Banks Want Nevada to Change Laws Criminalizing Foreclosure Fraud

By: Monday December 17, 2012 11:06 am

One of the most successful states at restoring due process and the rule of law to the foreclosure process has been Nevada. The state put into law the simple principle that, before a bank takes someone’s home away, they must actually prove that they own the property. And if they try to fabricate that property [...]

Making Chicken Salad: 9 Ways to Improve Housing Policy Around the Foreclosure Fraud Settlement

By: Friday February 10, 2012 1:13 pm

I think I’ve made my position on the foreclosure fraud settlement pretty clear. Nevertheless, there’s a time to stew and a time to figure out how to make this work as well as possible. I think there are some tangible steps that can be taken, if not to improve the deal, then to improve housing [...]

Missouri AG Chris Koster Files Criminal Charges Against Foreclosure Fraud Document Processor DocX

By: Tuesday February 7, 2012 7:34 am

Yesterday I talked about how the failure to prosecute represented a fundamental decay at the heart of our politics, a symbol of the lack of accountability that has plagued this country for a decade. Yesterday, we began to get some accountability for foreclosure fraud in the unlikeliest of places: Missouri.  From the New York Times [...]

Justice Democrats Still Angling for Changes in Foreclosure Fraud Settlement Deal

By: Tuesday February 7, 2012 6:54 am

Well, the deadline for state Attorneys General to sign on to the foreclosure fraud settlement came and went yesterday, and the major holdouts – the Justice Democrats, the AGs from the five states who have objected to the settlement all along (Nevada, New York, California, Delaware, and Massachusetts), still aren’t signed on. Catherine Cortez Masto [...]

Report: Massachusetts, Nevada Would Have to Give Up Foreclosure Fraud Suits to Join Deal

By: Monday February 6, 2012 10:11 am

We learned on Friday that Eric Schneiderman’s suit against MERS and three banks using MERS represented a carve-out on the final foreclosure fraud settlement. There was speculation, stoked by HUD Secretary Shaun Donovan, that other states might have carve-outs or grandfathered suits, so they would be able to pursue those investigations and prosecutions and still [...]

Masto Raises Score of Questions Over Foreclosure Fraud Settlement

By: Monday January 30, 2012 2:35 pm

Lots of developments late today on the foreclosure fraud and servicing settlement. We know that a term sheet of some kind has been sent to the states for approval. Apparently there was a deadline attached to that, of February 3rd. We’ve seen deadlines before in the settlement, but this one has a little more weight [...]

Justice Democrats Still Holding Out on Foreclosure Fraud Settlement

By: Tuesday January 24, 2012 7:01 am

The New York Times describes the foreclosure fraud settlement in terms of inches. They say that a deal is “closer,” but they give little evidence to back that up. In fact, there’s more evidence here that the key AGs involved, who did not personally attend Monday’s session in Chicago with Shaun Donovan and other Administration [...]

Simon Johnson on the Proposed Foreclosure Fraud Settlement: “This is a law enforcement issue.”

By: Monday January 23, 2012 7:00 am

Chatter increased over the weekend on a long-awaited foreclosure fraud deal between top banks and state and federal regulators, led by the Justice Department and HUD. Yves Smith provides additional details today, including a Constitutional issue over servicers providing modifications on investor-owned mortgages without their consent, a violation of the takings clause of the 5th [...]

The Foreclosure Fraud Settlement Road Tour

By: Thursday January 19, 2012 8:55 am

Everything you heard from Shaun Donovan yesterday about an “imminent” foreclosure fraud settlement is predicated on the idea that Democratic Attorneys General, of which between 1/3 and 1/2 have pursued or are supporting their own investigations, will sign onto the deal in the end. To help that along, Donovan, along with the short-timer at DoJ [...]

Nevada AG Masto Sues LPS for Document Fraud

By: Friday December 16, 2011 12:16 pm

In case you were wondering whether Nevada’s indictment of a couple Lender Processing Services employees on robo-signing charges would be the end of the fraud prosecutions, with a Lynndie England-like prosecution of the low-level grunts and not the higher-ups, you can wonder no more. Today, Nevada’s Attorney General, Catherine Cortez Masto, filed suit against LPS [...]

Treasury’s Failure on Bank Accountability, and Nevada’s Success

By: Sunday December 11, 2011 10:19 am

A few days ago, I tweeted about an interview Felix Salmon did last year with Michael Barr, who at that time still worked at the Treasury Department, on the foreclosure issue. In that interview, Barr touted the inter-agency review being done on the entire mortgage market, and he vowed that “we’re holding the banks accountable [...]

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