More Republicans Found to Have Received Countrywide VIP Loans

By: Wednesday January 18, 2012 10:55 am

Rep. Pete Sessions (R-TX) has become the third House Republican discovered to have received a sweetheart loan as part of Countrywide’s “VIP” program. The program became notorious when conservatives jumped on the revelations that Democrats Chris Dodd and Kent Conrad received cheap loans through it. But it was always clear that influence peddling is a [...]

DoJ Settles – Again – With Countrywide on Fair Lending Claim

By: Wednesday December 21, 2011 12:57 pm

The Department of Justice has announced a $335 million settlement with Countrywide, the former subprime mortgage giant now subsumed into Bank of America, on claims of housing discrimination. The Justice Department on Wednesday announced the largest residential fair-lending settlement in history, saying that Bank of America had agreed to pay $335 million to settle allegations [...]

60 Minutes Shines Spotlight on Persistent Mortgage Fraud

By: Monday December 5, 2011 1:39 pm

If the President wants to show the country that he now wants to give Americans a fair shake and break up the “invisible government” that exists in parallel with Wall Street, he could give a statement on last night’s 60 Minutes story on two whistleblowers at mortgage originators who stand ready to work with the [...]

Bank of America Trying Desperately to Get Small Enough to Fail

By: Wednesday August 31, 2011 10:54 am

In addition to blowing up the global settlement on foreclosure fraud and related issues, Nevada AG Catherine Cortez Masto’s complaint against Bank of America for reneging on their Countrywide settlement spells major trouble for the struggling bank. BofA stock is actually somewhat positive today, but this revelation on their mortgage servicing operations will eventually get [...]

Foreclosure Fraud Settlement Crumbles As Tom Miller Whines

By: Wednesday August 31, 2011 8:10 am

Tom Miller’s feewings are huwt. He doesn’t like how he’s being portrayed by those who have actually taken a look at how he’s been handling the 50-state “investigation” on foreclosure fraud. And he’s having his top deputy defend him to major media. Those involved in the settlement talks are increasingly frustrated at how their efforts [...]

Nevada AG Catherine Cortez Masto Destroys BofA in New Lawsuit

By: Wednesday August 31, 2011 6:10 am

Nevada Attorney General Catherine Cortez Masto’s amended complaint in a lawsuit against Bank of America has so many interesting nuances, I think I need a new Internet to catalog them all. But let me start by saying that this complaint is a stick of dynamite to the foreclosure fraud settlement, exposing it as a useless [...]

Feeding Frenzy on Repurchases of Bad BofA Loans

By: Tuesday August 30, 2011 1:32 pm

My understanding was that Bank of New York Mellon was the trustee on all of the Countrywide mortgage backed securities. So when they attempted to settle with Bank of America, all the claims would be extinguished on Countrywide legacy MBS. It turns out that wasn’t true. US Bank had a trustee relationship on some Countrywide [...]

Weak Settlements Over Mortgage Abuses Should Give State AGs Pause

By: Thursday July 21, 2011 7:35 am

Two settlements came down yesterday on mortgage-related issues that detail the expected inadequacy of a global settlement among state Attorneys General. First, Countrywide, now part of Bank of America, has finally figured out how to divy up $108 million among borrowers they screwed over. More than 450,000 borrowers who were charged excessive fees by Countrywide [...]

Abigail Field Finds Smoking Gun on BofA Securitization Fraud

By: Friday June 3, 2011 12:58 pm

HUD Secretary Shaun Donovan told the LA Times today that a settlement between top banks and state and federal regulators on foreclosure fraud would be inked in “a matter of weeks.” HUD has been pretty close to the settlement talks, so I don’t totally doubt him, though I’m wondering exactly how many Attorneys General they [...]

National Call-In Day for State AGs Investigating Foreclosure Fraud

By: Thursday February 3, 2011 9:13 am

Today marks the national call-in day for state Attorneys General, sponsored by several community-based groups, asking them to do their job and prosecute foreclosure fraud meaningfully. The groups stress two elements that must be part of any resolution: principal reductions for homeowners victimized by foreclosure fraud, and criminal penalties for anyone who broke the law. [...]

BofA Taking Wikileaks Threat Seriously

By: Monday January 3, 2011 7:33 am

Bank of America has not been specifically named as a target of Wikileaks, at least not directly; everything out there is more on the order of speculation. And yet they either know something particular about that speculation or they’re just proceeding with an abundance of caution. They’ve begun a document review led by a “chief [...]

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