BUFFALO - June 5, 2013 - (RealEstateRama) -- Attorney General Eric T. Schneider­­man today filed a lawsuit against HSBC Bank USA and HSBC Mortgage Corporation (USA) for failing to follow state law related to foreclosure actions, putting homeowners at greater risk of losing their homes. Under state law, residential mortgage lenders, servicers and their agents who sue to foreclose on a homeowner are required to file a “Request for Judicial Intervention” (RJI) when they file their proof of service with the county clerk. The process mandates that the lender then attend a settlement conference within 60 days. The purpose of this court-supervised conference is to provide an opportunity for borrowers to negotiate alternatives to foreclosure, including loan modifications that make mortgage payments more affordable, with the intent that they avoid losing their homes.

NEW YORK, NY - May 7, 2013 - (RealEstateRama) -- Attorney General Eric T. Schneiderman today announced his intention to sue Bank of America and Wells Fargo for repeatedly violating the terms of the National Mortgage Settlement. Signed in 2012, the Settlement required the five largest mortgage servicing banks in the United States to improve their customer service practices by complying with new mortgage servicing rules, known as the Servicing Standards. Among these are four standards dictating the timeline for banks to process mortgage modification applications. Attorney General Schneiderman’s office has documented 339 violations of those standards by Wells Fargo and Bank of America since October 2012

Albany, NY - May 2, 2013 - (RealEstateRama) -- Governor Andrew M. Cuomo today announced that Fannie Mae and Freddie Mac - in response to a request from the Cuomo Administration - are unveiling a new mortgage relief program to protect victims of Superstorm Sandy from large spikes in their mortgage payments

NEW YORK, NY - May 1, 2013 - (RealEstateRama) -- Attorney General Eric T. Schneiderman today applauded President Obama for nominating Mel Watt as the permanent head of Federal Housing and Finance Agency (FHFA), the agency that oversees Fannie Mae and Freddie Mac, but called on him to take immediate action to replace acting FHFA Director Edward DeMarco with a new acting director who will allow principal relief for struggling homeowners

Greenbelt, Maryland - April 26, 2013 - (RealEstateRama) -- Emeka Udeze, age 38, of Bowie, Maryland, pleaded guilty today to conspiring to commit wire fraud in connection with two separate mortgage fraud schemes which resulted in over $2,013,478 of actual losses to mortgage lenders.

Albany, NY - April 9, 2013 - (RealEstateRama) -- Governor Andrew M. Cuomo today announced that his Administration is demanding that Fannie Mae and Freddie Mac change restrictive guidelines which could hit thousands of Superstorm Sandy victims with large spikes in their mortgage payments. Fannie and Freddie’s current policies could result in a typical family being forced to make an immediate balloon mortgage payment of more than $6,000 or see a monthly payment spike of more than $500 or 50 percent.

WASHINGTON, D.C. - April 8, 2013 - (RealEstateRama) -- Rep. Carolyn Maloney (D-NY), senior member of the House Financial Services committee and Ranking Member of its Capital Markets Subcommittee, today wrote the Comptroller of the Currency and the Chairman of the Federal Reserve following a recently released GAO report on the Independent Foreclosure Review (IFR) process and the regulators’ disclosure in late March that it would be an additional four to eight weeks before these borrowers receive payments under the IFR settlement with major banks announced in January.

New York, NY - April 3, 2013 - (RealEstateRama) -- Last week, we joined seven other state attorneys generals in calling on President Barack Obama to replace Edward DeMarco, the acting director of the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac. We don’t have anything against DeMarco personally, but we believe that he is standing in the way of progress toward a full economic recovery and hurting families across the country. It is time for new leadership and a new direction at Fannie and Freddie

NEW YORK, NY - April 3, 2013 - (RealEstateRama) -- New York Attorney General Eric T. Schneiderman today published an op-ed in Politico calling on President Obama to replace Edward DeMarco, the acting Director of the Federal Housing Finance Agency, which oversees mortgage institutions Fannie Mae and Freddie Mac. Co-authored by Massachusetts Attorney General Martha Coakley, the op-ed notes that Acting Director DeMarco’s refusal to provide relief to struggling homeowners stands in the way of progress toward a full economic recovery, hurting families nationwide. The following are excerpts of the article

MINEOLA - March 6, 2013 - (RealEstateRama) -- At a news conference today in Nassau County, Attorney General Eric T. Schneiderman announced the results of two key programs aimed at providing New Yorkers the assistance they need to keep their homes. He was joined at the event by two homeowners who received assistance from the programs. Through the Attorney General’s Homeowner Protection Program (HOPP), a $60 million initiative to support housing counselors and legal services providers working with homeowners at risk of foreclosure across the State of New York, 688 at-risk homeowners on Long Island received foreclosure counseling and legal representation in the program’s first three months

New York, NY - March 6, 2013 - (RealEstateRama) -- Governor Andrew M. Cuomo today announced that the Department of Financial Services is initiating a review of practices by banks and mortgage servicers to determine whether homeowners hit hard by Superstorm Sandy and allowed to forgo mortgage payments are now being unfairly burdened by being required to make up all past payments in immediate lump sum repayments. The Department is asking banks to allow more time for homeowners to make back payments and checking if banks have delivered on their promise not to use late payments to start foreclosure proceedings or hurt homeowners’ credit ratings

Albany, NY - March 6, 2013 - (RealEstateRama) -- Governor Andrew M. Cuomo today announced that the Department of Financial Services is initiating a review of practices by banks and mortgage servicers to determine whether homeowners hit hard by Superstorm Sandy and allowed to forgo mortgage payments are now being unfairly burdened by being required to make up all past payments in immediate lump sum repayments. The Department is asking banks to allow more time for homeowners to make back payments and checking if banks have delivered on their promise not to use late payments to start foreclosure proceedings or hurt homeowners’ credit ratings

New York, NY - March 4, 2013 - (RealEstateRama) -- U.S. Senator Charles E. Schumer today called on banks to extend the mortgage payment delay period, also known as a forbearance period, for homeowners who are still feeling the effects of Sandy. After Sandy, many banks issued 3 - 6 month mortgage payment holidays – meaning homeowners would not be penalized for missing payments - which have now expired or are about to expire. In addition to forbearance expiration, many banks are requiring homeowners to repay the missed months in one unaffordable lump sum payment.

