Daily Archives: January 13, 2013

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German watchdog to quiz Deutsche Bank chiefs on Libor-sources

German watchdog to quiz Deutsche Bank chiefs on Libor-sources

Jan 11 (Reuters) – Germany’s financial regulator will question Deutsche Bank AG’s leaders in coming weeks as part of a probe into the manipulation of the Libor rate, two sources familiar with the investigation said.

Deutsche Bank Chairman Paul Achleitner and Co-Chief Executives Anshu Jain and Juergen Fitschen are among those due to be questioned by Bafin, the sources said on Friday.

“The questioning of top managers is standard procedure in a special probe,” one of the sources said.

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Class action: JP Morgan accused of false advertising, wrongful credit reporting and unfair competition

Class action: JP Morgan accused of false advertising, wrongful credit reporting and unfair competition

LOS ANGELES – JP Morgan Chase did not tell customers who accepted mortgage modifications that it would report them to credit reporting agencies, a class action for false advertising, wrongful credit reporting and unfair competition claims in Superior Court.

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man claims the U.S. Bank can’t foreclose on his home, under Texas law

man claims the U.S. Bank can’t foreclose on his home, under Texas law

 HOUSTON – A man claims the U.S. Bank National Association et al. can’t foreclose on his home, under Texas law, because it’s been more than 4 years since they began the foreclosure process, in Harris County Court.

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More than 100 people sued Bank of America for fraud and wrongful foreclosures, alleging a string of abuses

More than 100 people sued Bank of America for fraud and wrongful foreclosures, alleging a string of abuses

LOS ANGELES – One hundred and one more people sued Bank of America for fraud and wrongful foreclosures, alleging a string of abuses, including forgery and destruction of documents, in two Superior Court complaints.

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Bill to Amend FDCPA for Attorneys Introduced in U.S. House

Bill to Amend FDCPA for Attorneys Introduced in U.S. House

In the week between Christmas and New Year’s Day, a bill was introduced in the U.S. House of Representatives that aims to amend the Fair Debt Collection Practices Act (FDCPA) to exclude attorneys from the definition of a debt collector “when taking certain actions.”

But due to the timing of the introduction, the bill will not be heard in the current Congress and will need to be re-introduced in the next session, due to begin Thursday.

North Carolina Republican Walter Jones, Jr. filed H.R.6706 — the Fair Debt Collection Practices Technical Correction Act of 2012 – on December 27, 2012. The bill’s stated purpose is “to amend the Fair Debt Collection Practices Act to preclude law firms and licensed attorneys from the definition of a debt collector when taking certain actions.”

Specifically, the bill would insert an additional exemption to the definition of “debt collector.” The new language is as follows:

…The term (debt collector) does not include –

(F) any law firm or licensed attorney–

(i) serving, filing, or conveying formal legal pleadings, discovery requests, or other documents pursuant to the applicable rules of civil procedure; or

(ii) communicating in, or at the direction of, a court of law or in depositions or settlement conferences, in connection with a pending legal action to collect a debt on behalf of a client; and…

The new language is to be added to the section of the FDCPA that already exempts creditors, government employees, and others.

Interesting. This new language would affect this case:

SIKES v. MEL HARRIS & ASSOCIATES | NY Certifies Class Action – “Sewer Service” “RICO” “FDCPA” “Fraudulently obtain default judgments against more than 100,000″ http://shar.es/4y9b4

 

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JPM ‘Whale’ Loss Endangers Jamie Dimon’s Bonus — Report

JPM ‘Whale’ Loss Endangers Jamie Dimon’s Bonus — Report

The London Whale may be about to sink some of Jamie Dimon’s pay.
 
JPMorgan Chase’s (JPM) board is expected to dock the bonuses of chief executive Dimon and former chief financial officer Douglas Braunstein, as a consequence of the company’s $6 billion trading loss at its chief investment office last spring, the Wall Street Journal reported on Saturday.
 
The board is expected to review an internal report about the debacle when directors convene this Tuesday, a day before JPMorgan Chase is due to report its fourth-quarter results.

IN WELLS FARGO’S OWN WORDS, THERE IS NO LENDER IN SECURITIZATION

The thing most borrowers fail to realize about conduit loans is that once a loan has been securitized, they are not working with a “lender” anymore. The loans are pooled into a securitization called a Real Estate Mortgage Investment Conduit (REMIC). The REMIC is a trust and it has no lenders, only fiduciaries of the “certificate holders.” Once the loans have been pooled and securitized, the players are as follows:

Master Servicer

Special Servicer

Trustee

For complete details see the document below…

It also can be downloaded here…