Daily Archives: November 7, 2012

Spain’s govt, opn to deal with foreclosure

Spain’s conservative government and the main opposition Socialists have agreed to devise and adopt urgent measures to deal with a growing wave of mortgage foreclosures.

Once decided on, the plan could take the form of a royal decree or a bill submitted to Parliament, Deputy Prime Minister Soraya Saenz de Santamaria and Socialist No 2 Elena Valenciano said in separate statements on Wednesday.

Six experts – three named by Prime Minister Mariano Rajoy’s administration and three appointed by the opposition – would begin negotiations next Monday to find a consensus on ways to help families remain in their homes, the leaders said.

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Wells Fargo’s Wachovia unit probed for mortgage practices: filing

(Reuters) – The government’s investigation of mortgage-related practices at Wells Fargo & Co (WFC.N) includes the making and packaging of home loans by its Wachovia unit, the bank said in a filing Tuesday.

The No. 4 U.S. bank by assets disclosed in February that it may face federal enforcement action related to mortgage-backed securities deals leading to the financial crisis.

In Tuesday’s quarterly securities filing, Wells Fargo reiterated that it’s being investigated for whether it properly disclosed in offering documents the risks associated with its mortgage-backed securities.

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Massive SWAT team armed with assault rifles sent to evict woman, 63, from her foreclosed home as Occupy protesters try to stop them

A SWAT team armed with assault rifles was sent by Colorado officials to evict a 63-year-old woman from her foreclosed home last week after she had enlisted the help of Occupy Denver protesters.

Heavily armed officers from two counties in full tactical gear were called in last Tuesday because two dozen protesters joined the homeowner, Sahara Donahue, erecting barricades outside her Idaho Springs home.

The protesters were from The Colorado Foreclosure Resistance Coalition, which is part of the Occupy Denver movement.

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J.P. MORGAN NEARS SEC SETTLEMENT RE THE SALE OF MORTGAGE-BACKED SECURITIES

JPM -2.99% J.P. Morgan Chase JPM -2.99%& Co. is close to a settlement with the Securities and Exchange Commission that would end one probe into how the company’s Bear Stearns Cos. unit packaged and soldhome loans to investors, according to people familiar with the case.

A pact with the nation’s largest bank by assets would be the first tangible victory in a wide-ranging SEC investigation into Wall Street’s sale of mortgage-backed securities before the onset of the financial crisis. Since 2010, the SEC has issued more than 300 subpoenas or document requests related to the probe and collected more than 30 million pages of documents, enforcement chief Robert Khuzami said earlier this year.

J.P. Morgan’s payment isn’t expected to exceed the $550 million paid in 2010 by Goldman Sachs GroupInc. GS -3.56% to settle claims by the SEC that it misled investors in a collateralized debt obligation called Abacus 2007-AC1. In that deal, hedge-fund firm Paulson & Co. bet that underlying assets, some allegedly chosen by Paulson & Co. to be included in the CDO, would fall in value. Goldman didn’t admit or deny wrongdoing.

More here…