Congratulations, You Have Been Offered a Loan Modification! Your Loan Servicer Will Soon Foreclose on Your Home!

Do not think your nightmare is over because you have signed and returned a permanent loan modification. Loan servicers are notorious for failing to honor permanent loan modifications. In our experience, they’re all bad, but Bank of America is the worst.

Here’s how to improve your chances of getting your loan modification honored:

First, meticulously follow the instructions provided with your loan modification. No matter how nuanced and ridiculous the instructions are, follow them exactly. For example, one servicer provides a sheet titled “Instructions for Notary,” for which there are multiple versions, but some require any months to be spelled out. If you write “Dec.” or “12” instead of “December,” the servicer will tell you months later that you have not entered into a loan modification because you did not follow…

Regulators fear more bad mortgage practices

You may have gotten a mortgage through the local branch of one of the megabanks, but did you know there’s a good chance your bank turned around and sold the rights to service your loan to somebody else?

The mortgage servicing industry is a big business and growing. Servicers handle the daily operations of your loan, such as collecting payments and calculating late charges. They also track when loans get in trouble, and can even start foreclosure proceedings.

The biggest non-bank mortgage servicer is Ocwen Financial (OCN). It specializes in what it calls “high risk loans.” You’ve probably never heard of Ocwen, but regulators are keeping close tabs on the company.

The email below:

This case has two different notes. Here are the endorsements:

Fraud on The Court!!! THIS ASSIGNMENT MUST BE BACKDATED… WE HAVE NO STANDING!!

MERS GETS ITS ASS KICKED IN CALIFORNIA COURT! NOT A BENEFICIARY!

Download Case (PDF)

Elizabeth Warren slams JPMorgan Chase for giving a raise to CEO Jamie Dimon

Speaking during a Senate Banking Committee hearing, Massachusetts Sen. Elizabeth Warren noted how government regulators have much work to do when it comes to changing the culture of Wall Street, pointing specifically to the example of JPMorgan Chase CEO Jamie Dimon.

The JPMorgan Chase example is simple and instructive: Despite the fact that the megabank spent much of 2013 negotiating with federal regulators, and ultimately was fined billions of dollars, the board decided to increase CEO Jamie Dimon’s compensation to $20 million.

The raise is very real, but it should be kept in mind that Dimon’s annual compensation had beenpreviously slashed in half, to $11.5 million, as punishment for 2012′s so-called London Whale fiasco, which cost the bank billions.

After a reportedly heated debate — in which some members argued Dimon’s compensation should remain at…

JPMorgan Gives CEO Dimon 74% Raise to $20 Million in 2013

JPMorgan Chase & Co. (JPM) gave Chief Executive Officer Jamie Dimon a 74 percent raise to $20 million last year, bringing his pay closer to where it stood before he was penalized for faulty oversight of botched derivatives bets.

The board’s compensation package for Dimon, 57, who also serves as chairman, included $18.5 million in restricted stock, the New York-based lender said today in a regulatory filing. His salary was unchanged at $1.5 million and he got no cash bonus, according to the filing.

New York’s Schneiderman Expands Financial Crimes Unit

New York Attorney General Schneiderman expanded an existing criminal bureau to include a focus on financial wrongdoing two years after Governor Andrew Cuomo created a regulator with a similar mandate.

Gary Fishman, 44, a former state prosecutor in the Manhattan District Attorney’s Office, will serve as chief of the Criminal Enforcement and Financial Crimes Bureau, an expansion of the Criminal Prosecutions Bureau, the attorney general’s office said yesterday in a statement.

“Financial industry leaders who play by the rules deserve a level playing field, and those bad actors who seek to take advantage of their competitors and their neighbors must be stopped and punished,” Schneiderman said in the statement.