Archive for October, 2010

Lawyers, Investors Joining Efforts to Recover Mortgage Losses

Filed October 29th, 2010 meg

More institutional investors are joining efforts to recover losses on battered mortgage portfolios amid concerns about sloppy mortgage servicing and underwriting practices. Nearly 200 investors are expected to attend a meeting in New York on Wednesday called “Robosigners and Other Servicing Failures”. In addition, lawyers are signing investors who are trying to pursue their claims […]

Online Marketer Sued by FTC Over Unsubstantiated Health Claims

Filed October 29th, 2010 meg

The FTC has filed suit against an online marketer that says its dietary supplements treat and prevent diabetes. The FTC has asked a federal judge to permanently bar the company, Wellness Support Network Inc, and its two principals, from making these and other claims. The FTC is also asking the judge to require the defendants […]

Bank of America admits filing 55,000 foreclosure documents in error

Filed October 29th, 2010 joshua

Bank of America admitted this week that it filed incorrect foreclosure documents in about 55,000 cases across the country, but will resume the process on most of these next week. The nation’s largest home-loan lender had ceased all foreclosure proceedings when it was learned that a third-party firm it hired to file these documents did […]

FDIC chair proposes mortgage discounts in exchange for lawsuit immunity

Filed October 28th, 2010 joshua

The chairwoman of the Federal Deposit Insurance Corp. (FDIC) proposed a reduction on mortgages worldwide as a means of settling wrongful foreclosure lawsuits. Sheila Bair told a housing conference in the nation’s capital this week that reducing mortgage payments across-the-board by one-fourth would help ease the burden on struggling homeowners, and relieve a back-logged foreclosure […]

Medicare Database Shows Uncontested Fraud, Abuse

Filed October 26th, 2010 meg

The Medicare claims database is a computerized record of the bills Medicare pays for medical treatment, and it is widely considered the single best source of information on the US health-care system. Federal investigators use the database to find fraud; academic researchers mine it to compare the cost and utilization of various services; and consultants […]

Range Resources Sued Over Natural Gas Lease Payouts

Filed October 21st, 2010 meg

More than 100 northern West Virginia property owners are suing Range Resources Corp over natural gas leases signed in 2008, for which they have not been paid. Range officials, however, said they had the right to refuse payments because management had not approved the leases, which company “landmen” convinced landowners to sign. The plaintiffs claim […]

Bank of America, GMAC set to resume foreclosures

Filed October 19th, 2010 joshua

Bank of America and GMAC said they will resume foreclosure proceedings in states where it is a court matter. According to a report from the Sun Sentinel (Fla.), each bank will re-file foreclosure papers for more than 100,000 home seizures in 23 states. Those companies, along with JP Morgan Chase and PNC Financial, hired an […]

Settlement in Countrywide case could delay trial set to start next week

Filed October 15th, 2010 joshua

A settlement is in the works for at least one of three former executives at Countrywide Financial Corporation accused of fraud and insider trading. Jury selection for a trial against the trio was set for next week, but earlier this week, the judge set to overhear the case called a meeting which indicates lawyers on […]

Chase expands foreclosure fraud probe to all 50 states

Filed October 13th, 2010 joshua

JP Morgan Chase is joining Bank of America in widening its probe of possible fraud when it filed thousands of foreclosure documents nationwide. According to a report from Chicago Sun-Times, one of the nation’s largest home-loan lenders is expanding its investigation into illegal foreclosures to all 50 states. Chase, like BoA, GMAC and PNC Bank, […]

Bank of America halts foreclosures nationwide amid fraud allegations

Filed October 12th, 2010 joshua

Bank of America has decided to halt all of its foreclosure proceedings as it attempts to fix another colossal blunder related to the housing industry. BoA, like the nation’s other top home-loan lenders, recently were exposed as having employees apply rubber-stamp signatures on foreclosure documents on thousands of homes. These employees never reviewed the documents […]