Daily Archives: January 5, 2013

JPMorgan Is Sued by National Credit Union Administration

JPMorgan Chase & Co. (JPM), as successor of Washington Mutual Bank, was sued for alleged securities fraud by the National Credit Union Administration board, the liquidator of three failed federal credit unions.

The agency said in a complaint filed today in federal court in Kansas City, Kansas, that the offering documents for residential mortgage-backed securites underwritten or sold by Washington Mutual to the credit unions contained false and misleading information about the underlying home loans.

Read on.

Retired Charlotte FBI head Chris Briese takes job at Bank of America

Charlotte Observer:

The agency said Briese also oversaw numerous convictions during his time in Charlotte. Among the cases was the so-called  Triangle Terror Group out of Raleigh, where prosecutors said eight men were plotting a terrorist attack on the U.S. and overseas.

Briese began working for the FBI in 1987 in its Los Angeles Division, and has also worked in Washington, Minneapolis and Pittsburgh. He has led many of counterterrorism efforts within the agency, including setting up a task force in Minneapolis that was responsible for the arrest of Sept. 11 conspirator Zacarias Moussaou.

Briese began working in the Charlotte division in April 2011. After leaving the agency on Friday, he will take a job with Bank of America, officials said.

Florida may relaunch rocket docket

The so-called rocket docket bill, HB 87, resurfaced this week by Rep. Kathleen Passidomo, R-Naples,  offering sped-up modifications and foreclosures.

Currently, the foreclosure process takes more than 600 days to run its course in judicial Florida. The bill is making its way back at a time when banks are looking to begin the foreclosure process again after a two-year break as a result of the “robo-signing” scandal.

Read on.