Conspiracy of One? The Scapegoat

This is a good article on Salon by David Dayen about the scapegoating of a single DocX (LPS) employee who is claimed to be solely responsible for the perjury and document fabrication that exploded in the foreclosure crisis.  Uh huh.  That is one talented scammer. Chris Koster, the attorney general of Missouri, indicted Brown, DocX […]

Foreclosure Crisis Still in Full Play

Good article on CounterPunch called There’s Still a Foreclosure Crisis. . . excerpt below, full article at the link: “… if lenders turn their REO release valve to full blast, the deluge of foreclosures cascading onto the market could plunge the country into a recession, said Thomas Martin, president of consumer advocacy group Americas Watchdog. […]

Senator Elizabeth Warren On the Beat

It is quite a beautiful thing to have a long-time consumer law expert and scholar on the Senate Banking Committee.  HuffPo has the dirt from today’s hearing, with an excerpt here: At her first Banking, Housing and Urban Affairs Committee hearing, Warren questioned top regulators from the alphabet soup that is the nation’s financial regulatory structure: the […]

Consumer Financial Protection Bureau (CFPB) Director Cordray Testifies to Senate Banking Committee Today

The Senate Banking Committee has announced that it will hold a hearing on February 14 on “Wall Street Reform: Oversight of Financial Stability and Consumer and Investor Protections.” CFPB Director Cordray is among the scheduled witnesses.  The hearing will be Mr. Cordray’s first appearance before Congress since the D.C. Circuit’s decision in Canning v. NLRB.  Other scheduled witnesses […]

CFPB Issues Bulletin on Mortgage Servicing Transfers

The Consumer Financial Protection Bureau released a new bulletin yesterday regarding mortgage servicing transfers: The Consumer Financial Protection Bureau (CFPB) is issuing this guidance to residential mortgage servicers and subservicers (collectively, servicers), to address potential risks to consumers that may arise in connection with transfers of servicing. The CFPB’s concern in this area is heightened […]

Bad Deeds Go Unpunished

Daniel Gross poses the question confounding many Americans, “Why do the banks get away with murder?” Day after day, our largest financial institutions continue to be revealed as unreformed, largely unrepentant bad actors. Regulators, prosecutors, and plaintiffs in lawsuits continue to unearth scandalous behavior from before, during, and after the credit boom. Bankers conspired with […]

Arizona Enters Consent Decree With Lender Processing Services LPS

Arizona Attorney General Tom Horne joins in the settlement with Lender Processing Services (LPS), the not-so-widely-known outside the mortgage/foreclosure world company, responsible for the proliferation of robo-signing, incompetence, erosion of the attorney-client privilege, and other black magic unleashed on this nation’s homeowners. LPS Consent Decree AG https://www.azag.gov/press-release/horne-announces-120-million-settlement-lender-processing-services-inc  

Geithner: You’ve Got a Friend in Me

Gretchen Morgenson at the NY Times on Geithner’s “Legacy” While banks recovered quickly and the Dow is around 14,000, he said last week, “the economy is still sputtering for millions of Americans whose livelihoods were devastated by the financial crisis.” He added: “The legal and regulatory framework that Geithner leaves behind for preventing a future […]