RULES OF ENGAGEMENT FOR FORECLOSURE DEFENSE LAWYERS

See Judge Long’s Decision – Make sure you shepardize 384283_Ibanez Larace motion to vacate memorandum Oct2009Misc 384283 and Misc 3867551 when a foreclosure is noticed and conducted for one party by another, the name of the principal must be disclosed in the notice. the plaintiffs themselves recognized that they needed assignments in recordable form explicitly [...]

FLORIDA BEWARE!! FBA non-judicial foreclosure initiative

Florida Bankers Association, controlled by national and supersize regional banks are trying to convert Florida to a “non-judicial state.” DON’T LET IT HAPPEN!!!! Start writing letters and get others to write letters to the Republican controlled Florida legislature. This effort will not only deny homeowners essential rights it will vastly increase the pace of foreclosure [...]

Pot Calls Kettle Black: Deutsch V BOA

See DEUTSCHEBANKv BANKOFAMERICA This is an action for (1) damages for breach of contract resulting from BOA’s failure to secure and safeguard over $1.25 billion worth of cash and mortgage loans that it was contractually obligated to secure on behalf of DB and (2) contractual indemnity for the losses caused by BOA’s negligent performance of [...]

20 Year Projection for Debt Workouts

Editor’s Comment: Lawyers Take Notice! This is a career, not just a niche. Real Estate Bull Laub Sees Unprecedented Workout From Bad Debt By Beth Williams and Stuart Bern Jan. 13 (Bloomberg) — Kenneth Laub has been through three commercial real estate boom and bust cycles during almost five decades as a broker and consultant [...]

Appraisal Fraud from the Appraiser’s Perspective

Ease of entry was a key in the jump from 11,000+- in CA in 1990, to over 21,000 by 2007. From Steve Smith This comment is not made to defend the actions of any appraiser, or the appraisal industry itself, but to add some dimension of what was going on transactionally. Sadly, appraisers were Conditioned [...]

Do Not Open Closing Package: REALLY

From Christopher Very first page of closing jacket reads, and I quote: “Two complete closing packages –one for you to open and review prior to your closing –one for your closing agent to open (please keep this package sealed until your closing agent arrives).” also, quote: “At the scheduled closing meeting, the closing agent will [...]

Deficiency Judgments on the Rise: NEXT BIG CRISIS

Editor’s Note: You see they have no shame. If they can get money they are going after it only this time the ones going after deficiency judgments and collections are usually not even the original people who foreclosed. This is why you MUST fight it, file motions to set aside for fraud, petition for bankruptcy [...]

Two at Fed Had Doubts Over Payout by A.I.G.

January 27, 2010 New York Times see also an-investigator-presses-to-uncover-bailout-facts-neil-barofsky Two at Fed Had Doubts Over Payout by A.I.G. By GRETCHEN MORGENSON and LOUISE STORY Weeks after rescuing the American International Group with an $85 billion taxpayer loan in late 2008, Federal Reserve Board officials rejected a proposal that would have forced the insurer’s trading partners [...]

DOUBLE STANDARD on Defaults

So in Chapter 11 for the big boys they address reality and treat the value of the property the way it is. But in individual little guy petitions for relief in bankruptcy court, they stick you with the entire amount of the Note even if the security is only worth 20% of the “principal.” And [...]

Jury Demand: Should You or Shouldn’t You

Since this question keeps popping up I figured I would take a shot at it. The theory is that by asking for a jury verdict you are taking the matter out of the hands of a politicized judge and putting it in the hands of what is likely to be a very angry jury pool [...]

An Investigator Presses to Uncover Bailout FACTS: Neil Barofsky

And then there is the main question which everyone on Wall Street is stonewalling: were the obligations created in mortgage origination paid off by government or insurance? To put it another way, were the homeowners already bailed out and don’t know it? Editor’s Comment: Barofsky is like Elizabeth Warren — someone Wall Street doesn’t like, [...]

Home Sales See Biggest Monthly Drop In 40 Years

Home Sales See Biggest Monthly Drop In 40 Years by The Associated Press Enlarge Ben Margot/APSales of previously occupied homes fell 16.7 percent in December, missing analysts’ expectations. Ben Margot/APSales of previously occupied homes fell 16.7 percent in December, missing analysts’ expectations. January 25, 2010 Sales of previously occupied homes took the largest monthly drop [...]

No Worries About “Morality” in Biggest Real-Estate Default in History

see Morality NO Issue in Big Strategic Defaults Of residential property Why Not for Homeowners No Worries About “Morality” in Biggest Real-Estate Default in History Posted Jan 25, 2010 11:59am EST by Henry Blodget in Investing, Recession, Banking, Housing Related: dia, spy, xlf, len, kbh, blk Over the past few months, arguments have raged about [...]

TRUE SALE and ASSIGNMENTS: The Nature of REMIC

From “Anonymous” Editor’s Post: It’s always a pleasure to read something where someone actually knows what they are talking about. The following post was picked up from the comments. The key points that are relevant to the Qualified Written Request and Discovery are 1. In the shuffling of paperwork, where was a “true sale” of [...]

Walking Away and Keeping Your House: Strategic Default Strategy

A provocative paper by Brent White, a law professor at the University of Arizona, makes the case that borrowers are actually suffering from a “norm asymmetry.” In other words, they think they are obligated to repay their loans even if it is not in their financial interest to do so, while their lenders are free [...]

Principal Reduction Unavoidable: Get Over it

“Reducing the loan’s principal balance is more valuable because it lowers monthly payments and restores equity. Various studies show that having equity also reduces the likelihood of redefault on a modified loan. It’s not just the moral thing to do. It also would help avoid the spillover effects of the next expected round of defaults. [...]

Principal Reduction or Principal Elimination

“Many economists and mortgage experts have concluded that banks must ultimately forgive loan balances to restore equity to underwater borrowers. Otherwise, growing numbers will walk away from their homes and accept foreclosure rather than make payments on properties in which they no longer own a stake.” Editor’s Comments and Notes: The Obama Administration has finally [...]

Obama Gets a Set — Accepts Volcker’s View

Editor’s Comment: Finally! The president has now played out the Geithner-Summers scenario and seen the results — a large middle finger raised in the air from an arrogant bunch of people who are tone deaf to the needs of the nation and the world. This decision brings us into line with the rest of the [...]

Taxing Wall Street Down to Size: Litigation Guidelines

The mistake I detect from those who are not faring well in court is the attempt to treat preliminary motions and hearings as opportunities to prove your entire case. Don’t talk about conspiracy and theft, talk about evidence and discovery. every debtor is entitled to know the identity of the creditor, the full accounting for [...]

Lies About Big Banks vs Small Banks

The break-up of the big banks combined with strengthening the community banks and credit union would create something much closer to a free market of 7,000 institutions than 4 institutions controlling the world’s currency. Since the 1960′s the banking industry has been dominated by two main tiers of banking — the founding members of “associations” [...]