EDITOR’S COMMENT: Perhaps 4% are valid foreclosures on valid mortgages. The rest is simply a process of sucking on the taxpayer’s will and other things, stealing from what had been the middle class and government policy of maintaining a patently illegal process with disastrous economic and legal results that will take decades to fix.
LPS: Over 4.3 million loans 90+ days or in foreclosure
by CalculatedRisk on 11/02/2010 12:35:00 PM
LPS Applied Analytics released their September Mortgage Performance data today. According to LPS:
• The average number of days delinquent for loans in foreclosure is now 484 days
• In five judicial states (NY, FL, NJ, HI and ME), the average exceeds 500 days
• Over 4.3 million loans are 90 days or more delinquent or in foreclosure
• New problem loans (60+ days delinquent) are back on the rise
Click on graph for larger image in new window.
This graph provided by LPS Applied Analytics shows the percent delinquent, percent in foreclosure, and total non-current mortgages.
According to LPS, 9.27 percent of mortgages are delinquent, and another 3.84 are in the foreclosure process for a total of 13.11 percent. It breaks down as:
• 2.64 million loans less than 90 days delinquent.
• 2.32 million loans 90+ days delinquent.
• 2.05 million loans in foreclosure process.
For a total of 7.02 million loans delinquent or in foreclosure.
This is similar to the quarterly data from the Mortgage Bankers Association.
Posted by CalculatedRisk on 11/02/2010 12:35:00 PM
Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud |
Finding Goods In Operation Materials
To mortgagelies; your response assumes that I have abanboned this property when there has never been an abandoment. What this company does is falsely claim this for some sort of abanoment clause that is something maybe in Fla law. Is is not effective here in Mass. The town states that no one can claim your property be steping in to pay the tax bill or your insurance, they consider this a gift to the homeowner. There is no law in the county of abandoment by claim. Maybe this is something Fla has been dealing with but it is not legal here in Mass. LPS is interliked with JP Morgan Chase and this is also out of Fla.
I am an account manager with Endless Fraud Detection Services in Austin Texas. We are running into the same difficulty all the time with our clients not being able to find counsel that is not only willing to take the case but is also competent enough to do so. It is so sad to see, we hand our clients the best evidence possible to win their cases and no one can find a lawyer that is capable or willing to take on the banksters. We’re even providing all the discovery work and the complaint itself, plus an expert witness certified by NAMP and NAMU! Yet we still can’t find lawyers that can and will do it. Hopefully that will change in this atmosphere. Good luck everyone…
@ Concerned,
Thank you for the reply. Maybe the attorney is right but I could not find anything on the internet saying the NODs have an expiration date.
I hope my BK attorney can even help me.
Ugh. California sucks to the 10th power! Non judicial states suck. Banks suck. Obama, Wall Street, and goverment all suck.
Thx for letting me vent.
Donna, I understand your confusion, and I for one am not buying the line that the borrower is going to face felony charges for a trumped up application under most situations.
Take mine for example….the app was taken over the phone. It wasn’t until way after the closing that I noticed the little dark box above my income stated monthly income, when the figure was actually my yearly income. A 1200% increase? Not only had I supplied two complete income tax returns for the two prior years, but I had signed an authorization for them to gain access to anything IRS on me. The broker had also put into a box that I had added a $20K deck, which resulted in a bumped up appraisal.
When I told an attorney about the monthly vs. yearly salary deal, he said the bank would turn it around on me stating that I was the one pulling the fraud. That’s absolute nonsense! App taken over the phone. Income tax returns showing true salary. I think Bill Black would convincingly argue that there’s just a wee bit of onus on the part of those with gobs-o-money to make sure they’re giving it out to viable parties, no?
I had no intention of fraud at origination,but it’s obvious that the bank did. They proved over and over again how good they were at it. The FBI reports that 80% of mortgage fraud losses occur when “industry insiders” are involved in the fraud (FBI 2007). The banks could have prevented virtually all of the serious mortgage fraud and prevented the entire crisis by using traditional underwriting practices, and thus, simply refused me a loan. End of story.
Instead, I’m heading to foreclosure after a perfectly executed equity strip, and threatened that if I bring up this blatant fraud, I face a million dollar fine and up to thirty years in prison.
How many bankers do we know of who are facing prison for the millions of frauds perped on homeowners right now? None! And the government is actually considering “legal protections” for the poor, poor bankers, to protect them from us deadbeats. Screw then all!
Kickboxer,
In CA what the BK attorney told you is also what I have been told.
Does that mean they will do a new NOD? Not necessarily. They do what they think they can get by with. (IF they are even keeping track of the NOD.)
Just because these twerps do something, there are NO guarantees that they know what they are doing or even CARE!
I think my BK attorney gave me wrong information. He said that my NOD was expired after a year and that the banks would have to file another one before they would serve me with a NOTS. Now I don’t have the 90 days that a new NOD would have given me. My home is due to be sold on 12/06. Grrrrrrr. The attorneys in this area are just not up to par.
COMMENTARY – Why is LPS still in Business? They claim homes vacant when they are not only to gain possession. That was a short investigation.
MSOLIMAN- When a receiver forecloses (what lender) they are pursuing an abandoned asset and effect a repossession. To be brutally honest it’s because YOU the title holder confused the debtor and indebtedness with fee title rights.
The home is awarded in receivership to the winning bid if a title holder is unwilling to claim the home. Would you ask your neighbor to modify your car loan? No. Would you then also ask them to not steal your car at auction at a time and place —if you lose it —upon alerting him that it will be bid for nothing in 10 days?
After you lose your home the asset, an REO must be reserved at up to 60% of the assets value. The house remains abandoned for that reason. I believe this is the homeowners right of redemption they will not act upon.
The home is finally signed sealed and delivered at the end of six months. For the bank AWARDED your home, for now it’s time to sit and wait.
Never, ever in time was there more opportunity to fight and win versus sit and complain. But understand, the attorney, investigator and expert who will witness can cost upwards of $35,000 to $50,000. That is the dilemma
M.Soliman
expert.witness@live.com
As submitted to the honorable Court in the above entitled matter.
PRODUCTION OF DOCUMENTS
Lending and Falsifying Borrower Income.
In the request for production if the file is alleged lost the borrower is denied any chance to verify the substance for arguments wrong income is used to qualify the acceptance requirements represented to the secondary investment.
HEREIN ARE MORE PROBLEMATIC ISSUES A CONSUMER FACES:
Falsified income will trigger an IRS inquiry into the borrowers “jump” in earnings. The increased reportable earnings are taxable at the difference. The difference in previously reported earnings places an additional tax burden on the payer having moved into a higher tax bracket.
