SCUMBAG CRIMINAL BANKSTER'S........ Receive a Cold and Dry, HARD ONE (CDHO).

Release Date: April 13, 2011

For Immediate Release

The Federal Reserve Board on Wednesday announced formal enforcement actions requiring 10 banking organizations to address a pattern of misconduct and negligence related to deficient practices in residential mortgage loan servicing and foreclosure processing. These deficiencies represent significant and pervasive compliance failures and unsafe and unsound practices at these institutions.

The Board is taking these actions to ensure that firms under its jurisdiction promptly initiate steps to establish mortgage loan servicing and foreclosure processes that treat customers fairly, are fully compliant with all applicable law, and are safe and sound.

The 10 banking organizations are: Bank of America Corporation; Citigroup Inc.; Ally Financial Inc.; HSBC North America Holdings, Inc.; JPMorgan Chase & Co.; MetLife, Inc.; The PNC Financial Services Group, Inc.; SunTrust Banks, Inc.; U.S. Bancorp; and Wells Fargo & Company. Collectively, these organizations represent 65 percent of the servicing industry, or nearly $6.8 trillion in mortgage balances.

All 10 actions require the parent holding companies to improve holding company oversight of residential mortgage loan servicing and foreclosure processing conducted by bank and nonbank subsidiaries.

In addition, the enforcement actions order the banking organizations that have servicing entities regulated by the Federal Reserve (Ally Financial, SunTrust, and HSBC) to promptly correct the many deficiencies in residential mortgage loan servicing and foreclosure processing. Those deficiencies were identified by examiners during reviews conducted from November 2010 to January 2011.

The Federal Reserve believes monetary sanctions in these cases are appropriate and plans to announce monetary penalties. These monetary penalties will be in addition to the corrective actions that the banking organizations are expected to take pursuant to the enforcement actions.

The enforcement actions complement the actions under consideration by the federal and state regulatory and law enforcement agencies, and do not preclude those agencies from taking additional enforcement action. The Federal Reserve continues to work with other federal and state authorities to resolve these matters.

The actions taken Wednesday require each servicer to take a number of actions, including to make significant revisions to certain residential mortgage loan servicing and foreclosure processing practices. Each servicer must, among other things, submit plans acceptable to the Federal Reserve that:

• strengthen coordination of communications with borrowers by providing borrowers the name of the person at the servicer who is their primary point of contact;
• ensure that foreclosures are not pursued once a mortgage has been approved for modification, unless repayments under the modified loan are not made;
• establish robust controls and oversight over the activities of third-party vendors that provide to the servicers various residential mortgage loan servicing, loss mitigation, or foreclosure-related support, including local counsel in foreclosure or bankruptcy proceedings;
• provide remediation to borrowers who suffered financial injury as a result of wrongful foreclosures or other deficiencies identified in a review of the foreclosure process; and
• strengthen programs to ensure compliance with state and federal laws regarding servicing, generally, and foreclosures, in particular.

The Federal Reserve will closely monitor progress at the firms in addressing these matters and will take additional enforcement actions as needed.

In addition to the actions against the banking organizations, the Federal Reserve on Wednesday announced formal enforcement actions against Lender Processing Services, Inc. (LPS), a domestic provider of default-management services and other services related to foreclosures, and against MERSCORP, Inc. (MERS), which provides services related to tracking and registering residential mortgage ownership and servicing, acts as mortgagee of record on behalf of lenders and servicers, and initiates foreclosure actions. These actions address significant compliance failures and unsafe and unsound practices at LPS and its subsidiaries, and at MERS and its subsidiary.

The action requires LPS to address deficient practices related primarily to the document execution services that LPS, through its subsidiaries DocX, LLC, and LPS Default Solutions, Inc., provided to servicers in connection with foreclosures. MERS is required to address significant weaknesses in, among other things, oversight, management supervision, and corporate governance. The LPS action is being taken jointly with the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision, while the MERS action is being taken jointly with those agencies and the Federal Housing Finance Agency.

