Monday
Jan102011
NYC Comptroller John Liu: $432 Billion Pension Fund Coalition Demands Bank Directors IMMEDIATELY Examine Foreclosure Practices
View coalition’s letters to...
Much more inside.
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Jan 10, 2011 at 1:24 PM
Monday
Jan102011
KABOOM: Citigroup Could Face A $22 Billion Loss On Put Back Mortgage Bonds
Vikram won't be happy. Estimates put Citigroup's total exposure at $35 billion.
Monday
Jan102011
Being Bank Of America Means NEVER Having To Say You’re Sorry For Countrywide Fraud
More of our foreclosure and mortgage origination onslaught, in the wake of the Ibanez ruling in Massachusetts.
Sunday
Jan092011
Sunday
Jan092011
Bank of America Sued by Arizona, Nevada Over Fraud In Mortgage Modification Program
Legal actions against Bank of America are piling up, this time from Attorneys General in Nevada and Arizona, housing bubble ground zero.
Sunday
Jan092011
Foreclosure fraud class actions pile up against banks
Bank of America's Brian Moynihan has been spending some time in Washington recently lobbying begging for relief from the courts.
Sunday
Jan092011
Josh Rosner: "Foreclosure Fraud Nightmare Scenario Could Dwarf The Lehman Weekend"
With the chain of documentation now in question, and trustee ownership in question, here is one legal scenario, according to Prof. Levitin:
The mortgage is still owed, but there's going to be a problem figuring out who actually holds the mortgage, and they would be the ones bringing the foreclosure. You have a trust that has been getting payments from borrowers for years that it has no right to receive. So you might see borrowers suing the trusts saying give me my money back, you're stealing my money. You're going to then have trusts that don't have any assets that have been issuing securities that say they're backed by a whole bunch of assets, and you're going to have investors suing the trustees for failing to inspect the collateral files, which the trustees say they're going to do, and you're going to have trustees suing the securitization sponsors for violating their representations and warrantees about what they were transferring.
Sunday
Jan092011
Dylan Ratigan With Rep. Marcy Kaptur: MERS Whitewash & Fraudclosure Cover-Up
Editor's Note: A repost from last month in honor of this decision by the Massachusetts Supreme Court.