Daily Archives: January 30, 2015

SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action Against Home Loan Servicing Solutions Ltd. and Certain Officers — HLSS

NEW YORK, Jan. 30, 2015 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Home Loan Servicing Solutions Ltd. (“HLSS” or the “Company”) (Nasdaq:HLSS) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, is on behalf of a class consisting of all persons or entities who purchased HLSS securities between February 7, 2013 and January 23, 2015, inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased HLSS securities during the Class Period, you have until March 30, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained atwww.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.

Home Loan Servicing Solutions, Ltd., through its subsidiaries, engages in the acquisition of mortgage servicing assets. Its mortgage servicing assets consists of servicing advances, mortgage servicing rights, rights to mortgage servicing rights, and other related assets.

The Complaint alleges that the Company made false and/or misleading statements and/or failed to disclose that: (i) the Company’s business was dependent on Ocwen Financial Corporation (“Ocwen”) and Ocwen conducting its business legally; (ii) the Company’s business faced material risks and uncertainties due to the systemic internal control weaknesses at Ocwen; (iii) Ocwen was under investigation for violating applicable federal and state regulations and laws, including among other things, the New York Department of Financial Services’ and the state of California’s investigation of Ocwen; (iv) the Company was in breach of provisions of its notes held by BlueMountain Capital Management, LLC; and (v) the Company faced material risks if it defaults on its notes. The suit claims that when the truth was revealed, it caused the price of the Company’s stock to drop, damaging investors.

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SocGen Enters CMBS Market in U.S. by Hiring Team From RBS

(Bloomberg) — Societe Generale SA is entering the U.S. commercial-mortgage-backed securities market and has hired a team of more than 10 people from Royal Bank of Scotland Group Plc for the effort.

Wayne Potters, who most recently led RBS’s commercial real-estate group, will head the CMBS group for the French bank, according to an e-mailed statement. Societe Generale said it also hired Adam Ansaldi, who previously oversaw the CMBS distribution and securitization at RBS.

The bank is seeking “to develop asset-backed product capabilities that will take advantage of a trend towards increased securitization to finance the economy at a time when many banks’ capacity to hold assets on their balance sheets is limited,” according to the statement.

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Subprime Bonds Are Back With Different Name: Credit Markets

(Bloomberg) — The business of bundling riskier U.S. mortgages into bonds without government backing is gearing up for a comeback. Just don’t call it subprime.

Hedge fund Seer Capital Management, money manager Angel Oak Capital and Sydney-based bank Macquarie Group Ltd. are among firms buying up loans to borrowers who can’t qualify for conventional mortgages because of issues such as low credit scores, foreclosures or hard-to-document income. They each plan to pool the mortgages into securities of varying risk and sell some to investors this year. JPMorgan Chase & Co. analysts predict as much as $5 billion of deals could get done, while Nomura Holdings Inc. forecasts $1 billion to $2 billion.

Investment firms are looking to revive the market without repeating the mistakes that fueled the U.S. housing crisis last decade, which blew up the global economy. This time, they will retain the riskiest stakes in the deals, unlike how Wall Street banks and other issuers shifted most of the dangers before the crisis. Seer Capital and Angel Oak prefer the term “nonprime” for lending that flirts with practices that used to be employed for debt known as subprime or Alt-A.

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Report: Foreclosed-on homeowners may return to market

A Tuesday report from a national real estate research firm ranked Las Vegas No. 1 for its share of boomerang buyers — homebuyers who experienced foreclosure or short sale in the downturn but are set to purchase again. It’s a segment that will make up more than a quarter of the city’s potential single-family homebuyers from 2015 through 2022, California-based RealtyTrac said.

More…

JP Morgan Chase to eliminate 350 jobs

JPMorgan Chase & Co. said Thursday it plans to cut more than 350 jobs later this year. The banking company has notified local employees at the Chase Tower location downtown about the job eliminations in late summer or early fall from its mortgage banking operations. All of 350 positions will be eliminated from that location. JPMorgan employs close to 1,500 in the Greater Rochester area.

Read More at: http://www.13wham.com/news/features/top-stories/stories/jp-morgan-chase-eliminate-350-jobs-19668.shtml

How corporate America is blocking $50 million from reaching Florida homeowners

In March 2013, a $50 million foreclosure prevention program was approved to reduce monthly mortgage payments for struggling Florida homeowners.

But in nearly two years, just 71 borrowers have been approved for the plan, called the Modification Enabling Pilot.

Why it’s been slow on the uptake, and may eventually fatally stumble, is an inability to compete with corporate hedge funds and billion-dollar, for-profit firms still making money on the housing crisis. And it’s not an easy program to understand so the public lacks awareness.

The idea partners the non-profit National Community Capital with the $1 billion Hardest Hit Fund. The non-profit bids on pools of thousands of discounted loans offered at auction by the Federal Housing Administration. As a private entity, whoever wins the auction is supposed to have more flexibility to modify the mortgage payments than what can be offered at the federal level.

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Middle Class Getting Squeezed Out of Courts. So What is Being Done About it? « LawReader

Alina's Blog

Labarga noted the New York Bar requires law school graduates to perform 50 hours of pro bono work before they are admitted to the bar and California allows nonlawyers to help litigants. “Here in Florida I’d get pushback from the Bar for trying that,” he said.

via Middle Class Getting Squeezed Out of Courts. So What is Being Done About it? « LawReader.

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