Anonymous Goes After Federal Reserve

Mat Honan — Headless hacker collective Anonymous says it plans to hit the Federal Reserve starting tomorrow as a part of Operation Empire State Rebellion, timed to coincide with, um, Flag Day. Buy Gold! Buy gold now!

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Herrera v Deutsch: CA Appeals Court Deals Death Blow to Deutsch — The House of Cards is Tumbling

The Substitution of Trustee recites that the Bank “is the present beneficiary under” the 2003 deed of trust. As in Poseidon, this fact is hearsay and disputed; the trial court could not take judicial notice of it. Nor does taking judicial notice of the Assignment of Deed of Trust establish that the Bank is the [...]

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Class Action Suit Against BofA For Deceptive Loan Mods Goes National

Las Vegas, NV (KTNV) – Nevada homeowners fighting Bank of America have a new weapon: a class action lawsuit that’s gone national.
Contact 13 Chief Investigator Darcy Spears has been exposing allegations of misconduct against B of A for more than a year. Tuesday she spoke to folks who finally feel there may be hope to save their [...]

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Bank Of America

Court Threatens BofA Bank Manager With Jail Over Foreclosure

A Bank of America branch manager in Riverdale faces jail time if the banking giant continues to ignore city orders to demolish a vacant, fire-damaged home.
The bank, however, says it can’t comply because it doesn’t own the home.
Riverdale city officials have tried for more than six months to get the bank to tear down the [...]

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Maine Supreme Court Reverses HSBC Foreclosure On “Untrustworthy” Paperwork

The Maine Supreme Judicial Court overturned the foreclosure of a Maine homeowner after concluding that the supporting documentation filed by the foreclosing bank was “inherently untrustworthy.”
The decision, handed down Friday, underscores the potential for more delays in foreclosures as banks are unable to foreclose on borrowers after being challenged in court for using questionable paperwork. [...]

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Davenport lawyer accused of mortgage fraud

A Davenport lawyer has been indicted by a federal grand jury on charges of conspiracy, bank fraud and wire fraud.
Court papers allege that Mark Robert Engelmann, 59, was part of a scheme to defaud banks and mortgage lenders during 2005 and 2006.
The scheme involved bogus real estate contracts that used inflated prices to secure mortgage [...]

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NY Attorney General Investigating Pre-Bust Hijinks At Bank Of America, Goldman Sachs & Morgan Stanley

Just when you think the beleaguered bankers of the world can finally stop dealing with pesky investigations into their roles in the recent financial ugliness (some would call it a global economic meltdown), some Columbo-like snoop has to say, “Just one more thing” and open up all new cans of worms. The latest can-opener is [...]

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New Fraud Claim Against Missing Bank of America Employee

BY JIM DOOLEY – A former Bank of America employee in Hawaii who allegedly stole more than $1 million from the bank’s mortgage loan customers has been accused of fraud in a state court lawsuit.
Michael Ho Kim is the subject of an ongoing federal criminal investigation and is believed to have fled to Korea after he [...]

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Don’t Let Go of the Anger

One of the most frustrating facts of the recently abated financial crisis is that those who might have been partly responsible for it have got off scot-free. The only two people prosecuted criminally — the Bear Stearns hedge fund managers Ralph Cioffi and Matthew Tannin — were found not guilty by a jury in Brooklyn. [...]

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Banks Said to Offer $5 Billion to Resolve State, U.S. Foreclosures Probe

Bank of America Corp. (BAC) and JPMorgan Chase & Co. (JPM), along with three other U.S. mortgage servicers, proposed paying $5 billion to settle a probe of their foreclosure practices by state and federal officials, two people familiar with the matter said.
The proposal made by banks yesterday during settlement talks in Washington came after state attorneys [...]

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‘Flopping’ – a New Type of Scam in the Housing Market

Although reports of mortgage fraud nationally fell 41 percent in 2010 from 2009, the continuing downturn in the housing market has fostered new ways of perpetrating it, experts say.
Consider “flopping” – the intentional misrepresentation of housing value for purposes of illegal flipping.
Here’s how it works: A real estate agent or broker identifies properties with severely [...]

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H&R Block tumbles on fears regarding mortgages

Shares of H&R Block Inc. led the S&P 500 downward Monday on renewed fears that the company will be dragged back into a subprime mortgage mess.
A group of mortgage bond investors may try to force H&R Block’s former mortgage unit to buy back billions of dollars in defaulted home loans, according to a report by [...]

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House Subcommittee Approves Bills That Would Effectively Shackle Consumer Financial Protection Bureau

As we reported yesterday, a House of Representatives subcommittee was set to review various proposed bills that would effectively disarm the new Consumer Financial Protection Bureau before it even had a chance to do any protecting of consumers. Sadly, but not surprisingly, all three bits of proposed legislation have been approved.
One bill would replace the Bureau’s [...]

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