Another win for the Law Office of Robert E. Brown, P.C.

Order

Wells Fargo Slapped With $3.1 Million Fine For 'Reprehensible' Handling Of One Mortgage

Wells Fargo as well as other lenders engage in this type of behavior because they know the borrower doesn't usually have the means to defend themselves or to bring an action against their lender for predatory lending/predatory servicing and have also come to realize that the courts have no time to deal with these issues. Knowing most judges do not have the time or understanding of exactly how lenders screw over their customers is even more incentive for lenders to continue this type of behavior.

http://www.huffingtonpost.com/2012/04/09/elizabeth-magner-new-orleans-wells-fargo_n_1412412.html?icid=maing-grid7%7Cmain5%7Cdl28%7Csec3_lnk1%26pLid%3D150389

Americans brace for next foreclosure wave

Hold on to your hats! Looks like this year is going to have a big uptick in foreclosure filings.


http://news.yahoo.com/americans-brace-next-foreclosure-wave-210253440.html

JPMorgan CEO on housing: We made too many mistakes

Hmmm, there seems to be some admission of guilt here including robo-signing. And there are no indictments because. . . . . . . . .

http://www.housingwire.com/news/jpmorgan-ceo-housing-we-made-too-many-mistakes

Judge signs $25 billion foreclosure settlement

Well, it's finally signed. Seemed for a time this wasn't going to get done. Not so sure this was the best deal for the home owner. However, the Fed wasn't doing much anyway. Hopefully, some of this money will find it's way to some of the nonprofit housing agencies (in New York).

http://www.housingwire.com/news/judge-signs-25-billion-foreclosure-settlement

Another win for the Law Offices of Robert Brown, P.C.

After Another victory …

COURT DISMISSES FORECLOSURE COMPLAINT DETERMINING THAT THE MERS ASSIGNMENT WAS A NULLITY.

Plaintiff/Bank moved for Summary Judgment against our client. We cross-moved to dismiss based on among other things the Bank’s lack of standing. Judge Maltese did not credit the Plaintiff’s claim that OneWest purchased all of the assets of IndyMac and noted, “Notably missing from the record is a copy of the purchase and assumption agreement between IndyMac and OneWest.” This is a battle that we frequently fight on the IndyMac loans and the Court here got it right.

Applying Bank of New York v. Silverberg, the Court determined that the assignment made by MERS as a nominee was a nullity. Therefore, the Bank did not have standing to sue the homeowner. Judge Maltese granted our motion and dismissed the foreclosure complaint.

Decision

Fannie Mae, Freddie Mac Should Have Stricter Regulation: Federal Housing Finance Agency Inspector

It's pretty sad that the FED continues to make loan guarantees with taxpayer money. Far worse is the fact they require (taxpayer) money just to stay in business. Clearly these entities are not capable of turning a profit under the guidance of any government agency. Perhaps a better option would be to completely privatize them.

http://www.huffingtonpost.com/2012/03/29/fannie-mae-freddie-mac-should-stricter-regulation-fhfa_n_1387515.html?ref=topbar

Predatory Loan Test

You May Have a Predatory or Fraudulent Mortgage If:

•The closing took place in your home or place of business
•There was no physical closing
•You never signed any paperwork
•You never received all of your paperwork
•The mortgage broker promised or paid you to close
•You received no paperwork before the closing
•You were promised a fixed rate loan and then received an adjustable rate
•Your payment was higher than broker stated it would be
•You were told your payment included taxes and insurance
•You were told you needed to buy “life insurance” in order to be approved
•Your income was inflated
•You were approved for the loan based on the value of your home not on your income
•The mortgage broker increased the number of apartments on your application
•The broker added bank accounts you don’t have or inflated the balance in them
•The mortgage broker received an “extra” payment from the bank (known as a Y.S.P.)
•The mortgage broker earned more than what would be consider reasonable
•You refinanced multiple times (loan flipping)
•Broker promised to refinance you into a “better loan”
•Interest rate is higher than promised or incorrect
•Cash out promised is less than received
•Closing costs are higher than stated
•High closing costs
•Unearned or bogus fees paid to the bank or broker
•Payment to mortgage broker is higher than shown on closing statement (HUD)
•You were specifically targeted for a specific type of loan (more fees for broker)
•You were locked into the loan for a long period (or you had to pay a fee)


If you have any questions regarding your mortgage, predatory lending or how we can help you to fight back against foreclosure please feel free to contact us.


Law Offices of Robert E. Brown, P.C.
2409 Richmond Rd., Staten Island, New York 10306
Phone: 718-979-9779 Email: jbrancato@robertbrownlaw.com
Attorney Advertising

THE FULL DEPOSITION OF MICHELE SJOLANDER EXECUTIVE VICE PRESIDENT OF COUNTRYWIDE HOME LOANS

BELOW IS THE FULL DEPOSITION OF MICHELE SJOLANDER EXECUTIVE VICE PRESIDENT OF COUNTRYWIDE HOME LOANS...

