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Diablevert (3)

Massachusetts AG Sues 5 Biggest Banks The first suit by a state attorney general to address the robosigning allegations of last fall, the suit may signal the failure of the talks among the 50 state attorney's general, federal regulators, and the big banks. (Previously). The most interesting aspects of the suit may be its allegations about mortgage modifications, however, which are new. (Attorney General's full complaint here.) [more inside]
posted by Diablevert on Dec 1, 2011 - 94 comments

Remember that whole thing last fall where the banks got caught lying in court while trying to foreclose? And the attorneys general of all 50 states got all pissy? Well, on the quiet, ever since then….in some states it seems like the banks have quietly stopped foreclosing. Even though they said this was all sorted out back in October. In state courts across the land, legal troubles for the banks are mounting --- most especially, with regards to the Mortgage Electronic Registration System, or MERS, which maybe kinda sorta hopelessly FUBARs 400 years worth of property law. But not to fear --- the nation’s largest banks are about two months from making this all go away: The state AGs and every federal regulator have almost come up with some sort of settlement plan with the banks. Details leaked today in American Banker (pdf of whole proposal; cliff notes version). Does the settlement have its heart in the right place? Or is it a useless slap on the wrist? [more inside]
posted by Diablevert on Mar 9, 2011 - 25 comments

Somebody fed the hydra a hand grenade. The “robo-signer” scandal began September 20th when news broke that GMAC/Ally was suspending foreclosures in 23 states due to flawed affidavits submitted in foreclosure proceedings there. Since then, JP Morgan Chase, and Bank of America, and now possibly Littleton Loan Servicing (a subsidiary of Goldman Sachs) have admitted similar problems. With yesterday’s announcement by Bank of America that it will be suspending foreclosures in all 50 states (not just the ones where foreclosures go before a judge) all signs point to the fact that mere false affidavits are no longer the issue; other, more serious problems are now being uncovered, e.g. forged assignments and failure to serve papers. Up to 40 state’s attorney’s general are poised to announce a joint investigation. What does all this mean? Well…uh…can you actually prove you own your house? And can your bank? And can the investment bank who’s been collecting the payments from the bond they made out of your mortgage? If you can’t, you’re going to have a hell of a time selling it.* And so will all the banks.* Did I mention that bank-owned (REO/forclosures) sales are 25 percent of the housing market? [more inside]
posted by Diablevert on Oct 9, 2010 - 146 comments