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The biggest private legal settlement in the history of Wall Street was a few sentences away from death. In early June a little-known Texas lawyer named Kathy Patrick was putting the final touches on her carefully crafted $8.5 billion deal with Bank of America over so-called mortgage put-backs, when...
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The Federal Home Financing Agency (FHFA), apparently stung by the coverage of its lawsuits it against 17 banks and a number of their executive officers, has issued a clarification of the goals and rational behind those suits . The suits which were filed last Friday seek damages on behalf of Freddie Mac...
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Seventeen banks, dozens of their subsidiaries and over one hundred bank officers were named as defendants in a lawsuit filed Friday by the Federal Housing Finance Agency (FHFA), conservator of government sponsored enterprises Freddie Mac and Fannie Mae (The GSEs.) The civil suits, filed in U.S. District...
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The Departments of Treasury and Housing and Urban Development (HUD) released the August edition of their Housing Scorecard on Friday which painted a picture of slowly increasing home prices and decreasing foreclosures while delinquencies increased. The Scorecard, issued jointly by the Departments of...
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Bank of America and other banks are trying to work out a settlement with 50 attorney generals after the robo-signing lawsuit. B of A is negotiating a deal that would reduce the amounts owed by some troubled borrowers, David Reilly reports. (Photo: Getty Images.)
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The Huffington Post reported late yesterday that five of the country's largest mortgage lenders may have defrauded taxpayers by filing false claims with the Federal Housing Administration (FHA). Confidential audits conducted on Bank of America, JP Morgan Chase, Wells Fargo, Citigroup, and Ally Financial...
Posted to
MND NewsWire
by
Jann Swanson
on
Thu, May 19 2011
Filed under:
Filed under: Fraud, citigroup, bank of america, HUD, wells fargo, gmac, Inspector General, Ally Financial, False Claims, JP Morgan Chase
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The New York Time and the Associated Press are reporting that the New York State Attorney General, Eric Schneiderman, is quietly investigating three major American banks and their role in the mortgage securities market prior to the housing crash. Gretchen Morgenson writing in the Times says that Bank...
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Of course news that Bank of America had settled GSE repurchase claims on loans written by Countrywide ( for pennies on the dollar ) brought out a chorus of back door bailout boo birds. But I must remind, the fun part isn't over yet! Al Yoon and Tom Hals write on the mess that has yet to be cleaned up...
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The Federal Housing Finance Agency (FHFA) has approved agreements reached by Freddie Mac and Fannie Mae (the Enterprises) with two of the enterprises' counterparties, Bank of America (BofA) and Ally Financial Capital, LLC . The agreement with Ally also resolves a dispute between Fannie Mae and GMAC with...
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The headline says it all. If you're looking for confirmation. HERE is the BoA presser. Below is the text of the release. -------------------------------------------------------------------------- Strategic Move Will Build Upon Leadership Positions in Retail, Correspondent and Warehouse Lending Bank of...
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The interesting thing about "mortgage banking" is that it is not a discipline taught in school to youth. It is not like chemistry or psychology, or animal science, etc., that one can major in. It includes aspects of many different things, like finance, sales, marketing, psychology, accounting...
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Several of the bankers testifying before the House Financial Services Committee on Tuesday drew a close connection between principal reduction and the impediment to loan modifications posed by the existence of second mortgages. As was covered in our earlier report , David Lowman, CEO for Home Lending...
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Yesterday Bank of America announced they "will make principal forgiveness– ahead of an interest rate reduction – the initial consideration toward modifying certain subprime, Pay-Option and prime two-year hybrid mortgages qualifying for its National Homeownership Retention Program (NHRP...
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Yesterday I mentioned the question about whether or not modified loans could still be forced back to the seller for buybacks . Freddie Mac does indeed say that the seller would still need to buy it back after a modification. At the current time, however, there is the belief that sellers continue to be...
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Home Today's Headlines ATW Forums Q&A Mortgage Rates Top Stories Bank of America to Offer Principal Reduction to Underwater Borrowers Bank of America has announced a new program that will assist delinquent borrowers by reducing principal balances in a two step process. Eligible borrowers... - MND...