Bank Of America Employees May Face Fraud Charges In New Lawsuit. * U.S. says bank caused taxpayers $1 billion in losses * Bank acted to resolve mortgage problems -BofA spokesman * BofA sold toxic mortgage loans to Fannie, Freddie -U.S. By Grant McCool NEW YORK, Oct 25 (Reuters) - Bank of America Corp employees could face civil fraud charges as part of a federal lawsuit accusing the bank of causing taxpayers more than $1 billion in losses by selling toxic mortgage loans to Fannie Mae and Freddie Mac, a prosecutor said on Thursday. The comments were made at a hearing in Manhattan federal court to set a timetable for the U.S. "Potentially, the government may amend its complaint to include individuals, present or former employees of Bank of America," Assistant U.S. The judge asked the prosecutors to amend their complaint by year end.
Most lawsuits by federal and state investigators against major banks over matters related to the recent financial crisis name few or no individuals as defendants. Securitization in A Nutshell. According to the terms of any note I ever read, any payment from you or any third party that is intended to be a payment against interest, principal or both must be applied as such. You have hit the nail on the head with your question. When they pooled your note, the deal you signed was ended and a new one began — one to which you were NOT a party. You were mentioned but they never got your signature in the pooling and servicing stage, the securitization stage or the terms of the bond (mortgage backed indenture stage).
Question: I was served with a complaint to foreclose and of course they lost the note as well as saying I hadn’t paid since November 08. I’ve asked for months to no avail and all the other questions, like who holds my mortgage. Are Mortgage servicers allowed to take my payments and apply them to wherever they want, even though I have never seen a notice regarding suspense??? Follow me here. Like this: Like Loading... Home Page. California cities top foreclosure statistics in first half of 2012 | Paladin Securitization Auditors. According to RealtyTrac , a real-estate service that focuses on foreclosures, California continues to endure some of the highest levels of foreclosure activity nationwide, with seven cities in the top 10.
Stockton , which recently declared bankruptcy, topped the list. One in 38 homes there is in foreclosure. San Bernardino , a city that’s headed toward bankruptcy, also made the list: its metropolitan area, which includes Riverside and Ontario, ranked number three. And Vallejo fell into a metro area, including Fairfield, that came in at number four. Vallejo declared bankruptcy in 2008 and emerged last year.
Detect a trend? RealtyTrac pointed out another trend, however. California remains one of the top U.S. states for foreclosures, but even though the foreclosure crisis continues to be centered in a number of its cities, the state’s foreclosure rate dropped in the first half of 2012 , when compared with the first half of 2011. Thankfully, there is a solution. How To Stop Foreclosure Fraud And Quiet Title Liens. L. Randall Wray: Nightmare on Wall Street. In a ruling that could be historic, the Supreme Judicial Court of Massachusetts ruled against two fraudster banks, US Bancorp and Wells Fargo, who illegally foreclosed on homes.
In short, the two banks stole homes to which they had no legal claim. This rattled stock markets, causing the broad-based KBW Bank Index to fall by 2.2%, with Wells Fargo's stock prices falling by 3.4% as markets began to recognize that "business as usual" theft of American homes by banksters will be subject to greater scrutiny. Tellingly, the banks have been arguing that they are following industry practice. The ruling in Massachusetts (one of the most respected Supreme Courts in the US) affirms that industry practice is fraudulent. Perhaps as many as 66 million mortgages (those tainted by improper industry recording procedures) could be affected by the ruling. But in their haste to steal property, the Wall Street banksters ran up against US property law. Let me explain. Unfortunately, foreclosure is expensive.
Produce The Note - "How-To" | The Consumer Warning Network. Fight Foreclosure: Make ‘Em Produce The Note! Using the “produce the note” strategy is something all homeowners facing foreclosure can do. If you believe you’ve been treated unfairly, fight back. We have created templates for a legal request, a letter to your lender and a motion to compel to help you through the process. Read the step by step “how to” under the videos. Special note: In some states, a lender can foreclose on your home without going to court.
These are called non-judicial foreclosure states. You can still use the “Produce the Note” strategy in these states, but it takes a few more steps on your part. Produce the Note – Steps To Follow: Your goal is to make certain the institution suing you is, in fact, the owner of the note (see steps to follow below). During the lending boom, most mortgages were flipped and sold to another lender or servicer or sliced up and sold to investors as securitized packages on Wall Street. A. Use the first form. B. Use the second form. Foreclosure Defense - What You Need To Know 1/2. Foreclosure Defense - What You Need To Know 2/2. Mortgage Servicers' Secret. Fight Foreclosure: Make 'Em Produce The Note! Who Owns Your Mortgage? "Produce The Note" Movement Helps Stall Foreclosures.
