They said the Charlotte, North Carolina-based lender knew it could not raise enough capital had it revealed it might have to buy back billions of dollars of securities backed by risky loans, including from the former Countrywide Financial Corp.
Shareholders also said the bank knew that record keeping in Merscorp Inc’s private Mortgage Electronic Registration Systems registry was so poor that it would not be able to legally foreclose on thousands of delinquent mortgages.
MERS was established in 1995 to circumvent the often cumbersome process of transferring ownership of mortgages and recording changes with county clerks.
Vulture debt buyers are buying up questionable debt (credit card, student loan, auto, you name it) for pennies on the dollar and filing lawsuits in volume, obtaining default judgments in bulk, on junk evidence. The CFPB is going to step in with some new rules.
Full article in the American Bar Association journal here.
Here are three names to watch out for:
THE BIG 3
The debt-buying industry plays a legitimate role in righting the economy, providing some compensation (pennies on the dollar) to banks and other lenders that discharge unpaid debts and sell them. And it is huge, having become so in less than 15 years.
The biggest firm is Encore Capital Group, based in San Diego; it is the parent of Midland Funding, the company that pursues payment. Encore last year surpassed $1 billion in revenues, a 39 percent increase over 2013, spurred by major acquisitions, among…
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Before offering a prospective employee a job, many companies will first perform a background check. As with credit reports, any inaccuracies in these transcripts can affect an applicant’s eligibility for employment. To that end, federal regulators have ordered two of the country’s largest employment background screening report providers to pay $13 million in penalties and […]
Special interest money is flooding into our state Supreme Court elections, gravely threatening the impartial justice that our Constitution promises — and raising troubling questions about whether courtroom decisions are for sale.
This fast-growing trend in American politics, spurred in part by the U.S. Supreme Court’s Citizens United v. Federal Election Commission ruling in 2010, puts our system of justice at risk. When judges are pressured to answer to deep-pocketed special interests, disillusioned citizens may perceive them as little more than politicians in robes.
And when special interest groups air grisly TV ads accusing judges of being soft on crime or attacking them for decisions in controversial cases, those judges may find themselves especially vulnerable to election pressure.
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