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Thursday, November 3, 2011
Friday, September 2, 2011
From the AP: Robo-Signing Practices Older, More Pervasive Than First Thought
More pervasive and older than thought by whom?
Not by many in the legal community fighting the banks efforts.
Read about it HERE
Not by many in the legal community fighting the banks efforts.
Read about it HERE
Tuesday, August 30, 2011
Sunday, August 28, 2011
Must read article by Gretchen Morgenson. Her voice is beyond important to this issue. All of her articles are must reads.
Check out her recent article about The Bailout that Missed Main Street HERE
Monday, August 22, 2011
Tuesday, August 16, 2011
Goldman Sachs is next. Sued by Allstate for toxic investments.
Allstate Sues Goldman Sachs Over Toxic Investments: via HuffPost
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Bank of America owns Recontrust, which was recently sued by Washington State
It is about time --- someone, somewhere, CARES that the banks OWN the entities that act as trustee to the homeowner on a Deed of Trust.
We have been complaining of breach of fiduciary duty for 3 years - and no one has listened. It is amazing how the trustees act like the bank's attorneys during the foreclosure process and ARE the bank's attorneys in the eviction process in court - they should be helping the homeowner at least as much as the bank, if not more, as the bank usually is NOT a party to the Deed of Trust.
Recontrust often serves as trustee in VA as well - always alongside another firm (Sam White, or recently Atlantic Law Group is their co-trustee of choice). This is necessary because non-resident entities may not serve as trustee to a deed of trust in VA. They seem to think that by having a co-trustee that makes it ok. It does not make it ok.
Check out the story HERE
We have been complaining of breach of fiduciary duty for 3 years - and no one has listened. It is amazing how the trustees act like the bank's attorneys during the foreclosure process and ARE the bank's attorneys in the eviction process in court - they should be helping the homeowner at least as much as the bank, if not more, as the bank usually is NOT a party to the Deed of Trust.
Recontrust often serves as trustee in VA as well - always alongside another firm (Sam White, or recently Atlantic Law Group is their co-trustee of choice). This is necessary because non-resident entities may not serve as trustee to a deed of trust in VA. They seem to think that by having a co-trustee that makes it ok. It does not make it ok.
Check out the story HERE
Get ready for One World Govt conspiracy theorists to go crazy - "The Euro Zone"
Merkel and Sarkozy recommend a Euro Zone - one govt to set tax and budget policy for all 17 countries.
The concern - are sovereign nations (Euro members) ready to give up authority over tax and budget policy.
We shall see.
The concern - are sovereign nations (Euro members) ready to give up authority over tax and budget policy.
We shall see.
Wednesday, August 10, 2011
Goldman Sachs Sued For $490M By Regulator Over Risky Mortgages
Another lawsuit for selling crap securities, this time Goldman Sachs sold them to credit unions, and lied about the crap they were selling -- we continue to note that the crap mortgages peddled onto unsuspecting home buyers / re-financers, is something the courts, for the most part, have yet to acknowledge or allow claims against the lenders by the homeowners. TILA, RESPA and other federal consumer protection laws have a 1-2 year statute of limitations from the time you went to settlement on the loan (or discovered the fraud, but this argument goes nowhere in the courts).
However, 15 USC 1640(e) provides that you can raise TILA claims at any time that efforts are made to "collect the debt." A foreclosure is an action to collect a debt (See Wilson v. Draper & Goldberg, from the 4th Circuit Court of Appeals), yet homeowners are being denied the opportunity to raise these defenses as the claims filed by our office have been repeatedly dismissed due to the statute of limitations; the court of appeals affirmed those decisions.
Check out the Goldman story HERE
However, 15 USC 1640(e) provides that you can raise TILA claims at any time that efforts are made to "collect the debt." A foreclosure is an action to collect a debt (See Wilson v. Draper & Goldberg, from the 4th Circuit Court of Appeals), yet homeowners are being denied the opportunity to raise these defenses as the claims filed by our office have been repeatedly dismissed due to the statute of limitations; the court of appeals affirmed those decisions.
Check out the Goldman story HERE
Monday, August 8, 2011
AIG Sues Bank Of America For More Than $10B Over Mortgage Securities
No surprise, was just a matter of time, and you can expect to see a lot more of this type of lawsuit.
