The government and Congress have been asleep at the wheel as usual of the rise of non-banks in the financial world. Big banks were clever to sell off their mortgage servicing rights of non-performing loans little by little to the non-banks such as Ocwen, Nationstar, and other non-banks. And government sold off their non-performing loans to the non-banks because the big banks refused them. What the big banks know and the government will soon realize that the Dodd-Frank bill doesn’t have tight regulations for the non-banks but only the large banks. The bill doesn’t go as far to regulate the non-banks but only the big banks. The government agency that has tight regulations for non-banks is CFPB. Both the big banks and the government have been made the non-banks much bigger which will create much bigger mortgage problems.
It’s hard to find a more sympathetic foreclosure story than Kathleen Conrad’s.
The disabled widow of a Marine who served in Vietnam, Conrad, 66, lives in a rundown Westchester house the couple bought in 1999, realizing their modest version of the America dream.
But after her husband died in 2004, Conrad faced larger-than-expected cuts to her widow’s benefits. During the 2007 housing market boom, she took out a second mortgage from GMAC. In 2013, Conrad fell behind on payments and was contacted by her loan’s new owner, Infinite Customer Systems and the strong-arm tactics began to get Conrad out of the home.
Unlike big banks, non-bank servicers like Infinite are not bound by even the modest consumer protections built into the National Mortgage Settlement (NMS) of 2012.
Non-bank servicers are taking a page from their predecessors’ playbooks. Sources say that many of the same old problems the NMS partially sought to address are back with the nonbank servicers, including long delays in reviewing loan modifications and wrongful denials of loan modification requests.
The U.S. Treasury department is preparing new rules to counter the use of shell companies to evade taxes, U.S. Treasury Secretary Jack Lew said Saturday. Lew made the statement to the International Monetary Fund’s (IMF) steering committee amid increased scrutiny by global watchdogs in the wake of the Panama Papers leak.
The U.S. Treasury is close to releasing a rule that would require banks to identify if any of the beneficial owners of new customers are companies, Lew said.
This will certainly be used as a political football in the Presidential race..
Some donors to Clinton foundation used the Panamanian law firm for offshores
Connections come from the more than 40 years Bill and Hillary Clinton have spent in public life
Clinton criticized those exposed in the Panama Papers, some looking to hide their wealth
Hillary Clinton recently blasted the hidden financial dealings exposed in the Panama Papers, but she and her husband have multiple connections with people who have used the besieged law firm Mossack Fonseca to establish offshore entities.
Among them are Gabrielle Fialkoff, finance director for Hillary Clinton’s first campaign for the U.S. Senate; Frank Giustra, a Canadian mining magnate who has traveled the globe with Bill Clinton; the Chagoury family, which pledged $1 billion in projects to the Clinton Global Initiative; and Chinese billionaire Ng Lap Seng, who was at the center of a Democratic fund-raising scandal when Bill Clinton was president. Also using the Panamanian law firm was the company founded by the late billionaire investor Marc Rich, an international fugitive when Bill Clinton pardoned him in the final hours of his presidency.
The ties are both recent and decades old, not surprising for the Democratic presidential front-runner and her husband, who have been in public life since the 1970s.
ISLAMABAD: The government has decided to investigate all Pakistanis named in the Panama Papers through a judicial commission headed by a retired judge, rebuffing the opposition’s demand for a probe into the scandal through a serving judge.
On Thursday, Finance Minister Ishaq Dar after a marathon huddle with senior leaders of the ruling party finalised the government’s strategy with three major components: legal, political and administrative measures, to deal with the mounting pressure.
The government has been under tremendous pressure since the Panama Papers revealed the names of around 220 Pakistanis, including Prime Minister Nawaz Sharif’s immediate family members, keeping offshore accounts in international tax havens.
Overnight, two class action lawsuits seeking $1 billion in damages on behalf of Canadian gold and silver investors were launched in the Ontario Superior Court of Justice.
The first class action alleges that the defendants, including The Bank of Nova Scotia, conspired to manipulate prices in the silver market under the guise of the benchmark fixing process, known as the London Silver Fixing, for a fifteen-year period.
More from the suit:
It is further alleged that the defendants manipulated the bid-ask spreads of silver market instruments throughout the trading day in order to enhance their profits at the expense of the class. This alleged conduct affected not only those investors who bought and sold physical silver, but those who bought and sold silver-related financial instruments.
Law enforcement and regulatory authorities in the United States, Switzerland, and the United Kingdom have active investigations into the defendants’ conduct in the precious metals market.
The case is on behalf of all persons in Canada who, between January 1, 1999 and August 14, 2014, transacted in a silver market instrument either directly or indirectly, including investors who participated in an investment or equity fund, mutual fund, hedge fund, pension fund or any other investment vehicle that transacted in a silver market instrument.
A copy of the Notice of Action can be found at sotosllp.com. Potential class members can register on the website to obtain more information as the case progresses.
The plaintiffs and the proposed national class are being represented by a national team of lawyers from Sotos LLP (www.sotosllp.com), Koskie Minsky LLP (www.kmlaw.ca) and Camp Fiorante Matthews Mogerman (www.cfmlawyers.ca) with offices in Ontario and British Columbia.
An identical class action lawsuit was also launched for gold manipulation.