As relevant today as it was in 2014.

The state of Maryland announced last week that it reached a $95 million settlement with Deutsche Bank over claims that Deutsche Bank misled investors about its securitization and sale of residential mortgage-backed securities and collateralized debt obligations during the run-up to the financial crisis.

The settlement, which was announced last week by the office of Maryland Attorney General Brian Frosh, includes a requirement that Deutsche Bank provide $80 million in relief to consumers in Maryland.

Read on.

Ocwen Loses Bid for Early Test of CFPB’s Constitutionality

https://www.bna.com/ocwen-loses-bid-n73014451876/

The Federal Reserve Board on Tuesday announced a $41 million penalty and consent cease and desist order against the U.S. operations of Deutsche Bank AG for anti-money laundering deficiencies.

The actions were taken by the Board to address unsafe and unsound practices at the firm’s domestic banking operations. The Board identified failures by Deutsche Bank’s U.S. banking operations to maintain an effective program to comply with the Bank Secrecy Act and anti-money laundering laws.

Read on.

If a lawyer goes into court claiming he represents X when in fact he never had any contact with X, was never retained by X and is not being paid by X, he is misrepresenting his status and that of X. The fundamental problem is that the lawyer has shown up without a client and X is not present. In judicial states this is simply a matter of jurisdiction or lack thereof. With X not there as Plaintiff there is no case to be decided.

When a lawyer files a notice of appearance but does not appear, it has its own consequences on the lawyer (Sometimes) and certainly on the party designated as the Plaintiff (A designation that is in most cases FALSE.)

From Pulitzer Prize–winning journalist Jesse Eisinger, a blistering account of corporate greed and impunity, and the reckless, often anemic response from the Department of Justice.  The release date for this book is scheduled July 11, 2017.
Why were no bankers put in prison after the financial crisis of 2008? Why do CEOs seem to commit wrongdoing with impunity? The problem goes beyond banks deemed “Too Big to Fail” to almost every large corporation in America—to pharmaceutical companies and auto manufacturers and beyond.

The Chickenshit Club—an inside reference to prosecutors too scared of failure and too daunted by legal impediments to do their jobs—explains why. A character-driven narrative, the book tells the story from inside the Department of Justice. The complex and richly reported story spans the last decade and a half of prosecutorial fiascos, corporate lobbying, trial losses, and culture shifts that have stripped the government of the will…

Bad news for Wells Fargo…

Housingwire:

The city of Philadelphia announced Monday that it is suing Wells Fargo for alleged discriminatory lending practices against minority borrowers.

Philadelphia’s announcement specifically cites the recent Supreme Court decision, which stemmed from a lawsuit brought by city of Miami against Bank of America, Citigroup, and Wells Fargo in 2013.

In its lawsuit, Miami claimed that the banks engaged in predatory lending to minority borrowers in the city, and accused the lenders of “reverse redlining,” which led to a large number of foreclosures, lower property tax collections, and increased cost to the city to deal with the resulting property value loss and blight.

The Supreme Court ruling granted cities the right to sue banks under the Fair Housing Act, but established that the city must prove direct harm to itself caused by the lender’s actions.

Philadelphia is taking that challenge head-on.

According…

Today @JakeCorman, @SenatorBrowne & I have sent a letter to @PAAuditorGen requesting a full audit of DNC funds. https://t.co/WQjfj0o3PK

— Senator Joe Scarnati (@senatorscarnati) May 15, 2017

PHILADELPHIA (CBS) — The Host Committee for the Democratic National Convention in Philadelphia has paid out nearly a million dollars to staff members, and local institutions, from leftover money it raised to stage the event.

But, dozens of people who worked in the field elsewhere in the country for Democrats feel shortchanged and are now part of a class action federal lawsuit.

The bonuses ranged from $500 for interns to more than $300,000 for the executive director.

“I think everyone’s reaction is the same. It’s obscene,” says Justin Swidler, a Cherry Hill-based attorney.

Swidler is pursuing a lawsuit on behalf of 40-to-50 “field organizers” all over the country, whom he says were denied overtime compensation.

“One of the arguments that the Democrats…

By K.K. MacKinstry/LendingLies Blog

Neuroscientists have concluded that chronic stress and cortisol damage the brain.  Although there are no formal studies to date on the health ramifications of default, prolonged litigation, and post-foreclosure trauma, it would be safe to conclude that people who are exposed to chronic stress over an extended period of time are prone to mental issues like anxiety and mood disorders as well as physical illnesses.  The most common mental disorders in protracted litigation are post-traumatic stress disorder, anxiety and depression that unfortunately result in altered brain structure and chemistry.

The majority of people who sue their servicer will face a hostile judiciary and an intimidating legal system with procedural obstacles at every turn.  The homeowner will exist in an unresolved state of existence for years or decades and are thus prone to both mental and physical health consequences.

I have been fighting a servicer for 14…