The income that is stated is on a Federal document (Freddie Mac / Form no. 1003; HUD; Borrower application) Income used to qualify the borrower is a Federal offense where materially altering information to effect profit and illicit gains. Falsified higher gross income listed on Federal document (Form no. 1003) also merits negative consensus information used to determine public subsidies for economically hurt areas.
Borrowers who falsify income to obtain a higher loan balance that leads to unaffordability and default.
Lenders falsify income to obtain a higher loan balance to fill commitment deadlines. Therefore the lenders who falsify income to obtain a greater cash flow that leads to more revenue used to subsidize an investment using the loans as paid in capital.
Unaffordability and default can be calculated by actuarial tables and limit risk of prepayment to a manageable level using coverage offered by affordable means from overcollateralization and mortgage insurance.
The default levels experienced to date can be translated into a party’s culpability for failure to meet its obligations. The total level of default in excess of the determined customary prepayment speed (i.e. 6% of pooled asset) covered by overcollateralization is inextricably paired, to excess income and earnings manipulated against the borrowers file. If default in excess of the determined historical prepayment speed covered by overcollateralization is spread over a majority of loans the default can be at least three times higher.
In other words a 13% default rate for loan failure paired to certain files with fraud or spread over the entire pool having excess income and earnings manipulated against the borrowers file cause to realize a minimum a 7% total overvaluation of income or excess default from &% to 21% or higher. This assumes that 6% default for all loans pooled with fail for reasons other than fraud leaving a difference of 7% default due to fraud.
This example translates into a minimum of $21 million to over $60.0 million default level for a $300 million pool sold to investors. The numbers lower end will equate to something between 65 and 70 units or borrower loans having failed due again to false stated income fraud
M.Soliman
Expert.witness@live.com
25 Years Mortgage Secondary
and Capital Markets Veteran
Expert testimony provided under formal engenement with counsel in both criminal and civil cases related to mortgage banking fraud. Testimony and various engagements are primarily offered to plaintiff homeowner matters with the major cases having involved testimony and lenders defense cases.
UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF CALIFORNIA UNITED STATES OF AMERICA, Criminal Case No INFORMATION Plaintiff, Title 18, U.S.C.,Sec. 371 – Conspiracy; Title v. 18, U.S.C., Sec. 1343 – Wire Fraud; Title 18, JOHN D. GARITTAU.S.C., Sec. 1956(h) – Money Laundering Conspiracy; Title 26, U.S.C., Sec. 7201 -Income Tax Evasion; Title 18 ,U.S.C., Sec. Defendant. 1006 – False Entry; Title 18, U.S.C., Sec. 2 -Aiding and Abetting;
CALIFORNIA ATTORNEY GENREAL; THE PEOPLE V. TRI-STAR MORTGAGE – POLO FINANCIAL SERVICES, LIBERTY UNION funding, Alen Rostami Tri-Star Mortgage – Polo Financial Services, Liberty Union Funding, Alen Rostami – Criminal Case
THE COURT OF APPEAL OF THE STATE OF CALIFORNIA/Carmen Graupner Et Al., Plaintiffs and Appellants, V. Select Portfolio Servicing Et Al., Defendants and Respondents. Second Appellate District Division Seven Case no: B196401 (Los Angeles County Super. Ct. No. BC318930) Second Appellate District Division Seven
KARAN J. RUSSELL V. DEUTSCHE BANK NATIONAL TRUST COMPANY ET AL / DEUTSCHE BANK NATIONAL TRUST Company, Barclays Capital Real Estate, Quality Loan Service Corporation, Fidelity National Title CA II, Mortgage Electronic Registration Systems, Inc., New Century Mortgage Corporation and Does Case No: 2:2009cv00885/ February 5, 2009 / California Central District Court Western Division – Los Angeles Office /Los Angeles /Walter Lum
CHANCEY V. WASHINGTON MUTUAL ASSET-BACKED CERTIFICATES WMABS SERIES 2007-HE2 TRUST ISSUING ENTITY ET al Case No. 1:2010cv03007/ Filed: January 20, 2010; Court: Oregon District Court Medford Office Magistrate Judge Mark D. Clarke / Nature of Suit: Other Statutes – Economic Stabilization Act / Jury Demanded By: Plaintiff
SUNTRUST BANK V. OLEHY ET AL PLAINTIFF: SUNTRUST BANK DEFENDANTS: MATTHEW OLEHY AND LAYNNA OLEHY CASE Number: 3:2009cv03380 Filed: July 23, 2009California Northern District Court San Francisco Office County: XX US, Outside State/Magistrate Judge Edward M. Chen Contract -Negotiable Instrument: 28:1332 Diversity-Negotiable Instrument Jurisdiction: Diversity Jury Demanded By: None
Why is LPS still in Bussiness? They claim homes vacant when they are not only to gain possesion. That was a short investigation.
Kickboxer they can get away with what ever they want.
According to the law in Colorado a Hedge fund wealth manager can allegedly hit and run and get away with it.
http://www.huffingtonpost.com/2010/11/08/martin-erzinger-morgan-stanley-hit-and-run-_n_780294.html
I should have mentioned in my earlier post, a NOD was filed back in May 2009 but an attorney told me that they expire after a year and the bank would have to file another one before foreclosure could proceed. Maybe he was wrong? If he is right, then the NOD would have expired in May 2010.
Also, I was told just last week that I was still being reviewed for a loan mod and there was no sales date on our home. Grrrrrrr…
Screw you BofA. Bring it if you can!!!!
Could the banks sell my property without first filing a NOD?
My dogs were barking and when I opened my door, there was a Notice of Trustee Sale (Reconstrust AKA BofA) taped to my front door. Funny thing is that there is no NOD or any other document filed with our county.
My sales date is supposedly scheduled for 12/06/2010.
CHASE still feed LPS with : make your Appraisal by LPS and pay them . I never did it , because I know I will be under water .As long as
ZILLOW and CORELOGIC lies still exist on the Internet , nobody will be over water . My House
Estimate dropped from 8.00 am to 7 pm = $ 21,000.00 by CORELOGIC . I send it to the AG , let him figure out , how that could be. CORELOGIC smells something , that is why the split from First American in July .
The only question is , when CHASE and other wake up ,and find out that the AVM really was BS .
Second Question : WHO will make the money in the
auction ?? after that , the house come back over water.
← Older posts
Karl Denninger in Foreclosuregate…Here Come The Depositions
Posted on November 8, 2010 by Foreclosureblues
osted 2010-11-08 11:58
by Karl Denninger
in Foreclosuregate
Here Come The Depositions
Gee, there’s nothing wrong here with this sort of signing of documents, right?
About 30 minutes worth….. repeated admissions that she’s signing as a “witness”, but she never actually witnesses anything – she’s signing documents as a witness that she never witnessed. (10:00, roughly, first video, and right in the front of the second video, and well into it….)
