Archive | July, 2011

Comptroler of the currecy consent orders

29 Jul

Recent Consent Orders
Consent Order, Sovereign Bank, Wyomissing, Pennsylvania, 04410, NE-11-17, April…
Order shall be directed to the Comptroller of the Currency, or to the individual, … or office designated
by the Comptroller of the Currency. Sovereign Bank Consent Order Page
http://www.mortgagedaily.com/forms/OccConsentOrderSovereign041311.pdf
Consent Order, OneWest Bank, FSB, Pasadena, California, 18129, WN-11-011, April…
Order shall be directed to the Comptroller of the Currency, or to the individual, division, or office
designated by the Comptroller of the Currency. OneWest Bank, FSB Consent Order
http://www.mortgagedaily.com/forms/OccConsentOrderOnewest041311.pdf
Consent Order, EverBank, Jacksonville, Florida, 15115, SE-11-014, April 13, 2011
Order shall be directed to the Comptroller of the Currency, or to the individual, division, or office
designated by the Comptroller of the Currency. EverBank Consent Order Page 24
http://www.mortgagedaily.com/forms/OccConsentOrderEverbank041311.pdf
Consent Order, Aurora Bank FSB, Wilmington, Delaware, 06069, NE-11-16, April 13…
Order shall be directed to the Comptroller of the Currency, or to the individual, division, or office
designated by the Comptroller of the Currency. Aurora Bank FSB Consent Order
http://www.mortgagedaily.com/forms/OccConsentOrderAurora041311.pdf
Consent Order U.S. Bank
Office of the Comptroller of the Currency (“OCC”), as part of … Office of the Comptroller of the Currency
250 E Street … OF THE TREASURY COMPTROLLER OF THE CURRENCY ) In the Matter
http://www.mortgagedaily.com/forms/OccConsentOrderUSBank041311.pdf
Consent Order PNC
Office of the Comptroller of the Currency (“OCC”), as part of … Office of the Comptroller of the Currency
250 E Street … OF THE TREASURY COMPTROLLER OF THE CURRENCY ) In the Matter
http://www.mortgagedaily.com/forms/OccConsentOrderPNC041311.pdf

Consent Order 2011-044
Office of the Comptroller of the Currency (“OCC”), the Board of … Office of the Comptroller of the
Currency 250 E Street … Office of the Comptroller of the Currency 250 E Street
http://www.mortgagedaily.com/forms/OccConsentOrderMerscorp041311.pdf
Consent Order MetLife
Office of the Comptroller of the Currency (“OCC”), as part of … Office of the Comptroller of the Currency
250 E Street … OF THE TREASURY COMPTROLLER OF THE CURRENCY ) In the Matter
http://www.mortgagedaily.com/forms/OccConsentOrderMetlife041311.pdf
Consent Order JPMorgan Chase
Office of the Comptroller of the Currency (“OCC”), as part of … Office of the Comptroller of the Currency
250 E Street … OF THE TREASURY COMPTROLLER OF THE CURRENCY ) In the Matter
http://www.mortgagedaily.com/forms/OccConsentOrderChase041311.pdf
Consent Order HSBC
Office of the Comptroller of the Currency (“OCC”), as part of … Office of the Comptroller of the Currency
250 E Street … OF THE TREASURY COMPTROLLER OF THE CURRENCY ) In the Matter
http://www.mortgagedaily.com/forms/OccConsentOrderHSBC041311.pdf
Consent Order Citibank
Office of the Comptroller of the Currency (“OCC”), as part of … Office of the Comptroller of the Currency
250 E Street … OF THE TREASURY COMPTROLLER OF THE CURRENCY ) In the Matter
http://www.mortgagedaily.com/forms/OccConsentOrderCitibank041311.pdf
Consent Order Bank of America
Office of the Comptroller of the Currency (“OCC”), as part of … Office of the Comptroller of the Currency
250 E Street, … Office of the Comptroller of the Currency 101 South Tryon
http://www.mortgagedaily.com/forms/OccConsentOrderBoA041311.pdf
OCC Consent Order – PNC Bank, N.A. | April 13, 2011 | MortgageDaily.com
Stories about legal settlements, judgments and mortgage class actions. Consent Order Between Office of
the Comptroller of the Currency and PNC Bank, N.A., April 13, 2011 back to
http://www.mortgagedaily.com/OccConsentOrderPNC041311.asp