Check out the story HERE
Check out the story HERE
Friday, August 5, 2011
New York Attorney General Accuses Bank Of New York Mellon Of Fraud, Moves To Block Bank Of America's Mortgage Deal
As we have been saying, the more digging that is done, the more garbage we will find.
Kudos to the NY AG.
Check it out HERE
Kudos to the NY AG.
Check it out HERE
Thursday, August 4, 2011
BofA Settles For $10 Million Over Allegations Of Mortgage Abuse
BoA settlement .. what does this mean for homeowners who were / will be unlawfully foreclosed on? No one knows - probably nothing. 10 million dollar settlement.
Read all about it HERE
Read all about it HERE
Wednesday, August 3, 2011
Side Deal With Bank Of America Would Cede Liability In Exchange For Homeowner Relief
BoA in talks with states to settle wrongful foreclosures - other banks in early talks as well.
With all the major banks attempting to settle wrongful foreclosures, the courts cannot be far behind in forcing the banks to at least submit proper paperwork that is legally sufficient. To date, it seems the banks are allowed to simply make up their documents, with no consideration of the language in them, the legal status of the entity acting, or the capacity in which they act (as agent, nominee, or in its own name). These terms matter - one cannot act in his own name if he has no interest in the mortgage. One cannot act as an agent for an entity that itself has no interest in the mortgage. This has got to stop.
Check it out HERE
With all the major banks attempting to settle wrongful foreclosures, the courts cannot be far behind in forcing the banks to at least submit proper paperwork that is legally sufficient. To date, it seems the banks are allowed to simply make up their documents, with no consideration of the language in them, the legal status of the entity acting, or the capacity in which they act (as agent, nominee, or in its own name). These terms matter - one cannot act in his own name if he has no interest in the mortgage. One cannot act as an agent for an entity that itself has no interest in the mortgage. This has got to stop.
Check it out HERE
Lawyers, foreclosure fatigue and the dreaded FREE HOUSE
Excellent post on Mandelman's Blog about the status of foreclosure defense around the country - check it out HERE
Wednesday, July 27, 2011
Internal Doc Reveals GMAC Filed False Document in Bid to Foreclose
Wow. I cannot remember the number of times we have been in court to challenge the fake documents executed by Jeffrey Stephan. Perhaps now the outcome might go our way ..... this article reveals how Ms. Stephan, as an agent for GMAC, working with the foreclosing law firm, literally fabricates a document to create the appearance of authority to foreclose.
We have been saying it for years (literally). The problems are going to continue to come out, and the truth will eventually find its way to the surface.
Do not miss this story at ProPublica.Org
Read all about it here
We have been saying it for years (literally). The problems are going to continue to come out, and the truth will eventually find its way to the surface.
Do not miss this story at ProPublica.Org
Read all about it here
Monday, June 13, 2011
NY Times article - NY and Delaware AG's investigating whether the REMIC trusts actually own anything
While it looks like some courts will question the Wall Street Trusts, others have no desire to challenge the securitization trusts ownership of blank endorsed notes. On the other hand, the NY and DE AGs are investigating whether these trusts actually own anything.
We know what they will find. Question is, what will they do about it given the ramifications?
Check the article out HERE
We know what they will find. Question is, what will they do about it given the ramifications?
Check the article out HERE
Tuesday, May 17, 2011
Tuesday, May 10, 2011
Wednesday, April 6, 2011
Thursday, March 31, 2011
Lawsuit Reveals How a Middleman Is Blocking Mortgage Modifications for Homeowners
From our consultations with homeowners we can confirm that these problems are all too common.
Read about it at ProPublica HERE
Read about it at ProPublica HERE
Wednesday, March 16, 2011
A Test Where the Banks Had the Questions and the Answers
Article at ProPublica on the upcoming 2011 stress tests the banks will be going through. Read it HERE
Tuesday, March 15, 2011
Monday, March 14, 2011
Former Bank of America employee blows the whistle on Forced Placed Insurance
This is a BIG issue. Check it out HERE
Tuesday, March 8, 2011
Mortgage Industry To Face Massive Changes Under Regulators' Plan; Homeowners, Investors Better Protected
Great article by Shahien Nasiripour. Want to know why getting a loan mod is so difficult? This tidbit from the article is the answer:
Instead of an industry geared towards maximizing the value of a mortgage -- like modifying a home loan so investors lose $0.20 on the dollar rather than the $0.50 they'd lose if it was repossessed -- servicers are instead forcing through foreclosures, racking up fees through prolonged foreclosure proceedings, and effectively disregarding the rights of investors and borrowers in pursuit of their own profit.
