Daily Archives: March 9, 2015

Banks Say Judge Can’t Split Up Libor Suit Over Jurisdiction

Law360, Los Angeles (March 05, 2015, 9:02 PM ET) — Bank of America Corp., Barclays PLC and other major lenders on Thursday told a New York federal judge presiding over multidistrict litigation regarding allegations the banks colluded to rig the Libor that she couldn’t transfer cases that lacked jurisdiction, citing high court precedent.

During oral argument on Feb. 5, U.S. District Judge Naomi Reice Buchwald posed a hypothetical question asking the plaintiffs to come up with a way to save cases that were filed in a state that did not have personal jurisdiction over the banks…

Source: Law360

Bill for banks not consumers

BY BEN CARTER

“HB 470 is dead,” the text said. As an attorney who has represented hundreds of homeowners since the foreclosure crisis struck Kentucky in 2008, I breathed a sigh of relief.

House Bill 470, likely to be back in next legislative session in some version, would have removed the protection of judicial oversight from the majority of foreclosures.

When the bill was filed, consumers, consumer advocates (led by the Kentucky Equal Justice Center), and consumer attorneys across Kentucky mobilized to explain to legislators why removing judges from the foreclosure process would be so harmful to homeowners facing foreclosure.

So, I was surprised to see Ballard Cassady, president and CEO of the Kentucky Bankers Association, claim that “Kentucky bankers are the only ones concerned with protecting consumers.” This statement is as self-absorbed as HB 470 was self-serving for the mortgage servicing industry.

While KBA claims that it would allow a homeowner to opt back into the tried-and-true judicial foreclosure process, the reality is that under HB 470 the vast majority of homeowners would unwittingly surrender valuable legal rights because they are not familiar with civil litigation and never find an attorney to represent them.

Mortgage settlements in jeopardy, bill killing them moves quietly

Remember back in the grim days of the mortgage foreclosure crisis? Back when consumers in trouble on their mortgages told horror stories about their inability to reach a live human being at their bank? Back when borrowers would have to fax forms to Wichita on one day and Cleveland the next?

Well, if a proposed piece of legislation working its way through the Indiana House of Representatives is passed as it stands, Hoosier borrowers might find themselves right back there.

Tucked inside Senate Bill 415, on Page 55 of a 104-page bill, is a paragraph repealing language from state code that created, back in 2009, the practice of mortgage settlement conferences for troubled borrowers facing foreclosure.

The change in language isn’t in a bill primarily about mortgages. Most of the bill deals with vacant and abandoned properties. It unanimously passed the Senate in mid-February and is currently in the House’s Local Government Committee.

Attempts to reach various legislators this past week were unsuccessful. Messages left last week with both the Indiana Mortgage Bankers Association and the national Mortgage Bankers Association were not returned by Friday evening.

Read on.

A.G. Schneiderman Announces Groundbreaking Consumer Protection Settlement With The Three National Credit Reporting Agencies

Experian, Equifax, And Transunion, Which Maintain Consumer Credit Information On 200 Million Americans, Have Agreed To Increase Protections For Consumers Facing Credit Report Errors; Provide Second Free Annual Credit Report To Consumers

Agreement Increases Protections For Consumers With Medical Debt; Reforms Process For Correcting Report Errors; Improves Accuracy Of Reports

A.G. Schneiderman: This Agreement Will Reform The Entire Industry And Provide Vital Protections For Millions Of Consumers Across The Country

NEW YORK – Attorney General Eric T. Schneiderman today announced a settlement with the nation’s three leading national credit reporting agencies, Experian Information Solutions, Inc., (“Experian”), Equifax Information Services, LLC (“Equifax”), and TransUnion LLC (“TransUnion”). The agreement means the companies will improve credit report accuracy; increase the fairness and efficacy of the procedures for resolving consumer disputes of credit report errors; and protect consumers from unfair harm to their credit histories due to medical debt. All three credit reporting agencies worked cooperatively with the office to develop these critical reforms.

