The House Just Voted To Give Wall Street Billions From Americans’ Retirement Savings


Justice League

Congress roaches-2013

Investment advisers are allowed to give you bad advice. The House wants to keep it that way.

If the House of Representatives gets its way, President Barack Obama won’t be able to crack down on unnecessary fees that cost Americans billions of dollars in retirement savings a year.

The House voted 234 to 188 Thursday to undo a rule proposed by the Labor Department earlier this month that would require anyone getting paid to provide retirement investment advice to act in the best interest of retirees. Many people think that’s already how things work, but it isn’t.

The way things work right now is that brokers who oversee retirement savings accounts can be paid extra to steer their clients into unnecessarily expensive funds or excessively risky investments, without disclosing that fact to their clients. That sort of conflicted investment advice costs Americans saving for retirement $17 billion a year, according to…

View original post 54 more words

Ocwen responds to National Mortgage Settlement foreclosure holds

Such a Disneyesk statement by Ocwen. Elsa says they can remain Frozen.

Justice League


In a lengthy response published Thursday afternoon, Ocwen responded to Smith’s office and the nature of the sanctions that Smith’s office placed on it.

Ocwen notes that the issue at hand originally occurred in the third quarter of 2014.

“Ocwen takes borrower harm very seriously and worked with Office of Mortgage Settlement Oversight to place certain loans on a hold to ensure that no foreclosure sale would take place until OMSO reviewed and validated that all matters associated with Metric 31 were resolved,” the company said in a statement.

“The Monitor’s report today further noted it has approved the corrective action plan for Metric 31, and that Ocwen reported completing all implementation of that plan as of March 8, 2016,” Ocwen continued.

“These holds are not ‘frozen foreclosures’ but rather an agreement not to foreclose until OMSO reviewed and approved Ocwen’s remediation,” Ocwen continued. “Many of these loans have…

View original post 59 more words

Obama Says ‘The Big Short’ Was Wrong: Wall Street Has Changed

Boy – is Obama out of touch. One too many shave ice, yeah?

Justice League

Yeah, right, Obama. And no bank execs gone to jail thanks to Eric Holder’s DOJ.

Reflecting on his economic legacy, President Barack Obama disputes the conclusion in “The Big Short” movie that nothing changed on Wall Street after the 2008 economic meltdown, and maintains that his policies have helped stabilize the financial sector.

In a wide-ranging interview with the New York Times published on Thursday, Obama bemoaned his fractious relationship with Wall Street, said finance is absorbing more science and engineering talent than it should, and speculated he might have gone into business if not politics. But he has little patience for criticism from business leaders.

“One of the constants that I’ve had to deal with over the last few years is folks on Wall Street complaining, even as the stock market went from in the 6,000s to 16,000 or 17,000,” he said, referring to the rise in the Dow Jones…

View original post 222 more words

Saterbak Dissected – By Californians for Justice

A Guest Post By Californians for Justice

Judith McConnellSaterbak v JPMorgan [Saterbak v JPMorgan, D066636 (Cal. Ct. App. March 16, 2016) Appellate Court attempts to over rule the California Supreme Court requires response from all. Presiding Judge Judith McConnell.

Below is an analytical response to the horrific ruling and opinion from the San Diego Appellate court that directly challenges the recent Yvanova vs. New Century Mortgage Corporation ruling from the Cal Supreme Court. We suggest that folks read this analysis and forward it with their comments to Kamala Harris (California State Attorney General) requesting her office to strongly object to this Saterbak ruling, and request that the Attorney General request that the Supreme Court de-publish the Appellate ruling. Continue reading

Breaking news: Ocwen foreclosures frozen after National Mortgage Settlement compliance failure

Justice League

As it turns out, it can get worse for Ocwen Financial. Less than one day after posting a massive loss for the first quarter of 2016, the nonbank has run afoul of the terms of the National Mortgage Settlement and is now forbidden from taking foreclosure actions on more than 17,000 loans.

According to Joseph Smith, the monitor of the National Mortgage Settlement, Ocwen is not yet back in compliance with one of the performance metrics of the National Mortgage Settlement that it failed in the second half of 2014.

Read on.

View original post

Property Surrender Round 2: Can a Mortgagee Really Be Forced to Take Title?


In re Williams, 542 B.R. 514 (Bankr. D. Kan. 2015)

A chapter 13 debtor obtained confirmation of a plan which provided for surrender of his residential property to a secured creditor. The debtor later moved to amend the plan to provide for vesting of title to the property in the creditor, and the creditor objected.

View original post 1,294 more words

Talking Appraisal Fraud with Bill Black

It’s an issue the banks tried to dis early on – and it absolutely should have been an issue. Just another intentional inducement to get homeowners to unwittingly buy into the scheme.

Justice League

BWU/NEP’s Bill Black appears on Phil Crawford’s Voice of Appraisal. Bill discusses past problems with appraisal fraud and the AMC model. He also explains how he would like to work with appraisers in the future!! The introduction starts at about the 11 minute mark with interview starting around the 15 minute mark.

View original post

Why Is the Obama Administration Trying to Keep 11,000 Documents Sealed?

About time! But like everything else – probably well after the SOL has run out.

Justice League

*Update: Ironically, one of the very first memoranda Barack Obama wrote as president was about the Freedom of Information Act, and contained language very similar to Judge Sweeney’s. “The Government should not keep information confidential merely because public officials might be embarrassed by disclosure, because errors and failures might be revealed, or because of speculative or abstract fears.” (Hat-tip to analyst Josh Rosner for pointing this out.)

It’s not quite the Panama papers, but one hell of a big pile of carefully guarded secrets may soon be made public.

For years now, the federal government has been quietly fighting to keep a lid on an 11,000-document cache of government communications relating to financial policy. The sheer breadth of the effort to keep this material secret may not have a precedent in modern presidential times.

“It’s the mother of all privilege logs,” explains one lawyer connected with the case.

The Obama…

View original post 126 more words

Journalists will not share Panama Papers with Justice Department

Maybe it’s about time we stop government officials from suppressing information.

Justice League

The media group that coordinated the Panama Papers investigation into offshore companies said on Thursday it would not participate in a criminal probe by the U.S. Department of Justice.

Preet Bharara, the U.S. Attorney for Manhattan, wrote to the International Consortium of Investigative Journalists seeking additional information from the group to aid his investigation into tax avoidance claims, the Guardian reported on Tuesday.

The group on Thursday told prosecutors in Bharara’s office that it would not release unpublished data to them.

Read on.

View original post

Wall Street’s Problem Isn’t Too Big to Fail. It’s Too Big to Nail.

Justice League

Start with having the IRS auditing the banks for possible violation for REMICs. 

Start seizing top bankers’ wealth when they take too many risks, and you’ll fix things fast.

April 22, 2016

The main problem with Wall Street isn’t that, as Bernie Sanders says, the banks are too big to fail. It is that the bankers who run them are too big to nail—to be held financially and personally liable for the bad or corrupt decisions they make. This is now, sadly, documented history. The heart of the subprime mortgage mania—the real reason it could go on for so many years, nearly sinking the world economy in the end—was that no one was really held responsible for any of his or her bad decisions. Ever.

Bank executives weren’t held responsible during the bubble as it was building, when banks stopped caring about their own mortgage lending…

View original post 156 more words