OCC Consent Order – Onewest Bank FSB | April 13, 2011 | MortgageDaily.com
Stories about legal settlements, judgments and mortgage class actions. Consent Order Between Office of
the Comptroller of the Currency and Onewest Bank FSB, April 13, 2011 back to
http://www.mortgagedaily.com/OccConsentOrderOnewest041311.asp
OCC Consent Order – MetLife Bank, N.A. | April 13, 2011 | MortgageDaily.com
Stories about legal settlements, judgments and mortgage class actions. Consent Order Between Office of
the Comptroller of the Currency and MetLife Bank, N.A., April 13, 2011 back
http://www.mortgagedaily.com/OccConsentOrderMetlife041311.asp
OCC Consent Order – Citibank, N.A. | April 13, 2011 | MortgageDaily.com
Reach mortgage executives, loan originators and other people tied to mortgage industry. … Free
mortgage news for prospective borrowers. … Web site or for your RSS reader. … Data
http://www.mortgagedaily.com/OccConsentOrderCitibank041311.asp
OCC Consent Order – Everbank | April 13, 2011 | MortgageDaily.com
Stories about legal settlements, judgments and mortgage class actions. Consent Order Between Office of
the Comptroller of the Currency and Everbank, April 13, 2011 back to story
http://www.mortgagedaily.com/OccConsentOrderEverbank041311.asp
OCC Consent Order – Aurora Bank FSB | April 13, 2011 | MortgageDaily.com
Stories about legal settlements, judgments and mortgage class actions. Consent Order Between Office of
the Comptroller of the Currency and Aurora Bank FSB, April 13, 2011 back to
http://www.mortgagedaily.com/OccConsentOrderAurora041311.asp
OCC Consent Order – US Bank National Association | April 13, 2011 | MortgageDaily….
Stories about legal settlements, judgments and mortgage class actions. Consent Order Between Office of
the Comptroller of the Currency and US Bank National Association, April 13,
http://www.mortgagedaily.com/OccConsentOrderUSBank041311.asp
Servicers Hit With Federal Orders – OCC announces consent orders with 8 servicers …
Office of the Comptroller of the Currency, a government … banking regulators. Acting Comptroller of the
Currency John Walsh said … 3 billion HSBC-OCC consent order JPMorgan
http://www.mortgagedaily.com/ServicerSettlement041311.asp

OCC Consent Order – Bank of America, N.A. | April 13, 2011 | MortgageDaily.com
Stories about legal settlements, judgments and mortgage class actions. Consent Order Between Office of
the Comptroller of the Currency and Bank of America, N.A., April 13, 2011
http://www.mortgagedaily.com/OccConsentOrderBoa041311.asp
OCC Consent Order – Wells Fargo Bank, N.A. | April 13, 2011 | MortgageDaily.com
Stories about legal settlements, judgments and mortgage class actions. Consent Order Between Office of
the Comptroller of the Currency and Wells Fargo Bank, N.A., April 13, 2011
http://www.mortgagedaily.com/OccConsentOrderWells041311.asp
Interagency Review of Foreclosure Policies and Practices | April 13, 2011…
Office of the Comptroller of the Currency and Office of Thrift Supervision, April 13, 2011 back to story
Your browser does not support iframes. back to story Bank news Servicing
http://www.mortgagedaily.com/InteragencyReview041311.asp
OCC Consent Order – Sovereign Bank | April 13, 2011 | MortgageDaily.com
Stories about legal settlements, judgments and mortgage class actions. Consent Order Between Office of
the Comptroller of the Currency and Sovereign Bank, April 13, 2011 back to
http://www.mortgagedaily.com/OccConsentOrderSovereign041311.asp
OCC Consent Order – JPMorgan Chase Bank, N.A. | April 13, 2011 | MortgageDaily.com
Stories about legal settlements, judgments and mortgage class actions. Consent Order Between Office of
the Comptroller of the Currency and JPMorgan Chase Bank, N.A., April 13,
http://www.mortgagedaily.com/OccConsentOrderChase041311.asp
OCC Consent Order – Lender Processing Services, Inc. | April 13, 2011…
Stories about legal settlements, judgments and mortgage class actions. Consent Order Between Office of
the Comptroller of the Currency and Lender Processing Services, Inc., April
http://www.mortgagedaily.com/OccConsentOrderLPS041311.asp
OCC Consent Order – Ally Financial Inc. | April 13, 2011 | MortgageDaily.com
Stories about legal settlements, judgments and mortgage class actions. Consent Order Between Office of
the Comptroller of the Currency and Ally Financial Inc., April 13, 2011 back
http://www.mortgagedaily.com/OccConsentOrderAlly041311.asp

