Oh my, look what we have here…big mistake because I don’t think this is going very far….his franchises that is.
Bill Warner Private Investigator-
My source in Fort Lauderdale tells me that attorney David J. Stern has rolled over his $Millions in foreclosure home profits and the cash he got up front from the DJSP Entreprises Inc. FKA Chardan 2008 China Acquisition Corp deal into at least 150 Five Guys Burger and Fries Franchise’s, will that be fries with your meal sir?
It appears that David J. Stern is buying ”Five Guys Burger and Fries Franchise’s” in bulk, Stern is trying to acquire 500 Burger Joints NATIONWIDE…
Delaware Attorney General Beau Biden and real estate analyst Jack McCabe talks foreclosures and debt as The DR Show’s “30 Million Jobs Tour” continues in Florida.
UNITED STATES BANKRUPTCY COURT DISTRICT OF MASSACHUSETTS CENTRAL DIVISION
In re:
JAMES E ALGER, JR. and
DEBORAH J ALGER
Debtors
JAMES E. ALGER, JR. and DEBORAH J. ALGER, Plaintiffs,
v.
COUNTRYWIDE HOME LOANS, INC., MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC., and BANK OF NEW YORK MELLON, F/K/A THE BANK OF NEW YORK, AS TRUSTEE FOR THE CERTIFICATEHOLDERS CWALT, INC., ALTERNATIVE LOAN TRUST 2006-11CB MORTGAGE PASS-THROUGH CERTIFICATES, 11CB, Defendants.
Excerpt:
Each acknowledgment form that the Algers signed contained the following language: “The undersigned each acknowledge receipt of two copies of NOTICE of RIGHT TO CANCEL and one copy of the Federal Truth in Lending Disclosure Statement.” It is unclear whether the Algers acknowledged that each of them received two copies for a total of four or whether they each acknowledged receipt of two copies in total. In analyzing the identical acknowledgment language in In re Cromwell, Judge Hillman, too, found the language ambiguous:
The placement of the word “each” before “acknowledge” renders the phrase susceptible to two meanings. First, that the Debtors acknowledged each receiving two copies as the Defendants[] assert, or second, that they each acknowledged receipt of a total of two copies as the Debtors suggest. While I understand that Countrywide intended the former as that is what the law required, the average consumer would not have necessarily known that. 2011 WL 4498875, at *17. The existence of this ambiguity neutralizes any presumption created by the acknowledgment in favor of delivery of the requisite number of Notices. See id. (resolving the ambiguity “against the drafter of the Acknowledgment such that it did not create a presumption of adequate delivery of a total of four copies”).
In the absence of a presumption of adequate delivery, the burden shifts to the defendants to prove that the Algers each received two copies of the Notice for a total of four for the couple. See id. While the defendants rely on the deposition testimony of Ms. Manugian as evidence of her general practice during closings to establish that the Algers received four copies, the Algers have attested through their affidavits that the first time their loan file was opened after the closing it contained a total of three Notices. The question of how many copies of the Notice the Algers received remains a genuine and material fact in dispute. The defendants’ motion for summary judgment is therefore DENIED.
If this deal doesn’t suffice for you, imagine what the people who are damaged think about this?
Bloomberg-
A proposed multistate settlement with Bank of America Corp. (BAC), JPMorgan Chase & Co. (JPM) and three other U.S. mortgage servicers to resolve probes of foreclosure practices is “inadequate for California,” state Attorney General Kamala Harris’s office said.
“Our state been clear about what any multistate settlement must contain: transparency, relief going to the most distressed homeowners, and meaningful enforcement that ensures accountability,” Preston said in the statement. “At this point, this deal does not suffice for California.”
If the president thought his mortgage investigation announcement would be an easy sell to progressive critics, he was only half right at best. The announcement — especially the appointment of New York Attorney General Eric Schneiderman — did win praise from a number of liberal groups.
Smith’s subheader says Schneiderman “joins Federal Committee that looks designed to undermine AGs against mortgage settlement deal.” Dayen’s reads, “Financial fraud unit appears designed to fail and grease skids for foreclosure fraud settlement.” Field’s says that “Breuer and Khuzami (two other unit leaders) have to go and indictments have to be immediate.”
In fact, there was a big meeting on Monday in Chicago to try to seal the deal. It included Secretary of Housing and Urban Development, Shaun Donovan, Associate U.S. Attorney General. Thomas Perelli, and several Democratic AG’s, including the lead negotiator, Iowa Attorney General Tom Miller.
Lawsuit: ‘Profits Were Running the Show’ at Leading Credit Ratings Agency
Illinois Attorney General-
Attorney General Lisa Madigan today filed a lawsuit against Standard & Poor’s for its fraudulent role in assigning its highest ratings to risky mortgage-backed investments in the years leading up to the housing market crash.
Madigan filed her lawsuit today in Cook County Circuit Court, alleging that Standard & Poor’s, or S&P, compromised its independence as a ratings agency by doling out high ratings to unworthy, risky investments as a corporate strategy to increase its revenue and market share. The Attorney General’s lawsuit alleges that S&P ignored the increasing risks posed by mortgage-backed securities, instead giving the investment pools ratings that were favorable to its investment bank client base and S&P’s profits.