Naw, there’s nothing wrong with submitting hundreds (thousands?) of documents to a court in which you claim to have witnessed a signature when you really didn’t……
It’s also ok that a person who has such limited knowledge of the English language that they do not understand what the words “For good and valuable consideration” means when signing as a witness. Or, for that matter, what the words “effective date” mean. Yes, really (~4:00 to 5:30, second video.)
It’s also ok that this person’s signature has been scanned into a computer and used as if an original?
It’s ok to testify that you never sign as a “Vice President”, then you’re shown a document where you have indeed signed as a Vice President…. of course, the problem here is that she doesn’t understand and read enough English to know what she’s doing – she’s simply been paid to sign her name anywhere it appears. (~7:00 into the second video)
This is what passes for due process of law in this country. These are “technical deficiencies” in paperwork.
We don’t actually have companies exploiting immigrants to this nation who have extremely-limited understanding and comprehension of the English language to utter documents attesting to false facts, right?
This most-certainly is not evidence of an organized conspiracy to defraud the courts, defraud the people, and steal homes, right?
How much more of this crap will we tolerate America?
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Is An ATM Cash Shortage Coming?
Posted on November 8, 2010 by Foreclosureblues
Is An ATM Cash Shortage Coming?
Today, November 08, 2010, 34 minutes ago | Tyler DurdenGo to full article
While we have no way to confirm or refute the validity of this statement presented by a supposed ATM business insider on Steve Quayle.com, it does bring up an interesting point regarding how banks may be conserving “petty cash.” Of course, if this perspective is true, it validates concerns about bank capitalization, and explains the reason why the FDIC recently expanded insurance on checking accounts from $250,000 to infinity in an attempt to get Americans to put their money in their friendly naighborhood bank. Of course, that this contradicts everything that the Fed Chairman is trying to do by getting Americans to spend (or buy Netflix at a 1,000 P/E) instead of putting the money in the bank, is precisely the reason why Sheila Bair’s relationship with Geithner and Bernanke is, shall we say, tenuous.
From Steve Quayle:
“George, I work with a business partner in the [region redacted] . We have combined between us 180 ATM machines that we service, Cash Load. In order to do this we NEED to order the money, 20′s only from several banks on a weekly basis. This is a considerable amount weekly, 380k plus. Here is the interesting piece that is developing: In the past several weeks 4 of the MAJOR banks have informed us that they can no longer provide us with the cash for our business. Now the problem is that it is OUR money we are taking out!
So speaking with bank “personnel” on the side my question was this, what is going on? how come we cannot take OUR money out? Answer: “they” are not authorized to hold, carry or have on hand anymore more than a certain amount of cash on hand! The amount we are getting, even though it is out of our account, they cannot order or have on hand that amount of cash at any time now. I am not talking small banks…large banks [large money center bank in America name redacted] etc…!
We can see our ability to keep these machines with available cash is becoming more and more difficult. This has taken place just in the past few weeks. By the way, these banks were willing to lose our full business due to this issue. Trying to work with smaller banks now…we will see how long!”
h/t Kyle
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ATTORNEY…How Loan Modifications Cause Foreclosure
Posted on November 8, 2010 by Foreclosureblues
How Loan Modifications Cause Foreclosure
Today, November 08, 2010, 12 minutes ago | Mark StopaGo to full article
It’s bad enough that the loan modification process is not helping homeowners as intended, a failure I’ve reported in this blog many times. Unfortunately, it’s even worse than that. As numerous media outlets are now reporting, and as I’ve seen in my daily practice as a foreclosure defense attorney in Florida, temporary loan modifications often *cause* a homeowner who was otherwise not behind on mortgage payments to go into foreclosure.
The New York Times has a real-life story, but here’s the simplified version:
The homeowner is making monthly mortgage payments as required, but finances are tight. The homeowner asks the bank for a loan modification. The bank says it needs to review the homeowner’s financial information to make a decision, but agrees to a temporary modification while the application is being reviewed. The homeowner’s payments are temporarily reduced from $1,500/month to $1,000, pending the review process, which the bank says should take a couple of months. The homeowner diligently makes the $1,000 payments each month and anxiously awaits approval on the permanent modification. The process seems simple enough, so the homeowner is optimistic.
Two months turn into six, then eight, then ten. The homeowner keep making the required $1,000/month payments, never imagining it would drag on this long. The homeowner keeps calling, and the bank keeps saying the permanent modification is being reviewed. Then, bam. The bank rejects the permanent modification, without explanation (or a flimsy explanation that shouldn’t have taken 10 months to disclose). But instead of telling the homeowner to resume the $1,500/month payments, the bank requires the homeowner pay all of the arrearages. In other words, the $500/month that the homeowner didn’t have to pay while the modification was being reviewed – those monies need to be paid, all at once, in one lump-sum, plus interest, late fees, attorneys’ fees, etc. When the homeowner can’t/doesn’t pay that $7,500 lump sum (10 months x $500/month = $5,000, plus $2,500 estimated interest, late fees, etc.), the bank pursues foreclosure.
This sounds impossible to believe, but this phenemonon is happening to homeowners all across the country. Please, don’t fall prey to such “gotcha” tactics.” Retain a foreclosure defense attorney to assist you through this process.
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SEC Probes Citigroup Bond Funds
Posted on November 8, 2010 by Foreclosureblues
SEC Probes Citigroup Bond Funds
Today, November 08, 2010, 4 hours ago | Hugh CollinsGo to full article
The SEC subpoenaed several former in-house brokers as part of an investigation of Citigroup (C) debt funds.
The funds in question borrowed heavily and invested in mortgage bonds and municipal bonds, The Wall Street Journal said without naming its sources. The funds’ value slumped by as much as 77% during the financial crisis, leading Citigroup to offer share buybacks that would reduce investor…Continue reading SEC Probes Citigroup Bond Funds
SEC Probes Citigroup Bond Funds originally appeared on DailyFinance on Mon, 08 Nov 2010 07:19:00.
Filed Under: Company News, Citigroup, Market News
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Ohio GMAC Foreclosure Case May Set Anti-Wall Street Precedent…BLOOMBERG
Posted on November 8, 2010 by Foreclosureblues
Ohio GMAC Foreclosure Case May Set Anti-Wall Street Precedent
By Michael Riley – Nov 7, 2010 11:00 PM CT Mon Nov 08 05:00:01 GMT 2010
Ohio GMAC Foreclosure Case May Set a Precedent
The office complex of GMAC Mortgage. Photographer: Bradley C. Bower/Bloomberg
When James Renfro had to stop making payments on his two-story fixer-upper in Parma, Ohio, a suburb of Cleveland, he triggered events that were supposed to result in the forced sale of his home.
