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LATEST NEWS
Pulte-Centex: Investigation of top homebuilders focuses on contractors' pay
Friday, 09 September 2011

Fed probe includes PulteGroup
Michigan's largest new-home construction company is among four top homebuilders whose pay practices are being investigated by the U.S. Labor Department. Bloomfield Hills-based PulteGroup Inc., Lennar Corp., D.R. Horton Inc. and KB Home received a letter last month from the department requesting the firms to provide the names, addresses, Social Security numbers, pay rates and hours worked for all employees during the past two years, according to the Wall Street Journal. A Labor Department spokeswoman Thursday confirmed the inquiry but declined further comment.

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Nevada Attorney General Masto Stands Strong
Thursday, 08 September 2011

Nevada Says Bank Broke Mortgage Settlement
The attorney general of Nevada is accusing Bank of America of repeatedly violating a broad loan modification agreement it struck with state officials in October 2008 and is seeking to rip up the deal so that the state can proceed with a suit against the bank over allegations of deceptive lending, marketing and loan servicing practices. In a complaint filed Tuesday in United States District Court in Reno, Catherine Cortez Masto, the Nevada attorney general, asked a judge for permission to end Nevada’s participation in the settlement agreement. This would allow her to sue the bank over what the complaint says were dubious practices uncovered by her office in an investigation that began in 2009.

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VA Action Poor - Same Guys, Different Name
Tuesday, 06 September 2011

VA takes action against builder in WAVE 3 Troubleshooter report
Mike Jones Built Homes is still pushing forward with new construction projects despite losing its approval from the VA and getting hit with two different lawsuits from angry customers... In February, a WAVE 3 Troubleshooter investigation uncovered at least four military families in the same neighborhood who complained of shoddy workmanship with their Mike Jones Built Homes.Jones had transferred the properties he was working on at that time to Hardesty Built Homes. That company is owned by Jimmy Hardesty, the same guy who helped Jones build the homes the soldiers are having problems with now.

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Call and Write Congress and President Oboma - Demand Accountability - NO DEAL
Friday, 26 August 2011

 Amnesty for the Indefensible
“They” are the Wall Street usurers, people of a sort condemned in Scripture, who have brought more misery to this nation than we have known since the Great Depression. “They” will not suffer for their crimes because they have a majority ownership position in our political system. That is the meaning of the banking plea bargain that the Obama administration is pressuring state attorneys general to negotiate with the titans of the financial world. ...The $20 billion or so that the banks would pony up is chump change to them compared with the trillions that the Fed and other public agencies spent to bail them out. The banks were given direct cash subsidies, virtually zero-interest loans, and the Fed took $2 trillion in bad paper off their hands while the banks exacerbated the banking crisis they had created through additional shady practices, including fraudulent mortgage foreclosures.

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Bunch of Texas Smalltime Mortgage Fraud Thugs Rounded Up, Charged and Prosecuted
Thursday, 25 August 2011

Metroplex homebuilder pleads guilty in widespread mortgage fraud scheme
Davon Willis, who oversaw a mortgage broker business that processed loan applications involved in the mortgage fraud, pleaded guilty to conspiracy to commit money laundering on July 18, 2011.  Two recruiters of homebuyers, Julila Nicole Allen, 38, of Grand Heights, Texas, and Kimoni Jackson, 34, of Desoto, ....  Another homebuilder, Yunus Mandli, 63, of Rockwall, Texas, pleaded guilty to conspiracy to commit wire fraud...  A mortgage broker, Quincy Dynell Harrington, 41, of Corinth, Texas, ...  One loan processor, Natasha Manley, 39 of Sherman Oaks, California, ... One home seller, Keith Ezell, 46, of Cedar Hill, Texas, ...Sharetha Jackson, 41, of Desoto, Texas, pleaded guilty to conspiracy to commit money laundering ... Willis Raymond McMurran, 37, of Middleton, Delaware, ... and Edward Rogers, 41, of Midlothian, Texas.,Rodney Lavann Giles, Sr., 44, of Dallas, Renetta Yvonne Jones, 40, of Plano, Texas...M.D. Habibur Rahman, 52, of Garland, Texas, ...Jon Ruliffson, 31, of Plano, Texas,  ...Larry Reisman, 49, of Dallas, a homebuilder, was indicted for conspiracy to commit money laundering and conspiracy to commit bank fraud.