Albany, NY - February 28, 2013 - (RealEstateRama) -- Governor Andrew M. Cuomo today announced that five of New York’s largest banks and mortgage servicers will have representatives available to offer one-on-one help to homeowners seeking the release of Superstorm Sandy insurance settlement funds at the Department of Financial Services’ Disaster Assistance Centers from Monday, March 4 through Saturday, March 9.

NEW YORK, NY - February 21, 2013 - (RealEstateRama) -- Following the release of the second official report on the implementation of the National Mortgage Settlement today, Attorney General Eric T. Schneiderman noted encouraging progress on behalf of New York State homeowners. The report, which was issued today by the settlement’s national monitor showed that over $1.8 billion in consumer relief has been delivered to New York homeowners since March of 2012.

BUFFALO - February 18, 2013 - (RealEstateRama) -- In Buffalo, Attorney General Eric T. Schneiderman today announced the results of the Homeowner Protection Program (HOPP), a $60 million initiative to support housing counselors and legal services providers working with homeowners at risk of foreclosure across the State of New York. Attorney General Schneiderman reported that in just the first three months of the program, 547 at-risk homeowners in the Buffalo-Niagara region have received assistance, and roughly 3,600 have been served throughout New York State. Schneiderman also announced the creation of a statewide hotline 1-855-HOME-456 to provide help for homeowners facing foreclosure.

New York, NY - February 19, 2013 - (RealEstateRama) -- February 19, 2013 - SL Green Realty Corp. (NYSE: SLG) today announced that it has closed on a $900 million first mortgage refinancing of 1515 Broadway.

Albany, NY - February 12, 2013 - (RealEstateRama) -- Governor Andrew M. Cuomo today announced that a Department of Financial Services investigation uncovered $200 million in insurance funds from Superstorm Sandy that are being held by banks and have not yet been sent to homeowners who need the money to pay for necessary repairs.

Reston, Virginia - February 12, 2013 - (RealEstateRama) -- MERSCORP Holdings, Inc. today announced that Justice Arthur G. Pitts of the Supreme Court of the State of New York, Suffolk County, recently ruled in favor of Mortgage Electronic Registration Systems, Inc. (MERS) and other defendants, dismissing a one-count complaint alleging that the MERS mortgage was unenforceable.

WASHINGTON, DC - January 25, 2013 - (RealEstateRama) -- Today, Rep. Carolyn Maloney (D-12-NY) welcomed President Obama’s re-nomination of Richard Cordray to lead the Consumer Financial Protection Bureau (CFPB) and issued the following statement

New York, NY - January 16, 2012 - (RealEstateRama) -- Brooklyn-based real estate developer Schelton Assoumou was arrested today on charges of bank fraud and wire fraud for his participation in a multi-year mortgage fraud scheme. The defendant’s initial appearance is scheduled this afternoon before United States Magistrate Judge Robert M. Levy at the U.S. Courthouse, 225 Cadman Plaza East, Brooklyn, New York

Albany, NY - December 12, 2012 - (RealEstateRama) -- Governor Andrew M. Cuomo today announced that major banks and mortgage servicers will take action to expedite insurance payments to New York homeowners. Currently, insurance claim checks must be endorsed by the banks or mortgage servicers before homeowners can cash them, causing frustrating delays at a time when the money is needed for home repairs or for living expenses. These new actions will enable the insurance companies to get the money to homeowners faster

Albany, NY - November 30, 2012 - (RealEstateRama) -- Governor Andrew M. Cuomo today announced that PHH Mortgage Corporation will move forward with a $35 million expansion plan in Amherst, Erie County that will retain 400 jobs that were in jeopardy of being lost after HSBC Bank announced major job reductions last year

WASHINGTON, DC - November 29, 2012 - (RealEstateRama) -- U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan today announced a $621 million deal to refinance a previous mortgage at Co-op City, a large cooperative housing community that is home to more than 57,000 residents in the Bronx, New York. Today, HUD and Wells Fargo Bank N.A. closed on the loan that will preserve long-term affordable housing for these families and significantly lower annual interest payments for the building’s owner over the next 35 years. The new mortgage is backed by the Federal Housing Administration’s (FHA) General Insurance and Special Risk Insurance (GI/SRI) Fund.

NEW YORK, NY - November 21, 2012 - (RealEstateRama) -- Attorney General Eric T. Schneiderman today filed a Martin Act complaint against Credit Suisse Securities (USA) LLC and its affiliates for making fraudulent misrepresentations and omissions to promote the sale of residential mortgage­-backed securities (RMBS) to investors. According to Attorney General Schneiderman’s lawsuit, Credit Suisse deceived investors as to the care with which they evaluated the quality of mortgage loans packaged into residential mortgage-backed securities prior to 2008. RMBS sponsored and underwritten by Credit Suisse in 2006 and 2007 have suffered losses of approximately $11.2 billion