The Federal Reserve Board based its enforcement actions on the findings of the interagency reviews of the major mortgage servicers, LPS, and MERS. A summary of the findings from the reviews of the mortgage servicers is available in the Interagency Review of Foreclosure Policies and Practices, which is simultaneously being released by the Federal Reserve Board and the other agencies.

Attachments:

• Interagency Review of Foreclosure Policies and Practices (461 KB PDF)
• Consent Order for Bank of America Corp. (34 KB PDF)
• Consent Order for Citigroup Inc. and CitiFinancial Credit Co. (28 KB PDF)
• Consent Order for Ally Financial, Inc., ResCap, GMAC Mortgage, and Ally Bank (87 KB PDF)
• Consent Order for HSBC North America Holdings, Inc. and HSBC Finance Corp. (76 KB PDF)
• Consent Order for JPMorgan Chase & Co. and EMC Mtge. (39 KB PDF)
• Consent Order for MetLife, Inc. (25 KB PDF)
• Consent Order for PNC Financial Svs. Group, Inc. (25 KB PDF)
• Consent Order for SunTrust Banks, Inc., SunTrust Bank, and SunTrust Mortgage (76 KB PDF)
• Consent Order for U.S. Bancorp (25 KB PDF)
• Consent Order for Wells Fargo & Co. (25 KB PDF)
• Consent Order for LPS (47 KB PDF)
• Consent Order for MERS (48 KB PDF)

2011 Enforcement Actions

The phone rings, you pick it up and WHAM, you've been SCAMMED!

The phone rings, you pick it up, and the caller identifies himself as an officer of the court. He says you failed to report for jury duty and that a warrant is out for your arrest. You say you never received a notice.

To clear it up, the caller says he'll need some information for "verification purposes"-your birth date, social security number, maybe even a credit card number.

This is when you should hang up the phone. It's a scam.

Jury scams have been around for years, but have seen a resurgence in recent months. Communities in more than a dozen states have issued public warnings about cold calls from people claiming to be court officials seeking personal information. As a rule, court officers never ask for confidential information over the phone; they generally correspond with prospective jurors via mail.

The scam's bold simplicity may be what makes it so effective. Facing the unexpected threat of arrest, victims are caught off guard and may be quick to part with some information to defuse the situation.

"They get you scared first," says a special agent in the Minneapolis field office who has heard the complaints.

"They get people saying, 'Oh my gosh! I'm not a criminal. What's going on?'" That's when the scammer dangles a solution-a fine, payable by credit card, that will clear up the problem.

With enough information, scammers can assume your identity and empty your bank accounts.
"It seems like a very simple scam," the agent adds. The trick is putting people on the defensive, then reeling them back in with the promise of a clean slate. "It's kind of ingenious. It's social engineering."

In recent months, communities in Florida, New York, Minnesota, Illinois, Colorado, Oregon, California, Virginia, Oklahoma, Arizona, and New Hampshire reported scams or posted warnings or press releases on their local websites. In August, the federal court system issued a warning on the scam and urged people to call their local District Court office if they receive suspicious calls. In September, the FBI issued a press release about jury scams and suggested victims also contact their local FBI field office.

In March, USA.gov, the federal government’s information website, posted details about jury scams in their Frequently Asked Questions area. The site reported scores of queries on the subject from website visitors and callers seeking information.

The jury scam is a simple variation of the identity-theft ploys that have proliferated in recent years as personal information and good credit have become thieves' preferred prey, particularly on the Internet. Scammers might tap your information to make a purchase on your credit card, but could just as easily sell your information to the highest bidder on the Internet's black market.

Protecting yourself is the key: Never give out personal information when you receive an unsolicited phone calls.

An open letter to the head ASSHAT at NCCI.

