Daily Archives: February 5, 2013

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Exclusive: Barclays Finance Chief Lucas Quits

Exclusive: Barclays Finance Chief Lucas Quits

The group finance director of Barclays is to step down amid an ongoing probe by British regulators into a controversial £7bn capital-raising that allowed the bank to avoid the Government’s clutches in 2008.

I can exclusively reveal that Chris Lucas, who has been Barclays’ finance director for almost six years, will retire later this year.

The bank will announce Mr Lucas’s decision to leave in a statement to the stock market on Monday. Headhunters have been appointed to identify his successor.

It was unclear on Sunday whether Mr Lucas will receive any form of payoff, although insiders described this as “extremely unlikely”.

Including bonuses and deferred share awards, Mr Lucas earned almost £4m in each of the last two years.

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Freddie Mac’s Diabolical Solution to Oregon’s Recording Requirement: Locate and Destroy the Assignment

Freddie Mac’s Diabolical Solution to Oregon’s Recording Requirement: Locate and Destroy the Assignment

One of the most hotly contested issues in Oregon foreclosure law is whether lenders who do not obtain written assignments of trust deeds can foreclose non-judicially. While other lenders fret about their missing assignments, Freddie Mac has taken a different approach. Freddie instructs servicers to destroy them prior to foreclosure.

In Oregon, a lender can foreclose without going to court only if the lender complies with all requirements in the Trust Deed Act. One of those requirements is that “any assignments of the trust deed by the trustee or the beneficiary” must be publicly recorded before a non-judicial foreclosure is commenced. See ORS 86.735(1).

Some lenders have argued that the phrase “any assignments” means any written assignments, which excludes transfers that occur automatically when a note is transferred. But no lender in Oregon, including Freddie Mac, has argued that written assignments are not “assignments” that have to be recorded.

Freddie’s Special Oregon Rule

For all non-MERS trust deeds, Freddie requires the seller to execute and deliver a written trust deed assignment to Freddie at the time of sale. The assignment becomes part of Freddie’s mortgage loan file. But that means there exists at least one written assignment that must be recorded prior to commencing a non-judicial foreclosure in Oregon.

Whether to cut costs or to avoid becoming the public face of so many foreclosures, Freddie created a special rule for Oregon just over 11 years ago. Freddie explained the new rule in a letter issued to all lenders that sell or service Freddie Mac loans. That letter, dated January 18, 2002, has the subject line: “Foreclosing on Properties in the State of Oregon.”

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JPMorgan Joins Rental Rush For Wealthy Clients: Mortgages

JPMorgan Joins Rental Rush For Wealthy Clients: Mortgages

JPMorgan Chase & Co. (JPM) is giving its wealthiest clients the chance to invest in the single-family rental market after other investments linked to the U.S. housing recovery jumped in value.

The firm’s unit that caters to individuals and families with more than $5 million, put client money in a partnership that bought more than 5,000 single family homes to rent in Florida, Arizona, Nevada and California, said David Lyon, a managing director and investment specialist at J.P. Morgan Private Bank. Investors can expect returns of as much as 8 percent annually from rental income as well as part of the profits when the homes are sold, he said.

ANONYMOUS PUBLISHES BANKERS’ CONTACT INFORMATION, CREDENTIALS

Anonymous is taking its campaign to change the nation’s laws governing computer crime to the financialindustry.

The hacker collective on Sunday published a spreadsheet that appears to list logins, passwords and contact information for what appears to be hundreds of bankers.

“Now we have your attention America: Anonymous’s Superbowl Commercial 4k banker d0x via the FED,” the group tweeted.

A Federal Reserve spokeswoman did not respond immediately to a request for comment about the source of the information, which was posted Monday on Reddit, a social news website.

The document dump continues a campaign, which Anonymous has dubbed “Operation Last Resort,” that aims to avenge the death of Aaron Swartz, a programmer and advocate for making information widely available via the Internet.

More here…

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Lawsuit accuses BofA of putting itself before investors, homeowners

Lawsuit accuses BofA of putting itself before investors, homeowners

But according to new documents filed in state Supreme Court in Manhattan late on Friday, questionable practices by the bank’s loan servicing unit have continued well after the Countrywide acquisition; they paint a picture of a bank that continued to put its own interests ahead of investors as it modified troubled mortgages

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Big banks exit lending as smaller players step up

Big banks exit lending as smaller players step up

Guaranteed Rate is one of scores of independent mortgage lenders and community banks pushing up through the rubble of the housing collapse, as profits rise amid improving demand for home loans for new purchases or mortgage refinancing. They are winning business from banks such as Citigroup Inc or Bank of America Corp that have retrenched after the financial crisis.

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S&P may be targeted in lawsuit over mortgage bond ratings

S&P may be targeted in lawsuit over mortgage bond ratings

The Justice Department and state prosecutors intend to file civil charges alleging wrongdoing by Standard & Poor’s Ratings Services in its rating of mortgage bonds before the financial crisis erupted in 2008, according to people familiar with the matter.