That Nov. 15 auction has been canceled because of defects in documents submitted by his loan servicer, Ally Financial Inc.’s GMAC Mortgage unit. Two affidavits about Renfro’s home were signed by Jeffrey Stephan, a GMAC employee who said in sworn depositions in Florida and Maine that he hadn’t read thousands of affidavits he’d signed.
Renfro’s case has created a showdown between GMAC and Ohio’s Attorney General Richard Cordray. Cordray has asked Cuyahoga County Court of Common Pleas Judge Nancy Russo not to let GMAC simply submit new documents to cure defects without consequences. He’s taken the same stand against Wells Fargo & Co., which has said it found defects in 55,000 foreclosures.
“This is just the first,” said Cordray, who has filed an amicus or friend-of-the-court brief in the Renfro case. The judge will consider Cordray’s views today in Cleveland. Cordray will ask Russo to punish GMAC, the fourth-largest U.S. mortgage lender, for its conduct, he said in an interview.
The precedent set by the case might hasten a settlement between home lenders and the attorneys general of the 50 U.S. states, who are investigating allegations of fraud in foreclosure filings. Those being probed include San-Francisco- based Wells Fargo, which has said it will re-file foreclosure affidavits involving statements that “did not strictly adhere to the required procedures.”
Thousands of Cases
In potentially thousands of cases across the U.S., judges have the power to impose “sanctions, penalties, fines and even default,” as the banks try to submit substitute paperwork to proceed with flawed foreclosures, Cordray said.
“The banks want to wish this away and pretend like it doesn’t exist,” he said.
Detroit-based Ally briefly suspended foreclosures in all 50 states in September. After a review, the company began reinstating proceedings in cases it said didn’t involve errors.
“The underlying facts of default in this case are not in dispute,” Jim Olecki, a spokesman for Ally, said of the foreclosure of Renfro’s home. “We only pursued foreclosure after all other home preservation options had been exhausted.”
Ally disputes assertions Cordray made in his amicus brief in the Renfro case.
“To date, we have found no evidence of any inappropriate foreclosures,” Olecki said.
Wells Fargo’s View
Tom Goyda, a spokesman for Wells Fargo, said the lender would go ahead with plans to re-submit thousands of affidavits in cases nationwide, including Ohio. When judges seek information on documents already filed, “we will work with them to meet their concerns,” Goyda said.
The 50-state investigation is focused on uncovering the scope of tainted foreclosures, including how many so-called robo-signers processed documents they didn’t review, Cordray said. So far, investigators have identified “double figures of robo-signers” working on behalf of lenders such as JPMorgan Chase & Co. and Bank of America Corp., he said.
Such banks are conducting their own reviews to spot errors and determine how many cases with defects are involved. GMAC’s Stephan testified to signing as many as 10,000 documents a month. New York-based JPMorgan initially suspended foreclosures in 23 states affecting 56,000 cases to review potentially faulty documents.
Among the least appealing scenarios for the lenders is that affected cases will have to be examined, like the Renfro case, in individual courtrooms across the country, with the possibility of thousands of judges deposing robo-signers and other loan processing officials.
‘Irregularities’
GMAC said in a filing withdrawing the sale of Renfro’s four-bedroom home from auction that “verification irregularities may have occurred.” Judge Russo said in an interview that until hearing the evidence, she has no way of telling whether the documents represent an error, negligence, or fraud, and that other judges will have to make the same time- consuming inquiries.
“If Ohio has 10,000 of these cases, there should be 10,000 hearings,” Russo said. “I’m sympathetic to the fact that it’s onerous for the lenders, but I still have to do my job.”
The judge said she will hear arguments related to the integrity of the documents and may decide to allow depositions of individuals who signed affidavits in the case at a subsequent hearing. If she determines the circumstances rise to the level of fraud, GMAC could be found in contempt of court, Russo said.
“You’ll probably have different resolutions in different cases from different judges,” she said. “This is not going to be solved in a couple of months. The long-term effects are phenomenal.”
Russo’s Court
Russo’s court on the 18th floor of Cleveland’s sprawling Justice Center has been inundated with foreclosures as the city’s declining economy was exacerbated by the subprime mortgage crisis. A projected 12,553 foreclosures will be filed in surrounding Cuyahoga County in 2010, the most of any county in Ohio.
One of those cases already filed involved Renfro’s house on Klusner Avenue, which he purchased in 2005 for $114,900. An affidavit in support of a summary judgment motion to authorize foreclosure was done by Stephan, who is identified as a limited signing officer for GMAC Mortgage LLC.
Five Months Behind
Renfro had fallen five months behind in his payments by the time GMAC, the loan servicer for U.S. Bancorp, moved for foreclosure early this year, he said. An effort to reach a settlement with the lender failed because of Renfro’s high credit-card and other debt, and his $22,000 a year salary as an auto mechanic, according to Harold Williams, Renfro’s lawyer, an attorney for the Legal Aid Society of Cleveland.
“Once you get so far down, it’s such a struggle to get back up,” said Renfro, 36, who lives in the house with his girlfriend, step-son and seven-year-old daughter, who is deaf.
The nearby school is one of only two in the metro area that can provide Renfro’s daughter with a sign-language translator during the school day, he said.
“It’s quiet,” said Renfro, who is following the GMAC- Cordray battle in Russo’s court. “If something finally goes my way, it will be such a relief. There’s a park at the end of the street. I wanted a safe sidewalk so she could ride her bike. Normal, typical things, I guess. I’m just trying to get back on track.”
New Guidelines
Judges in Russo’s jurisdiction last week drafted new guidelines for dealing with robo-signers, following similar efforts in states such as New York. Under the new rules, attorneys for lenders would have to sign an affidavit swearing that they have communicated with a representative of the party seeking foreclosure and have been informed that an official “has personally reviewed the documents and records relating to this case,” according to a draft copy.
The policy will apply to pending cases, and an affidavit will have to be signed before a judgment is entered, said Stephen M. Bucha, the chief magistrate.
“The hope is that will preclude any robo-signing in the future, so that we don’t see a repeat of the problem,” Bucha said.
Bucha and other Cuyahoga County judges said they fear document foreclosure defects may give former homeowners a claim on the title that will affect future sales. That scenario fuels Judge Russo’s sense of urgency to sort out problems now, she said.
“If courts around the country do not handle this on an individual case basis and there are later problems with the title, the courts will have participated with the clouding of the title,” Russo said. “The potential for harm is so immense at so many levels.”
The case is U.S. Bank National Association v. Renfro, 10- 716322, Ohio Court of Common Pleas for Cuyahoga County (Cleveland).