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NY Times Gretchen Morgenson: $20 Billion Bank Settlement Deal Sends Bad Message to Big Bad Industry
Tuesday, 23 August 2011

Attorney General of N.Y. Is Said to Face Pressure on Bank Foreclosure Deal
Eric T. Schneiderman, the attorney general of New York, has come under increasing pressure from the Obama administration to drop his opposition to a wide-ranging state settlement with banks over dubious foreclosure practices, according to people briefed on discussions about the deal. In recent weeks, Shaun Donovan, the secretary of Housing and Urban Development, and high-level Justice Department officials have been waging an intensifying campaign to try to persuade the attorney general to support the settlement, said the people briefed on the talks. “The attorney general remains concerned by any attempt at a global settlement that would shut down ongoing investigations of wrongdoing related to the mortgage crisis,” said Danny Kanner, the spokesman for Mr. Schneiderman.

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Should not be an advocate for the industry
Tuesday, 23 August 2011

New York Fed Director Kathryn Wylde Provokes Accusations Of Conflict Of Interest
Kathryn Wylde, deputy chair of the New York Fed's board, challenged state Attorney General Eric Schneiderman's opposition to a proposed $8.5 billion settlement between Bank of America and a group of investors -- leaping to the defense of the financial industry -- according to remarks quoted Monday in The New York Times..."I'm just appalled," said Whalen, who is managing director of Institutional Risk Analytics. "She is a public director of a Federal Reserve Bank, and she's not supposed to behave this way. She is not an advocate for the industry." "If she wants to be an advocate for the big banks," he continued, "then she ought to step down."

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Miami Corruption in Building Inspections
Sunday, 24 July 2011

Former Miami Beach building official gets 18 months in corruption case
The third Miami Beach building department employee caught taking bribes from a scandal-tainted developer pleaded guilty Monday, agreeing to serve 18 months in jail.  Mohammed Partovi, 54, pleaded guilty to two counts of “unlawful compensation’’ for accepting a Rolex watch and cash from Michael Stern, a troubled Miami Beach developer who has repeatedly been accused of fraud and forgery in lawsuits relating to his real estate business.

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Jury sides with Halliburton-KBR on Rape Case
Saturday, 09 July 2011

Well Street Journal: Jury Favors KBR in Iraq Rape Trial
A jury in federal court on Friday dispatched a high-profile lawsuit against KBR Inc. brought by a former employee, finding she wasn't sexually assaulted by a co-worker while working for the defense contractor in Iraq in 2005.Jamie Leigh Jones, 26 years old, had claimed she was drugged and subsequently raped by former KBR firefighter Charles Bortz just three days after arriving in Baghdad's Green Zone. She further alleged that KBR, a former unit of Halliburton Co., had defrauded her by concealing the risk of sexual assault at its camp in Iraq, and by including a mandatory arbitration clause in her contract for resolving work-related complaints. Her lawyers had sought $145 million in damages from both defendants.

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Jury Says Rape is OK if Big Business Says So
Saturday, 09 July 2011

Jury rejects rape claims against KBR employees
In one of his first acts as a U.S. senator, Minnesota Democrat Al Franken championed the cause of Jamie Leigh Jones, a former KBR/Halliburton worker who claimed she had been drugged and gang-raped by colleagues in Baghdad's Green Zone. With the high-profile victim looking on in the Senate chamber in 2009, Franken won passage of a measure in her name ensuring that military contractors couldn't force victims of sexual assault into arbitration, as opposed to suing.Jones got her day in court, and on Friday, a federal jury deciding her civil suit in Houston decided she was not raped, vindicating a company that charged she had exaggerated or made up her story, in part for fame, publicity and a book deal.

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Maryland AG takes action on behalf of consumers
Saturday, 02 July 2011

Consumer Protection Division orders more than $15,000 in refunds and penalties
(Maryland Attorney General) BALTIMORE, MD -— Attorney General Douglas F. Gansler has announced  that the Consumer Protection Division has issued a final order requiring Bay Area Design & Build, Inc. and its principals to refund $10,000 collected from consumers to construct a home in Anne Arundel County and pay a penalty of $3,000.  The Division found the builder and its principals, Gregory Louis Haigis and Robert Scott Huff, violated Maryland’s Custom Home Protection Act by failing to place or maintain money in an escrow account, failing to have a surety bond to protect those deposits and payments and failing to construct the home.

