Bank of America is one bank that is not one of the sharpest knives in the drawer when it comes to hiring the best employees. This takes the cake…

• STEVE KOVACH

I was on a business trip in Barcelona, Spain, for a week, so I was a bit behind on errands and other life stuff.

Like checking my mail.

On Sunday, I finally caught up and checked my mail for the first time in about six days.

The first letter I opened was this one from Bank of America, where I have checking and savings accounts:

The second letter I opened was another one from Bank of America apologizing for the first letter and assuring me I’m still alive.

Source: Business Insider

If I missed a scheduled payment to a bank, I would probably get hit with a late fee. Credit bureaus would receive a delinquency report. If I continued to miss the payment, debt collectors would harass me at all hours with phone calls. They might take me to court and get a judgment against me that enables them to garnish my wages or my taxrefunds. If the debt was secured — i.e., backed by a piece of collateral — the creditor could initiate proceedings to take that collateral away from me. In the case of a mortgage, that means repossessing my house in a foreclosureaction. They could take my car or strip me of all my other assets.

All of these consequences made the credit system work: Without them, people would be foolish to pay their debts. But if…

Remember back in the grim days of the mortgage foreclosure crisis? Back when consumers in trouble on their mortgages told horror stories about their inability to reach a live human being at their bank? Back when borrowers would have to fax forms to Wichita on one day and Cleveland the next?

Well, if a proposed piece of legislation working its way through the Indiana House of Representatives is passed as it stands, Hoosier borrowers might find themselves right back there.

Tucked inside Senate Bill 415, on Page 55 of a 104-page bill, is a paragraph repealing language from state code that created, back in 2009, the practice of mortgage settlement conferences for troubled borrowers facing foreclosure.

The change in language isn’t in a bill primarily about mortgages. Most of the bill deals with vacant and abandoned properties. It unanimously passed the Senate in mid-February and is currently in the House’s Local…

In re Baber, 523 B.R. 156 (Bankr. E.D. Ark. 2014) –

The debtors objected to a proof of claim filed on behalf of a mortgagee based on issues arising from assignment of the mortgage note by the lender that originated the loan.  The mortgagee responded by, among other things, challenging the standing of the debtors to raise these issues.

So, what’s this? Another charade? Did Geithner or Bernanke suggest, “Hey Barack we’ll fix it, we’ll just file a big lawsuit against everybody and then we’ll cut a deal that let’s the banks off the hook for everything for the $20 billion the AG’s won’t settle on…”

By NELSON D. SCHWARTZ

Published: September 1, 2011

The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation.

The Federal Housing Finance Agency suits, which are expected to be filed in the coming days in federal court, are aimed at Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, among others, according to three individuals briefed on the…

(Bloomberg) — Ocwen Financial Corp., the mortgage servicer under attack for its handling of home loans, is being fired from overseeing debt backing two bond deals, according to notices sent to bondholders.

Wells Fargo & Co., the trustee for the transactions, said in letters dated Feb. 24 that a majority of investors had directed it to terminate Ocwen. The bank said that it had issued Atlanta-based Ocwen notices informing the servicer that it was doing so.

Downgrades of Ocwen’s servicing ratings last year triggered technical defaults in the bonds, prompting Wells Fargo to solicit instructions from investors on what to do next. They were also among deals where some bondholders had accused Ocwen of “imprudent and improper servicing practices.”

Read on.

see FORECLOSURE, SECURITIZATION DON’T MIX ROCKY&#39S+ARTICLE+in+the+CAPE+COD+TIMES+February+21,+2015

As I write this, I have no recall of Mr. Ludden before today. BUT his article in of all places, the Cape Cod Times, struck me as astonishing in its concise description of the illegal foreclosures that are skimming past Judges desks with hardly a look much less the usually required judicial scrutiny. He says

No one should have the legal right to take your home merely by winking and nodding their way around a significant flaw in the securitization model and whatever burrs it may leave on the industry’s saddle. …

Is there anyone with a present contractual connection to you or the loan who has actually suffered a default? If not, any… foreclosure begins to bear an uncanny resemblance to double dipping.

It is time for Judges to dust off the principle of fundamental fairness that lies at the heart of our…

Cross-posted from The Law Offices of Evan M. Rosen:

Plaintiff starts off wanting leave to amend to add lost note count at the beginning of trial. Despite pleading owner and holder in a “verified” complaint, they now know the note was lost all along. First, opposing counsel attempts to place blame on the court clerk of court but the clerk who he calls to testify, proffers during their motion that the original was never filed. What they show was that a Notice of Filing of original note was filed in a prior 2009 case but when the bank was ordered to transfer the original note via an order from the Judge in the current 2013 case, they found that only a copy of the note was attached to Plaintiff’s notice of filing the “original note.” This is not the first time we’ve seen or heard this…

Without me saying a…