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ST. LOUIS PAYDAY LENDER ATTORNEY ROBOSIGNED DEFAULT JUDGEMENTS…PUNITIVE DAMAGES SOUGHT
Posted on November 8, 2010 by Foreclosureblues
Punitive Damages Sought From Payday Lender
By JOE HARRIS
ShareThis
CLAYTON, Mo. (CN) – World Acceptance Corp. conspired with an attorney and a notary to get fraudulent default judgments against borrowers, a class action claims in St. Louis County Court. The class claims World Acceptance, which has more than 1,000 outlets, provided attorney Steven Mandlman with generic loan verification pages, signed by a World Acceptance branch manager, which Mandlman photocopied en masse for notary Lori Swanson to sign and notarize.
The class adds that World Acceptance operates its 1,005 retail locations in 11 states and Mexico, and that “the loans carry interest rates which often exceed 150 percent. … The interest rates on the loans are considered usurious in the majority of states, except the 11 states, including Missouri, in which WAC operates.”
The complaint states: “Swanston often notarized the documents with blue ink creating the appearance that the entire document, including the employee’s signature, was original. Mandlman then attached these pages to thousands of petitions that he filed throughout the State of Missouri.”
The generic “verification pages” contained “no specific information relating to any one account or defendant,” the complaint states.
Once a default judgment was obtained, named plaintiff Rance Reed says, Mandlman served garnishments to collect the money.
“In the case of every proposed class member, the judge entering the default judgment failed to recognize that the verification contained a photocopied signature and fraudulent notarization,” the complaint states.
World Acceptance makes high-interest, short-term loans, often called payday loans. The class claims the interest rates are so high that only 11 states, including Missouri, allow World Acceptance to operate in their jurisdictions.
The class consists of all Missourians who were sued by Mandlman and World Acceptance after 2007, in which default judgments were entered after the filing of notarized photocopied verifications. The class alleged conspiracy, unjust enrichment and fraud upon the court. It seeks compensatory damages, an injunction prohibiting the defendants from collecting money through garnishments and $10 million in punitive damages. It is represented by Neil Smith
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BANKER FACING FRAUD CHARGES SERIOUSLY BEATEN IN PRISON
Posted on November 8, 2010 by Foreclosureblues
Bloodied and shackled: Controversial cricket tycoon Allen Stanford beaten up by jail inmates as he awaits trial
By Daily Mail Reporter
Last updated at 8:18 AM on 8th November 2010
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Bloodied and bruised, this is the shocking picture of cricket tycoon Allen Stanford after a beating by jail inmates.
His neck in a brace, his eye bleeding and half-closed and his head bandaged.
The final humiliation for Stanford, 60, awaiting trial accused of masterminding a $7billion fraud, was his feet and hands were shackled as he was taken to hospital.
Attacked: The tycoon sits on a hospital trolley with his neck in a brace, his eye half-shut and a bandage wrapped around his head after the assault by jail prisoners in Texas Attacked: The tycoon sits on a hospital trolley with his neck in a brace, his eye half-shut and a bandage wrapped around his head after the assault by jail prisoners in Texas
Shackled: Allen Stanford is bound hand and foot at the hospital near Houston, TexasShackled: Allen Stanford is bound hand and foot at the hospital near Houston
Once he posed with a perspex case containing $20million at Lord’s cricket ground. after being hailed as the saviour of English cricket.
But that counted for nothing at the private prison in Conroe near Houston, Texas, and the inmates sharing his cell.
‘I was on the telephone and some of the other people in the cell didn’t like it,’ he told a friend who visited him, according to the Sunday Times.
‘They said something to me and then two of them jumped me and kept punching me and kicking me in the head.
‘I lost consciousness, but at one time I came round and grabbed one of them by the leg. That just set them off a again’.
The guards burst into the cell and shackled Stanford before taking him to a hospital where he underwent an operation while still chained up.
Flirting: Allen Stanford grabs Emily Prior, wife of wicketkeeper Matt, and puts her on his lap while watching a game in Barbados with the wives and girlfriends of England’s cricketersFlirting: Allen Stanford grabs Emily Prior, wife of wicketkeeper Matt, and puts her on his lap while watching a game in Barbados with the wives and girlfriends of England’s cricketers
Million dollar man: Allen Stanford shows off the $20 million as he is joined by members of the ECB and cricket legends at Lord’s Cricket groundMillion dollar man: Allen Stanford shows off the $20 million as he is joined by members of the ECB and cricket legends at Lord’s Cricket ground
Awaiting trial: Stanford in his prison uniform and shacklesAwaiting trial: Stanford in his prison uniform and shackles
Stanford suffered fractures to his eye socket, cheek bones and severe bruising to his body.
He has lost all feeling in the right side of his face. No one has been punished for the attack and he spent three weeks in solitary confinement. before being moved to another prison.
The assault happened in October last year in a cell holding 14 other men. It was designed to hold eight inmates and at the time had no electricity, air conditioning and was in virtual darkness.
The friend claimed the inmates were ‘on edge’ with each other because of the cramped conditions.
Stanford, who faces 21 charges at his trial which begins in January, had made three requests to be moved to another prison.
His downfall began after he signed a deal with the England and Wales Cricket Board in June 2008 for five Twenty20 international matches between England and a West Indies all-star XI with a prize of $20 million.
He was caught flirting with the wives and girlfriends of England’s cricketers and was seen to grab Emma Prior, wife of wicket-keeper Matt and pull her onto his lap before putting an arm round Alistair Cook’s girlfriend.
An assessment of Stanford’s health was prepared for a court by Victor Scarano, a forensic psychiatrist.
He wrote: ‘Mr Stanford described himself as a breathing corpse with increased episodes of despair, hopelessness and helplessness’.
Read more: http://www.dailymail.co.uk/news/article-1327421/Allen-Stanford-beaten-jail-inmates-awaits-trial.html#ixzz14hovj08A
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Karl Denninger in Foreclosuregate…Here Come The Depositions
Posted on November 8, 2010 by Foreclosureblues
osted 2010-11-08 11:58
by Karl Denninger
in Foreclosuregate
Here Come The Depositions
Gee, there’s nothing wrong here with this sort of signing of documents, right?
About 30 minutes worth….. repeated admissions that she’s signing as a “witness”, but she never actually witnesses anything – she’s signing documents as a witness that she never witnessed. (10:00, roughly, first video, and right in the front of the second video, and well into it….)
Naw, there’s nothing wrong with submitting hundreds (thousands?) of documents to a court in which you claim to have witnessed a signature when you really didn’t……
It’s also ok that a person who has such limited knowledge of the English language that they do not understand what the words “For good and valuable consideration” means when signing as a witness. Or, for that matter, what the words “effective date” mean. Yes, really (~4:00 to 5:30, second video.)
It’s also ok that this person’s signature has been scanned into a computer and used as if an original?
