Schneiderman Files Suit Against Credit Suisse for Securities Fraud, Days After SEC Settled Same Conduct

By: Tuesday November 20, 2012 11:55 am

Continuing on the theme of prosecutions for fraud during the housing collapse, though in this case civil rather than criminal ones, New York Attorney General Eric Schneiderman just announced a new lawsuit against Credit Suisse for defrauding investors in its mortgage backed securities business. The case mirrors the previous suit filed by Schneiderman against JPMorgan [...]

Formal Criminal Charge Filed in Florida Against Lorraine Brown, President of Notorious Foreclosure Document Processor DocX UPDATE: Plea Deal

By: Tuesday November 20, 2012 10:55 am

The US Attorney in the Middle District of Florida, Robert O’Neill, has submitted an information, basically a criminal charge without the use of a grand jury for the indictment, of Lorraine Brown, the founder of DocX, for the fraudulent production of mortgage assignments, notarizations, and other documents used to foreclose on borrowers (h/t 4closure fraud). [...]

Short Sales Continue to Dominate Consumer Relief in Foreclosure Fraud Settlement

By: Monday November 19, 2012 7:12 am

The second report from the Office of Mortgage Settlement Oversight has arrived, and it shows a continuation of one trend, tempered by the first batch of consumer relief in the form of actual principal reductions.

Yes, Banks Are Paying “Penalties” in Foreclosure Fraud Settlement With Other People’s Money

By: Thursday November 15, 2012 8:30 am

This one offers a bit of vindication. I cannot tell you how much grief I got from “official sources” over the clear reality that banks would be able to pay off their penalties in the foreclosure fraud settlement with investor money. HUD Secretary Shaun Donovan flat-out said it, and then had to backtrack and obfuscate. [...]

Storm-Washing: The New Bank Ploy to Milk Foreclosure Relief PR In Storm-Wrecked Areas

By: Tuesday November 6, 2012 6:25 am

Ever since Superstorm Sandy, we’ve seen the phenomenon of storm-washing from our finance sector. That’s when banks decide to capitalize on the storm and generate some good PR by offering extended reliefto homeowners in the storm’s path. Banks are offering extended relief to homeowners in areas affected by superstorm Sandy in the form of loan [...]

Sham Foreclosure Reviews Major Cash Cows for Foreclosure Reviewers

By: Saturday November 3, 2012 9:26 am

Jeff Horwitz and Kate Berry have an excellent two-part series in American Banker on these “independent” foreclosure reviews. For background, the Office of the Comptroller of the Currency put together these consent orders with 14 banks last year, separate from the foreclosure fraud settlement, and put together this review process. In theory, independent reviewers would [...]

Wells Fargo Argues Government Trying to Sue Them for Conduct Covered in Foreclosure Fraud Settlement

By: Thursday November 1, 2012 2:47 pm

Put this one in the “what you reap is what you sow” file. A few weeks ago, the US Attorney for the Southern District of New York sued Wells Fargo for collecting insurance on FHA loans that were improperly underwritten. This mirrored several other cases out of SDNY, and charged that Wells Fargo gained the [...]

Fannie and Freddie Offer Breaks to Homeowners in Path of Superstorm Sandy, After Pushing to Foreclose Faster on Same Areas

By: Wednesday October 31, 2012 10:00 am

Well, now we know what it will take to put a stop to the foreclosure crisis – a massive storm affecting the entire Eastern seaboard. For homes in that area at risk of foreclosure, Fannie Mae and Freddie Mac will offer a small bit of mortgage relief: The government-controlled mortgage finance giants said Tuesday that [...]

The Apologists for Housing Fraud

By: Tuesday October 30, 2012 7:08 am

Libertarian University of Chicago Economist Luigi Zingales highlights two academic papers which provide evidence for the long-obvious belief that the Obama Administration pulled its punches when given the opportunity to indict bank executives for fraud in the creation and popping of the housing bubble. He, of course, doesn’t think that they show that, and does [...]

The Banks Devise a New Deal for Homeowners: Token Relief for Liability Waivers

By: Sunday October 28, 2012 2:58 pm

The failings of the 49-state foreclosure fraud settlement have by now become so obvious that even traditional media cannot ignore it. When half of the $2.5 billion earmarked as a hard-dollar penalty to states for aid and relief for struggling homeowners just gets sucked up into filling state budget holes, you can hardly make any [...]

The Case for More Bank Failures

By: Friday October 19, 2012 11:30 am

I quite liked Neil Irwin’s story today, in the aftermath of earnings season at the big banks, an an object lesson into how those firms still carry a multitude of legacy troubles from the crisis years: All of these banks are still grappling with the costs of the bad lending during the boom years before [...]

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