Daily Archives: December 26, 2015

Deutsche Bank and Ocwen to pay $400,000 for Wrongful Foreclosure

From a press release by Cunningham Bounds:

Mobile, Ala. – Following a week-long trial, a Mobile, Alabama jury awarded $400,000 to a husband and wife whose home was wrongfully foreclosed on by Deutsche Bank National Trust Company and its loan servicer, Ocwen Loan Servicing, LLC.

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Banks and insurers attempt to go around the NY state’s Department of Financial Services amid its leadership changes

With the leadership of New York’s aggressive financial regulator in turmoil, Wall Street firms are going over the agency’s head with increasing frequency, seeking a more sympathetic ear in Gov.Andrew Cuomo’s office.

Over the past six months, financial lawyers like H. Rodgin Cohen,senior chairman of Sullivan & Cromwell LLP, which represents numerous banks before the regulator, have called Mr. Cuomo’s top aide—Bill Mulrow, a former Blackstone Group LP executive—to push for a softer touch from the state’s Department of Financial Services, according to people familiar with the matter.

Mr. Cohen isn’t alone. DFS also regulates insurance companies, and representatives of some of the biggest insurers, including American International Group Inc. and MetLife Inc., have placed similar calls to Mr. Mulrow and other Cuomo administration officials, these people said. Both companies declined to comment.

Read on.

Battle with Bank of America provides a ‘It’s aWonderful Life’ lesson

Jimmy Hawkins, 74, in his L.A. home. He fought with BofA over an overdraft involving his 99-year-old mother’s checking account.

There’s trouble in Bedford Falls.

Jimmy Hawkins, who played little Tommy Bailey in the 1946 classic “It’s a Wonderful Life,” told me this week that he was battling Bank of America over an overdraft involving his 99-year-old mother’s checking account.

Admittedly, this wasn’t a big deal. But how could I turn my back at this particular time of year on someone from the greatest Christmas movie ever?

Besides, there is a valuable lesson here: Stay on top of your bank accounts.

Two lessons, actually: Don’t be afraid to stand up for fair treatment.

Read on.