JACKSONVILLE-BASED EVERBANK TO PAY $43.3 MILLION FOR FORECLOSURE CRIMES

There are more checks on the way to people who were in foreclosure in 2009 and 2010 as the Jacksonville-based EverBank agrees to hand out $37 million to wronged borrowers.

The Office of the Comptroller of the Currency announced the agreement late Friday. More than 32,000 people nationwide are eligible for the money, which will range from $1,050 to $125,000 per person.

Borrowers will be contacted by a third-party paying agent and can qualify for the money even if they didn’t apply to the Independent Foreclosure Review.

EverBank was subject to a cease and desist order for unsafe and unsound practices in mortgage servicing and foreclosure processing.

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MASSIVE- CONGRESS MOVING TO MAKE ROBOSIGNING AND ILLEGAL FORECLOSOURES LEGAL!

The top Republican on the House Financial Services Committee has tucked a provision into his mortgage finance reform bill that would create a privately held “National Mortgage Data Repository.” The repository would basically look like MERS, the bank-owned electronic database tracking mortgage transfers. The difference is that, while MERS’ activities have drawn legal challenges across the country, the National Mortgage Data Repository would have the force of statute to carry out the exact same behavior. According to the bill text, any document arising from this repository would be seen as presumptively legal, pre-empting state and federal laws on demonstrating the right to foreclose.

Jeb Hensarling, the chair of the House Financial Services Committee, introduced the bill last Thursday. Hensarling has already gotten into trouble this year for taking a ski vacation/fundraiser with Wall Street lobbyists, including an official from the American Securitization Forum, just six weeks after getting the Financial Services Committee gavel. Financial interests donated over $1 million to Hensarling in the last election cycle. It’s not a stretch to suggest that legislation offered by Hensarling at least has the stamp of approval from Wall Street, if it’s not directly written by their lobbyists.

The bill is called the Protecting American Taxpayers and Homeowners (PATH) Act, and it’s the House Republican response to a series of bills and initiatives to resolve Fannie Mae and Freddie Mac, and set a course for the future of mortgage finance. Most of the bill deals with that: in Hensarling’s vision, Fannie and Freddie are totally dismantled within five years, and private actors take up the slack with virtually no government guarantee. While in the past I’ve trashed the idea of just reconstituting Fannie and Freddie under a different name, in reality, expecting private actors to recreate a secondary mortgage market without any guarantee (or even with one, in my view) is wishful thinking.

Read more at http://www.nakedcapitalism.com/2013/07/house-republican-gse-bill-would-codify-mers-pre-empt-private-property-rights.html#FD6Pt6WTQmr28Q5A.99 

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Is Gold The Next Sub-Prime Scam

The Secret World of Gold 

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“ROBO-WITNESS” AS SERVICER FOR THE PLAINTIFF

FULL DEPOSITION OF ANGELA EDWARDS “ROBO-WITNESS” AS SERVICER FOR THE PLAINTIFF FOR VERIFICATION OF FORECLOSURE COMPLAINT

Great depo of a Robo-Witness who knows nothing in a foreclosure case…

First, although the Ms. EDWARDS listed her position as “Vice President” in the verification of the Complaint, Ms. EDWARDS admitted that she was “not the vice president” of the company. Then, Ms. EDWARDS admitted that the alleged Power of Attorney which allegedly gave the servicer, her employer, the right to act on behalf of the Plaintiff, was not made by the Plaintiff and did not even mention the Plaintiff’s name. Further, the Corporate Resolution from the Plaintiff’s employer contained conflicting directives as to whether or not Ms. EDWARDS was actually even authorized to sign for the company for which she worked, HOMEWARD RESIDENTIAL, which is not even a party to this action.

Even if she was authorized to sign on behalf of the Plaintiff, Ms. EDWARDS admitted that she did not and could not verify all of the factual allegations in the Complaint. Although Ms. EDWARDS signed the verification on the Complaint under penalty of  perjury and swore that all of the facts alleged in the complaint were true and correct to the best of her knowledge and belief, she admitted in her deposition that her knowledge regarding most of the information was gained solely from the information found in the Complaint. The very document Ms. EDWARDS was charged with verifying.

