KABOOM! BofA, GMAC, Chase, Wells, Citi, Onewest Face N.J. Foreclosure Freeze
This is coming in from multiple fronts...
Chink in the Armor
The State Supreme Court of NJ has ordered a halt to all foreclosure in the state of NJ.
This is most excellent news for the reason you may not realize:
NJ is owned by the Wall St. Bankers. Remember the movie Copland about a town in NJ owned and run by a bunch of NYC cops?
Guess
who used to be Governor of NJ? Corzine. Guess what his job was before
he became Governor? Head of Goldman Sachs. If you are a banker of
certain levels, you live in one of three places, Manhattan, Long
Island, or NJ (what exit?). NJ is owned and operated by the large NY
banking firms so for the Supreme Court to turn on them is stupendous
news.
V
www.chinkinthearmor.net
Matt Weidner
Apparently
the practices in foreclosure courts in New Jersey have gotten so out
of hand that the court has initiated an inquiry into the questionable
nature and inaccuracies of documents submitted in courts across the
entire state.
The
attached Order is filled with all sorts of crazy language like,
“Protecting the integrity of the judicial foreclosure process” and the
“need to restore integrity to the foreclosure process” and “due
process”.
Apparently
there were six “foreclosure Plaintiffs with a public record of
questionable practices” which the court felt compelled to address in
its supervisory capacity.
What in God’s name is going on up there in New Jersey?
Things
are just fine down here in Florida…..no problems with integrity or due
process or robo signing…no sir-ee, things are just fine thank y’all
very kindly.
Them banks ain’t run us over down here….no sir-ee, things are just fine thank y’all very kindly.
The integrity of our real property system is not in run…..no sir-ee, things are just fine thank y’all very kindly.
Us dumb
yokels down here in Florida cain’t hardly read all them fancy
newspapers and we ain’t heard ‘nuthin ’bout ‘nuthin going on in
Congress.
So you go on with yer investergatin…we’s jus fine down here in Sunnie Floreeduh!
Bloomberg
BofA, Lenders Face Possible N.J. Foreclosure Freeze
Bank of America Corp., JPMorgan Chase & Co.
and four other mortgage lenders and loan servicers face a possible
suspension of home foreclosures in New Jersey by Jan. 19 under a judge’s
order.
The action, announced today by New Jersey Supreme Court Chief Justice Stuart Rabner, also covers Citigroup Inc.’s mortgage unit, Ally Financial Inc.’s GMAC mortgage unit, OneWest Bank and Wells Fargo & Co.
The lenders were implicated in “robo-signing,” the submission of
hundreds or thousands of foreclosure claims that falsely swore to
personal knowledge of their contents, Rabner said.
The six
companies must “show cause why the processing of uncontested residential
foreclosure matters they have filed should not be suspended,” under an
order by Judge Mary C. Jacobson in state court in Trenton.
“It’s
important that the judiciary ensures that judges are not rubber-stamping
documents of questionable reliability,” Rabner said today in a
conference call with reporters.
Another
24 lenders and loan servicers with more than 200 residential foreclosure
actions each in 2010 must “demonstrate affirmatively that there are no
irregularities in their handling of foreclosure proceedings,” according
to an order by Judge Glenn A. Grant, administrative director of the
courts.
First U.S. State
Rabner
said New Jersey is the first U.S. state to take such an action. The
state’s courts received 21,752 new foreclosures in 2006 and have gotten
65,222 this year, according to Grant’s order. Only 6 percent of cases
were contested this year, meaning 94 percent lacked “any meaningful
adversarial proceeding,” according to the order.
Lawyers
in foreclosure cases must also certify that they have communicated to
employees at the mortgage companies that they have personally reviewed
all documents and that they are accurate, Rabner said.
Bank of
America, Wells Fargo and JPMorgan are the three biggest U.S. home-loan
servicers, handling payment collections, debt modifications and
foreclosures on almost 50 percent of the $10.7 trillion of outstanding
mortgages, according to newsletter Inside Mortgage Finance.
Attorneys
general from all 50 states in October started probing mortgage
servicers after revelations that they may have acted illegally in having
employees sign affidavits that they didn’t review. GMAC Mortgage,
JPMorgan Chase and Bank of America were among companies that temporarily
halted foreclosures amid claims that the legal documents were
mishandled.
