Some time ago, the law office of David Yerushlami, which a week ago filed a lawsuit in the Federal District Court challenging the constitutionality of Obamacare, sued the Fed over its takeover of AIG claiming the entire transaction was illegal and was in essence a money laundering scheme. Below we present [...]
{ 0 comments }
In Forez v. Goldman Sachs Mortgage, Lexis 35099 (E.D Va. 2010) plaintiffs asserted that Defendants lacked “authority” to foreclose under Virginia’s non-judicial foreclosure statutes. Second, Plaintiffs argued that loan securitization bars foreclosure because securitization “splits” the Note from the Deed of Trust or because “credit enhancements” related to securitized notes absolve borrowers of [...]
{ 0 comments }
LOS ANGELES – California homeowners sued Bank of America (NYSE: BAC) on Tuesday claiming the lending giant is intentionally withholding government funds intended to save homeowners from foreclosure, announces Hagens Berman Sobol Shapiro.
The case, filed in U.S. District Court in Northern California, claims that Bank of America systematically slows or thwarts [...]
{ 0 comments }
The government endorsed racket continues. First we bail them out, then the court says they have to disclose the bailout loans they received (courtesy of Mark Pittman’s last great deed), and still they refuse to tell America just who and how received $2 trillion in rescue aid. The Clearing House Association [...]
{ 0 comments }
According to Frank Rich of the New York Times, Wall Street is a bigger threat to the United States than Al Qaida. It’s an exaggeration, of course, but conveys the degree to which some of the smartest people in the country have come to loathe an industry that puts itself before [...]
{ 0 comments }
A bankrupt arm of Sacramento’s New Faze Development filed a $10 million lawsuit Monday against banks in Dixon and Stockton, alleging that they cut off promised funds to a key housing project in Del Paso Heights just as the real estate crash began.
The allegations, filed in Sacramento Superior Court against the First [...]
{ 0 comments }
We continue to see divergent streams of data on the US economy. There are flows of good news and flows of less bad, but far from good news. There is a macroeconomic dumbbell forming defined by areas of strength at either end of a central void. The middle portion of the recovery [...]
{ 0 comments }
Two major banks are expecting major increases in foreclosures, by the end of 2010.
According to the Irvine Housing blog, Bank of America (BAC: 18.585 -0.40%), which currently forecloses on 7,500 homes every month will see that number rise to 45,000 by December 2010 as one senior executive pointed out at a [...]
{ 0 comments }
After losing her condo in San Diego to foreclosure last year, Charissa Kolich thought that at least she was free of mortgage bills.
But Wells Fargo & Co., which holds a home-equity loan made five years ago to Ms. Kolich, last month filed a lawsuit against her in the Superior Court of California, [...]
{ 0 comments }
United States federal judge Eldon Fallon dropped a bombshell on the Chinese drywall sector in a ruling that could require intervention of the Chinese and United States governments as the repair bill for homes damaged by the presence of the building material may reach billions of dollars.
In a 108-page [...]
{ 0 comments }
A federal judge on Thursday awarded seven Virginia families $2.6 million in damages for homes ruined by sulfur-emitting drywall made in China, a decision that could affect how lawsuits by thousands of other U.S. homeowners are settled.
It remains to be seen how the plaintiffs can collect from Chinese companies that do [...]
{ 0 comments }
In defending employers’ use of credit checks as part of the hiring process, Eric Rosenberg of the TransUnion credit bureau paints a sobering picture.
Lauryn Beer of Washington says she believes she has missed out on several potential employment opportunities because of her credit history.
Retailers lose more than $30 billion a [...]
{ 0 comments }
JPMorgan Chase allegedly told a California couple to stop paying their mortgage so they may qualify for a loan modification and then foreclosed on their home anyway.
According to the lawsuit, Faiz and Khadija Jahani contacted Chase in December 2008 because they were having difficulty paying their mortgage each month.
They were allegedly [...]
{ 0 comments }
LOS ANGELES, CA – April 8, 2010 – (RealEstateRama) — California homeowners sued Bank of America (NYSE: BAC) on Tuesday claiming the lending giant is intentionally withholding government funds intended to save homeowners from foreclosure, announces Hagens Berman Sobol Shapiro.
The case, filed in U.S. District Court in Northern [...]
{ 1 comment }
Over the past few weeks we’ve lightly touched on the fight between Maryland State Legislators and Maryland Law School. To bring you up to speed: the Perdue Chicken corporation was annoyed by a lawsuit filed with the aid of Maryland’s Environmental Law Clinic. So, like all good corporations, the bigwigs at Perdue [...]
{ 0 comments }
By Dean Mostofi
This article, in light of a recent filing of a class action complaint and news of an ongoing criminal investigation, examines the Fair Debt Collection Practices Act and its potential application by homeowners seeking damages against foreclosure trustees and mortgage default servicing companies involved in wholesale and systemic mortgage [...]
{ 2 comments }
(NewsCore) – A subsidiary of a company that is a top provider of the documentation used by banks in the foreclosure process in the U.S. is under investigation by federal prosecutors, The Wall Street Journal reported Saturday.
The prosecutors are “reviewing the business processes” of the subsidiary of Lender Processing Services Inc. (LPS), [...]
{ 0 comments }
Our legal system is extremely difficult to understand and maneuver by a non attorney, partly because there is no single source or authority for answering complicated legal questions. For example how do you know if your mortgage was eviscerated through the securitization process? Did securitization of the note and mortgage [...]
{ 0 comments }
In a significant blow to business, the Supreme Court on Wednesday ruled that certain class actions barred or limited by state laws may proceed in federal courts.
In Shady Grove Orthopedic Associates v. Allstate Insurance Co. (pdf), a 5-4 majority, led by Justice Antonin Scalia, held that the federal class action [...]
{ 0 comments }
Failure to give proper notice to a homeowner under New York’s foreclosure fraud law is a defense that can be raised at any time, a Brooklyn appeals court has ruled in a decision of first impression at the state appellate level.
In dismissing a foreclosure suit against homeowner Alan Silver, a panel [...]
{ 0 comments }
Loan underwriters at JPMorgan Chase (JPM: 44.58 -0.62%) filed a lawsuit alleging the bank failed to pay them for all overtime hours worked and violated federal overtime pay laws.
The lawsuit, filed in United States District Court in New York, charges that Chase commonly exempted real estate loan underwriters from overtime pay. [...]
{ 0 comments }
