Melissa -  FYI - Please note news re. BA near bottom of article.
 
Jack Venrick
Enumclaw, WA
Rollins, Montana
www.freedomforallseasons.org
 
 
----- Original Message -----
From: Michael-Edward
To: John R. Venrick
Sent: Sunday, July 17, 2011 11:15 AM
Subject: IMPORTANT ANNOUNCEMENT - Regarding Home Foreclosure Remedies - Monday Nights Call

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“It USE to be we would look forward to a time when your pains and sufferings over the loss of your home

 

or the imminent foreclosure of your home would be dealt with. 

 

NOW, we look BACK at it having been done.!”

 

 

The Solution to our dilemma is a political response as well as a legal response. 

 

Below is the legal response.  ARA is the political response.

 

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Know this – we use to talk to potential clients for the law firm about ‘what should come out of this’.  Now,  we can look back – even if it’s just a week -  and say ‘what has come out of this’.

 

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Wells Fargo to Pay $125 Million to Settle Mortgage-Backed Securities Case

www.HomeForeclosureRemedies.com

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Q

By Karen Gullo - Jul 7, 2011 4:09 PM ET

·         July 7 (Bloomberg) -- Jeffrey Davis, chief investment officer at Lee Munder Capital Group, talks about the outlook for the U.S. housing market and economy. Davis, speaking with Lisa Murphy and Dominic Chu on Bloomberg Television's "In the Loop with Betty Liu," also discusses the outlook for stocks. (Source: Bloomberg)

Wells Fargo & Co. (WFC) agreed to pay $125 million to settle accusations by investors that the bank misled them about the risks of mortgage-backed securities it sold.

 

The plaintiffs in the consolidated group case, or class action, include the General Retirement System of Detroit, New Orleans Employees’ Retirement System and other public pensions, according to the proposed settlement filed yesterday in federal court in San Jose, California.

 

Wells Fargo, the largest U.S. home lender, and several investment banks that underwrote the securities were sued in 2009 over alleged violations of securities laws in connection with sales of $36 billion in mortgage pass-through certificates in 2005 and 2006.

The securities were backed by pools of mortgage loans that Wells Fargo or its affiliates originated or purchased. In 28 offerings, the bank misrepresented the quality of the loans, failing to disclose that it hadn’t followed appropriate underwriting standards and loans were made based on inflated appraisals, investors said in a complaint.

 

The bank and the underwriters deny wrongdoing, according to the proposed accord, which is subject to a judge’s approval.

“The proposed settlement agreement is a negotiated resolution as to all named defendants and is intended to avoid the distraction and expense of litigation,” Ancel Martinez, a Wells Fargo spokesman, said in a telephone interview.

 

State Court Claims

The bank still faces claims in state courts in California, Illinois and Indiana filed by individual investors and federal home loan banks seeking to rescind billions of dollars of mortgage-backed securities purchases.

 

“It’s a very favorable outcome and will be significant for investors,” David Stickney, a lawyer for the plaintiffs, said in a phone interview.

 

Bank of America Corp. (BAC) agreed on June 29 to pay $8.5 billion to resolve investor claims over sales of bonds backed by home loans by Countrywide Financial Corp., which it had acquired in 2008. The settlement covers 530 mortgage trusts with an original loan balance of $424 billion, the bank said.

 

The case is In Re Wells Fargo Mortgage-Backed Certificates Litigation, 09-1376, U.S. District Court, Northern District of California (San Jose).

 

MAJOR  ANNOUNCEMENT:

Bank of America in $8.5 billion settlement

 

From: Timothy Haight
Date: Wed, Jun 29, 2011 at 1:17 PM
Subject: BOA mortgage doc link
To: Martin Michael

http://money.cnn.com/2011/06/29/news/companies/b_of_a_settlement/index.htm?hpt=hp_t2

 

http://finance.fortune.cnn.com/2011/06/03/at-bank-of-america-more-incomplete-mortgage-docs-and-more-questions/?iid=EL

 

At Bank of America, more incomplete mortgage docs raise more questions

Fortune examined hundreds of foreclosure documents to determine the validity of mortgage securitizations after Bank of America debunked testimony about them last fall. The results raise more questions than they answer.

By Abigail Field, contributor

 

FORTUNE -- Are Countrywide mortgage-backed securities really mortgage-backed? Do banks even have the legal right to foreclose on certain homes?

 

These are just a few of the questions raised since the foreclosure crisis revealed shoddy mortgage servicing practices at many of the big banks – practices that have led to countless investigations and lawsuits. Court testimony by a former Countrywide employee added to the intrigue last fall, because she confessed that many loans there weren't properly handled, bringing into doubt the validity of Countrywide's securitization process. Bank of America, which owns Countrywide, quickly silenced the discussion with firm denials.

 

But Fortune has examined dozens of court records that corroborate the employee's testimony. And if Countrywide's mortgage securitizations systematically failed as it appears they did, Bank of America's potential liability dwarfs its shareholder equity, as the Congressional Oversight Panel points out.

 

Last November, a decision in a New Jersey bankruptcy case brought to light the testimony of Linda DeMartini, operational team leader for the litigation management department for Bank of America, which intended to prove the bank had the right to foreclose on a debtor's mortgage. Instead, her testimony was key to the judge's ruling that Bank of America (BAC) couldn't foreclose, and along the way DeMartini made two statements that called into question the securitization of Countrywide loans. She testified that Countrywide didn't deliver the notes to the securitization trustee, and that Countrywide notes weren't endorsed except on a case-by-case basis generally long after securitization ostensibly occurred. Both steps are required, in one form or another, under all securitization contracts.

 

Only the delivery issue was really scrutinized at the time, because without a doubt the failure to deliver the notes would invalidate the securitization. The other issue, failure to endorse the notes, sparked a debate: the American Securitization Forum argues the notes would still have been securitized without endorsement, while Adam Levitin, associate professor of law at Georgetown Law, convincingly argues that they would not have been.

 

http://www.msnbc.msn.com/id/43579924/ns/business-eye_on_the_economy/

 

Bank of America settlement could speed foreclosures

Investor settlement includes promise to outsource 'high risk' mortgages

Investors who bought bonds backed by shaky loans scored a major victory Wednesday with the announcement that Bank of America will pay more than $8 billion to make up for some of their losses.

 

Homeowners on the other end of those shaky mortgages — especially those most at risk of foreclosure — may have less to cheer about.

 

In the largest settlement to date related to the rogue mortgage lending wave, Bank of America said Wednesday it would pay $8.5 billion to settle claims with investors holding about $100 billion worth of mortgage-related securities sold by its Countrywide unit. The winners include 22 large investors such as Pimco, Metropolitan Life and BlackRock, as well as the Federal Reserve Bank of New York.

Aside from their claims that Countrywide sold them bonds backed by faulty loans, the investors argued that by continuing to service bad loans rather than speeding up foreclosures, the Bank of America unit ran up servicing fees, profiting at the expense of investors.

 

As a result the settlement includes a promise to hire additional “subservicers” to speed up the foreclosure process for high-risk loans. That means Bank of America borrowers whose foreclosure have been on hold may now see the process accelerated.

 

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