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

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. 

Propietarios en apuros se benefician con fallo de la corte en Florida

Struggling homeowners gain favor in key ruling

By KIMBERLY MILLER

Palm Beach Post Staff Writer

Updated: 9:10 p.m. Thursday, Dec. 15, 2011

Posted: 9:08 p.m. Thursday, Dec. 15, 2011

Home­owners in foreclosure may have a better chance of getting a true trial, instead of a quickie judgment, following a 4th District Court of Appeal decision that requires banks to prove ownership of the note at the time they file for repossession.

The ruling Wednesday in Palm Beach County was heralded by foreclosure defense attorneys who said it may even force banks to dismiss some cases and start over with new paperwork.

Tom Ice, founder of the Royal Palm Beach-based foreclosure defense firm Ice Legal, called the decision a "sea change" in the way courts are looking at foreclosure cases and the importance of assignments of mortgage.

"No longer can banks just walk in and have their attorney wave around a piece of paper saying this is the note," Ice said. "The good news for homeowners is now they have an opportunity to prove their case and get a trial on its merits."

The 4th DCA ruling follows a rare Florida Supreme Court decision last week to take up an already settled Greenacres foreclosure case that involved an allegedly backdated assignment of mortgage that the bank used to show ownership. The court said it wanted to rule on the case, in which the homeowner was defended by Ice's firm, because its opinion could have an impact on the "mortgage foreclosure crisis throughout the state."

Wednesday's ruling was on the case of Robert McLean vs. JPMorgan Chase, and involved a 2009 Broward County foreclosure.

Bloomberg: Procurador de California niega propuesta de acuerdo de BoA y JPMorgan

BofA, JPMorgan Proposed Accord Rejected by California’s Harris

By David McLaughlin - Oct 1, 2011

A proposed nationwide settlement with banks including Bank of America Corp. and JPMorgan Chase & Co. is being rejected by California Attorney General Kamala Harris, who will pursue her own mortgage investigation in the state that had the second-highest foreclosure rate in August.

The proposed agreement is “inadequate” and would allow too few California homeowners to stay in their homes, Harris said in a letter yesterday obtained by Bloomberg News.

“After much consideration, I have concluded that this is not the deal California homeowners have been waiting for,” Harris, a Democrat who took office in January, said in the letter to the U.S. Justice Department and the Iowa attorney general, who is leading talks for the states.

All 50 state attorneys general last year announced they were investigating bank foreclosure procedures following complaints that the companies were using faulty documents in seizing homes.

State attorneys general and federal agencies have been negotiating a settlement with the five largest mortgage servicers, including Charlotte, North Carolina-based Bank of America and New York-based JPMorgan. They have sought a settlement that would fund loan modifications and set requirements for how the banks conduct foreclosures and interact with borrowers. Harris’s office has been negotiating directly with the banks on behalf of the states. One in every 226 California housing units had a foreclosure filing during August, more than twice the national average and second only to Nevada, according to a RealtyTrac Inc. report. Harris said 2.2 million Californians are underwater in their mortgages.

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.”

AMO de JPMorgan a USDV-RVC WH 4, LLC

Este es el mas reciente "Assignment of Mortgage" (AMO) registrado en los records públicos de Miami-Dade.
El "Assignor" es JP Morgan Mortgage Acquisition Corp. y el "Assignee" es USDV-RVC WH 4, LLC (US Debt Ventures) cuya dirección aparece como 4644 Coral Ridge Drive, Coral Springs, FL 33076.
Buscando por la dirección, encontre que Veriloquent Wealth Advisors, teléfono (954) 755-9319 y (888) 684-2199,  sitio web www.vwallc.com esta localizado en la misma dirección, Todd Billins es el CEO. Pero esta es toda la información que he podido encontrar hasta el momento.
El AMO fue firmado y notarizado el 30 de Junio del 2011 y registrado el 18 de Julio del mismo año.
Los testigos fueron Seth Fenton y Jonathan Davis.
La ejecutiva de JPMorgan que firma es Helaine Hebble como Director Ejecutivo.
El documento fué notarizado por Migdalia Dereyayla, notaria del estado de New York.

Bloomberg: Denuncian a EMC de JPMorgan sobre documentos de prestamos hipotecarios

JPMorgan’s EMC Mortgage Sued Over Home Loan Documents

By Sophia Pearson - Jan 18, 2011

JPMorgan Chase & Co.’s EMC Mortgage, facing homeowner lawsuits over foreclosures, was sued by the trustee of a mortgage portfolio for refusing to turn over documents detailing the quality of loans bought by the trust.

