LYNN SZYMONIAK WELCOMES THE INCOMING CEO OF DEUTSCHE BANK WITH A STERN NOTICE!

Former Utah Attorney General Mark Shurtleff due in court Monday for bribery, accepting gifts, improper use of position and evidence tampering

Desert News- Shurtleff allegedly accepted gifts from indicted businessman Jeremy Johnson, who contributed to the former attorney general’s campaign. Specifically, prosecutors say he used Johnson’s personal jet to fly to California for a campaign fundraiser. Johnson’s trial on 86 counts of fraud is scheduled for September.

The charges also say Shurtleff benefitted from the role he played in the state’s litigation with Bank of America to obtain settlements for Utahns who had lost their homes in the mortgage crisis. Shurtleff pulled the state out of the case as one of his last acts in office in December 2012 and then went to work for Troutman Sanders, an international law firm that holds Bank of America as a major client. He quit six months later. [DESERT NEWS] – See more at: http://stopforeclosurefraud.com/2015/06/15/former-utah-attorney-general-mark-shurtleff-due-in-court-monday-for-bribery-accepting-gifts-improper-use-of-position-and-evidence-tampering/#.dpuf

Former AIG CEO Wins Case Against Government Bailout, But Won’t Get Damages

Huffington Post:

Hank Greenberg’s case against the U.S. government in the bailout of American International Group, the insurance behemoth he created and put on a path to catastrophic failure, ended the way it started: as an awkward, enraging and attention-grabbing combination of legal trolling and crisis-era accountability.
Monday morning, Judge Thomas Wheeler of the U.S. Court of Federal Claims ruled that the terms of the government’s $85 billion September 2008 bailout were illegal, but did not award shareholders any damages.
As a result, both Greenberg and the government walk away with only partial satisfaction. Greenberg got the legal vindication he was emotionally desperate for, but no compensation. And the government was rebuked, but spared the ignominy of having to pay billions to shareholders for failing to save them billions more than the government already did.

Warren says Dimon’s irked because she knows his tricks

Bloomberg News:

Warren, who has gained prominence as one of Wall Street’s fiercest critics, responded to Dimon’s assertion in a speech last week. “I don’t know if she fully understands the global banking system,” said Dimon, who offered to meet with Warren anytime she wants.

Asked twice in the Huffington Post interview whether she thought Dimon was “mansplaining” banking to her, Warren shook off the question.

“We’ll have to call in a mansplaining expert,” she said.

In the interview, Warren decried complaints from lenders that they’re stuck with complex regulations when they’re the ones responsible for inventing complex financial instruments.

“If you want to get out there and take on risks, OK, go out and do it, but don’t do it within the structure of a bank that gets backed up by the federal government,” she said.

CFPB Finalizes Rule to Supervise Nonbank Auto Finance Companies

Inside Arm website:

June 11, 2015

Yesterday the Consumer Financial Protection Bureau (CFPB) published a rulethat will allow the agency to supervise larger nonbank auto finance companies for the first time.

Auto loans are the third largest category of household debt, behind mortgages and student loans. American consumers had about $900 billion in auto loans outstanding in the fourth quarter of 2014.

To understand the significance of this rule one needs to understand the automobile financing market, the players, and the terminology used in the market. The key terms are “banks,” “non-banks,” “direct lender/lending,” “indirect lender/lending,” and “captive” lenders.

When buying a car Consumers can, if able, pay cash for the vehicle. However, most consumers finance the purchase of the vehicle through some type of loan. Auto loans are financed by both banks (including Credit Unions) andnonbanks.    The consumer can obtain a loan either through direct financing, where they seek credit directly from a lender, or through indirect financing, where an auto dealer typically enters into a retail installment sales contract that it then sells to a third-party.

Banks, credit unions, and nonbank auto finance companies provide credit to consumers both directly and indirectly. Some nonbank finance companies are “captive” nonbanks, meaning they are owned by auto manufacturers and generally do only indirect lending.

Tampa Bay man says he was sued for foreclosure on house owned by someone else

Wfla.com:

HILLSBOROUGH COUNTY, FL (WFLA) –

Anthony Massey wants his identity back.

Apparently, Nationstar Mortgage thinks he owns a home in Valrico. But Massey insists he’s never even heard of the home and knows none of the other people listed in the lawsuit, even though some of the defendants have the same last name.

He’s been trying to clear up this mess for more than a year.

“It’s just frustrating because you’re trying to track this down, you’re trying to make this right, and you know, you just want to pull out your hair.”

