Daily Archives: January 28, 2014

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UFCW Union v. Barclays Bank; BNP Paribas Group; Citibank; Credit Suisse Group; UBS AG

UFCW Union v. Barclays Bank; BNP Paribas Group; Citibank; Credit Suisse Group; UBS AG

Several banks conspired to fix the foreign currency exchange market through the manipulation of WM/Reuters Rates bought and sold in the United States last year, a union and pension claim.

USDC Southern District of New York
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Class action win against foreclosure king Stern

Class action win against foreclosure king Stern

More than 1,000 Florida borrowers will share in a $831,110 class action award for being billed unlawful foreclosure-related fees by the Law Offices of David J. Stern.

 

The judgment, which is believed to be the first successful class action lawsuit against the former foreclosure titan, was finalized last week by Palm Beach County Circuit Judge Lucy Chernow Brown.

Loxahatchee homeowner Rory Hewitt represented the class.

“I think this has some significance for these large law firms that represent banks and who were exploiting homeowners in various ways,” said Louis Silber, whose West Palm Beach-based law firm Silber & Davis represented the homeowners. “These are people who were living paycheck to paycheck and they were being charged fees that Stern wasn’t entitled to.”

Filed in 2009, the suit challenged the costs charged by Stern’s firm to deliver additional foreclosure summonses on “John and Jane Doe” and other unknown parties who may have claims on a property.

– See more at: http://blogs.palmbeachpost.com/realtime/2014/01/27/class-action-win-against-foreclosure-king-stern/#sthash.rR9mqauA.dpuf

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JPMorgan reportedly selling $373M prime new issue RMBS

JPMorgan reportedly selling $373M prime new issue RMBS

JPMorgan Chase (JPM) told HousingWire.com the bank will decline comment on a Bloomberg news item suggesting the lender is about to sell $373 million prime new issue residential mortgage-backed securities.

Data collected by Bloomberg suggests the deal is in the works, with reporters Jody Shenn and Christopher DeReza reporting that the ticker may be JPMMT 2014-1, and the transaction is expected to carry a weighted credit score of 766 and is packed with fixed-rate, first-lien residential loans, with the majority maturing in 30 years.

The pool contains 428 loans.

Originators include RMPOpes AdvisorsFirst Republic,Guaranteed RateFifth ThirdBank of ManhattanGuild Mortgageimortgage.comFirst SavingsPrime MortgageCobaltDubuque BankBank of Oklahoma,CornerstoneJohnson BanksEverett Financial,Susquehanna BancsharesAmeriSave Mortgage.