Daily Archives: August 6, 2015

Deutsche Bank Said to Dismiss Traders Amid Regulatory Probe

Deutsche Bank AG dismissed two senior employees in its securitized-debt business as regulators investigate the lender’s trading of commercial-mortgage bonds.

Ben Solomon, global head of securitized-product trading, and Ashish Jain, who ran sales in the Americas for the group, left the company this week, according to two people with knowledge of the matter who asked not to be named because the information wasn’t public. Two others in their group were terminated in June, industry records show.

Read on.

OCWEN grants HAMP loan after notice of default

Cindy’s story

SMOOTH SAILING

Cindy and her husband began having mortgage problems several years ago. After going through the lengthy process of attempting to gain mortgage relief from their mortgage servicer, Ocwen, they finally were able achieve a modification at the end of 2014.

At that point, no doubt they thought they would have smooth sailing when it came to being able to make their mortgage payments.

STORMS ARISE AGAIN

Unfortunately, it didn’t take long for more problems to arise for Cindy on her mortgage.

No sooner had Cindy started making her payments under her new permanent loan modification, than Ocwen claimed she was in default again. Subsequently it refused to accept further payments Cindy tried to make. By May, Ocwen sent Cindy a Notice of Default declaring she owed over $2,200, and demanded she pay that sum forthwith.

HAMP TO THE RESCUE

As it turned out, it could be said that Cindy’s most recent mortgage woes were a blessing in disguise, thanks to HAMP.

Read on.

Foreclosure on My Mind…In Georgia

Wow, interesting process of foreclosure in Georgia….

Georgia is a non-judicial foreclosure state, which means home foreclosure is on the fast track in the Peach State—the lender can give notice, publish, and foreclose within 60 days with only the clerk and an attorney, no judge present.

It has to do with how property is owned.  In Georgia, if you use a loan to buy a house, the bank owns that house until you pay off the loan; whereas, in Florida, you are the homeowner even if you borrowed money to buy the house, and even if you are unable to make the payments and the house goes into foreclosure…you still own it.  You own your home up until the Certificate of Title is issued (usually about ten days after the foreclosure sale).

The up side of non-judicial foreclosure is that it speeds up the process.  It reduces the judges’ workload, and for the homeowner who does not really care, it ends the foreclosure quickly.  The problem is that there are people who do care, but who do not know any better.

What Florida lacks in kudzu it makes up for in opportunity to defend a home foreclosure. 

Read on.

Ex-Wells Fargo compliance officer spared penalty in U.S. SEC case

A former Wells Fargo & Co compliance officer accused of altering a document sought by U.S. securities regulators for an insider trading investigation won the dismissal of her case Wednesday after a judge ruled against sanctioning her.

Judy Wolf, the compliance officer, was found by an U.S. Securities and Exchange Commission administrative law judge to have willfully aided and abetted and caused securities law violations by Wells Fargo.

But SEC Administrative Law Judge Cameron Elliot, who presided over a trial before the agency’s in-house court, ruled that sanctioning Wolf would create the “misperception” in the industry that she alone was responsible for the violation.

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New York City Rips Hedge Funds Over Puerto Rico While Giving Them Billions

Melissa Mark-Viverito, New York City’s second-most-powerful elected official, called them vultures.

Hedge funds that hold billions of dollars of Puerto Rico’s high-yield debt “are feeding off the misery of the island,” Mark-Viverito, speaker of the City Council, told a cheering crowd last week at a City Hall rally. She accused the funds of trying to gut wages, education and health care for the island’s 3.5 million residents.

What she and other critics who spoke that day didn’t say was that New York taxpayers and retirees entrust some of those hedge funds with more than $2.2 billion of the city’s $166 billion in pension assets.

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Payday Lender Blocked Access To Customer Accounts, Lawsuit Claims

Online payday lender Plain Green allegedly blocked borrowers from accessing their accounts or viewing their loan documentation, leaving borrowers unsure of their legal rights and how much they still owed, according to a complaint filed in U.S. District Court in Vermont on Tuesday.

The complaint, part of a class-action lawsuit led by two Vermont residents, adds federal racketeering charges to the list of alleged violations of federal trade and consumer protection laws levied against the company when the suit was first filed in in May. The Pennsylvania attorney general is also suing Plain Green in federal court for alleged violations of the Racketeer Influenced and Corrupt Organizations Act.

“None of the Plaintiffs in this action can access any of the records relating to their loans from Plain Green, including any purported arbitration agreement,” the complaint states.

The complaint says that the Chippewa Cree laws that the loans are subject to are not available online, and that “organizations — like law school libraries — will not provide a copy… by remote access” because Plain Green executives “have not granted them the right do to do.”

Read on.

Foreclosure Law Firm ZGA Files for Bankruptcy

I knew this law firm was filing bankruptcy as this was in the New Jersey news paper a couple of weeks ago. I see more foreclosure law firm throwing in the towel in the near future as more regulations are being squeezed on the banks to comply..

A law firm that at one time handled 40% of home foreclosures in New Jersey has filed for bankruptcy, blaming its mortgage-lender clients and tighter rules for its troubles.

Zucker, Goldberg & Ackerman LLC , or ZGA, sought chapter 11 protection Monday, and is in the process of handing off 30,000 active foreclosure and insolvency cases in preparation for liquidation, court papers say. If a turnaround opportunity arises, the firm will seize it. For now, however, the firm is throwing in the towel….

Source: Bankruptcy News