Daily Archives: September 3, 2014

GoFundMe removes campaign for accused rapist, while letting Ferguson shooter raise $235k

MERS discussion propmts residents to come forward

LAKE COUNTY >> Numerous Lake County residents have come forward with their own stories regarding Mortgage Electronic Registration Systems (MERS) in light of the Lake County Board of Supervisors (BOS) discussion on the system on Aug. 26.

The system is a national database of home mortgages that allows lenders to bypass county recorders to easily transfer mortgage rights. The system tracks mortgage loans and servicing interests, but it appears MERS may not be recording all additional mortgage assignments.

County Counsel Anita Grant informed the board that they do not have the authority to write legislation against MERS, but can encourage state legislators to look into the issue. Additionally, the county can conduct an forensic audit to determine if any fraudulent recordings have occurred. Individual property owners can file lawsuits.

Since being founded in 1995, MERS has been a part of numerous lawsuits across the country, including Nevada, Florida, Arizona, Minnesota, Kansas, Washington and New York.

 

Read on.

HSBC vs. MILLER | NYSC – Plaintiff 2nd Attempt to Foreclose…This Court Finds NO Reference to Def. Miller’s Obligation in the PSA…PSA & Lost Note Goes Down in Flames

Here is the court document. Click here.

Senate Banking Panel to Host Wall Street Reform Hearing Next Week

U.S. regulators, closing in on their mandate to force financial firms to prove they can weather another credit crisis, are set today to finish two key rules governing the banks’ balance sheets.

The Federal Reserve, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. are ready to issue a mandate that banks set aside enough easy-to-sell assets to survive a 30-day liquidity drought and wrap up rules on how much loss-absorbing capital must be held against total assets.

Ahead of a hearing next week before U.S. senators, who will ask about their progress on rules related to the Dodd-Frank Act, regulators are piling up a stack of fresh work. The latest actions include another rule today dealing with swap margins and one yesterday scrutinizing how banks aremanaging risk.

Read on.

Schneiderman: Discrimination Is Illegal, And All New Yorkers Must Be Offered Equal Access To Mortgage Opportunities

Evan bank redlining

This graphic, created by the attorney general’s office and included in the lawsuit, shows Evans Bank branches and ATMs clustered on the border of neighborhoods that are more than 50 percent black.

 

A copy of NY AG’s complaint can be read here.

High Court Asked To Review Countrywide Loan Fee Class Suit

Law360, New York (September 02, 2014, 6:32 PM ET) — A Missouri couple has asked the U.S. Supreme Court to review the Eighth Circuit’s dismissal of their proposed class action against Countrywide Home Loans Inc. over allegedly unauthorized mortgage fees, claiming the decision permits defendants to dodge state law claims by removing cases to federal court.

Attorneys for Jerry and Golda Washington claimed the circuit court created an unconstitutionally conflicting system of laws by rejecting a Missouri Court of Appeals decision applying a six-year statute of limitations under state law to civil claims, arguing that the…

Source: Law360

Bank of America Requests Judge Leniency in $1.3B Mortgage Case

Bank of America is asking for leniency from a federal judge regarding the jury verdict in a separate mortgage fraud ruling. The district judge had ordered the big bank to pay $1.3 billion after a jury found its Countrywide unit guilty of fraudulent mortgage loans to Fannie Mae and Freddie Mac.

Read more:Click here.