Delaware Attorney General Beau Biden has settled his lawsuit with Mortgage Electronic Registration Systems, or MERS. This is one of the lawsuits that was preserved in the aftermath of the foreclosure fraud settlement. To date, none of those lawsuits which were preserved have produced very much in the way of tangible success.
|By: David Dayen Friday July 13, 2012 12:09 pm|
|By: ghostof911 Tuesday April 24, 2012 4:28 pm|
Residents of Wilmington, Delaware were distressed today to witness their bumbling mayor humiliate himself and his city with his loose-cannon rhetoric. The members of Occupy Delaware empathize with the distressed city residents and wish to apologize for the mayor’s boorish behavior.
|By: David Dayen Wednesday March 14, 2012 7:00 am|
A suit by Eric Schneiderman against MERS and three banks who used MERS was supposed to be carved out the larger settlement. It was unclear how you could allege the banks’ deceptive use of MERS led to the creation of false documents, and still release the banks on foreclosure fraud claims. You can’t. Schneiderman just settled the MERS suit with the three banks and two others, for a measly $25 million. And the Delaware and Massachusetts suits against MERS were folded into it as well.
|By: dakine01 Monday February 20, 2012 1:40 pm|
You might have seen the post from Jane Hamsher inviting folks to the Tent Party on Saturday at Occupy Delaware. Here’s a slideshow from the event, plus updates and pictures from Occupy Buffalo, Newark, Monterey, Littleton, Tampa and more.
|By: David Dayen Thursday February 9, 2012 5:30 am|
This settlement arises from multiple abuses found in the servicing of loans and the foreclosure process over the past several years. At the height of the housing bubble, banks sliced and diced mortgages and traded them with little regard for the rules following land recording or securitization to such a sloppy extent that they lost track of the true owner on potentially millions of homes.
To cover up for this massive failure, banks and their servicing units have been found to have routinely forged, back-dated and fabricated documents at county recorder offices and state courts across the country. Furthermore, they employed “robo-signers,” who signed hundreds of thousands (if not millions) of documents and affidavits without any knowledge of the underlying mortgages. In addition, investigations uncovered massive servicing abuses, including illegal fees charged to borrowers, putting borrowers into foreclosure at the same time as they were working out loan modifications, failing to honor previous settlements where promises were made on modifications, and countless other errors that maximized servicer profits and gouged homeowners.
There are also cases of wrongful foreclosures where homeowners have been turned out of their homes without just cause, and servicer-driven foreclosures, where servicers illegally added late fees and applied payments inaccurately, pushing the homeowner into foreclosure. This is but a smattering of the examples of foreclosure fraud and servicer abuse found in a series of interlocking investigations, court depositions, reviews of documents in registers of deeds offices, and homeowner testimonials.
|By: David Dayen Friday November 18, 2011 2:25 pm|
This is a victory for environmentalists who wanted to stop the fracking regulations from taking effect. The commission wanted unanimous support and Delaware’s announcement guaranteed a close vote. If New York and Delaware continue to hold out this will be postponed indefinitely.
|By: David Dayen Wednesday August 10, 2011 7:59 am|
Yves Smith has liberated Beau Biden’s brief to a New York court asking for intervention in the Bank of America mortgage settlement. She finds Delaware Attorney General Biden talking along the same lines as New York AG Eric Schneiderman. Biden’s main objection is that he “does not have sufficient information to evaluate the reasonableness of the proposal.” But he goes further to say that his preliminary investigation into the mortgage backed securities business of the midd-2000s has turned up some problems.
|By: David Dayen Monday August 8, 2011 2:30 pm|
Bank of America was just getting over having the New York Attorney General step in on their settlement with Countrywide investors over mortgage bonds, when Delaware’s AG decided to join in.
|By: Jon Walker Saturday May 14, 2011 7:00 pm|
Delaware Governor Jack Markell signed a law approving the use of medical marijuana. His signature makes Delaware the 16th state (plus Washington, DC) to approve the medical use of marijuana.
|By: Jon Walker Wednesday October 6, 2010 6:20 pm|
GOP nominee Christine O’Donnell is clearly one extremely flawed candidate, and her upset win in the Republican primary helped all but guarantee that Democrats will keep control of this open Senate seat. Two new polls have Democrat Chris Coons leading by double digits.