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Foreclosure: Reforms for robo-signers, false documents


Bloomberg is reporting there might be a deal between 50 state attorneys general and five major loan servicers about reforming their foreclosure practices. You can read the story here.

Categories: Foreclosure Crisis (84)
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BofA Freddie Mac Putbacks Resolved for 1¢ on $

A premium of $1.28 billion was paid to Freddie Mac to resolve $1 billion in claims currently outstanding. But the kicker is that the deal also covers potential future claims on $127 billion in loans sold by Countrywide through 2008. That amounts to 1 cent on the dollar to Freddie Mac.

Imagine if you had a $500,000 mortgage, and you got to settle it for $5,000 — that is the deal B of A appears to have gottem from Freddie Mac.

http://www.ritholtz.com/blog/2011/01/bofa-putbacks-freddie-mac


Tuesday, January 4, 2011
Attorney General Tom Miller Reneges on Promise to Prosecute Mortgage Fraud

I’m not exactly surprised at the bait and switch by Iowa’s Attorney General Tom Miller, who is leading the 50 state investigation by state attorney generals into mortgage abuses. Less than a month ago promised that he would “put people in jail” Now he’s apparently decided to adopt a “move along, nothing to see here” posture. Per Bloomberg (hat tip reader Duncan B, who also sent a copy of a stinging e-mail to his state AG):


http://www.nakedcapitalism.com/2011/01/attorney-general-tom-miller-renegs-promise-to-prosecute-mortgage-fraud.html


Fraudclosure: Dylan Ratigan Throwing Some Bombs

And it's about damn time..... a few tough questions in here.....

Ohio's departing AG... interesting interview.

http://market-ticker.org/akcs-www?singlepost=2340962


B of A Settlement, Another Taxpayer Rip-off

I envision every other major Wall Street bank that dumped its toxic mortgage-backed securities onto the GSE’s to also get a sweet deal at the taxpayers’ expense. Many more billions will be poured into the banks to prop them up when some are clearly engaged in malfeasance. Former bank regulator and professor of economics William Black has called for banks such as B of A to be dismantled in receivership. He co-wrote a piece last October called “Foreclose on the Foreclosure Fraudsters,” but what is happening here is just the opposite. Once again, incompetence and alleged crime is being rewarded.

http://usawatchdog.com/b-of-a-settlement-another-taxpayer-rip-off/


Embattled Virtual Mortgage Registry MERS Retains Top Lobbying Talent


One company embroiled in the nation's property foreclosure crisis is not unprepared for a fight.

In Washington, D.C., Merscorp Inc. has retained several well-heeled lobbyists and invested hundreds of thousands of dollars in lobbying efforts since the start of the mortgage crisis and economic meltdown.

http://www.opensecrets.org/news/2011/01/embattled-mortgage-registry-mers.html


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About the author
You've got the job of managing your money. No one in school taught you how. But you and I, we can teach each other, how to handle it, how to save for retirement, how to make money last, how to educate the kids, how to make a budget work. The conversations I have with my readers are fun. Money's important, but discussing it does not have to be boring.

Harriet Johnson Brackey Harriet Johnson Brackey, the personal finance columnist for the Sun Sentinel, is an award-winning business reporter. Her columns for 2008 were named "The Best in the Business," a national award chosen by her colleagues at the Society of American Business Editors and Writers.

Brackey has worked at Business Week magazine and at USA TODAY, where she was a founder and part of the original staff of the Money section at the country's first national newspaper. After nearly 11 years there - spent covering the 1980s bull market, the insider trading scandals, the 1987 crash - Brackey left Washington, D.C., and came to The Miami Herald. She spent the next decade writing a column about personal finance that chronicled the stock market's Internet boom and bust, as well as the popular Money Makeover features.

Brackey also has done commentaries for Marketplace Money, which airs on National Public Radio and The Nightly Business Report which is broadcast on more than 250 PBS television stations nationwide. She also has been a radio guest on WLRN’s Miami Herald News.
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