Daily Archives: June 14, 2014


Another BNP exec departs under US pressure

Another BNP exec departs under US pressure

Another top BNP Paribas executive has resigned as the French bank tries to satisfy US regulators seeking to punish it dearly for alleged violations of US sanctions, sources said Friday.

Dominique Remy, who has held a number of senior posts, resigned in mid-May after New York state banking regulator Benjamin Lawsky named him as one of the 12 officials who should step down due to their roles in the scandal, according to two people familiar with the matter.

News of Remy’s departure follows Thursday’s announcement that chief operating officer Georges Chodron de Courcel would retire. Lawsky had also pressed for Chodron de Courcel’s departure, sources told AFP.

Remy, 60, joined Paribas bank in 1979 and has held various posts in finance and commodities.

Ocwen demands payment, family has proof they already paid

ABC news:

Dear ABC News Fixer: Last November, our mortgage was sold to a new servicing company, Ocwen Loan Servicing. We have documented, irrefutable proof that we have made all of our payments to Ocwen on time and in full.

However, two days after we got our March statement showing our account was in good standing, Ocwen sent us a certified letter stating that they had not received a payment from us in three months. They said if we didn’t pay them $9,184.53 by the first week of April, they would initiate foreclosure proceedings.

We are beyond furious.

We have been on the phone with Ocwen’s overseas “customer service” department for hours on end and have emailed everyone from the CEO on down, and have gotten nowhere. I suspect that our credit, which was previously excellent, is now circling the drain. I have researched Ocwen online, and have discovered that they settled a government lawsuit in 2013 for $2 billion.

We have two young sons at home and are by no means wealthy. We are just honest, hard-working people who are being run over by a corporation. Please help!

– Jennifer Martens, North Aurora, Ill.

Dear Jennifer: If Franz Kafka were alive today, we’re thinking this Ocwen story would make a nice plotline: You had your loan servicer unwittingly switched, but you paid your bills. Ocwen’s own account statements said you paid your bills, and your bank said you paid your bills … and then Ocwen said you didn’t pay your bills. And then Ocwen said they could see that you did pay your bills, but they couldn’t make their computer say you paid your bills.

What a headache.

Seriously, though, your account was pretty screwed up. When the ABC News Fixer contacted them about the problem, Ocwen told us they had escalated the case and were urgently trying to fix it.

The good news is you had plenty of documentation showing you had made your loan payments on time. It took about a month, but eventually Ocwen was able to get your account properly credited and remove the threat of foreclosure.

Robert Kaltenbach, director of Ocwen’s office of the ombudsman, told us that everything should be fine going forward, though the company never gave us an explanation for why this happened. You said the story you got was that when they took over the loan, someone apparently inputted the terms into their system incorrectly. From there, it spiraled out of control, resulting in the supposed late payments and $7,098.75 in mysterious added “fees/expenses.”

You are correct that Ocwen has had bigger troubles than this. In March, a federal judge finalized a consent judgment between Ocwen and the U.S. Consumer and Financial Protection Bureau, 49 states and the District of Columbia over allegations that Ocwen deceived consumers about their loans and engaged in illegal foreclosures.

The company did not admit any wrongdoing, but it agreed to provide $2 billion in principal reduction to consumers with underwater loans and refund $127.3 million to consumers who were foreclosed upon. Under the terms of the settlement, Ocwen also said it will adhere to a number of consumer protection measures.

One last note — you said the Ocwen rep assured you that the correct payment history will be sent to the credit reporting bureaus. That’s good. Every consumer should check their free credit report annually at www.annualcreditreport.com.

– The ABC News Fixer


On June 13, 2014, Snohomish County Superior Court Judge George Bowden signed an order after an unlawful detainer trial (which does not involve quiet title) that invalidated the Trustee’s Deed recorded in 2012; denied the Beneficiary/purchaser possession; and, awarded statutory costs and attorney fees to the homeowner. The Judge found that the assignment of the Beneficial interest to Nationstar by MERS was invalid because MERS never held the note and even if it did, it had already conveyed it to Wells Fargo. He then went on to hold the appointment of QLS as successor Trustee was invalid because Nationstar lacked authority to make the appointment. That however is only the beginning of the Court rulings. The Judge also found that QLS could not rely on the declaration by Nationstar (prepared by QLS in its normal business practice) which declared Nationstar was the note holder because QLS had breached its statutory duty of good faith and fair dealing owed to the debtor. The Court did not stop there. The Plaintiff argued the DTA barred the Debtor from making a claim to title because he had not attempted to restrain the sale. The Court ruled that failure of QLS to materially comply with requisites requirements of the DTA resulted in the DTA not applying at all so the issue of waiver was not reached. The homeowner was successfully represented by John Long and Brett Masch of the Law Firm of John A Long in Issaquah The case name is The Federal National Mortgage Association vs. Brevick, Snohomish County Superior Court Case # 12-2-05605 and is attached along with the Court’s oral ruling. Attached is a copy of the signed Findings, Conclusions and Order along with a copy of the transcript of the Court’s oral ruling.

Click to access Findings-of-Facts-Conlusions-and-Order-1.pdf

Click to access Brevick-05-28-14-Decision-Transcript.pdf


Goldman Wins Toss of $450M Mortgage Investor Suit

Goldman Wins Toss of $450M Mortgage Investor Suit

Law360, Los Angeles (June 13, 2014, 7:54 PM ET) — A New York state judge on Friday threw out a $450 million residential mortgage-backed securities lawsuit against Goldman Sachs Group Inc., finding the investor plaintiffs didn’t do their homework before buying in to the deal.

Judge Charles E. Ramos declined Goldman’s bids to dump the suit for standing or timeliness, but agreed that, as so-called sophisticated investors, plaintiff Phoenix Light SF Ltd. should have done its own due diligence on the loans in the portfolio before agreeing to hand over its money for the deal, according…