Judges Should Not Engage in Ad Hoc Law-Making to Help Banks Skirt Legal Requirements at Homeowners’ Cost

Should our judges be skewing our laws in favor of after-the-fact relief to the “community of lenders,” as one appellate court judge put it? Yale Law Journal published an interesting comment about judicial law-making in the foreclosure context.  In discussing the context of judicial foreclosure and res judicata finality principles, the authors said: When addressing faulty foreclosures, […]

Wells Fargo Settlement with Department of Justice Announced for Bankrupt Homeowners Who Did Not Receive Change of Payment Notices

On Thursday, the Department of Justice released a settlement with Wells Fargo concerning Wells Fargo’s failure to send payment change notices and updated escrow statements to homeowners in bankruptcy: Settlement Terms Wells Fargo agrees to pay a total of $81.6 million to homeowners who were in bankruptcy between Dec. 1, 2011, and March 31, 2015, and who were […]

CFPB Hated By Bankers and Beloved by Consumers

The Consumer Financial Protection Bureau (CFPB) is definitely the new kid on the  block, as far as regulators go.  It has some pretty powerful enemies, including the predictable Goldman-Sachs-JPMorganChase-Citibank-BankofAmerica-Wells-Fargo of the too-big-to-fail/too-big-to-jail swagger. When the foreclosure crisis was starting, circa 2008 and 2009, causing apocalyptic shock waves in my state, Arizona, among many others, I […]

Foreclosure News: OCC Will Escheat Funds Designated for Homeowners, OCC Restricts Chase, US Bank, Wells via Amended Consent Orders

The OCC issued a press release today that it plans to escheat uncashed payments from the Independent Foreclosure Review by the end of 2015.  Also, it has imposed restrictions on U.S. Bank, Chase, Wells, and others for not meeting Consent Order requirements, stating, in part: The OCC terminated orders against Bank of America, N.A.; Citibank, […]

Wells Fargo Takes a Hit for Forged Foreclosure Documents

Federal Judge Slams Wells Fargo for Forged Mortgage Docs http://nypost.com/2015/01/31/ny-federal-judge-slams-wells-fargo-for-forged-mortgage-docs/ Two Judges Who Get It About the Banks NY Times (1) “Defendant Wells Fargo’s deceptive and intentional conduct displayed a complete and total disregard for the rights of David and Crystal Holm,” wrote R. Brent Elliott, a circuit judge in Missouri’s 43rd Judicial District, in […]

Wells Fargo Manual for Fabricating Foreclosure Documents

One of the country’s largest banks designed a specific, formal process for falsifying paperwork when its foreclosure efforts were impeded by missing documents, according to documents filed in a New York court earlier this week. Naked Capitalism: New Lawsuit Alleges Wells Fargo Has Manual for Mass Fabrication of Foreclosure Documents NY Post Article:  Wells Fargo Made Up On-Demand […]