It’s ok to testify that you never sign as a “Vice President”, then you’re shown a document where you have indeed signed as a Vice President…. of course, the problem here is that she doesn’t understand and read enough English to know what she’s doing – she’s simply been paid to sign her name anywhere it appears. (~7:00 into the second video)
This is what passes for due process of law in this country. These are “technical deficiencies” in paperwork.
We don’t actually have companies exploiting immigrants to this nation who have extremely-limited understanding and comprehension of the English language to utter documents attesting to false facts, right?
This most-certainly is not evidence of an organized conspiracy to defraud the courts, defraud the people, and steal homes, right?
How much more of this crap will we tolerate America?
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Is An ATM Cash Shortage Coming?
Posted on November 8, 2010 by Foreclosureblues
Is An ATM Cash Shortage Coming?
Today, November 08, 2010, 34 minutes ago | Tyler DurdenGo to full article
While we have no way to confirm or refute the validity of this statement presented by a supposed ATM business insider on Steve Quayle.com, it does bring up an interesting point regarding how banks may be conserving “petty cash.” Of course, if this perspective is true, it validates concerns about bank capitalization, and explains the reason why the FDIC recently expanded insurance on checking accounts from $250,000 to infinity in an attempt to get Americans to put their money in their friendly naighborhood bank. Of course, that this contradicts everything that the Fed Chairman is trying to do by getting Americans to spend (or buy Netflix at a 1,000 P/E) instead of putting the money in the bank, is precisely the reason why Sheila Bair’s relationship with Geithner and Bernanke is, shall we say, tenuous.
From Steve Quayle:
“George, I work with a business partner in the [region redacted] . We have combined between us 180 ATM machines that we service, Cash Load. In order to do this we NEED to order the money, 20′s only from several banks on a weekly basis. This is a considerable amount weekly, 380k plus. Here is the interesting piece that is developing: In the past several weeks 4 of the MAJOR banks have informed us that they can no longer provide us with the cash for our business. Now the problem is that it is OUR money we are taking out!
So speaking with bank “personnel” on the side my question was this, what is going on? how come we cannot take OUR money out? Answer: “they” are not authorized to hold, carry or have on hand anymore more than a certain amount of cash on hand! The amount we are getting, even though it is out of our account, they cannot order or have on hand that amount of cash at any time now. I am not talking small banks…large banks [large money center bank in America name redacted] etc…!
We can see our ability to keep these machines with available cash is becoming more and more difficult. This has taken place just in the past few weeks. By the way, these banks were willing to lose our full business due to this issue. Trying to work with smaller banks now…we will see how long!”
h/t Kyle
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ATTORNEY…How Loan Modifications Cause Foreclosure
Posted on November 8, 2010 by Foreclosureblues
How Loan Modifications Cause Foreclosure
Today, November 08, 2010, 12 minutes ago | Mark StopaGo to full article
It’s bad enough that the loan modification process is not helping homeowners as intended, a failure I’ve reported in this blog many times. Unfortunately, it’s even worse than that. As numerous media outlets are now reporting, and as I’ve seen in my daily practice as a foreclosure defense attorney in Florida, temporary loan modifications often *cause* a homeowner who was otherwise not behind on mortgage payments to go into foreclosure.
The New York Times has a real-life story, but here’s the simplified version:
The homeowner is making monthly mortgage payments as required, but finances are tight. The homeowner asks the bank for a loan modification. The bank says it needs to review the homeowner’s financial information to make a decision, but agrees to a temporary modification while the application is being reviewed. The homeowner’s payments are temporarily reduced from $1,500/month to $1,000, pending the review process, which the bank says should take a couple of months. The homeowner diligently makes the $1,000 payments each month and anxiously awaits approval on the permanent modification. The process seems simple enough, so the homeowner is optimistic.
Two months turn into six, then eight, then ten. The homeowner keep making the required $1,000/month payments, never imagining it would drag on this long. The homeowner keeps calling, and the bank keeps saying the permanent modification is being reviewed. Then, bam. The bank rejects the permanent modification, without explanation (or a flimsy explanation that shouldn’t have taken 10 months to disclose). But instead of telling the homeowner to resume the $1,500/month payments, the bank requires the homeowner pay all of the arrearages. In other words, the $500/month that the homeowner didn’t have to pay while the modification was being reviewed – those monies need to be paid, all at once, in one lump-sum, plus interest, late fees, attorneys’ fees, etc. When the homeowner can’t/doesn’t pay that $7,500 lump sum (10 months x $500/month = $5,000, plus $2,500 estimated interest, late fees, etc.), the bank pursues foreclosure.
This sounds impossible to believe, but this phenemonon is happening to homeowners all across the country. Please, don’t fall prey to such “gotcha” tactics.” Retain a foreclosure defense attorney to assist you through this process.
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SEC Probes Citigroup Bond Funds
Posted on November 8, 2010 by Foreclosureblues
SEC Probes Citigroup Bond Funds
Today, November 08, 2010, 4 hours ago | Hugh CollinsGo to full article
The SEC subpoenaed several former in-house brokers as part of an investigation of Citigroup (C) debt funds.
The funds in question borrowed heavily and invested in mortgage bonds and municipal bonds, The Wall Street Journal said without naming its sources. The funds’ value slumped by as much as 77% during the financial crisis, leading Citigroup to offer share buybacks that would reduce investor…Continue reading SEC Probes Citigroup Bond Funds
SEC Probes Citigroup Bond Funds originally appeared on DailyFinance on Mon, 08 Nov 2010 07:19:00.
Filed Under: Company News, Citigroup, Market News
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Ohio GMAC Foreclosure Case May Set Anti-Wall Street Precedent…BLOOMBERG
Posted on November 8, 2010 by Foreclosureblues
Ohio GMAC Foreclosure Case May Set Anti-Wall Street Precedent
By Michael Riley – Nov 7, 2010 11:00 PM CT Mon Nov 08 05:00:01 GMT 2010
Ohio GMAC Foreclosure Case May Set a Precedent
The office complex of GMAC Mortgage. Photographer: Bradley C. Bower/Bloomberg
When James Renfro had to stop making payments on his two-story fixer-upper in Parma, Ohio, a suburb of Cleveland, he triggered events that were supposed to result in the forced sale of his home.
That Nov. 15 auction has been canceled because of defects in documents submitted by his loan servicer, Ally Financial Inc.’s GMAC Mortgage unit. Two affidavits about Renfro’s home were signed by Jeffrey Stephan, a GMAC employee who said in sworn depositions in Florida and Maine that he hadn’t read thousands of affidavits he’d signed.