Wells Fargo & Co., the trustee, is seeking access to files for more than 2,000 underlying mortgages in the Bear Stearns Mortgage Funding Trust 2007-AR2, according to the complaint filed today in Delaware Chancery Court in Wilmington.


“The trustee has repeatedly requested that EMC provide access to the subject documents,” Wells Fargo said in the complaint. “EMC has played proverbial ‘rope a dope’ and otherwise continued to drag its feet, and has produced nothing.”

Claims of wrongdoing by banks and loan servicers triggered a 50-state investigation last year into whether hundreds of thousands of foreclosures were properly documented as the housing market collapsed. Lending practices have also pitted mortgage-bond investors against banks over misrepresentations such as overstatements of borrowers’ income and inflated appraisals.

Christine Holevas, a spokeswoman for New York-based JPMorgan, declined to comment.

Wells Fargo said it needs access to the documents to answer “serious” questions raised by investors in the trust about whether EMC breached representations and warranties regarding the quality of option-adjustable rate mortgage loans the trust bought.

Miles de demandas de ejecuciones hipotecarias resueltas en 3 meses

65,830 foreclosure cases in Florida cleared in three months

11/02/2010 © Palm Beach Post
By Kimberly Miller

Florida's courts cleared 65,830 foreclosure cases in a three-month period beginning July 1, with 71 percent being decided in quickie hearings before the judge sometimes called "rocket dockets."
According to a report released today by the Office of State Courts Administration, only 23 foreclosure cases went to trial statewide during the same time period.

Oficial del gobierno cuestiona derecho a ejecuciones hipotecarias

Lawmaker Questions Power to Foreclose

By ROBBIE WHELAN
Wall Street Journal
Nov. 1, 2010

A Virginia lawmaker asked the state's attorney general to launch an investigation of Mortgage Electronic Registration Systems, the middleman firm in millions of court filings that helps keep the mortgage-securitization machine moving.

Robert G. Marshall, a Republican member of the Virginia House of Delegates, requested that Virginia Attorney General Ken Cuccinelli determine whether the Reston, Va., company violates state law because it doesn't pay a fee every time a loan changes hands.

Complicaciones creadas por un posible Foreclosure Freeze

Foreclosure freeze creates major headache for Collier, Lee real estate industry

10/18/2010 © Naples Daily News

Since Oct. 4, banks have withdrawn more than 270 foreclosure homes from the Fort Myers multiple listing service, or MLS. In the Naples market, there have been about 120 listings pulled from the MLS during the past week.

NAPLES —For years, Mike Donnelly has dreamed of owning his own home. His dream was about to come true, until his closing was abruptly halted last week by the seller, Fannie Mae.
“I was heartbroken,” said Donnelly, 52. “I thought, ‘You’re kidding me.’ It’s the perfect dream house.”
Fannie Mae, the seller, stopped the closing because of concerns over the title. The servicer on the defaulted loan was Countrywide, now part of Bank of America. Earlier this month, Bank of America announced it was putting a chill on foreclosure sales in 50 states because of concerns over faulty documents. Other major lenders, including Ally and JP Morgan Chase, also have suspended some foreclosure sales, as they review their procedures following criticisms that they improperly took homes away from struggling borrowers.

PB Post: El Robin Hood de los dueños de casa lucha contra los gigantes de las ejecuciones hipotecarias

Homeowners' Robin Hood fights foreclosure giants


10/14/2010 © Palm Beach Post

Tom Ice was a desert boy who wanted to be Jacques Cousteau. He earned the degree and everything, leaving his home in Santa Fe, N.M., to study ocean engineering at the University of Miami.

But the former high school debater had an inexplicable change of heart, one that led him from the rhythmic comfort of the ocean to the tense arguments of the courtroom. Ice, 50, has emerged as a Robin Hood of sorts in the tangled world of foreclosures, representing homeowners and fighting powerful law firms backed by big banks.

From his West Palm Beach home - he doesn't have an office at his firm in Ice's legal wrangling is largely recognized for contributing to the nationwide suspension of foreclosures enacted by several major lenders. On Wednesday, attorneys general from every state launched a nationwide probe of loan servicers.

Ice credits his engineering background for his attention to detail and years of litigating for his tenacity. He was trained, he said, to doubt everything the other side says and "look under every rock." What he and his wife, Ariane, found buried under boulders of foreclosure paperwork were backdated documents, affidavits sworn to by bank employees processing thousands of foreclosures a month, and questionable assignments of mortgages coming out of the Mortgage Electronic Registration System, or MERS.

