Daily Archives: May 9, 2017

 The Government Wouldn’t Rein In the Banks’ Predatory Practices—Until These Tellers Stepped In

The Nation:

As with the toppling of any Goliath, the elevation of Wells Fargo’s fraudulent scheme into a high-profile national scandal didn’t happen by accident. Rather, a growing national coalition called the Committee for Better Banks, or CBB, spread the word—and then ratcheted up the pressure.

Since 2013, at least, the CBB has labored assiduously to turn bank workers and consumers into a force capable of combating Wall Street’s predatory practices. A project of the Communications Workers of America (CWA) and numerous community organizations, the group was born from a recognition that front-line bank workers—tellers, personal bankers, and other branch-level employees—have an enormous potential to change the consumer-banking industry in this country. As the people who deal with customers directly, these workers can see and sympathize with the real-life impact of abusive lending and retail tactics. Moreover, as people who are themselves exploited by the banks—while Stumpf made as much as $19.3 million a year during his time as CEO, bank tellers earn a median wage of $12.44 an hour, according to the National Employment Law Project—they and their customers have a common cause.

Brooklyn Court Quietly Moves to Toss Out Hundreds of Foreclosure Cases

BROOKLYN — Kings County Supreme Court is about to quietly dismiss thousands of foreclosure cases on Tuesday — in what lawyers say will deal a severe blow to homeowners with pending cases.

The court said it planned to dismiss all cases filed before Jan. 1, 2016 that have seen no court activity after Sept. 30, 2016.  It quietly published a notice of the administrative dismissal in the New York Law Journal on Thursday, April 27, giving parties until Monday, May 1 to contact the court to keep their cases alive.

Read on.

MERS wins in four Pennsylvania county lawsuits

The Commonwealth Court of Pennsylvania, by a majority opinion, ruled in MERS’favor in four lawsuits filed by the Recorders of four Pennsylvania Counties (Delaware, Berks, Bucks and Chester), locking in another victory for the company.

MERSCORP runs a private database of mortgage liens for use within the industry. Mortgage Electronic Registration Systems serves as the mortgagee in the land records for loans registered on the MERS System, and the company faces repeated legal challenges over its mortgage assignment authority.

Despite a pile of lawsuits, the company often proves victorious in court, some of those victories can be read about here.

Read on.