Backing Banks Over Borrowers, California Judges Often Big Stakeholders in Same Banks

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Backing Banks Over Borrowers, California Judges Often Big Stakeholders in Same Banks

Backing Banks Over Borrowers, California Judges Often Big Stakeholders in Same Banks

AND we know this is happening not only in California.


Truth-Out-

Sue your bank in California over a wrongful foreclosure, and the best you’re likely to get – if you have ironclad evidence that it broke the law – is a loan modification. That is, a “win” for the borrower usually means the bank keeps another customer and collects interest payments that are thousands of basis points above the level at which the bank is able to borrow from the Fed. Very often, however, homeowner lawsuits against the banks end in dismissal. In the parlance of the courts, the defendant’s demurrer is sustained. Judges in California’s superior courts often rule in favor of the banks, and the few lawsuits that filter up to the appeals courts and Supreme Court don’t fare any better.

Why do the banks keep winning in court against borrowers alleging wrongful foreclosure, fraud and other abuses? Many borrowers and their lawyers say there’s a judicial bias favoring the banks over homeowners, and that this bias is revealed by the economic position of the judges themselves. Most California judges are wealthy, and many of them hold significant investments in financial corporations and bonds, oftentimes even in the very same banks and mortgage lenders that have been sued by thousands of Californians over alleged fraud, deception and wrongful foreclosure.

Case in point: Baldwin v. Bank of America, a borrower lawsuit alleging wrongful foreclosure that battled all the way to the steps of California’s Supreme Court. In 2007, Marvin Baldwin borrowed half a million dollars from J&R Lending to purchase a small three-unit apartment building in Long Beach, California. It was the height of the real estate bubble. Things quickly fell apart, and Baldwin ran into financial troubles.

[TRUTHOUT]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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