Implode-Explode Heavy Industries news feed

You Can Make A Michigan Senator Your Boy Toy For As Little As $16,000

Fri, 24 May 2013 15:57:25 GMT

On Wednesdy, Michigan Senate Majority Leader Randy Richardville and Freshman Senator Darwin Booher introduced a bill that would reduce Michigan's post foreclosure redemption period from 6 months to 2 months. This after the two of them have taken a combined $137,000 from banking lobbyists.

Bank of America praised, criticized for homeowner relief

Fri, 24 May 2013 04:20:17 GMT

``The accolades were striking in light of New York Attorney General Eric Schneiderman's allegations that Bank of America, as well as Wells Fargo, has failed to help struggling homeowners under the agreement. Schneiderman was one of 49 attorneys general to negotiate the $25 billion settlement with the nation's five largest mortgage servicers, including JPMorgan Chase, Ally Financial and Citigroup, over foreclosure abuses last year. ''

NY State Court Halts Judge Shopping in RMBS Putback Cases

Thu, 23 May 2013 19:25:44 GMT

Banks looking to judge shop in RMBS putback cases filed in New York State court are going to get shut out of the process. Apparently there are so many cases to litigate against banks, like JP Morgan and Credit Suisse selling billions of garbage mortgage securities to investors, that administrative judge Sherry Heitler has decreed all RMBS cases as of March 2013 now go to one judge. Roberta McClinton, Heitler's law clerk, confirmed this today giving the reason that similar cases need to go to one judge now because it's for ‘judicial economy'.

Existing-home sales highest since 2009 - Economic Report

Thu, 23 May 2013 13:32:42 GMT

Sales of existing homes in April were 9.7% higher than during the same period in the prior year. Pent-up demand is supporting sales, but tight credit standards and inventories are holding back gains, NAR said. There are also headwinds remaining from high unemployment, though the economy is adding jobs. "Unless the regular turnover increases more aggressively, existing-home-sales growth could flatten out somewhat this year," wrote Yelena Shulyatyeva, an economist at BNP Paribas.''

Foreclosure Victims Protesting Wall Street Impunity Outside DOJ Arrested, Tasered

Thu, 23 May 2013 04:40:46 GMT

``Protesters scolded Holder's remarks as they marched from Freedom Plaza to the main entrance of the Justice Department, which was barricaded by DC police and officers from DHS. After a handful of impassioned speeches, several struggling homeowners jumped the barricade. Officers quickly retreated into the building and shut the door. Before long, the barricade was torn down and hundreds of protesters flooded the exterior around the main entrance where they banged on the door and shouted, "Eric Holder, come on out!"''

BofA, JPMorgan Chase Say They've Fulfilled National Mortgage Settlement Obligations: Report

Thu, 23 May 2013 04:09:39 GMT

``BofA and JPMorgan's assertions that they've fulfilled their obligations under the settlement aren't official, as Joseph Smith, the monitor for the deal, hasn't reviewed them yet, according to the LA Times. Wells Fargo also claims to be 90 percent of the way done fulfilling its obligations.
The banks' claims that they've met their end of the bargain may not be enough for struggling homeowners as countless criticisms have arose in the wake of the settlement. ''

Updated Consumer Relief - The Office of Mortgage Settlement Oversight

Wed, 22 May 2013 05:14:27 GMT

``"Since the Settlement was announced, I have released three prior progress reports that detailed the banks' self-reported consumer relief data on a quarterly basis," said Smith. "I believe it is important to continue to share this data with the public, and, accordingly have done so on my website. However, I have not prepared a full report on this data because I am focusing my time testing the banks' year end consumer relief claims and giving them appropriate credit as outlined in the Settlement. This allows me to provide the public with credited reports as soon as possible. "The four banks that have not yet been credited have requested that I determine their consumer relief progress through the end of 2012," said Smith. "I will release my review of their work in the coming weeks to the Court and the public. At that time, I look forward to engaging in a public conversation about their progress."''

Monitor Checking Into Violations of Mortgage Settlement

Wed, 22 May 2013 05:13:40 GMT

``The announcement that Smith is looking into potential violations comes a week after New York State Attorney General Eric Schneiderman said he would sue BofA and Wells over complaints they did not provide fair and timely service to homeowners seeking relief.
Smith and others attorneys general have been looking into the same issues. Illinois Attorney General Lisa Madigan said Tuesday her office found "an alarming pattern of potential violations of ‘servicing standards.'" For example, she said that in 60% of files surveyed, banks failed to notify borrowers within five days of missing documents in their applications.''

Federal COA Rulings Could Make 5 Years Of Non-Judicial Fannie/Freddie Foreclosures Unconstitutional

Tue, 21 May 2013 14:52:09 GMT

2 Federal Appellate Courts have ruled Fannie Mae and Freddie Mac are government entities and the ruling could create a constitutional crisis in non-judicial foreclosure states.

Alabama Slamma' -- Not for Better, Far Worse... As Foreclosures we Chart

Tue, 21 May 2013 14:24:06 GMT

``We seem to be having a national recovery in much of the media, but in the states themselves the numbers are refusing to cooperate. I guess if you can have a "jobless recovery," then you can probably have a national recovery without states being involved.

According to a wonderfully dizzying article on AL.com -- All Alabama, the southern state is facing some roadblocks to the recovery of its housing market. According to words used in the article's headline, "foreclosures are crippling the state's housing market, despite a national trend."

