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Tag Archive | "fdic"

Onewest Bank v Cumberbatch | NYSC “failed to offer any evidence to demonstrate the establishment of a FDIC receivership in connection with IndyMac Bank, F.S.B.”

Onewest Bank v Cumberbatch | NYSC “failed to offer any evidence to demonstrate the establishment of a FDIC receivership in connection with IndyMac Bank, F.S.B.”


NEW YORK SUPREME COURT – QUEENS COUNTY

ONEWEST BANK, FSB as successor in
Interest to INDYMAC BANK, FSB
Plaintiff,

-against-

KATHLEEN CUMBERBATCH,
Defendant.

EXCERPT:

A plaintiff establishes that it has standing where it demonstrates that it is both the
holder or assignee of the subject mortgage and the holder or assignee of the underlying note
(see Bank of N.Y. v Silverberg, 86 AD3d 274 [2011]; U.S. Bank, N.A. v Collymore,
68 AD3d 752 [2011]).

The subject mortgage names IndyMac Bank, F.S.B. as the lender,3 and the note is
made payable to IndyMac Bank, F.S.B. and does not bear any endorsement. Plaintiff
OneWest alleged in its complaint, and when seeking the judgment, that it is the “holder” of
the subject mortgage and underlying note. It makes no claim that it is a holder of the subject
mortgage and note based upon the assignment4 offered by defendant Cumberbatch in support
of her motion. Rather, plaintiff OneWest asserts that IndyMac Bank, F.S.B. went into
receivership and the Federal Deposit Insurance Corporation (FDIC), as receiver, transferred
the assets of IndyMac Bank, F.S.B. to IndyMac Federal Bank, FSB on July 11, 2008.

Plaintiff OneWest also asserts that all assets of IndyMac Federal Bank, FSB, including the
subject note, thereafter were sold on March 19, 2009 to OneWest.

Plaintiff OneWest, however, has failed to offer any evidence to demonstrate the
establishment of a FDIC receivership in connection with IndyMac Bank, F.S.B., the note was
part of the assets of such FDIC receivership, or the FDIC, as receiver, transferred such assets
to IndyMac Federal Bank, FSB. Furthermore, the copy of the bill of sale presented by
plaintiff OneWest indicates that the FDIC, as receiver of IndyMac Federal Bank, FSB, sold
only those “Assets,” as defined in a “Servicing Business Asset Purchase Agreement” dated
March 19, 2009, to OneWest. Plaintiff OneWest has not presented evidence of the
establishment of an FDIC receivership in connection with IndyMac Federal Bank, FSB, or
a copy of the March 19, 2009 agreement (or relevant parts thereof), to show the subject note
was one of the assets sold to OneWest. Nor has plaintiff OneWest presented any evidence
that it was in physical possession of the note at the time of the commencement of the action
and the note was endorsed in its favor or in blank (see UCC § 1-201[20] [“ ‘[h]older’ means
a person who is in possession of a document of title or an instrument or an investment
certificated security drawn, issued or indorsed to him or to his order or to bearer or in
blank”]). Under these circumstances, defendant Cumberbatch has presented a possible
meritorious defense based upon lack of standing (see generally Bank of N.Y. v Silverberg,
86 AD3d 274 [2011]; U.S. Bank, N.A. v Adrian Collymore, 68 AD3d 752 [2009]).

[…]

[ipaper docId=87906988 access_key=key-ktxoawq9wfn7mmgct6h height=600 width=600 /]

 

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Abigail Field: Insider Says Promontory’s OCC Foreclosure Reviews for Wells are Frauds. Brought to You by HUD Sec. Donovan

Abigail Field: Insider Says Promontory’s OCC Foreclosure Reviews for Wells are Frauds. Brought to You by HUD Sec. Donovan


If anyone can set the record straight, Abigail is just the person to do it!

Naked Cap-

U.S. Housing Secretary Shaun Donovan has embarrassed himself yet again. This time, though, he’s gone in for total humiliation. See, he praised the bank-run Office of the Comptroller of the Currency’s (OCC) foreclosure reviews as an important part of the social justice delivered by the mortgage “settlement“. But thanks to an insider working on an OCC review, we know that process is a sham. Worse, the insider’s story shows that enforcement of the settlement is likely to be similar, which is to say, meaningless. Doesn’t matter how pretty the new servicing standards are if the bankers don’t have to follow them.

Let’s start with Donovan’s sales pitch for the OCC reviews:

For families who suffered much deeper harmwho may have been improperly foreclosed on and lost their homes and could therefore be owed hundreds of thousands of dollars in damages — the settlement preserves their ability to get justice in two key ways.

First, it recognizes that the federal banking regulators have established a process through which these families can receive help by requesting a review of their file. [ACF: That’s the OCC process] If a borrower can document that they were improperly foreclosed on, they can receive every cent of the compensation they are entitled to through that process.

Second, the agreement preserves the right of homeowners to take their servicer to court. Indeed, if banks or other financial institutions broke the law or treated the families they served unfairly, they should pay the price — and with this settlement they will. [bold throughout mine]

Now, the justice of the settlement has been debunked many times over. And David Dayen debunks Donovan’s OCC pitch here. What’s important is that Bank Housing Secretary Donovan wants you to believe the Wells Fargo OCC process is a meaningful contribution to holding bankers accountable and compensating victims.

Wells Fargo’s Fraudulent OCC ‘Independent’ Foreclosure Reviews

[NAKED CAPITALISM]

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Insider Says Wells Fargo’s Independent Foreclosure Review for OCC is “a Sham” – Mandelman Matters

Insider Says Wells Fargo’s Independent Foreclosure Review for OCC is “a Sham” – Mandelman Matters


I got an email the other night from one of my readers.  It said…

 

“I was hired as one of those “Independent File Review Specialist” at a company called Promontory working on Wells Fargo Bank. I have 15 years industry experience in all facets of the mortgage & title industry, and just needed a job at the moment.  I must say the whole project is a mess, and a terrible joke on the victims of foreclosure and the American people. It’s a total sham.”

 

No kidding, I said to myself.  Or, as Yves Smith would say… “Quelle surprise.”  The email continued…

 

“I have found errors that should be moved up through the ranks, but am told “quit digging so deep”…”put your shovel away”…Focus on the questions “in scope”… The review forms are set up so no harm could ever be found. It’s equivalent of an attorney presenting his case to a judge with just 20% of the evidence.”

