Daily Archives: February 13, 2014

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MONTGOMERY COUNTY, PENNSYLVANIA, RECORDER OF DEEDS V. MERSCORP, INC. ET AL | PENNSYLVANIA MERS CLASS ACTION CERTIFIED

MONTGOMERY COUNTY, PENNSYLVANIA, RECORDER OF DEEDS V. MERSCORP, INC. ET AL | PENNSYLVANIA MERS CLASS ACTION CERTIFIED

Standards Applicable to Class Certification Requests “The class action is ‘an exception to the usual rule that litigation is conducted by and on behalf of the individual named parties only.’” Comcast Corp. v. Behrend, 133 S. Ct. 1426, 1432, 185 L. Ed.2d 515, 521 (2013)(quoting Califano v. Yamasaki, 442 U.S. 682, 700-701, 99 S. Ct. 2545, 61 L. Ed.2d 176 (1979)). “In order to justify a departure from that rule, ‘a class representative must be part of the class and possess the same interest and suffer the same injury as the class members.’” Wal- Mart Stores, Inc. v. Dukes, 131 S. Ct. 2541, 2550, 180 L. Ed.2d 374, 388-389 (2011)(quoting, inter alia, East Texas Motor Freight System, Inc. v. Rodriguez, 431 U.S. 395, 403, 97 S. Ct. 1891, 52 L. Ed.2d 453 (1977)). 

 

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MORE LIBOR CHARGES PENDING

MORE LIBOR CHARGES PENDING

In London, charges will be pressed against six more individuals alleged to be involved in the LIBOR scandal, the Financial Times reports.

The UK’s Serious Fraud Office will press the charges by the end of February. They have already charged three people—two brokers an a trader—as part of the probe, and each has pled not guilty, saysFT.

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Another JPMorgan Banker Dies, 37 Year Old Executive Director Of Program Trading

Another JPMorgan Banker Dies, 37 Year Old Executive Director Of Program Trading

(Hat tip to Zero Hedge.)

Ordinarily we would ignore the news of another banker’s death – after all these sad events happen all the time – if it wasn’t for several contextual aspects of this most recent passage. First, the death in question, as reported by the Stamford Daily Voice is that of Ryan Henry Crane, a Harvard graduate, who is survived by his wife, son and parents at the very young age of 37. Second, Ryan Henry Crane was formerly employed by JPMorgan – a bank which was featured prominently in the news as recently as two weeks ago when another of its London-based employees committed suicide by jumping from the top floor of its Canary Wharf building. Third: Crane was an Executive Director in JPM’s Global Program Trading desk, founded in 1999 by an ex-DE Shaw‘er, a function of the firm which is instrumental to preserving JPM’s impeccable and (so far in 2013) flawless trading record of zero trading losses.

There was little detail surrounding the death:

 
 

Ryan Henry Crane of Stamford died Monday, Feb. 3. He was 37.

 

Crane was born Jan. 8, 1977, and grew up in Long Valley, N.J. He graduated from The Delbarton School in Morristown in 1995. He graduated from Harvard University in 1999, after which he spent the next 14 years at J.P. Morgan in New York. He was an executive director in the Global Equities Group.

 

Crane is survived by his wife, Lauren (nee Pizzotti); son, Harry; parents Mary Jo and Lex of Long Valley, N.J.; brother, Lex of Denver, Colo.; sister, Allison; brother-in-law, John Archard of Arvada, Colo.; parents-in-law, Steve and Carol Pizzotti of Reading, Mass.; brothers- and sisters-in-law, David and Heather Pizzotti of Upper Arlington, Ohio, Stephen and Kristin Pizzotti and Chris and Felicia Pizzotti of Reading, Mass.; five nephews, three nieces; aunts, uncles; and cousins.

 

Calling hours are Sunday, Feb. 9 from 3 to 7 p.m. at the Leo P. Gallagher Funeral Home, 31 Arch St., Greenwich. A Mass of Christian Burial will be held at 11 a.m. Monday, Feb. 10 at St. Catherine of Siena Church, Riverside. Interment will be held at 1 p.m. Tuesday, Feb. 11 at Puritan Lawn Memorial Park in Peabody, Mass.

