Vulture debt buyers are buying up questionable debt (credit card, student loan, auto, you name it) for pennies on the dollar and filing lawsuits in volume, obtaining default judgments in bulk, on junk evidence. The CFPB is going to step in with some new rules. Full article in the American Bar Association journal here. Here […]
Originally posted on Beth Findsen Attorney:
Harvard Amicus Brief on MERS Some of the best quotes, Mortgage servicing companies, banks, courts and government agencies have all expressed astonishment at the extent to which MERS database is inaccurate. (p. 24) “Simply put, ‘MERS is the Wikipedia of land registration systems.’ Culhane v. Aurora Loan Services, 826 F.…
A new one from Massachusetts, a non-judicial foreclosure (like Arizona) case regarding paragraph 22 of the Deed of Trust contract, and the conditions precedent set forth therein:Pinti v Emigrant Mortg Co Inc Choice bits: Insofar as the plaintiffs’ mortgage is concerned, paragraph 22 begins by requiring notice of default to be given prior to any acceleration […]
Campbell, James P, The Nexus of Fabricated Mortgage Loan Assignments and Unlawful Home Foreclosures. (June 1, 2013). Available at SSRN: http://ssrn.com/abstract=2462778 Who has the legal right to foreclose on your home? More importantly, who doesn’t? Unlawful foreclosures are not just financial crimes against individuals and families. At the eviction stage, they are crimes perpetrated together […]
Oh, and incidentally, I know you know this, but we now realize, recognize and interpret “all men” to mean “all people,” including women, and people of all colors, creeds, and religion. That is the real face of America. This cuts against how literally certain people want to interpret old documents that were intended […]
We have posted extensively on the lack of criminal accountability for the masterminds of the financial crisis, the crisis “profiteers” and engineers. Save Lee Farkas, former CEO of Taylor, Bean & Whitaker, almost no financial executive has been indicted. Instead, our “mortgage task forces” have turned to the “street level pushers,” prosecuting borrowers for so-called […]
Ocwen Downgrade Puts RMBS at Risk Moody’s and S&P downgraded Ocwen’s servicer quality rating last week after the New York Department of Financial Services made “backdating” allegations. Barclays says the downgrades could put some RMBS at risk of a servicer-driven default. Go here for the full article by Nora Colomer
Zero Hedge and Naked Capitalism talked about an LA Times article exposing how ineffectual the SEC has become, and how easy it is for bankers to rationalize circles around toothless regulators: Credit to this Zero Hedge post, http://www.zerohedge.com/news/2014-08-14/crony-capitalism-101
Truthout writes about the Citigroup civil fine announced yesterday: Of the $7 billion total settlement, $4 billion will be in the form of a civil monetary payment to the Department of Justice, $500 million will go to state attorney’s general and the Federal Deposit Insurance Corporation, and an additional $2.5 billion will go towards “consumer […]
Backing Banks Over Borrowers, California Judges Often Big Stakeholders in Same Banks.
Beth Findsen Attorney 