New York law was properly applied to plaintiff’s claims when parties seemed to agree, by both arguing New York law in their briefs, that New York law governed.
Hannex Corp. v. GMI, Inc., 140 F.3d 194 (2nd Cir. 1998)
I LOVE NEW YORK LAW!
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“Bankruptcy court corruption is not just a matter of bankruptcy trustees in collusion with corrupt bankruptcy judges.” — AG John Ashcroft
By Sydney Sullivan
Every day I hear more stories about alleged corruption in the courts, not only when it comes to foreclosures, but also bankruptcy – especially when families are trying to protect their homes. It is more than obvious that the system is flawed.
Judges are not necessarily adept, specifically educated or predisposed to this new form of securitization…these quasi-securities called NTMs (nontraditional mortgages). Nor are they willing to risk their investment portfolios and mutual funds to protect the average citizens in America. Continue reading
Sense on Cents: Message for Tim Geithner On the Release of Stress Test
By Larry Doyle
Dear Tim,
Congratulations on the release of your book. I assure you that I will read it and review it here at my blog.
Given your positions formerly as head of the New York Federal Reserve and Secretary of Treasury, you will certainly receive enormous media attention and exposure in touting your book and your take on dealing with the crisis of 2008. To wit, I see just this morning that The Wall Street Journal is running your editorial entitled The Paradox of Financial Crises.
Tim, let’s cut the bull$hit. Continue reading
Exclusive: NY Judge in Largest Bankruptcy Case in History Receives IRS & SEC Whistleblower Filing
Wow!
Massive new fraud coverup: How banks are pillaging homes — while the government watches
Massive new fraud coverup: How banks are pillaging homes — while the government watches
Great reporting by David Dayen…
Joseph and Mary Romero of Chimayo, N.M., found that their mortgage note was assigned to the Bank of New York three months after the same bank filed a foreclosure complaint against them; in other words, Bank of New York didn’t own the loan when they tried to foreclose on it.
Glenn and Ann Holden of Akron, Ohio, faced foreclosure from Deutsche Bank, but the company filed two different versions of the note at court, each bearing a stamp affirming it as the “true and accurate copy.”
Mary McCulley of Bozeman, Mont., had her loan changed by U.S. Bank without her knowledge, from a $300,000 30-year loan to a $200,000 loan due in 18 months, and in documents submitted to the court, U.S. Bank included four separate loan applications with different terms.
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MERS Can’t Kill Pa. Deed Recorders’ Class Action
Does anybody really still believe it was all about the recording fees?! What a joke! It was all about securitization and skirting UETA safe harbor clauses.
MERS Can’t Kill Pa. Deed Recorders’ Class Action
Law360, Philadelphia (April 22, 2014, 7:02 PM ET) — A Pennsylvania federal judge on Monday upheld the constitutionality of a statute requiring the registration of deeds, in a ruling that keeps alive a class action brought by Pennsylvania counties alleging that Mortgage Electronic Registration Systems Inc. violated the law.
U.S. District Judge J. Curtis Joyner ruled in favor of the counties’ deed recorders, rejecting MERS’ claims that the state law that obligates it to record all mortgage assignments with county deed offices and to pay the attendant recording fees was too vague.
Sense on Cents Discovers More Documents Denoting TBTF Damage Awareness During Clinton Era
No President wants the economy to crash on his watch. This is like playing musical chairs or passing the Hot Potato(e) – when the music finally stops who will be taking us down?
Clinton Presidential Documents c.1998: “Who’s on First?”
By Larry Doyle
Every now and then I come across a document or statement that simply stops me in my tracks. In the process of pondering the weight and importance of the embedded message, I am typically left totally aghast.
Today I had one of those experiences as I continued to review the treasure trove of material in the recently released documents from the Clinton Presidential Library. From a document covering the work of the Council of Economic Advisers, I almost spilled my coffee when I read the following: Continue reading
Only 3 days to destroy the world’s economy. Clinton Presidential Documents on Glass-Steagall Repeal Reveal: No Good Reason For Doing This
By Larry Doyle – Sense on Cents
I do not think there is any single piece of legislation in the last 50 years that has had such a profoundly detrimental impact on the American public than the repeal of the Glass-Steagall Act separating commercial and investment banking.
That repeal is certainly not the sole factor that led to the economic crisis of 2008 and the ongoing pain we experience today, but it was certainly critical to the eventual meltdown. There is no great revelation in that assessment. Continue reading
Don’t Admit the Default
Amen Neil! You are so right. These trusts are winding down and they are (in many cases) being paid.
Kudos again to Jim Macklin for sitting in for me last night. Excellent job — but don’t get too comfortable in my chair :). Lots of stuff in another mini-seminar packed into 28 minutes of talk.
A big point made by the attorney guest Charles Marshall, with which I obviously agree, is don’t admit the default in a foreclosure unless that is really what you mean to do. I have been saying for 8 years that lawyers and pro se litigants and Petitioners in bankruptcy proceedings have been cutting their own throats by stating outright or implying that the default exists. It probably doesn’t exist, even though it SEEMS like it MUST exist since the borrower stopped paying.
There is not a default just because a borrower stops paying. The default occurs when the CREDITOR DOESN’T GET PAID. Until the false game of “securitization started” there was no difference between…
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U.S. Regulators Examining Departures at Mortgage Registry MERS
U.S. Regulators Examining Departures at Mortgage Registry MERS
As the rest of the housing industry recovers, a little-known firm with a key role in U.S. mortgage finance remains stuck in limbo, wrestling with regulators, lawsuits and the departures of senior employees.
The turbulence feeds uncertainty about the fate of Mortgage Electronic Registrations Systems Inc., or MERS, which documents the ownership and resale of about half of U.S. home loans. A breakdown could force clients such as Fannie Mae (FNMA) and Bank of America Corp. to make costly changes to their loan businesses.
Management hasn’t completed fixes promised in a broad 2011 U.S. settlement designed to stop foreclosure abuses, according to two people briefed on MERS’ operations. Regulators rejected one of the firm’s consultants as unqualified and are examining why four employees hired to help with reforms — including the chief legal officer — recently quit, said the people…
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Deadly Clear 