Send a copy to your favorite legislators with a note that says: “Please take the time to read this educational material. From your constituents and the homeowners of our state.”
NEW CENTURY ORDER AUTHORIZING THE ABANDONMENT AND DESTRUCTION OF ALL RECORDS
THIS COURT having considered the Motion for an Order Authorizing the Abandonment and Destruction of All Records (the “Motion”) of the New Century Liquidating Trust (the “Trust”), by and through Alan M. Jacobs, as the Bankruptcy Court-appointed Trustee
(the “Trustee”), seeking authorization to abandon and destroy the Records pursuant to 
sections 105(a), 363, and 554(a) of the Bankruptcy Code and Bankruptcy Rule 6007 in his sole discretion; and it appearing that notice of the Motion has been given to the United States Trustee and all parties who have indicated an interest in the Records, including those parties who have requested copies of any Loan Files or other documents from the Trust, and that no further notice need be given; and it appearing that objections have been filed to the Motion by Michael Harkey (“Harkey”) [D.I. 11462], Jane Haas (“Haas”) [D.I. 11463], the Attorney General of the State of New York (the “NYAG”) [D.I. 11465], the Federal Home Loan Bank of Boston and Federal Home Loan Bank of Chicago (the FHLBs”) [DJ. 11466], Mimielle Goulatte (“Goulatte”) [D.I. 11467], Deatra DeHomey (Scott) (“DeHomey”) [D.I. 11468], Frances Rogers (“Rogers”) [D.I. 11469], Royal Park Investments SA/NV (“Royal Park”) [D.I. 11470], Wallace Vaughn [D.I. 11471], and the “Institutional Investor Plaintiffs” (as defined in the Objection) [D.I. 11473] (collectively, the “Objectors”). Haas, Goulatte, DeHomey, Rogers, and Vaughn are referred to herein as the “Borrower Objectors,” and their objections, the “Borrower Objections,” and the NY AG, the FHLBs, Royal Park, the Institutional Investor Plaintiffs, and Harkey are referred to herein as the “Subpoena Objectors,” and their objections, the “Subpoena Objections”); and the Court having held a hearing on May 20, 2016 to consider the relief requested in the Motion and the objections thereto; and after due deliberation and sufficient cause appearing therefore, it is hereby ORDERED, ADJUDGED AND DECREED THAT: Continue reading
Calling it like we all see it. “It is difficult to get a man to understand something when his job depends on not understanding it.” –Uptown Sinclair, I, Candidate for Govenor (1935)
U.S. states Nevada, Wyoming and Delaware are facing growing pressure to address their lack of corporate transparency, as the United States and the international community continue to respond to fallout from the Panama Papers.
At a London anti-corruption summit on Thursday, representatives from the Cayman Islands, Bermuda and the Isle of Man warned that the “hypocrisy” of the U.S. was hurting the global push for greater financial transparency.
The summit, hosted by British Prime Minister David Cameron and attended by leaders and high-ranking officials from around the world, has drawn increased public attention after the Panama Papers investigation by ICIJ, German newspaper Süddeutsche Zeitung and more than 100 media partners revealed new details about how the world’s rich and powerful use and sometimes abuse secrecy jurisdictions and tax havens.
U.S. Secretary of State John Kerry compared the threat posed by corruption to the threat posed by terrorism, and urged attendees…
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Dump ’em!
FYI: The book will be released on May 24, 2016 on Amazon. And according to Amazon, the book is:
#1 Best Sellerin Political Science
Get the popcorn ready!
A shockingly frank new book from an anonymous Democratic congressman turns yet another set of conspiracy theories into consirpacy facts as he spills the beans on the ugly reality behind the scenes in Washington. While little will surprise any regular readers, the selected quotes offered by “The Confessions Of Congressman X” book cover sheet read like they were ripped from the script of House of Cards… and yet are oh so believable…
A devastating inside look at the dark side of Congress as revealed by one of its own! No wonder Congressman X wants to remain anonymous for fear of retribution. His admissions are deeply disturbing…
“Most of my colleagues are dishonest career politicians who revel in the power and…
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Oh what a stupid threat. Technical error? Is that like ministerial clean up? Get a grip dude, the only reason loans were not timely assigned is because they are merely pledged “nemo dat” to the trust until default. Meanwhile, the big boys are using the collateral in rehypothecation deals to beef up their miserable bottom lines. It ain’t no “technicality” – just like these aren’t traditional mortgage loans. These are securities transactions from the onset with no disclosure to the homeowner.
SAN FRANCISCO — The cost to obtain a home loan may go up due to a recent California Supreme Court decision that paves the way for homeowners in default to challenge the validity of their foreclosure, according to a financial industry attorney specializing in lending disputes and real estate.
The California Supreme Court ruled earlier this year in Yvanova v. New Century Mortgage Corporation that “a home loan borrower has standing to claim a non-judicial foreclosure was wrongful” if the foreclosing party does not have the authority to order a trustee‘s sale.
In 2006, New Century granted Tsvetana Yvanova a $483,000 mortgage. The lender went bankrupt the following year. New Century is said to have pooled, securitized and transferred Yvanova’s mortgage to trustee Western Progressive in 2011. Yvanova subsequently defaulted on her loan, and Western Progressive auctioned her home in 2012.
Yvanova’s lawsuit argues the foreclosure was illegal and void…
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Are we ready to invent the new Monopoly game? Can’t you just picture it? Instead of Boardwalk and Park Place we get Chase and BofA; Connecticut, Vermont and Oriental Avenues become AHMSI, Homeward Residential and Ocwen. There’d be a lot more get out of jail free cards and Community Chest would become Office of Controller of Currency and Chance would be Federal Reserve. Yeah, I can envision the entire game – how many times can we bankrupt them?!
All of this is painfully true.
Chapter 11 is reorganization – much like modification of a loan. Chapter 7 is liquidation and dumping debt. Emerging from Chapter 11 is remarkable in an of itself, because most companies get pushed into Chapter 7 by their [stupid] creditors. It is better to reorganize the debt than to dump it – because forcing someone into Chapter 7 pays the creditors little to nothing even if there is money in the estate – because as everyone in the bankruptcy realm knows, the bankruptcy trustee, his attorneys and the administration get paid first and they usually fee crank all the money out of the debtor’s estate.
In re LJBV Ltd., 544 B.R. 401 (Bankr. N.D. Ill 2016) –
The debtor filed a Chapter 11 case immediately after a receiver was appointed in a state foreclosure proceeding. The mortgagee filed a motion to dismiss the bankruptcy case for cause.
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Watch out Vladimir – Gaddafi called them out too after GS sucked $1.3 Billion out of his account…and look what happened to him.
Russian President Vladimir Putin labeled media reports surrounding the Panama Papers as “provocation” on Thursday and effectively pointed the finger at U.S. investment bank Goldman Sachs.
Vladimir Putin launched his fourteenth annual citizen call-in session as Russian president on Thursday, just months ahead of a key parliamentary elections that will test support for the leader’s party.
The much-reported Panama Papers revelations came up within the second hour of questions. Putin didn’t question their validity, but he said that Seuddeutsche Zeitung – a German newspaper that was heavily involved with the reporting – was obligated to Goldman Sachs. Both Goldman Sachs and Seuddeutsche Zeitung were not immediately available for comment when contacted by CNBC.