Modern-day home mortgages have been so sliced and diced by rapacious financiers that some homeowners are successfully delaying -- or even blocking -- foreclosures through the simple tactic of demanding that banks produce the original mortgage note, which amazingly enough is often not so easy for them to do. As the foreclosure rate continues to set new highs, a little-noticed legal provision that requires bankers, if challenged, to prove they hold the original mortgage documents before getting possession has spawned a minor homeowner rebellion, alternately called "produce the note" or "show me the note". For homeowners trying desperately to keep their homes, the tactic is one way to buy some time -- and maybe even get the upper hand on the lender. "You wouldn't imagine that the lenders would be that slovenly that they would not be able to produce adequate documentation of the debt," said House Financial Services Committee member Rep.
Brad Miller (D-N.C.). The Sidebar | What is an Assignment of Mortgage | The Social Media Report. What is an Assignment of Mortgage and Why Is It Important In a Foreclosure Action? UPDATE: If you are new to this article be sure to read and scroll all the way down. The meat of this article is in the tremendous information profided in the comments by mortgage professionals and attorneys. Foreclosure is the process by which a financial institution (e.g., your bank/loan servicer) can reclaim your home and/or land if you fail to make timely mortgage payments. In a foreclosure action, the bank files a complaint with the state court to foreclosure the property. An assignment of mortgage is a written document which serves as proof of transfer of a loan obligation from the original borrower to a third party.
First and foremost, it is important for you to understand the legalities of foreclosure and your rights for mortgage foreclosure solutions. The terms of a note typically include the principal amount, the interest rate if any, and the maturity date. Erik Wesoloski, Esq. State court ruling deals blow to U.S. bank mortgage system. Preserving Cabrini-Green's images In the sharp sun of an April afternoon, Nate Lanthrum walks through the remains of Cabrini-Green giving away what he has taken. He looks out of place, a white guy carrying a $1,500 Nikon D700 camera, but the residents are used to him by now and greet... Blackhawks thrilled to have Brent Seabrook back Starting with Game 6 Sunday, Brent Seabrook's timeout will be over and the defenseman will be back on the ice — so long as he promises to play nice.
The Blackhawks have done pretty well in Seabrook's absence, winning all three games the NHL... NFL draft preview: Defensive ends As the NFL draft nears — it takes place May 8-10 — we're taking an 11-day, position-by-position look at what's out there and what the Bears need. In May 1974, Tribune delivered 2 Watergate bombshells Obama denounces racist comments reportedly made by NBA owner Cubs can't take advantage of Brewers' injuries Northwestern women win at Wrigley Blackhawks thrilled to have Brent Seabrook back. Mortgage Lenders are Pissing Their Pants – Roger Ingalls « Left Coast Voices. It’s brilliant! Citizens may finally have a weapon to fight the financial industry shysters. County and city governments are considering the use of eminent domain to seize mortgages and then help owners in those communities refinance their homes at fair market value.
Eminent domain is normally used by local governments to seize property needed for highways, infrastructure, and other public works that are projected to benefit the greater community. Seizing mortgages is a slight twist on the process but, in the same vein, it is being considered for the purpose of ensuring the long term viability and prosperity of local communities. No doubt the financial industry is all fired up and worried. They’re pursuing a full court press to quiet and scare local politicians who are trying to help their constituents. Lt. The financial industry must view eminent domain mortgage seizer as a legitimate “fight back” strategy because they are responding ferociously. Like this: Like Loading... How Ruthless Banks Gutted the Black Middle Class and Got Away With It.
September 3, 2010 | Like this article? Join our email list: Stay up to date with the latest headlines via email. The American middle class has been hammered over the last several decades. The black middle class has suffered to an even greater degree. But the single most crippling blow has been the real estate and foreclosure crisis. To fully understand why the foreclosure crisis has so disproportionately affected working- and middle-class blacks, it is important to provide a little background. Black and Latino minorities have been disproportionately targeted and affected by subprime loans. There is little indication that things will get much better any time soon. The Ripple Effect If anything, the foreclosure crisis is likely to produce a ripple effect that will continue to decimate communities of color.
Charlotte, N.C. Memphis, where the majority of residents are black, remains a symbol of black prosperity in the new South. Wells Fargo Insiders Detail Foreclosure Fraud Practices: 'It's Exactly Like An Assembly Line' By Travis Waldron on April 20, 2012 at 11:55 am "Wells Fargo Insiders Detail Foreclosure Fraud Practices: ‘It’s Exactly Like An Assembly Line’" That Wells Fargo has fraudulently processed mortgage documents using a process called robo-signing has been evident for nearly two years, since scandal enveloped the mortgage industry in 2010. That it kept doing it even after the scandal broke has been known for months. The practice, at Wells Fargo and other Wall Street banks, has led to waves of improper foreclosures and a $25 billion settlement with the federal government and state attorneys general. A new report from MSNBC, however, provided an inside account of how Wells Fargo’s robo-signing department works. The result: the nation’s largest mortgage servicer often improperly foreclosed on homeowners who weren’t past due or owed little interest while pushing the files out the door as fast as possible, as an insider told MSNBC: Another Wells Fargo employee had a different account.