Daily Archives: August 9, 2013

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Los Angeles Man Wins Property Back After Foreclosure and Eviction

Los Angeles Man Wins Property Back After Foreclosure and Eviction

Los Angeles, CA — (SBWIRE) — 08/07/2013 — Homeowner Mike Cohenshad lost his investment home to foreclosure and was also evicted. A securitization audit company and Pasadena law firm helped him get it back.

Miek Cohenshad lost his investment home in foreclosure and also lost the accompanying Unlawful Detainer Hearing. He was then evicted from the investment property which was sold to a 3rd party at bank auction. Cohenshad hired the Law offices of Art Hoomiratana, a foreclosure defense firm in Pasadena, to seek out damages for wrongful foreclosure. Mr. Hoomiratana’s office immediately hired Paladin Securitization Auditorsto conduct a securitization audit to investigate the lender’s standing to foreclose.

The securitization audit found that there were grounds for a Fraud and Wrongful Foreclosure Case based upon statutory violations, promissory estoppel, negligence, negligent misrepresentation, and violation of Business and Professional Code 17 200. Using the securitization audit as evidence, The Law Offices of Art Hoomiratana litigated on these matters and won the home back, post-foreclosure, from the third party who purchased it. The judge found the foreclosure to be illegal and a wrongful foreclosure thanks to Paladin’s audit. The bank was forced to rescind the Trustee’s Sale and agreed to settle out and restructure the client loan including $188,000.00 in deferred principle reduction. His monthly mortgage payment was reduced from $4,981.43 to $2,492.59 and the interest rate was also reduced from 6.75% to 4%.

For reference, the court case is US. District Court Case No. CV13-00722-R (FFMx).

Or visit their site at www.securitizationauditservices.com

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MetLife Says Bank May Face Fine in Foreclosure Probe

MetLife Says Bank May Face Fine in Foreclosure Probe

MetLife Inc. (MET), the largest U.S. life insurer, said it may face fines amid a government review of foreclosures at its bank unit.

The bank received a request in May from the U.S. Department of Justice for information on payments the lender made to law firms tied to foreclosures, the New York-based insurer said in a filing today. Expenses were submitted to Fannie Mae, Freddie Mac and the U.S. Department of Housing and Urban Development for reimbursement, according to the filing.

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Borrowers can sue Wells Fargo over mortgage modifications

Borrowers can sue Wells Fargo over mortgage modifications

(Reuters) – Wells Fargo & Co must face lawsuits by homeowners who claim the largest U.S. mortgage lender refused to offer them permanent mortgage modifications for which they had qualified, a federal appeals court ruled on Thursday.

The 9th U.S. Circuit Court of Appeals said Wells Fargo was required under the federal Home Affordable Modification Program to offer loan modifications to borrowers who demonstrated their eligibility during a trial period.

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U.S. Steps Up JPMorgan Probe Over Bear Stearns Mortgages

U.S. Steps Up JPMorgan Probe Over Bear Stearns Mortgages

* JPMorgan faces multiple mortgage investigations

* Investigations another obstacle for CEO Dimon

* High legal costs could continue

* Bank seeks deal over London Whale debacle (Revises throughout, with comment from regulator and company’s legal costs)

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JPMorgan Exec Bruno Iksil Won’t Face Charges In London Whale Probe: Source

JPMorgan Exec Bruno Iksil Won’t Face Charges In London Whale Probe: Source

NEW YORK, Aug 8 (Reuters) – The trader at the center of JPMorgan Chase’s $6.2 billion trading loss last year will not face U.S. charges related to the incident, a source familiar with the matter said on Thursday.

Meanwhile, another source said JPMorgan is close to reaching a settlement with securities regulators over the trading loss.

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Justice Department, CFPB Investigating PNC’s Mortgage Practices

Justice Department, CFPB Investigating PNC’s Mortgage Practices

Regulators are examining loans originated by National City, which PNC bought in 2008, suggesting they might have been priced to have a “disparate impact” on minority borrowers.

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University of California regents sue AIG over subprime mortgages

University of California regents sue AIG over subprime mortgages

The Regents of the University of California are reportedly suing American International Group, or AIG (AIG), on the grounds that the insurer allegedly hid exposures to subprime mortgages.

The Insurance Journal reported on the lawsuit this week. The publication says the university system ended up taking a hit on investments in mortgage securities backed by subprime loans.