Daily Archives: October 10, 2013

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Special Report: U.S. builders hoard mineral rights under new homes

Special Report: U.S. builders hoard mineral rights under new homes

(Reuters) – Robert and Julie Davidson fell hard for the gleaming new house at the Valencia Golf and Country Club in Naples, Florida. They loved the way the palm-fringed, Spanish-style home backed up to the fifth-hole fairway. And they were taken with the three-bedroom’s high ceilings and open plan. Plus the neighborhood – with its power-washed driveways, blooming hibiscus and guarded gatehouse – seemed all “dressed up.”

But when the Davidsons paid $255,385 in 2011 for the house on Birdie Drive, they didn’t know that they had, in essence, bought only from the ground up, and that their homebuilder, D.R. Horton, had kept everything underneath.

“Wait a second, wait a second,” Robert Davidson said after a reporter told him that a search of county records showed that D.R. Horton still owned the oil, natural gas, water and other natural resources beneath his and his neighbors’ homes. “Let me sit down a minute here. They have the mineral rights to the land I’m on?”

LETTER TO CA SUPREME COURT FROM CHARLES W. COX IN RESPONSE AND OPPOSITION TO THE REQUESTS TO DEPUBLISH GLASKI V. BANK OF AMERICA N.A. OPINION

The undersigned’s interest in this response to the depublication request, relates to clients served in my practice as a California Bus & Prof. Code qualified paralegal which consists of working on these types of cases with attorneys on a regular basis. We represent many clients who are, and will be affected by this currently citable Appellate Court Opinion. Some already relying on the Glaski Opinion. The clarity the Appellate Court provided in its well-reasoned Opinion qualified for publication and respectfully, should not be upset.

http://stopforeclosurefraud.com/2013/10/09/letter-to-ca-supreme-court-from-charles-w-cox-in-response-and-opposition-to-the-requests-to-depublish-glaski-v-bank-of-america-n-a-opinion-2/

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JPMorgan Pushes To Toss Whistleblower Suit

JPMorgan Pushes To Toss Whistleblower Suit

Law360, New York (October 09, 2013, 7:53 PM ET) — JPMorgan Chase & Co. asked a federal judge Wednesday to toss a lawsuit brought by an ex-executive who claims the bank fired her for flagging possible fraud, saying the employee was terminated due to poor job performance.

Claims that former wealth management banker Jennifer Sharkey was fired after noting possible client fraud do not stand up to scrutiny, a lawyer for the bank told U.S. District Judge Robert W. Sweet at oral arguments.

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JPMorgan Chase & Co : SEC on the prowl for rule breakers big and small, White says

JPMorgan Chase & Co : SEC on the prowl for rule breakers big and small, White says

The top U.S. securities regulator on Wednesday placed everyone from auditors to fund board members on notice, saying her agency plans to look for violations in all corners of the market, from major Wall Street investment firms to boiler room operations.

“Minor violations that are overlooked or ignored can feed bigger ones, and, perhaps more importantly, can foster a culture where laws are increasingly treated as toothless guidelines,” Securities and Exchange Commission Chair Mary Jo White said in a speech at a conference about SEC enforcement issues.

“I believe it is important to pursue even the smallest infractions.”

White, a former federal prosecutor, has made tough enforcement a cornerstone of her chairmanship at the SEC since she took the helm of the agency in April.

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Homeowner gets caught in wrongful foreclosure

Homeowner gets caught in wrongful foreclosure

South Orange homeowner Francisco Molina thought his house troubles were over a few months ago.

The survivor of two heart attacks lost much of his wages and almost lost his house, but he was able to renegotiate his mortgage only days before the four-bedroom home was to be sold at a government auction.

That’s when things tumbled downhill: The Orange County court system mistakenly sold the house in July, even though a judge had canceled Molina’s foreclosure. The courts tried to right the wrong by overturning the sale. But the buyer — investment giant Blackstone Group — said it never got word. So for months, Blackstone’s Invitation Homes subsidiary tried to get Molina out of his home.

REGULATORS ENCOURAGE INSTITUTIONS TO WORK WITH BORROWERS AFFECTED BY GOVERNMENT SHUTDOWN

Board of Governors of the Federal Reserve System

 

Consumer Financial Protection Bureau
Federal Deposit Insurance Corporation
National Credit Union Administration
Office of the Comptroller of the Currency
 
NR 2013-156
FOR IMMEDIATE RELEASE
October 9, 2013

REGULATORS ENCOURAGE INSTITUTIONS TO WORK WITH BORROWERS AFFECTED BY GOVERNMENT SHUTDOWN

Five federal regulatory agencies encourage financial institutions to work with customers affected by the federal government shutdown.

Prudent workout arrangements that are consistent with safe-and-sound lending practices are generally in the long-term best interest of the financial institution, the borrower, and the economy.

Affected borrowers may face a temporary hardship in making payments on debts such as mortgages, student loans, car loans, credit cards, and other debt.  The agencies encourage financial institutions to consider prudent workout arrangements that increase the potential for creditworthy borrowers to meet their obligations.  The agencies realize that the effects of the federal government shutdown on individuals should be transitory, and prudent efforts to modify terms on existing loans should not be subject to examiner criticism.

Those affected by the government shutdown are encouraged to contact their lenders immediately should financial strain occur.

SOURCE: http://www.occ.gov

 

JPMorgan scales back some lending activities

While the bank’s mortgage book of business has grown dramatically, JPMorgan Chase (JPM) is looking to scale back lending to pawn shops, payday lenders, check cashiers and certain car dealerships due to heightened regulatory scrutiny. Per The Wall Street Journal:  

The bank has launched an internal review of its commercial-lending clients that is expected to result in the elimination of relationships with companies that pose a greater risk of fraud or money laundering and are viewed as risky to J.P. Morgan’s reputation, these people said.

The process could slice hundreds of millions of dollars from the bank’s annual revenue, one of these people said. J.P. Morgan already has culled some clients and is likely to exit from more relationships, another person said. It isn’t yet known which companies have been cut off.

Source: WSJ