January 2012 when it was but a rumor (see here), GMAC is filing a bankruptcy under Residential Capital. Dan Edstrom writes: GMAC Residential Capital Declares Bankruptcy By Daniel Edstrom DTC Systems, Inc. According to Residential Funding Corporation, GMAC was one of the largest entities securitizing loans in 2000. This bankruptcy […]
Beth Findsen Attorney 