Daily Archives: March 21, 2014

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Former Barclays COO Del Missier Called Libor Rates ‘Fantasy’ in Diamond E-Mail (1)

Former Barclays COO Del Missier Called Libor Rates ‘Fantasy’ in Diamond E-Mail (1)

Ex-Barclays Plc (BARC) Chief Executive Officer Bob Diamond received an e-mail in 2007 describing Libor rates as a “fantasy,” according to documents in the first U.K. lawsuit over manipulation of the benchmark.

Jerry Del Missier, former chief operating officer of Barclays, sent the message to Diamond and ex-head of investment banking Rich Ricci, according to Stephen Davies, a lawyer for Guardian Care Homes, the company suing the bank, the U.K.’s second-biggest by assets.

Referring to “the whole Libor curve,” Del Missier said “the real story is that these are all fantasy rates,” said Davies, reading the August 2007 e-mail out at a hearing in London today where the bank was ordered to give Guardian additional evidence.

As Wells Fargo is Accused of Fabricating Foreclosure Papers, Will Banks Keep Escaping Prosecution?

We welcome you both to Democracy Now! Linda Tirelli, let’s begin with you.

LINDA TIRELLI: Good morning.

AMY GOODMAN: Can you describe this manual, how you got it and what it reveals?

LINDA TIRELLI: Absolutely. The manual that I have, it’s actually entitled the “Wells Fargo Home Mortgage Foreclosure Attorney [Procedure] Manual, Version 1.” And it says on it that it’s last published 2/24/2012. Mind you, the national mortgage settlement agreement was announced a week prior, on 2/19/2012.

The way I obtained it, it was actually sitting right there on the Internet, of all things. A colleague of mine, through a Max Gardner’s Bankruptcy Boot Camp, which I am a member, an active member, gave it to me and said, “Hey, I found this online, and I know you’re doing a lot of Wells Fargo cases. Maybe you can use this.”

Reading it, my jaw just dropped. As I see it, it’s clearly outlining procedures, not just for the $12-an-hour robo-signers that we’ve heard about all these years, but for the lawyers, who need to be held accountable to a much higher degree. It’s the manual for the lawyers to actually fabricate documents, as I see it, and request that documents that are lacking be fabricated by Wells Fargo. It’s absolutely appalling.

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JPMorgan Chase : U.S. judge OKs JPMorgan $218 million Madoff class-action settlement

JPMorgan Chase : U.S. judge OKs JPMorgan $218 million Madoff class-action settlement

A federal judge on Friday gave final approval to JPMorgan Chase & Co’s $218 million settlement to resolve class-action litigation accusing the largest U.S. bank of playing a central role in the huge Ponzi scheme of former client Bernard Madoff.

U.S. District Judge Colleen McMahon in Manhattan said the accord “easily meets the standards” for final approval, and provides “substantial and immediate” benefits to the swindler’s former customers.

She also awarded $18 million of fees to law firms that represented the customers: Entwistle & Cappucci, and Hagens Berman Sobol Shapiro.

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Credit Suisse to pay $885 million to settle MBS claims

Credit Suisse to pay $885 million to settle MBS claims

Credit Suisse (CS) reached an agreement with the Federal Housing Finance Agency to pay $885 million to resolve claims related to mortgage-backed securities.

Under the agreement, Credit Suisse will pay $234 million toFannie Mae and $651 million to Freddie Mac.

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Wells Fargo training program violates labor laws: Suit

Wells Fargo training program violates labor laws: Suit

A former Wells Fargo Advisors trainee has filed a lawsuit alleging that the firm’s attempts to recoup training costs from those who leave the program constitute a violation of labor laws.

The suit, which was filed today on behalf of Erika Williams, claimed that the firm unlawfully sought to reclaim more than $50,000 in training costs after she was reportedly “constructively discharged” from the firm last June. She alleged that the practice not only violates the Fair Labor Standards Act, but also presents an undue hardship on minority trainees, who have high failure rates.

Wells Fargo spokesman Anthony Mattera said the company had not yet been served and would not have a comment until it had reviewed the complaint.

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HSBC : Deutsche Bank fails to end 4 U.S. lawsuits over soured mortgages

HSBC : Deutsche Bank fails to end 4 U.S. lawsuits over soured mortgages

Deutsche Bank AG has failed to win the dismissal of four U.S. lawsuits seeking to force it to pay damages or buy back troubled home loans it had packaged into residential mortgage-backed securities prior to the 2008 financial crisis.

The cases concern securitization trusts backed by roughly $2.9 billion of home loans, and are among six lawsuits in New York accusing the German bank’s DB Structured Products Inc unit of reneging on its contractual duties to address problem loans, court papers show.

In a 35-page decision, U.S. District Judge Alison Nathan in Manhattan on Thursday said HSBC USA NA, acting as trustee for the four trusts, was entitled to pursue damages claims, and to determine the extent to which Deutsche Bank knew of problems in the underlying loans at the time of the securitizations.

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Wells Fargo Bank: Stop Robbing The Widow and Stealing a “paid in full” home of 26 years!!

Wells Fargo Bank: Stop Robbing The Widow and Stealing a “paid in full” home of 26 years!!

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    2. Petition by

      Cynthia Ziemer

       

Wells Fargo is trying to conduct a wrongful foreclosure upon me and steal my home of 26 years on 4/7/2014.

My husband of 20 years who was co borrower for World Savings loan in 7/2006 passed away in 5/2008.

Starting in 6/2008, I mailed death certificate in to World and then to Wachovia. It took them until 10/2011 to “process” death certificate and Wachovia informed me insurance monies and other payments (I paid 400,000 into loan) were applied and loan was “paid in full”.

Wells Fargo took over Wachovia in Jan 2012. I never received a Full Revonveyance!! I have never received a bill from Wells Fargo, but yet they have reported to three credit bureaus for 2 years monthly: current account, making payments and past due = 0 reported for 87 months!! They have reported this as recent as 11/2013.

Cal Western Reconveyance LLC

Has never filed a NOD.