To: 'ceo@nationalcreditors.com'
Subject: YOUR SCUM ASS

The start of this mission is found here on the blog:
BOA hires Gambino Family, ARMS them with Cell Phones. http://thehutmaster.blogspot.com/2011/03/boa-hires-gambino-family-arms-them-with.html








 Dear AssHat,

We are still getting to the bottom of this matter.
To that end, BOA has their own “COCKROACH” Squad.

Since Bank of “Bending Over America” (BOA if ya didn’t get it) DENIES ANY KNOWLEDGE of the scum actions you tried, (remember, BOA has their own COCKROACH SQUAD, AKA LANDSAFE.

The more I dig into your bullshit the more I want to puke.

I WILL GET TO THE BOTTOM OF YOUR SCUMBAG ASS SHOVINING A CELL PHONE INTO MY HOMEOWNERS FACE!

THIS SENIOR CITIZEN NAILED IT...

Alan Simpson, Senator from Wyoming , Co-Chair of Obama's
deficit commission, calls senior citizens the Greediest Generation
as he compared "Social Security" to a Milk Cow with 310 million teats.
August, 2010.

Below is a response in a letter from a unknown fellow in Montana ... I think he is a little ticked off! He also tells it like it is !
----------------------------------------------------------------------------

"Hey Alan, let's get a few things straight..

1. As a career politician, you have been on the public dole for FIFTY YEARS.

2. I have been paying Social Security taxes for 48 YEARS (since I was 15 years old. I am now 63).

3 My Social Security payments, and those of millions of other Americans, were safely tucked away in an interest bearing account for decades until you political pukes decided to raid the account and give OUR money to a bunch of zero ambition losers in return for votes, thus bankrupting the system and turning Social Security into a Ponzi scheme that would have made Bernie Madoff proud.

4. Recently, just like Lucy &Charlie Brown, you and your ilk pulled the proverbial football away from millions of American seniors nearing retirement and moved the goalposts for full retirement
from age 65 to age 67. NOW, you and your shill commission is proposing to move the goalposts YET AGAIN.

5.  I, and millions of other Americans, have been paying into Medicare from Day One, and now you morons propose to change the rules of the game. Why? Because you idiots mismanaged other parts of the economy to such an extent that you need to steal money from Medicare to pay the bills.

