MORTGAGE FRAUD VICTIMS: United States district court

Showing posts with label United States district court. Show all posts

Tuesday, August 16, 2011

STOP FORECLOSURE FRAUD KEEPS YOU UP WITH ALL THE IMPORTANT FORECLOSURE NEWS

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Stop Foreclosure Fraud presents the following...

FORECLOSURE FRAUD | by DinSFLA
Help Stop Unlawful Foreclosures, Bank Repossession, Evictions and Foreclosure Fraud with the power of Resources, Education and Each Other.

Fannie Mae promises to keep families in homes, but instead pressures banks to foreclose - 2011-08-15 13:38:46-04StopForeclosureFraud received a similar memo from Fannie to GMAC, but this one addressed to JPMorgan Chase [see below]
Feep.com
In early December, a senior executive at Fannie Mae assured members of the Senate Banking Committee in Washington that the mortgage giant was doing everything possible to address the foreclosure crisis.
“Preventing foreclosures is a [...]

Read more: http://clicks.aweber.com/y/ct/?l=Dr727&m=3YKB1RHv5HShwSR&b=hD0NJ3RG5AUIq1kN.4j9eA

MERS “stiffed” three Mass. Berkshire Registry of Deeds offices of nearly $2 million in recording fees - 2011-08-15 15:10:20-04
Massachusetts clearly is not backing down!

Berkshire Eagle-
A Virginia-based mortgage registry business mired in the nation’s housing foreclosure investigation has apparently “stiffed” the three Berkshire Registry of Deeds offices of nearly $2 million in recording fees for more than a decade, local registry officials have claimed.
Mortgage Electronic Registration Systems Inc. [...]

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Stern insurer wants out of policy, says it doesn’t cover claims involving “fraud” - 2011-08-15 15:58:05-04Oh it’s getting hard to escape this word connected to Mr. Stern. Just last month GMAC dropped a bombshell of it’s own in case you missed it.
Kim Miller-
An insurer for former foreclosure giant David J. Stern wants out of its policy, saying in a lawsuit that the company doesn’t cover “claims based upon, arising out [...]

Read more: http://clicks.aweber.com/y/ct/?l=Dr727&m=3YKB1RHv5HShwSR&b=_Fg8KMJTuMOP3jPzipdI6w

Downey Sav. & Loan Assn., F.A. v Trujillo | NY Judge Schack Slams Ebenezer Scrooge “Under the penalties of perjury, Deceptive trick and fraud upon the Court, “Bah, humbug!” - 2011-08-15 17:40:16-04
Decided on August 12, 2011

Supreme Court, Kings County

Downey Savings and Loan Association, F.A., Plaintiff,

againstDario Trujillo, et. al., Defendants.
http://stopforeclosurefraud.com/?s=JUDGE+SCHACK+%22BAH%2C+HUMBUG%22&x=0&y=0

22268/08
Plaintiff
Nicholas E. Perciballi, Esq.
Druckman Law Group, PLLC
Westbury Jericho NY
Arthur M. Schack, J.

Plaintiff’s counsel, in this foreclosure action, engaged in possible sanctionable conduct by affirming “under the penalties of perjury” to a false statement. In [...]

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N.J. judge allows 4 major banks to resume uncontested foreclosure proceedings - 2011-08-15 23:05:06-04
If New Jersey has no clue to what a third world country looks like… it better brace itself because neighborhoods are going to be eyesores. Just imagine who’s taking care of the nearly 20% of Florida homes that are vacant?
NJ-
A New Jersey judge has ruled that four major banks can resume uncontested foreclosure actions [...]

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Nevada Joins States Balking at Bank Releases in Foreclosure Practices Deal - 2011-08-15 23:19:41-04
Bloomberg-
A possible settlement of a 50-state probe of foreclosure practices was questioned by Nevada’s attorney general, who joined three other states in voicing concern about a deal that protects banks from continuing mortgage investigations.
Nevada Attorney General Catherine Cortez Masto, whose office has sued Bank of America Corp. (BAC) and is conducting civil and criminal foreclosure [...]

Read more: http://clicks.aweber.com/y/ct/?l=Dr727&m=3YKB1RHv5HShwSR&b=SlISCrap4Euki8lW0S0cTA

It now looks like MERS and the system set up to legalize securitization was jerrybuilt at best – Ted Kaufman - 2011-08-15 23:33:21-04
Will the Mortgage Mess Meet Too Big To Fail?
HuffPO-
Ever since the Dodd-Frank Wall Street Reform Act passed last year, there has been a running debate about the Resolution Authority in the bill. Would it actually prevent another taxpayer bailout of a bank or banks to avoid a financial meltdown? I believe there [...]

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Tellado v. INDYMAC MORTGAGE SVS | PA Dist. Court “OneWest Bank shall refund all payments made under the contract, cancel and return any negotiable instrument” - 2011-08-15 23:52:26-04
JOSE TELLADO AND MARIA TELLADO, Plaintiffs,

v.

INDYMAC MORTGAGE SERVICES, a division of OneWest Bank, FSB, Defendant.
Civil Action No. 09-5022.
United States District Court, E.D. Pennsylvania.
August 8, 2011.
MEMORANDUM
PETRESE B. TUCKER, District Judge.
After a bench trial in this matter on November 8, 2010, and pursuant to Fed. R. Civ. P. 52(a), the Court [...]

