As much as state attorneys general could be an effective force in acting for consumers and investors against banks, the fact that an attorney general has saddled up does not necessarily mean the effort is serious. At a minimum, it might just be a gambit to garner some good PR without seriously inconveniencing the perps; […]
Read more...It take a fair degree of skill to pen a journalistic story that hews to the appearance of objectivity yet is out to sell a point of view. The lead article in the Journal tonight, “Niche Lawyers Spawned Housing Fracas” telegraphs its bias in its headline: the foreclosure crisis is merely the creation of two […]
Read more...From Bloomberg: New York state courts will require lawyers in residential foreclosure actions to certify they have taken “reasonable” steps to verify the accuracy of documents submitted to the court. The new rule, released in a statement by the New York state Unified Court System, is effective immediately. Chief Judge Jonathan Lippman introduced the requirement […]
Read more...Most readers were not happy when I didn’t buy into the mainstream presentation of a the widespread news reports that a letter sent on behalf of a group of investors constituting approximately $16.5 billion (per the Wall Street Journal) of $47 billion (presumably face amount) of bonds was a Really Big Deal in terms of […]
Read more...Hat tip reader Darby Shaw, via Detroit News: GMAC Mortgage resumed foreclosures in 23 states Tuesday after it had halted practices earlier this month following an employee’s admission of approving thousands of foreclosure notices without reading the paperwork. “As we review the affected files in the 23 judicial states and take any needed remediation, the […]
Read more...Lawyers who defend homeowners against foreclosures, even when their client has a good case, like servicing errors, often run into bank-friendly judges. The plaintiff’s argument typically boils down to, “We’re a bank, they are a deadbeat.” It looks as if banks are increasingly hoist on their own petard. There has been so much coverage of […]
Read more...Wow, this is getting wild. Admittedly, the Cook County sheriff has taken a firm stand in the past on foreclosure evictions, but this is a more sweeping action in the past. Telling the banks that admitted they used improper affidavits but now insist that everything is fine isn’t good enough is a bold more. At […]
Read more...At least some legislators are taking the foreclosure crisis seriously. Representative John Conyers, Marcy Kaptur, Raúl Grijalva, and Alan Grayson wrote to Neil Barofsky, Special Inspector General for the Troubled Asset Relief Program, to ask that he investigate foreclosure fraud and conduct an audit of GMAC, Fannie, and Freddie. SIGTARP is a full fledged prosecutor, […]
Read more...New fronts are opening in the foreclosure mess. A lot of people have wondered why no one has gone to jail over what by commonsense standards is fraudulent activity. The possibility that the violations were indeed criminal is finally being investigated. From the Washington Post: Federal law enforcement officials are investigating possible criminal violations in […]
Read more...As dramatic as this headline sounds, there is much less here than meets the eye. In addition, either the article that discussed this development is confused, or the underlying legal pressure is not well framed. First, let’s get to the report, which certainly sounds serious. BusinessWeek reports that PIMCO, BlackRock, and the New York Fed […]
Read more...By George Washington Bank of America alleged in a court filing this June: It appears as though many loans and other mortgage-related assets have been double and even triple-pledged to various constituencies . Boa Answer to Freddie Objection in Re Taylor Bean & Whitaker Mortgage Corp. April Charney – a consumer lawyer with Jacksonville Area […]
Read more...By MBSGuy, a securitization expert In comments to my post yesterday, “So Why Did the Mortgage Servicers Use ‘Robo Signers’?“, reader Justica pointed out another element of servicer misbehavior, namely, investor lack of confidence in the reports, and therefore the disbursements, that servicers are giving them. From “Investors Grumble Over Flawed Remittances” at Asset-Backed Alert: […]
Read more...I received an e-mail from a correspondent I’ll call MBSGuy and I thought readers would find it informative. He’s been an expert witness in quite a few securitization cases (which is an area with relatively little in the way of case law, in contrast to real estate). And in case it isn’t obvious, to serve […]
Read more...By Russ, aka Attempter, a sustainability activist trying to help figure out solutions to America’s crisis, who blogs at Volatility As Foreclosuregate, the legal crisis, looms ever larger and becomes a major political issue, the banks and government have scrambled to mount a counteroffensive against the consequences of their crimes. We can see how flat-footed […]
Read more...Warning: this is rap by a middle aged white woman, so adjust your expectations accordingly. There have been a number of reports of cases like hers, of borrowers told to become delinquent to qualify for a mod. They often fail to get the mod and lose their homes.
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