Search for: "EMC MORTGAGE CORPORATION"
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9 Sep, 2008 10:45 pm
News release: "The Bear Stearns Companies, LLC and its subsidiary, EMC Mortgage Corporation, have agreed to pay $28 million to...
26 Jan 6:43 am
Bear Stearns (which is no more) and EMC Mortgage Corporation engaged in "unlawful practices in servicing consumers' home mortgage loans." This included
misrepresenting what borrowers owed, charging unauthorized late fees and abusive collection practices. So the FTC is returning the above sum to the above number of people. I haven't
done the math but it seems like a few hundred dollars pure victim. Given the damage wrought, the amount ...
7 Apr 5:53 am
... way. And if you need more help, call Lakelaw at 1 866 LAKELAW instead of the mortgage modification company scammers that the United States
Department of Justice and Attorneys General around the company ... 800 669 6607 Ditech (800) 852-0656 Downey Financial Corp. (800) 824-6902 EMC
(800) 723-3004 0r 888 577 4011 (Loss mitigation) Equity One (866) ... Mortgage Group - 800-323-9865 Indymac Federal Bank (877) 736-5556 Irwin
Mortgage Corporation Phone: 888-444-6446 Pre-Foreclosure: 888-218-1988 Web: http:// ...
26 May 11:52 am
... Act (FCA). Essentially the new law fixes some bad Supreme Court decisions, expands the authority of prosecutors to investigate mortgage
fraud and predatory lending, and amends the law to cover subcontractors. Obama said the law "gives prosecutors and regulators new tools to crack down on what helped cause this crisis in
the first place, and that's the twin scourges of mortgage fraud and predatory lending." He noted that last year, the Treasury Department
received 62,000 reports of mortgage ...
22 Apr 9:01 am
... As a result, some of these homeowners face default and repossession when they cannot make payments on the fraudulent mortgages. The article centers on Brooklyn homeowner
Waver Brickhouse, a retired mother of four. Brickhouse had trouble making her mortgage payment ... by IndyMac bank, which was later taken over
by the Federal Deposit Insurance Corporation. IndyMac had an agent at a crucial meeting, Brickhouse's predatory mortgage lending lawyers argue, and knew it was helping commit mortgage fraud. ...
22 Feb 2:53 pm
... help up to 4 million homeowners most at risk of foreclosure, and a pledge of $200 billion to mortgage giants Fannie Mae and Freddie Mac to
help keep ... While the package holds hope for some, it is not expected to be a lifeline for everyone. ...first mortgages must also fall between 80 and 105 percent of the value
of their ... market is dropping, jobs are vanishing and some of the nation's once-iconic corporations face possible bankruptcy. The question many continue asking is, "Given the
larger economic ...
17 Sep, 2008 4:02 am
I'm a little miffed about the recent FTC settlement with Bear Stearns and its subsidiary, EMC Mortgage Corporation. The complaint alleged that EMC engaged in unlawful
practices in servicing consumers' home mortgage loans, including violating the ... to its enforcement authority to regulate unfair and
deceptive practices. A recently announced settlement requires Bear and EMC to pay $28 million to the FTC and enjoins the company from engaging
in the alleged illegal practices. Given my concern about ...
27 Sep 2:55 pm
... B. Hillery, USDC, ND Cal. case no. C-08-4357 EMC. This decision is unpublished and not binding on any court, but it does suggest ...
follows: MERS is a private corporation that administers the MERS System, a national electronic registry that tracks the transfer of ownership
interests and servicing rights in mortgage loans. Through the MERS ... Black's Law Dictionary 1034 (8th ed. 2004). By statute, assignment of
the mortgage carries with it the assignment of the debt. K.S.A. 58-2323. Although MERS asserts ...
8 Dec, 2008 12:59 am
... " policy, insuring not just the fund and its directors, officers and trustees, but also its investment advisor, its corporate parent, and other affiliated parties and person,
many of whom are co-defendants with the fund and its ... a prior post (here), investors have sued the Bank of America, challenging the loan modifications to which the bank agreed in
connection with mortgages issued by Countrywide. The litigation has apparently caught the attention of FDIC chairman Sheila Bair. As reported in a ...
21 Sep, 2008 9:16 pm
... McCain staffers, advisers, and fundraisers that the DNC has identified as lobbyists, 83 of them have lobbied for investment banks, mortgage
houses, and other parts of the financial services industry." Kos, John McCain: Another Day, Another Lie Two minute commercial ... for Wall Street Crooks & Liars, Carly Fiorina:Well,
I don't think John McCain could run a major corporation." Kos, John McCain Versus John McCain Obama Campaign, Fundamentals Shades of 'inventing
the internet' - Politico, Holtz- ...
