As the legal fight between MBIA, the bond insurer and Bank of America continues over Countrywide’s controversial lending practices, more information are pointing to fraudulent practices. In a recent motion, MBIA asked New York State Judge Eileen Bransten to compel Bank og America to disclose Countrywide documents that aggressive lending at the subprime lender in [...]
California was one of the mostly hurt states by the foreclosure crisis, as multiple reports highlight, but the main question is: does the foreclosure process comply with the law? A recent audit determined that of about 400 recent foreclosures, almost all violate the law and contain suspicious papers in the submitted documentation. Well, this doesn’t [...]
The Federal Reserve announced the other day it has reached an agreement with five major banks forcing them to pay $766.5 million for their flawed foreclosure processing, unsafe and unsound practices in mortgage servicing. According to the Federal Reserve’s statement they settled in principle with the banks, assessing sanctions against the parent holding companies as [...]
The lenders’ inner quality control just isn’t working. As previous examples has shown, banks failed when it came to quality control, especially before the housing market collapsed. Among others, this was one of the causes of the financial crisis. The lack of proper quality control is driven by the fraudulent banking system. The whole system [...]
While the official statement denies the existence of the “Friends of Angelo” circle, Rep. Darrell Issa, R-California has found evidence that contradicts what the banksters and lawmakers want taxpayers to forget about. Issa has recently uncovered documents that link Angelo Mozilo former CEO of Countrywide, to a VIP program for government officials and lawmakers. Now [...]
We are more than 72 hours removed from the robo-signing settlement and the terms have not been made public. According to the American Banker the terms will not be released before the filing of the settlement in federal court. And there is only one explanation for this: the terms does not exist. Yet. What we [...]
Although he was kicked out from the negotiation committee by Iowa Attorney General, Eric Schneiderman has returned to the negotiation table a couple of weeks before the settlement terms were finalized. Now the settlement has his signature too, among the 49 state AGs, who agreed to sign into the agreement reached with the nation’s five [...]
Kamala Harris, California Attorney General called it historic when she announced the $18 billion commitment that will go to the state’s hundreds of thousands of homeowners. This will bring substantial relief after the pain caused by the mortgage crisis, she commented, adding, that “hundreds of thousands of homeowners will directly benefit from this commitment.” According [...]
In addition to the nationwide foreclosure settlement, Nevada AG Catherine Cortez Masto reached a separate agreement with Bank of America. The deal comes at the height of Nevada’s position of the state with the highest foreclosure rate in the country, one in 16 Nevada homes received at least one foreclosure filing last year. Through the [...]
The foreclosure settlement has been signed by all by one state attorneys general, Oklahoma AG said, he does not agree with the terms put on paper. The $25 billion settlement is the biggest national agreement since the 1998 multistate tobacco deal. Under the recently signed terms, Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and [...]
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