JPMorgan fue demandado por Sealink por hipotecas compradas entre 2005 y 2007

Bank of America’s Countrywide Sued by Sealink Funding

By Chris Dolmetsch and David McLaughlin - Sep 30, 2011

Bank of America Corp. (BAC)’s Countrywide unit was sued by Sealink Funding Ltd. in New York over $1.6 billion of residential mortgage-backed securities the fund purchased between 2005 and 2007.

Sealink filed the suit against Countrywide in New York State Supreme Court yesterday, seeking unspecified compensatory, rescissory and punitive damages. Sealink is a fund created to manage Landesbank Sachsen AG’s riskiest assets after the German lender almost collapsed.

“Countrywide was an entity driven by only one purpose --to originate and securitize as many mortgage loans as possible into” mortgage-backed securities “to generate profits for the Countrywide defendants, without regard to the investors that relied on the critical, false information provided to them with respect to the related certificates,” lawyers for Sealink said in the lawsuit.

Sealink filed a similar suit yesterday in the same court against JPMorgan Chase & Co. (JPM) over $2.4 billion worth of residential mortgage-backed securities purchased between 2005 and 2007.

“This appears to be another sophisticated investor looking for someone to blame for investment losses suffered due to a downturn in the economy,” Lawrence Grayson, a spokesman for Bank of America, said in an e-mail. “We will vigorously defend this lawsuit.”

Despiden a dos investigadores de la oficina del Procurador General

Two investigators forced out by Attorney General Palm Bondi

Lawyers fought corruption, then lost their jobs

September 29, 2011|Scott Maxwell, TAKING NAMES

When last we checked on Attorney General Pam Bondi, she was being investigated for forcing out two of her top-producing investigators, and legislators had asked her to produce records to justify her actions.

Well, the investigation is still going, and state officials are tight-lipped about when it might be complete.

PB Post: Corte Suprema de Florida revisa programa de Mediación para ejecuciones hipotecarias

Florida Supreme Court reconsidering foreclosure mediation program

By KIMBERLY MILLER

Palm Beach Post Staff Writer

Updated: 6:13 p.m. Monday, Sept. 26, 2011

Posted: 6:11 p.m. Monday, Sept. 26, 2011

The Florida Supreme Court ordered a review Monday of its landmark foreclosure mediation program which has shown limited success in finding alternatives for struggling homeowners.

The mandatory program for all homesteaded properties was ordered by the court in Dec. 2009 in an effort to reduce judicial caseloads and help borrowers avoid foreclosure with options that can include a loan modification, deed-in-lieu of foreclosure or a short sale.

Limpiar el atolladero de ejecuciones hipotecarias en las cortes, ayudará a revivir la economía del FL?

Will clearing foreclosure logjam revive Florida's economy?

By KIMBERLY MILLER

Palm Beach Post Staff Writer

Updated: 9:41 p.m. Saturday, Sept. 24, 2011

Posted: 7:17 p.m. Saturday, Sept. 24, 2011

With hundreds of thousands of foreclosure cases clogging Florida's courts and more defaulted loans in the pipeline, Moody's economists now predict South Florida home prices won't hit bottom until late 2012 or early 2013.

But whether clearing the logjam through an expedited foreclosure process will equal a shortcut to economic recovery is still up for debate. The current timeline to foreclosure in Florida is 676 days -- nearly two years -- the third-longest wait time in the country.

Fannie Mae ignoró abusos de "robo-firmas" en ejecuciones hipotecarias de FL

Fannie Mae ignored robo-signing abuses in Florida foreclosures, investigation finds

By KIMBERLY MILLER

Palm Beach Post Staff Writer

Updated: 9:39 p.m. Friday, Sept. 23, 2011

Posted: 9:37 p.m. Friday, Sept. 23, 2011

Federal mortgage giant Fannie Mae was told in 2006 about faulty court documents filed by Florida foreclosure attorneys acting on its behalf but did nothing to correct the practices, an inspector general found.

A report issued Friday by the Federal Housing Finance Agency, Office of Inspector General said an outside law firm Fannie Mae hired to investigate allegations of wrongdoing confirmed "unlawful" practices and stated that foreclosure attorneys were sacrificing accuracy for speed by filing false documents.

Según expertos, 10 millones de préstamos hipotecarios entraran en default

10 million more mortgages set to default, expert says

Posted By JON PRIOR On September 20, 2011 @ 10:39 am | 2 Comments

Roughly 10.4 million mortgages, or one in five outstanding home loans in the U.S., will likely default if Congress refuses to implement new policy changes to prevent and sell more foreclosures, according to analyst Laurie Goodman from Amherst Securities Group.