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Linda Zimmerman v. JPMorgan Chase Bank, NA | FL 4DCA – Chase failed to submit any record evidence proving that it had the right to enforce the note on the date the complaint was filed

Linda Zimmerman v. JPMorgan Chase Bank, NA | FL 4DCA – Chase failed to submit any record evidence proving that it had the right to enforce the note on the date the complaint was filed

inda Zimmerman v. JPMorgan Chase Bank, NA | FL 4DCA – Chase failed to submit any record evidence proving that it had the right to enforce the note on the date the complaint was filed

Linda Zimmerman appeals a final judgment of foreclosure entered in favor of JP Morgan Chase Bank (“Chase”). Appellant raises multiple issues on appeal. We affirm on all except appellant’s argument that Chase failed to establish that it had standing to bring the foreclosure action. On this point Chase rightly concedes error. Standing to foreclose is a “crucial element” in any mortgage foreclosure proceeding and must be established at the inception of the lawsuit. McLean v. JP Morgan Chase Bank Nat’l Ass’n, 79 So. 3d 170, 173 (Fla. 4th DCA 2012). Chase attached to the complaint a photocopy of appellant’s promissory note and mortgage listing Washington Mutual Bank, FA, as the lender. Over one year later, in support of its motion for summary judgment, Chase filed the original note containing an undated endorsement in blank, but failed to file any evidence establishing that Chase obtained possession of the endorsed note prior to filing the complaint.

 

 

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FHFA-OIG: GSE mortgage servicing needs oversight

FHFA-OIG: GSE mortgage servicing needs oversight

The Federal Housing Finance Agency Office of Inspector General released its latest report entitled “FHFA’s Oversight of the Servicing Alignment Initiative.”  

The SAI was established in April 2011 as way to address widespread deficiencies in servicer management of deficiencies in servicer management of delinquent mortgages, the FHFA-OIG said.

In addition, the initiatives include a series of FHFA directives setting forth contractual requirements that the Enterprises must incorporate into their servicing guidelines. 

However, there is currently no system in place to monitor if the initiatives are being upheld.

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Guess who NY regulator Lawsky is coming after next?

Guess who NY regulator Lawsky is coming after next?

Nonbank mortgage servicers are growing too fast and regulators need to protect homeowners by making sure these companies can handle the volume of business they are taking on, says Benjamin Lawsky, superintendent of the New York Department of Financial Services.

Lawsky is the zealous regulator who put the brakes onOcwen Financial Corp.(OCN) and Wells Fargo (WFC).

“It is appropriate for regulators, where warranted, to halt the explosive growth in the nonbank mortgage servicing industry before more homeowners get hurt,” Lawskey told the New York Bankers Association Annual Meeting and Economic Forum.

In the Ocwen case, Lawsky said he is concerned about Ocwen’s ability to handle Wells Fargo’s portfolio of mortgage servicing rights, a deal that was announced last month and which would have given Ocwen the right to service some $39 billion in mortgages.  

Wells Fargo’s portfolio of residential mortgage servicing rights holds roughly 184,000 loans linked to the transaction. The portfolio represents approximately 2% of the banks total residential servicing portfolio.

Of all nonbank mortgage servicers, Ocwen has grown into the largest in the nation, managing a $430 billion portfolio.

Being the biggest elephant means Ocwen is also the biggest target. Last year Ocwen agreed to a $2.1 billion settlement with the Consumer Finance Protection Bureau.

Lawsky said companies like Nationstar Mortgage Holdings (NSM) and Walter Investment Management (WAC) are in his sights and drawing his scrutiny.

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Nevada AG ordered to pay Black Knight in robosigning lawsuit

Nevada AG ordered to pay Black Knight in robosigning lawsuit

Most mortgage firms sued by Nevada’s Attorney General Catherine Cortez Masto decide to settle.

Deutsche Bank (DBsettled for $11.5 million. The Royal Bank of Scotland (RBSsettled for $42 million.

For Black Knight Financial Services, then known asLender Prosessing Services, the Nevada AG may end up paying them.

Cortez Masto’s office was sanctioned for failing to meet the deadline in discovery in her lawsuit against LPS for alleged robosigning.

The firm responsible for getting that information to the AG is Cohen Milstein.