Suspended Forclosures
Thomas Kelly,
a JPMorgan spokesman, declined to comment on the New Jersey order.
Since September, the New York-based bank has suspended foreclosures in
40 states, including New Jersey, he said. It resumed foreclosures in
some of those states, he said.
Jumana Bauwens,
a spokeswoman for Charlotte, North Carolina-based Bank of America, said
the bank is reviewing the judge’s order and can’t comment at this time.
Gina Proia, a spokeswoman for Detroit-based Ally Financial, declined to comment.
New York-based Citigroup “will review the Justice’s order and will ensure that we meet the new requirements,” spokesman Mark Rodgers said in an e-mail.
Foreclosure Review
“Citi
has been continuously reviewing its foreclosure processes with respect
to its U.S. mortgage portfolios,” Rodgers said. “Last year, we took a
series of steps to strengthen our processes and added additional
resources to ensure foreclosures were being processed correctly.”
Diane Henry,
a spokeswoman for Pasadena, California-based OneWest, declined to
comment. OneWest was formed in the aftermath of IndyMac Bancorp’s
failure.
Jason Menke,
a spokeswoman for San Francisco-based Wells Fargo, said in an e-mail:
“We recognize and respect the need to ensure we always comply with
respective state laws. With our outside counsel, we intend to comply
with the New Jersey court’s order and demonstrate why the foreclosures
scheduled in New Jersey should move forward.”
U.S. bank regulators investigating foreclosure problems could impose fines or seek criminal penalties as soon as January, said Julie L. Williams, chief counsel of the Office of Comptroller of the Currency, said at a congressional hearing Dec. 2.
The
order is In the Matter of Residential Mortgage Foreclosure Pleading and
Document Irregularities, Administrative Order 01-2010.
To contact the reporters on this story: David Voreacos in Newark, New Jersey, at dvoreacos@bloomberg.net; Jody Shenn in New York at jshenn@bloomberg.net.
Order with supporting docs below...
4closureFraud.org
Order to Show Cause Issued by Judge Mary Jacobson - Residential Mortgage Foreclosures - Robosigning
Order to Show Cause Issued by Judge Mary Jacobson - Residential Mortgage Foreclosures - Robosigning
Administrative
Order Directing Submission of Information from Residential Mortgage
Foreclosure Plaintiffs Concerning Their Document Execution Practices to a
Special Master
Administrative Order Directing Submission of Information From Residential Mortgage Foreclosure Plaintiffs C... Notice and Order - Emergent Amendments to Rules 1:5-6, 4:64-1, and 4:64-2 - Residential Mortgage Foreclosures
Notice and Order - Emergent Amendments to Rules 1 5-6, 4 64-1, And 4 64-2 - Residential Mortgage Foreclosures
Boehner’s spokesman raised the spectre of “groups similar to ACORN”, which no longer exists, as a recipient of this money. What it will actually go toward is legal services, defending borrowers who would otherwise have no way to afford access to the legal system.
And this is a state’s rights issue. This bill wouldn’t mandate legal services money; it would allow states to elect, if they so chose, to use their Hardest Hit Fund dollars in the manner to which they see fit. In the typical conservative game, state’s rights mean a lot except when that goes against their ideological goals. Plus, it doesn’t cost a dime, as the money is going to the states anyway. They should get to decide how to use it.
It’s unclear that this legislation is even necessary. Treasury only reverts back to TARP rules when talking about how legal aid services aren’t allowable as recipients, though it showed wide latitude in handing out money to whatever bank wanted a piece previously. But Geithner is insisting on it. His “enthusiastic support” of the House measure belies the fact that there’s no Republican co-sponsor in the Senate, and moving the bill on unanimous consent in the dwindling days of the lame duck session is dubious. If Geithner supports allowing states to decide if foreclosure victims can have access to justice, all he has to do is sign off on it as Treasury Secretary.
The funding problem for foreclosure legal defense is “part of the banks’ strategy,” says Bubba Grimsley, a leading foreclosure defense attorney. Foreclosure defense lawyers have been extremely successful in uncovering robo-signing and a host of other irregularities in the foreclosure process, but they have to be able to sustain themselves:
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