Foreclosure Fight Heads To The Courts Where Judges Are Finally Respecting The Law
In this clip, Chris Whalen says JPMorgan (nyse: JPM) has some of the best paperwork out there, while Bank of America (nyse:BAC) is a nightmare.
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Foreclosure Battle Lines - NYT
Katherine M. Porter, a visiting law professor at and an expert on consumer credit law, said that lenders were wrong to minimize problems with the legal documentation.
“The misbehavior is clear: they lied to the courts,” she said. “The fact that they are saying no one was harmed, they are missing the point. They did actual harm to the court system, to the rule of law. We don’t say, ‘You can perjure yourself on the stand because the jury will come to the right verdict anyway.’ That’s what they are saying.”
Banks “have essentially sidestepped 400 years of property law in the United States,” said Rebel A. Cole, a professor of finance and real estate at . “There are so many questionable aspects to this thing it’s scary.”
“This is ultimately going to have to be resolved by the 50 state supreme courts who have jurisdiction for property law,” Professor Cole predicted.
He also said that lenders “seem to adopt the attitude that since they have been doing this for so long, unchallenged, this practice equates with legal compliance.” Now that their practices were “put to the test, their weak legal arguments compel the court to stop them at the gate,” the judge ruled.
“We cannot allow the courts in New York State to stand by idly and be party to what we now know is a deeply flawed process, especially when that process involves basic human needs — such as a family home — during this period of economic crisis,” Judge Lippman said in a statement.
For example, Frederick B. Tygart, a circuit court judge overseeing a foreclosure case in Duval County, Fla., recently ruled that agents representing relied on documents that “must have been counterfeited.” He stopped the foreclosure. Deutsche Bank had no comment on Wednesday.
“Everybody knows the banks screwed up and loaned out money to people who couldn’t pay it back,” she said. “Why are people surprised that they don’t know what they are doing here either?”
Per ususal, check in comments below for related links.
Oct 23, 2010 at 4:23 AM
Reader Comments (20)
http://beforeitsnews.com/story/150/999/
http://www.alternet.org/story/148571/france_shut-down_over_retirement_age_battle
Retirement age from 60 to 62 and full pension age from 65 to 67? Nobody bats an eye when John Boehner wants to raise it to 70 here.
http://blog.reidreport.com/2010/06/boehner-echoes-rubio-raise-retirement-age-to-70-kill-financial-reform/
Generous congressional retirement benefits are turning former lawmakers into pension millionaires. With 35 senators and representatives having announced their retirement this term, Congress will soon be creating "pension millionaires" at a rapidly accelerating clip.
Benefits payments for some 400 retired members of Congress cost taxpayers about $20 million annually.
Yet they only need 5 years to be eligible to draw a retirement. When Pat Schroeder retires at the end of the year, she will have accumulated lifetime pension benefits of $4.18 million, according to an estimate by the National Taxpayers Union Foundation, as one example.
The minimum retirement age for them is 50 I might add.
The time is now to discourage career politics and encourage would-be citizen legislators to save our nation.
As for the eventual mushroom cloud of foreclosure litigation, it's interesting that no federal court of appeals has ruled on the banks' lack of standing to foreclose. Not that I could find anyway, for example...
http://scholar.google.com/scholar_case?about=938737983544632292&hl=en&as_sdt=800002
In any event, it'll be interesting to track the shitstorm as it completely envelopes the TBTF banks.
"Here we go: Proof positive that those securitizing certain mortgage loans knew that certain of the loans would default, when they would default and covered the realized loss ahead of time"
http://foreclosuredefensenationwide.com/?p=301
I take it you saw what Max Keiser said about Americans and protests...
http://www.youtube.com/watch?v=bpJap5Uj6ak
Those comments are messed up, When did the French become free? We helped them be free twice, and left fields of dead Americans buried over there to give their country back to them from the Germans.
There are 26,255 American dead from World War I buried in 4 cemeteries in France.
There are 30,426 American dead from World War II buried in 6 cemeteries in France.
Then the French turned around and became Socialists. I do have a good slightly used French rifle though, never fired, dropped once.
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This made me laugh.
To be fair, though, the French suffered c 60-85K KIA in the space of about a month when Hitler invaded. After the Maginot Line was outflanked and Italy invaded from the south, they were done for.
And we can never forget that it was the French that helped us out during the Revolution.
I blame socialism and the hubris of central planners, not the French themselves.
We paid them back twice for their aid, besides, if they had not dropped their rifles they might have held out longer. They did choose Socialism, and yes, it is a very nice rifle.
What have they done for us since then besides be a pain in the ass.
I don't like them ether!
Out of control Capitalism is no better than Socialism or Communism. They are all easily corrupted systems, followed by the erosion of the quality of life of the majority of their citizens while the elite members live like kings.
Look at the old Soviet Union!
Look at the French!
Hell look at us!
Voting machines do whatever they want, how you vote is meaningless.
http://www.kickthemallout.com/article.php/Video-Hacking_Democracy
The video is long, but check it out, it is very enlightening, Ohio was at the center of this. Thanks T. Dar.
http://www.blackboxvoting.org/
Do they really think they can keep this bullsh*t up?
For a long time I have been thinking we've had it. But! I am beginning to see some
positive signs. It could be just the little towns around where I live, but I don't think so.
The eyes great unwashed ( as those pompous buffoons in Congress refer us ) are beginning to open and see the rape of our country and our people, the propaganda and lies that have fouled our ears are becoming whispers and we hear clearly the voices of tyranny that now stalk our land. The American People are waking up and beginning to realize, The biggest threats to our way of life and our freedom may not be from outside of our boarders but from within our own government. And we don't like it.
Maybe the machines really are an ace in the hole, as they appear to be.
Thank you for watching.
http://www.infoplease.com/ipa/A0781453.html
"The eyes great unwashed ( as those pompous buffoons in Congress refer us )"
We have also been called useless eaters.
“Power is the ultimate aphrodisiac,” and “The elderly are useless eaters”
Dr. Henry Kissinger (R)
“If I were reincarnated I would wish to be returned to earth as a killer virus to lower human population levels.”
Prince Phillip, Queen Elizabeth’s husband, Duke of Edinburgh, leader of the World Wildlife Fund
The illegal we do immediately. The unconstitutional takes a little longer.
Dr. Henry Kissinger New York Times, Oct. 28, 1973
Probably a good thing the Queen kept him on a short leash. Sounds like the Duke might be into W.M.D.'s and genocide if he had any real power.
I guess we shall find out Tuesday if things are actually going to improve or if the elite's pushed the flush handle and we're headed down the drain.
http://isteve.blogspot.com/
Steve Sailer
When I met Barack Obama, in our first year of law school, he had already put on his big-time politician act. He just didn't quite have it polished, and he hadn't figured out that he needed charm and humor to round out the confidence and intelligence. One of our classmates once famously noted that you could judge just how pretentious someone's remarks in class were by how high they ranked on the "Obamanometer," a term that lasted far longer than our time at law school. Obama didn't just share in class - he pontificated. He knew better than everyone else in the room, including the teachers. Or maybe even he knew he didn't know, but knew that the leader of the free world had to be able to convince others that he did. Looking back now I can see that he had already decided that he was a future president, and he was working hard at filling that suit.
http://en.wikipedia.org/wiki/Steve_Sailer
http://sailerfraud.blogspot.com/2010/02/american-renaissance-is-terrorist-group.html
This is why I asked if some were yours...