JPMorgan CEO says foreclosure deal threatened
Reuters
4:56 AM PST, January 26, 2012

(Reuters) - JPMorgan Chase & Co Chief Executive Jamie Dimon said President Barack Obama's decision to expand investigations into home lending and sales of mortgage securities could stop settlement talks with the states over foreclosure practices.

"It has a pretty good chance of derailing it," Dimon said in a televised interview with CNBC from Davos, Switzerland on Thursday.

Obama, in his State of the Union address Tuesday, said he has asked his attorney general to create a special unit of prosecutors to expand investigations into home lending and packaging of mortgage-backed securities. It is not clear how the new unit will be different from earlier investigations.

JPMorgan is the largest U.S. bank and one of the larger servicers of mortgage loans. JPMorgan, Bank of America , Wells Fargo & Co , Citigroup and Ally Financial Inc have been in talks with state attorneys general for months about settling allegations of foreclosure abuses.

The banks and states have been discussing a plan that would have the banks pay $25 billion to homeowners through reductions in principal on mortgage loans.

"I think it would be better for America if that settlement took place," Dimon said. "If this thing derails that, so be it."

(Reporting by David Henry; editing by John Wallace)


Source: http://www.ivpressonline.com/business/sns-rt-us-jpmorgan-foreclosuretre80p0uc-20120126,0,1893647.story

Forbes: Mortgage Fraud Still Rampant

John Wasik, Contributor

I write about investments, financial planning and personal ecology

PERSONAL FINANCE

 

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1/26/2012 @ 12:27PM |1,220 views

Mortgage Fraud Still Rampant

If President Obama is serious about forming a new unit to prosecute financial and mortgage crimes, the first place he should look is at operators who are fleecing desperate homeowners. Scams that target these down-on-their-luck folks are rampant.

State attorneys general are playing whack-a-mole with these shysters, who are exploiting homeowners who just want to avoid foreclosure.

The scam is simple: Companies take upfront fees to save homes from foreclosure or provide debt management services. The services are never delivered and financially ailing homeowners go deeper into the hole and often lose their houses anyway. The companies often advertise as debt “repair” counselors or mortgage “rescue” operations.

There’s a wave of these crimes, which have mushroomed throughout the country. Here’s a sampling of the most recent prosecutions, courtesy of the National Association of Attorneys General:

Como localizar el "Trust" de su mortgage en el sitio de la SEC

How to locate the SEC (Securities & Exchange Commission) documents of your mortgage Trust.

Ver documento aquí.

En el 2011 GreenPoint Mortgage fué demandado por discriminación contra hispanos y afroamericanos

Llame hoy y di toda la información de la casa de mis padres. Dijeron que en una semana me llama un consejero para darme información adicional. También dijeron que envian un paquete por correo. Me pidieron el nombre de mis padres y la dirección de la propiedad, cuantos meses de atraso en los pagos, si estaban en proceso de ejecución hipotecaria, si sabía el nombre del banco y si ya los había contactado, si ya se había hecho una modificación y creo que nada mas.

http://greenpointlendingsettlement.com/

Firmar documentos de foreclosure bajo otro nombre es falsificación?

Is signing foreclosure documents for others forgery?

Updated: 8:52 p.m. Saturday, Jan. 14, 2012
Posted: 6:03 p.m. Saturday, Jan. 14, 2012
By KIMBERLY MILLER, Palm Beach Post Staff Writer

Theresa Edwards (left) and June Clarkson, who led Florida’s foreclosure fraud investigations, were routinely praised in performance reviews before losing their jobs.


The Nevada attorney general calls signing another person's name on documents used to repossess a home "forgery" and a "scheme."

Michigan's attorney general launched a criminal investigation that includes whether "falsified signatures" were used in foreclosure cases.

But Theresa Edwards and June Clarkson were forced to resign their jobs as foreclosure fraud investigators for the Florida Attorney General's Office, in part, for referring to so-called "surrogate signing" as forgery.

According to a Florida Inspector General report that cleared Attorney General Pam Bondi's office of wrongdoing in the firings, the duo repeatedly used the word "forgery" in a 2010 presentation that included documents from the Jacksonville-based Lender Processing Services. The company complained and drew the attention of economic crimes boss Richard Lawson.

Orlando Sentinel: Juez en el condado Seminole procesa 300 demandas de ejecucion hipotecaria en 3 días

Seminole judge's schedule: 300 foreclosure cases in 3 days

January 15, 2012|By Mary Shanklin, Orlando Sentinel

For three days starting Tuesday, Seminole County Chief Circuit Judge Alan Dickey has scheduled 300 foreclosure cases.

"If everybody shows up, I'll have about 30 seconds a case," said the judge, who expressed disappointment with the state Legislature's decision to end funding for retired judges who were helping deal with a growing backlog.

One day in early October, Dickey processed about 125 foreclosure cases an hour throughout the day, the judge's assistant said. Many of those, she added, were dismissed or continued.

From the summer of 2010 through this past summer, the state paid retired judges to tackle a backlog of hundreds of thousands of foreclosure cases across Florida. During much of that time, it just so happened that banks cut back on foreclosure cases because of concerns about illegal documents.

Demanda a JPMorgan por $95 Millones

JPMorgan Chase Is Sued For $95 Million

Posted by Eli Wads On Jan 3, 2012 6:09pm in World

It’s really no surprise that after 2008 a lot of people have lost their confidence in banks and their ability to protect their assets. All in all, investors, consumers and regulators have shifted their attitude towards banks. JPMorgan Chase is getting sued for $95 million over mortgage loans bundled into securities.

According to Reuters, JPMorgan Chase & Co has been sued for $95 million by the trustee for securities marketed in 2005 by former Bear Stearns Cos over alleged misrepresentations regarding the underlying mortgage loans.

Court documents show that US Bank NA’s objective is to force JPMorgan Chase & Co to buy back the mortgage loans because of alleged breaches of representations and warranties regarding the Bear Stearns Asset Backed Securities Trust 2005-4, for which it serves as trustee.

The allegations say that JPMorgan has “materially breached” representations about loans backing the securities.