Daily Archives: November 23, 2016

Feds allow high-profile case against Bank of America to quietly fizzle out

The U.S. government let a high-profile mortgage case against Bank of America quietly fizzle out this week.

The Department of Justice had until Monday to ask the U.S. Supreme Court to take up its “Hustle” lawsuit against the Charlotte-based bank. In May, the 2nd U.S. Circuit Court of Appeals reversed findings against the bank in the 2012 case, the first civil fraud suit brought by the Justice Department over home loans sold to mortgage giants Fannie Mae and Freddie Mac.

A Justice Department spokeswoman did not comment on the decision to let Monday’s deadline pass. A Bank of America spokesman also declined to comment.

Venezuela President Maduro threatens legal action against JPMorgan

Venezuelan President Nicolas Maduro on Tuesday ordered state oil company PDVSA to look into legal action against JPMorgan Chase & Co after the U.S. investment bank reported delays in $404 million in bond interest payments.

PDVSA said on Monday it was using a 30-day grace period for coupon payments on its 2035 bond but that reports of other payment delays were wrong. It suggested paying agent Citibank was creating a backlog that had spooked markets.

“JPMorgan’s attitude is of a criminal nature,” Maduro said during a salsa music program he broadcasts from the presidential palace. He said local and foreign opponents were conspiring to give a false impression that Venezuela is on the verge of a debt default.

Read on.

Wells Fargo accused of commencing foreclosure without a mortgage

PHILADELPHIA — An individual is suing Wells Fargo U.S. Bank National Association as Trustee for the Structured Asset Investment Loan Trust Loan Trust, 2005-11, and Assurant, Inc., financial institution, citing alleged unjust enrichment.

Michael Earl Davis filed a complaint on Nov. 17, in the U.S. District Court for the Eastern District of Pennsylvania against the defendants alleging that they locked plaintiff out of his property without mortgage assignment.

According to the complaint, the plaintiff alleges that he suffered monetary damages. The plaintiff holds Wells Fargo U.S. Bank National Association as Trustee for the Structured Asset Investment Loan Trust Loan Trust, 2005-11, and Assurant, Inc. responsible because the defendants allegedly commenced a foreclosure action against the plaintiff without a mortgage.

The plaintiff requests a trial by jury and seeks $313,000, punitive damages, compensatory damages, court costs and any further relief this court grants.

Read on.

Trump: I am “seriously considering” Ben Carson for HUD secretary


Well, it turns out that there are more than just two names being considered by President-elect Donald Trump and his team to serve as the secretary of theDepartment of Housing and Urban Development in the Trump Administration.

So far, reports identified Pam Patenaude, who currently serves as the president of theJ. Ronald Terwilliger Foundation for Housing America’s Families, and Robert Woodson, who runs the Center for Neighborhood Enterprise in Washington, D.C., as potential HUD secretaries under Trump.

To this point, Trump has not commented on either Patenaude or Woodson, but Trump himself just threw another hat into the HUD ring — Ben Carson.

On Tuesday, Trump took to Twitter and said that he is “strongly considering” Carson, who was among Trump’s opponents in the Republican primary, to serve as HUD secretary.

Trump said that he’s “gotten to know (Carson) well” and feels he is a “greatly talented person who loves people.”

Read on.

Former SEC commissioner named to CFPB landing team by Trump transition team

An article in MarketWatch by Robert Schroeder states:

The teams work with the outgoing Obama administration at various federal agencies to smooth the transfer of power. They won’t necessarily be hired for full-time jobs, Trump transition officials have said. But members do give an indication Trump is sticking to certain past statements and campaign pledges.

Paul Atkins, a former Republican member of the Securities and Exchange Commission and a critic of heavy regulation, has been tapped for the Consumer Financial Protection Bureau team — a creation of the Dodd-Frank law Trump says he’ll dismantle.