Massey claims his identity was stolen years ago and problems keep popping up. Someone even provided his identification when they were involved in a car accident.

‘The car’s not registered to me. the vehicle has nothing to do with me.the officers told me that all they could tell me is that my name was used in an accident.”

This time, he called 8 On Your Side, and we accompanied him to his court hearing. The hearing was canceled and he got no answers. But foreclosure defense attorney Michael Owens took notice.

“It could be a very good possibility that someone has used his name inappropriately,” he said.

http://www.wfla.com/story/29308407/bay-a

Chris Churchill: Kalief Browder and Marquis Dixon cases are similar, tragic stories

Albany

Marquis Dixon, an Albany student given nine years in prison for a sneaker robbery, is serving his sentence at Coxsackie Correctional Facility, a maximum security prison.

Dixon is just 17 years old. Most of the other prisoners at Coxsackie are adults.

Dixon stole Nikes. Many of his fellow inmates are murderers, rapists and other hard-core criminals.

I’ve written before about Dixon, the flimsy evidence that got him convicted and his outrageously long prison sentence. But I was prompted to write again about his case after reading about Kalief Browder’s suicide last weekend.

Browder’s story is horrifying and surreal, like something out of Kafka. He was victimized by a brutally indifferent bureaucracy, yes, but also by the insane way that New York state treats some juvenile defenders.

Browder spent three years in Rikers waiting for a trial that never came. He spent roughly two of those years in solitary confinement. Security video from inside Rikers, obtained by The New Yorker, which made Browder’s story nationally infamous, shows him being beaten by guards and inmates.

There are differences between the Browder and Dixon cases, but also remarkable parallels.

Both were 16 when accused of their crimes. Both were poor.

Instead of sneakers, Browder allegedly stole a backpack. Both cases rested on the claims of one accuser, with no eyewitnesses or video evidence.

A man accused Browder of striking him in the face before the theft, and he was subsequently charged with robbery, grand larceny and assault.

A 17-year-old from southern Albany County accused Dixon after the two arranged to meet outside the McDonald’s on South Pearl Street so Dixon could buy the Nikes. He left without paying for them.

The accuser claimed Dixon lifted his shirt to reveal something glossy that may have been a weapon, leading to a charge of robbery in the first degree.

Dixon insisted he never had a weapon or anything like one, and investigators never found evidence to prove otherwise. Police found the sneakers, but not a gun, when they searched his family’s South End home.

The case against Browder fell apart when the accuser disappeared.

The case against Dixon almost never happened, because his accuser didn’t report the crime. Police were called only after a school counselor overheard students talking about the theft.

Browder and Dixon both rejected plea deals, insisting they were falsely charged.

Read on.

California appoints auditor to examine Ocwen treatment of borrowers

California, as part of a consent order earlier this year, has named an auditor to assess whether Ocwen Financial Corp.’s mortgage servicing complies with state and federal laws.

If the review finds violations, the state Department of Business Oversight can seek repayment of funds for injured consumers as well as penalties against the Atlanta bill-collecting and foreclosure specialist, officials said Tuesday.

Read on.

Rejected! Wells Fargo Gets Silent Treatment from NBA’s 76ers

“Wells Fargo” is suddenly the name that shall not be spoken for the Philadelphia 76ers.

The National Basketball Association team no longer refers to its home venue, the Wells Fargo Center, by name in press releases or elsewhere because of a business disagreement with the San Francisco bank, the Associated Press reported Wednesday. Instead, the team will refer to the arena now as just “The Center.”

None of the parties — the 76ers, Wells Fargo nor the owner of the arena — would specify exactly what soured the relationship between the team and the bank when all three were contacted by American Banker. It appears that the dispute involved a Wells sponsorship of the team that has ended.

Wells spokesman Jim Baum said that the bank used to be a sponsor of the 76ers in addition to holding the naming rights for the venue, but he declined to say why that sponsor relationship had ended.

Read on.

German Prosecutors Say Nine Suspects Targeted in Deutsche Bank Raids

FRANKFURT—Raids that included Deutsche Bank AG offices earlier this week targeted nine individuals in investigations related to suspected tax evasion by the bank’s clients, German prosecutors said Thursday.

The suspected individuals are employees of two companies that do clearing and settlement of securities transactions. The firms are the focus of prosecutors for allegedly helping clients attempt aggravated tax evasion in 2008 by claiming a total of €43 million ($48.7 million) in tax reimbursements. The alleged evasion took place through an arbitrage strategy known as “cum/ex” or “dividend stripping,” which involves using shares that pay dividends, Frankfurt prosecutors said.

Read on.