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

No comments:

Post a Comment