6. I, and millions of other Americans, have been paying income taxes our entire lives, and now you propose to increase our taxes yet again. Why? Because you incompetent bastards spent our money so profligately that you just kept on spending even after you ran out of money. Now, you come to the American taxpayers and say you need more to pay off YOUR debt.
~~~~~~~~~~~~~~~~~~

To add insult to injury, you label us "greedy" for calling "bullshit" on your incompetence. Well, Captain Bullshit, I have a few questions for YOU.

1. How much money have you earned from the American taxpayers during your pathetic 50-year political career?

2. At what age did you retire from your pathetic political career, and how much are you receiving in annual retirement benefits from the American taxpayers?

3. How much do you pay for YOUR government provided health insurance?

4. What cuts in YOUR retirement and healthcare benefits are you proposing in your disgusting deficit reduction proposal, or, as usual, have you exempted yourself and your political cronies?

It is you, Captain Bullshit, and your political co-conspirators called Congress who are the "greedy" ones. It is you and your fellow nutcases who have bankrupted America and stolen the American dream from millions of loyal, patriotic taxpayers. And for what? Votes. That's right, sir. You and yours have bankrupted America for the sole purpose of  advancing your pathetic political careers. You know it, we know it, and you know that we know it. And you can take that to the bank, you miserable son of a bitch.

If you like the way things are in America , delete this. If you agree with what a fellow Montana citizen says, PASS IT ON!!!!

Let's Make a Deal: Feds Move on Robo-Signing Settlement Without AGs

Mortgage servicers have reportedly reached an agreement with federal regulators to change their foreclosure procedures as part of a settlement for the robo-signing transgressions that were uncovered last fall.

The arrangement includes no fines, Bloomberg says, citing “people familiar with the matter.” However, the news agency’s sources are not completely ruling out a monetary penalty, as negotiations are still ongoing regarding certain settlement terms.

According to Bloomberg, one major servicer has already signed a pact with the federal regulators. At least 14 servicers were subject to the regulators’ investigation, and the others are expected to ink their deals by the end of this week.

Conditions of the federal consent agreements have not been made public, but the New York Times says the servicers have agreed to provide every homeowner in default with a single point of contact, and to end the
practice of dual-tracking foreclosure proceedings while borrowers are pursuing loan modifications.

According to the paper, the deals also require servicers to add more layers of oversight and quality control to foreclosure processes, which extends to third-party vendors and law firms, as well as improve training for internal foreclosure staff.

In addition, servicers will be required to hire independent consultants to review all foreclosures that have been completed in the past two years, and must compensate any homeowner who is found to have been improperly foreclosed on or made to pay excessive fees, the Times reports.

The regulatory agencies that are part of the consent agreements include the Office of the Comptroller of the Currency, Office of Thrift Supervision, Federal Reserve, and FDIC.

In early March, major servicers received a 27-page settlement proposal sent jointly from the federal regulatory agencies and state attorneys general. At that time, all signs pointed to a blanket settlement that would resolve all parties’ charges.

A spokesman for Iowa Attorney General Tom Miller, who has been heading up negotiations on behalf of the states, has indicated that any agreement between servicers and federal officials will have no impact on attorneys general’s demands.

“We see any settlement they may reach as a floor, not a ceiling,” the spokesperson told Bloomberg. We still don’t know what their agreement would say because we haven’t been notified.”

Florida Housing Hardest-Hit Fund (HHF) Update

Florida Housing Hardest-Hit Fund (HHF) Update

Florida Housing expects to move forward with the statewide implementation of the Florida Hardest-Hit Fund Program in mid-April, pending approval from US Treasury. Troubled homeowners in all 67 counties who want to apply for HHF assistance will be able to do so via this website. We will announce the exact date approximately two weeks prior to statewide rollout.

The pilot in Lee County concluded at 5:00 p.m. on March 18; however, Lee County homeowners who have not previously applied for HHF funding may do so when the process opens statewide next month.

IMPORTANT ALERT

Please be reminded that the single point of entry for the HHF program is the OFFICIAL Florida Hardest-Hit Fund website at www.FLHardestHitHelp.org. Florida Housing has identified several “imposter” and “copycat” websites posing as HHF application sites. Once the application process opens, we strongly encourage applicants to verify that the website they are using is, in fact, the official Florida HHF website BEFORE providing personal information. If applicants are suspicious about a website, they should contact the HHF Information Line toll-free at 1-(877) 863-5244 to verify the website address. Application for the Florida’s Hardest-Hit Fund program is FREE-OF-CHARGE and applicants will not be asked to pay for any eligibility determination services in conjunction with applying for the Florida HHF program.

“Self-Interest Properly Understood.”

Alexis de Tocqueville (noted French political writer from around 1830) once described what he saw as a chief part of the peculiar genius of American society—something he called “self-interest properly understood.” The last two words were the key. Everyone possesses self-interest in a narrow sense: I want what’s good for me right now!

Self-interest “properly understood” is different. It means appreciating that paying attention to everyone else’s self-interest—in other words, the common welfare—is in fact a precondition for one’s own ultimate well-being. Tocqueville was not suggesting that there was anything noble or idealistic about this outlook—in fact, he was suggesting the opposite. It was a mark of American pragmatism. Those canny Americans understood a basic fact: looking out for the other guy isn’t just good for the soul—it’s good for business.


The top 1 percent have the best houses, the best educations, the best doctors, and the best lifestyles, but there is one thing that money doesn’t seem to have bought: an understanding that their fate is bound up with how the other 99 percent live. Throughout history, this is something that the top 1 percent eventually do learn. Too late.