Daily Archives: February 10, 2013

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FRAUDCLOSURE: CHASE BANK ‘ERROR’ NEARLY CAUSES VETERAN, 91, TO LOSE HER HOME TO FANNIE MAE (VIDEO)

FRAUDCLOSURE: BANK ‘ERROR’ NEARLY CAUSES VETERAN, 91, TO LOSE HER HOME TO FANNIE MAE (VIDEO)

Last year, Chase Bank refused Mrs. Wilson’s mortgage payments because there was an escrow problem — and not of her making. Her proof of insurance was never passed on by the branch bank to the mortgage division. That triggered a default, so her home was sold to Fannie Mae, and she can’t take surprises.

http://abclocal.go.com/ktrk/video?id=8981707

 

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Exclusive: Barclays To Shut Tax Advice Unit

Exclusive: Barclays To Shut Tax Advice Unit

Barclays is to close its controversial tax avoidance unit as part of a drive to distance the bank from the perceptions of a “casino” banking culture which flourished under Bob Diamond, its former chief executive.

Sky News can reveal that Antony Jenkins, Barclays’ new boss, will announce on Tuesday that it will wind down and close the division which was responsible for generating hundreds of millions of pounds in profit for the bank.

He will say that while legal, the tax avoidance schemes devised by its structured capital markets business were toxic for Barclays’ reputation.

Mr Jenkins will commit to avoiding transactions whose sole purpose is to access tax benefits, according to a senior source inside Barclays’ investment bank who has been briefed on his plans.

I have also learnt that the Barclays boss will also unveil a set of binding tax principles that will dictate the mandates in which the bank’s executives are permitted to be involved.

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Pleasanton California Homeowner Obtains a Massive Loan Modification, Thanks To the Use of Securitization Audit for Foreclosure Defense

Pleasanton California Homeowner Obtains a Massive Loan Modification, Thanks To the Use of Securitization Audit for Foreclosure Defense

Darell Walterson was facing foreclosure from Cal West Reconveyance and US Bank when he decided to use a securitization audit for foreclosure defense. The result was a loan modification with a principal reduction of $188,459.

Pleasanton, CA — (SBWIRE) — 01/14/2013 — Loan Modification used to be fairly simple to obtain for most homeowners during the housing boom. However, during this current state of the foreclosure crisis, securing a loan modification for a distressed homeowner is nearly impossible. For a homeowner in foreclosure, the chances are slim to none. Darell Walterson from Pleasanton, CA found a way to not only obtain a loan modification while in foreclosure, but also received a principal reduction of over $188,000. What was his secret weapon? A document called a securitization audit and one heck of a foreclosure defense attorney.

Walterson found himself in litigation recently when US Bank hired Cal West Reconveyance to foreclose on his property. The Law Offices of Art Hoomiratana represented Walterson with his foreclosure defense. Walterson also hired Paladin Securitization Auditors to prepare a securitization audit for his case. This mortgage audit, through detailed analysis, found:

“There is a question of standing in the foreclosure. If U.S. Bank is the Note holder, they have not come forward with the Note and documented chain of title showing how U.S. Bank paid for and came to own a loan once made by Plaza Home Mortgage, Inc. The loan would have been sold several times (from Plaza to one of the five Trust Originators; then to the Depositor; and finally to U.S. Bank, as the Trustee).”

Some of the details that leveraged US Bank into settling outside of court for a loan modification include Cal Western Reconveyance’s own employee acting and signing for a substitution of trustee as a MERS Secretary, probable bifurcation and invalidation of the deed, and two defunct mortgage corporations that have signed documents after filing for Chapter 11 Bankruptcy.

After seeing the evidence presented by Hoomiratana and Paladin Securitization Auditors, US Bank settled outside of court for a reduced mortgage rate of 3% (from 6.63%) and a principal reduction of $188,459.46 off of the original loan balance of $524,983.65. His payments were also reduced from $3,283.41 to $1,690.49.

The case number is 1261928 and was held at the Superior Court State of California, County of Alameda.

For the actual securitization audit used in the trial, click here.

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EverBank and OneWest Bancorp Foreclosure Reviews Grind On After Big Banks Give Up

EverBank and OneWest Bancorp Foreclosure Reviews Grind On After Big Banks Give Up

The foreclosure review settlement this month gave regulators and banks a chance to escape a costly and much criticized process. But at least two lenders have chosen to soldier on.

The apparent decisions by EverBank and OneWest Bancorp to finish loan-by-loan foreclosure reviews will provide a glimpse of how the big banks’ much-maligned foreclosure look-backs would have panned out. Both banks will complete their reviews by mid-summer, according to their regulator, the Office of the Comptroller of the Currency.

“We are continuing with our independent review,” says Michael Cosgrove, an EverBank spokesman, in a brief emailed statement to American Banker. Well after other banks laid off their foreclosure review workers en masse, the lender is hiring a “foreclosure lookback coordinator” for a “short term” job. Contract employees of Clayton Holdings, which is running EverBank’s review, confirmed that work continued as normal.

OneWest did not respond to a request for comment, and its outside reviewer, Navigant Consulting, declined to speak.

MULTNOMAH COUNTY OR SEEKING $38 MILLION FROM MERS, BIG BANKS Posted by 4closureFraud on February 9, 2013 · 1 Comment MULTNOMAH COUNTY SEEKING $38 MILLION FROM MERS, BIG BANKS

Multnomah County is suing a huge mortgage multinational and 18 co-defendants, including some of the biggest banks in the nation, for $38 million.

The suit focuses on the mortgage-backed securities system that wreaked such havoc in the economy in 2008.

The property records system that enabled the rapid, complex transactions involving these bundledmortgages was the Mortgage Electronic Registration Systems, or MERS.

The county is arguing that MERS devastated the public property records system while helping clients to sidestep required transaction fees. It is suing MERS and 18 co-defendants for negligence, unjust enrichment and fraudulent misrepresentation.

The co-defendants include Bank of America, JPMorgan Chase, CitiMortgage, HSBC, Wells Fargo and Oregon banks Bank of the Cascades, Lewis and Clark Bank and West Coast Bank.

More here…