Tag: Office of the Comptroller of the Currency

Consolidated Listing of All Cease and Desist Consent Orders Issued on April 13, 2011

Consolidated Listing of All Cease and Desist Consent Orders Issued on April 13, 2011

By Daniel Edstrom
DTC Systems, Inc.

Due to the volume of requests, here is a listing of all known Cease and Desist Consent Orders issued in April 2011 in regards to the Interagency Review of Foreclosure Policies and Practices.

Interagency Review of Foreclosure Policies and Practices

Cease and Desist Consent Orders Department of Treasury: Office of the Comptroller of the Currency OTS Board of Governers for the Federal Reserve System FDIC FHFA
Bank of America x        
Citibank x        
HSBC x        
JPMorgan Chase Bank x        
US Bank x        
PNC Bank x        
MetLife Bank x        
Wells Fargo Bank x        
Aurora Bank   x      
EverBank   x      
EverBank Financial Corp   x      
IMB HoldCo LLC   x      
OneWest Bank   x      
Sovereign Bank   x      
MERSCORP and MERS x x x x x
LPS Default and DocX x x x x  
SunTrust     x    
Ally Bank / Ally Financial / Residential Capital / GMAC Mortgage     x x  

OTS Takes Action on Aurora Bank, EverBank, OneWest and Sovereign Bank

OTS Takes Action on Aurora Bank, EverBank, OneWest and Sovereign Bank

By Daniel Edstrom
DTC Systems, Inc.

The Office of Thrift Supervision is in on the action as well.  Here is their press release from April 13, 2011:

Press Releases
April 13, 2011
OTS 11-008 – OTS Takes Action to Correct Foreclosure Deficiencies
FOR RELEASE:
Wednesday, April 13, 2010

CONTACT:
William Ruberry
(202) 906-6677
——————————————————————————–

Washington, D.C. — The Office of Thrift Supervision (OTS) has taken enforcement actions against four OTS-regulated mortgage loan servicers for critical weaknesses in processing home foreclosures, the OTS announced today.

After an interagency review of foreclosure policies and procedures at 14 nationwide mortgage servicers, the OTS issued enforcement orders against the four servicers supervised by the agency: Aurora Bank, EverBank, OneWest Bank and Sovereign Bank.  The orders require swift and comprehensive action to remedy the widespread and significant deficiencies identified by the review.

Continue reading “OTS Takes Action on Aurora Bank, EverBank, OneWest and Sovereign Bank”

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”

BANK OF AMERICA CEASE AND DESIST ORDER FOR CERTAIN DEFICIENCIES AND UNSAFE OR UNSOUND PRACTICES

BANK OF AMERICA CEASE AND DESIST ORDER FOR CERTAIN DEFICIENCIES AND UNSAFE OR UNSOUND PRACTICES

By Daniel Edstrom
DTC Systems, Inc.

On April 13, 2011 the Office of the Comptroller of the Currency issued a Consent Cease and Desist Order.  The order states that Bank of America has committed “deficiencies and unsafe or unsound practices identified by the OCC …”  The OCC finds numerous problems to which the bank “neither admits nor denies”.  Such as “failed to sufficiently oversee outside counsel and other third-party providers handling foreclosure-related services.”

Read the order here: http://dtc-systems.net/wp-content/uploads/2011/04/Consent_Order_for_Bank_of_America.pdf

Anger Growing Over the Office of the Comptroller of the Currency’s Regulation of National Banks

Anger Growing Over the Office of the Comptroller of the Currency’s Regulation of National Banks

By Daniel Edstrom
DTC Systems, Inc.

Instead of regulating the national banks as they have been mandated, the Office of the Comptroller of the Currency (OCC) appears to actually be promoting the outrageous behavior of the banks.  According to various groups, “Right now, more than 500 people are making lots of noise outside the Office of the Comptroller of the Currency – the worst bank regulator that you never heard of.   They are demanding that the OCC stop throwing homeowners under the bus in the their tireless efforts to protect the big banks.”

Apparently the OCC does not know that citizens are using the Internet to understand what they are doing.  The OCC believes it can stand up against the very people of this country that it was specifically designed to protect – the citizens who are being used as pawns.  The people are being taken for a ride by the national banks who are and have been operating outside of their authority for many years (at least 5 years, probably much longer).  How can the banks be operating outside of their authority?  When they operate against public policy, including when they have inadequate risk measurements in place and inadequate internal controls.  This is obvious from their actions over the last 5 years – including the use of robo-signers, flagrant notary violations, inadequate affidavits and declarations, etc., etc.  The list goes on and on, but this is nothing new to the OCC.  After all, they have given legal opinions based on this very information.  They know exactly what is going on but apparently refuse to act – or are completely incompetent.  Because they are doing the very opposite of what they have given in their legal opinions, it is apparent that they are not incompetent, but are refusing  to enforce their very own regulations. Continue reading “Anger Growing Over the Office of the Comptroller of the Currency’s Regulation of National Banks”

Daniel Pennell Explains why MERS is Completely out of Control

Daniel Pennell Explains why MERS is Completely out of Control

By Daniel Edstrom
DTC Systems, Inc.

