Daily Archives: September 10, 2017

Lenders limited to one foreclosure proceeding per property

A mortgage company can’t bring a second foreclosure action against a borrower after losing a similar foreclosure in the court system, Maine’s supreme court ruled.

The court on Thursday unanimously upheld a ruling against mortgage giant Fannie Mae, which tried to launch a second foreclosure on a property in Lincoln after a judge threw out the original case.

“It reinforces case law that says you really get only one bite of the apple,” said James Cloutier, attorney for Patricia and Paul Deschaine, who own the home in Lincoln.

The Deschaines took out a loan on principal of $127,920 to buy the property in October 2004, and Fannie Mae brought a foreclosure proceeding in 2011 after finding the Deschaines in default.

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JPMorgan’s big secret is that their mortgage securitization operation was the same as everyone else’s

Four years ago, JPMorgan Chase reached a then-record settlement with the Department of Justice after, among other things, the bank received a copy of a U.S. attorney’s draft complaint documenting its alleged role in underwriting fraudulent securities in the years leading up to the 2008 financial crisis. Following the bank’s $13 billion financial agreement, the draft complaint was never filed. Then the bank paid another settlement to prevent a separate legal case from potentially unearthing it. The contents of the draft complaint have long been a financial-crisis mystery, a Great White Whale of a document. At least until now.

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Equifax Faces Multibillion-Dollar Lawsuit Over Hack

A proposed class-action lawsuit was filed against Equifax Inc. late Thursday evening, shortly after the company reported that an unprecedented hack had compromised the private information of about 143 million people.

In the complaint filed in Portland, Ore., federal court, users alleged Equifax was negligent in failing to protect consumer data, choosing to save money instead of spending on technical safeguards that could have stopped the attack. Data revealed included Social Security numbers, addresses, driver’s license data, and birth dates. Some credit card information was also put at risk.

Read on.