Courtesy of : 4closurefraud.org

Deposition

NY Firm That Had Foreclosure Costume Party Settles

Baum settles with the New York Attorney General for $4 million with, of course, no admission of wrongdoing. If he charged only $4,000 per foreclosure case (and I think the number may be significantly higher) and filed 100,000 cases then he grossed $400 million dollars. So by my math he paid a 1% fine in response to allegations of robosigning “and other paperwork shortcuts.” Where is the deterrent?

What do you think?

http://www.nytimes.com/aponline/2012/03/22/us/ap-us-mortgage-firm-halloween.html

FAMOUS QUOTES ABOUT INTERNATIONAL BANKERS, THE FEDERAL RESERVE AND AMERICA... .. . SCARY BUT TRUE!

Some of those who have led us in the past would be amazed (shocked or frightened) at the accuracy of their predictions...

Full Story: http://4closurefraud.org

Justice For 9/11 Bravest

Kings County Supreme Court Justice Arthur Schack not only understands the plight of homeowners, he also understands the plight of the World Trade Center first responders (and as an added bonus he quotes Abraham Lincoln’s Gettysburg Address). Judge Schack was recently featured in the NY Daily News after he restored a cancer-stricken retired NYC firefighter’s disability pension benefits.

Courtesy of the New York Daily News:

9-11

Banks are Foreclosing on Churches...

Banks are foreclosing on America's churches in record numbers as lenders increasingly lose patience with religious facilities that have defaulted on their mortgages, according to new data.

Full Article: reuters.com

Repeat foreclosures hit an all-time high in January

No one saw this coming???? Banks provide unaffordable loan mods to a borrower. So the borrower struggles to pay. And when they can no longer pay, the bank will play the usual scam by offering another mod (trial). Then many months later after sending multiple documents

multiple times they'll be denied (pick a reason). Then to completely screw the borrower interest still accrues during this whole process. What a shame!!!!

Repeat foreclosures at an all-time high . . . . . for now! Wait until next year.

http://www.housingwire.com/article/repeat-foreclosures-hit-all-time-high-january

Bankster Left Speechless

Boom-Era Property Speculators to Get Foreclosure Aid

Isn't this one of the reasons we're in this mess in the first place? Investors fueled the market backed by lenders who bore no responsibility for the (investor) loans because these loans were sold right after the closing (using ARMs, NegAm, No doc, Low doc loans by the way). Hey why not? The banks got their bailout. Why not the investors? What a joke. I don't care if they were mom and pop outfits or big corporations. They are a business, in business to make a profit. If they can't make money in the business and their liabilities/expenses outweigh their assets/income then they are insolvent! Next step should be an appointment with a competent bankruptcy attorney.

FULL STORY: BLOOMBERG.COM

Bank of America Sued for Countrywide's Mortgage Sins, Again

In lieu of commenting I thought perhaps rehashing would be a more efficient use of time since we all know the story. Especially when it involves Countrywide:

- Botching the securitization process by failing to deliver the notes and mortgages into the trusts that issued the securities.

- Charging that Countrywide knowingly sold vast quantities of fraudulent mortgages in order to securitize them and sell them to unwitting investors.

- Manipulating the loan origination process to issue mortgages to people who couldn't pay them back because that was the only way to generate the volume of mortgages that the bank wanted to issue (15,000 to 20,000 loans/mo. in 2006) .

- Loan applications that wouldn't be approved based on underwriting standards were apparently "flipped" into a stated-income or other low-doc loan category, and then approved.

Do we really need to know any more?

FULL STORY: DAILYFINANCE.COM

The Market Ticker – ROFL! Buffett Calls Banks “Victims”

Usually the "victim" has lost something like their life, money, their home, etc. With taxpayer funded bail outs aren't we the taxpayer the victim? The foreclosed party loses their home, the taxpayer loses money and the bankers have gained a boat load via TARP. Who's the "real" victim? Am I missing something here?

Full Article: 4closurefraud.org

JPMorgan, BofA Strain for Qualified Staff to Clear Foreclosures

It would seem to me bankers have only one concern - keeping the money they have and earning as much off foreclosures as possible. They seem to have no interest in hiring (and paying for) qualified people. Why would they want to hire qualified people when you can use that as an excuse to further stall settlements with home owners and earn more off defaults.


Full Article: bloomberg.com

HUD CHARGES BANK OF AMERICA WITH DISCRIMINATING AGAINST HOMEBUYERS WITH DISABILITIES

Is there any way that BOA could possibly gain any more negative publicity? Robosigning, busted loan mods, illegal foreclosures. Oh yeah, let's discriminate against those who receive disability payments. Funny, before the housing collapse they accepted these types of payments with no questions asked.

Full Article: 4closurefraud.org