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Almost as soon as regulators proposed a settlement for the mortgage mess that would require banks to obey the law, the banks’ Republican allies began trying to weaken it through obfuscation and confusion. Read on for some plain English translations of their arguments against the settlement.

Continue reading Decoding the GOP Argument Against Punishing Banks for Their Mortgage Crimes

Decoding the GOP Argument Against Punishing Banks for Their Mortgage Crimes originally appeared on DailyFinance on Fri, 11 Mar 2011 12:00:00.

Filed Under: Columns, Economy, JP Morgan Chase, Bank of America, Citigroup, Wells Fargo & Co, Real Estate, Credit

As if we needed more proof of the outlaw actions of banks and their agents, The Baltimore Sun reports that 1,000 or more Maryland deeds are likely forgeries created by a foreclosure mill. If the accusation is true, the false deeds will create a nightmare for the innocent people who bought the homes.

Continue reading Foreclosure Fraud in Maryland: Banks’ Lawyers Accused of Forging 1,000+ Deeds

Foreclosure Fraud in Maryland: Banks’ Lawyers Accused of Forging 1,000+ Deeds originally appeared on DailyFinance on Wed, 09 Mar 2011 13:30:00.

Filed Under: Columns, Real Estate

The mortgage mess settlement proposal is a repudiation of the servicing industries’ standard business practices. The agreement also reads as an indictment — not just of the servicing industry, but also of law enforcement, regulators and Congress.

Continue reading What the Mortgage Mess Settlement Proposal Really Means

What the Mortgage Mess Settlement Proposal Really Means originally appeared on DailyFinance on Wed, 09 Mar 2011 00:20:00.

Filed Under: Columns, Economy, Real Estate, Credit

If we’re to restore the rule of law in foreclosure cases, it’s going to take a lot more than the fall of Stern’s firm, which is just one of several “foreclosure mills” in Florida. Others are under investigation. Maybe some of them will fall too. Maybe not.

Continue reading David Stern, the Foreclosure King, Surrenders His Crown

David Stern, the Foreclosure King, Surrenders His Crown originally appeared on DailyFinance on Mon, 07 Mar 2011 16:30:00.

Filed Under: Company News, Columns, Economy, People, Real Estate

A partial settlement plan has been constructed by a group of state attorneys general and federal regulators. In theory, it addresses banks’ flawed mortgage servicing, modification and foreclosure practices. In reality, it just lets the banks off the hook.

Continue reading The Mortgage Mess Settlement Proposal: Off to an Awful Start

The Mortgage Mess Settlement Proposal: Off to an Awful Start originally appeared on DailyFinance on Mon, 07 Mar 2011 16:00:00.

Filed Under: Columns, Economy, Real Estate, Credit