At the end of the second quarter, more than 2.7 million long-delinquent loans, others in foreclosure and REO properties sat in the shadow inventory, more than double what it was in the first quarter of 2010. With the market averaging roughly 90,000 loan liquidations per month, it would take 32 months, nearly three years, to move through the overhang.

And that number is contingent on no other loans going into default.

"Many analysts looking at the housing problem mistakenly assume it is limited to loans that are currently non-performing (or 60-plus days past due). Such borrowers have a high probability of eventually losing their homes. However, the problem also includes loans with a compromised pay history; these are re-defaulting at a rapid rate," Goodman told ^[1] a Senate subcommittee Tuesday.

Under a reasonable estimate, which is calculated with more conservative market conditions than what is currently being experienced, Goodman found nearly 2 million re-performing mortgages would default again and another 3.6 million already troubled loans to default as well.

The rest of the 10.4 million estimate is made of always-performing loans at various stages of negative equity. Of the 2.5 million always-performing mortgages with loan-to-value ratios above 120%, nearly half will default. Even 5% of the always-performing mortgages that have some equity left will default, as well, Goodman said.

Participación de Faction Capital Assists en la compra de mas de $500 millones en prestamos "morosos"

NEWS

Faction Capital Assists in Acquisitions of over $500 Million Dollars in Distressed Loans


Miami, Florida - Friday, September 16, 2011 – Faction Capital, LLC, www.factioncapital.com, announced the second closing of a distressed loan portfolio with a major national lender and its client US Debt Ventures in the past 6 months.

On the first transaction, Faction Capital acted as consultant and introducing party for US Debt Ventures in its purchase of a pool of 7000 residential non-performing mortgages with a balance of $500MM from a large financial institution.

In August, Faction Capital assisted US Debt Ventures in sourcing another sizeable portfolio purchase. In addition to sourcing the loan portfolios, Faction Capital’s team of Logan Breen, James Daly, IV and Aaron Resnick assisted US Debt Ventures in obtaining servicing for a portion of the loan portfolios that were purchased.

Logan Breen, Managing Director of Faction Capital, commented "[o]ur experienced consulting team, relationships and background helped us add value to our clients’ investment strategies. We are proud of our working relationship with US Debt Ventures and hope to assist it in many more distressed opportunities in the future." Aaron Resnick, a partner/principal at the firm and a South Florida attorney articulated that Faction Capital’s work in assisting its client in these loan portfolio opportunities demonstrated the "Faction Capital’s ability to help its clients obtain unique off market distressed opportunities both statewide and nationally."

Source: http://www.factioncapital.com/index.php/news

Doce arrestos en relación a fraude hipotecario en Miami-Dade

Attorney General Pam Bondi News Release

September 14, 2011
Media Contact: Jennifer Krell Davis
Phone: (850) 245-0150

La Oficina de la procuradora general Bondi y el Departamento de Policía de Miami-Dade arrestaron a 12 personas por fraude hipotecario por $16 millones

TALLAHASSEE (Fla) – La procuradora general Pam Bondi y el director del Departamento de Policía de Miami-Dade, James Loftus, anunciaron hoy que arrestaron a 12 personas acusadas de supuesta participación en una maniobra importante de fraude por un total de más de $16 millones. Los acusados arrestados integraban una empresa de delincuentes que entregaban documentación falsificada de préstamos hipotecarios a compañías hipotecarias en todo el área del sur de Florida. Entregaron 10 solicitudes de préstamos hipotecarios que se financiaron y valuaron colectivamente en más de $16 millones. Los acusados serán procesados por la Fiscalía de Estado de la Procuradora General en el Tribunal de Circuito de Miami-Dade.

Agencia de ayuda legal en Ohio analiza posibilidad de demanda "anti-forclosure"

Source URL

SEO Legal Services weighs in on big anti-foreclosure lawsuit

By Jim Phillips

An attorney with a local legal aid agency has signed onto a "friend of the court" brief filed with the Ohio Supreme Court in a case that could have a big impact on home foreclosures in the state.

The brief, in U.S. Bank National Association v. Antoine Duvall, was submitted Aug. 16 by Peggy P. Lee of Southeastern Ohio Legal Services, along with representatives of many other legal aid agencies and activist groups around Ohio. SEOLS and others who signed onto the amicus curiae brief have been involved in the Save the Dream Ohio project, a statewide foreclosure intervention initiative, and they report that since 2008, they collectively have represented more than 12,000 homeowners in various foreclosure-related actions.

The Duvall case is complex, but essentially addresses a growing legal issue that could seriously impact home foreclosures in Ohio: the issue of whether a foreclosing bank can actually prove that it owns the mortgage.