Renfro’s case has created a showdown between GMAC and Ohio’s Attorney General Richard Cordray. Cordray has asked Cuyahoga County Court of Common Pleas Judge Nancy Russo not to let GMAC simply submit new documents to cure defects without consequences. He’s taken the same stand against Wells Fargo & Co., which has said it found defects in 55,000 foreclosures.
“This is just the first,” said Cordray, who has filed an amicus or friend-of-the-court brief in the Renfro case. The judge will consider Cordray’s views today in Cleveland. Cordray will ask Russo to punish GMAC, the fourth-largest U.S. mortgage lender, for its conduct, he said in an interview.
The precedent set by the case might hasten a settlement between home lenders and the attorneys general of the 50 U.S. states, who are investigating allegations of fraud in foreclosure filings. Those being probed include San-Francisco- based Wells Fargo, which has said it will re-file foreclosure affidavits involving statements that “did not strictly adhere to the required procedures.”
Thousands of Cases
In potentially thousands of cases across the U.S., judges have the power to impose “sanctions, penalties, fines and even default,” as the banks try to submit substitute paperwork to proceed with flawed foreclosures, Cordray said.
“The banks want to wish this away and pretend like it doesn’t exist,” he said.
Detroit-based Ally briefly suspended foreclosures in all 50 states in September. After a review, the company began reinstating proceedings in cases it said didn’t involve errors.
“The underlying facts of default in this case are not in dispute,” Jim Olecki, a spokesman for Ally, said of the foreclosure of Renfro’s home. “We only pursued foreclosure after all other home preservation options had been exhausted.”
Ally disputes assertions Cordray made in his amicus brief in the Renfro case.
“To date, we have found no evidence of any inappropriate foreclosures,” Olecki said.
Wells Fargo’s View
Tom Goyda, a spokesman for Wells Fargo, said the lender would go ahead with plans to re-submit thousands of affidavits in cases nationwide, including Ohio. When judges seek information on documents already filed, “we will work with them to meet their concerns,” Goyda said.
The 50-state investigation is focused on uncovering the scope of tainted foreclosures, including how many so-called robo-signers processed documents they didn’t review, Cordray said. So far, investigators have identified “double figures of robo-signers” working on behalf of lenders such as JPMorgan Chase & Co. and Bank of America Corp., he said.
Such banks are conducting their own reviews to spot errors and determine how many cases with defects are involved. GMAC’s Stephan testified to signing as many as 10,000 documents a month. New York-based JPMorgan initially suspended foreclosures in 23 states affecting 56,000 cases to review potentially faulty documents.
Among the least appealing scenarios for the lenders is that affected cases will have to be examined, like the Renfro case, in individual courtrooms across the country, with the possibility of thousands of judges deposing robo-signers and other loan processing officials.
‘Irregularities’
GMAC said in a filing withdrawing the sale of Renfro’s four-bedroom home from auction that “verification irregularities may have occurred.” Judge Russo said in an interview that until hearing the evidence, she has no way of telling whether the documents represent an error, negligence, or fraud, and that other judges will have to make the same time- consuming inquiries.
“If Ohio has 10,000 of these cases, there should be 10,000 hearings,” Russo said. “I’m sympathetic to the fact that it’s onerous for the lenders, but I still have to do my job.”
The judge said she will hear arguments related to the integrity of the documents and may decide to allow depositions of individuals who signed affidavits in the case at a subsequent hearing. If she determines the circumstances rise to the level of fraud, GMAC could be found in contempt of court, Russo said.
“You’ll probably have different resolutions in different cases from different judges,” she said. “This is not going to be solved in a couple of months. The long-term effects are phenomenal.”
Russo’s Court
Russo’s court on the 18th floor of Cleveland’s sprawling Justice Center has been inundated with foreclosures as the city’s declining economy was exacerbated by the subprime mortgage crisis. A projected 12,553 foreclosures will be filed in surrounding Cuyahoga County in 2010, the most of any county in Ohio.
One of those cases already filed involved Renfro’s house on Klusner Avenue, which he purchased in 2005 for $114,900. An affidavit in support of a summary judgment motion to authorize foreclosure was done by Stephan, who is identified as a limited signing officer for GMAC Mortgage LLC.
Five Months Behind
Renfro had fallen five months behind in his payments by the time GMAC, the loan servicer for U.S. Bancorp, moved for foreclosure early this year, he said. An effort to reach a settlement with the lender failed because of Renfro’s high credit-card and other debt, and his $22,000 a year salary as an auto mechanic, according to Harold Williams, Renfro’s lawyer, an attorney for the Legal Aid Society of Cleveland.
“Once you get so far down, it’s such a struggle to get back up,” said Renfro, 36, who lives in the house with his girlfriend, step-son and seven-year-old daughter, who is deaf.
The nearby school is one of only two in the metro area that can provide Renfro’s daughter with a sign-language translator during the school day, he said.
“It’s quiet,” said Renfro, who is following the GMAC- Cordray battle in Russo’s court. “If something finally goes my way, it will be such a relief. There’s a park at the end of the street. I wanted a safe sidewalk so she could ride her bike. Normal, typical things, I guess. I’m just trying to get back on track.”
New Guidelines
Judges in Russo’s jurisdiction last week drafted new guidelines for dealing with robo-signers, following similar efforts in states such as New York. Under the new rules, attorneys for lenders would have to sign an affidavit swearing that they have communicated with a representative of the party seeking foreclosure and have been informed that an official “has personally reviewed the documents and records relating to this case,” according to a draft copy.
The policy will apply to pending cases, and an affidavit will have to be signed before a judgment is entered, said Stephen M. Bucha, the chief magistrate.
“The hope is that will preclude any robo-signing in the future, so that we don’t see a repeat of the problem,” Bucha said.
Bucha and other Cuyahoga County judges said they fear document foreclosure defects may give former homeowners a claim on the title that will affect future sales. That scenario fuels Judge Russo’s sense of urgency to sort out problems now, she said.
“If courts around the country do not handle this on an individual case basis and there are later problems with the title, the courts will have participated with the clouding of the title,” Russo said. “The potential for harm is so immense at so many levels.”
The case is U.S. Bank National Association v. Renfro, 10- 716322, Ohio Court of Common Pleas for Cuyahoga County (Cleveland).
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ST. LOUIS PAYDAY LENDER ATTORNEY ROBOSIGNED DEFAULT JUDGEMENTS…PUNITIVE DAMAGES SOUGHT
Posted on November 8, 2010 by Foreclosureblues
Punitive Damages Sought From Payday Lender
By JOE HARRIS
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CLAYTON, Mo. (CN) – World Acceptance Corp. conspired with an attorney and a notary to get fraudulent default judgments against borrowers, a class action claims in St. Louis County Court. The class claims World Acceptance, which has more than 1,000 outlets, provided attorney Steven Mandlman with generic loan verification pages, signed by a World Acceptance branch manager, which Mandlman photocopied en masse for notary Lori Swanson to sign and notarize.
