Let’s jump in the wayback machine regarding some of the big banks and their robosigning/alteration/forgery/paper terrorism/document-manufacturing for a second before we get into the deposition testimony from a “senior operation specialist” with JPMorgan Chase promised in the headline.

Remember Linda Tirelli’s uncovering of the Wells Fargo document-fixing manual?  LRM covered that here:

CONSPIRACY FACT, NOT THEORY: WELLS FARGO’S MANUAL

From that article:

“In a filing in New York’s Southern District in White Plains for a local homeowner in bankruptcy, attorney Linda Tirelli described a 150-page Wells Fargo Foreclosure Attorney Procedures Manual created November 9, 2011 and updated February 24, 2012. According to court papers, the Manual details ‘a procedure for processing [mortgage] notes without endorsements and obtaining endorsements and allonges.’”

And remember how Linda DeMartini of Countrywide/Bank of America testified in Kemp v. Countrywide that she had never seen a note with an endorsement on the bottom (despite the…

President Barack Obama pledged to veto any legislation that weakens new curbs on Wall Street as banks and the Republican-led Congress increasingly seek to roll back the Dodd-Frank financial-regulation law.

Obama included the message in his State of the Union speech Tuesday after the House approved a measure last week that would loosen some restrictions in the 2010 law. His remarks also come as Wall Street re-emerges as a force in Washington, having successfully attached one of its top legislative goals to a government spending bill that lawmakers approved at the end of last year.

“We can’t put the security of families at risk by taking away their health insurance, or unraveling the new rules on Wall Street, or re-fighting past battles on immigration when we’ve got a system to fix,” Obama said. “If a bill comes to my desk that tries to do any of these things, it…

William Erbey is getting $1.2 million in cash and medical coverage for his wife after he stepped down from Ocwen Financial Corp. (OCN), one of the largest mortgage servicers, as part of a deal with New York regulators.

Erbey, 65, will receive $725,000 as a severance payment, $475,000 in lieu of relocation benefits, and lifetime health insurance for himself and his spouse, Ocwen Financial said today in a regulatory filing. He’ll also get a $725,000 dividend from his preferred stake in Ocwen Mortgage Servicing before the firm repurchases the holding for $100.

Read on.

Peace out, Bill! Don’t let the door hit you on the way out!

Bill Erbey is walking toward the exit.

The chairman of Ocwen Financial, the beleaguered mortgage servicing company, is expected to step down from his position Friday after more than 27 years on the job — his reputation shredded and his net worth tattered.

Years of regulatory investigations into alleged foreclosure and mortgage -financing shenanigans caught up with Erbey last year.

Read on.

The banks have fought their war against financial reform on four fronts.

They have pushed for delays, lobbied allies in Congress to repeal aspects of Dodd-Frank, worked over regulators to make the rules as loose as possible and threatened legal challenges and filed lawsuits.

The battle has been overwhelming, with a scrappy band of pro-reform rebels outnumbered and overpowered by the empire’s resources. The public appears to be on the side of the insurgents, but perhaps can’t follow or understand debates about whether “swaps” — what are those? — should be “pushed out” or not — what’s that? (English translation below.)

During all of these fights, the banks have had a stalwart ally holding back greater reform: Establishment Democrats.

Such Democrats, the Robert E. Rubin wing of the Democratic Party, opposed moves to break up the big banks after the 2008 global crisis. These stalwarts prevented a reinstatement of the…

Banks under assault?? Please…..

We should all do so well while under assault.

JPMorgan Chase earned $4.9 billion in the fourth quarter of 2014, the companyannounced on Wednesday, down from a year ago, but capping what CEO Jamie Dimon called a record year for the biggest U.S. bank by assets.

Despite this success, Dimon warned that “banks are under assault,” from government regulators.

“In the old days,” Dimon said, “you dealt with one regulator when you had an issue, maybe two. “Now it’s five or six. It makes it very difficult and very complicated.

“You all should ask the question about how American that is. And how fair that is,” he added. “And how complex that is for companies.”

Read on.

Law360, Los Angeles (January 13, 2015, 10:48 PM ET) — The U.S. House of Representatives held off on voting on a bill Tuesday that would take some of the teeth out of the Dodd-Frank Act by easing Volcker Rule requirements and keeping the U.S. Securities and Exchange Commission from regulating some private equity outfits as brokerage firms.

The lawmakers debated for an hour on the Republican-anointed “Promoting Job Creation and Reducing Small Business Burden Act,” a measure to make “technical corrections” to Dodd-Frank and ease the requirements in it under the Volcker Rule, which restrains proprietary…

Source: Law360