The Banksters Push Back Against Richmond

By: Saturday August 31, 2013 10:30 am

The banks are pushing back hard against the city of Richmond, California, as Richmond tries to help its homeowners get out from under mortgages that are seriously out of whack compared with actual property values. First the banks filed suit to stop Richmond, and now they’re telling their investment clients to steer clear of Richmond’s municipal bond offerings.

Shorter bankster: “Nice city you’ve got here, Richmond. It’d be a shame if anything were to happen to it.”

But Richmond still has one powerful weapon in their pocket, that scares the banks to death . . .

 

Attorney General Holder Says Banks Are Too Big To Prosecute

By: Friday March 8, 2013 8:48 am

In the same hearing where he publicly endorsed the Aaron Swartz prosecution, Attorney General Eric Holder admitted that the reason he has not done his job the last five or so years is because he can’t.

Thomas Cox, Lawyer Who Exposed Robo-Signing, Gets $100,000 Prize

By: Friday December 7, 2012 10:16 am

Lots of people must be credited with getting to the bottom of this scam, but perhaps nobody is more responsible than Thomas Cox. He was the former bank lawyer – he specialized in foreclosures – who volunteered to help Pine Tree Legal Assistance in Maine, a nonprofit just starting up a foreclosure defense project. Cox ended up doing the now-famous deposition of Jeffrey Stephan, the GMAC robo-signer, that exposed this practice of having affidavits filled out by people with no underlying knowledge of the loan data. This was the string that, when pulled, showed the fraud and rot at the heart of the largest consumer market in the world.

Why the Florida and Missouri Guilty Pleas from Docx Founder May Change the Mortgage Crisis

By: Wednesday November 21, 2012 6:00 am

Yesterday I dashed off a post about the guilty plea taken by Lorraine Brown, the founder of DocX/LPS in which she admits that it was the custom and practice of her company to employee people to forge the signatures of others and to falsely notarize those signatures creating assignments, allonges and affidavits that were both forgeries and perjuries. In short, fraud.

The Lorraine Brown Case: Accountability for Fraudulent Document Preparers, Not the Banks Who Requested the Documents

By: Tuesday November 20, 2012 3:35 pm

The Justice Department has issued their formal press release in the plea arrangement with Lorraine Brown, the former President of fraudulent foreclosure document processor DocX, a division of LPS. Brown pleaded guilty to wire and mail fraud and faces five years in prison and up to $250,000 in fines, from what DoJ describes as “a six-year scheme to prepare and file more than 1 million fraudulently signed and notarized mortgage-related documents with property recorders’ offices throughout the United States.” She also acknowledged lying to the FBI and other federal regulators investigating the scheme.

Separately, the state of Missouri, which had previously indicted Brown in the same scheme, announced their own plea agreement with her on fraudulent and forged document filings in his state.

Founder of DocX/LPS Pleads Guilty in Federal Court

By: Tuesday November 20, 2012 3:15 pm

The Founder of DocX, which later changed its name to LPS, has pleaded GUILTY in US District Court for the Middle District of Florida. In the “Factual Basis” document attached to her Plea Agreement, Lorraine Borwn, the founder of DocX, LLC, admits that the documents produced by these companies from the period 2003-2009 were forgeries.

Foreclosure Fraud Settlement Update: Checks to Victims, Servicing Standards, Ongoing Lawsuits

By: Friday September 28, 2012 6:00 am

A number of states have announced that they are sending out claim forms to foreclosure victims who are eligible for a one-time cash payment under the foreclosure fraud settlement. $1.5 billion has been earmarked for roughly 750,000 homeowners (depending on takeup) who were foreclosed upon between Jan. 1, 2008, and Dec. 31, 2011, by one of the Big Five servicers in the settlement (Bank of America, JPMorgan Chase, Wells Fargo, Citi and GMAC/Ally). The plan is to pay out the claims in mid-2013.

If this works and they get the target of 750,000 responses, then the payout will amount to $2,000 “sorry your home was stolen” checks.

Fraud Continues to Pervade Mortgage Industry, Helped Along By MERS

By: Monday September 3, 2012 10:23 am

While housing analysts revel in numbers about home prices and construction starts, I have been trying to focus on the realities of an unhealthy market, with hedge fund house-flippers and shadow inventory driving the so-called “recovery” more than anything fundamental. Gretchen Morgenson takes up the other aspect of this, the fact that the legal wrangling over faulty foreclosures and broken processes never actually ended

Delaware AG Biden Settlement With MERS Promises Reforms Already Pledged

By: Friday July 13, 2012 12:09 pm

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.

News Roundup from June 3, 2012

By: Monday June 4, 2012 6:20 am

Fatster’s news roundup from the June 3, 2012, including weekend stories about, Scott Walker, Jeb Bush, Mark Kirk, Syria, Iran, Pakistan, state budgets, Paul Krugman, Federal Reserve, corporate profits, Politifact, John Paul Stevens, Hillary Clinton, MERS, George Zimmerman, and much more.

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