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Wells Fargo Bank admits to charging over 100,000 customers with inappropriate fees for locking in mortgage rates

Wells Fargo is in trouble once again — this time for fees charged to customers trying to nail down a mortgage. The scandal-ridden bank said on Wednesday that some mortgage borrowers were inappropriately charged for missing a deadline to lock in promised interest rates, even though the delays were Wells Fargo’s fault. Wells Fargo said it will […]

via Wells Fargo wrongly hit homebuyers with fees to lock in mortgage rates — Justice League

 

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Subprime mortgages are making a comeback

Apparently the biggest banks in the US didn’t learn their lesson the first time around… Because a few days ago, Wells Fargo, Bank of America, and many of the usual suspects made a stunning announcement that they would start making crappy subprime loans once again! I’m sure you remember how this all blew up back […]

via The Subprime Mortgage Is Back: It’s 2008 All Over Again! — Easy Money

This is very bad news for the economy as this will make the real estate bubble grow even larger and guarantees that the next real estate crash will be several orders of magnitude worse than the last one.

 

Liar Loans Redux: They’re Back and Sneaking Into AAA Rated Bonds

Wall Street is once again accepting liars loans just like before. They are also coming up with more bond deals based on these liars loans.

Justice League

  • Homebuyers are taking on debt again without much paperwork
  • Wall Street spreads legal risks through new bond deals

The pitch arrived with an iconic image of the American Dream: a neat house with a white picket fence.

But behind that picture of a $2.95 million home in Manhattan Beach, California, were hints of something darker: liar loans, those toxic mortgages of the subprime era.

Years after the great American housing bust, mortgages akin to the so-called liar loans — which were made without verifying people’s finances — are creeping back into the market. And, like last time, they’re spreading risks far and wide via Wall Street.

Today’s versions bear only passing resemblance to the ones that proliferated in the mid-2000s, and they’re by no means as widespread. Still, they reflect how the business isstarting to join in the frenzy that’s been creating booms in everything from subprime car loans to…

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Consumers Were Robbed In The National Mortgage Settlement

The great majority of homeowners that have been illegally foreclosed upon have received nothing from the National Mortgage Settlement. The states took the money and spent it on whatever they wanted to.

rogerrinaldi

Comment: This article is from Matt Weidner’s blog.  With the victory in California, we all should be suing the past administrations of our state finances and misuse of the National Foreclosure Settlement money.  

I am collecting for the Wisconsin action.  More later……

Consumers in Florida were supposed to be “helped” by the National Mortgage Settlement. Instead they were attacked when the judicial system used the money that was funneled to it by the wrongdoers to hire judges and buy equipment that was used to attack them.

The offenses are so grotesque that it could only happen in the context of banks colluding against consumers.

A recent lawsuit ruled that California must pay this money back.

From Housing Wire:

The state funneled some of that money, $331 million, to programs it deemed more in need of attention. It used, rather stole, this money intended for homeowners to give it to…

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CFPB Cordray Increases Disgorgement from $6 Million to $109 Million Against Lender for Insurance Kickbacks

The director of the Consumer Financial Protection Bureau Richard Cordray (former Ohio Attorney General) increased the disgorgement fine against a mortgage lender found liable in an insurance kickback scheme from $6.4 million to $190 million! The trial judge had ordered the lender to pay the $6.4 million but Cordray said the administrative trial judge got it wrong and increased the stakes by ordering the lender to disgorge $109 million. It seems that there is at least one Washington bureaucrat this is doing their job. If only more of the astounding numbers of bureaucrats in Washington would start earning their money and acting like Richard Cordray.

Livinglies's Weblog

For more information please call 954-495-9867 or 520-405-1688

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see http://www.acainternational.org/cfpbarticle-cfpb-director-richard-cordray-increases-mortgage-lenders-fine-in-administrative-ruling-36088.aspx

At the end of the day, most everyone knows most everything. Here in a patent insurance kickback scheme that was obviously not disclosed to the borrower, the Judge ordered the lender to pay $6.4 million. On appeal Director Cordray (former Ohio Attorney General) said the administrative trial judge got it wrong. Cordray raised the stakes by ordering the lender to disgorge $109 million.

As our administrative and judicial systems come to grips with the massive fraud, fabrication, and manipulation of their systems they are revealing a callous disregard not only for rules and laws, but for society at large. And while it might be hard to make the connection, this is why Congress passed the Truth in Lending Act — to level the playing field with rescission and other remedies.

The question being asked “in defense” of rescission and…

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Family Makes Payments, Gets Foreclosed On Anyway-You Said It Couldn’t Happen!

Henry and Elizabeth Manfrediz always paid their mortgage on time every month but they still ended up in foreclosure proceedings. Even though the mortgage servicer Seterus admits they made a mistake they still refuse to reimburse them for their legal fees or correct their credit report.

rogerrinaldi

Family Makes Their Mortgage Payments But Gets Foreclosed On Anyway

Posted: 04/02/2015 1:12 pm EDT Updated: 04/02/2015 1:59 pm EDT

oops

How ridiculous would it be if you made all your mortgage payments in full and on time for years and your mortgage lender foreclosed on you anyway? Surely that could never happen. Unfortunately, that’s exactly what happened to Henry and Elizabeth Manfrediz, a lovely married couple with four kids and a cute dog, who live in Florida.

Henry and Elizabeth took out their mortgage in 2008 with JP Morgan Chase, who later transferred the loan to Fannie Mae, as often happens with many lenders who originate mortgages to sell them on.

In this case, the loan servicers for Chase and Fannie Mae appear to have so totally botched the handling of the…

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Tom Ice Uncovers Robowitness Script!

The big banks are now using witnesses to testify in Court with a canned script in foreclosure cases! A robowitness instead of a robosigner! That is outrageous but I am not surprised.

Livinglies's Weblog

see http://www.dailybusinessreview.com/id=1202726876952/Thomas-Ice-Ocwen-Lawyer-SpoonFed-Questions-and-Answers-to-RoboWitnesses#ixzz3acD4fkZE

It was no surprise that the script existed for the “corporate representatives” who testify in court. And it shouldn’t be any surprise that Tom Ice uncovered it. These are robo-witnesses. In nearly all cases, the witness never worked for the bank or servicer other than testifying to facts they knew nothing about. If you sit in any foreclosure courtroom you will hear the exact same questions and the exact same answers every time for every bank and every servicer.

As many of us have previously pointed out — these scripts are obviously prepared by lawyers and used by lawyers who treat these witnesses like trained monkeys. Some lawyers have gotten into trouble for fabricated documents. Now it looks like they will get into trouble for fabricating testimony.

So you have a witness who might never have worked for any bank or servicer testifying as to their confidence that…

View original post 131 more words

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