Finally! Kentucky Law Journal Article Cites Accountability for Lawyers Who Wrote Securitization Documents
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Monthly Archives: April 2017
Maryland also banned Ocwen from operating in the state.
Maryland’s action, taken by the state’s Commissioner of Financial Regulation, is, in the words of a HousingWire tipster, a “doozy.”
Maryland’s cease-and-desist order, which can be read in full here, presents a laundry list of Ocwen’s supposed failings, including the company’s “failure to cooperate” with examiners from the Multi-State Mortgage Committee, Ocwen’s alleged unlicensed servicing activity in Maryland, issues with the REALServicing platform that Ocwen uses (issues with REALServicing were also cited by the Consumer Financial Protection Bureau, which took its own action against Ocwen last week), various states’ enforcement actions against Ocwen, and a cavalcade of other issues.
Because of these issues, Maryland partially “summarily suspended” the mortgage lender licenses of Ocwen Mortgage Servicing, Ocwen Loan Servicing, Ocwen Financial Solutions Private Limited, Ocwen Business Solutions, Homeward Residential, Liberty Home Equity Solutions.
Under those suspensions, Ocwen and its related companies…
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GSE Bill would allow Homeowners to submit FOIAs to Fannie and Freddie while under Federal Conservatorship
Awesome! Sad thing is Fannie extinguishes files upon a “credit event.” We’ll need a PRESERVATION ORDER.
Injured by Ocwen? Take Action Now!
Excellent! Thank you so much!
David Dayen: A Bank Even a Socialist Could Love
Much better way to go. At least with Credit Unions too, members have a say. If government employees and trade union employees had been asked to vote on where their pension funds were going to be invested – they might have said NO to UNREGULATED derivatives and voted for something less risky and maybe won’t have loss the entire amount gambling on Wall Street.
Surrendering Property: The Consequences of Surrender Are … Take Your Pick
Many bankruptcy attorneys do not explain the meaning of “surrender” to their clients as the attorney files out these bankruptcy petitions. “Surrender Dorothy” means “give it back” to the munchkins…not to the witch. However, “surrender” in bankruptcy means give up your rights to the home and property to the bank…or the bankruptcy trustee is there is equity. And you can bet your bottom dollar if the property isn’t underwater the bankruptcy trustee will figure some way to squeeze the money out of the bank.
Additionally, many bankruptcy attorneys use the surrender tactic to keep from having to oppose a motion for relief from stay by the bank, doing as little work as possible for their fee. Beware. Make sure you clearly state your intention to keep the home.
A note for law makers: since bankruptcy petition paperwork is so complicated and not designed for a pro she in the first place. If an attorney makes a mistake on the filing – make the statute read that the drafter of the petition is held accountable for errors rather than the debtor – and enforce financial sanctions collectible by the court on behalf of the debtor and its creditors.
In re Elkouby, 561 B.R. 551 (Bankr. S.D. Fla. 2016) –
A chapter 7 debtor filed a statement that he intended to surrender real property securing a loan. After the bankruptcy case was closed, the debtor continued actively opposing a foreclosure action. In response the mortgagee moved to reopen the case and asked the bankruptcy court to compel the debtor to surrender the property. The central issue was the meaning and consequences of “surrender.”
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Does SOL Run from Date of Violation or Discovery?
May v Nationstar Mortgage: Reckless Indifference resulting in Mental Anguish results in 500k punitive damages award
“We first evaluate whether the reprehensible nature of Nationstar’s conduct warrants punitive damages. Reprehensibility is the most important guidepost. Gore, 517 U.S. at 575. When assessing reprehensibility, the Supreme Court instructs us to consider whether:
the harm caused was physical as opposed to economic; the tortious conduct evinced an indifference to or a reckless disregard of the health or safety of others; the target of the conduct had financial vulnerability; the conduct involved repeated actions or was an isolated incident; and the harm was the result of intentional malice, trickery, or deceit, or mere accident.
State Farm Mut. Auto. Ins. Co. v. Campbell, 538 U.S. 408, 419 (2003). The presence of just one indicium of reprehensibility is sufficient to render conduct reprehensible and support an award of punitive damages. See Trickey, 705 F.3d at 803.”
Philadelphia looks to drop Wells Fargo’s handling of city’s $2B payroll
Philadelphia City Council has introduced legislation to remove Wells Fargo & Co.as the bank handling the city’s $2 billion payroll.
City Treasurer Rasheia Johnson’s office sent City Council the results of a request for proposal for the upcoming fiscal year that recommended replacing the San Francisco-based bank with Citizens Bank. Wells Fargo will maintain the remaining $1 billion in business with the city outside of payroll, as that work was not scheduled to be up for bid.
Deadly Clear 