“Credit reports touch every part of our lives. They affect whether we can obtain a credit card, take out a college loan, rent an apartment, or buy a car – and sometimes even whether we can get jobs,” Attorney General Schneiderman said. “The nation’s largest reporting agencies have a responsibility to investigate and correct errors on consumers’ credit reports. This agreement will reform the entire industry and provide vital protections for millions of consumers across the country. I thank the three agencies for working with us to help consumers.”

Read on.

Utah group faces charged with mortgage modification fraud

Six people in Utah are facing federal charges for preying on thousands of homeowners caught up in the mortgage crash of 2008.

Federal agents executed search warrants at the mortgage law offices of CC Brown in West Valley City and Midvale three years ago, and now federal prosecutors are bringing a 40-count federal indictment against Chad Gettel, 39, of Salt Lake City; John McCall, 43, of Park City; Noemi Lozano, 24, of San Diego; Sheridan Black, 66, of South Jordan; James Scott Creasey, 36, of Riverton; and Jeremiah Barrett, 33, of Bountiful.

The six face federal charges for conspiracy, mail fraud, wire fraud, telemarketing fraud and money laundering. Prosecutors say the six were involved in a scheme to market and sell home loan modification services to distressed homeowners.

Read on.

What’s the salary you need to afford a home?

This map from HSH.com, a mortgage research site, shows just how insanely expensive some housing markets in the United States are. Per The Washington Post:

On a national scale, a buyer who puts 20% down would need to earn a salary of $48,604 to afford the median-priced home in America. But that total varies a lot from city to city.

The site’s calculations assume that a buyer spends 28% of gross monthly income on housing, including principal, interest, taxes and insurance and makes a 20% down payment on a house.

Senator Lindsey Graham, who is currently on the Subcommittee on Privacy, Technology and the Law admits on Meet the Press that he has never sent an email in his life

lol lol! And this man sits on a subcommittee on technology and privacy??  Now, I don’t know who Lindsey Graham is fooling here.. Is he living in the dark ages? Does he own a cell phone, tablet, iPad, etc. or everything he does for correspondence is via pigeon?

He’s been a U.S. senator for 12 years, and was a Congressman for eight more before that, but South Carolina Republican Lindsey Graham says he has never sent an email.

In a discussion on NBC’s Meet the Press about the controversy surrounding Hillary Clinton’s use of a home-based email server while she was secretary of state, moderate Chuck Todd asked Graham, “Do you have a private e-mail address?”

Graham’s surprising answer: “I don’t email. No, you can have every email I’ve ever sent. I’ve never sent one.”

Read on.

Sen. Graham says that he doesn’t have a email, but you can email the Senator’s office, has a twitter account, and has a facebook account. So, I assume that his staffers corresponds on his social media accounts as well as his emails at the office?

Subcommittee on Privacy, Technology and the Law

  • Jurisdiction: (1) Oversight of laws and policies governing the collection, protection, use and dissemination of commercial information by the private sector, including online behavioral advertising, privacy within social networking websites and other online privacy issues; (2) Enforcement and implementation of commercial information privacy laws and policies; (3) Use of technology by the private sector to protect privacy, enhance transparency and encourage innovation; (4) Privacy standards for the collection, retention, use and dissemination of personally identifiable commercial information; and (5) Privacy implications of new or emerging technologies.

Subcommittee on Privacy, Technology and the Law

Jurisdiction: (1) Oversight of laws and policies governing the collection, protection, use and dissemination of commercial information by the private sector, including online behavioral advertising, privacy within social networking websites and other online privacy issues; (2) Enforcement and implementation of commercial information privacy laws and policies; (3) Use of technology by the private sector to protect privacy, enhance transparency and encourage innovation; (4) Privacy standards for the collection, retention, use and dissemination of personally identifiable commercial information; and (5) Privacy implications of new or emerging technologies.

Senator Flake, Chairman Senator Franken, Ranking Member
Senator Hatch Senator Feinstein
Senator Perdue Senator Schumer
Senator Lee Senator Whitehouse
Senator Tillis Senator Coons
Senator Graham
Majority Office
Phone: 202-224-4280
Minority Office
Phone: 202-228-3177