Category : Real Estate
Litigation related to mortgages hit a three-year high during the first quarter of 2010, according to a joint study issued jointly by Patton Boggs and MortgageDaily.com.
According to Patrick McManemin, a partner in Patton Boggs’ Dallas office, the early cases from a few years ago when the subprime mortgage crisis began involved borrowers and the lenders who held those loans. Now, it’s the institutions that purchased loans from originating lenders who are involved in litigation.
Patrick McManemin is one of the partners in Patton Boggs’ Dallas office.
The current loan-holding institutions are trying to figure out how they can obligate the sellers to repurchase the loans.
According to Massachusetts Attorney General Martha Coakley, Morgan Stanley financed mortgages in Massachusetts issued by the defunct subprime lender New Century Financial Corp., and that Morgan Stanley “knew or should have known (they) were destined to fail.”
Coakley just announced that Morgan Stanley would pay a $102 million settlement for its “role in the securitization and financing of Massachusetts subprime loans.”
Bank of America acquired Countrywide Financial Corp two years ago. But part of the cost of that acquisition will be a settlement worth $108 million for federal charges that Countrywide Financial Corp. collected outsized fees from borrowers who faced foreclosure.
Bank of America will have to weather this financial storm.
The settlement seeks to refund money to 200,000 borrowers, according to the Federal Trade Commission. This is the largest mortgage industry settlement for the FTC, which oversees issues such as debt collection.
Bank of America had good reason to cooperate. The company says it agreed to the settlement “to avoid the expense and distraction associated with litigating the case.”
Countrywide charged fees in the thousands of dollars to borrowers who were behind on their mortgages, according to the FTC. The fees were for property inspections and landscaping. Countrywide also created subsidiaries which marked up the price for these services.
According to the FTC, Countrywide “earned substantial profits by funneling default-related services through subsidiaries that it created solely to generate revenue.”
If you are having issues concerning debt or mortgage foreclosure, consider speaking with a real estate attorney or financial attorney.
The Justice Department has opened a criminal investigation of Goldman Sachs regarding mortgage securities deals it arranged.
In an election year, you can be sure that politicians will step up the pressure against companies like Goldman Sachs, whose suspect financial practices have contributed to the financial crisis that has plunged the U.S. into the most severe recession since the Great Depression.
The Securities and Exchange Commission has alleged that Goldman Sachs misled investors by not to tell them subprime mortgage securities had been chosen with help from a Goldman hedge fund client, Paulson & Co., which was betting the investments would fail.
If you have been struggling with a subprime loan in these tough economic times, or are simply in over your head due to financial hardship, you may want to consider consulting with an experienced real estate attorney.
http://news.lp.findlaw.com/ap/f/1310/04-30-2010/20100430010511_23.html
Although we have had an incredible amount of engagement the last few weeks, we have not been receiving as much feedback from the #whocanisuebrand campaign on Twitter as we would have hoped.
Regardless, we do have a few responses for you to peruse. You will notice that we are not afraid to highlight the negative comments. After all, this campaign is supposed to show the “honest” thoughts of common consumers.
9swords: @whocanisue I would have to use the service to give proper feedback. Your site came up #1 in Google search for the keywords “who can i sue”.
izzy_presley: @whocanisue its the whol blame somebody else for something and sue thm for it mentality that has been ruining our country for years
izzy_presley: @whocanisue I refuse to comment any further because I don’t want to get sued
We just posted an ad on Craigslist looking for sales individuals. You can check out the ad here.
Below, you will see what we are looking for. If you live in Boca Raton, Florida and meet the requirements, please respond.
WCIS Media is a marketing company, with whocanisue.com being an industry leader for the Legal Market!
We are currently ramping up our recruitment efforts as we continue to expand out of South Florida. We are looking for high energy self starters who have the ability to succeed!
Primary Responsibilities:
• Generate new prospects for WCIS Media
• Educate the concepts of Online Marketing and how it can offer the best ROI for your clients
Successful Candidates will have
• A proven track record in telesales generating new business leads.
