Are You Queasy Yet?

Isn’t a beautiful irony that we are rewarding our favorite sub-prime lenders with bailout money? This list of bailouts was reported by the Center for Public Integrity on August 25, 2009. The full article can be accessed here. Subprime Memory Lane The list of the top 10 recipients is like a walk down subprime memory […]

Bankruptcy Judges Not Afraid of Difficult Task of Holding Servicers Accountable

Judge Shea-Stonum of the Bankruptcy Court for the Northern District of Ohio (Eastern Division) issued an interesting opinion chastising Countrywide for its systemic servicing shortcomings. Among other interesting tidbits, including requiring each servicer to attach a prescribed worksheet to a proof of claim, she notes that the servicers have absolutely zero incentive to serve the homeowner ( One […]

It goes far beyond “show me the note”

It isn’t really just show me the note.  It’s show me the entitlement to enforce the note.  Show me the note was negotiated properly through all of these “true sales” envisioned in the PSAs, and other securitization contracts.  Nice try with forging the purported late assignment but that doesn’t cut it.    Was the note duly […]

Wells Fargo on the Hotseat

This should be fun. Bankruptcy Judge Haines has ordered a Wells Fargo VP to testify regarding their woeful loan modification record. From the National Association of Forensic Mortgage Auditors, Inc. Blog:When it comes to obtaining a loan modification, Wells Fargo’s reputation is a long way from being stellar. In fact, they’re one of the worst, […]

A Dubious Achievement

This is not going to shock anybody but July foreclosure rates were up, according to Reuters article: U.S. home foreclosures set another record in July Thu Aug 13, 2009 12:11am EDT By Lynn Adler NEW YORK (Reuters) – U.S. home loans failed at a record pace in July despite ongoing federal and state programs to […]

Iqbal Trend Kills Notice Pleading. RIP FRCP 8.

Defense counsel are salivating to cite Supreme Court 5-4 case Iqbal v. Ashcroft to flesh out their motions to dismiss requiring impossible pleading standards. Iqbal is the new Twombly and it’s already getting old. What was wrong with good ol’ FRCP 8? Maybe Specter can get the Congress to agree with Justice Ginsberg: Specter Proposes […]

Double Dipping

Q&A: Roy Oppenheim Weston attorney says banks are double-dipping at homeowners’ expense Amid continuing scrutiny of American International Group and how the failed insurance giant has used federal rescue funds, which have grown to $182.5 billion since September, Weston real estate attorney Roy Oppenheim is raising other concerns. Oppenheim of Oppenheim Pilelsky has contacted the […]

At the end of the day, it doesn’t matter to them what the house sells for…

Lucrative Fees May Deter Efforts to Alter Loans PETER S. GOODMAN Published: July 29, 2009 This week, the Obama administration summoned mortgage company executives to Washington to demand they move faster to lower payments for homeowners sliding toward foreclosure. Treasury officials called on the companies to hire and train more people quickly to field applications […]