Read the whole article HERE
Instead of an industry geared towards maximizing the value of a mortgage -- like modifying a home loan so investors lose $0.20 on the dollar rather than the $0.50 they'd lose if it was repossessed -- servicers are instead forcing through foreclosures, racking up fees through prolonged foreclosure proceedings, and effectively disregarding the rights of investors and borrowers in pursuit of their own profit.
Read the whole article HERE
Monday, March 7, 2011
Excellent post explains the gimmicks being used by states to attack pension funds as the culprit of budget problems
Long post by Zach Carter, but worth a read. Check it out HERE
Friday, March 4, 2011
When Cities struggle, workers punished but bondholders spared
Article by William Alden, its upon Huff Post.
This is the real issue - protect the bond holders, and push austerity on the workers.
Read about it HERE
This is the real issue - protect the bond holders, and push austerity on the workers.
Read about it HERE
Wednesday, February 2, 2011
Tuesday, February 1, 2011
Ohio Judges Halt Foreclosure Proceedings In Fraud Search
Judges are beginning to force the banks to follow the same laws the rest of us have to follow .... read about Judges in Ohio HERE
FCIC Report Misses Central Issue: Why Was There Demand for Bad Mortgage Loans? the benefits for originating bad loans exceeded the cost of these negative consequences
"The introduction of a standardized contract on credit default swaps in the mortgage related market (which took place in June 2005….notice the timing relative to when the really bad mortgage issuance took off?) allowed interested parties to bet against the mortgage market in a remarkably efficient manner – through the use of CDOs."
BINGO!!! Read this excellent post at Naked Capitalism HERE
BINGO!!! Read this excellent post at Naked Capitalism HERE
The Financial Crisis Inquiry Commission Report - a lot to read
Check out this LINK to stories on the FCIC report. No surprise the FCIC came down on party lines, with democrats blaming ta greedy unethical financial industry and Republicans blaming government owned Fannie and Freddie.
Thursday, January 27, 2011
Saturday, January 22, 2011
Thursday, January 20, 2011
Wednesday, January 19, 2011
Wednesday, January 12, 2011
Tuesday, January 11, 2011
Banks respond to NJ court ruling - leave us alone.
Big Banks to New Jersey: Stop Bugging Us About Foreclosure Documents - DailyFinance
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Saturday, January 8, 2011
BIG COURT DECISION: In Massachusetts, a non-judicial state, its Supreme Court rules Bank has to prove assignment of the debt on a blank endorsed Note.
This should have a big impact on nonjudicial foreclosures in Virginia, where the laws are extremely similar. Read about it HERE
Thursday, January 6, 2011
Monday, January 3, 2011
Quick Plug - Rather than link one story, just go to Baseline Scenario and ... read.
Read a lot. Read the comments posted after stories. Then read some more. http://baselinescenario.com/
Of particular interest, this story: “They lived in a world that was not only harsh and cruel but that rationalized its cruelty under the guise of economic law. . . . It was the world that was cruel, not the people in it.
and this one: Why can't Europe avoid another crisis? Why not the US?
Note this quote:
"Most experienced watchers of the eurozone are expecting another serious crisis to break out in early 2011. This projected crisis is tied to the rollover funding needs of weaker eurozone governments, i.e., debts falling due in March through May, and therefore seems much more predictable than what happened to Greece or Ireland in 2010. The investment bankers who fell over themselves to lend to these countries on the way up, now lead the way in talking up the prospects for a serious crisis."
This has "Credit Default Swaps" written all over it.
Of particular interest, this story: “They lived in a world that was not only harsh and cruel but that rationalized its cruelty under the guise of economic law. . . . It was the world that was cruel, not the people in it.
and this one: Why can't Europe avoid another crisis? Why not the US?
Note this quote:
"Most experienced watchers of the eurozone are expecting another serious crisis to break out in early 2011. This projected crisis is tied to the rollover funding needs of weaker eurozone governments, i.e., debts falling due in March through May, and therefore seems much more predictable than what happened to Greece or Ireland in 2010. The investment bankers who fell over themselves to lend to these countries on the way up, now lead the way in talking up the prospects for a serious crisis."
This has "Credit Default Swaps" written all over it.
Saturday, January 1, 2011
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