Somebody is finally catching on.
Field v. Bank of America, N.A. (In re Gibbs), 522 B.R. 282 (Bankr. D. Hawaii 2014) –
A bankruptcy trustee sued a mortgage lender to recover for defects in a prepetition non-judicial foreclosure sale. The lender brought a motion to dismiss for failure to state a claim. The primary focus of the court was on claims under the state Unfair and Deceptive Acts or Trade Practices (UDAP) law.
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Over 600 pretender lenders have disappeared. Alien bank abductions?
For those of you that follow and study economics – this is an excellent source to help balance your knowledge.
Thanks Justice League for the heads up.
Just tell me why no one realizes we were all treated like minorities and targeted as the majority of homeowners remain duped?! Just take a look at a couple of Wells Fargo patents.
Thousands of victims — many of them working-class Haitian Americans from South Florida — are one step closer to receiving restitution for a Ponzi scheme that bilked them out of at least $30 million.
A federal judge on Friday approved the terms of a $3.175 million settlement between Wells Fargo Bank and a receiver appointed by the U.S. Securities and Exchange Commission to run the companies once owned by convicted scammer George Theodule.
As people wake up it’s important to keep these stories in the light.
| Court: California Court of Appeal Docket: G050294 | Opinion Date: April 29, 2015 |
| Areas of Law: Civil Procedure, Real Estate & Property Law |
At issue in this case were allegations of a wrongful foreclosure and related causes of action. Plaintiff John Miles appealed a judgment dismissing his breach of contract, fraud, and negligent misrepresentation causes of action pursuant to a sustained demurrer, and a summary judgment in favor of defendants banks on the wrongful foreclosure cause of action. With respect to the demurred causes of action, the Court of Appeal reversed: after review of the record, the Court found no explanation for the trial court’s ruling. Based on its independent review of the complaint, the Court of Appeal concluded plaintiff adequately stated his claims. With respect to the wrongful foreclosure cause of action, the Court also reversed: the trial court granted summary judgment on the sole basis…
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“The progress has been totally unfocused and insufficient. ” Including the Courts!
Anat Admati, who teaches finance and economics at the Stanford Graduate School of Business, is co-author of The Bankers’ New Clothes, a classic account of the problem of Too Big to Fail banks. On May 6th she will address the “Finance and Society” conference sponsored by the Institute for New Economic Thinking, featuring influential women who have challenged the status quo, like Federal Reserve Chair Janet Yellen, IMF Managing Director Christine LaGarde, and Senator Elizabeth Warren. Admati will join Brooksley Born, former chair of Chair of the Commodities Futures Trading Commission, to discuss how effective financial regulation can make the system work better for society. Seven years after financial hell broke loose, Admati warns that we are far from fixing a bloated and dangerous financial system – and that the system can’t fix itself. Why should you care? This gigantic house of cards could fall on you.
Lynn Parramore: How…
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New York law gives investors who say they were duped into buying flawed mortgage bonds six years to sue. But does the clock start ticking on the day the bonds were packaged or after problems with the loans came to light?
On Thursday, New York’s highest court confronted that question as it considered an appeal by investors seeking to force a Deutsche Bank AG unit to buy back bad loans packaged into securities before the financial crisis. The eventual ruling by the state Court of Appeals could open the door to many more such cases if the investors’ trustee prevails.
Paul Clement, a lawyer for the trustee, told the court that the six-year statute of limitations begins to run only after the flaws are discovered — and not, as the bank argued, when the bonds were packaged and sold years earlier.
“This is a contract that extends for 30 years,”…
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…but they didn’t screw over any homeowners, right? Just rigged trillion$ in other ventures…but not mortgages, right? Oh, give me a break! Judicial incompetence / Judicially unbalanced.
Law360, Los Angeles (April 29, 2015, 8:27 PM ET) — Bank of America Corp. will pay $180 million to settle claims in an antitrust class action alleging it was part of a conspiracy to rig the approximately $5 trillion-per-day foreign exchange market, according to a Wednesday securities filing.
The Charlotte, North Carolina-based bank said in a 10-Q form that it would use its existing reserves to cover the cost of settling the suit and that the deal is subject to court approval. Bank of America announced the settlement on Apr. 16 but didn’t disclose the amount…
Source: Law360
Deadly Clear 