But regulator’s civil cases and penalties don’t put any executives behind bars. Palm Coast, FL – December 8, 2011 – It’s an issue we and others have noted again and again: Years after the financial crisis, there have still been no prosecutions of top executives at the major players in the financial crisis. Why’s that? Well, […]
U.S. District Judge refused to approve the $285 million settlement. Says it was good for the two parties but not for the public. Palm Coast, FL – December 6, 2011 – When the Securities and Exchange Commission struck a deal with Citigroup over a failed security that the bank sold to investors, we asked whether […]
There are an increasing number of warnings that simultaneous investigations by federal bank regulators and the attorneys general of all 50 states have addressed the full scope of the problem. Palm Coast, FL – July 19, 2011 – Since flawed foreclosure practices by the nation’s biggest banks became last fall’s biggest scandal, federal bank regulators […]
Fannie Mae and Freddie Mac were bailed out by taxpayers, but their regulator opposes making them subject to greater transparency requirements under federal public records laws. Palm Coast, FL – June 1, 2011 – Government-controlled mortgage giants Fannie Mae and Freddie Mac were bailed out by taxpayers, but their regulator opposes making them subject to […]
Prosecutors in California and Illinois have sent subpoenas to Lender Processing Services, one of the largest firms that processed mortgage documents for the banks. Palm Coast, FL – May 26, 2011 – While federal and state officials investigating flawed foreclosures have largely focused on holding the banks accountable and bringing relief to wronged homeowners, officials […]
From risky lending to flawed foreclosures, banks have been accused of missteps at every stage of the mortgage machine. Here’s a closer look at who’s been investigated for what. Palm Coast, FL – May 25, 2011 – As we and many others have noted, no top banking executives have been successfully prosecuted in connection with […]
Despite the fact that MERS keeps electronic records on about half of all home mortgages in the country, the system is hardly a household name. Palm Coast, FL – March 8, 2011 – As we’ve noted in several posts, one player that has been featured in the foreclosure scandal and is currently under federal investigation […]
The Treasury Department has done “very little” to improve a foreclosure prevention program that has failed to meet its goals, the government’s TARP watchdog testified at a hearing on Wednesday. Palm Coast, FL – March 4, 2011 – Making the argument that the Treasury Department has done “very little” to improve a foreclosure prevention program […]
Homeowners accused the bank of filing fraudulent mortgage documents to prove its legal standing to collect the debt in bankruptcy proceedings, Bloomberg reported today. Palm Coast, FL – February 8, 2011 – In a handful of cases around the country, Citigroup has reached settlements with homeowners who accused the bank of filing fraudulent mortgage documents […]
Non-judicial states also seem to have problems with banks using robo-signers and taking other foreclosure shortcuts, American Banker reports. Palm Coast, FL – January 25, 2011 – When problems in the foreclosure process caused banks to temporarily freeze foreclosures last fall, the focus was on improperly signed foreclosure affidavits—legal documents used when foreclosure are required […]