Office of Mortgage Settlement Oversight Issues First Progress Report

Regarding the National Mortgage Settlement with the big five servicers, the oversight group headed by Joseph A. Smith has issued its first report. https://www.mortgageoversight.com/wp-content/uploads/2012/08/ProgressReport08292012.pdf You will note that the self-reporting servicers say they are doing awesome!  They love them some short sales, that’s for sure.  It’s fun to get Monopoly credit for deficiencies that you […]

Washington Attorney General Reaches Consent Decree With ReconTrust

ReconTrust is a Bank of America company that pretends to be an independent trustee under deeds of trust serviced and sometimes owned by other Bank of America affiliates. The AG for the State of Washington took Recon to task for failing to meet the obligations of a trustee under Washington’s non-judicial foreclosure statute. WA-Recontrust Consent […]

WASHINGTON SUPREME COURT in Bain v. MERS: “MERS is NOT a Beneficiary for Foreclosure if it Never Held the Note.”

We linked the oral argument to this case in the past.  The Washington Supreme Court answered the following certified questions: Opinion: Bain v MERS IndyMac WA S Ct CERTIFIED QUESTIONS 1.     Is Mortgage Electronic Registration Systems, Inc., a lawful “beneficiary” within the terms of Washington’s Deed of Trust Act, Revised Code of Washington section 61.24.005(2), if […]

Robo-Signing Spreads to Credit Card Lawsuits

NY Times Article on Credit Card Suits: Lenders, the judges said, are churning out lawsuits without regard for accuracy, and improperly collecting debts from consumers. The concerns echo a recent abuse in the foreclosure system, a practice known as robo-signing in which banks produced similar documents for different homeowners and did not review them. “I […]

Barofsky on the Treasury and its Potemkin Village

Go to the Daily Bail for the full post and the video of Barofsky.  Good stuff. More embarrassing secrets revealed about Geithner’s penchant for protecting Wall Street, from a July 24 appearance by Neil Barofsky on MSNBC’s Morning Joe that left the panel stunned in disbelief.  It’s a safe assumption that Tim Geithner now regrets […]

Pounding My Drum For Twombly and Iqbal Reform

Hoffman on “Rulemaking in the Age of Twombly and Iqbal” Lonny Hoffman has just posted on SSRN the above-titled paper. Abstract: In this article I am essentially trying to answer one critical question: Faced with the controversy triggered by the Supreme Court’s decisions in Bell Atlantic Co. v. Twombly (2007) and Ashcroft v. Iqbal (2009), particularly over […]