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There is growing evidence Bank of America (BAC), JPMorgan (JPM), Citigroup (C), and Ally...

There is growing evidence Bank of America (BAC), JPMorgan (JPM), Citigroup (C), and Ally Financial violated the terms of the mortgage servicing abuse settlement, according to NY AG Schneiderman. In a letter to the settlement monitor (obtained by Reuters), Schneirderman says other states "have identified similar recurring deficiencies." The AG considers the letter to have started the clock on a "waiting period" necessary before a lawsuit may be filed.
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Comments (17)
  • deercreekvols
    , contributor
    Comments (6938) | Send Message
    Another day, another issue for JPM.


    How smart is Jamie Dimon looking today?


    Go NY AG Schnierderman. Get this rolling before Governor Cuomo puts a stop to it and protects his "friends."
    24 May 2013, 02:16 PM Reply Like
  • mphill47
    , contributor
    Comments (578) | Send Message
    Just more lawyers trying to make a quick buck. Banks are easy targets and low life's are going after the low hanging fruit.
    24 May 2013, 02:41 PM Reply Like
  • deercreekvols
    , contributor
    Comments (6938) | Send Message
    This isn't just any lawyer. This is the Attorney General of New York State.
    Not your everyday "low life."


    If these lawsuits continue, the Governor will have to change his TV commercials touting how "business friendly" New York is.
    24 May 2013, 05:03 PM Reply Like
  • moneyTalksBSWalks
    , contributor
    Comments (193) | Send Message
    The NY AG is a rather special form of low life. These lawsuits and that particular office is a stepping stone towards higher office. Hell even Biden Jr from nowhere Delaware is trying to get into the act.
    24 May 2013, 07:11 PM Reply Like
  • deercreekvols
    , contributor
    Comments (6938) | Send Message
    Look no further than "I beat the President by a day on gun legislation" Andrew Cuomo if you are talking about motivations for higher office. This clown takes the cake.


    I am not sure that Schnierderman beats to the same drum as our Governor.


    These banks, if found guilty, will simply pay a fine and it will be back to business as usual.
    25 May 2013, 09:24 PM Reply Like
  • DavidPumps
    , contributor
    Comment (1) | Send Message
    You correct there!
    26 May 2013, 11:34 AM Reply Like
  • DoowopDave
    , contributor
    Comments (252) | Send Message
    Maybe it's time all the banks moved out of NYC into a more friendly state. In this age, headquarters can be anywhere. NY AG's have been suing the banks for one thing or another for the past 5 years. Don't expect it to stop.
    24 May 2013, 02:56 PM Reply Like
  • randolphdeleon
    , contributor
    Comments (110) | Send Message
    Neither BAC(Charlotte,NC) nor WFC (SF,CA) has its headquarters in New York. It doesn't matter. As long as a bank does any business in New York, it can be sued by the AG. It is all modus operandi for politically ambitious AGs on their way to becoming governor, senator or even the presidency. It has always been and will always be popular to sue banks!
    24 May 2013, 03:30 PM Reply Like
  • philipmax
    , contributor
    Comments (354) | Send Message
    Tsk! Tsk! Tsk!


    Shocking! Just Shocking!


    Who would believe this in this day and age?
    What do i tell the children?
    24 May 2013, 03:03 PM Reply Like
  • Renoira
    , contributor
    Comments (87) | Send Message
    Perhaps tossing families out of their homes with swat teams might be just a little over the top?



    Wouldn't it be more cost effect to NOT turn us into a police state and work with the homebuyers....or does everyone that has a financial investment in the big banks still find it more convenient to justify this by calling the homebuyers "deadbeats"?
    24 May 2013, 03:53 PM Reply Like
  • MatchlessGlory
    , contributor
    Comments (37) | Send Message
    Last I checked the average time before a foreclosure takes place is over 400 days. I'm sorry but if you still cant afford your property after a year it's time to sell it and find a more affordable location.


    Owning a house is not a right. It can be harsh to say, but allowing a homeowner over a year to re-stabilize their financial situation and find a place to rent is more than lenient enough.
    24 May 2013, 10:43 PM Reply Like
  • Renoira
    , contributor
    Comments (87) | Send Message
    Again, another response ignoring the fraud that has taken place. Either due to ignorance, or putting your head in the sand as to what has really happened.


    There were not 10 million irresponsible people in this country. People did not just lose their homes because they were not willing to pay, people lost their homes because they were duped into predatory (liar) loans that were like nothing that had ever been offered before in the history of lending.


    Later they were promised modification that only served as foam on the runway to their foreclosure because the banks did not count those modification payments as "payments".


    Some lost their homes who were NEVER LATE on their payments. This is documented and recorded and written about all over the United States and still people refuse to understand the devastation of this crime.


