Pelosi Calls on Holder to Follow Up on Phil Ting Mortgage Document Fraud Study

By: Monday February 20, 2012 6:55 am

Here’s an update to last week’s revelation from San Francisco Recorder-Assessor Phil Ting, that an overwhelming percentage of foreclosure documents he reviewed were found to be at least partially flawed. The two members of Congress who represent San Francisco want Attorney General Eric Holder to convene an investigation. That consists of Jackie Speier and the [...]

San Francisco Assessor-Recorder Phil Ting Finds Widespread Mortgage Document Fraud

By: Thursday February 16, 2012 7:08 am

Yesterday, the San Francisco Assessor-Recorder, Phil Ting, released the results of a cursory review of foreclosure documents, finding widespread irregularities in the vast majority of them. The documents included foreclosures from 2011, after the point at which the banks allegedly “fixed” their foreclosure document problems. Assessor-Recorder Phil Ting in partnership with mortgage investigation firm, Aequitas, [...]

MA AG Coakley Lawsuit Against Banks Ripped to Shreds in Settlement

By: Thursday February 9, 2012 11:56 am

So here’s one lagging mystery about the foreclosure fraud settlement: what becomes of Massachusetts AG Martha Coakley’s lawsuit against five banks over deceptive practices and illegal foreclosures? Now we know. Coakley says in a release that she got a carve-out over certain types of claims in the suit. Others, however, were extinguished in the settlement. [...]

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 [...]

Schneiderman’s Last-Minute Cancellation Spells Trouble for Foreclosure Fraud Settlement

By: Wednesday February 8, 2012 6:58 am

As I mentioned in last night’s roundup, New York Attorney General Eric Schneiderman abruptly cancelled a conference call yesterday 10 minutes before it was to begin. The subject was supposed to be the foreclosure fraud settlement, and there was idle speculation that Schneiderman would announce that he would join the settlement. This would spur other [...]

Banks Want to Scotch Lawsuits in Foreclosure Fraud Settlement

By: Tuesday February 7, 2012 12:15 pm

Banks, not Attorneys General, have become the major sticking point on a foreclosure fraud settlement, as they seek assurances that they protect themselves from future lawsuits. Bank concerns reached fever pitch on Friday when the New York State attorney general’s office sued Bank of America, JP Morgan Chase and Wells Fargo, accusing the banks of [...]

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 [...]

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, [...]

Schneiderman Sues Three Big Banks, MERS for Deceptive Practices, Illegal Foreclosures

By: Friday February 3, 2012 9:07 am

In the latest of a flurry of under-the-wire lawsuits that seem to conflict with an imminent foreclosure fraud settlement, Eric Schneiderman, the Attorney General of New York and a co-chair of the federal task force looking into the residential mortgage-backed securities market, sued three banks for their use of the MERS electronic registry which resulted [...]

Liability Release Not the Only Stumbling Block in Foreclosure Fraud Settlement

By: Monday January 30, 2012 9:35 am

Matt Taibbi starts off positively exultant when talking about developments in the foreclosure fraud settlement, particularly on the narrow release of liability, but I’m interested in what happens after he gets his head out of the clouds: Let me clarify something, for readers who might mistake my meaning here. Robosigning is not a small offense. [...]

Justice Department Massively Conflicted on Foreclosure Fraud

By: Friday January 20, 2012 8:15 am

The people who at least have a line into the national conversation inform me that this potential foreclosure fraud settlement is more than a drill. I’m hearing what Yves Smith is hearing. The meeting next Monday will attempt to bully Democratic AGs to back up their President in an election year. As Marcy Wheeler writes, [...]

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