 

Well, that can’t be good, right?  He went on…

 

“I would also like to mention that I was brought in through a temp agency…..some of the people brought in with me do not know the difference between a truth in lending statement, and a note. It’s a shame, these are your reviewers!!! The supervisors don’t want any trouble…they are mostly temps too, just trying to get a promotion to full time. Does this sound like a fair and impartial review to you? Since we’re temps I suppose that’s impartial, not to mention they made us “affiant notaries” so we can so-called “notarize each others reviews.”

 

Doesn’t sound “fair and impartial” in the least, now does it?  But I do like the ability to notarize each other’s reviews.  That sounds handier than a pocket on a man’s shirt.  He closed by saying…

 

“The foreclosed victims don’t realize if they do not provide specific dates on the intake forms… their complaints are considered “general comments” out of scope. They should specifically ask for a “full file review” and hopefully their info has not been scrubbed or purged… I could go on and on, but I just felt I needed to share this.”

 

And in my opinion, you’ve done a very good thing.

 

Our insider says he was hired by Promontory Compliance Solutions, LLC to do work on the Independent Foreclosure Review for Wells Fargo Bank.  The company’s Website describes itself as follows:

 

Promontory excels at helping financial companies grapple with and resolve critical issues, particularly those with a regulatory dimension. Taken as a whole, Promontory professionals have unparalleled regulatory credibility and insight, and we provide our clients with frank, proactive advice informed by evolving best practices and regulatory expectations.

Promontory is a leading strategy, risk management and regulatory compliance consulting firm focusing primarily on the financial services industry. Led by our Founder and CEO, Eugene A. Ludwig, former U.S. Comptroller of the Currency, our professionals have deep and varied expertise gained through decades of experience as senior leaders of regulatory bodies, financial institutions and Fortune 100 corporations. 

 [Continue to Mandelman Matters] it gets much better!

.

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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FDIC Lawsuits Yielded Big Penalties, But Bankers Haven’t Paid Up

FDIC Lawsuits Yielded Big Penalties, But Bankers Haven’t Paid Up


We already know who runs the government. [PERIOD]

They settle for pennies on the dollar and they don’t even pay a single penny!

HuffPO-

WASHINGTON, Feb 23 – Like many banks engulfed by the mortgage crisis, First National Bank of Nevada specialized in risky home loans that didn’t require borrowers to prove their incomes. When the housing bubble burst, First National got crushed in 2008 under the weight of bad loans that it could no longer resell to investors.

Last year, the Federal Deposit Insurance Corporation sued two former senior executives of the defunct bank for alleged negligence and breach of fiduciary duty, hoping to recover nearly $200 million in losses that it tied directly to those executives’ decisions. The two men denied wrongdoing and settled for $40 million.

But they didn’t pay a dime.

[HUFFINGTONPOST]

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FRAUD DIGEST: PUTTING AN END TO MERS

FRAUD DIGEST: PUTTING AN END TO MERS


What has changed in the world of mortgage assignments since the FDIC/OCC/Treasury Consent Orders?

When is a mortgage assignment actually an Affidavit posing as a mortgage assignment?

When will all Recorders of Deeds file Declaratory Judgment actions seeking to enjoin the filing of mortgage assignments by document preparers:

1. that falsely state the employer and/or address of the preparer or signer (or that only use the MERS title when the signer is not directly employed by MERS);

2. that fail to plainly set forth the date the mortgage was assigned to the assignee; or

3. that contain language about the holder of the note, such language being extraneous to an Assignment of Mortgage.

 

Why are such Declaratory Judgment actions needed?

This is the new language appearing on many mortgage assignments where Deutsche Bank National Trust Company is the Trustee the Trust is the Assignee and MERS is the Assignor:

This loan was held by the Assignee prior to the Assignee filing a foreclosure action on May 21, 2008. The date of the execution of this Assignment of Mortgage by the Assignor is not reflective of the date the loan was transferred to the Assignee. The execution of this document is a ministerial act to comply with the state law as to how the transfer is to be documented and is not reflective of the transfer date itself.

(Instrument #2011383648, Official Records, Hillsborough County, Florida.)

This is signed by Srbui Muradyan who is identified as Assistant Secretary, Mortgage Electronic Registration Systems, Inc., as Nominee for WMC Mortgage Corp. This document was notarized in Ventura County, CA, on October 25, 2011.

According to a statement in the upper left-hand corner of the document, the preparer was Tanya D. Simpson, Esq., of the law firm Smith, Hiatt & Diaz, P.A., a foreclosure mill in Ft. Lauderdale, Florida.

The receiving trust is Soundview Home Loan Trust 2007-WMC1.

When was the mortgage assigned to the trust? That essential question is not addressed by the Mortgage Assignment.

The signer and preparer purport to know that the loan (note: not the mortgage – the loan – that is, the promissory note) was held by Deutsche Bank as Trustee prior to May 21, 2008.

How is a Bank of America employee competent to state when Deutsche Bank National Trust Company acquired a loan?

In reality, Srbui Muradyan works for Bank of America in California. On many other mortgage assignments, Muradyan’s name appears as the preparer and the address for Muradyan is 450 E. Boundry Street, Chapin, SC – the address of Corelogic, one of the newest and largest document preparers in the country. (See Assignment of Mortgage, Book 2011, Page 13758, Pottawattamie County, Iowa – available through a Google search.)

Muradyan’s signature is always notarized in Ventura County, CA.

These new Assignments fail to plainly set forth the date that the mortgage was assigned; the individuals signing use a MERS title, never revealing their actual employers; the address of the signers is either not provided or wrongly stated, making it that much more difficult for a homeowner in foreclosure to take a simple deposition.

The OCC Review Process is not working; banks and trusts continue to use the MERS guise to seize properties without proof of ownership. The language has become even more convoluted. Tens of thousands of MERS Mortgage Assignments continue to be filed each month throughout the country.

Attorneys General Beau Biden of Delaware, Martha Coakley of Massachusetts and Eric Schneiderman of New York have all sued MERS and a declaratory judgment and injunctive relief may be part of their overall strategy. Their actions, however, will only help the citizens of Delaware, Massachusetts and New York.

While the many Linda Greens may have retired their pens in Alpharetta, there are hundreds more taking their places, still using MERS titles, still pretending to be bank officers when they are untrained clerks working for document mills.

Another solution is legislative: the Truth in Mortgage Documents Act previously discussed in Fraud Digest.

The simplest solution is for judges everywhere to reject these misleading documents and sanction the filers.

