Finally, the lower federal district court dam protecting MERS and securitized trusts is in the process of crumbling in the Ninth Circuit Multi-district litigation in Arizona.
See In re Mortgage Electronic Registration Systems (MERS) Litigation is published on Leagle.com. It appears the Judges in the Ninth Circuit are refusing to be taken for granted:
The plan could also see Gulliver sell operations in Brazil and Turkey and take a knife to HSBC’s investment bank.
An estimated 10,000 to 20,000 jobs will be axed, Sky News said, citing unidentified sources. The number has not yet been finalised and Gulliver will lay out the plans at an investor presentation on June 9, the broadcaster said.
HSBC declined to comment on the Sky report.
“…had knowledge” – yeah, ya think, maybe?
HSBC Holdings Plc (HSBA.L) was on Monday ordered to face three U.S. lawsuits accusing it of breaching its duties as a trustee overseeing residential mortgage-backed securities that suffered more than $34 billion of losses in the global financial crisis.
U.S. District Judge Shira Scheindlin in Manhattan said the plaintiff investors, including funds from BlackRock Inc (BLK.N), Allianz SE’s (ALVG.DE) Pacific Investment Management Co and TIAA-CREF, could pursue claims accusing HSBC of breach of contract, and concealing known defects in mortgage loans backing 283 trusts.
“Based on plaintiffs’ detailed allegations, it is indeed plausible to infer that HSBC had actual knowledge of breaches in representations and warranties in the specific loans at issue,” Scheindlin wrote in a 53-page decision. “How HSBC gained this actual knowledge, or whether in fact it had actual knowledge, may be determined through discovery.”
WASHINGTON — Sen. Elizabeth Warren (D-Mass.) sent a letter to Securities and Exchange Commission Chair Mary Jo White on Tuesday, criticizing White’s leadership as “extremely disappointing,” and accusing the regulator of “misleading” her about a rule on CEO pay.
Warren said White has broken multiple promises to impose tougher penalties against corporate wrongdoers that White made to senators during her 2013 confirmation process.
“You have now been SEC Chair for over two years, and to date, your leadership of the Commission has been extremely disappointing,” Warren wrote. “I am disappointed by the significant gap between the promises you made during and shortly after your confirmation and your performance as SEC Chair.”
For the first time in the memory of anyone who has just awoken from a 20 year coma in the past few months, the US Senate is coming back from a grueling week-long paid vacation early to try to meet a legislative deadline it has known about for years. Some key provisions of the Patriot Act expire at midnight if they are not extended or amended in such a way as to pass before that time.
The sections involved include key provisions dealing with the controversial mass accumulation of data concerning basically all telephone calls made in the US. This mass surveillance, made public famously by Edward Snowden, has become an extremely controversial issue for many, both within and outside of government, as a possible violation of our civil liberties and Constitutional rights under the 4th Amendment, which deals with unreasonable searches and seizures.
When the Patriot Act was passed…
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Mary Jo White has been a major disappointment as the SEC head. Ms. White was a tough prosecutor when she was a U.S. Attorney in NY. And I have to concur with the former SEC officials. She needs to stop bowing down to the repeated crime offenders big banks!
Submitted by Mike Krieger via Liberty Blitzkrieg blog,
In early 2013, before Mary Jo White was confirmed as the head of the Securities and Exchange Commission (SEC), I wrote a post predicting she would be a bankster codling fraud in the post, Meet Mary Jo White: The Next SEC Chief and a Guaranteed Wall Street Patsy. Here’s an excerpt:
Obama’s nominee to head the SEC, Mary Jo White, is just another gatekeeper appointed to make sure no one ever goes after the Wall Street crime syndicate. As I have written about many times in the past, Obama does not…
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Dick is still delusional.
The former head of Lehman Brothers has insisted it was “not a bankrupt company” at the time of its collapse in 2008.
In one of his first public appearances since the firm’s demise – where it filed for the largest bankruptcy in US history – Dick Fuld claimed that the US Federal Reserve could have saved Lehman Brothers.
The 69-year-old said the bank was “mandated into bankruptcy”, and went on to blame the 2008 global financial crisis on a “perfect storm” of factors – including rising unemployment and higher interest rates, which made mortgages unaffordable for many homeowners.
Mr Fuld also defended his decision-making in the run up to the financial crisis, adding: “Hindsight is 20-20. There is no ‘if this’ or ‘woulda, coulda, shoulda’. You make a decision with the best information you think you have.”
However, the financier admitted that “not a day goes by when I don’t think…
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Sounds like Plaintiffs would have been in a better position if they had used the National Mortgage Settlement Consent Judgment rather than Fannie guidelines. What is even more interesting…it appears this judge was smart enough to completely divest himself of Wall Street – at least in his 2013 financial disclosure statement. See http://www.judicialwatch.org/wp-content/uploads/2014/05/Otis_D_Wright-2012.pdf?D=1
The order by U.S. District Judge Otis Wright in Los Angeles on Thursday ends one of several lawsuits across the country accusing mortgage servicers of charging excessive fees after homeowners miss mortgage payments, pushing them further into debt.
According to the article, while the lawsuit said Ocwen decided to “game the system” by charging borrowers unreasonable fees for property inspections, the judge said the homeowners had no right to enforce the Fannie Mae guidelines because they were not a party to them.
Homeowners’ entire theory of wrongdoing depended on the servicing guidelines, and without them they had no case, he said.
“We are pleased and agree with the decision of the court,” Ocwen spokesman John Lovallo told HousingWire.
Ocwen continues to make…
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“If you ain’t cheating, you ain’t trying,”‘ says a Barclay Bank trader!
This last week a consortium of the six biggest national and international banks were fined $5.6 billion for manipulating global currency and interest rates, going back to 2007. The six banks were Bank of America, Barclays, Citigroup, JP Morgan Chase, Royal Bank of Scotland and UBS. All but UBS admitted to criminal guilt, as well.
The guilty verdicts were the result of a long investigation into the actions of about twenty employees, who refer to themselves as “the cartel” or “the Mafia.” Using coded communication in an online chat room, they rigged the exchange rate between the dollar and the euro, violating the rules on market manipulation and collusion.
Typically, one trader would build a huge position in a particular currency, unload it at just the critical moment hoping to move prices. Traders at the various other banks…
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Mister, hey Mister… I would like to personally audit those loans. You know, I think there may be a story behind the delinquencies… You know like Ocwen adding unusual charges to the monthly statements without adequate information or explanations…
Freddie Mac auctioned off 1,052 delinquent nonperforming loans serviced by Ocwen on May 21 as part of its Standard Pool Offerings.
The loans’ aggregate unpaid principal balance is $201 million. LSF9 Mortgage Holdings was the winning bidder.
The sale is expected to close in July, subject to the Federal Housing Finance Agency NPL sale requirements. It is Freddie’s third sale of deeply delinquent loans from its mortgage investment portfolio this year.
These loans have been delinquent for three years on average. Those auctioned were offered as a single pool of mortgage loans. Previously modified mortgages that later became delinquent comprise 29% of the aggregate pool balance.
Deadly Clear 