Category Archives: Uncategorized

Wells Fargo Offering Refunds Nationwide for Improper Mortgage Fees

ProPublica- In a scandal that extended wider than was previously known, Wells Fargo said it would offer refunds to tens of thousands of customers who were improperly charged fees on home mortgages. ProPublica first reported earlier this year that the bank was chiseling customers by making them pay to extend interest rates on loans even when the delays were […]

JP Morgan-Chase paid its billions in fines for mortgage fraud by committing billions in mortgage fraud

Boing Boing- A lawsuit against JP Morgan-Chase — the nation’s largest bank — asserts that the institution paid off the $4,200,000,000 in mortgage forgiveness that it agreed to as a settlement for widescale mortgage and foreclosure fraud by committing a lot more mortgage fraud, in which homeowners, ethical lenders, and American cities were stuck with the bill. […]

Behind JPMorgan Chase’s Bait-and-Switch

According to lawsuits filed by investor Larry Schneider, the bank sold him thousands of mortgages—then changed the terms of the deal. THE NATION- Today we published a story about how JPMorgan Chase used other people’s money to pay off penalties assessed for the mortgage-related fraud that contributed to the 2008 financial crisis. The bank forgave numerous loans […]

Nevada Supreme Court Rules HOA Super-Priority Liens Can Be Revived after Release

Lexology- Homeowners’ associations have a more robust tool for forcing mortgage lenders to pay delinquent assessments following a September 14 decision by the Nevada Supreme Court. Nevada HOAs have enjoyed a super-priority lien under NRS 116.3116 for nine months of unpaid assessments preceding institution of foreclosure proceedings, in addition to certain charges for maintenance and […]

Nomura, RBS lose bid to overturn $839 million mortgage bond award

REUTERS- Nomura Holdings Inc (8604.T) and Royal Bank of Scotland Group Plc (RBS.L) lost a U.S. court appeal on Thursday to overturn an order requiring them to pay $839 million for making false statements while selling mortgage-backed securities to Fannie Mae (FNMA.PK) and Freddie Mac(FMCC.PK). The two banks had challenged the 2015 award on multiple […]

JPMorgan Ordered to Pay More Than $4 Billion to Widow and Family

Bloomberg- JPMorgan Chase & Co. was ordered by a Dallas jury to pay more than $4 billion in damages for mishandling the estate of a former American Airlines executive, but the verdict will probably be knocked down on appeal. Jo Hopper and two stepchildren won the probate court verdict over claims that JPMorgan mismanaged the administration of […]

‘Hero’ Judge Urged by Homeowners to Nix $45 Million BofA Penalty

BLOOMBERG- A California couple who were dragged through a Bank of America Corp. foreclosure called “brazen” and “heartless” by a bankruptcy judge have joined the lender’s request to be spared from a $45 million punishment. U.S. Bankruptcy Judge Christopher Klein in Sacramento, hailed as a “hero judge” by Money magazine for coming down so hard on the […]

Lehman Brothers Announces Settlement to Resolve Massive RMBS Claims; Estimation Hearing Slated for Later This Year

Lexology- For over eight years, In re Lehman Bros., No. 08-13555-scc (Bankr. S.D.N.Y.), has been one of the most active, complex bankruptcy dockets in the country. A large portion of the remaining contested matters in that case are claims by trustees for residential mortgage backed securities (RMBS), who continue to pursue claims against the Lehman estate […]