The end of MERS is long overdue.

FRAUD DIGEST by Lynn E. Szymoniak, ESQ.

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Ex-IndyMac Officials Blast FDIC Over Documentation Retention – WSJ

Ex-IndyMac Officials Blast FDIC Over Documentation Retention – WSJ


Lawyers for the IndyMac executives say the FDIC is required by law to retain all the records of a failed bank it takes over for six years.

WSJ-

A pair of former IndyMac executives being sued by the Federal Deposit Insurance Corp. are accusing the bank regulator of a “stunning display of incompetence” for failing to preserve some evidence when it took over receivership of the failed bank.

Lawyers for onetime midlevel IndyMac executives Kenneth Shellem and Richard Koon say the FDIC failed to collect and preserve documents and emails after taking receivership of IndyMac following the bank’s 2008 collapse, leaving the pair handicapped in mounting their defense.

[WALL STREET JOURNAL]

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Banks, Officials Near Pact on Foreclosures

Banks, Officials Near Pact on Foreclosures


Planned…just in time for the Holidays around the corner!

Here’s hoping you forget when you get back from celebrating!

 

WSJ-

Five large lenders could be forced to make concessions worth roughly $19 billion as bank representatives and government officials push to put the finishing touches on a settlement of most state and federal investigations of alleged foreclosure improprieties.

Housing and Urban Development Secretary Shaun Donovan and state officials hope to reach a deal as soon as this week, though any agreement could be delayed by unresolved issues including the naming of a monitor to oversee the agreement.

The settlement would end months-long negotiations among federal officials, state attorneys general and the nation’s five largest mortgage servicers: Ally Financial Inc., Bank …

[WALL STREET JOURNAL]

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Ex-FDIC Chief Sheila Bair Top Pick for Bank Monitor

Ex-FDIC Chief Sheila Bair Top Pick for Bank Monitor


For some background information on Sheila Bair please read Joe Nocera’s great article: Sheila Bair’s Bank Shot

 Bloomberg-

Sheila Bair, the former Federal Deposit Insurance Corp. chairman, is a leading candidate among state officials to ensure banks comply with any settlement of a nationwide foreclosure probe, a person familiar with the matter said.

Bair, who led the agency from 2006 until stepping down this year, is supported by some state officials as a third-party monitor of any settlement with mortgage servicers, including Bank of America Corp. (BAC), the person said. At least one bank in the talks, Citigroup Inc. (C), opposes her selection, said the person, who didn’t want to be named because the talks are private.

[BLOOMBERG]

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Should the Courts Appoint an Equitable Receiver for Bank of America?

Should the Courts Appoint an Equitable Receiver for Bank of America?


The path of economic interest is strewn with casualties, what some analysts call collateral damage. In this issue, we look at the who is looking out for whom and ask the question of whether or not something other than the relatively narrow interests of central government and corporate management need to be taken into account in the greater scheme of restoring confidence in the financial system. — D.S.

First we send kudos to the Federal Reserve Board for approving the acquisition of a UT based industrial lender by Green Dot Corp, as reported by American Banker. It is long past time for the Fed to encourage the entry of new capital investment and management talent into the banking sector. “Green Dot’s dominant partner is Wal-Mart Stores Inc., which is also a shareholder and relies on Green Dot to help run its own prepaid cards,” American Banker’s Dean Anason reports.

Now federal regulators, however, face the near certainty that another large industrial corporation will challenge the non-bank moratorium that has been in effect, illegally, at the FDIC for many years. We repeat our call for Congress to repeal the ownership restrictions in the Bank Holding Company Act.

[THE INSTITUTIONAL RISK ANALYST]

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Financial Finger-Pointing Turns to Regulators

Financial Finger-Pointing Turns to Regulators


By and

In the whodunit of the financial crisis, Wall Street executives have pointed the blame at all kinds of parties — consumers who lied on their mortgage applications, investors who demanded access to risky mortgage bonds, and policy makers who kept interest rates low and failed to predict a housing market collapse.

But a new defense has been mounted by a bank executive: my regulator told me to do it.

[NEW YORK TIMES]

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KABOOM! Lender Processing Services LOSES Breach of Contract Claim in WAMU Case. FDIC Wants $154,529,000

KABOOM! Lender Processing Services LOSES Breach of Contract Claim in WAMU Case. FDIC Wants $154,529,000


Lender Processing Services, Inc. just filed a Regulation FD Disclosure alerting investors that

On May 9, 2011 in the U.S. District Court for the Central District of California to recover alleged losses of approximately $154,529,000. The FDIC’s complaint alleged that these losses were the direct and proximate result of the defendants’ breach of contract with WAMU and alleged gross negligence of the defendants with respect to the provision of certain appraisal services.On November 2, 2011, the court issued an order limiting the FDIC’s claims to breach of the contract and granting the Company’s Motion to Dismiss the FDIC’s claims of gross negligence, alter ego, single business enterprise and joint venture claims. With respect to the limited remaining breach of contract claim, the Company maintains that the Appraisal Outsourcing Services Agreement between LSI and WAMU clearly specifies a $10,000 per claim limitation of liability. The Company is confident that it will ultimately prevail on any remaining breach of contract claim.

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Homeowners, Investors in Mortgage Backed Securities Feel Your Pain. Hear Their Lawyer Talk About Servicer Nightmares.

Homeowners, Investors in Mortgage Backed Securities Feel Your Pain. Hear Their Lawyer Talk About Servicer Nightmares.


Absolutely do not miss this piece from Abigail Field – So head over and please absorb the information.

 

Abigail C. Field-

If you want to cut through some of the nonsense the banks have managed to sell as information about the housing situation, robosigning, mortgage modifications, check out this very accessible interview of attorney Talcott Franklin by Martin Andelman.

Tal represents the majority of investors hosed once by Wall Streeers selling AAA-rated mortgage backed junk, and constantly being hosed again by the big bank servicers of those mortgages. Interestingly, his perspective sounds very much like homeowners’. Yes, a couple of times it gets a little too legalistic, but only for about 5 minutes of the slightly longer than the hour chat—when you hit the overview of the contracts structuring securitization, or any other topic that is more in the weeds than you want to go, take a deep breath and keep going. Most of the interview is in a rhythm and a language that creates clarity I’ve not seen or heard elsewhere.

