Monday, October 13, 2014

ANOTHER SLANT ON WHISTLEBLOWERS

For whistleblowers, the SEC money's not enough

Jeff Cox | @JeffCoxCNBCcom

Wednesday, 8 Oct 2014 | 10:23 AM ETCNBC.com

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Louis Lanzano | Bloomberg | Getty Images

Eric Schneiderman, attorney general of New York, speaks at New York Law School in New York, on Tuesday, March 18, 2014.

When it comes to turning in bad guys in banking, it's not all about the money.

Wall Street whistleblowers, in fact, more often turn to New York Attorney General Eric Schneiderman and his band of financial cops when reporting wrongdoing than they do the Securities and Exchange Commission, according to a Bloomberg report.

There's seemingly one big difference between the two: The SEC has been handing out some huge cash payouts for information that leads to action, while the state AG's office does not except in instances where public funds are involved.

In fact, the SEC in September offered its biggest payment yet—a more than $30 million bounty to someone who provided information that led to an undisclosed successful enforcement action.

The SEC actually has an Office of the Whistleblower that oversees the awards program, which gives money for cases that result in more than $1 million in sanctions. In August, one lucky winner collected $300,000.

Read MoreSEC awards $30M payout, largest whistleblower award

Apparently, there's another big difference that separates Schneiderman's office from the SEC: Efficiency. Whistleblowers are finding that the attorney general's office delivers action more often than the SEC. The Bloomberg report cites several instances where high-profile cases, such as the lawsuit filed against Barclays in June, were brought to the SEC first but the agency was slow to react.

On the SEC's behalf, a spokesman told Bloomberg that the agency is proud of its record on such cases. Schneiderman's office wouldn't be brought into the fray either: A spokesman said the SEC has done "outstanding work" on whistleblower cases.

Still, the SEC may be noticing the trend.

Justice Department officials recently made several speeches calling for greater incentives for those who report wrongdoing, with outgoing Attorney General Eric Holder pushing for even greater cash rewards.

Sunday, October 12, 2014

FACING FORECLOSURE? MARK YOUR CALENDERS!

Friday, October 3, 2014

BOFA WARS

Photo of Bank of America ATM Machine by Brian Katt, Framingham Rest Stop, Massachusetts. (Photo credit: Wikipedia)

State accuses Bank of America unit of thousands of illegal foreclosures

State Attorney General Rob McKenna has accused a Bank of America unit of conducting thousands of illegal foreclosures in Washington, in which he said the company had confused homeowners, made it nearly impossible to save their homes, and failed to act as a neutral third party.

McKenna sued ReconTrust, a California-based foreclosure trustee, in King County Superior Court Thursday.

The lawsuit alleges that the Bank of America subsidiary has violated state laws in "each and every foreclosure" in Washington. Since 2008, ReconTrust, which forecloses statewide, has done 9,900 foreclosures in King, Pierce and Snohomish counties alone.

"ReconTrust ignored our warnings, repeatedly broke the law and refused to provide information requested during our investigation," McKenna said in a statement Friday.

"ReconTrust's illegal practices make it difficult, if not impossible, for borrowers who might have a shot at saving their homes to stop those foreclosures."

At a news conference held by McKenna, two women said ReconTrust had improperly foreclosed on their homes. Myra Cola, a single mother from Spanaway who was laid off, said her loan servicer was reviewing her home for a loan modification, when ReconTrust sold it at foreclosure.

"I couldn't understand how this could have happened," Cole said in a statement released by the Attorney General's office.

"I got the run-around. I just can't believe that the company that's supposed to be helping me is foreclosing on me. ... We are trying to save our homes. We're doing the steps they tell us. In the end, it's all for nothing. It's an injustice."

McKenna said ReconTrust violated the state's Deed of Trust law, which requires that a foreclosure trustee maintain an office in Washington. That's to help homeowners ask questions, make last-minute payments and request a foreclosure postponement.

"ReconTrust's claim that the company doesn't have to follow Washington law and procedures because it is a national bank is wrong," McKenna said.

A spokesperson for Bank of America, based in Charlotte, North Carolina, did not immediately return a call for comment to Bloomberg.

The complaint against ReconTrust stems from a larger investigation into foreclosure mishandlings that McKenna and other state attorneys general began last year.

Washington is a so-called nonjudicial foreclosure state, in which courts don't review foreclosures. Instead banks hire trustees, who are supposed to act as neutral third parties, to handle home seizures.

In addition to failing to keep am office in Washington, McKenna also accused ReconTrust of:

Failing to identify the actual owner of a promissory note being foreclosed.

Giving confusing information on how borrowers defaulted and how to fix a default.

Holding foreclosues in private, like an Bellevue office park, instead of in a legally required public place.

Allowing documents to be improperly signed and notarized.

Failing to act in good faith toward a borrower.

McKenna is seeking a fine of up to $2,000 per violation.

Visit seattlepi.com's home page for more Seattle news. Contact Vanessa Ho at 206-448-8003 or vanessaho@seattlepi.com, and follow her on Twitter as @vanessaho.

Saturday, August 30, 2014

SOME CREATIVE ARTICLES FEATURING THE UNITED STATES!!

SOME INTERESTING TIDBITS ABOUT THE UNITED STATES

STOP FORECLOSURE FRAUD

Stop Foreclosure Fraud presents the following...

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SWEETHEART DEAL | Ocwen bought chairman Erbey’s (now in St. Croix) Atlanta property for $2 million more than he paid in 2006 - 2014-03-05 18:35:39-05

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