Monthly Archives: April 2015

Ex-JPMorgan Employee Stole Customer Data, FBI Says

Law360, Los Angeles (April 28, 2015, 9:42 PM ET) — Federal prosecutors charged a former JPMorgan Chase & Co. employee with bank fraud, alleging he stole customer account information and used it to make unauthorized withdrawals, according to New York federal court filings.

The Federal Bureau of Investigation said during the course of its investigation, Peter Persaud sold customer bank information to an undercover agent through a confidential informant, according to a criminal complaint filed on April 20 and unsealed on Tuesday.

In November 2014, Persaud allegedly approached the FBI’s informant — who was not under…

Source: Law360

BofA Can’t Bleed Child Actor Trusts, Calif. Appeals Court Rules

Law360, Los Angeles (April 28, 2015, 9:48 PM ET) — A California appeals court on Monday revived a putative class action against Bank of America NA and ruled banks cannot pull service fees without court approval from so-called Coogan trusts, which are designed to protect the earnings of child entertainers.

Named plaintiffs Jasmine Phillips and Anesha Coleman had alleged the bank’s withdrawals from the trust accounts of their actor children, including withdrawals for monthly service fees, violate California law, which prevents withdrawals from the accounts by any person or entity without express court permission until a beneficiary…

Source: Law360

Wal-Mart to build 115 new China stores by 2017 in push to offset slowing growth

It makes you wonder if this is why Walmart closed the the recent 6 stores.. I just never believed the plumbing problem was the cause of closing the 6 stores and laying off employees…

Giant U.S. retailer Wal-Mart Stores Inc (>> Wal-Mart Stores, Inc.) plans to expand its footprint in China by nearly a third by opening 115 new stores by 2017, the firm’s chief executive said, in a renewed push to lure China’s grocery shoppers despite slowing growth.

“Our aim is to become an integral part of China’s economy,” Chief Executive Doug McMillon said at a news conference in Beijing on Wednesday. “China is a top priority.”

The development plans come as the U.S. retailer seeks to stave off slower growth in China, closing some under-performing stores and giving more emphasis to the faster-growing online grocery market through its Yihaodian.com platform.

Read on.

Homestead exemption won’t protect owner from nonjudicial foreclosure

Question: What is a homestead exemption, how much is it for and what does it do? My sister owns a detached single-family home in a common interest development and has a homestead exemption. She told me to do the same on my condominium. Can I put the exemption on my condo? If the association tries to nonjudicially foreclose on me, will the homestead exemption protect me?

Answer: Simply, a “homestead” is your home. Although the equity in your home may be available to your creditors, many states, including California, provide for a “homestead exemption” as a way of protecting some, or all, of your equity.

Property subject to a homestead exemption is not limited to condominiums like yours in a common interest development. Single-family homes, mobile homes and boats also are among the dwellings that can qualify.

For debtors with multiple homes, only the principal dwelling qualifies. That is defined as the home in which the owner lives on the date a judgment creditor’s lien attaches to the dwelling and in which the judgment debtor resided continuously until the date of the court determination that the dwelling is a homestead.

California homeowners receive an automatic homestead exemption to protect equity when a court forces the sale of a house to pay for a judgment. The automatic exemption can be claimed only by a debtor who resides, or is related to one who resides, in that homestead property at the time of the forced judicial sale of the dwelling.

Read on.

Foreclosure sale postponed for Oregon dad, son featured in ‘American Winter’ documentary

The Oregon father and son threatened with foreclosure on their Newberg property have received another reprieve, the bank holding their mortgage said Monday.

John Cox, who was featured in the 2013 HBO documentary “American Winter” about the plight of unemployed families in the Portland area, faced auction of his property Wednesday. According to court documents, Cox owes more than $551,000 in principal, interest, taxes and other expenses on the nearly 5-acre property.

Wells Fargo spokesman Tom Unger said Monday, “The foreclosure sale has been postponed.”

“We are continuing to work with Mr. Cox,” Unger said in an email.

Cox said Monday afternoon, “I’m excited. There’s possibilities.”

Read on.

The Three Housing Bubblehead Amigos, Paulson, Rubin, Geithner: USA is still No. 1

Three former U.S. Treasury secretaries agree: the U.S. has plenty of problems, but it’s still in a dominant global position.

“We’re a bright spot in the global economy,” Henry Paulson, the former Goldman Sachs chief who worked for President George W. Bush, said Monday at the Milken Institute Global Conference in Los Angeles.

Paulson noted that steady, if slow, economic growth since 2009 and rising home prices as examples of America’s enviable position compared to other countries.

“I’d rather invest in the United States than any other country in the world. We have tremendous comparative advantage,” added Robert Rubin, the former Citigroup executive who served under President Bill Clinton.

Timothy Geithner, who served under President Barack Obama, echoed the sentiment: “If you look at the challenges we face as a country, they are pretty historic challenges, and our politics are terrible. But I think you’d rather have our challenges than the challenges of any developed economy.”

Read on.

HUD requires Investors to delay foreclosure for a year and offers a non-profit only pool sale

UD No. 15-048
Cameron French
(202) 708-0980
FOR RELEASE
Friday
April 24, 2015
HUD ANNOUNCES CHANGES TO DISTRESSED ASSET STABILIZATION PROGRAM
HUD requires Investors to delay foreclosure for a year and offers a non-profit only pool sale
WASHINGTON – Today, HUD announced significant changes to its Distressed Asset Stabilization Program (DASP). In an effort to better serve homeowners looking to avoid foreclosure, loan servicers will now be required to delay foreclosure for a year and to evaluate all borrowers for the Home Affordable Modification Program (HAMP) or a similar loss mitigation program. HUD is making additional improvements to the Neighborhood Stabilization Outcome (NSO) sales portion of DASP which are aimed at increasing non-profit participation. Updates include giving non-profits a first look at vacant properties, allowing purchasers to re-sell notes to non-profits, and offering a non-profit only pool.Previously, loan servicers could foreclose 6 months after they received the loan and were encouraged, though not required to assess a borrower’s qualifications for loss mitigation programs. Purchasers of the geographically targeted neighborhood stabilization pools have always been required to ensure that at least 50 percent of the loans in a pool achieve outcomes that help areas hardest hit by foreclosure avoid the neighborhood decline associated with numerous vacant properties.

“These changes reflect our desire to make improvements that encourage investors to work with delinquent borrowers to find the right solutions for dealing with the potential loss of their home and encourage greater non-profit participation in our sales,” said Genger Charles, Acting General Deputy Assistant Secretary, Office of Housing. “The improvements not only strengthen the program but help to ensure it continues to serve its intended purposes of supporting the MMI Fund and offering borrowers a second chance at avoiding foreclosure.”

All of these changes will be subject to stronger reporting requirements including tougher penalties for not complying with quarterly reporting responsibilities and a new requirement to report on borrower outcomes, even when a note is sold after the original purchase.

HUD plans to hold its first sale of 2015 in June.

Read on.