[REALITY CHECK]

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The World of the Investor with Attorney Talcott Franklin – A Mandelman Matters Podcast

The World of the Investor with Attorney Talcott Franklin – A Mandelman Matters Podcast


Please find some time today or over the weekend to listen to this excellent podcast of Martin Andelman’s interview with Attorney Talcott Franklin, who represents more than half of all the investors in mortgage-backed securities on the planet.  Tal’s the co-author of the “Mortgage and Asset-backed Securities Litigation Handbook,” and he’s a very experienced and highly sophisticated litigator. You will learn a whole lot and many thanks to Martin for this super interview.

Please head over to Mandelman Matters for the full article.

The podcast is available in two versions… MP4 and MP3.  The MP4 version includes a couple of slides that show diagrams of the basic securitization process, but the MP4 format may not play on some computers.  The MP3 version is audio only, and should play on most any computer.  Most listeners will have no trouble following along either way.

So, turn up the volume on your speakers, and click the MP4 or MP3 version.  I loved recoding this podcast.  If you want to know more about the foreclosure crisis, you’re about to learn from an expert on the other side of the foreclosures, the investor side… it doesn’t get any better than this!

CLICK HERE TO PLAY THE ENHANCED MP4 VERSION

… INCLUDES SLIDES ON SECURITIZATION

 OR

CLICK HERE TO PLAY THE MP3 VERSION

Mandelman out.


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The Fed made history and shut down a Colorado bank, a role normally reserved for state regulators.

The Fed made history and shut down a Colorado bank, a role normally reserved for state regulators.


This is going to raise many eyebrows…

American Banker-

The Federal Reserve Board made history Friday by invoking special powers to shut down a Colorado bank, stepping into a role normally reserved for state regulators.

The central bank appointed the Federal Deposit Insurance Corp. the receiver for the $1.38 billion-asset Community Banks of Colorado in Greenwood. The FDIC then sold the bank’s operations to Bank Midwest NA in Kansas City, Mo.

[American Banker]

 

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OPINION: In Re: WASHINGTON MUTUAL, INC., Bankruptcy Judge Denies Reorganization Plan

OPINION: In Re: WASHINGTON MUTUAL, INC., Bankruptcy Judge Denies Reorganization Plan


THE UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE

In re:

WASHINGTON MUTUAL, INC., et al.,

OPINION1

Before the Court is the request of Washington Mutual, Inc. (“WMI”) and WMI Investment Corp. (collectively the “Debtors”) for confirmation of the Modified Sixth Amended Joint Plan of Affiliated Debtors (the “Modified Plan”). For the reasons stated below, the Court will deny confirmation of the Modified Plan.

[…]

[ipaper docId=65005674 access_key=key-12ublt66lyyiduhx6y0j height=600 width=600 /]

 

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Matt Stoller: Power Politics – What Eric Schneiderman Reveals About Obama

Matt Stoller: Power Politics – What Eric Schneiderman Reveals About Obama


Absolute Must Read…

Naked Capitalism-

A lot of people have asked why New York Attorney General Eric Schneiderman is going after the banks as aggressively as he is. It’s almost unbelievable that one lone elected official, who happens to have powerful legal tools at his disposal, is doing something that no one with any serious degree of power has done. So what is the secret? What kind of machinations is he undertaking that no one else has been able to do?

I’ve known Schneiderman for a few years, back when he was a state Senator working to reform the Rockefeller drug laws. And my answer to this question is pretty simple. He wants to. That’s it. Eric Schneiderman is investigating the banks because he thinks it’s the right thing to do. So he’s doing it. This guy has thought about his politics. He wrote an article about how he sees politics in 2008 in the Nation, and in his inaugural speech as NY AG he talked about the need to restore faith in both public and private institutions. Free will still counts for something, apparently.

[NAKED CAPITALISM]

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The Man Who May Bring the Banksters to Justice (If They Don’t Break His Knees First)

The Man Who May Bring the Banksters to Justice (If They Don’t Break His Knees First)


New York State Attorney General Eric Schneiderman may will go down in history as the most important public official in reforming the corrupt financial system!!

HuffPO-

New York State Attorney General Eric Schneiderman may go down in history as the most important public official in reforming the corrupt financial system that caused the great Financial Crisis of 2008 and holding the perps responsible — if he can hold out against pressure from Wall Street, the Federal Reserve, and the Obama administration to give Wall Street a “Get Out of Jail Free” card.

Eric Schneiderman has played a key role in the investigation of foreclosure fraud and robo-signing by 50 state attorneys general against JP Morgan Chase, Bank of America, Wells Fargo, Citigroup, and Ally Bank. Reportedly, most of of the attorneys general — with the support of the Obama administration — are advocating a $20 billion settlement with the banks (less than a year’s worth of Wall Street’s bonus pool) in exchange for broad immunity from future investigations and prosecutions, not only of illegal foreclosures but of a wide range of fraudulent activity in connection with mortgage securitization over the past decade.

[HUFFINGTON POST]

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FDIC Objects to Bank of America’s Proposed $8.5 Billion Mortgage-Bond Pact

FDIC Objects to Bank of America’s Proposed $8.5 Billion Mortgage-Bond Pact


There will be NO settlement!

Via Bloomberg-

The FDIC objected to Bank of America Corp. (BAC)’s proposed mortgage-bond settlement.

Filing Courtesy of Naked Capitalism & Webber3292

[ipaper docId=63528705 access_key=key-zs0zok86w3cc6fo3fte height=600 width=600 /]

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FDIC has to face $10 billion WaMu-related lawsuit

FDIC has to face $10 billion WaMu-related lawsuit


REUTERS-

A federal judge ruled that the Federal Deposit Insurance Corp has to face a $10 billion lawsuit tied to the failure of Washington Mutual Bank.

The judge refused the FDIC’s request to dismiss the lawsuit brought by Deutsche Bank National Trust Co over bad mortgages that were securitized by Washington Mutual.

Washington Mutual, or WaMu, was seized by the Office of Thrift Supervision in September 2008 in the biggest bank failure in U.S. history.

The FDIC was appointed receiver and immediately sold the bank to JPMorgan Chase & Co for $1.9 billion.

[REUTERS]

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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!”

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!”


Decided on August 12, 2011

Supreme Court, Kings County

.

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

against

Dario Trujillo, et. al., Defendants.