CC Consent Order – HSBC Bank USA, N.A. | April 13, 2011 | MortgageDaily.com
Stories about legal settlements, judgments and mortgage class actions. Consent Order Between Office of
the Comptroller of the Currency and HSBC Bank USA, N.A., April 13, 2011 back
http://www.mortgagedaily.com/OccConsentOrderHSBC041311.asp
OCC Consent Order – Suntrust Banks, Inc. | April 13, 2011 | MortgageDaily.com
Stories about legal settlements, judgments and mortgage class actions. Consent Order Between Office of
the Comptroller of the Currency and Suntrust Banks, Inc., April 13, 2011
http://www.mortgagedaily.com/OccConsentOrderSuntrust041311.asp
OCC Consent Order – MERSCORP Inc. | April 13, 2011 | MortgageDaily.com
Stories about legal settlements, judgments and mortgage class actions. Consent Order Between Office of
the Comptroller of the Currency and MERSCORP Inc. and the Mortgage
http://www.mortgagedaily.com/OccConsentOrderMerscorp041311.asp

David and Goliath as court overturns case dissmissal

29 Jul

A Bakersfield homeowner is taking on a bank, in a battle that could have sweeping implications for people facing foreclosure.

Mark Demucha wants Wells Fargo to prove it owns his home loan. And, if his lawsuit is successful, it could set a legal precedent that slows or even stops foreclosures across the state.

“Filled out the same paperwork over and over again.”

Mark Demucha says all he wanted was to keep his house. “Sent it to them over and over again. I couldn’t give you the exact time frame, but it’s ridiculous,” he said.

But, after a year of trying to get a loan modification from Wells Fargo… “I had to do something to protect my family. to protect my home.”

He felt all washed up. “Not yes, not no, not anything. They didn’t respond.”

Demucha turned to family friend Michael Finley who happens to be a lawyer.

“A company that does not have a legal right to collect mortgage payments should not have the right to foreclose,” said Finley.

Now, in a case that could have far-reaching implications, Demucha and Finley say they have one simple request. “If they are going to take my house, I should be able to see they have a legal right to take it from me,” said Demucha. “They come to me and want me to have every single piece of paper I was ever supposed to have. But, when I say ‘hey where is my promissory note?’ they look at me like I’m a thief.”

That’s because Wells Fargo didn’t loan Demucha the money to buy his house. Another company called CTX Mortgage, did.

Banks, at the time, seemed like they were almost using the housing market as a roulette wheel or a craps table. They were shoving debt around like it was a card game.

Like so many millions of homeowners, Demucha’s loan was sold to another lender, a common practice because it’s profitable to the banks.

In the old days, any time ownership of a property and its loan changed hands, it would be recorded at the Hall of Records at a cost of $18. For the mortgage industry, that took too long and on a large scale cost too much money. So they privatized it by creating the mortgage electronic registration system, a company headquartered in Reston, Virginia.

