Exclusive: Big mortgage investors take first step toward suing OcwenThe group sent a formal notice of non-performance to Ocwen and trustees for 119 residential mortgage-backed securities trusts, alleging improper loan modification practices, wrongfully recouped advances, and a failure to account for cash flows.

National Banks Will Pay State Millions After Illegally Foreclosed on Mass. HomesBank of America, J.P. Morgan Chase, Citi and Wells Fargo Bank will pay a combined $2.7 million to Massachusetts for unlawful foreclosures. Four national banks owe Massachusetts $2.7 million after settling a lawsuit from the state’s attorney general, Martha Coakley. Bank of America, J.P.

Mortgage borrowers win at Supreme CourtBy The U.S. Supreme Court handed a win to mortgage borrowers when they unanimously ruled a lender erred when it insisted that borrowers who opted to back out of a mortgage because of disclosure errors by the bank had to go to court to do so.

Betting on DefaultImagine a lender demanding that you miss a payment. That is the situation described in a recent article in The Wall Street Journal. In 2013, GSO Capital Partners, the debt-investing arm of the private equity firm the Blackstone Group, refused to renew a $122.3 million loan to the Spanish gambling company Codere unless it delayed paying interest on other existing debt.

Allegations that Bank of America Issued Improper Tax Forms to Consumers As State Law Challenges PercolateA couple of developments from late last year involving Bank of America and its issuance of supposedly erroneous information returns are worth highlighting. One relates to Bank of America’s mortgage interest reporting on Form 1098 and the other relates to its issuance of Form 1099C addressing cancellation of debt. Both […]

Bank of America sued by Ambac over Countrywide mortgage bondsBank of America sued by Ambac over Countrywide mortgage bonds NEW YORK, Jan 1 – Ambac Assurance Corp sued Bank of America Corp to recoup hundreds of millions of dollars of losses from insuring roughly US$1.68 billion (RM5.87 billion) of securities backed at least in part by risky mortgages from the bank’s Countrywide Home Loans unit.

Too Big to Tax: Settlements Are Tax Write-Offs for BanksTurns out those multibillion-dollar settlements imposed on banks are deductible

Whistleblowers Share Over $170M in Bank of America SettlementUnder the Whistleblower Act – also known as the False Claims Act, or FCA – the details behind 16 lawsuits involving the Bank of America, and that bank’s settlement for nearly $17 billion in August of this year, were kept secret, until Thursday, December 18, when they were “unsealed.”

Two big banks sued over shoddy mortgage securitiesA U.S. credit union regulator has filed a lawsuit against two major banks over shoddy mortgage securities they sold during the run-up to the financial meltdown. In the lawsuit, the National Credit Union Administration (NCUA) claims U.S. Bank and Bank of America broke state and federal laws by failing their duties as trustees for 99 residential mortgage-backed securities trusts, according to Reuters.

U.S. Bancorp unit settles lawsuit over role as trusteeThe settlement was disclosed in papers filed on Wednesday in U.S. District Court in Manhattan and requires court approval. Several big banks acted as trustees for mortgage-backed securities in the real estate bubble of a decade ago. In the aftermath of the crisis that ensued, they have denied their responsibilities made them liable for losses.

Bank of America sued by credit union regulator for poor oversight – The Boston GlobeNEW YORK – Bank of America Corp. and US Bancorp were sued by the agency that oversees federal credit unions, which claimed the banks failed as trustees over securities backed by home mortgages that defaulted after the 2008 credit crisis.

Whistle-Blower on Countrywide Mortgage Misdeeds to Get $57 MillionA former Countrywide Financial executive who became a whistle-blower is collecting more than $57 million for helping federal prosecutors force Bank of America to pay a record $16.65 billion penalty in connection with its role in churning out shoddy mortgage and related securities before the financial crisis.

Bank of America ordered to pay Tampa family $1 million for harassing callsTAMPA – For four years, Joyce and Nelson Coniglio were haunted by these words: This is Bank of America calling. The calls started in 2009 when B of A took over the mortgage the Coniglios used to buy a second home in their Tampa Heights neighborhood. They quickly fell behind.

With Bank of America Order, S.E.C. Breaks the MoldThe recidivism rate among companies caught violating securities laws can be a bit disheartening. Despite settlements that include corporate proclamations of a commitment to compliance, the same names seem to appear again and again in settlements for new violations.

Bank of America foreclosure dismissal moves forward $70M jury trial against bankBank of America (NYSE:BAC) dropped their foreclosure case against author TJ Fisher at a recent bench trial after bank attorneys missed a court deadline and Motion-in-limine hearing and were barred from presenting documents or witnesses. Judge Catherine M.

Couple settles lawsuit with bank over mortgageA Montana couple has settled their lawsuit alleging Bank of America acted negligently and fraudulently when they tried to refinance their mortgage.

Bank of America settles with government in mortgage bond caseA final judgment against Bank of America Corp. in a mortgage-bond lawsuit by the U.S. Securities and Exchange Commission was signed by a federal judge, helping clear the way for the lender to complete a $16.7 billion global settlement of claims it misled investors about risk. The judgment signed Tuesday by U.S.

Meagher County couple settles with bank after alleging fraud in lawsuit : State-and-regionalHELENA – A Meagher County couple has reached a confidential settlement with Bank of America in its lawsuit alleging the bank engaged in fraudulent dealings. The lawsuit was filed by Abraham and Betty Jean Morrow of White Sulphur Springs. One of the couple’s attorneys, David K.W.

JP Morgan Chase cost US taxpayers millions, had them pay for settlement – Matt Taibbi“Ordinary people lost enormous amounts of money” when JP Morgan Chase sold millions in faulty loans – and taxpayers still paid a big chunk of its billion-dollar settlement with the government, investigative journalist Matt Taibbi told RT.