November 2014

Senator Elizabeth Warrens Upbraids FHFA Director

November 20, 2014 Lynn Szymoniak

 “You’ve been in office for nearly a year now, and you haven’t helped a single family, not even one.”

Senator Elizabeth Warren spoke the plain truth to Mel Watt, the head of the Federal Housing Finance Authority at a hearing before the Senate Banking Committee this week.… [Read More]

Subprime Servicer Abandons Disputed Fees

November 18, 2014 Mark Cullen

From The Associated Press:

…Shares in Altisource Portfolio Solutions S.A. of Luxembourg, a major subprime mortgage services provider, fell by 17 percent on the news, causing a drop of more than $200 million in the company’s market value. The AP reported in July that companies overseeing millions of mortgage loans appeared to be skirting new federal regulations and legal settlements intended to stop them from profiteering at the expense of troubled homeowners.

[Read More]

JPMorgan Chase’s Worst Nightmare

November 18, 2014 Mark Cullen

From Rolling Stone:

Back in 2006, as a deal manager at the gigantic bank, Fleischmann first witnessed, then tried to stop, what she describes as “massive criminal securities fraud” in the bank’s mortgage operations.

Thanks to a confidentiality agreement, she’s kept her mouth shut since then. 

[Read More]

90-Year-Old Arrested for Feeding the Homeless

November 6, 2014 Mark Cullen

Bizarre news from Fort Lauderdale. From WPTV:

90-year-old Arnold Abbott prepares hundreds of meals each week for the homeless in the kitchen of the Sanctuary Church.

“I fully believe that I am my brother’s keeper. Love they neighbor as thy self,” he says.

[Read More]

Zombie Foreclosures Rise in 16 States

November 6, 2014 Mark Cullen

From Quentin Fottrell at Market Watch:

…There were 117,298 owner-vacated foreclosures nationwide in the third quarter of 2014, representing 18% of total properties in foreclosure, down from 141,406 in the second quarter of 2014 (17% of all foreclosures) and down 152,033 (23% of foreclosures) in the same period last year, according to data released Thursday by the real estate website RealtyTrac.

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Burdeshaw v. Bank of New York

November 6, 2014 Mark Cullen

Very strong opinion issued by Florida First DCA against bank “Robo-Witnesses”:

… It is true that defense counsel did not use the words “hearsay” or “section 90.803(6), Florida Statutes” in his objections. However, he did challenge BNYM’s failure to establish “the steps to make her a records custodian,” the “complete lack of predicate to establish her bona fides at least to authenticate the document,” and he offered “to provide the court with some law on what a records custodian has to establish.” The context of the objections to the witness’ testimony about the records in this case made it clear to the court and to opposing counsel that the objection was directed towards the admission of computer-generated hearsay documents due to the plaintiff’s failure to establish any of the grounds required for the business records exception to the hearsay rule under section 90.803(6).

[Read More]