Daily Archives: June 30, 2014

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Freddie Mac Updates MERS Requirements

Freddie Mac Updates MERS Requirements

MERS® Effective immediately, unless otherwise noted Legal compliance Effective October 15, 2014 Due to recent legal developments, Mortgages in the States of Montana, Oregon and Washington where MERS is not the original mortgagee of record, but is a subsequent assignee, are not eligible for sale to Freddie Mac. Seller/Servicers should refer to Bulletin 2014-6 regarding the use of the MERS Rider (Form 3158) for Mortgages where MERS is the original mortgagee of record in the above States. Updates and clarifications We are updating the Glossary to include the term “MERS Governing Documents.” Seller/Servicers are reminded that in the event any requirements of the MERS Governing Documents conflict with the requirements of the Guide, the requirements stipulated within the Guide will prevail. We are also announcing the following updates and clarifications for MERS-registered Mortgages: Effective September 16, 2014, we are requiring Seller/Servicers, who sell and/or service Mortgages for which MERS is the mortgagee, to: • Register the Mortgage(s) with MERS prior to loan delivery to Freddie Mac • Update the MERS System to reflect a MERS-registered Mortgage status as “Paid in Full” within two Business Days after the Payoff Date Effective immediately, we are clarifying that Seller/Servicers must: • Reflect a Concurrent Transfer of Servicing on the MERS System • Prepare and execute an assignment of the Security Instrument to themselves prior to initiating the first legal action in a foreclosure proceeding • Prepare and execute an assignment of the Security Instrument to themselves prior to filing any bankruptcy proof of claim or motion for relief from stay and record the assignment where required by State law Reminders For MERS-registered Mortgages, we are reminding Servicers of the need to: • Reconcile Mortgage data in accordance with obligations set forth in the MERS Governing Documents • Promptly notify Freddie Mac if their membership with MERS is terminated for any reason • Comply with all MERS-registered Mortgage loan data reconciliation requirements set forth in the MERS Governing Documents • Ensure that only their duly authorized officers or employees, as appointed by MERS pursuant to a MERS corporate resolution, are permitted to act as MERS signing officers Freddie Mac may review a Servicer’s compliance with MERS requirements periodically. Guide updates Sections 4.14, MERS® Membership, 22.14, Assignment of Security Instrument, 53.15, MERS®, 66.17, Foreclosing in the Servicer’s Name, 67.7, Bankruptcy General Requirements, and 78.15, Payoff – Matured or Prepaid, and the Glossary have been updated to reflect the changes referenced above.

 

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OSORIO V. STATE FARM BANK, FSB | 11TH CIRCUIT – ROBO-CALLS – DEBT COLLECTORS COULD BE FINED $1,500 IN STATUTORY DAMAGES, OR $4,500 IF WILLFUL EVERY TIME THEY CALL

OSORIO V. STATE FARM BANK, FSB | 11TH CIRCUIT – ROBO-CALLS – DEBT COLLECTORS COULD BE FINED $1,500 IN STATUTORY DAMAGES, OR $4,500 IF WILLFUL EVERY TIME THEY CALL

If, for example, State Farm is found to have made its first three autodialed calls in reasonable reliance on Betancourt’s negligent misrepresentation (causing a total of $1,500 in statutory damages, or $4,500 if willful), but hundreds more calls were made in spite of a subsequent revocation of consent, then spending $132,000 to defend a claim with a maximum potential recovery of only $4,500 would appear unreasonable. This issue will thus require consideration by the district court on remand. V. CONCLUSION For all of the reasons set forth above, we REVERSE the district court’s grant of summary judgment to State Farm on Osorio’s TCPA claim, REVERSE its grant of summary judgment to State Farm on the latter’s negligent-misrepresentation claim against Betancourt, and REMAND the case for further proceedings consistent with this opinion.

 

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US Bancorp pays $200M to resolve FHA mortgage-lending violations

US Bancorp pays $200M to resolve FHA mortgage-lending violations

U.S. Bancorp (USB) has agreed to pay the United States $200 million to resolve allegations that it violated the False Claims Act by knowingly originating and underwriting mortgage loans insured by the Federal Housing Administration that did not meet applicable requirements, the Justice Department announced Monday.

The settlement resolves an investigation relating to the endorsement of mortgage loans under the FHA’s insurance program.

“By misusing government programs designed to maintain and expand homeownership, U.S. Bank not only wasted taxpayer funds, but inflicted harm on homeowners and the housing market that lasts to this day,” said Assistant Attorney General for the Justice Department’s Civil Division Stuart Delery. “As this settlement shows, we will continue to hold accountable financial institutions that violate the law by pursuing their own financial interests at the expense of hardworking Americans.”