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Small firm, huge win in mortgage debacle
Thursday, 30 June 2011

Houston lawyer led investor charge in $8.5 billion Bank of America deal
A Houston lawyer with a small firm won an $8.5 billion settlement with Bank of America tied to the 2008 mortgage mess, a deal that could establish a road map for other banks in resolving the nation's stubborn housing crisis. "I think this is one of those rare opportunities for doing good for your client and doing good for the public," said Kathy Patrick, lead attorney for 22 big investors hit by losses from Bank of America and its Countrywide subsidiary. The settlement, announced Wednesday, not only would require Bank of America and/ or Countrywide to pay $8.5 billion to cover investor losses caused by problem mortgages, but it also would force a series of improvements in the way borrowers receive service when they need to reset terms or otherwise work out problems with individual loans — alleviating a source of friction and frustration.

Read more...
 
Huge $5.8 Billion Bank of America Settlement
Thursday, 30 June 2011

BofA agrees to pay $8.5 billion in mortgage claims
The settlement will contribute to a second-quarter loss of $8.6 billion to $9.1 billion, or 88 cents to 93 cents a share, the bank said in a statement. Bank of America also said it's adding $5.5 billion to a liability reserve for future loan-repurchase demands and will record $6.4 billion in other charges including legal costs and a write-down of mortgage-unit goodwill... Investors, which also include Pacific Investment Management Co. and the Federal Reserve Bank of New York, demanded in October that Bank of America repurchase home loans that had been packaged into bonds by Countrywide Financial Corp., which it acquired in 2008. The settlement covers 530 mortgage trusts with an original loan balance of $424 billion, the bank said.

Read more...
 
Bank of American Federal Investigation
Thursday, 30 June 2011

Bank Of America 'Significantly Hindered' Federal Investigation, U.S. Official Says
Bank of America, the largest U.S. bank by assets, "significantly hindered" a federal investigation into the firm's faulty foreclosure practices on potentially billions of dollars worth of taxpayer-backed loans, a federal auditor told an Arizona court. The bank withheld key documents and data, prevented investigators from interviewing bank employees... Federal investigators found one bank employee who signed more than 75,000 foreclosure documents over the two-year period. If the employee worked every day during those two years, that amounts to about 103 documents signed per day, or one every five minutes. Another Bank of America employee was found to have signed nearly 47,000 foreclosure documents over the examined period, which amounts to about 64 documents signed per day, or one every seven minutes.

Read more...
 
New York Times: Hot Coffee Public Debate
Tuesday, 28 June 2011

Documentary Gives Hot Issue Caffeinated Jolt
“Everybody knows — or thinks they know — the McDonald’s case,” said Susan Saladoff, who put her legal practice aside to direct and produce the film. “But they really don’t know it at all. I didn’t do this to become a filmmaker. I made this movie because I had something to say that needed to be said, and nobody else was saying it, at least to regular folks, to the public.” That message may be getting across. Ann Hornaday of The Washington Post, reviewing the film at the Sundance Festival, wrote that it provided “the kind of narrative that sends audiences out of the theater thinking in a brand-new way about something they thought they understood.” ... One of several strands in the film, Ms. Liebeck’s story shows how tort reformers deftly spun her case and others to nudge public opinion and argue for the need to shut down what industry advocates called “jackpot justice.” The film also lays out facts of the case that are rarely heard.  89 related articles

Read more...
 
HBO HOT COFFEE BIG HIT
Tuesday, 28 June 2011

HBO Documentary Films: Summer Series - Hot Coffee (HBO)
HOT COFFEE examines the dangers of so-called “tort reform” and its threat to our civil justice system. Using the now-infamous legal battle over a spilled cup of McDonald’s coffee as a springboard, the film follows four families, including McDonald’s plaintiff Stella Liebeck and KBR/Halliburton plaintiff Jaime Leigh Jones, whose lives have been profoundly affected by their inability to access the courts, and examines the role of corporations and a complicit media in promoting “tort reform.” 89 related articles

Read more...
 
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