Daily Archives: June 26, 2016

Northern California property owners file suit against financial institutions over alleged breach of contract

SAN FRANCISCO – Martinez property owners have filed suit over their mortgage payments.

John Roemer and Paula Roemer filed a complaint on June 21 in the U.S. District Court for the Northern District of California against Fay Servicing LLC, U.S. Bank Trust National Association, Bank of America N.A., and Does 1 through 50 alleging breach of contract and other counts.

According to the complaint, the plaintiffs allege that Fay Servicing sent them inflated monthly payment demands on behalf of U.S. Bank that they claim were inconsistent with the terms of their loan modification. The plaintiffs holds Fay Servicing LLC, U.S. Bank Trust National Association, Bank of America N.A., and Does 1 through 50 responsible because the defendants allegedly failed to apply plaintiff’s January payment to the loan, resulting in a past due balance in their statement and placing their loan in default.

Read on.

‘Sheriff of Wall Street’ Preet Bharara Says ‘People are Right’ About System Being Rigged

This election year has exposed widespread voter anger directed at Wall Street, and U.S. Attorney for the Southern District of New York Preet Bharara agrees that “to an extent, people are right about the system being rigged.”

“I think people have a right…given the track record of this office and other offices of exposing fraud, to be worried about that,” Bharara told ABC News’ George Stephanopoulos.

That track record of rooting out fraud has earned Bharara the nickname “Sheriff of Wall Street,” but he has also set his sights on the corruption plaguing New York’s state capital. Since taking office, he’s prosecuted cases against more than a dozen state officeholders.

“We have found that corruption is rife in a lot of institutions in New York and throughout New York. That’s true in the legislature,” he said. “It’s also the case that there’s corruption, we believe, in the executive branches as well. And we’ll ferret it out wherever we find it.”

Read on.


NY AG Schneiderman touts new foreclosure requirements on banks


A new law will crack down on ‘”zombie houses.”  Governor Andrew Cuomo signed the law this past week. It  now means new requirements for mortgage lenders. They must maintain abandoned houses before foreclosure.

State Attorney General Eric Schneiderman appeared in Buffalo after the bill signing, noting a big problem with vacant properties in this region.

Read on.

The Panama Papers reveal a secret McKinsey-linked investment scheme involving major financiers


McKinsey is perhaps the world’s best-known management consulting firm, and a high-powered farm team for America’s corporate elite. It’s also home to a $9.5 billion private hedge fund known as the McKinsey Investment Office. MIO invests in many companies linked to McKinsey, and has an enviable record: It has made money in 24 of the past 25 years, including a 14% return in 2014 alone. That’s much higher than the stock market or the average hedge fund.

McKinsey is willing to admit that MIO exists (it even has a very, very thin website), but they’re not willing to say much more than that. And beyond MIO, in the interstices of decades-old McKinsey friendships, we have no idea at all how many investments McKinsey-connected individuals make in each other’s companies.

Now, thanks to the Panama Papers, we have a tiny sliver of a window into one such scheme. It’s domiciled in a Caribbean tax haven, all but untraceable, and comes complete with a Panamanian lineage and a meaningless name: Brightao.

The Panama Papers, which were obtained by the German newspaper Süddeutsche Zeitung and shared by the International Consortium of Investigative Journalists with Fusion and other media partners, have exposed the offshore holdings of heads of state and criminals, highlighting the potential for corruption, tax evasion, and other illicit activities within this parallel financial universe. The papers also provide a rare window into the wealth, privilege, and opportunity afforded the lucky members of the McKinsey elite, and their friends.

Brightao, founded in 2007, is a shell company in the British Virgin Islands. The founder was Peter Walker, a 43-year veteran of McKinsey and a globally recognized expert in both China and the insurance industry. The company’s founding shareholders include Sandy Weill, the financial services empire-builder who created Citigroup; legendary M&A banker Gary Parr; and various McKinsey ex-colleagues.

Brightao was created in the service of one of Walker’s protégés at McKinsey—a high-flying Chinese technocrat named Heidi Hu. It allowed big-name financiers, including current and former McKinsey employees, to invest in Hu’s nascent yet promising insurance company, even if that may have violated the spirit of McKinsey’s own rules against investing in the same companies it advises.

Ocwen Employee admits she “Creates needed Documents”


Amber Wilson’s LinkedIn profile:


Specialist, Servicing Operations
Ocwen Loan Servicing, LLC
May 2015 – January 2016 (9 months)Waterloo, Iowa Area
Researching Mortgage Documents to verify a full Chain of Title is present. If it is not create the needed Documents. Work from Excel Spread Sheet daily as well as several internal data programs.

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3894ccb Does Ms. Wilson know that fabricating securities is a federal crime?

By the Lending Lies Team

Those of us the foreclosure defense industry don’t experience much laughter. For hours each day we try to provide guidance to people who have been victimized by their servicer, attorney and/or the courts. Often, by the time they come to us, the homeowner is in emergency-mode.

Yesterday, we did have a good laugh. While doing some preliminary research on a “corrective” Assignment of Deed of Trust, we did a little background on an employee at Ocwen who had signed the assignment.  We discovered a profile for the document signer Amber K. Wilson on the Linked-in website.

It appears that Amber K. Wilson has been a Servicing Operations Specialist at Ocwen since May 2015. Located in Iowa, Amber was looking for an, “entry level position that offers internal growth potential” and requires that she, “be…

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