http://inthesetimes.com/article/20044/the-fight-for-public-banking

A Bank Even a Socialist Could Love

The fight for public banking is gaining ground in cities and states across the country.

BY David Dayen

In re Elkouby, 561 B.R. 551 (Bankr. S.D. Fla. 2016) –

A chapter 7 debtor filed a statement that he intended to surrender real property securing a loan. After the bankruptcy case was closed, the debtor continued actively opposing a foreclosure action. In response the mortgagee moved to reopen the case and asked the bankruptcy court to compel the debtor to surrender the property. The central issue was the meaning and consequences of “surrender.”

THE DISCOVERY RULE: The Judge ruled that the Statute of Limitations (SOL) runs from the date of actual discovery — not when it should have been discovered and certainly not when the violation occurred.

Jeannie K. May, Plaintiff-Appellee,
v.
Nationstar Mortgage, LLC, Defendant-Appellant.
Jeannie K. May, Plaintiff-Appellant,
v.
Nationstar Mortgage, LLC, Defendant-Appellee.

May v Nationstar Mortgage

Nos. 16-1285, 16-1307.United States Court of Appeals, Eighth Circuit.Submitted: December 15, 2016.Filed: March 29, 2017.Kevin Michael Abel, for Defendant-Appellant.

Jeffrey Mark Tillotson, for Defendant-Appellant.

Rhiana Luaders, for Defendant-Appellant.

Amy Elizabeth Breihan, for Defendant-Appellant.

Elizabeth Scott Letcher, for Plaintiff-Appellee.

Paul M. Catalano, for Plaintiff-Appellee.

Robert T. Healey, Jr., for Plaintiff-Appellee.

Robert David Humphreys, for Plaintiff-Appellee.

Ben Alexander Barnes, for Defendant-Appellant.

Luke J. Wallace, for Plaintiff-Appellee.

Appeals from United States District Court for the Eastern District of Missouri — St. Louis

Before WOLLMAN and SMITH,^[1] Circuit Judges, and WRIGHT,^[2] District Judge.

WRIGHT, District Judge.

Appellee/Cross-Appellant Jeannie K. May commenced this action to recover damages under state and federal law arising from the debt-collection practices of Appellant/Cross-Appellee Nationstar Mortgage, Inc. A jury found in favor of…

Philadelphia City Council has introduced legislation to remove Wells Fargo & Co.as the bank handling the city’s $2 billion payroll.

City Treasurer Rasheia Johnson’s office sent City Council the results of a request for proposal for the upcoming fiscal year that recommended replacing the San Francisco-based bank with Citizens Bank. Wells Fargo will maintain the remaining $1 billion in business with the city outside of payroll, as that work was not scheduled to be up for bid.

Read on.

Pacifica L 51 LLC v. New Investments Inc. (In re New Investments Inc.), 840 F.3d 1137 (9th Cir. 2016) –

The debtor proposed a chapter 11 plan that included curing defaults under a mortgage loan. The lender objected because the cure payments were calculated using the pre-default interest rate as opposed to the higher default rate.

While the Big Banks continue to fabricate notes, robosign documents and create fake assignments in order to illegally foreclose, the Federal government continues to focus on the small fish.

A Georgia real estate investor pleaded guilty today for his role in a bid-rigging conspiracy and fraud scheme related to public real estate foreclosure auctions in Gwinnett County, Georgia, the Department of Justice announced today.

Clifford Wayne Hill pleaded guilty to bid rigging and fraud in the U.S. District Court for the Northern District of Georgia.  On Feb. 3, 2016, a federal grand jury in the Northern District of Georgia returned an indictment against the defendant.

According to the indictment, from December 2007 to March 2012, Hill and his co-conspirators agreed not to compete for the purchase of selected foreclosed homes so that they could win the auctions for those homes with artificially low bids. Hill made and received payoffs for…

Jay Clayton is tied to big banks and corporations—and that could hold up fraud enforcement.

The dominant theme of Thursday’s Senate Banking Committee hearing with Jay Clayton, nominee for chair of the Securities and Exchange Commission, was conflict of interest. Not the well-documented conflicts of some of the more notorious members of the Trump administration but the conflicts of Clayton himself.

A partner at the high-powered corporate law firm Sullivan & Cromwell, Clayton represented Wall Street banks throughout his career. He served as Goldman Sachs’s lawyer during the Wall Street bailout, allowing it to emerge from the financial crisis relatively unscathed. He helped deliver failed investment bank Bear Stearns to JPMorgan Chase and other failed investment bank Lehman Brothers to Barclays. Hedefended Ally Financial in its foreclosure fraud settlement with the government and represented Deutsche Bank in its “mirror trade” Russian oligarch money laundering scandal. He was the lawyer…

By The LendingLies Team

In an ongoing California Appeal (that will go unnamed at this time), a homeowner’s attorney obtained a routine MERS corporate disclosure statement in response to an opening appellate brief he had filed.  The attorney shared the disclosure statement with a colleague in Hawaii who noticed that MERS claimed it was owned by its holding company who was owned by Maroon Holding, an LLC.  Further research revealed that Maroon was more than 10% owned by “Intercontinental Exchange, Inc.” (“ICE”).  Additional digging revealed that ICE was listed as the parent corporation for the New York Stock Exchange.  At that point red flags were raised.

The attorney, flabbergasted, after years of trying to peel the layers off of the proverbial MERS onion, discovered that ICE purchased the New York Stock Exchange (“NYSE”) for around 8 billion dollars, and it is now worth over 11 billion dollars (huge profits fueled…