Daniel Pennell has the following qualifications:

  • PMP
  • LSSGB
  • Certified Lean Six Sigma (Process & Quality Control)
  • Certified Technical Program & Risk Manager
  • Former investment advisor and insurance broker
  • 16 Years designing and automating & business processes in regulated environments
    • Florida State Supreme Court
    • Florida 20th & 6th Judicial Circuits
    • Chubb Insurance
    • Pharmacia
    • Other State, Federal and Fortune 500 clients

Mr. Pennell goes on to give a professional analysis of the Frankenstein (MERS) process.  Which can only be described as completely out of control.  It is of significance to note that the very entities that created and brought forth Frankenstein are governed by the Office of the Comptroller of the Currency.  It is just as important to note that Frankenstein is NOT governed by the Office of the Comptroller of the Currency, nor governed by federal, state or county land recordation laws.   The OCC requires that national banks have “effective risk management procedures and internal controls to conduct the activities safely and soundly.”   It is apparent to everyone except OCC that this is not and has not been the case (i.e. rampant industry standards of notary violations, no personal knowledge, forgery, perjury, etc).  It is also apparent that the national banks are using other entities such as Frankenstein and foreclosure mills such as the Stern Law Firm and Dolan Media (NDEx West) to perpetuate these activities.  Dolan Media specifically states to their investors they are proudly not involved in the robo-signing fiasco (notary violations, no personal knowledge, forgery, etc).  If Mr. Pennell did an analysis of the shoddy work done by Dolan Media he would find that they give Frankenstein a run for its money.  What I want to emphasize though is that  Frankenstein, because of the very nature of its work, is required to have “effective risk management procedures and internal controls to conduct activities safely and soundly.”   But this was the OPPOSITE of the INTENT of the parties when they created this monster in their laboratories.   I can still hear the echos of their diabolical laughter.  As a side note, see Fred Smith explain why Frankenstein (MERS) was involved: http://livinglies.wordpress.com/2011/01/23/fred-smith-explains-why-mers-was-involved-multiple-securitizations/

Continue reading “Daniel Pennell Explains why MERS is Completely out of Control”

World Savings Bank, A Living Legacy of the Subprime Crisis

World Savings Bank, A Living Legacy of the Subprime Crisis

By Daniel Edstrom
DTC Systems, Inc.
http://www.dtc-systems.net
http://livinglies.wordpress.com

World Savings Bank loans were the worst of the worst loans that were packaged up and sold to homeowners from the 1990’s until 2008.  These loans consisted of pick a pay loans with negative amortization.  Typical predatory negative amortization loans allow for the original loan balance to increase to 110% maximum.  Meaning if the loan was originally issued at $100,000.00, the loan balance can keep going negative until it reaches $110,000.00.   World Savings Bank decided that this wasn’t enough and allowed their negative amortization loans to reach 125% of the original principal balance.  This is the gift that keeps on giving.  As home values have been decimated by the meltdown and continue to drop, properties with World Savings Bank loans have principal balances that keep going up and up and up.  No underwriting was given on these loans, the value of the properties and the promise and belief they would ever rise was the only consideration given to support the loan.  The other consideration used in “lending” the money had nothing to do with the homeowners.  World Savings Bank wanted to entice investors into parting with their money.  Lots of money.  In fact BILLIONS and BILLIONS of dollars.  It turns out that World Savings Bank had NO STAKE in the transaction, they were only the middleman.  One big fat rich middleman.  This was at the expense of both borrowers and investors who purchased certificates from the many REMICs setup by World Savings Bank.  What REMICs?  What securitizations?  Didn’t Wells Fargo tell you that these loans were securitized?   Why does the Office of the Comptroller of the Currency (the OCC) allow Wells Fargo Bank to foreclose in their own name on the tens of thousands of World Savings Bank foreclosures?  The OCC knows much more than the American people what World Savings Bank, Wachovia and Wells Fargo Bank are doing to the American homeowners.  Namely that Wells Fargo Bank is walking into court claiming to be the real party in interest, claiming that they own these loans and that they were never securitized.   Of course this is nothing new for Wells Fargo Bank or Wachovia.  Just look at the auto loans securitized by Wachovia Dealer Services.  Wachovia Dealer Services did not loan the money as these were table funded automobile loans.  The money used to fund the automobile loans came from various trusts that pooled the loans and sold them to investors.  The trusts and/or the investors allegedly own the loans and not Wachovia Dealer Services or Wells Fargo Bank.  But you would never know this by going to just about any state court in this country and looking at who the plaintiff is thats filing a judicial lawsuit on these automobile loans: Wachovia Dealer Services.  Reading the Prospectus for these deals is a real eye opener:  Title will remain in the name of Wachovia Dealer Services and even though the loans are sold, the abstract of title given to the DMV will not be updated to reflect the correct ownership.  They go on to admit that title has not been perfected and that the certificateholders are at risk.  It even goes on to say that the loan contracts will not be updated to reflect that ownership has changed (endorsement under state UCC laws).  So you have no endorsement and no transfer (no perfection).  The beneficial and equitable rights have been sold.  The above all describes predatory banking, lending and servicing at its worst.

Continue reading “World Savings Bank, A Living Legacy of the Subprime Crisis”