Cease & Desist Orders for: Citigroup, HSBC, JP Morgan Chase, MetLife, PNC, SunTrust, US Bancorp and Wells Fargo Bank

Cease & Desist Orders for: Citigroup, HSBC, JP Morgan Chase, MetLife, PNC, SunTrust, US Bancorp and Wells Fargo Bank

By Daniel Edstrom
DTC Systems, Inc.

The latest round of Cease and Desist orders issued by the Office of the Comptroller of the Currency (OCC) are against some of the largest “too big to fail” banks.  Notably missing so far is Deutsche Bank National Trust Company along with Deutsche Bank Trust Company Americas and of course OneWest Bank.

The gist of these Cease and Desist orders is that certain “deficiencies” were found and the banks are operating with “unsafe or unsound” practices in residential mortgage servicing and in the Bank’s initiation and handling of foreclosure proceedings.

We hail the OCC for these efforts, but the problem is following up.  How are the banks going to immediately comply with this order?  They would have to stop processing nearly every single foreclosure they are working on today.

Continue reading “Cease & Desist Orders for: Citigroup, HSBC, JP Morgan Chase, MetLife, PNC, SunTrust, US Bancorp and Wells Fargo Bank”

A Shot at the Title

The Title Companies are scrambling right now to try to verify the ability to have issued title insurance. After all, they sent the Notes and Deeds (allegedly) to the “lender” with a stamp of approval and clear title…right?

A Shot at the Title

By James Macklin
Secure Document Research

The Title Companies are scrambling right now to try to verify the ability to have issued title insurance.  After all, they sent the Notes and Deeds (allegedly) to the “lender” with a stamp of approval and clear title…right?

Along with the original mortgage loan file, these critical documents may evidence the beginning of the lack of disclosure that occurred in most of the loans written between 1999 and 2009.

Borrowers may want to contact the original title Company that handled their transaction and request a copy of the wire transfer of funds as received by the Title Company. Continue reading “A Shot at the Title”