Daily Archives: August 25, 2012

Chase and WAMU never recieved notes allonges or anything.- JPMC v Waisome FL Lawrence Nardi Deposition –

Florida Realtors object to federal bulk foreclosure sales

Florida Realtors, a statewide trade group, is objecting to a bulk-sale pilot program by the Federal Housing Finance Administration because of concerns about how such sales might affect local resale markets, the Orlando Sentinel reports.

The trade group’s concerns echo similar ones from the California Association of Realtors, which recently complained about 500 Fannie Mae-owned foreclosed homes in the Los Angeles and Empire areas.

The National Association of Realtors also voiced its concerns to the Federal Reserve Board in March about foreclosure sales to investors, the Sentinel reports. NAR recommended that any bulk-sales program be limited to small geographic areas that need alternatives to individual investors.

John Tuccillo, chief economist for the Florida Association of Realtors, told the Business Journal in April that the buying in bulk is creating a misleading increase in prices.

Read on.

Feds and state prosecutors probing whether HSBC transferred money through Iran, Sudan, and North Korea

Prosecutors investigating the movement of money by global banks suspect HSBC of laundering money for Mexican drug cartels and moving cash for Saudi Arabian banks with ties to terrorists, according to federal authorities with direct knowledge of the investigations.

The federal and state prosecutors are also investigating whether HSBC flouted United States law by transferring money through its American subsidiary for sanctioned nations, including Iran, Sudan and North Korea.

Read on.

Attorney claims county officials did nothing while people faced unfair forEl Paso County Attorney’s Office

EL PASO, Texas —
A civil attorney, Richard Roman, said he warned El Paso County officials about a scheme that resulted in people being unfairly kicked out of their homes, but the county did nothing to stop it.

KFOX14 News has reported that the County Attorney’s office has filed a lawsuit against several national banks. Roman said they waited too long and now several of his clients have had their lives ruined.

Mortgage Electronic Registration Systems (MERS) is what some are calling a scheme by national banks to sell mortgages to each other without paying filing fees, or notifying homeowners.

People have ended up paying the wrong bank and then faced eviction before they knew what was happening.

Marcos Villalobos said after losing his job he applied for mortgage assistance with his bank, not realizing that his mortgage had been electronically sold to another bank.

“I woke up one Friday morning with constables in front of my home and with strangers bringing out my stuff in front of my home,” Villalobos said. “It happened in front of the neighbors, which was a very embarrassing moment.”

Another victim, who did not want to be identified, cried and said that the same thing happened to them. The person said that explaining to teenage children why the family had to move was a moment that would never be forgotten.

El Paso County has joined nine other Texas counties in a class action suit against the banks.

Read on.

Payday lenders use courts to create modern debtors’ prison

Wakita Shaw’s troubles started with a $425 payday loan, the kind of high-interest, short-term debt that seldom ends well for the borrower.
But most of them don’t end up in jail. So Shaw was surprised in May of last year to hear that the St. Louis County police were looking for her. She and her mother went to the police station.
They arrested her on the spot.
They told her the bail was $1,250. “And I couldn’t use a bail bondsman to get out,” Shaw recalled.
The Bill of Rights in the Missouri constitution declares that “no person shall be imprisoned for debt, except for nonpayment of fines and penalties imposed by law.” Still, people do go to jail over private debt. It’s a regular occurrence in metro St. Louis, on both sides of the Mississippi River.
Here’s how it happens: A creditor gets a civil judgment against the debtor. Then the creditor’s lawyer calls the debtor to an “examination” in civil court, where they are asked about bank accounts and other assets the creditor might seize.

Read on.

Congressional staffers fight banks, City Hall over home seizures

Inside a small cubical in Timonium, Jessica GattonIt’s a challenging task —some homeowners say impossible— but Facini wields a weapon most Marylanders do not.
When she contacts a bank, her caller I.D. says “U.S. Congress.”
As part of a little-known effort, congressional staffers across the country have been calling banks relentlessly to bargain for help for homeowners. In response, some of the country’s biggest financial entities, such as Wells Fargo and Bank of America, have even set up special lines to field the congressional staffers’ calls.
Often, Facini says, she can negotiate a way for a homeowner to stay in his or her home. But sometimes there’s nothing that can be done.
“I essentially serve as the middle man,” she says. “A lot of foreclosures happen because someone lost a job or have debts as part of a medical condition. There are some we can’t help and it’s heartbreaking.”
Facini is saving homes.
The 26-year-old sorts through foreclosure and lien documents from Baltimore homeowners, identifies a problem, and then navigates the bureaucracy of big banks and government agencies in search of a solution.

Read on.