Showing posts with label asset backed securities. Show all posts
Showing posts with label asset backed securities. Show all posts
Sunday, October 17, 2010
MOZILA CEO of Countrywide: SEC settlement 67.5 million BAC pays
It sounds as if everyone will be getting money from the fraud industry, except homeowners. Homeowners in courts across America are sometimes winning and sometimes losing. But judges regularly give homeowners the shaft when it comes to the fraud that was perpetrated on them. Everyone is winning. Our state received settlement out of court and the state gets millions while my friends were evicted from home and have no recourse other than to fight without a lawyer, with few funds. Meanwhile the obvious fraud is dealt with and settlments reached and in this case without any admission of wrongdoing. Go America!
Here is article found on Bloomberg about the settlement - BAC will be paying the majority fines. MOZILA will pay about 22 million personally.
VIDEO on Washington Post
Saturday, October 9, 2010
ARIZONA AG Goddard Warns 60 Mortgage Servicers About Possible Foreclosure Violations
NOTE: Arizona is second largest hit by foreclosure crisis. If you are facing foreclosure there is a free seminar Sunday in Arizona.
Goddard Warns Mortgage Servicing Companies About Possible Foreclosure Violations, Demands Information((Phoenix, Ariz. -- Oct. 8, 2010) Attorney General Terry Goddard announced today he is sending letters to more than 60 mortgage loan servicing companies in Arizona, warning them about possible violations of state law in document signature practices involved in home foreclosures and demanding a thorough review of those procedures to make sure they comply with the law.Those practices involve the use of "robo-signers" -- employees who may sign hundreds of foreclosure documents a day without reviewing their contents. Some of the nation's largest loan servicers have admitted publicly in recent days that their employees have signed thousands of documents without knowing what's in them. They further admitted that employees have signed affidavits that falsely claim personal knowledge of the facts and have sometime filed inaccurate documentation.
In the letters to servicers, Goddard said such practices likely constitute a violation of the Arizona Consumer Fraud Act. He demands that the companies review the documentation supporting foreclosures and immediately rectify all foreclosures or trustee's sales found to have been not legally justified.
"Several servicing companies have admitted that rubberstamping foreclosure documents was common in other states. If it took place in Arizona, I want it stopped," Goddard said. >>>keep reading by clicking title links
Excerpts from Arizona AG Facebook: (click to read full note on facebook)
Bank of America, the nation's largest bank by assets, today announced it is halting all foreclosure sales across the U.S., effective Saturday, in response to the "robo-signer" disclosures. The bank said it would keep its moratorium in place until it completes an assessment of its document signing practices in every state.
In his letters, Goddard also reminded the companies of a new state law that makes it illegal for some trustee's sales after July 29 to be conducted without first attempting to contact the borrower to explore options to avoid foreclosure.
A copy of the letter to servicers can be found here: http://www.azag.gov/press_releases/oct/2010/Mortgage%20Loan%20Servicer%20Letter.pdf
2 days earlier a settlement with Wells Fargo was reached. This will help some but not necessarily in the way they think. Some will qualify for principle reductions. Read the information here
Attorney General Terry Goddard announced a multi-state agreement with Wells Fargo Bank
Friday, October 8, 2010
BAC or Bank of America: Foreclosure Freeze is Nationwide 50 states
| Statement from Bank of America Home Loans |
“Bank of America has extended our review of foreclosure documents to all fifty states. We will stop foreclosure sales until our assessment has been satisfactorily completed. Our ongoing assessment shows the basis for our past foreclosure decisions is accurate. We continue to serve the interests of our customers, investors and communities. Providing solutions for distressed homeowners remains our primary focus.” FURTHER INFORMATION for customers: 1 800 809 0231 BOA customer 1-800 669 6607 Country Wide customer ************************************************************** MY EXPERIENCE: I called the press line to ask question for my blog. Left a message and await a call to answer my questions. I called the hotline above - as a Country Wide customer. The recording states that they are BOA, a company that services your home loan. Since I have been foreclosed and evicted last spring, I was surprised to learn that I show as active customer. They are debt collector. And are recording my call for quality assurance. Big surprise there, right? I was cut off... so 2nd try. Similar to above only there is no way around giving up your information. You must have account number or social and zip code. This time I pressed the button reflecting that I wasn't interested in home retention division; but, I was sent there and advised that they are debt collector. After a few moments with representative I was transferred to the REO department. From there, I was placed on hold. If you want to become an REO real estate person press 2. Not me, I pressed 3 for escalation of REO. We will see. Another wait.... OOPS voice recording... your call was unable to be completed, please hang up and call the toll free number again. I guess none of the choices applied to me. I think choice one was for finding REO properties, again I wouldn't' buy a foreclosed home unless deeply desperate. No thanks, this is part of what my problem of dealing with Banks has been. transfer, wait, transfer wait and a huge cell phone bill later! Good Luck with your calls. If you are not evicted yet, then you will have a much better experience than me. :) |
Viral Report of BANK FRAUD: BEST REPORT SEEN! Video included
BEST Report I have seen on the bank and political FRAUD involved in foreclosure fraud. Now they need an in depth report on the MORTGAGE FRAUD. If you are concerned that you might have mortgage fraud search through the blog posts using tool above. OR Check Many of the blogs on the blog roll to right and join mortgage-challenge yahoo group and showmetheloan.net. You can also find out about foreclosure fraud and resources on these groups.
30-90% are WRONG. Everyone I know says the figure is 90% and sometimes more.
If you know someone facing eviction give them the information on where to get help by letting them know of these groups. It is not to late.
Listen to the report above and pay attention to the securities and chain of title. WE need to save AMERICA and deal with the fraud. FRAUD is FRAUD is FRAUD. PENSION funds are affected.
KUDOS to MSNBC for the BEST article I have seen! And to see the full video report of Woman burglarized by her bank CLICK HERE
Thursday, August 5, 2010
Banks May Buy Back Faulty Mortgages? - bloomberg
N.Y. Fed May Require Banks to Buy Back Faulty Mortgages, Assets - Bloomberg: "The Federal Reserve Bank of New York may seek to require banks to buy back its holdings of faulty mortgages and other assets acquired through the rescues of Bear Stearns Cos. and American International Group Inc., a spokesman said.
“We are involved in multiple efforts related to exercising our rights as investors in non-agency RMBS or CDO securities,” New York Fed spokesman Jack Gutt wrote in an e-mail, referring to residential mortgage-backed securities and collateralized debt obligations.
Steps include “those that require originators to repurchase ineligible loans,” Gutt wrote, referring to ones that aren’t backed by federal entities and violate bond contracts. “These efforts support our primary goal of maximizing the value of these portfolios on behalf of the American taxpayer.”"
“We are involved in multiple efforts related to exercising our rights as investors in non-agency RMBS or CDO securities,” New York Fed spokesman Jack Gutt wrote in an e-mail, referring to residential mortgage-backed securities and collateralized debt obligations.
Steps include “those that require originators to repurchase ineligible loans,” Gutt wrote, referring to ones that aren’t backed by federal entities and violate bond contracts. “These efforts support our primary goal of maximizing the value of these portfolios on behalf of the American taxpayer.”"
Further in the report was this quip:
"Investors suspect that loan servicers -- who are responsible for pursuing repurchases and handling billing, collections and loan modifications -- may not be seeking as many as possible, in part because other units of their companies would be the ones required to take back the debt, according to the letters."
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