Order Approving Settlement Between The United States Trustee Program and JPMorgan Chase Bank, N.A.

Order Approving Settlement Between The United States Trustee Program and JPMorgan Chase Bank, N.A.

[U.S. Trustee Program]

U.S. Trustee Program

By Daniel Edstrom
DTC Systems, Inc.

Attached is the Order from the Court in relation to settlement that stemmed from, among other things, an objection by Debtor to a payment change notice from Chase and the results of a subsequent examination under Bankruptcy Rule 2004.

US Trustee Program Settlment with JPMorgan Chase 2015 03 03

JPMorgan Chase Admits Failure to Comply with April 13, 2011 Independent Foreclosure Review Consent Order

JPMorgan Chase Admits Failure to Comply with April 13, 2011 Independent Foreclosure Review Consent Order

[U.S. Trustee Program]

U.S. Trustee Program

By Daniel Edstrom
DTC Systems, Inc.

March 3, 2015

JPMorgan ADMITS that it did not comply with previous cease and desist consent orders issued through the Independent Foreclosure Review on April 13, 2011.
The U.S. Trustee Program entered into a settlement with JPMorgan Chase Bank, NA where the bank admits the following:
In the proposed settlement, Chase acknowledges that it filed in bankruptcy courts around the country more than 50,000 payment change notices that were improperly signed, under penalty of perjury, by persons who had not reviewed the accuracy of the notices.  More than 25,000 notices were signed in the names of former employees or of employees who had nothing to do with reviewing the accuracy of the filings.  The rest of the notices were signed by individuals employed by a third party vendor on matters unrelated to checking the accuracy of the filings.
Similar to the April 13, 2011 Independent Foreclosure Review Consent Orders, Chase agreed to the following in the settlement with the U.S. Trustee Program:

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Glaski vs Bank of America NA et al – FOR PUBLICATION

Edstrom_MortgageSecuritization_POSTER_17_x_22_v4_1Glaski vs Bank of America NA et al – FOR PUBLICATION

By Daniel Edstrom
DTC Systems, Inc.

On August 8, 2013 the Fifth Appellate District in the Court of Appeal of the State of California ordered the Thomas A. Glaski vs Bank of America, NA et al decision published, stating:

As the nonpublished opinion filed on July 31, 2013, in the above entitled matter hereby meets the standards for publication specified in the California Rules of Court, rule 8.1105(c), it is ordered that the opinion be certified for publication in the Official Reports.

Based on the importance of this case, the text of the July 31, 2013 ruling is listed verbatim:

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Glaski Decision in California Appellate Court Turns the Corner on “Getting It”

Neil_GarfieldGlaski Decision in California Appellate Court Turns the Corner on “Getting It”

By Daniel Edstrom
DTC Systems, Inc.

The following article was posted by Neil F. Garfield of livinglies.wordpress.com and comes from the following URL: http://livinglies.wordpress.com/2013/08/02/glaski-decision-in-california-appellate-court-turns-the-corner-on-getting-it/

On the other hand we should not assume that they have arrived nor that this decision will have pervasive effects throughout California or elsewhere in the United States or other countries.

J.P. Morgan did suffer a crushing defeat in this decision. And the borrower definitely receive the benefits of a judicial decision that will allow the borrower to sue for wrongful foreclosure including equitable and legal relief which in plain language means reversing the foreclosure and getting damages. Probably one of the most damaging conclusions by the appellate court is that an examination of whether the loan ever made it into the asset pool is proper in determining the proper party to initiate a foreclosure or to offer a credit bid at a foreclosure auction.  The court said that alleged transfers into the trust after the cutoff date are void under New York State law which is the law that governs the common-law trusts created by the banks as part of the fraudulent securitization scheme.

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