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What the foreclosure settlement means for you
The following article by Les Christie at Money.CNN.Com. NEW YORK (CNNMoney) — The $26 billion foreclosure settlement has finally been given the green light, making it possible for roughly two million of the nation’s hardest hit borrowers to see a significant reduction in their mortgage payments. Agreed to between the nation’s five largest banks and [...]New Fed Task Force Subpoenas 11 in Mortgage Fraud Probe
The following article is brought to you by Jason Ryan of ABCNews.Go.Com. A new federal and state task force was created to investigate mortgage fraud that contributed to the 2008 financial crisis, and the panel immediately subpoenaed 11 financial institutions. Attorney General Eric Holder said the new unit would consist of 55 Justice Department lawyers [...]JPMorgan, BofA Sued By Massachusetts Over Foreclosures
The following article is brought to you by BusinessWeek.Com. JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. were among five banks sued by Massachusetts for allegedly conducting unlawful foreclosures and deceiving homeowners. Massachusetts Attorney General Martha Coakley filed the lawsuit today against the three banks, as well as Wells Fargo & Co. [...]Six charged in $25 mln New York mortgage-fraud bust
The following article is brought to you by Jessica Dye at THomsonReuters.Com NEW YORK, Oct 5 (Reuters) – Lawyers, loan officers and a real-estate agent were among six individuals charged Wednesday with running a massive mortgage-fraud scheme that bilked $25 million from financial institutions and wholesale mortgage lenders, federal prosecutors said. Six individuals will be [...]Banks May Fight Banks as Mortgage Securities Investors Seek Class Status
The following is brought to you by Thom Weidlich at Bloomberg.Com. Bank of America Corp. (BAC), JPMorgan Chase & Co. (JPM) and other banks may pay more to resolve claims over their alleged roles in the collapse of a $2.3 trillion mortgage- backed securities market if sophisticated investors are allowed to sue as a group [...]****To date it looks like JPMorgan Chase might have their hands a little full, at last count, I could find 10,000 + current lawsuits against them. Gosh, so glad that they capped the rate at which they could be sued, word is you can only sue 8-9 times what your mortgage is worth. Brilliant idea to pass that legislation so the people that fight aren't allowed to be greedy. We wouldn't want that would we??
You just really can't make this stuff up. Seriously?
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