The sole purpose of MERS was to cut out the county clerk, allowing one mortgage company to quickly and electronically transfer a loan to another mortgage company.

On Tuesday, a spokeswoman told 17 News, MERS holds title to about 60% of the country’s home mortgages or about 32 million loans. MERS is basically an electronic handshake between banks, saying we have a deal.

But, MERS has turned into a headache for some lenders as homeowners across the country have successfully challenged the company’s legal standing in court. Others like Demucha are demanding their lender produce loan documents which may have been lost or even destroyed in the MERS shuffle.

“Why should the bank not still be required to possess a single piece of paper that they are the right place to home the consumer should make the payments?”

Earlier this month, a state appellate court agreed, overturning a Kern County judge’s ruling that Wells Fargo could foreclose on the home.

The case is headed back to our county where the same judge will have to decide if Wells Fargo can prove it legitimately holds title to the Demucha’s home.

“I wish I were David and they were Goliath. This would have been an easier fight. They are like an army of Goliaths and I’m like David with his hands tied behind his back,” said Demucha.

Wells Fargo spokesman Tom Goyda couldn’t comment on the specifics of this case but acknowledged the appellate court had sent the case back to the Kern County trial court to rule on several issues. Goyda noted the appeals court did not actually rule on the case and that Wells Fargo would continue to try the case in court.

A spokeswoman for MERS said her company said she couldn’t comment because they are not part of this lawsuit. Demucha and his attorney are basically asking for Wells Fargo to go away and to restore the couple’s credit.

“Wells Fargo essentially ignored them until the fifth district appellate court said Wells Fargo you can’t ignore Mark and Sherry Demucha any more,” said Finley.

The appellate court ruling has arrived back here in Kern County but a hearing has not yet been scheduled.

17 News Investigation: Homeowner challenges bank

29 Jul

17 News Investigation: Homeowner challenges bank.

pending lawsuits and homeowners winnning

29 Jul

Barry Fagan v Wells Fargo Bank and The Office of the Comptroller of the Currency (OCC) FOIA COVER-UP

http://www.scribd.com/doc/57585259/OCC-Letter-Re-Fagan-v-Wells-Fargo-Bank-Denial-of-Documents-through-FOIA

Ten pages are being withheld by the authority of the Privacy Act of 1974, 5 U.S.C. 552a (k)(2) and the Freedom of Information Act, 5 U.S.C. 552 (b)(8) and 12 C.F.R. 4.12(b)(8), relating to a record contained in or related to an examination,…

one west bank and the consent order with admissions of wrongdoing

29 Jul

One West Bank click to see full order from comptroller of the currency

standing

28 Jul

A. Standing

The party seeking to invoke federal jurisdiction has the burden of establishing standing.28

Constitutional standing analysis includes three elements: (1) the plaintiff must have suffered an

injury in fact—an invasion of a legally protected interest which is (a) concrete and particularized,

and (b) actual or imminent, not conjectural or hypothetical; (2) there must be a causal connection

between the injury and the conduct complained of; and (3) it must be likely, as opposed to

merely speculative, that the injury will be redressed by a favorable decision.29

Beyond these three constitutional requirements,30 there are additional, prudential standing

limitations,31 including the requirement that a plaintiff must assert its own legal rights and

interests, and cannot rest its claim to relief on the legal rights or interests of third parties.32 One

cannot sue to protect the interests of another when the plaintiff’s only interest is a “byproduct” of

26 See Home Builders Ass’n, v. City of Madison, 143 F.3d 1006, 1010 (5th Cir. 1998) (citation and internal quotationmarks omitted).

