National Credit Union Administration Sues Wall Street Banks For Fraud In Mortgage Market

By: Tuesday September 24, 2013 8:35 am

The National Credit Union Administration (NCUA), a government regulator, has filed a lawsuit against Morgan Stanley, Barclays, JPMorgan, Credit Suisse, Royal Bank of Scotland Group, and UBS for selling fraudulent mortgage-backed securities to credit unions. The sales of these securities amounted to $2.7 billion. Goldman Sachs, Wachovia, Wells Fargo, and Ally Securities also allegedly sold faulty securities according to one of the credit unions involved in the lawsuit.

It’s “Talk like a Pirate Day” — but which set of Pirates?

By: Thursday September 19, 2013 5:42 pm

The days of pirates sailing the Spanish Main are long in the past. No more sacking of Cartagena. No, today’s “pirates” wear business suits and do their sailing on Wall St. Just today, we have reports that JPMorgan Chase is paying a $920M fine for the “London Whale Fail” trading losses. Amazingly enough, JP Morgan is even admitting “fault”.

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 . . .

Wells Fargo Forecloses on Homeowner for Making Early Mortgage Payments

By: Wednesday May 22, 2013 4:45 pm

A Florida family man who not only made his mortgage payments on time but made payments early faces foreclosure by Wells Fargo. The explanation for initiating the foreclosure proceedings by Wells Fargo is nothing short of amazing and offers a sad commentary on how little has changed despite the 2008 financial crisis and supposed reforms like Dodd-Frank.

Victory for Occupy Philly as Wells Fargo Protesters Acquitted

By: Wednesday March 6, 2013 5:57 am

12 Occupy Philadelphia protesters who staged a sit in at a Wells Fargo bank in Center City Philadelphia were acquitted of charges of conspiracy and defiant trespass for a 2011 protest during the Occupy Wall Street movement.

Justice: Wells Fargo Still Liable for FHA Abuse, Despite Foreclosure Fraud Settlement

By: Monday December 3, 2012 2:52 pm

Late last week, the Justice Department issued a filing that attempts to reinforce the release limitations set by the foreclosure fraud settlement, stopping Wells Fargo from reimagining the deal as a broader release of liability on various mortgage claims. However, a judge will have to make the final decision.

The US sued Wells Fargo in late October over issuing insurance claims on FHA loans while knowing that the loans did not meet underwriting requirements set by the agency. Wells charged in court that these specific charges were covered under the foreclosure fraud settlement. I actually thought Wells made a fairly compelling case on that front, but the DoJ disagrees.

FDL Book Salon Welcomes Sheila Bair, Bull by the Horns: Fighting to Save Main Street From Wall Street and Wall Street From Itself

By: Sunday November 18, 2012 1:59 pm

Bull by the Horns is the story of financial calamity seen from the perspective of this public servant, rendered from detailed notes. We learn with whom she met, what was said, what decisions taken, and how things turned out. She begins with the battles over deregulation of the banks (Basel II), with the gathering sub-prime storm, and proceeds through the disaster: WaMu, Wachovia, Citigroup, Bank of America, AIG, Citigroup again. And then the battles of the aftermath, over among other things Dodd-Frank, Basel III and the robosigning frauds. This is a book for aficionados of infuriating detail.

The Banks Devise a New Deal for Homeowners: Token Relief for Liability Waivers

By: Sunday October 28, 2012 4:00 pm

The failings of the 49-state foreclosure fraud settlement have by now become so obvious that even traditional media cannot ignore it. When half of the $2.5 billion earmarked as a hard-dollar penalty to states for aid and relief for struggling homeowners just gets sucked up into filling state budget holes, you can hardly make any excuses. And the other 90% of the settlement isn’t exactly destined to flow into the hands of homeowners, either; as we know, banks will probably honor up to 1/4 of their “penalty” by doing things they already do as a routine part of their business.

There’s another potential element to this that we’re already starting to see. In relation to a resolution outside the settlement, Wells Fargo has been sending along refund checks to homeowners who overpaid for loans that the bank steered them into. Just one thing, though: the refund checks, if cashed, serve as a legal claim of liability release.

Andrew Ross Sorkin Sheds Tears for Socially Minded Wall Street Chieftains

By: Tuesday October 16, 2012 7:20 am

Andrew Ross Sorkin uses his column today to highlight to troubles of those suffering the most from the downturn: the CEOs of major banks who bought up failing competitors in the midst of the financial crisis. Jamie Dimon, J.P. Morgan’s CEO, get center stage for having to deal with Bear Stearns’ legal liabilities, but Sorkin also has some tears for Wells Fargo, which bought up Wachovia, and Bank of America, which took over Merrill Lynch.

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