Archive for November, 2010

SEC Proposes New Rules for Investment Advisers

Filed November 30th, 2010 meg

The SEC has proposed new rules and amendments to existing regulations that would strengthen the agency’s oversight of hedge fund and private-equity fund managers known as “investment advisers.” The rules are part of the SEC’s ongoing effort to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Before Dodd-Frank, advisers to private […]

Mortgage Foreclosure Problems “Inexcusable,” Treasury Official Says

Filed November 24th, 2010 meg

A top Treasury Department official have announced that federal investigators looking into problems with mortgage foreclosures throughout the country have found widespread and “inexcusable” breakdowns in basic controls in the process. Assistant Treasury Secretary Michael Barr announced the findings to members of the Financial Stability Oversight Council, the newly formed panel of regulators responsible for […]

New Forms Released for Whistleblowers Wishing to File

Filed November 22nd, 2010 meg

Drafts of new federal forms for blowing the whistle on securities fraud or other wrongdoing, WB-DEC, have been released to the public. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, anyone who provides the SEC with a successful tip stands to receive from 10 percent to 30 percent of any monetary sanctions exceeding […]

Madoff Ex-Employees Charged with Securities Fraud

Filed November 19th, 2010 meg

Two former staff of Bernard Madoff Investment Securities were charged with conspiracy, securities fraud, falsifying records and evading tax, according to the Department of Justice. Annette Bongiorno and JoAnn “Jodi” Crupi, both long-time employees of Madoff, were arrested by federal agents for their roles in Madoff’s scheme to defraud investors of billions of dollars. The […]

US Regulators to Investigate Foreclosure Practices

Filed November 18th, 2010 meg

The four major US bank regulators are conducting a joint investigation of foreclosure practices that involves visiting mortgage servicers and reviewing sample loan files. Officials are looking at the role of Mortgage Electronic Registration Systems, a tracking system for mortgage assignments created by the financial industry – and Lender Processing Services, which tracks mortgage payments […]

NYC Official Seeks Audits of Foreclosure Practices

Filed November 17th, 2010 meg

The New York City Comptroller has asked four US banks to conduct independent audits of their mortgage and foreclosure practices. John Liu has asked the audit committees of Bank of America, Wells Fargo, JPMorgan Chase and Citigroup to carry out the reviews and report their results and recommendations by Sept. 30. The city’s pension funds […]

Wrongful foreclosure investigations on “fast-track”

Filed November 12th, 2010 joshua

Iowa’s Attorney General said investigations into wrongful foreclosures on the part of the nation’s largest banks is on a “fast-track” and could involve settlements with homeowners. AG Tom Miller told Bloomberg News investigations have been launched by all 50 attorneys general across the U.S. Miller heads a wrongful foreclosure task force commenced by his contemporaries. […]

Northern California woman wins back house from WaMu

Filed November 12th, 2010 joshua

A northern California woman has won her wrongful foreclosure lawsuit and will soon return home. According to ABS-CBN News, Corazon Palma asked her home-loan lender Washington Mutual to lower her mortgage payment of $3,900 a month while she fought a cancer diagnosis. The bank agreed but instead, secretly worked to remove the 73-year-old woman from […]

JP Morgan Chase faces pair of class-action lawsuits related to wrongful foreclosures

Filed November 10th, 2010 joshua

JP Morgan Chase & Co. revealed this week that it is facing a pair of class-action lawsuits alleging the company filed wrongful foreclosure documents in courts across the country. JP Morgan Chase is the latest home-loan lender to admit it faces hundreds, if not thousands of lawsuits across the country on behalf of homeowners claiming […]

Ohio court gives lenders 30 days to fix foreclosure filing errors

Filed November 8th, 2010 joshua

An Ohio judge overseeing thousands of possible wrongful foreclosure cases in one county says banks have one month to fix their errors or will have their cases dismissed. According to a report at (NPR affiliate), Cuyahoga County chief Magistrate Stephen Bucha III ordered judges on his watch to give bank lenders 30 days to […]