 

the litigation.33 However, courts have generally held that a party in interest may assign its legal

claims to a third party, typically by a contract assigning its full and exclusive interest in a legal

claim to the assignee.34 The assignee may then bring suit in its own name on behalf of the party

in interest.35

AHMIS relies on Sprint Communications Co. v. APCC Services, Inc. to demonstrate its

standing. There, APCC Services aggregated the legal claims of approximately 1,400 payphone

operators who had claims against long-distance telephone carriers.36 When customers made a

call on a payphone using an access code or a 1-800 number, the provider of the access code or 1-

800 number paid the long-distance carrier a fee.37 The payphone operator could then seek

payment from the long-distance carrier for the use of its payphone, and, if the carrier did not pay,

the payphone operator could sue the carrier.38 Because pursuing these legal claims individually

could be prohibitively expensive, many payphone operators assigned their claims to aggregators,

like APCC Services, which collected the claims of payphone operators.39 If the suit was

successful, the aggregator turned over the award to the payphone operators and received a fee for

its services.40 The Supreme Court noted that the assignee’s contract with the payphone operators

contained clear language granting full and exclusive legal power to the assignee.41 Since the

33 Vt. Agency of Natural Res. v. United States (ex rel. Stevens), 529 U.S. 765, 772, 120 S. Ct. 1858, 1862 (2000)

(holding that a qui tam relator under the False Claims Act has Article III standing).

34 Sprint Commc’ns Co. v. APCC Servs. Inc., 554 U.S. 269, 284–85, 128 S. Ct. 2531, 2541 (2008) (holding that an

assignee of legal claims could bring suit for another even though the assignee had to forward all proceeds to that

third party and only received servicing fees).

35 Id. at 285, 128 S. Ct. at 2541–42.

36 Id. at 272, 128 S. Ct. at 2534.

37 Id. at 271, 128 S. Ct. at 2534.

38 Id.

39 Id. at 271–72, 128 S. Ct. at 2534.

40 Id. at 272, 128 S. Ct. at 2534.

41 The contract stated that each operator “assigns, transfers and sets over to [the aggregator] for purposes of

collection all rights, title and interest of the [payphone operator] in the [payphone operator’s] claims, demands or

causes of action for ‘Dial-Around Compensation’ . . . due the [payphone operator] for periods since October 1,

1997.” Id. at 272, 128 S. Ct. at 2534 (alteration in original).

Case 3:10-cv-01936-M Document 24 Filed 07/20/11 Page 6 of 11 PageID 182

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Supreme Court had long granted assignees standing to sue for third parties,42 and since APCC

Services was unmistakably an assignee, the Supreme Court held that APCC Services had

standing, despite the fact that it would forward any aggregated award to the payphone

operators.43

AHMSI also relies upon CWCapital Asset Mgmt., L.L.C. v. Chicago Props., L.L.C. In

CWCapital, the Seventh Circuit held that a contract giving a mortgage servicer “full power and

authority, acting alone” to initiate any action the servicer believed necessary may be construed as

giving the servicer “effective equitable ownership” to the legal claim.44 Although the contract at

issue lacked clear language assigning ownership of the legal claim, the Seventh Circuit construed

as an assignment the contract since it gave the servicer total and exclusive control over legal

claims, including the right to pursue any legal actions it deemed necessary, and the right to sue in

the mortgagee’s name without indicating its status as servicer. 45 The Seventh Circuit found the

servicer to be an “effective assignee.”

However, here AHMSI does not allege it is an assignee or effective assignee of the

mortgagees’ legal claims, nor does it allege or show that its contract with the mortgagees of

record made AHMSI an assignee or effective assignee.46 AHMSI asserts that it is “responsible

for the servicing of mortgage loans,” and that it “may be subject to liability if property entrusted

to its care is not returned.”47 Such an assertion merely implies that a contract exists between

42 Id. at 285, 128 S. Ct. at 2541.

43 Id. at 287, 128 S. Ct. at 2542–43.

44 610 F.3d 497, 501 (7th Cir. 2010).

45 Id. However, when a court determines that a contract was only meant to confer a power of attorney, the contract

will not suffice to give a third party standing under the assignee exception. See W.R. Huff Asset Mgmt. Co. v.

Deloitte & Touche, L.L.P., 549 F.3d 100, 108 (2d Cir. 2008).