Ready to have some fun? Here goes...

''

JPMorgan Must Face Dexia s Mortgage Suit, Judge Rules

Tue, 21 May 2013 05:24:49 GMT

``The nation's biggest bank will have to face allegations by Dexia, which says it lost hundreds of millions of dollars after buying $1.6 billion in residential mortgage-backed securities from JPMorgan Chase, Judge Jed Rakoff of the U.S. District Court in Manhattan ruled Friday.''

As Housing Markets Recover, Wall Street Beats Families To Homes

Tue, 21 May 2013 05:23:30 GMT

``These investment firms are acquiring vast quantities of homes, fixing them up, and then marketing them as rentals. They arrive at auctions or home sales bearing cash, which gives them a competitive edge on millions of ordinary would-be buyers like the Gilbertsons, who must finance their purchase using borrowed money. These cash buyers are also more likely to pay above asking price, local brokers say, which is contributing to the overall price increase.
One company, Invitation Homes, funded by the hedge fund Blackstone, has over the past year spent $4.5 billion to purchase about 25,000 homes in formerly distressed housing markets, including 4,000 properties here in the Phoenix area. ''

The slow-going process of compensating victims of housing violations

Tue, 21 May 2013 05:21:33 GMT

``In 2011, Wells Fargo agreed to compensate up to 10,000 borrowers after the Federal Reserve found the bank was steering them into subprime loans even though they qualified for better mortgages. But no borrowers have received money yet.
Last year, Bank of America agreed to pay some borrowers between $1,000 and $5,000 for what the Justice Department called lending discrimination. The agency said the bank illegally asked some would-be home buyers who relied on disability income to provide a doctor's letter verifying the severity of their ailment. But it's still unclear how many people will ultimately be paid. There isn't a full list of the victims.''

Dimon has little to lose in shareholder vote

Tue, 21 May 2013 05:18:31 GMT

``Much better, Dimon could cede a sliver of ego to regain the support of shareholders by accepting their decision. This would leave him with two options. He could relinquish the CEO's duties and just keep the title of chairman. That would clear the way for new blood running the bank day-to-day. Or he could remain as CEO under a new independent chairman.''

What Makes a Mortgage a "Bad Loan?" I'm Confused.

Tue, 21 May 2013 02:44:41 GMT

``What makes a loan a "bad loan?" I know there are lending practices defined as being predatory in nature that result in "bad loans," but that's not what I'm talking about.
According to the Center for Responsible Lending, "Predatory lending describes unfair, deceptive, or fraudulent practices of lenders during the loan origination process." So, when we talk about predatory loans, we're talking about loans originated with any or all of the following being involved...''

The Foreclosure Bowl: Connecticut Finally Makes it Into Top 10 - Mandelman Matters

Mon, 20 May 2013 17:25:43 GMT

``Well, as of April of this year, Connecticut has finally made it into the top ten in the Foreclosure Bowl... the state managed to post an increase of more then 94 percent over last year with 2,334 homes being lost to foreclosure in April... Apparently forgetting that his company's report had shown most of the foreclosure growth coming from "early stage filings," [Blomquist] attributed the state's top ten status to a backlog of "deferred foreclosures," common in states using a judicial foreclosure process.''

Foreclosure Surprise! Stomping on Maryland Homeowners - Mandelman Matters

Mon, 20 May 2013 17:11:02 GMT

``... the new mediation law went into effect in August of 2010... and foreclosures are now spiking by triple digit numbers as summer is starting in 2013, right? So, where was everyone in 2010, 2011 and 2012? The way Dumdum and WUSA 9 are making it sound, these foreclosures aren't new... they're part of a backlog that's been stuck in the mud of mandatory mediation for almost three years?''

Wells Fargo Leads Bank Foreclosure Halt After OCC Guidance (2) - Businessweek

Mon, 20 May 2013 06:09:58 GMT

``Mortgage firms have previously imposed moratoriums amid reports of borrowers incorrectly being thrown out of homes. Complaints pushed the five largest firms to sign a $25 billion settlement last year that ended a probe of their practices. The impact of the new halt may be muted, with U.S. mortgages that are overdue or in foreclosure standing at a four-year low, according to data released May 9 by the Mortgage Bankers Association. ''

Wells, Citi Halt Most Foreclosure Sales as OCC Ratchets Up Scrutiny

Mon, 20 May 2013 06:09:17 GMT

``A spokeswoman for Citi said that the bank is "in the process of complying and following the directive." JPMorgan acknowledged that it temporarily halted foreclosure sales "out of an abundance of caution," but says it has resumed them after validating that its processes comply with the OCC guidance.''

It's alive! Dexia's $775 mln MBS case vs JPMorgan back from the dead

Mon, 20 May 2013 06:08:41 GMT

``Both sides took predictable positions in their briefs. Dexia said the case should go back to state court, where Rakoff's ruling should have no effect because he never had proper jurisdiction. JPMorgan argued that under the 2nd Circuit's interpretation of the Edge Act, Dexia's case still belonged in federal court. And even if Rakoff determined that the case should be remanded, the bank said, he should leave intact his summary judgment ruling because federal courts have broad power to decide questions of standing. (JPMorgan's lawyers at Cravath were making a very educated guess that Rakoff's April 2 summary judgment ruling involved standing - specifically, Dexia's right to assert claims based on assignments from its corporate affiliate FSA Asset Management, known as FSAM - because Rakoff hadn't laid out his reasoning.)''