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AG Ferguson: National, state mortgage settlement results exceed expectations
February 21, 2013 Posted by Washington RealEstateRama
OLYMPIA – February 21, 2013 – (RealEstateRama) — In the year since state Attorneys General and the federal government reached a historic consumer protection settlement with the nation’s five largest banks, the banks report they have provided nearly $46 billion in gross relief to more than 550,000 borrowers, according to an independent monitor’s report released this morning
First Half Property Tax Statements have been Mailed
February 14, 2013 Posted by Washington RealEstateRama
WASHINGTON, D.C. – February 14, 2013 – (RealEstateRama) — Doug Lasher, Clark County Treasurer, announced that first-half 2013 property tax statements have been mailed. Property tax statements include property tax levy amounts, special assessments, and certain fees. There were 97,070 statements mailed and 72,277 postcards mailed for those taxpayers whose mortgage company pays their taxes.
Attorney General Ferguson joins state-federal coalition challenging S&P ratings
February 5, 2013 Posted by Washington RealEstateRama
OLYMPIA – February 5, 2013 – (RealEstateRama) — Attorney General Bob Ferguson today joined a group of state attorneys general and the U.S. Dept. of Justice in filing suit against Standard & Poor’s. The group alleges the credit rating agency misled investors with regard to structured finance securities backed by subprime mortgages that were at the center of the national financial crisis
First-time homebuyers in East King County offered help with down payments
February 5, 2013 Posted by Washington RealEstateRama
SEATTLE – February 5, 2013 – (RealEstateRama) — First-time homebuyers in East King County will again have access to downpayment assistance through the House Key Plus ARCH Downpayment Assistance Program.
Former Bank Vice President Sentenced to 10 Years in Prison for Mortgage Fraud Scheme
January 29, 2013 Posted by Washington RealEstateRama
WASHINGTON, D.C. – January 29, 2013 – (RealEstateRama) — A former senior vice president and loan officer at Pierce Commercial Bank was sentenced today in U.S. District Court in Tacoma to 10 years in prison and five years of supervised release for a mortgage fraud scheme that resulted in the collapse of the bank, announced U.S. Attorney Jenny A. Durkan. Shawn L. Portmann pleaded guilty September 18, 2012, to conspiracy to make false statements in loan applications and to make false statements to the Department of Housing and Urban Development (HUD) and one count of making a false statement in loan applications.
Mortgage Fraud Co-Schemers Sentenced in Case That Crippled Pierce Commercial Bank
January 15, 2013 Posted by Washington RealEstateRama
WASHINGTON, D.C. – January 15, 2012 – (RealEstateRama) — Three Pierce County women who played important roles in a mortgage fraud scheme that crippled now defunct Pierce Commercial Bank were sentenced yesterday in U.S. District Court in Tacoma, announced U.S. Attorney Jenny A. Durkan. All three of the women worked for years with scheme leader Shawn Portmann, whose fraudulent loans resulted in losses of more than $10 million. Portmann will be sentenced later this month. U.S. District Judge Benjamin H. Settle will determine restitution later this year.
DFI Charges 40 Companies In Continuing Efforts To Combat Mortgage Foreclosure Rescue Scams
October 10, 2012 Posted by Washington RealEstateRama
OLYMPIA – October 10, 2012 – (RealEstateRama) — The Consumer Services Division of the Washington State Department of Financial Institutions (DFI) announced today they have filed 40 Statements of Charges against businesses preying on Washington homeowners facing foreclosure. None of the companies or individuals charged with offering these so-called mortgage rescue services are licensed with DFI, a requirement that provides essential consumer protections. In addition, none of the attorneys charged are licensed with the Washington State Bar Association (WSBA) to practice law in the state
Confusing, inaccurate phone calls target older property owners, state, county officials warn of reverse mortgage sales pitch
August 24, 2012 Posted by Washington RealEstateRama
Vancouver, WA – August 24, 2012 – (RealEstateRama) — The Clark County Assessor’s Office is warning county residents of a telephone marketing campaign that seeks personal information from older residents, implying they could receive property tax refunds or relief.
Extension Of Mortgage Lending Fraud Prosecution Account Five More Years Enhances State’s Ability To Pursue Convictions
April 26, 2011 Posted by Washington RealEstateRama
OLYMPIA, WA – April 26, 2011 – (RealEstateRama) — The Washington State Department of Financial Institutions (DFI) is pleased to announce the five-year extension of the Mortgage Fraud Prosecution fund with the Governor’s signature earlier this week of HB1191, signing it into Chapter 129, Laws of 2011 62nd Legislature 2011 Regular Session
Supreme Court rules Washington’s Public Records Act is not preempted by Gramm-Leach-Bliley Act
November 5, 2010 Posted by Washington RealEstateRama
OLYMPIA, WA – November 5, 2010 – (RealEstateRama) — The Washington Supreme Court issued a decision today in which justices unanimously agreed with the Washington Attorney General’s Office that the financial privacy provisions of the federal Gramm-Leach-Bliley Act (GLBA) don’t preempt the state Public Records Act. The ruling also clarified that information about individual mortgage borrowers is still protected as intended under federal law due to exemptions set forth under state law.
Attorney General McKenna calls for mortgage trustees to suspend questionable foreclosures
October 13, 2010 Posted by Washington RealEstateRama
SEATTLE, WA – October 13, 2010 – (RealEstateRama) — Washington Attorney General Rob McKenna announced today that his office has uncovered evidence that suggests foreclosure trustees are ignoring consumer protection laws in Washington, adding a new layer to a stack of problems reported in the mortgage-servicing industry. He sent letters today to 52 trustees outlining his concerns and calling on them to suspend any questionable foreclosures in the state.
Attorney General McKenna, DFI join multistate investigation into mortgage servicers
October 13, 2010 Posted by Washington RealEstateRama
SEATTLE, WA – October 13, 2010 – (RealEstateRama) — Washington Attorney General Rob McKenna and Scott Jarvis, director of the state Department of Financial Institutions, announced that they have joined attorneys general and banking regulators nationwide in forming a multistate group to investigate whether mortgage servicers have improperly submitted affidavits or other documents related to foreclosure in their states
Attorney General McKenna announces mortgage payment help for Wachovia and World Savings Bank borrowers
October 8, 2010 Posted by Washington RealEstateRama
OLYMPIA, WA – October 6, 2010 – (RealEstateRama) — Washington Attorney General Rob McKenna announced today a settlement with Wells Fargo Bank that provides loan modifications for residents in Washington and seven other states who obtained problematic mortgages from Wachovia Bank and Golden West Corp., which did business as World Savings Bank.
DFI Obtains Preliminary Injunction Against And The Appointment Of Receiver For Chesterfield Mortgage Investors, Inc.
October 1, 2010 Posted by Washington RealEstateRama
Olympia, WA – September 29, 2010 – (RealEstateRama) — The Washington State Department of Financial Institutions (DFI) Division of Securities obtained a Preliminary Injunction in King County Superior Court against the Seattle-based Chesterfield Mortgage Investors, Inc. (CMI). A receiver, Mel R. Codd, was appointed for CMI.
Washington Department Of Financial Institutions Announces Successful Completion Of Mortgage Loan Originator Licensing
July 27, 2010 Posted by Washington RealEstateRama
OLYMPIA, WA – July 27, 2010 – (RealEstateRama) — The Department of Financial Institutions (DFI) is pleased to announce the successful implementation of the new mortgage licensing requirements as required by the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “S.A.F.E. Act”).