Ejecuciones hipotecarias continuan a pesar del anuncio hecho por bancos

Lee County foreclosures continue
10/13/2010 © Ft. Myers News-Press

Two giant lenders who said they’re freezing foreclosures nationwide are conducting business as usual at the Lee County Courthouse.
JPMorgan Chase & Co. and Bank of America Corp., along with some smaller lenders, have announced that they were holding off on court-based foreclosures until they could sort out issues with them, such as whether attorneys actually read all the paperwork.
But in Lee County, court records show both of those banks have continued to get court judgments allowing the sale of mortgages on foreclosed houses at public auction.
That’s despite statements from both banks that they stopped doing that about two weeks ago.
April Charney, a Jacksonville-area legal aid attorney who’s an expert on foreclosure issues, said she’s hearing similar reports from around the country.

Problemas de documentación detiene casos de ejecución hipotecaria

Mortgage document troubles holding up foreclosures
10/02/2010 © Palm Beach Post
Posted: 1:52 p.m. Saturday, Oct. 2, 2010

The technical glitch that Ally Financial is citing for freezing portions of its foreclosure machine could keep Susan Carlsen in her million-dollar Jupiter home for another year. Or, even win her the court case all together. Carlsen's attorney, no doubt like many foreclosure defenders nationwide, plans to take full advantage of the acknowledgments by Ally, JPMorgan Chase and now Bank of America, that legal documents used to repossess people's homes were flawed.

Attorneys for Ally, formerly GMAC, withdrew an affidavit stating how much Carlsen owes on the house last month as it was revealed bank employees swore to personal knowledge of foreclosure documents when they had no such knowledge. The unexpected reprieve for tens of thousands of delinquent borrowers opens legal avenues to slow Florida's so-called "rocket docket" - a blur of quickie foreclosure judgments aided by a summer infusion of $9.6 million to hire additional judges and court employees.

Bank of America detiene las ejecuciónes hipotecarias mientras Fannie Mae interviene

Bank of America slows foreclosures as Fannie Mae steps in
10/02/2010 © South Florida Sun-Sentinel

Bank of America announced it is delaying foreclosures in 23 states – including Florida - - after the Associated Press reported that a bank official acknowledged in a legal proceeding that she signed up to 8,000 foreclosure documents a month and typically didn't read them. 

Bank of America said late Friday it is delaying foreclosures in 23 states, becoming the third major lending institution to acknowledge mortgage documentation problems. Meanwhile, Fannie Mae stepped up efforts to hold lenders accountable, saying it will warn loan servicers to report problems with cases that may violate financial laws.

Bank of America -- one of the largest mortgage lenders in Florida and the nation's largest bank -- did not give an estimate for how many homeowners' cases will be affected in South Florida and elsewhere.
Bank of America spokesman Dan Frahm said the institution was "assessing our existing processes" and would be delaying some actions.

The Federal National Mortgage Association – commonly known as Fannie Mae -- said it is alerting 1,400 loan servicers nationwide that they would be in violation of their contracts on federally-backed Fannie Mae loans if their foreclosure processes don't comply with state and local laws.

JPMorgan Chase congela 56,000 ejecuciones hipotecarias

J.P. Morgan Chase freezes 56,000 foreclosures

The Washington Post

J.P. Morgan Chase issued a freeze on 56,000 foreclosures on Wednesday, acknowledging that some employees may have signed off on documents submitted in support of them without proper review.

Chase spokesman Tom Kelly said the company has requested that the courts not enter judgments in pending matters until the company has had time to re-examine the filings "to verify that the affidavits and other documents meet the standard of personal knowledge or review where that is required."

"While Chase does not expect find any factual problems and that customers have been harmed, but if we do find any cases we will take appropriate action," Kelly said.

In May, a Chase employee named Beth Ann Cottrell said in a sworn deposition that she and her team signed off on up to 18,000 foreclosure affidavits and other documents a month without reviewing them thoroughly.

Another mortgage company, Ally Financial--the nation's fifth largest lender--on Sept. 20 halted evictions and resale of repossessed homes in 23 states. Jeffrey Stephan, a document processor for the company, admitted that he had signed off on 10,000 pieces of foreclosure paperwork a month without reading them.

State attorneys in at least nine states have announced investigations into the matter.

By Ariana Eunjung Cha | September 29, 2010; 5:07 PM ET