Daily Archives: September 15, 2014

HUD, U.S. Bank resolve lending discrimination allegations

The U.S. Department of Housing and Urban Development reached an agreement with U.S. Bank National Association, U.S. Bank subsidiary Red Sky Risk Services, (formerly known as USB Lending Support Services) and one of U.S. Bank’s loan officers, resolving allegations that they refused to refinance the mortgage of an American Indian couple in Belcourt, North Dakota, because their property is located on a reservation.

Under the agreement, U.S. Bank agreed to pay the couple’s U.S. Bank credit card balance in the amount of $11,489.56, and to approve their application for a home mortgage refinance loan at the same interest rate and under other terms and conditions for which they originally applied.

According to the Fair Housing Act, lenders are prohibited from discriminating in making mortgages available or in the terms or conditions of a mortgage transaction based on race, color, national origin, religion, sex, family status or disability.

Read on.

Bankrate Discloses SEC Probe As CFO Steps Down

Law360, New York (September 15, 2014, 1:47 PM ET) — Personal finance information service Bankrate Inc. revealed Monday that the U.S. Securities and Exchange Commission is investigating its 2012 financial statements and that its chief financial officer is stepping down and warned investors not to rely on its statements covering the 2011 to 2013 fiscal years.

The company said the SEC’s investigation focuses in part on reports related to the quarters ending March 31 and June 30, 2012. In particular, the agency is looking at $781,000 in revenue the company said it had generated in three…

Source: Law360

MERS – TOO MANY DEAD DUCKS

Deadly Clear

patent_officeWhile fishing for bank-related patents this gem surfaced and jumped into the net.  At first it wasn’t apparent it was a keeper because the UETA issue has not been in the forefront of foreclosure defense. However, taking the time to dissect the document it became apparent that, as some of us have suspected, there is a mandatory methodology from the origination of the mortgage loan on a trip to the securitized trust that includes the EXPLICIT CONSENT of the obligor (homeowner).

Yup… The road to securitization needs an electronic record that the “issuer” aka the “obligor” has explicitly consented to at the time of origination. Yeah, ya think maybe that was the real intention of MERS aka Mortgage Electronic Registration Systems, Inc.? But it looks like it didn’t have all its ducks in a row. This is a lot to digest – but you need to know and understand…

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