More on the Mortgage Settlement Docs: The Vague Release, the “Work Plan” to Be Named Later

By: Monday March 19, 2012 6:55 am

I feel like I’ve covered many of the elements of the foreclosure fraud settlement documents.  See, e.g., here, here, here and here. But others have picked up the mantle and revealed more truths. I did think the release part of the document, which releases everything in the world and then goes back and names exemptions, [...]

Katherine Porter Named as Enforcement Monitor for California Side Deal in Foreclosure Fraud Settlement

By: Saturday March 17, 2012 10:46 am

California’s side deal to the foreclosure fraud settlement is a much simpler document, and one focused primarily on principal reductions. Under the agreement, three of the five banks in the settlement – Wells Fargo, Bank of America and JPMorgan Chase – must engage in $12 billion in principal reductions, deeds-in-lieu or short sales in the [...]

Foreclosure Fraud Settlement Docs (III): “Internal Review Group”

By: Tuesday March 13, 2012 10:47 am

Let’s take a look at the enforcement in the foreclosure fraud settlement. How will the servicers be made to meet their obligations? This is all covered in Exhibit E of the settlement documents. This starts out by telling us that the servicers will have up to 180 days to actually phase in the implementation of [...]

Whistleblower Alleges BofA Defrauded Homeowners Using HAMP

By: Thursday March 8, 2012 6:18 am

Fresh off his Daily Show appearance, HUD Secretary Shaun Donovan announced that Bank of America will provide additional assistance to homeowners under the as-yet undisclosed foreclosure fraud settlement. BofA will write down to market value, according to Donovan, over 200,000 loans that correspond to certain criteria: if the homeowners are underwater, delinquent by more than [...]

49-State Foreclosure Fraud Settlement Will Be Finalized Thursday

By: Wednesday February 8, 2012 8:15 pm

Forty-nine states, every one but Oklahoma, as well as federal regulators will participate in a foreclosure fraud settlement that will release the five biggest banks (Wells Fargo, Citi, Ally/GMAC, JPMorgan Chase and Bank of America) and their mortgage servicing units from liability for robo-signing and other forms of servicer abuse, in exchange for $25 billion [...]

NYT Bombshell: Fannie Mae Knew About Foreclosure Fraud for a Decade

By: Sunday February 5, 2012 10:36 am

Yesterday’s on-the-record progressive media conference call with HUD Secretary Shaun Donovan was clearly designed to allay concerns about the imminent servicing settlement (in turn it raised new issues, as I mentioned in this post). Donovan stressed that the real value of the settlement could be twice as much in principal reduction as has been reported, [...]

Enforcement Process for Foreclosure Fraud Settlement Outlined

By: Thursday February 2, 2012 8:15 am

Reuters has the latest on the foreclosure fraud settlement which now has a February 6 sign-on deadline. They tackle the very troubling issue of enforcement which has bedeviled past settlements with the banks, particularly on loan modifications. Reuters writes that the states would get some enforcement authority in the settlement: A proposed settlement to resolve [...]

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 [...]

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