Fri 2010-10-08 21:34 EDT

Improper GMAC Affidavits Leading to Charges of Document Fabrication to Change Title >> naked capitalism

Yves Smith

...the web emanating from the GMAC affidavit improprieties extend much further than most may realize. Although GMAC continues to maintain that having its ``robot signor'' officers like Jeffrey Stephan provide affidavits on matters they know nothing about is a mere technical problem that they can remedy. In fact, an affidavit is a statement of someone with personal knowledge of a matter. Stephan signed as many as 10,000 documents a month and clearly could not have personal knowledge of the underlying situations. Deliberately preparing and submitting inaccurate documents in a legal proceeding is a fraud on the court...So as much as GMAC and its fellow servicers no doubt hope there little document mess will fade from public view, attorneys are using it as a new weapon to fight questionable foreclosures or force servicers to negotiate principal mods...

CHANGING TITLES; charges; Document Fabrication; Improper GMAC Affidavits Leading; naked capitalism.

naked capitalism Wed 2010-07-07 14:29 EDT

Face to Face With Polished Wall Street Psychopathy (SEC Says that ICP Stole from My Old Company Edition)

Tom Adams, an attorney and former monoline executive

When the financial crisis hit, I was in the direct line of fire. My company blew up very early in the crisis, giving me the dubious opportunity to see how bad things were going to get long before most of the rest of the world, including other banks, insurers, investors, administration officials or Federal Reserve members, were able to perceive the trajectory of the crisis...much of what I thought I knew was based on things that weren't really true...While many of the failings of the structured credit market were due to unsound reliance on historical data, some were not mistakes in judgment but were the result of bad actors, misinformation and wrongdoing...

Faces; ICP Stole; naked capitalism; Old Company Edition; Polished Wall Street Psychopathy; SEC says.

Calculated Risk Wed 2010-01-13 12:01 EST

HAMP Loan Modifications and the Fifth Amendment

CalculatedRisk

...The homedebtor enjoyed some initial success arguing a non-judicial foreclosure was a violation of due process...The homedebtors are named Huxtable and Agnew. Interestingly, Agnew is also listed as the "lead attorney" for the plaintiffs. The plaintiffs defaulted in late 2007, and the bank began a non-judicial foreclosure process in late 2008. The plaintiffs filed suit in federal court to stop the foreclosure, naming as defendants Timothy Geithner, the FHFA the lender and the servicer. The plaintiffs were allegedly denied a HAMP modification, and they claim the government and the bank violated the plaintiffs' right to "due process under the Fifth Amendment for failing to create rules implementing HAMP that comport with due process."...The judge refused to dismiss the case because the plaintiffs might be able to prove the government has "insinuated itself into a position of interdependence" with the bank.

amendment; Calculated Risk; HAMP Loan Modifications.

Dr. Housing Bubble Blog Fri 2009-11-20 08:25 EST

Fannie Mae and Wells Fargo Announce Creative Mortgage Solutions: A New Thing Called Renting. Option ARM Scenarios, Lease for Deed, and Delaying the Financial Future.

Last week, foreclosure Hall of Fame member and government stepchild Fannie Mae announced a stunning $18.9 billion loss. Remember last year when we were told that bailing out the enormous Government Sponsored Entities that we would be turning a profit? Well that didn't exactly pan out and both Fannie Mae and Freddie Mac have been a vortex for taxpayer money. With that said, Fannie Mae announced a ``lease for deed'' program that will essentially convert struggling homeowners to that feared word, renters. In the same week after Attorney General Jerry Brown sent his letter to the top option ARM wheelers and dealers in California, Wells Fargo came out with its ingenious solution. Wells Fargo has decided, at least as it stands, to convert their Pick-A-Pay option ARMs into glorious interest only loans for periods of six to ten years.

deed; delays; Dr. Housing Bubble Blog; Fannie Mae; financial future; leased; New Thing Called Renting; Option ARM Scenarios; Wells Fargo Announce Creative Mortgage Solutions.

naked capitalism Thu 2009-11-19 19:53 EST

Freddie and Fannie Outside Supervisor Ousted

In September, the Department of Justice ruled that FHFA Inspector General Ed Kelley did not have authority to investigate wrongdoing or other abuses related to the agency, according to an internal DOJ Office of Legal Counsel memo signed by Deputy Assistant Attorney General Daniel Koffsky...

Fannie; Freddie; naked capitalism; Supervisor Ousted.

Wed 2009-04-01 00:00 EDT

naked capitalism: New York Subpoenas Bank of America CEO on Merrill Bonuses (and Where is the SEC?)

NY attorney general Andrew Cuomo

America CEO; Merrill bonuses; naked capitalism; New York Subpoenas Bank; SEC.

Fri 2009-02-13 00:00 EST

naked capitalism: Thain Forced Out, NY Attorney General Cuomo Investigating Merrill Bonuses

naked capitalism; NY Attorney General Cuomo Investigating Merrill Bonuses; Thain Forced.

Fri 2008-03-21 00:00 EDT

The Raw Story | Did former White House Counsel force US Attorney to resign?

Harriet Miers may have forced resignation of Debra Yang over Jerry Lewis investigation

Attorney; Raw Story; resign; White House Counsel force.