Moral decay stems on Wall Street…
Eerie Photos Explore Homes Abandoned in the Housing Crisis
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Recording Requirements: When “Duly Acknowledged” Is Not Enough
How many times have we all pondered why the banks never signed or acknowledged the documents? Most homeowners signed 2 sets of loan documents – and when questioning why 2 sets, most were told that the bank would send them back a confirmation set… But that never happened, did it? Would we have “voluntarily” signed 2 sets if we knew then what we know now? Doubtful we would have even signed one.
DeGiacomo v. First Call Mortgage Company (In re Reznikov), 548 B.R. 606 (Bankr. D. Mass. 2016) –
A chapter 7 trustee sought to avoid a recorded mortgage based on a defective acknowledgment and then to preserve the lien of the mortgage for the benefit of the bankruptcy estate. The mortgagee objected – arguing that the acknowledgment was sufficient, and the debtor objected – claiming a homestead exemption in the property.
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Wells Fargo, U.S. Trustee Program Reach Mortgage Settlement
Unfortunately, it appears that the overall articles fails to determine why the USTP reduced the settlement to less than 5% of the original amount. “Wells Fargo previously agreed to pay about $81.6 million in remediation”
Probably because the the trustees can’t take a cut – as they get paid first out of any bankruptcy proceeding with administrative costs. Likely, a settlement like this may not fall in the category…or if it does won’t be much availability for 8000 victims ($437.50).
Aug. 26 — The U.S. Trustee Program announced Aug. 25 that it has reached an agreement with Wells Fargo Bank, N.A. requiring the bank to pay close to $3.5 million in remediation on account of 8,000 homeowners in Chapter 13 bankruptcy.
Wells Fargo and the USTP filed an amendment to a prior settlement entered in a Maryland Chapter 13 bankruptcy case on Nov. 19, 2015 (In re Green, Bankr. D. Md., No. 11-33377-TJC, 8/25/16 ), according to a press release sent to Bloomberg BNA.
The amendment is the result of an independent reviewer’s oversight of Wells Fargo practices with regard to filing and serving payment change notices in active Chapter 13 cases, and increase payments to be made by the bank by approximately $3.5 million. Wells Fargo previously agreed to pay about $81.6 million in remediation for “its repeated failure to provide homeowners with payment change notices (PCNs) as…
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Michigan sets parole for ‘Linda Green’ robo-signer
There Are Real Reasons to Bring Back Glass-Steagall
When both major parties endorsed restoring the Glass-Steagall Act in their campaign platforms last month, they reaffirmed the powerful hold that the Glass-Steagall principle of separating commercial and investment banking has on the public imagination.
Glass-Steagall has become politically popular for good reason. The public understands that reducing the size and (especially) the complexity of our major publicly supported banking institutions is crucial to a healthier financial system. Restoring some version of the Glass-Stegall firewall between commercial and investment banking is a direct and powerful means to that end. There’s also an understanding that the financial system was generally more stable during the 60 years in which Glass-Steagall was in force.
Unfortunately, much of the inside-the-beltway commentary on Glass-Steagall does not add depth and substance to the public debate and is often inappropriately dismissive and shallow. A number of respected experts on the banking system, such as Federal Deposit Insurance…
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The Script: Ocwen Lawyer Spoon-Fed Foreclosure Questions and Answers to Robo-Witnesses
I have yet to read a transcript where ANY bank witness has personally entered the homeowner information into the computer. With the unlimited access, both at the keyboard and behind the curtain, any information can and is many time corrupted and unaccountable. We know MERS was inaccurate and given a clear picture of the operation of a servicers’ platform – meaning depose the company IT manager or minion – you’ll find out how many breakdowns, changes and patches the systems encounter. Is the data accurate? Highly unlikely – and more likely to have experienced a few glitches over the years.
Problems with Lehman and Aurora
Moreover, the investors’ transactions were securities BEFORE any faux mortgage or note was executed. No disclosure was provided to the homeowner where his collateral was going or how it was being risked. Add rehypothecation to these transactions and we have a lethal dose of corruption sizzling in fraud.
FDCPA and FCCPA: Temperatures rising
The courts in the past, it appears, think that saving their pension funds is more important than saving homeowners or making good law.
When The Economy Crashes There Will Be A Reallocation Of Money Not A Reset!
An Interview and Email with Bix Weir – RoadtoRoota.com
Fintech: A financial technology that reinvents modern banking
Confiscate the software and destroy the patents.
The following is a script from “Fintech” which aired on May 1, 2016, and was rebroadcast on Aug. 21, 2016. Lesley Stahl is the correspondent. Shachar Bar-On, producer.
One sector of our economy after the next is being disrupted by new apps and websites, like bookstores, travel agents, taxis, hotels. Tonight, we’re going to explore whether the banking industry is next on the list. As we first reported in May, thousands of startups are challenging many aspects of banking, the newcomers argue that this important sector is too set in its ways. It’s being called the financial technology — or fintech — revolution. We looked at the birth of one fintech company founded by two young fintechies who started not unlike the founders of Facebook and Microsoft.
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Patrick Collison: In a world where people can send a Facebook message or sort of upload an Instagram photo and…
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