• High School Diploma or GED, but preference will be given to those with post High School Education
• 1+ years experience in a high-volume sales environment
• Excellent communication, comprehension, and listening skills
• PC proficiency is a must—with ability to simultaneously access and navigate through several internet browsers
• Effective organizational and self-motivational abilities
Compensation:
Salary Plus Commission
Mortgage fraud is a huge problem. The problem is so far reaching in fact, that the FBI says it costs us at a minimum $4 billion dollars a year. According to Google, the population of the United States in July 2008 was 304,059,724.
Some interesting financial facts when you use those numbers:
- It would cost each person in the US $13.15 a year.
- It costs the US 10,958,904 per day
- That means it costs us over $70 million a week!
If we used the money that mortgage fraud costs us to purchase housing for low income, homeless, and/or disabled Americans, and the house cost $150,000; an amazing 26,667 people would have housing.
Imagine what that kind of boost could do for the economy!
Real Estate law is complicated and can vary from state to state. It is important to speak with an attorney who specializes in real estate law before making any hasty decisions. Whether you are a homeowner, landlord, or tenant, Whocanisue.com can help you find an experienced real estate lawyer or bankruptcy attorney in your area.
Everyday more and more headlines are talking about the startling increase of mortgage fraud across the US.
The FBI defines mortgage fraud as “any material misstatement, misrepresentation or omission relied upon by an underwriter or lender to fund, purchase or insure a loan.”
There are many ways to perpetuate these scams, but one popular method is employment fraud. There are usually two ways the buyer alone or with the help of a real estate/mortgage professional accomplishes this income misrepresentation:
- States self-employment in a non-existent company
- Reports having a higher position within the company he/she works to inflate income
The result is that the buyer qualifies for a higher loan than he/she normally would and because the income really isn’t sufficient for the amount of the loan, default occurs and the home usually goes into foreclosure.
Has a home foreclosure scam saddled you with a worse loan or swindled you out of the title to your property? As bank foreclosure rates rise, so do the number of criminals taking advantage of homeowners. If you suspect a bogus offer to refinance your home or make a loan adjustment, report it to comptroller of currency’s office (OCC). If you signed a questionable mortgage agreement or transferred your home title, contact a real estate attorney immediately.
A real estate lawyer can detect any unlawful language and determine whether your loan or title arrangement is valid. If you act within three days of an agreement, your right to rescind the contract may free you from obligation.
Whocanisue.com can help you find an experienced real estate lawyer in your area.
Home mortgages in danger of bank foreclosure may or may not be eligible for new federal loan modification programs. Criteria include date of the loan, principal balances under $729,750, and mortgagee financial hardship, such as job loss. If none of these details match your circumstances but you are still having trouble making monthly mortgage payments, review your current loan documents with a real estate lawyer.
Image by: pnwra
By Truth in Lending law, mortgage information must be presented in a certain format. Any slight deviation, omission or misstatement can invalidate the loan agreement. A real estate attorney can file a mortgage fraud claim with the court to save you from home foreclosure.
Because real estate law is complicated and often varies from state to state, it is important to speak with an attorney who specializes in real estate law before making any decisions. Whocanisue.com can help you find an experienced lawyer in your area.
TransUnion.com, a national credit reporting agency, recently revealed its first-quarter numbers on the national mortgage delinquency rate. The findings indicate that the number of homeowners that will default on their loans will be nearly three times the levels experienced during a stable economy.
National mortgage delinquency rates at a glance:
- Nevada (11.61%) and Florida (11.01%) have the highest number of defaulted mortgages
- Less populated states like North Dakota, South Dakota and Alaska had the lowest rates.
Photo by: respres
These numbers indicate a strong need for homeowners to seek expert advice early in the foreclosure process in order to prevent losing their homes. A qualified real estate attorney can be an important asset in the fight against home foreclosure.
Visit our library to learn more about home foreclosure options and what you can do if you are in danger of losing your home.
Real Estate laws vary from state to state. It is important to speak with an attorney who specializes in real estate law before making any decisions. Whether you are a homeowner, landlord, or tenant, Whocanisue.com can help you find an experienced real estate lawyer or bankruptcy attorney in your area.
