Monthly Archives: January 2011
2nd UPDATE: JP Morgan Wrongly Foreclosed On Military Families – WSJ.com
NEW YORK (Dow Jones)–J.P. Morgan Chase & Co. (JPM) wrongly foreclosed on 14 active-service military families and overcharged thousands more on their mortgages, an ongoing internal bank review has found. While the bank said it is repaying the families and admitting to mistakes, it may also face legal fallout, according to comments made about the matter in court and by Washington officials. via 2nd UPDATE: JP Morgan Wrongly Foreclosed On Military Families – WSJ.com.
Stern v. Marshall Tests Authority of Bankruptcy Courts – Yahoo! News
Stern v. Marshall achieved notoriety due to the identity of parties now long dead. When former Playboy Bunny Anna Nicole Smith, a.k.a. Vickie Lynn Marshall, married multimillionaire J. Howard Marshall II, a man 63 years her senior, in 1994, suspicion that Smith was using her sex appeal to gain access to Howard’s bank account ran rampant. The wedding story published by People disparagingly began “The bride wore cleavage.” And when Marshall died a little more than a year later, tongues wagged anew. Animosity between Vickie Lynn and Marshall’s youngest son, Pierce, ensured that Marshall’s will would be contested. The will […]
US home foreclosure rate took dive at end of year | postcrescent.com | Appleton Post Crescent
he pace of foreclosures in the U.S. has dropped since revelations that thousands of foreclosure documents may have been improperly prepared. In December, U.S. foreclosure filings were off 26 percent from December 2009, RealtyTrac reported. In November, filings were down 14 percent year over year. The December drop was the biggest in at least five years. December’s foreclosure filings are the lowest monthly total since June 2008, RealtyTrac says. Lenders and mortgage servicers imposed delays on foreclosure processes in October after reports in September that some servicers did not follow legal procedures in tens of thousands of foreclosures. Mortgage servicers […]
Foreclosure process a ‘mess,’ J.P. Morgan CEO says – MarketWatch
SAN FRANCISCO (MarketWatch) — J.P. Morgan Chase & Co. Chief Executive Jamie Dimon said Friday that the foreclosure process is a “mess” that’s cost the financial-services giant a lot of money. Dimon also said litigation over troubled mortgage securities is “going to be a long, ugly mess,” but won’t be “life-threatening” for J.P. Morgan. J.P. Morgan reported better-than-expected fourth-quarter profit on Friday, partly helped by lower loan-loss provisions as nonperforming assets decline. See story on the bank’s earnings here. However, the lingering effects of the housing bust are still rippling through the banking sector. Last year, a controversy erupted over […]
Kagan delivers her first judicial opinion, in bankruptcy case
The Supreme Court audience perked up Tuesday when Chief Justice John G. Roberts Jr. announced that Justice Elena Kagan would deliver the first judicial opinion of her career. “This case,” she said in a strong, confident voice, “is about proper interpretation of the bankruptcy code.” Like other rookie justices before her, Kagan drew a relatively noncontroversial decision for her maiden effort. The court ruled against a man who argued that an ambiguity in federal bankruptcy law allowed him to shield some income from creditors by claiming a monthly allowance for car payments, even though his car loan was paid off. […]
