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Tag Archives: Attorney General

GSEs Blacklist Controversial Foreclosure Law Firm in Florida

Freddie Mac announced Tuesday that it has terminated its relationship with the law offices of David J. Stern, P.A. in Plantation, Florida. Fannie Mae, too, says it has suspended business with the so-called Florida foreclosure mill. The Stern law firm is one of the largest in the state, processing thousands of cases a month, and had been retained by both Fannie and Freddie as a preferred legal counsel for its servicers to go to handle pending foreclosures and home repossessions.

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D.C. Mandates Public Filing of Lien Holders for Legal Foreclosures

Lenders cannot proceed with foreclosure sales in the District of Columbia unless the security, or ownership, interest of the lien holder has been properly recorded in public filings, according to Washington, D.C.'s attorney general. Under District law, each deed or other document transferring a mortgage interest must be filed with the Recorder of Deeds within 30 days of execution, and Attorney General Peter Nickles stressed that this requirement is not satisfied by private tracking through the Mortgage Electronic Registration Systems(MERS).

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Fraud Task Force Pursues Criminal Investigation of Mortgage Servicers

Allegations that some of the nation's largest mortgage servicers cut corners in processing foreclosures and filed unsubstantiated paperwork could turn criminal. With documentation errors reported by at least five mortgage servicers, President Obama's Financial Fraud Enforcement Task Force, led by the U.S. Department of Justice, is looking into whether servicers broke federal laws and whether they misled federal housing agencies in the process. Mail and wire fraud may also be an issue.

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GMAC Mortgage to Move Forward with Foreclosures

GMAC Mortgage was the first company to halt foreclosures in 23 states because of concerns that the legal paperwork was not validated and processed correctly. After two months of reviewing individual case files, the company says it will restart foreclosure proceedings. Bank of America has also lifted its foreclosure suspension in 23 states. While both companies say they have found no instances in which a homeowner was wrongly foreclosed upon, at least one county sheriff in the judicial state of Illinois says he's not going to carry out their evictions until they provide further proof.

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Ohio AG Seeks Preliminary Injunction in GMAC Foreclosure Case

Ohio Attorney General Richard Cordray has filed a preliminary injunction seeking to prevent GMAC Mortgage from completing foreclosure sales in his state that he says are based on faulty affidavits. Cordray filed suit October 6th against GMAC; its parent, Ally Financial Inc.; and one of its employees, alleging fraud against Ohio consumers and Ohio courts. The preliminary injunction asks that GMAC stop its ""faulty affidavit practices"" while the lawsuit is pending.

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Judge Quashes Attorney General’s Subpoena of Florida Foreclosure Firm

The Florida-based law firm of Shapiro & Fishman won a victory in court this week when a Palm Beach County judge quashed the state attorney general's subpoena to examine the firm's foreclosure practices. Judge Jack S. Cox ruled in favor of the firm's motion to halt the investigative subpoena issued by Florida Attorney General Bill McCollum on August 6th. Judge Cox said the attorney general had no jurisdiction to regulate or discipline the conduct of attorneys. He called the subpoena ""overbroad, vague, and unduly burdensome.""

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Ohio Attorney General Files Fraud Suit Against GMAC Mortgage

The foreclosure paperwork gaffe at GMAC Mortgage has garnered heavy attention from the highest legal counsels in states across the country, and at least one attorney general is pressing charges. In a lawsuit filed Wednesday against GMAC Mortgage and Ally Financial, Ohio Attorney General Richard Cordray accuses the loan servicer and its agents of filing fraudulent affidavits in an attempt to mislead Ohio's courts. He is seeking a preliminary foreclosure injunction, $25,000 for every violation, and consumer restitution.

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REDC Raises $38K for Dallas Charity at Five Star Conference

Real Estate Disposition Corporation, an Irvine, California-based real estate auction company, raised $38,000 in a two-minute auction of nine guitars autographed by the rock band, REO Speedwagon. The auction preceded an REO Speedwagon performance at the 5th Annual Five Star Default Servicing Conference & Expo at the Hilton Anatole in Dallas.

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