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Disclaimer:

Legal information is NOT legal advice. The information herein
should NOT be taken as legal advice and is NOT a substitute for the
assistance of a licensed advisor. I AM NOT AN ATTORNEY.

SSD, LLC, PO BOX 11394, Fort Lauderdale, FL 33339, USA

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Disclaimer:

Legal information is NOT legal advice.

The information herein should NOT be taken as legal advice and is NOT a substitute for the assistance of a licensed advisor.

I AM NOT AN ATTORNEY.

*posts are scheduled in advance and may not be in real time*

SSD, LLC, PO BOX 11394, Fort Lauderdale, FL 33339, USA

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Sunday, July 10, 2011

HEY WALL STREET: CLOSE, BUT NO CIGAR. THOMAS HATCH, AN ATTORNEY WHO HAS BROUGHT MORTGAGE-BACKED SECURITIES CASES BUT IS NOT INVOLVED IN THE WASHINGTON MUTUAL LAWSUIT, SAID COURTS ARE RIGHT TO NARROW CLASSES TO A SINGLE TRUST, BUT HE DISAGREED WITH CUTTING TO THE TRANCHE LEVEL. "THE DEFENDANTS ARE WRONG IN CLAIMING YOU HAVE TO BE IN THE SAME TRANCHE TO BE IN THE SAME CLASS," SAID HATCH, BECAUSE THOSE VARIOUS SLICES OF THE BOND RELY ON THE SAME OFFERING DOCUMENT. "IT ISN'T TRANCHE SPECIFIC, IT IS TRUST SPECIFIC."

WILMINGTON (Tom Hals) - The U.S. Supreme Court's dismissal of a massive sex-bias case against Wal-Mart Stores Inc may have handed Wall Street a new weapon in its battle against angry investors who lost billions on securitized home loans.

At first glance, last month's ruling in the Wal-Mart case may seem far removed from lawsuits over complex mortgage investments blamed for helping to trigger the global financial crisis in 2008.

But attorneys are seizing on the Supreme Court decision as they fight to prevent pension fund investors from banding together as a class to pursue claims they were misled about bonds built from flimsy mortgages.

In the Wal-Mart case, the Supreme Court on June 20 found that 1 million current and former female employees from 3,400 of the retailer's stores had too little in common to form a class. The court's language about issues of a "common question" could, according to attorneys arguing for the banks, also bar mortgage bond investors from suing en masse.

Lawyers defending a unit of Washington Mutual argue that the "commonality" that was missing among the female Wal-Mart workers is also missing among investors in securitized mortgages, even when they invested in the same pool of loans.

They made the argument in court papers filed on June 22 arguing against certifying a class of investor plaintiffs suing Washington Mutual. The case is pending in U.S. District Court in Seattle.

If successful, the defense tactic could prevent investors in mortgage-backed securities from pooling their resources and bringing a case as a group. That could make it more difficult for them to pursue cases against big issuers of mortgage bonds, such as Bank of America and JPMorgan Chase & Co.

The Washington Mutual legal team referred questions to JPMorgan, which bought the bank in 2008. JPMorgan did not immediately return a call for comment on Friday.

CLASS SYSTEM

The Wal-Mart case was closely watched and the ruling is expected to make it tougher to bring class-action cases, which are often used in drug and product liability lawsuits and have led to mammoth settlements with consumers or shareholders.

The Supreme Court decision steers courts away from certifying broad classes of plaintiffs while leaving the door open to breaking out sub-classes later, said James Cox, a professor at Duke University Law School.

In the mortgage market, banks securitized home loans by collecting large pools of mortgages and placing them with a trust. The trust then issued bonds cut into "tranches," each carrying a different credit rating. The higher-rated tranches were paid first from the money flowing from homeowners.

Courts already have denied class status to investors who sued on behalf of all others who bought bonds issued by different trusts that were set up by a particular bank or mortgage company, such as Countrywide Financial.

The Supreme Court's Wal-Mart decision may help narrow the class scope further, separating tranches within a particular loan pool trust.

In their court papers, Washington Mutual lawyers cite the Wal-Mart decision for their argument that each tranche of the mortgage-backed security needs to be analyzed separately to determine which loans back which tranche, and whether those loans were properly written.

"Even if plaintiffs seek to ask the same question across all loan groups and all securities, unless they can be assured of getting the same answer, no class can be certified," the court filing says.

The Wal-Mart ruling is the first case cited in Washington Mutual's argument. The company's lawyers also cite the decision to make their point that each tranche must be evaluated separately, not lumped together merely because they have common legal claims, according to the court papers.

Thomas Hatch, an attorney who has brought mortgage-backed securities cases but is not involved in the Washington Mutual lawsuit, said courts are right to narrow classes to a single trust, but he disagreed with cutting to the tranche level.

"The defendants are wrong in claiming you have to be in the same tranche to be in the same class," said Hatch, because those various slices of the bond rely on the same offering document. "It isn't tranche specific, it is trust specific."

The Seattle federal court will take up the Washington Mutual class certification issue on July 27.

The case is In re Washington Mutual Mortgage Backed Securities Litigation; U.S. District Court, Western District of Washington, No. 09-00037

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Tuesday, August 16, 2011

STOP FORECLOSURE FRAUD KEEPS YOU UP WITH ALL THE IMPORTANT FORECLOSURE NEWS

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Sunday, July 10, 2011

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