The debtor proposed a chapter 11 plan that included curing defaults under a mortgage loan. The lender objected because the cure payments were calculated using the pre-default interest rate as opposed to the higher default rate.
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“The mirage of promised mortgage modification lured the plaintiff debtors into a kafkaesque nightmare of stay-violating foreclosure and unlawful detainer, tardy foreclosure rescission kept secret for months, home looted while the debtors were dispossessed, emotional distress, lost income, apparent heart attack, suicide attempt, and post-traumatic stress disorder, for all of which Bank of America disclaims responsibility.” All too familiar.
How much in punitive damages is enough to punish unlawful conduct and deter its 
repetition? $45 million was one bankruptcy court’s opinion, in the case of a wrongful home foreclosure and eviction in knowing violation of the automatic stay.
The court described the plaintiff-debtors’ treatment by defendant Bank of America as Kafkaesque, and found their deeply emotional testimony (one of them attempted suicide during the ordeal) completely credible, awarding more than $1 million in actual damages for the loss of housing and emotional distress. The court also noted that Bank of America had repeatedly settled cases with federal and state regulators for hundreds of millions, and even billions, of dollars, in recognition of serious and repeated compliance failures, including some related directly Continue reading
…And off in the distance as they escorted him away in handcuffs he mumbled, “Fannie made me do it” but no one cared, wrote the author of the new screenplay by the same name. [somewhat fiction, maybe]
I doubt there is a sufficient explanation – but it would still be interesting to hear the logic of this selection.
The dominant theme of Thursday’s Senate Banking Committee hearing with Jay Clayton, nominee for chair of the Securities and Exchange Commission, was conflict of interest. Not the well-documented conflicts of some of the more notorious members of the Trump administration but the conflicts of Clayton himself.
A partner at the high-powered corporate law firm Sullivan & Cromwell, Clayton represented Wall Street banks throughout his career. He served as Goldman Sachs’s lawyer during the Wall Street bailout, allowing it to emerge from the financial crisis relatively unscathed. He helped deliver failed investment bank Bear Stearns to JPMorgan Chase and other failed investment bank Lehman Brothers to Barclays. Hedefended Ally Financial in its foreclosure fraud settlement with the government and represented Deutsche Bank in its “mirror trade” Russian oligarch money laundering scandal. He was the lawyer…
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Oh boy! Here we go – thanks Neil!
No doubt in my mind Fannie thought it could usurp HAMP rules just like it did Rule 17. Maybe Fannie & Freddie will also be bought by the NYSE owned by ICE.
Hopefully Justice Gorsuch will be in place by the time this is reviewed and heard because he is a “Rule of Law” judge.
This is where the Does 1-100 come in…
Case: 16-16566, 02/16/2017, ID: 10322275, DktEntry: 24-1, Page 2 of 43
CORPORATE DISCLOSURE STATEMENT
[Fed. R. App. 26.1]
Pursuant to Fed. R. App. P. 26.1, defendant and appellee states:
Mortgage Electronic Registration Systems, Inc. is a wholly-owned subsidiary of MERSCORP Holdings, Inc. MERSCORP Holdings, Inc. is owned by Maroon Holding, LLC. Intercontinental Exchange, Inc. is the only publicly-held corporation that individually owns 10% or more of Maroon Holding, LLC.
Intercontinental Exchange is parent company for NYSE
https://www.law360.com/articles/631428/ex-manager-says-nyse-fired-him-for-daily-show-interview
Same address as MERS:
MAROON HOLDING, LLC
1818 LIBRARY ST STE 300
RESTON, VA 20190
• Additional Entity Source(s):
o Corporate Filings – Secretary of State
• Location of Incorporation:
o DELAWARE
• Registered Agent:
o SHARON M HORSTKAMP – remember her? CLICK HERE
• Filing Date:
7/19/2016
• Filing Number:
T066305
CLICK HERE for copy of the Disclosure Statement.
And check this out: ICE TO ACQUIRE MAJORITY EQUITY INTEREST IN MERS AND BUILD UPDATED MORTGAGE REGISTRY INFRASTRUCTURE
And look here: NYSE FINALIZES ACQUISITION OF NATIONAL STOCK EXCHANGE
Sometimes keeping money in a safe is safer. http://wp.me/p1H9BR-Xz
ST. LOUIS • A 97-year-old St. Louis man who ran a jewelry repair shop downtown for decades after emigrating from Hungary believes Bank of America has cheated him out of more than $77,000 of his retirement money.
Karlo Tanko, a widower who lives in the city’s Boulevard Heights neighborhood, sued Bank of America on Friday in St. Louis Circuit Court, accusing his former branch at 6639 South Kingshighway of liquidating one of his savings accounts without his consent by forging his signature on a withdrawal slip.
Around the time his wife of 69 years died in June 2012, Tanko transferred five CD accounts from Bank of America to U.S. Bank, according to the lawsuit and his lawyer, Albert Watkins. Tanko soon realized he never received statements from one of accounts that held $77,477.51. He inquired with U.S. Bank and was told it was never transferred. At that point, he…
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To many readers, a non-fiction book about a complex conspiracy to manipulate the London interbank offered rate, or Libor, might sound like fodder for a good nap.
But in the hands of journalist David Enrich, the true tale of former UBS and Citigroup trader Tom Hayes becomes a page-turning crime drama that engages – and educates – readers from beginning to end.
In “The Spider Network,” the author weaves together the vast web of players who blatantly worked to skew the benchmark that is used to set interest rates for everything from home equity loans to complex derivatives. Their goal was to nudge rates in the direction that boosted their trading portfolios – and earn them fat bonuses.
The sale and movement of “servicing” is an area Congress has neglected to properly regulate. It’s bad enough that only servicing requires homeowner notification when its the sale, pledge, transfer, rehypothecation of the actual collateral that significantly effects the homeowner – and there is no notification requirement. IMHO the servicing requirement notification should include a copy of the agreements between the banks selling or transferring the servicing rights – it should be made public and accessible. We should know if the investor is in agreement and/or willing to have the servicing transferred or sold.
Think of it this way – what if the servicing is moved to an undesirable entity? Maybe the trust is not notified. However, if they are notified and the servicer is under investigation by the SEC or OCC then maybe the investor/Trustees should also be investigated, including “Fannie, as financial agent for the United States.” Maybe then we’d find out why there is so much servicing maneuvering.
Deadly Clear 