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Wells Fargo Handling of Washington Mutual Bank FHA, VA loans in Ginnie Mae MBS

Wells Fargo Handling of Washington Mutual Bank FHA, VA loans in Ginnie Mae MBS

Very interesting comment on Indybay.org website:

by Charles W Reed III

Before this manual was publish, Wells Fargo since Sept 25, 2008 was having the to create Forgeries to foreclose on ever single Washington Mutual Bank (WaMu) Ginnie Mae pooled loan because all the Notes to the “fail bank” were in the possession of Ginnie Mae, and Wells Fargo was only the custodian of records. 

Wells Fargo used this position were they are holding the Notes physically but only as an extension of Ginnie through an agreement of record keeping. However what slick Wells did was to tell the land recording that they were the legal possessor of the Promissory Notes, having the attorney who is moonlighting as Assistance Secretaries of MERS create Assignment of Deed of Trust record the document that places Wells in the ownership position with out a sale of the debt. 

Now proof of one series of Forgeries can be found in the State of Nebraska where MERS is not license to do business at the NE Secretary of State, (NE Statute 21-20,168) and which it prevent them from using the state court system. Document filed on Nov 29, 2009 in Instrument Numbers 2009-34889, 2009-34890, 2009-34891 are the blueprint for the crimes Wells Fargo had committed with every single Administrative foreclosed of a WaMu government insured loan in a Ginnie Mae pool. 

Wells Fargo started out mortgage servicing & custodian to 1.3 million of WaMu loan from the Jul 31, 2006 servicing agreement. Understand that the default rate during 2009 & 2010 for government insured loans were at the 4.5%. Wells Fargo got a problem that just got bigger!

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Wells Fargo “Manual” Case | In Re: Case No. 10-20010-rdd CYNTHIA CARSSOW FRANKLIN DEBTOR’S OBJECTION TO PROOF OF CLAIM BEFORE HON. ROBERT D. DRAIN UNITED STATES BANKRUPTCY JUDGE

Document 93-1 In Re CYNTHIA CARRSOW-FRANKLIN Trial Transcript of the Wells Fargo Foreclosure Manual case.

Mario Kenny ™

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AMERICAN SAVINGS BANK VS JOHN RIDDEL, J.R. | HAWAII APPEALS COURT – REVERSED ON APPEAL

AMERICAN SAVINGS BANK VS JOHN RIDDEL, J.R. | HAWAII APPEALS COURT – REVERSED ON APPEAL

IN THE INTERMEDIATE COURT OF APPEALS OF THE STATE OF HAWAII AMERICAN SAVINGS BANK, F.S.B., Plaintiff-Appellee, v. JOHN RIDDEL, J.R., Defendant-Appellant and KEVYN KELI PAIK, WENDYS.L. PAIK, Defendants-Appellees APPEAL FROM THE CIRCUIT COURT OF THE FIFTH CIRCUIT

 

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CBS Sunday Morning contributor Nancy Giles: Let’s sue Congress!

CBS Sunday Morning contributor Nancy Giles: Let’s sue Congress!

Boehner forgotten that not only the President has to abide by the Constitution so does Congress and Senate…And how many days this year that Congress actually worked???

In this web-exclusive commentary, “Sunday Morning” contributor Nancy Giles says House Speaker John Boehner’s planned lawsuit against President Obama because “the president has not faithfully executed the laws” deserves an appropriate response:

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Now, after almost four years “leading” the House Republicans to a record number of blocked votes, subcommittees and hearings, 54 votes to repeal, amend, or just somehow get their hands around the Affordable Care Act, and a government shutdown that cost the economy an estimated $24 billion (according to the financial ratings agency Standard & Poors), Speaker Boehner has topped himself.He wants the House of Representatives to sue President Obama for his use of executive actions.

According to Speaker Boehner:

“The Constitution makes it clear that a president’s job is to faithfully execute the laws; in my view, the president has not faithfully executed the laws.”

Now that’s funny. Article 2 of that same Constitution says that among the President’s other powers, he “shall have power to fill up all vacancies that may happen during the recess of the Senate, by granting commissions which shall expire at the end of their next session.”

And speaking of not faithfully executing the laws, let’s talk about Congress.

Congress has many duties; a key one is to represent we, the people in what are basically the biggest town hall meetings in the U.S.A. But the main job of Congress, according to Section 8 of the Constitution? “To make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers, and all other Powers vested by this Constitution…”