24 Sep, 2008 8:55 pm
... default swaps to hedge the risk of those products underassessed counterparty risk; and so on. Although the system was meant to reduce overall risk of mortgage lending, the system could not withstand the shock to its system when housing prices fell. (Think of it as all the nation's ... s that federal
prosecutors tend to find what they are looking for. Although, Attorney General Mukasey has said there will be no "2008 Financial Crisis" task force, a la the 2002 Corporate Fraud
Task Force. Stay tuned.
6 Nov 11:50 am
... . Rough week for BigLaw: Troutman Sanders and kickbacks; Ropes & Gray and insider trading (former Sullivan & Cromwell associate arrested, too). AmLawDaily, WSJ, ATL,
respectively. Marc Dreier, Part II. ATL. State AGs weighing litigating mortgage lenders. NYTimes. Difference between Free.CreditReport.com and
AnnualCreditReport.com. WSJ. So evidently the FCPA works. CorporateCounsel. Can you imagine, a tax bill for $26,702,341.00! *ha*! Alternatively, here's a link for a wealthy person's ...
31 Mar 2:10 pm
... opened several "loan modification centers across the country." Chase's website reports that these are for Chase, WaMU, and EMC customers in
need. In person meeting are available. Chase's toll free number is set forth as (866) ... the most recent tax return and income statements for corporations/LLCs) hardship letter
monthly budget outlined Chase indicates that the information will be reviewed and sometimes further information as to an appraisal or mortgage
insurance pursued. After a review, Chase ...
23 Apr, 2008 3:30 am
... t get much worse. For a great breakdown of the history behind securities ratings and what went wrong with the ratings on mortgage backed
securities, check out Roger Lowenstein's piece entitled "Triple-A Failure" which will be published ... back), but certainly I think the Commissioners have not historically been big fans
of imposing monetary penalties on corporations. As noted in this CFO.com article, the former CFO of Mercury Interactive Corp., Sharlene Abrams, was indicted on charges related to
...
31 Oct, 2008 1:32 am
... investors annual returns ranging from 18% to 36% to be paid in monthly installments. Pimstein solicited investors into numerous corporations created for operating the scheme,
including The Bottom Line of South Florida, Inc., and Summit Trading LLC. During ... Ponzi" scheme. Pimstein also used the investment capital her received for how own personal expenses,
including residential mortgage payments, automobile note payments, and child support. As a result of the scheme, Pimstein raised at least $30
...
13 Apr, 2008 9:12 pm
... installment of Bits and Briefs to get us caught up on some recent legal happenings: Is waterboarding the latest chic technique for corporate team-building? An Utah employee
who was waterboarded by his boss at a motivational sales meeting thinks not. "You saw how hard Chad ... Fined for the F-Bomb - A U.S federal judge in Philadelphia has sanctioned Aaron
Wilder, a Long Island mortgage broker and his lawyer with a $29,000.00 fine, after a profanity-laced, two day deposition that featured 73
usages ...
7 Jun, 2008 9:36 am
... market manipulation conference. Do they know something we don't? Of course, in another contributing factor to the overall mess (the mortgage meltdown), the FBI recently announced that they are investigating several major companies. It's going to be interesting to see ... . I've often
wondered why the taxpayer gets to pay to protect oil producing countries and bail out corporations, who were clearly irresponsible in the way they did business? With all the
money they made, or are currently making, ...
15 Oct, 2008 2:22 pm
Image by Mike Licht, NotionsCapital.com via Flickr Purchasers of franchises and investments are often told to perform pre-purchase "due diligence". "Due diligence" is essentially a
defence avail to the sellers of securities to the public for making materially misleading representations to the public, that is the due diligence defence allows the sellers to avoid
liability for lying." The phrase "due diligence" appears throughout this blog - but with complete knowledge of the irony of the term. ...
7 Jan 5:24 am
... year. Countrywide was an enthusiastic participant in the worst excesses of the housing bubble, and hence will have a correspondingly large share of its detritus, while Merrill Lynch
itself made what turned out to be a major misstep when it bought a major subprime mortgage lender, First Franklin, at the absolute peak of the
bubble in 2006." It's easy to get punch drunk with the deluge of negativity, but this is not a time for leaders of firms to lose focus. This time will pass. The firms that ...
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