Daily Archives: June 19, 2012

REAL ESTATE: Homeowner protests “dual tracking”

REAL ESTATE: Homeowner protests “dual tracking”.

Protest planned to muscle lawmakers into passing mortgage reform | Video

 

House Financial Committee didn’t put Dimon under oath, but Financial Crisis Inquiry Commission, created by Congress, did.

Rep. Bachus wouldn’t put JP Morgan Chase CEO Jamie Dimon under oath today but Financial Crisis Inquiry Commission did. http://huff.to/4KsGjz. Here is the pic below that showed the bank CEOs included Dimon being sworn under oath at the  Financial Crisis Inquiry Commission hearing in 2010:

 

JPMorgan Is Rep. Spencer Bachus’s 2nd-Highest Donor As He Fails To Put Jamie Dimon Under Oath

Today, JPMorgan Chase CEO Jamie Dimon is testifying before the House Financial Services Committee about his megabank’s stunning $2 billion loss. As during his testimony before the Senate last week, Dimon is being shown enormous deference by members of Congress, many of whom receive campaign contributions from Dimon’s bank. Take, for example the committee’s chairman, Spencer Bachus (R-AL). Bachus failed to put Dimon under oath during the hearing. Read on.

Special News Alert from Register of Deeds John L. O’Brien – Register O’Brien, “Fannie and Freddie should pay up”

Special News Alert from Register of Deeds John L. O’Brien Register O’Brien, “Fannie and Freddie should pay up” Southern Essex District Register of Deeds John O’Brien says Fannie Mae and Freddie Mac should be paying real estate transfer taxes on properties they sell in the Commonwealth of Massachusetts, just as they are now required to do in Michigan after a Federal Court found they were not “exempt” entities from excise and real estate transfer taxes. Back in March, Register O’Brien asked the Massachusetts’s Department of Revenue to immediately reverse a policy that allowed these privately-owned mortgage companies to claim exemptions from the transfer taxes that Seller’s of real estate in the Commonwealth are required to pay. He believes that the DOR’s decision is taking too long and in the meantime our communities are losing millions of dollars in revenue. “If I had the authority to do this, my Registry alone would have collected over $200,000 in tax revenue from Fannie Mae and Freddie Mac since March of this year. These privately-owned companies are claiming false exemptions and cheating the citizens of this Commonwealth from much needed tax revenue.” “Fannie and Freddie are private corporations that are traded on the New York Stock Exchange. These entities have even told Congress that Congress has no control over their salaries or any right to invoke the freedom of information laws as it relates to them. Other counties like New Castle County, Delaware have also ruled that Fannie Mae and Freddie Mac will no longer be exempt from the transfer taxes on homes that they are selling and are now collecting the tax from them. It’s time Massachusetts does the exact same thing. We have the law and a Michigan federal judge on our side; it is time to collect this transfer tax. This is taxpayer’s money that is needed and could be used to finance key services in our state.” O’Brien was the first Register of Deeds in the count

Read on.-

BofA and BofI Federal Bank Duke it Out Over Mortgages

Courthouse News Service.

 

LOS ANGELES (CN) – Bank of America and BofI Federal Bank filed battling lawsuits in Superior Court, each claiming the other breached an agreement to service mortgage loans.

 

Bank of America sued BofI Federal Bank fka Bank of Internet USA, and on the same day, BofI sued Countrywide Home Loans, Bank of America and affiliates, in the same court. Bank of America bought Countrywide in 2008 after Countrywide became the poster child for the nationwide mortgage crisis.

 

In its complaint, BofA claims that BofI and Countrywide Home Loans entered into a mortgage loan purchase and servicing agreement in the summer of 2000. BofA took on Countrywide’s rights and obligations to service those loans when the two banks merged in 2011.

 

Bank of America claims it continued to collect payments from borrowers, advance its own money for principal and interest payments, taxes, insurance premiums, and expenses, until earlier this year, when BofI sent letters to borrowers “instructing them to remit all further payments to Bofl and not BANA [Bank of America NA].”

 

The BofA complaint states: “BofI’s notices to borrowers have made it impossible or impractical for BANA to continue to perform its obligations under the servicing agreement and have deprived BANA of its contractual rights to obtain reimbursement for advances made and to obtain payment of fees earned under the terms of the servicing agreement. As a result of BofI’s material breach of the servicing agreement and its misappropriation of BANA’s servicing rights, BANA is terminating the servicing agreement.”

But in its dueling complaint, BofI claims it was forced to become sole servicer of the loans after Countrywide failed to collect payments, improperly modified mortgages, waived loans and sanctioned “improper and unauthorized” short sales.

 

Rep. Waters Presses Dimon on Dodd-Frank

Rep. Waters Presses Dimon on Dodd-Frank.

 

Waters: when we think about the losses coming out of the cio in london, did those losses stay in london or did the 30 billion or more drop in your market value impact your shareholders here in the US ?  it did affect your shareholders,

 

Dimon: yes.

 

Waters: you had lobbied very strongly frank that you do believe that the foreign markets should be exempt from the extra territorial regulations we’re proposing here and if this impacted your shareholders here, why do you continue to take that position?

 

Dimon: i think i said the overseas operation is regulated by the fed and the occ and these things went to clearinghouse and collateralized. the reason we are careful about overseas competition, if j.p. morgan overseas operates under different rules than foreign competitors we can no longer provide the best products and clients or foreign clients.

 

http://video.cnbc.com/gallery/?video=3000097273

 

JPMorgan Chase Gets $14 Billion Per Year In Government Subsidy: Study

At least some of the billions of dollars that JPMorgan Chase lost gambling on credit derivatives once belonged to you.

Last week, Senator Jeff Merkley (D-Ore.) had the gall to spoil the Senate Banking Committee’s gentle grooming of JPMorgan CEO Jamie Dimon by pointing out that his bank would not still be in existence without taxpayer assistance.

Outraged by Merkley’s impunity, Dimon roared that his bank only took the government’s lousy bailout money and only borrowed at rock-bottom interest rates from the Federal Reserve because the government insisted that it do so, for the sake of appearances and the good of the country. And JPMorgan is the country’s greatest hero, so it had no choice but to accept all of this free money the government was handing out. It certainly did not need it.

What Dimon did not say, however, was that JPMorgan Chase continues to get loads of free government money — probably $14 billion per year, according to number-crunching by Bloomberg, based on an International Monetary Fund study. Bloomberg’s editors write:

The money helps the bank pay big salaries and bonuses. More important, it distorts markets, fueling crises such as the recent subprime-lending disaster and the sovereign-debt debacle that is now threatening to destroy the euro and sink the global economy.

Read on.