46 See, e.g., Lear Siegler Servs. v. Ensil Int’l Corp., No. SA-05-CV-679-XR, 2009 WL 3297975, at *4 (W.D. Tex.

Oct. 13, 2009) (dismissing a case for lack of jurisdiction where plaintiff failed to provide a contract showing an

assignment had been made).

47 Pl.’s Opp’n to Defs.’ Mot. to Dismiss at 7.

Case 3:10-cv-01936-M Document 24 Filed 07/20/11 Page 7 of 11 PageID 183

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AHMSI and the mortgagee, but does not create a reasonable inference that AHMSI is an

assignee or an effective assignee of the mortgagees’ legal claims.

AHMSI argues that HUD must either process insurance claims submitted by AHMSI or

return collateral to AHMSI since AHMSI is “the party that dealt with [HUD] throughout the

administrative process.”48 However, the NHA and its accompanying regulations define HUD’s

responsibilities, and the regulations state that the FHA Commissioner “shall have no obligation

to recognize or deal with any party other than the mortgagee of record with respect to the rights,

benefits and obligations of the mortgagee under the contract of insurance.”49 While the NHA

allows for the assignment of insured mortgages, it does not require the FHA to enter into a legal

or any other type of relationship with an assignee. The FHA Commissioner retains the right to

deal with the mortgagee alone.

The regulations allow mortgagees to employ mortgage servicers. However, the

regulations make clear that the mortgagee “shall remain fully responsible to the Secretary for

proper servicing, and the actions of its servicer shall be considered to be the actions of the

mortgagee.”50 Further, such assignment of servicing does not amount to assignment of the

mortgagee’s right to pursue legal claims against HUD or its Secretary.

AHMSI does not allege or prove that it is an assignee, that its contract with the

mortgagee amounts to an effective assignment, or that the NHA and its accompanying

regulations require HUD to recognize AHMSI as such. In light of those failures, AHMSI has not

proven it has standing.

Is the notary responsible or at least negligent or at least negligent per se !!!

28 Jul

(1) Notaries Public § 1–Disciplinary Proceedings–Time for Instituting.

Disciplinary action taken by the Secretary of State against a notary public was not barred by the fact that the proceeding was instituted more than three years after the notary’s alleged improper act and more than one year after its discovery. Statutes of limitation barring civil actions brought by aggrieved parties are inapplicable to a disciplinary proceeding of a state administrative agency and there is no specific time limitation statute pertaining to the revocation or suspension of a notary’s commission.

(2a , 2b) Notaries Public § 1–Disciplinary Proceedings–Suspension of Commission–Failure to Faithfully Perform Duties–Gross Negligence.

The Secretary of State properly suspended the commission of a notary public under Gov. Code, § 8214.1, subd. (d), for failure to fully and faithfully perform her duties as a notary public in that she had certified the personal appearance and acknowledgment of a man who in fact did not appear before her. The notary’s attempted characterization of her error as “clerical” was unavailing since she had completely failed to read the certificate before signing it. Such failure was gross negligence and consequently a failure to faithfully perform her notarial duty as a matter of law.

[See Cal.Jur.3d, Notaries Public and Commissioners of Deeds, § 5; Am.Jur.2d, Notaries Public, § 13.]

(3) Statutes § 44–Construction–Aids–

Contemporaneous Administrative Construction.

Though the ultimate interpretation of a statute is a judicial function, a court must accord great respect to the views of the expert administrative body charged with enforcing a particular statute.

(4) Notaries Public § 1–Disciplinary Proceedings–Suspension of Commission–Failure to Maintain Records.

The Secretary of State properly imposed a one-month suspension of a notary public’s commission (to run concurrently with another suspension) for failure to maintain a record of transactions as required by former Gov. Code, § 8206. Retention by the title company that employed the notary of photographic copies of the instruments she certified in a file to which she had access was not a substitute for her obligation to personally maintain separate records. Reasonably interpreted, the former statute required a readily accessible, separate log of official transactions by date rather than the mere retention of photographic copies of all instruments certified or proved.

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