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 her January 7, 2011 affirmation, required by Administrative Order (AO) 548/10 of October 20, 2010, plaintiff’s counsel, Margaret E. Carucci, Esq., of DRUCKMAN LAW GROUP PLLC (DRUCKMAN), was required to confirm the accuracy of the subject foreclosure papers, documents and notarizations. Ms. Carucci stated that she confirmed the accuracy by communicating, on December 24, 2010, with Tammy Denson, an “Officer of Downey Savings and Loan.” While Ms. Carucci might have communicated with Tammy Denson on Christmas Eve 2010, plaintiff DOWNEY SAVINGS AND LOAN ASSOCIATION, F.A. (DOWNEY) ceased to exist on November 21, 2008. (See Federal Deposit Insurance Company Press Release 124-2008 of November 21, 2008). [*2]DOWNEY, on December 24, 2010, resided with the Ghost of Christmas Past. Tammy Denson, until November 21, 2008 may have been employed by DOWNEY, but is now employed by DOWNEY’s successor in interest, U.S. BANK NATIONAL ASSOCIATION (US BANK). This Court, as will be explained, gave DRUCKMAN an opportunity to correct their AO 548/10 affirmation, in my May 9, 2010 order, but DRUCKMAN failed to do so. Therefore, because DRUCKMAN violated AO548/10 with a false affirmation and my subsequent May 9, 2010 order, the instant foreclosure action, for procedural reasons, is dismissed with prejudice.

Ms. Carucci affirmed “under the penalties of perjury” that she communicated on Christmas Eve 2010 with an officer of a defunct financial institution. This is a deceptive trick and fraud upon the Court. It cannot be tolerated. This Christmas Eve conduct, in the words of Ebenezer Scrooge, is “Bah, humbug!”

Conduct is frivolous if it “asserts material factual statements that are false,” an apt definition for “humbuggery.” Therefore, Margaret E. Carucci, Esq. and DRUCKMAN LAW GROUP PLLC, will be given an opportunity to be heard why this Court should not sanction them for making a “frivolous motion,” pursuant to 22 NYCRR §130-1.1.

Background

Plaintiff DOWNEY commenced this foreclosure action for the premises located at 70 Somers Street, Brooklyn, New York (Block 1542, Lot 21, County of Kings), on July 31, 2008, by filing the summons, complaint and notice of pendency with the Kings County Clerk’s Office. Defendant DARIO TRUJILLO (TRUJILLO) never answered. I issued an order of reference for the subject premises on July 15, 2010. Then, plaintiff DOWNEY’s counsel, DRUCKMAN, filed with the Kings County Clerk’s Office, on January 26, 2011, a motion for a judgment of foreclosure and sale.

At the May 9, 2011 oral arguments, on the motion for a judgment of foreclosure and sale, I discovered that the subject TRUJILLO mortgage and note had been assigned to U.S. BANK NATIONAL ASSOCIATION (US BANK) by the Federal Deposit Insurance Company (FDIC) as Receiver for DOWNEY. The FDIC seized DOWNEY’s assets on November 21, 2008 and assigned them to US BANK. Svetlana Kaplun, Esq., of DRUCKMAN, in her January 21, 2011 affirmation in support of the motion for a judgment of foreclosure and sale, stated, in ¶ 13:

The mortgage at issue has been assigned to US BANK NATIONAL

ASSOCIATION, AS SUCCESSOR IN INTEREST TO THE FEDERAL

DEPOSIT INSURANCE CORPORATION AS RECEIVER FOR DOWNEY SAVING AND LOAN ASSOCIATION, F.A. Accordingly, it is

respectfully requested that name of plaintiff be amended to US BANK NATIONAL ASSOCIATION, AS SUCCESSOR IN INTEREST TO THE FEDERAL DEPOSIT INSURANCE CORPORATION AS RECEIVER FOR DOWNEY SAVING AND LOAN ASSOCIATION, F.A. A copy of

the assignment is attached hereto and made a part hereof.

An executed copy of the April 20, 2009 assignment and assumption of interests and obligations from assignor FDIC as Receiver for DOWNEY to assignee US BANK was attached to the motion.

Also attached to the motion was the January 7, 2011 affirmation of Ms. Carucci, as per AO 548/10. According to the October 20, 2010 Office of Court Administration’s press release [*3]about the filing requirements of AO 548/10:

The New York State court system has instituted a new filing

requirement in residential foreclosure cases to protect the integrity

of the foreclosure process and prevent wrongful foreclosures. Chief

Judge Jonathan Lippman today announced that plaintiff’s counsel in

foreclosure actions will be required to file an affirmation certifying

that counsel has taken reasonable steps — including inquiry to banks

and lenders and careful review of the papers filed in the case —

to verify the accuracy of documents filed in support of residential

foreclosures. The new filing requirement was introduced by the Chief

Judge in response to recent disclosures by major mortgage lenders

of significant insufficiencies — including widespread deficiencies in

notarization and “robosigning” of supporting documents — in residential

foreclosure filings in courts nationwide. The new requirement is

effective immediately and was created with the approval of the

Presiding Justices of all four Judicial Departments.

Chief Judge Lippman said, “We cannot allow the courts in

New York State to stand by idly and be party to what we now know

is a deeply flawed process, especially when that process involves

basic human needs — such as a family home — during this period

of economic crisis. This new filing requirement will play a vital role

in ensuring that the documents judges rely on will be thoroughly

examined, accurate, and error-free before any judge is asked to take

the drastic step of foreclosure.” [Emphasis added]

(See Gretchen Morgenson and Andrew Martin, Big Legal Clash on

Foreclosure is Taking Shape, New York Times, Oct. 21, 2010; Andrew

Keshner, New Court Rules Says Attorneys Must Verify Foreclosure Papers,

NYLJ, Oct. 21, 2010).

Ms. Carucci, in her January 7, 2011 AO 548/10 affirmation, affirmed “under the penalties of perjury”:

2. On December 24, 2010, I communicated with the following

representative or representatives of Plaintiff, who informed me that

he/she/they (a) personally reviewed plaintiff’s documents and records [*4]

relating to this case for factual accuracy; and (b) confirmed the

factual accuracy and allegations set forth in the Complaint and

any supporting affirmations filed with the Court, as well as the

accuracy of the notarizations contained in the supporting documents

filed therewith.

NameTitle

Tammy DensonOfficer of Downey Savings and Loan

949-798-6052

3. Based upon my communication with Tammy Denson, as well

as upon my inspection and reasonable inquiry under the circumstances,

I affirm that, to the best of my knowledge, information, and belief, the

Summons and Complaint, and other papers filed or submitted to the

Court in this matter contain no false statements of fact or law . . .

