Lloyds Banking Group Admits Wrongdoing in LIBOR Investigation, Agrees to Pay $86 Million Criminal Penalty

Deadly Clear:

As Eliot Spitzer said – every homeowner should have a claim for phony LIBOR rates. They were an inducement… A fictitious low rate, designed to change and intended for defaults. IMHO.

Originally posted on Justice League:

U.S. Department of JusticeJuly 28, 2014
  • Office of Public Affairs(202) 514-2007/ (202) 514-1888
 

WASHINGTON—Lloyds Banking Group plc has entered into an agreement with the Department of Justice to pay an $86 million penalty for manipulation of submissions for the London InterBank Offered Rate (LIBOR), a leading global benchmark interest rate.

Assistant Attorney General Leslie R. Caldwell of the Justice Department’s Criminal Division, Deputy Assistant Attorney General Brent Snyder of the Antitrust Division, and Assistant Director in Charge Valerie Parlave of the FBI’s Washington Field Office made the announcement.

A criminal information will be filed today in U.S. District Court for the District of Connecticut that charges Lloyds as part of a deferred prosecution agreement (DPA). The information charges Lloyds with wire fraud for its role in manipulating LIBOR. In addition to the $86 million penalty, the DPA requires the bank to admit and accept responsibility for its…

View original 138 more words

JPMorgan Said to Cut Hundreds of Tech Support Jobs

Originally posted on Justice League:

JPMorgan Chase is cutting hundreds of technology support employees in its corporate and investment bank amid a revenue decline, people with knowledge of the move said.

Workers in locations including New York, Tampa, Chicago and Dubai were notified of the cuts this month, said the people, who asked not to be identified because they weren’t authorized to discuss the matter. Luke Moranda, a managing director in charge of clearing technology, and Dan Cronin, an executive director, were among those let go, the people said.

Read on.

View original

DOJ demands more in BofA, Countrywide deal

Originally posted on Justice League:

Despite already offering $13 billion to end the government’s mortgage securities probe, the Department of Justice is demanding billions of more from Bank of America (BAC) for the dealings of Countrywide Financial Corp. and Merrill Lynch & Co. Per The Wall Street Journal

Bank of America, which has already shelled out some $60 billion for crisis-era legal problems, has told the Justice Department it is willing to pay for the past misdeeds of Countrywide and Merrill Lynch—but not at levels it considers overly punitive, according to people familiar with the talks. Bank of America scooped up Countrywide and Merrill with the encouragement of regulators after housing troubles nearly sank both firms. It wants the penalty related to the firms’ past misconduct to come in the form of consumer assistance or other so-called soft money that has a less severe impact on Bank of America’s bottom line than…

View original 5 more words

NYAG SCHNEIDERMAN’S SCOTUS BRIEF IN JESINOSKI V. COUNTRYWIDE | “AMICI STATES HAVE A COMPELLING INTEREST IN ENSURING EFFECTIVE ENFORCEMENT OF TILA. “. … “PROTECTING HOME OWNERSHIP IS VITAL STATE POLICY.

Originally posted on Justice League:

IN THE Supreme Court of the United States ON WRIT OF CERTIORARI TO THE UNITED STATES COURT OF APPEALS FOR THE EIGHTH CIRCUIT LARRY D. JESINOSKI, et ux., Petitioners, V. COUNTRYWIDE HOME LOANS, INC., et al., Respondents. BRIEF FOR THE STATES OF NEW YORK, ARIZONA, ARKANSAS CONNECTICUT, DELAWARE, HAWAII, ILLINOIS, INDIANA, IOWA, KENTUCKY, MAINE, MARYLAND, MASSACHUSETTS, MICHIGAN, MINNESOTA, MISSISSIPPI, NEVADA, NEW HAMPSHIRE, NEW MEXICO, NORTH CAROLINA, OREGON, RHODE ISLAND, TENNESSEE, VERMONT, WASHINGTON, WEST VIRGINIA, AND THE DISTRICT OF COLUMBIA, AS AMICI CURIAE IN SUPPORT OF PETITIONERS ERIC T. SCHNEIDERMAN Attorney General State of New York BARBARA D. UNDERWOOD* Solicitor General STEVEN C. WU Deputy Solicitor General CECELIA C. CHANG Special Counsel 120 Broadway New York, NY 10271 (212) 416-8020 barbara.underwood@ag.ny.gov Counsel for Amici Curiae

Here is the court document. Click here.

