Daily Archives: October 20, 2012

Mitt Romney’s Fundraiser at Wilber Ross (AHMSI) Mansion and the LPS Foreclosure Fraud Connection

TONIGHT, on October 20, 2012, Mitt Romney will have dinner in Palm Beach at the home of H. Wilbur Ross, the billionaire who just made $750 million selling his company, American Home Mortgage Servicing, Inc. (now, Homeward Residential) to Ocwen Financial Corporation. Guests will pay $2,500 to $50,000 to attend. 

 

American Home Mortgage Servicing (“AHMSI”) has filed 617 foreclosure actions in Palm Beach County alone.  AHMSI was the biggest client of LPS/DocX, the document mill that made Linda Green infamous.  In an 18-month period, 1,857 DocX mortgage assignments, most signed by many different people using the name Linda Green, were filed in Palm Beach County and used to transfer over half a billion dollars in mortgages on Palm Beach County properties to Wall Street trusts (AHMSI’s clients).

The attorneys general of Texas and Ohio sued AHMSI for abusive practices in foreclosures.  Class actions are piling up against AHMSI, especially for its forced-place insurance practices. As a servicer, AHMSI works for many banks, but Deutsche Bank, the foreclosure king, is one of its biggest clients.  Thanks in large part to AHMSI’s efforts, Deutsche Bank is now one of the largest residential property owners in Palm Beach County.  You can spot many of these homes by the overgrown yards and badly-boarded windows.
Mitt Romney’s recent television ads in Florida say that he would find alternatives to foreclosure.  For thousands of Floridians, it is already too late, thanks in large part to the practices of AHMSI and its shady documents.  One can judge a man by the company he keeps.

Citigroup Reached Deal to Carve Out Hedge Funds Before Shakeup

Citigroup Inc. (C) agreed to move a stable of internal hedge funds to an entity controlled by“certain employees” in a deal reached before the bank’s top two executives, Vikram Pandit and John Havens, left this week.

The bank disclosed the move, calling it a “carve-out,” in a footnote to a quarterly financial supplement posted on its website Oct. 15. The funds have been housed in the Citi Capital Advisors division, which was overseen by then-Chief Operating Officer Havens. He said in March that the company was looking to let managers take a “significant” stake in the funds.

Read on.

Daily Show’s Stewart Asks Obama Rare Housing Question

WASHINGTON — Daily Show comedian and anchor Jon Stewart has finally succeeded where others failed.

Following two presidential debates where the subject just did not come up, Stewart was able to get President Obama talking about the housing crisis during Thursday night’s episode.

A comprehensive discussion about how to turn around the sagging mortgage market, which is still contending with millions of underwater borrowers, has been largely missing from the contest between Obama and former Gov. Mitt Romney. But in an albeit brief exchange with Stewart, Obama started talking about mortgages as part of a discussion about how Congress could help get the economy moving faster.

“Right now we could make sure that families whose homes are underwater … if they refinance they typically get 3,000 bucks in their pockets a year. That’s $3,000 they’re spending or $3,000 that they’re putting back into the equity of their home. The housing market would be helped, employment would be helped. Even Gov. Romney’s own advisor says this is a good idea and yet Gov. Romney opposes it,” Obama said.

But Obama sidestepped a follow-up question from Stewart, who asked whether it was true that the administration has only spent about $5 billion of the $50 billion set aside to spur mortgage modifications.

Read on.