4. I am aware of my obligations under New York Rules of

Professional Conduct (22 NYCRR Part 1200) and 22 NYCRR Part 130.

[Emphasis added]

The Court is concerned that Ms. Carucci affirmed to a falsehood, namely, that Ms. Denson is an Officer of defunct DOWNEY. In the presence of Svetlana Kaplun, Esq., who appeared on behalf of plaintiff’s counsel, DRUCKMAN, I called the above-listed telephone number for Tammy Denson. Ms. Denson did not answer the phone, but a voice mail message stated that she was an officer of US BANK, not DOWNEY. Therefore, I denied the motion for a judgment of foreclosure and sale, and issued, at the May 9, 2011 oral arguments, the following short-form order:

Plaintiff’s motion for a judgment of foreclosure and sale is

denied without prejudice to renew within sixty (60) days of this

decision and order. Plaintiff’s counsel claims to represent plaintiff

Downey, a defunct financial institution. Further it appears that

Margaret E. Carucci, Esq., an attorney for plaintiff possibly filed a

false affirmation with the Court. Ms. Carucci affirms under penalty of

perjury that a Tammy Denson is an officer of plaintiff Downey S & L,

which did not exist on 12/24/10, when she signed a sworn statement

as an “officer.”

The Court called Ms. Denson in the presence of Svetlana

Kaplun, Esq. today and Ms. Denson, in her voice mail, stated she is [*5]

a loan official of US Bank, not Downey S & L.

Plaintiff has 60 days to file an affirmation from an officer

with the officer’s title with US Bank, if it is the true owner of

the subject mortgage and note, as well as a renewed motion for a

judgment of foreclosure and sale.

Then, I received a letter, dated July 8, 2011 (the 60-day deadline for the affirmation from an officer of US BANK and the renewed motion), from Nicholas E. Perciballi, Esq. of DRUCKMAN, about the instant action. Mr. Perciballi stated “[t]his office represents the Plaintiff . . . Please advised that Margaret E. Carucci, Esq. is no longer employed with this firm. With regard to your Short From Order dated May 9, 2011, we respectfully request an additional 60 days so that we may work with our client to produce the documents needed to comply with your Order [sic].” The Court has no idea why DRUCKMAN waited until the last possible day to send me the July 8, 2011-letter. The termination of Ms. Carucci’s employment is not an acceptable excuse for delay. I gave DRUCKMAN, on May 9, 2011, sixty days to file a correct AO 548/10 affirmation. It is a waste of judicial resources to grant plaintiff “an additional 60 days so that we may work with our client to produce the documents needed to comply with your Order.” Court orders are not issued to be flouted.

Moreover, according to the Office of Court Administration’s Attorney Registry, Margaret E. Carucci, Esq., still lists her business address as DRUCKMAN LAW GROUP PLLC, in Westbury, New York. If she is no longer employed by DRUCKMAN, she might be in violation of 22 NYCRR 118.1 (f). This requires an attorney who changes the business address in his or her registration to “file an amended statement within 30 days of such change.”

Dismissal of the instant action

Plaintiff’s counsel, Mr. Perciballi, in his July 8, 2011-letter, did not present a reasonable excuse for the Court to grant a sixty-day extension to produce the documents required in my May 9, 2011 order. The Court does not work for US BANK and cannot wait for the multibillion dollar financial behemoth US BANK, to “produce the documents need to comply with” my May 9, 2011 order. The failure of plaintiff’s counsel, DRUCKMAN LAW GROUP PLLC to comply with two court orders, Chief Administrative Judge Pfau’s October 20, 2010 AO 548/10 and my May 9, 2011 order, demonstrates delinquent conduct by DRUCKMAN LAW GROUP PLLC. This mandates, for procedural reasons, the dismissal with prejudice of the instant action. Failure to comply with court-ordered time frames must be taken seriously and not ignored. There are consequences for ignoring court orders. The Court of Appeals, in Gibbs v St. Barnabas Hosp. (16 NY3d 74, 81 [2010]), instructed:

As this Court has repeatedly emphasized, our court system is

dependent on all parties engaged in litigation abiding by the rules of

proper practice (see e.g. Brill v City of New York, 2 NY3d 748 [2004];

Kihl v Pfeffer, 94 NY2d 118 [1999]). The failure to comply with

deadlines not only impairs the efficient functioning of the courts and [*6]

the adjudication of claims, but it places jurists unnecessarily in the

position of having to order enforcement remedies to respond to the

delinquent conduct of members of the bar, often to the detriment of

the litigants they represent. Chronic noncompliance with deadlines

breeds disrespect for the dictates of the Civil Practice Law and Rules

and a culture in which cases can linger for years without resolution.

Furthermore, those lawyers who engage their best efforts to comply

with practice rules are also effectively penalized because they must

somehow explain to their clients why they cannot secure timely

responses from recalcitrant adversaries, which leads to the erosion

of their attorney-client relationships as well. For these reasons, it

is important to adhere to the position we declared a decade ago that

[i]f the credibility of court orders and the integrity of our judicial

system are to be maintained, a litigant cannot ignore court orders

with impunity [Emphasis added].” (Kihl, 94 NY2d at 123).

“Litigation cannot be conducted efficiently if deadlines are not taken seriously, and

we make clear again, as we have several times before, that disregard of deadlines should not and will not be tolerated (see Miceli v State Farm Mut. Auto Ins. Co., 3 NY3d 725 [2004]; Brill v City of New York, 2 NY3d 748 [2004]; Kihl v Pfeffer, 94 NY2d 118 [1999]) [Emphasis added].” (Andrea v Arnone, Hedin, Casker, Kennedy and Drake, Architects and Landscape Architects, P.C., 5 NY3d 514, 521 [2005]).As we made clear in Brill, and underscore here, statutory time frames —like court-order time frames (see Kihl v Pfeffer, 94 NY2d 118 [1999]) — are not options, they are requirements, to be taken seriously by the parties. Too many pages of the Reports, and hours of the courts,

are taken up with deadlines that are simply ignored [Emphasis added].” (Miceli, 3 NY3d at 726-726).