“Publically, S&P took every opportunity to proclaim their analyses and ratings as independent, objective and free from its desire for revenue,” Madigan said. “Yet privately, S&P abandoned its principles and instead used every trick possible to give deals high ratings in order to retain clients and generate revenue. The mortgage-backed securities that helped our market soar – and ultimately crash – could not have been purchased by most investors without S&P’s seal of approval.”
The Attorney General’s lawsuit cites numerous internal emails and conversations among S&P employees in the run up to the housing market’s crash that demonstrate the company misrepresented its ratings as objective and independent. In one such exchange, in April 2007, an online conversation via a company-based instant messenger application revealed employees discussing S&P ratings compared to the reality of risk involved, with an employee stating an investment “could be structured by cows and we would rate it.”
Ingham County, Michigan Curtis Hertel Jr. is seeking re-election and he needs your vote. This is a great way to show your gratitude for all he’s done for you Michiganders.
If my fraud senses are correct, I anticipate foreclosure mills and those document mills, you know who I speak of to get the first whack.
The only thing I see keeping him from his promise is hisCo-Chair in charge.
LA Times-
New York Atty. Gen. Eric Schneiderman, who was tapped by President Obama to lead a new Financial Fraud Enforcement Task Force, promised Wednesday to move aggressively to coordinate state and local investigations into the causes of the subprime mortgage market meltdown.
“We’re undertaking a more coordinated effort to pull together all of the various strands of investigations relating to the conduct that created the mortgage-backed securities bubble and led to the market crash,” Schneiderman told reporters in Washington after an event at the Consumer Financial Protection Bureau.
“There have been investigations going on in various states and branches of the federal government,” he said. “We’re now making a concerted effort to pull everything together and move forward aggressively to address these issues.”
He said the task force would go after “every aspect of the conduct that created the bubble and crash,” including the origination of mortgages and the packaging of them into securities.
In the State of the Union address on January 24, 2012, PresidentBarack Obama announced the creation of a special unit within theFinancial Fraud Enforcement Taskforce to deal with mortgageorigination and securitization abuses:
And tonight, I am asking my Attorney General to create aspecial unit of federal prosecutors and leading state attorneysgeneral to expand our investigations into the abusive lendingand packaging of risky mortgages that led to the housing crisis.
This new unit will hold accountable those who broke the law, speed assistance to homeowners, and help turn the page on an era of recklessness that hurt so many Americans.
The members of the new Mortgage Securitization Abuses Unit were identified as New York Attorney General Eric Schneiderman; Assistant U.S. Attorney General Lanny Breuer, who currently heads the Criminal Division at the Department of Justice; Robert Khuzami, Director of Enforcement at the SEC; John Walsh, U.S. Attorney, District of Colorado; and Tony West, Assistant Attorney General, Civil Division, Department of Justice.
Later in the evening, New York Attorney General Eric Schneiderman released the following statement:
I would like to thank President Obama for his leadership in the creation of a coordinated investigation that marshals state and federal resources to bring justice for the victims of the misconduct that caused the mortgage crisis.
In coordination with our federal partners, our office will continue its steadfast commitment to holding those responsible for the economic crisis accountable, providing meaningful relief for homeowners commensurate with the scale of the misconduct, and getting our economy moving again.
The American people deserve a robust and comprehensive investigation into the global financial meltdown to ensure nothing like it ever happens again, and today’s announcement is a major step in the right direction.
New York Attorney General Schneiderman and Delaware Attorney General Beau Biden have been among the most outspoken of those in law enforcement regarding the prosecution of crimes relating to mortgage securitization. In May, 2011, Attorney General Schneiderman’s office announced probes of two Florida firms, Lender Processing Services and Nationwide Title Clearing. This office also announced probes into the mortgage securitization practices of major investment banks Goldman Sachs, Morgan Stanley, Deutsche Bank and UBS.
Attorneys General Schneiderman and Biden have repeatedly announced their opposition to any grant of immunity from criminal prosecution to those involved in illegal acts involving mortgage securitization.
Fabrication of mortgage documents is one of the major unaddressed crimes involving mortgage securitization. False documents were created to convince homeowners that mortgagebacked trusts owned their homes and had the legal right to foreclose. Based on these documents, hundreds of thousands of homeowners forfeited their homes. Every day, tens of thousands of homeowners lose their battle to get local foreclosure judges to recognize that the documents presented by the banks and mortgage companies are fraudulent.
Those few County Recorders who have conducted in-depth examinations of the documents have found widespread abuses that occurred over at least seven years. County Recorders John O’Brien of Massachusetts and Jeff Thigpen of North Carolina have declared their offices as “crime scenes.”
These documents were created in large part because the mortgage securitizers never obtained the mortgage documents they promised to obtain. Investors and the SEC believed that the securitizers had obtained properly endorsed mortgage notes and mortgage assignments and had recorded every change of ownership on the MERS system as promised.
“Providing meaningful relief for homeowners commensurate with the scale of the misconduct” is a tremendous, but achievable goal. Congratulations to Attorney General Schneiderman for setting this goal.