Read more: http://4closurefraud.org/2013/06/26/full-deposition-of-angela-edwards-robo-witness-as-servicer-for-the-plaintiff-for-verification-of-foreclosure-complaint/

FORMER LENDER PROCESSING EXECUTIVE SENTENCED TO 5 YEARS IN PRISON

A former Lender Processing Services Inc. (LPS) executive was sentenced to five years in prison for her role in a six-year mortgage forgery scheme, the Department of Justice said.

Lorraine Brown, 56, pleaded guilty in November to a scheme to prepare and file more than one million fraudulently signed and notarized mortgage-related documents. She was sentenced Tuesday by Senior U.S. District Judge Henry Lee Adams Jr. in the Middle District of Florida. In addition to her prison term, Ms. Brown also was sentenced to serve two years of supervised release and ordered to pay a fine of $15,000.

Ms. Brown served as the chief executive of DocX LLC, an LPS subsidiary that prepared and recorded mortgage-related documents, including assignments needed to show ownership of loans in foreclosures. DocX closed down in early 2010.

According to the plea agreement, DocX employees, at the direction of Ms. Brown and others, began forging and falsifying signatures of authorized personnel on the mortgage-related documents that they had been hired to prepare and file with property recorders’ offices. The documents were fraudulently notarized as if actually executed by authorized DocX employees, the DOJ said.

According to plea documents, Ms. Brown implemented these signing practices at DocX to generate greater profit. The unit was able to create and execute larger volumes of documents using these signing and notarization practices and also hired temporary workers who worked for lower costs to act as authorized signers. Between 2003 and 2009, DocX generated approximately $60 million in gross revenue.

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It's Not a Student Loan II

Disabled Mom

Kimberly Noland could have used that kind of help.

Noland, 44, lives in Fayetteville, Arkansas, with her husband, a laid-off factory worker now employed at a Wal-Mart store, and their seven-year-old daughter.

Noland injured her leg while working in a day-care center. She started collecting $828 a month in Social Security disability payments in 2010.

Shortly after she qualified, Collection Technology Inc., an Education Department debt collector, called about Noland’s roughly $30,000 in defaulted student loans from attending the University of Arkansas.

A collector told her she had to pay $325 a month, almost as much as her rent, Noland said in a phone interview. She couldn’t afford it on her family’s $20,000 annual income, she said.

“I have a child,” Noland remembered telling the collector. “I can’t give you every bit of money in my house.”

‘Final Number’

“This is our final number,” the collector replied, saying her boss wanted even more, according to Noland. The phone conversation lasted more than an hour, she said. She was given three days to decide, or Collection Technology would seize part of her disability check “forever,” and she would never have another chance to rehabilitate her loan, Noland said.

She bought a prepaid debit card at Wal-Mart, authorizing Collection Technology to make the $325 monthly withdrawals. She visited churches to collect free bread and canned goods.

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It's Not a Student Loan!

As then-law professor Elizabeth Warren said in 2007, “Why should students who are trying to finance an education be treated more harshly than someone … who racked up tens of thousands of dollars gambling?”

In addition to having no escape from their loans, students must deal with aggressive creditors that can get to virtually any income source to secure payment – paychecks and tax refunds included. The Department of Education uses an “army of private debt collectors,” some of the most notorious financial operators out there, to intimidate and harass student borrowers. These collectors earned $1 billion in commissions from taxpayers in 2011. They get paid bonuses for extracting higher payments, and they can also rack up additional fees virtually endlessly. That’s because student debt has no statute of limitations on collectors, unlike most other forms of debt. The government can even collect student loan payments from Social Security checks, thanks to a 1996 law (this is not theoretical, as growing numbers of seniors are entering retirement with student debt).

Read more.. from Salon