Daily Archives: December 24, 2012

Merry Christmas!

“It came without ribbons! It came without tags! It came without packages, boxes or bags!”… Then the Grinch thought of something he hadn’t before! “Maybe Christmas,” he thought, “doesn’t come from a store. Maybe Christmas… perhaps… means a little bit more!” ~Dr. Seuss, How the Grinch Stole Christmas!

Another Bank of America Story: Single Mother Takes Back Foreclosed Lincoln Heights Home

LINCOLN HEIGHTS (CBSLA.com) — A single mother is back inside her foreclosed home this evening two weeks after she says LA County Sheriff’s forcibly removed her.

Soledad Corona, and about 20 others — members of Occupy LA — broke the lock and are now holed up inside her former residence.

Corona spoke with CBS2 and KCAL9 reporter Amanda Burden about her ordeal.  “I’m not with my daughter, and I’m homeless for the holidays.”

The single mom to a teenaged daughter told Burden her bank — Bank of America — promised they wouldn’t evict her during the holidays. But she says on December 14th, they did just that.

And Corona says sheriff’s were anything but sensitive while forcing her out. “I felt that they abused their power. They treated me as if I had a meth lab or something.”

Read on.

OCC Takes Action Against Six Banks

The Office of the Comptroller of the Currency has taken enforcement measures against six banks and terminated actions against a half dozen others.

The moves were announced Friday and took place over the last several months.

On Dec. 11, the OCC ordered HSBC’s (HBC) U.S. subsidiary in McLean, Va., to detail plans to prevent criminals from laundering money through the bank. The OCC issued the order in connection with an agreement byHSBC, which has $2.7 trillion of assets, to pay $1.9 billion in fines to settle a U.S. probe of money-laundering allegations.

The $196 million-asset Home Loan Investment Bank of Warwick, R.I., was ordered on Oct. 11 to ensure it has sufficient funding to meet contingencies, maintain internal controls, comply with regulations governing treatment of loan losses and refrain from paying dividends or distributing capital without the permission of regulators.

Read on.

FDIC files more suits against leaders of defunct banks

The Federal Deposit Insurance Corp.’s filing of lawsuits against former directors and officers of failed banks increased ‘markedly’ during the fourth quarter of 2012 after a lull during the second and third quarters of the year, according to a new study from Cornerstone Research.

Read on.

Georgia court upholds MERS role as grantee

MERSCORP Holdings, Inc. today announced that Georgia Superior Court of Gwinnett County Judge R. Timothy Hamil recently upheld MERS’ role as grantee under the security deed, affirmed MERS’ ability to assign its interests under the security deed and rejected numerous legal theories presented by the borrower asserting fraud.

Source: Housingwire

Nevada Supreme Court rules in favor of MERS in two cases

A major Nevada Supreme Court decision titled Edelstein v. Bank of New York Mellon is the basis for two homeowners losing their cases after challenging the Mortgage Electronic Registration Systems’ role in their home foreclosures.

The state’s highest court ruled in favor of MERS in both theAshley v. MERS and the Sanchez v. OneWest Bank cases this week.

In both cases, the Supreme Court leaned on its previous MERS-related ruling in the Edelstein v. Bank of New York Mellon case.

In that decision, the justices said “when MERS is the named beneficiary and a different entity holds the promissory note, the note and deed of trust are split, making nonjudicial foreclosure by either improper. However, any split is cured when the promissory note and the deed of trust are reunified.”

And in Edelstein, the Nevada Supreme Court said the two were in fact reunified, giving the foreclosing party authority to foreclose while also upholding MERS’ role as a valid beneficiary of the deed of trust.

Read on.