Daily Archives: October 22, 2013

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22 Under Investigation in Libor Case in Britain

22 Under Investigation in Libor Case in Britain

LONDON — British prosecutors have identified 22 individuals at various banks as potential co-conspirators in a wide-ranging inquiry into the manipulation of a global benchmark interest rate.

The individuals were notified last week by Britain’s Serious Fraud Office that they were being investigated, prosecutors and lawyers for some of the potential co-conspirators said at a court hearing in London on Monday.

The Serious Fraud Office notified the individuals that they had been named in court papers related to criminal cases brought this year against Tom A.W. Hayes, a former Citigroup and UBS trader, and two other former brokers at RP Martin Holdings in London and that the co-conspirators’ names might be released in court as early as Monday.

None of the individuals identified as co-conspirators has been charged criminally and some have yet to be interviewed by the regulator despite volunteering to do so, their lawyers said.

Massachusetts homeowners obtain more foreclosure protections

According to Mass Live, Massachusetts homeowners facing foreclosure will see enhanced protections under regulations filed by the state Division of Banks.

The protections will prevent national and state lenders from foreclosing on a property if an application for a loan modification is still in the works.

“This is another step in the right direction to further strengthen protections provided to Massachusetts borrowers and homeowners,” Consumer Affairs and Business Regulation Undersecretary Barbara Anthony said in a news release.

“These new rules complement the recently adopted foreclosure prevention regulations that require lenders and servicers to modify certain mortgage loans if the cost of modification is less than the cost of foreclosure.”

Source: Mass Live
 
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A long weekend for bank lawyers with J.P. Morgan, BofA, UBS and Deutsche Bank in spotlight

A long weekend for bank lawyers with J.P. Morgan, BofA, UBS and Deutsche Bank in spotlight

In case you needed another reminder that the banking industry’s legal problems are still quietly raging, this weekend brought four.

It wasn’t just J.P. Morgan Chase & Co. JPM , though weekend banking news certainly was dominated by reports that the bank could pay $13 billion to federal prosecutors to settle a host of civil probes over mortgage investments it sold and other matters.

Legal problems also cropped up for Bank of America Corp. BAC , UBS  UBS  and Deutsche Bank DB . Deutsche Bank is talking to some 50 employees as it examines whether its bankers manipulated the Libor interest rate, according to the German newspaper Handelsblatt. A former top banker from Switzerland-based UBS was arrested in Italy over the weekend, accused of helping wealthy American clients hide their money in Swiss bank accounts.

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Citigroup Inc : CFTC asks Citigroup, Deutsche Bank to inspect records – WSJ

Citigroup Inc : CFTC asks Citigroup, Deutsche Bank to inspect records – WSJ

(Reuters) – The Commodity Futures Trading Commission has asked major currency dealing banks, including Deutsche Bank AG (>> Deutsche Bank AG) and Citigroup Inc (>> Citigroup Inc) to search their records as part of a global probe into possible currency market manipulation and hand over any evidence of wrongdoing, the Wall Street Journal reported citing people familiar with the matter.

(Reuters) – The Commodity Futures Trading Commission has asked major currency dealing banks, including Deutsche Bank AG (>> Deutsche Bank AG) and Citigroup Inc (>> Citigroup Inc) to search their records as part of a global probe into possible currency market manipulation and hand over any evidence of wrongdoing, the Wall Street Journal reported citing people familiar with the matter.

Germany’s Deutsche Bank is spending millions of dollars going through traders’ emails and chat sessions looking for specific dates, phrases and keywords, the paper reported.

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JPMorgan Chase & Co. : Former JPMorgan executive challenges UK’s London Whale report

JPMorgan Chase & Co. : Former JPMorgan executive challenges UK’s London Whale report

A former JPMorgan Chase & Co executive in Europe is appealing findings by Britain’s financial watchdog that criticised his actions in connection with the “London Whale” scandal.

Achilles Macris, who is appealing, ran the London division of JPMorgan’s Chief Investment Office, where Bruno Iksil, nicknamed “the London Whale” for the size of the his derivatives trades, stacked up huge losses, more than $6.2 billion (3.8 billion pounds) at last count.

JPMorgan agreed to pay $920 million in penalties last month to the U.S. Federal Reserve, the U.S. Securities and Exchange Commission, the U.S. Comptroller of the Currency and the UK’s Financial Conduct Authority (FCA) over the trading scandal.

The FCA notice of its fine, totalling 137.6 million pounds, did not mention Macris by name but said that “by virtue of the conduct of the CIO London management” JPMorgan had deliberately misled the regulator.

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New York Foreclosure Update: Junk Banks: Bank Attorney’s Affidavits CanNot Authenticate the Note

New York Foreclosure Update: Junk Banks: Bank Attorney’s Affidavits CanNot Authenticate the Note

Recently a bank’s new foreclosure attorney complained to me about the now defunct Baum Foreclosure Mills files as so slovenly that, and I quote, ““The way they coded, you have no idea what this file looks like, it makes no rhyme or reason, conference-note, conference-note aom…” The documents do not exist to support the foreclosure complaints Baum filed years before that remain on the courts’ dockets. The latest set of attorneys representing the bank’s with those slovenly files apparently have marching orders to do whatever it takes, even fabricate facts, to keep the shadow docket alive. Their present attorneys defending the banks position now file affidavits attesting that they know the Bank has the Note because….well, ummm,…embarrassingly…

 

Dimon: JPMorgan is trying to resolve mortgage claims

I have news for you, Dimon. Improper and illegal transfers of residential and commercial mortgage loans through securitization will never go away..

JPMorgan Chase (JPM) CEO Jamie Dimon explained to CNBC that the lender is trying to resolve legacy mortgage security claims with the U.S. Department of Justice.

“I am so proud of this company. That’s what I think about when I wake up everyday,” he added in an interview that aired on “Squawk Box,” saying that “260,000 people around the world are doing a great job for our clients. We’re gaining market share. We’re doing great stuff. We’re trying to get our problems behind us.”

Source: CNBC