Further, the dismissal of the instant foreclosure action requires the

cancellation of the notice of pendency. CPLR § 6501 provides that the filing of a notice of pendency against a property is to give constructive notice to any purchaser of real property or encumbrancer against real property of an action that “would affect the title to, or the possession, use or enjoyment of real property, except in a summary proceeding brought to recover the possession of real property.” The Court of Appeals, in 5308 Realty Corp. v O & Y Equity Corp.[*7] (64 NY2d 313, 319 [1984]), commented that “[t]he purpose of the doctrine was to assure that a court retained its ability to effect justice by preserving its power over the property, regardless of whether a purchaser had any notice of the pending suit,” and, at 320, that “the statutory scheme permits a party to effectively retard the alienability of real property without any prior judicial review.”

CPLR § 6514 (a) provides for the mandatory cancellation of a notice of pendency by:

The Court,upon motion of any person aggrieved and upon such

notice as it may require, shall direct any county clerk to cancel

a notice of pendency, if service of a summons has not been completed

within the time limited by section 6512; or if the action has been

settled, discontinued or abated; or if the time to appeal from a final

judgment against the plaintiff has expired; or if enforcement of a

final judgment against the plaintiff has not been stayed pursuant

to section 551. [emphasis added]

The plain meaning of the word “abated,” as used in CPLR § 6514 (a) is the ending of an action. “Abatement” is defined as “the act of eliminating or nullifying.” (Black’s Law Dictionary 3 [7th ed 1999]). “An action which has been abated is dead, and any further enforcement of the cause of action requires the bringing of a new action, provided that a cause of action remains (2A Carmody-Wait 2d § 11.1).” (Nastasi v Nastasi, 26 AD3d 32, 40 [2d Dept 2005]). Further, Nastasi at 36, held that the “[c]ancellation of a notice of pendency can be granted in the exercise of the inherent power of the court where its filing fails to comply with CPLR § 6501 (see 5303 Realty Corp. v O & Y Equity Corp., supra at 320-321; Rose v Montt Assets, 250 AD2d 451, 451-452 [1d Dept 1998]; Siegel, NY Prac § 336 [4th ed]).” Thus, the dismissal of the instant complaint must result in the mandatory cancellation of plaintiff’s notice of pendency against the subject property “in the exercise of the inherent power of the court.”

Possible frivolous conduct by plaintiff’s counsel

Ms. Carucci affirmed “under the penalties of perjury,” on January 7, 2011, to the factual accuracy of the foreclosure papers by communicating with a representative of the defunct plaintiff DOWNEY. The filing of the motion for a judgment of foreclosure and sale by plaintiff’s counsel, with Ms. Carucci’s false statement, appears to be frivolous. 22 NYCRR § 130-1.1 (a) states that “the Court, in its discretion may impose financial sanctions upon any party or attorney in a civil action or proceeding who engages in frivolous conduct as defined in this Part, which shall be payable as provided in section 130-1.3 of this Subpart.” Further, it states in 22 NYCRR § 130-1.1 (b), that “sanctions may be imposed upon any attorney appearing in the action or upon a partnership, firm or corporation with which the attorney is associated.”

22 NYCRR § 130-1.1 (c) states that:

For purposes of this part, conduct is frivolous if:

(1) it is completely without merit in law and cannot be supported

by a reasonable argument for an extension, modification or

reversal of existing law;

(2) it is undertaken primarily to delay or prolong the resolution of

the litigation, or to harass or maliciously injure another; or

(3) it asserts material factual statements that are false.

It is clear that Ms. Carucci’s January 7, 2011 affirmation “asserts material factual statements that are false.” Further, Ms. Carucci’s January 7, 2011 affirmation, with its false statement, may be a cause for sanctions.

Several years before the drafting and implementation of the Part 130 Rules for

costs and sanctions, the Court of Appeals (A.G. Ship Maintenance Corp. v Lezak, 69 NY2d 1, 6 [*8][1986]) observed that “frivolous litigation is so serious a problem affecting the

proper administration of justice, the courts may proscribe such conduct and impose sanctions in this exercise of their rule-making powers, in the absence of legislation to the contrary (see NY Const, art VI, § 30, Judiciary Law § 211 [1] [b] ).”

Part 130 Rules were subsequently created, effective January 1, 1989, to give the

courts an additional remedy to deal with frivolous conduct. These stand beside Appellate Division disciplinary case law against attorneys for abuse of process or malicious prosecution. The Court, in Gordon v Marrone (202 AD2d 104, 110 [2d Dept 1994], lv denied 84 NY2d 813 [1995]), instructed that:

Conduct is frivolous and can be sanctioned under the court rule if

“it is completely without merit . . . and cannot be supported by a

reasonable argument for an extension, modification or reversal of

existing law; or . . . it is undertaken primarily to delay or prolong

the resolution of the litigation, or to harass or maliciously injure

another” (22 NYCRR 130-1.1[c] [1], [2] . . . ).

In Levy v Carol Management Corporation (260 AD2d 27, 33 [1st Dept 1999]), the Court stated that in determining if sanctions are appropriate the Court must look at the broad pattern of conduct by the offending attorneys or parties. Further, “22 NYCRR

130-1.1 allows us to exercise our discretion to impose costs and sanctions on an errant party . . .” Levy at 34, held that “[s]anctions are retributive, in that they punish past conduct. They also are goal oriented, in that they are useful in deterring future frivolous conduct not only by the particular parties, but also by the Bar at large.”

The Court, in Kernisan, M.D. v Taylor (171 AD2d 869 [2d Dept 1991]), noted that the intent of the Part 130 Rules “is to prevent the waste of judicial resources and to deter vexatious litigation and dilatory or malicious litigation tactics (cf. Minister, Elders & Deacons of Refm. Prot. Church of City of New York v 198 Broadway, 76 NY2d 411; see Steiner v Bonhamer, 146 Misc 2d 10) [Emphasis added].” The instant action, with DRUCKMAN asserting false statements, is “a waste of judicial resources.” This conduct, as noted in Levy, must be deterred. In Weinstock v Weinstock (253 AD2d 873 [2d Dept 1998]) the Court ordered the maximum sanction of $10,000.00 for an attorney who pursued an appeal “completely without merit,” and holding, at 874, that “[w]e therefore award the maximum authorized amount as a sanction for this conduct (see, 22 NYCRR 130-1.1) calling to mind that frivolous litigation causes a substantial waste of judicial resources to the detriment of those litigants who come to the Court with real grievances [Emphasis added].” Citing Weinstock, the Appellate Division, Second Department, in Bernadette Panzella, P.C. v De Santis (36 AD3d 734 [2d Dept 2007]) affirmed a Supreme Court, Richmond County $2,500.00 sanction, at 736, as “appropriate in view of the plaintiff’s waste of judicial resources [Emphasis added].”

