Homeowners unite against threat of foreclosure
In Newark, the nightmare of losing your home is very real. According to NJ Communities United, almost 1 in 4 mortgage-holders in New Jersey are underwater – they owe more money than their home is now worth. And in Newark alone, there have been almost 7,000 foreclosures between 2008 and 2012.
On a chilly Saturday morning in Newark, New Jersey, a group of about 45 people gathered together in a small conference room not far from Newark-Penn Station. NJ Communities United, a progressive, grassroots advocacy group that focuses on low and moderate-income communities, operates out of the office upstairs. You might spot members of NJ Communities United in demonstrations across the state or in Washington, D.C. protesting for education or immigration reform. Signs and posters from these protests adorn the walls.
But that morning, the focus was on another issue facing residents of New Jersey’s largest city. As participants began to trickle in at 10 a.m., they exchanged hugs and handshakes and helped themselves to a little breakfast – in preparation for a weekend-long seminar called the Housing Justice Academy.
Wells Fargo Denies Fraud In Force-Placed Insurance Case
Law360, New York (December 13, 2013, 2:09 PM ET) — Wells Fargo Bank NA asked an Illinois federal judge on Thursday to toss a proposed class action brought by mortgage borrowers alleging it made kickbacks off force-placed insurance policies, arguing it had fully disclosed it would earn commissions from the policies and there was no proof its actions were unjust.
Madoff claims he helped gov’t snag JPMorgan
In a new email from federal prison, convicted con artist Bernard Madoff claims federal regulators “eagerly accepted” information he offered about JPMorgan Chase, which is in talks with U.S. authorities about a potential $2 billion settlement over its alleged role in the Madoff fraud.
“I am not looking for any type of credit for my assistance, just their honesty,” he wrote in an email to me dated Friday. “Nothing I could do at this point would help my image.”
Madoff claims he shared his information with the Treasury Department Inspector General’s office. Sources confirm an intermediary for him contacted the IG’s office, but they could not say what information was provided or whether it has been useful.
Dec. 12 (Bloomberg) — Sen. Elizabeth Warren, a Democrat from Massachusetts, discusses the state of too big to fail banks on Bloomberg Television’s “Market Makers.”
Here is the video: http://bloom.bg/1f9JoMp