Daily Archives: July 13, 2017

Homeowner, Wells Fargo settle lawsuit over alleged theft during foreclosure process

An Easton man and the bank that was foreclosing on his home reached a settlement in a dispute that arose when the man alleged his belongings were stolen by workers sent to secure the property.

John Barber sued Wells Fargo, alleging “his home had been broken into, the locks changed, the premises ransacked, and a large quantity of personal property belonging to him was missing.”

He told me there was no reason to secure the premises because he still was living there at the time of the alleged theft in April 2014 and was preparing to sell the home at a short sale, which the bank had approved. The missing items included a coin collection and an antique firearm, according to the lawsuit.

Read on.

Pimco sues Wells Fargo, claims MBS trustee ‘looted’ trusts to pay legal fees

(Reuters) – Several Pimco investment funds are accusing the mortgage-backed securities trustee Wells Fargo of misusing noteholder money to pay its own legal expenses.

In a newly filed complaint in Manhattan State Supreme Court, the Pimco funds are asking for a declaratory judgment that Wells Fargo is not entitled to use MBS trust money to fund its defense against noteholder claims that the bank breached its duties as an MBS trustee. Pimco’s lawyers at Bernstein Litowitz Berger & Grossmann allege that Wells Fargo has improperly reserved about $95 million across 20 MBS trusts.

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Treasury Dept took 7 of its 8 recommendations for tax regulatory changes straight from a Chamber of Commerce memo

The Mnuchin cliffnotes from the US Chamber…

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TREASURY DEPARTMENT RECOMMENDATIONS for tax regulatory changes released Friday are almost entirely copied from a U.S. Chamber of Commerce memo on the same subject.

The five-page notice, released by the Internal Revenue Service, complies with Donald Trump’s Executive Order 13789, issued April 21. This order mandated a review of all tax regulations finalized since 2016. The interim report was to identify those regulations that imposed an “undue financial burden” on taxpayers, added “undue complexity” to the tax code, or exceeded the IRS’ regulatory authority.

The interim report was due June 20; Treasury did not release the notice publicly until 17 days later. Delays like this have become a typical feature of federal agencies’ compliance with Trump executive orders.

The tardiness of the Treasury report looks even worse considering one additional factor: in May, the Chamber of Commerce released their own report, highlighting tax regulations they believed created significant burdens and complexities. Treasury treated this report the way a kid who didn’t prepare for a test in school would treat the smart kid’s answer sheet the next desk over.

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