In Navin v Mosquera (30 AD3d 883 [3d Dept 2006]) the Court instructed that when considering if specific conduct is sanctionable as frivolous, “courts are required to

examine whether or not the conduct was continued when its lack of legal or factual basis was apparent [or] should have been apparent’ (22 NYCRR 130-1.1 [c]).” The Court, in Sakow ex rel. Columbia Bagel, Inc. v Columbia Bagel, Inc. (6 Misc 3d 939, 943 [Sup Ct,

New York County 2004]), held that “[i]n assessing whether to award sanctions, the Court must [*9]consider whether the attorney adhered to the standards of a reasonable attorney (Principe v Assay Partners, 154 Misc 2d 702 [Sup Ct, NY County 1992]).”

“Nothing could more aptly be described as conduct completely without merit in

. . . fact’ than the giving of sworn testimony or providing an affidavit, knowing the same to be false, on a material issue.” (Sanders v Copley, 194 AD2d 85, 88 [1d Dept 1993]). The Court, in Joan 2000, Ltd. v Deco Constr. Corp. (66 AD3d 841, 842 [2d Dept 2009]), instructed that “[c]onduct is frivolous it . . . asserts material factual statements that are false.”In Curcio v J.P. Hogan Coring & Sawing Corp. (303 AD2d 357 [2d Dept 2003]), plaintiff’s counsel falsely claimed that the parties orally stipulated to a settlement of an employee discrimination case. The Curcio Court, at 358, held that “the conduct of [plaintiff’s counsel] was frivolous because it was without merit in law and involved the assertion of misleading factual statement to the Clerk of the Supreme Court (see 22 NYCRR 130-1.1 [c] [1], [3]).” (See Gordon v Marrone, supra; In re Ernestine R., 61 AD3d 874 [2d Dept 2009]; Glenn v Annunziata, 53 AD3d 565 [2d Dept 2008]; Miller v Dugan, 27 AD3d 429 [2d Dept 2006]; Greene v Doral Conference Center Associates, 18 AD3d 429 [2d Dept 2005]; Ofman v Campos, 12 AD3d 581 [2d Dept 2004]; Intercontinental Bank Limited v Micale & Rivera, LLP, 300 AD2d 207 [1d Dept 2002]; Tyree Bros. Environmental Services, Inc. v Ferguson Propeller, Inc., 247 AD2d 376 [2d Dept 1998]).

Therefore, the Court will examine the conduct of Margaret E. Carucci, Esq. and DRUCKMAN LAW GROUP PLLC in a hearing, pursuant to 22 NYCRR § 130-1.1, to: determine if Margaret E. Carucci, Esq. and DRUCKMAN LAW GROUP PLLC engaged in frivolous conduct; and, allow Margaret E. Carucci, Esq. and DRUCKMAN LAW GROUP PLLC a reasonable opportunity to be heard.

Conclusion

Accordingly, it is ORDERED, that the instant complaint, Index No. 22268/08, is dismissed with prejudice; and it is further

ORDERED, that the Notice of Pendency filed with the Kings County Clerk on July 31, 2008, by plaintiff, DOWNEY SAVINGS AND LOAN ASSOCIATION,

F.A., in an action to foreclose a mortgage for real property located at 70 Somers Street, Brooklyn, New York (Block 1542, Lot 21, County of Kings), is cancelled and discharged; and it is further

ORDERED, that it appearing that Margaret E. Carucci, Esq. and DRUCKMAN LAW GROUP PLLC engaged in “frivolous conduct,” as defined in the Rules of the Chief Administrator, 22 NYCRR § 130-1 (c), and that pursuant to the Rules of the Chief Administrator, 22 NYCRR § 130.1.1 (d), “[a]n award of costs or the imposition of sanctions may be made . . . upon the court’s own initiative, after a reasonable opportunity to be heard,” this Court will conduct a hearing affording Margaret E. Carucci, Esq. and DRUCKMAN LAW GROUP PLLC “a reasonable opportunity to be heard” before me in Part 27, on Monday, September 12, 2011, at 2:30 P.M., in Room 479, 360 Adams Street, Brooklyn, NY 11201; and it is further

ORDERED, that Ronald David Bratt, Esq., my Principal Law Clerk, is directed to serve this order by first-class mail, upon: Margaret E. Carucci, Esq., Druckman Law Group PLLC, 242 Drexel Avenue, Suite 2, Westbury, NY 11590; and, DRUCKMAN LAW GROUP PLLC, 242 Drexel Avenue, Suite 2, Westbury, NY 11590. [*10]

This constitutes the Decision and Order of the Court.

ENTER

___________________________

HON. ARTHUR M. SCHACK

J.S.C.

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No criminal charges in WaMu failure

No criminal charges in WaMu failure


Keep moving…nothing to read here….just more of the same

SEATTLEPI-

No charges will be filed against the leadership team of Washington Mutual Bank, which failed in 2008 amid a cloud of suspicion that improper lending had been occurring there.

Announcing the decision late Friday, a U.S. Attorney’s Office spokesperson said in a statement that a federal task force examining the WaMu failure did not find evidence of criminal violations.

“Investigators have conducted an extensive investigation that included hundreds of interviews and the review of millions of documents relating to the operations, and the subsequent failure, of Washington Mutual Bank,” the statement read. “Based upon its investigation, the Department of Justice has concluded that the evidence does not meet the exacting standards for criminal charges in connection with the bank’s failure.”

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H.R. 2056 – To instruct the Inspector General of the FDIC to study the impact of insured depository institution failures, and for other purposes.

H.R. 2056 – To instruct the Inspector General of the FDIC to study the impact of insured depository institution failures, and for other purposes.


Suspend the Rules and Pass the Bill, HR. 2056, with An Amendment
(The amendment strikes all after the enacting clause and inserts a new text)

112TH CONGRESS
1ST SESSION H. R. 2056

To instruct the Inspector General of the Federal Deposit Insurance Corporation to study the impact of insured depository institution failures, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

MAY 31, 2011

Mr. WESTMORELAND (for himself, Mr. DAVID SCOTT of Georgia, Mr. BROUN of Georgia, Mr. GARY G. MILLER of California, Mr. POSEY, Mr. MARCHANT, and Mr. MACK) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To instruct the Inspector General of the Federal Deposit
Insurance Corporation to study the impact of insured
depository institution failures, and for other purposes.

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