View original

BofA To Pay $16.5M To Settle Alleged Sanctions Violations

Deadly Clear:

Still not enough for the damage it has caused.

Originally posted on Justice League:

Law360, New York (July 24, 2014, 11:59 AM ET) — Bank of America Corp. agreed to a more than $16.5 million settlement with the U.S. Department of the Treasury’s sanctions enforcement unit over allegations that the bank processed around 200 transactions for known drug traffickers subject to U.S. sanctions, the Treasury said Thursday.

The Office of Foreign Asset Control alleges that between September 2005 and March 2009, Bank of America NA processed 208 transactions totaling around $91,000 on behalf of 10 individuals on the agency’s list of specially designated nationals and blocked persons, or SDN list….

Source: Law 360

 

Update: Here is the settlement agreement. Click here.

View original

Statute of Limitations Issues in Foreclosure Actions

Originally posted on Justice League:

An important issue that arises for lenders when pursuing foreclosure actions is determining when the statute of limitations begins to run. Florida Statutes provide that a party has five years to foreclose a mortgage, but determining when the five years begins to run has proven to be a topic of legal debate. Lenders who find themselves potentially beyond the statute of limitations after an unsuccessful first attempt to foreclose may find hope in the recent decision by the Florida Fifth District Court of Appeals in U.S. Bank National Association v. Bartram.

In Bartram, the bank initially brought a foreclosure action in 2006, accelerating the debt.  However, the bank did not actively participate in the action, resulting in an involuntary dismissal in 2011. In the meantime, the borrower and his wife divorced, and the borrower was required in the divorce to execute a note and mortgage in favor of his…

View original 89 more words

Delaware Judge Faults Ocwen for Pushing Homeowners to Bankruptcy

Deadly Clear:

God Bless the judge.

Originally posted on Justice League:

It’s not one of the multibillion-dollar settlements or multimillion-dollar jury awards designed to spur reform of such allegedly abusive mortgage-servicing practices as falsified court documents, improper fees and other misconduct. But a recent ruling from a Delaware judge is a step forward for people making a last stand in bankruptcy to hang on to their homes, one attorney says.

Judge Brendan Shannon of the U.S. Bankruptcy Court in Wilmington, Del., on Friday ordered Ocwen Loan Servicing LLC to pay the fees and costs of a Delaware couple’s bankruptcy on the grounds that Ocwen’s “unfounded and incorrect assertion” that they had defaulted on their mortgage loan was what drove them to seek court protection.

Richard J. and Mary Ann Williams were never materially behind on their mortgage payments, the judge said, but they were pushed into bankruptcy to keep Ocwen from taking their home in foreclosure.

“Basically, they were kicking two…

View original 55 more words

RE: WAMU | HERE IS THE CONFIDENTIAL 112 PAGE PURCHASE & ASSUMPTION AGREEMENT BETWEEN FDIC, CHASE

Originally posted on Justice League:

Division of Resolutions and Receiverships Institution Numer: 10015 Insti tution Location: Henderson, NV Washington Mutual Bank Closing Book Date of Closing: September 25, 2008 Confidential Information Confidential Information Transaction Recap Washington Mutual Bank Henderson, NV In all the transactions offered by the FDIC, the Whole Bank Purchase and Assumption Agreement will be tailored to the winning bid. In all transactions, all assets are purchased by the acquirer and the preferred stock is excluded from the transaction. The legal documents will be the governing documents for this transaction. The FDIC is offering five alternative transaction structures: 1. All liabilities are assumed except the preferred stock. 2. All liabilities are assumed, except the preferred stock and the subordinated debt. 3. All liabilities are assumed except the preferred stock, the subordinated debt and the senior debt. 4. All deposits and secured liabilities are assumed by the acquirer. 5. All insured deposits and secured…

View original 37 more words

Protesters Take To Streets Demanding An End To Detroit’s Water Crisis – The “City’s whoops” on the backs of the people… Al Sharpton tells it like it is!

CROOKS AND LIARS – Post:
n_sharp_detroit_140718_262853_560x315Friday morning there was a massive protest in Detroit over the water crisis there. Netroots Nation attendees gathered together with National Nurses United to make a statement about how immoral and cruel the water shutoffs to poor people are. Continue reading