June 2014

SUDDENLY APPEARING ENDORSEMENTS USED BY BANK-TRUSTEES IN FORECLOSURES

June 27, 2014 Lynn Szymoniak

42 CASES WITH SUDDENLY APPEARING ENDORSEMENTS 

“The Court is concerned, as a result, that OneWest does not hold the Endorsed Note. But, perhaps more significantly, the Court is concerned that OneWest has determined that business expediency and cost containment are more important than complete candor with the courts.”[1]

 –  In Re Jessie M.

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Foreclosure in Detroit: 43,634 Properties on the Brink

June 27, 2014 Mark Cullen

Amazing graphic in The New York Times: http://nyti.ms/1qiXcgr [Read More]

BlackRock & Pimco Sue Deutsche Bank & US Bank For Trustee Failings

June 18, 2014 Lynn Szymoniak

From Al Yoon at The Wall Street Journal via Morningstar:

Investors led by BlackRock Inc. and Pacific Investment Management Co. are zeroing in on a new target in their bid to recoup losses tied to the U.S. housing bust: the so-called trust banks that oversee payments and enforce terms on more than $2 trillion in residential mortgage securities.

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Unendorsed Notes Used by Bank of New York in Foreclosures

June 18, 2014 The Housing Justice Foundation

A Study by The Housing Justice Foundation (click to download PDF).

When faced with foreclosure after the financial crisis of 2008, millions of U.S. homeowners filed bankruptcy cases.  In the 12-month period ending December 31, 2008, there were 1,074,225 non-business bankruptcy filings. [Read More]

$80,000 Attorneys Fee Award to Homeowner in Foreclosure Case

June 9, 2014 Lynn Szymoniak

After being forced to admit in deposition that “HSBC Does Not Hold Any Notes”, HSBC will pay $80,000 in attorneys fees for a foreclosure case brought against Charles Hall and defended by attorney Mark Cullen in Palm Beach County, FL.… [Read More]

THE CON-ARTIST WING OF THE DEMOCRATIC PARTY

June 9, 2014 Mark Cullen

From Matt Stoller at Vice:

Ultimately, Geithner was a hit man for American democracy—and the middle class that sustained it. Geithner has acknowledged substantial fraud in the crisis, but he won’t even deign to answer why the administration did nothing about the individuals who perpetrated it.

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California Federal Court Judge Denies Wells Fargo’s Motion To Dismiss in Mortgage Discrimination Case

June 2, 2014 Mark Cullen

According to the City, Defendants have engaged in discriminatory lending practices that have resulted in a disparate number of foreclosures in minority areas of Los Angeles. (See Compl. ¶ 2.) Specifically, the City alleges that Defendants have engaged in “redlining” and “reverse redlining.” (Id.

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TO LEARN MORE ABOUT DISCRIMINATORY LENDING…

June 2, 2014 Lynn Szymoniak

THJF recommends The Monster by Michael W. Hudson, a 2010 book that offers a very detailed accounting of the many sub-prime mortgage crimes.  It reads like a crime novel, with crimes that were never prosecuted, because the banks were Too Big To Jail. … [Read More]

MORTGAGE DISCRIMINATION: LOS ANGELES SUES JP MORGAN

June 2, 2014 Lynn Szymoniak

The City of Los Angeles filed a lawsuit against JP Morgan Chase Bank on May 30, 2014, accusing the bank of mortgage discrimination, specifically, steering minority borrowers into riskier home loans they could not afford.  The City alleges that these discriminatory lending practices drove up foreclosures among minority borrowers.… [Read More]