    Whether or not you believe that owning a house is a right. There are laws that have been broken and fraud that has been perpetrated...and that should not be okay.
    25 May 2013, 10:04 AM Reply Like
  • EGalindo
    , contributor
    Comments (93) | Send Message
    1/2013 - HSBC To Pay $249 Million In Foreclosure Settlement
    “WASHINGTON (AP) — British bank HSBC will pay $249 million to settle federal complaints that its U.S. division wrongfully foreclosed
    on homeowners who should have been allowed to stay in their homes.
    The agreement with the Federal Reserve and the Office of the Comptroller of the Currency is similar to deals with 12 other banks that
    ended a review of loan files required under a 2011 federal action. Combined, the 13 banks will pay $9.3 billion.”


    2/2013 - $8.5 Billion dollar settlement for wrongful foreclosures. Relief for homebuyers for losing their homes? $300 - $2000 dollars. (I have yet to hear of anyone getting $125,000 as noted in settlement).


    3/2013 – LA Times reported that they found 1600 pages of undisclosed settlements filed with the FDIC against major banks!
    Relief for homebuyers? - 0


    With all the settlements and court cases regarding bank fraud still pending, the lenders are still allowed to foreclose and remove families from their homes. This is making countless families homeless and destroying the moral of millions of American citizens.


    Yet the evidence tells us that these families have been lured into liar loans and later into default:


    A) The FBI estimates that 80 percent of all mortgage fraud involves collaboration or collusion by industry insiders.
    B) Register of Deeds, John O’Brian has documented massive fraud.
    C) San Francisco study found 85% error in foreclosures
    D) Movies: Too Big Too Fail, Insider Trading, Margin Call, and most recently, We Are Not Broke


    So for homebuyers the question is…why are we still paying for the fraud? And why are we the ones being labeled the “deadbeats” while the Executives that created this fiasco are getting bailed-out and they are getting huge bonuses in addition?


    In addition, the lawsuits have not ceased…
    February 2013 – U.S sues the S & P for ratings fraud related to Mortgage-Backed Securities (MBS).


    “The U.S. government is seeking $5 billion in its civil lawsuit against Standard & Poor’s, accusing the ratings service of defrauding investors, in one of the most ambitious cases yet from the Justice Department over conduct tied to the financial crisis.
    The United States said S&P inflated ratings and understated risks associated with mortgage securities, driven by a desire to gain more business from the investment banks that issued those securities. S&P also falsely claimed its ratings were objective, the lawsuit said.”
    April 2013 - AIG is suing B of A for mortgage fraud:
    25 May 2013, 10:50 AM Reply Like
  • Lankfam
    , contributor
    Comments (49) | Send Message
    The AG has nothing better to do with its time. In fact the AG might want to prep better before he appears on cnbc. He was a joke and so I'll prepared WITHOUT facts. Even the news broadcasters told him that he should better understand his lawsuits before he files them. They also told I'm that he needed to be able to bring out facts instead of talking in theory/generalized assumptions. He had no leg to stand on in the interview. You could tell he was just trying to position himself for some kind of future in politics. It was a very poor job at that!!!!!!!
    24 May 2013, 05:35 PM Reply Like
  • Teutonic Knight
    , contributor
    Comments (3071) | Send Message
    These lawyers are on permanent payroll and they, naturally, have to find something to do in order to justify their charge numbers. BTW, their revenue is guarantee taxation by law, again an invention of unemployed lawyers.
    25 May 2013, 10:49 AM Reply Like
  • EGalindo
    , contributor
    Comments (93) | Send Message
    The lawyers for these corporate giants, however, are not unemployed and are raking in millions...far more than any government employee could earn...until they leave their government job and move into the private sector...where many of them have made valuable connections.


    Something to consider......
    25 May 2013, 10:54 AM Reply Like
  • sobefox
    , contributor
    Comment (1) | Send Message
    i was foolish enough to request a modification of a mortgage, the banks tell you to qualify for HAMP you have to stop paying your mortgage for 90 days, they dont tell you on the 91st day they accelerate your mortgage, tack on hefty fees and they refuse any payments or mediation, and it is sold as bundled securities; So before you get on your high horse about living beyond your mean learn about the FRAUD and the facts about the bait and switch that was done to steal properties;
    I tried to have a short sale request for 65000, and they choose to auction and receive 44000, then after the auction the Servicer are still contacting me about doing a short sale so the right hand doesnt know wheat the left hand is doing; Now we have deficient judgements they will sell to their cronies who own the collection companies and chase everyone for the next 26 years unless you qualify for bankrupcty and funny they changed the Bankruptcy laws in the banks"s favor right before the economic collapse,the whole thing was a racket, and most of the players are from ex Freddy and Fannie Mae ties;
    3 Jun 2013, 11:58 AM Reply Like
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