The class adds that World Acceptance operates its 1,005 retail locations in 11 states and Mexico, and that “the loans carry interest rates which often exceed 150 percent. … The interest rates on the loans are considered usurious in the majority of states, except the 11 states, including Missouri, in which WAC operates.”
The complaint states: “Swanston often notarized the documents with blue ink creating the appearance that the entire document, including the employee’s signature, was original. Mandlman then attached these pages to thousands of petitions that he filed throughout the State of Missouri.”
The generic “verification pages” contained “no specific information relating to any one account or defendant,” the complaint states.
Once a default judgment was obtained, named plaintiff Rance Reed says, Mandlman served garnishments to collect the money.
“In the case of every proposed class member, the judge entering the default judgment failed to recognize that the verification contained a photocopied signature and fraudulent notarization,” the complaint states.
World Acceptance makes high-interest, short-term loans, often called payday loans. The class claims the interest rates are so high that only 11 states, including Missouri, allow World Acceptance to operate in their jurisdictions.
The class consists of all Missourians who were sued by Mandlman and World Acceptance after 2007, in which default judgments were entered after the filing of notarized photocopied verifications. The class alleged conspiracy, unjust enrichment and fraud upon the court. It seeks compensatory damages, an injunction prohibiting the defendants from collecting money through garnishments and $10 million in punitive damages. It is represented by Neil Smith
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BANKER FACING FRAUD CHARGES SERIOUSLY BEATEN IN PRISON
Posted on November 8, 2010 by Foreclosureblues
Bloodied and shackled: Controversial cricket tycoon Allen Stanford beaten up by jail inmates as he awaits trial
By Daily Mail Reporter
Last updated at 8:18 AM on 8th November 2010
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Bloodied and bruised, this is the shocking picture of cricket tycoon Allen Stanford after a beating by jail inmates.
His neck in a brace, his eye bleeding and half-closed and his head bandaged.
The final humiliation for Stanford, 60, awaiting trial accused of masterminding a $7billion fraud, was his feet and hands were shackled as he was taken to hospital.
Attacked: The tycoon sits on a hospital trolley with his neck in a brace, his eye half-shut and a bandage wrapped around his head after the assault by jail prisoners in Texas Attacked: The tycoon sits on a hospital trolley with his neck in a brace, his eye half-shut and a bandage wrapped around his head after the assault by jail prisoners in Texas
Shackled: Allen Stanford is bound hand and foot at the hospital near Houston, TexasShackled: Allen Stanford is bound hand and foot at the hospital near Houston
Once he posed with a perspex case containing $20million at Lord’s cricket ground. after being hailed as the saviour of English cricket.
But that counted for nothing at the private prison in Conroe near Houston, Texas, and the inmates sharing his cell.
‘I was on the telephone and some of the other people in the cell didn’t like it,’ he told a friend who visited him, according to the Sunday Times.
‘They said something to me and then two of them jumped me and kept punching me and kicking me in the head.
‘I lost consciousness, but at one time I came round and grabbed one of them by the leg. That just set them off a again’.
The guards burst into the cell and shackled Stanford before taking him to a hospital where he underwent an operation while still chained up.
Flirting: Allen Stanford grabs Emily Prior, wife of wicketkeeper Matt, and puts her on his lap while watching a game in Barbados with the wives and girlfriends of England’s cricketersFlirting: Allen Stanford grabs Emily Prior, wife of wicketkeeper Matt, and puts her on his lap while watching a game in Barbados with the wives and girlfriends of England’s cricketers
Million dollar man: Allen Stanford shows off the $20 million as he is joined by members of the ECB and cricket legends at Lord’s Cricket groundMillion dollar man: Allen Stanford shows off the $20 million as he is joined by members of the ECB and cricket legends at Lord’s Cricket ground
Awaiting trial: Stanford in his prison uniform and shacklesAwaiting trial: Stanford in his prison uniform and shackles
Stanford suffered fractures to his eye socket, cheek bones and severe bruising to his body.
He has lost all feeling in the right side of his face. No one has been punished for the attack and he spent three weeks in solitary confinement. before being moved to another prison.
The assault happened in October last year in a cell holding 14 other men. It was designed to hold eight inmates and at the time had no electricity, air conditioning and was in virtual darkness.
The friend claimed the inmates were ‘on edge’ with each other because of the cramped conditions.
Stanford, who faces 21 charges at his trial which begins in January, had made three requests to be moved to another prison.
His downfall began after he signed a deal with the England and Wales Cricket Board in June 2008 for five Twenty20 international matches between England and a West Indies all-star XI with a prize of $20 million.
He was caught flirting with the wives and girlfriends of England’s cricketers and was seen to grab Emma Prior, wife of wicket-keeper Matt and pull her onto his lap before putting an arm round Alistair Cook’s girlfriend.
An assessment of Stanford’s health was prepared for a court by Victor Scarano, a forensic psychiatrist.
He wrote: ‘Mr Stanford described himself as a breathing corpse with increased episodes of despair, hopelessness and helplessness’.
Read more: http://www.dailymail.co.uk/news/article-1327421/Allen-Stanford-beaten-jail-inmates-awaits-trial.html#ixzz14hovj08A
DEAR WALL STREET FAT CATS, REMEMBER ONCE YOU ARE PROSECUTED FOR YOUR CRIMES AND JUSTICE IS SERVED, YOU MAY HAVE TWO DAILY CHOICES:
1.-BEND OVER AND PICK UP THE SOAP IN THE SHOWERS
2.-IF YOU CHOOSE NOT TO BEND OVER, WELL THEN BE FORCED TO BE BENT OVER.
JUST LIKE WE HAD NO CHOICE, BECAUSE IT WAS ALL TAKEN FROM US AND YOU LIED TO ALL OF US.
ST. LOUIS PAYDAY LENDER ATTORNEY ROBOSIGNED DEFAULT JUDGEMENTS…PUNITIVE DAMAGES SOUGHT
Posted on November 8, 2010 by Foreclosureblues
Punitive Damages Sought From Payday Lender
By JOE HARRIS
ShareThis
CLAYTON, Mo. (CN) – World Acceptance Corp. conspired with an attorney and a notary to get fraudulent default judgments against borrowers, a class action claims in St. Louis County Court. The class claims World Acceptance, which has more than 1,000 outlets, provided attorney Steven Mandlman with generic loan verification pages, signed by a World Acceptance branch manager, which Mandlman photocopied en masse for notary Lori Swanson to sign and notarize.
The class adds that World Acceptance operates its 1,005 retail locations in 11 states and Mexico, and that “the loans carry interest rates which often exceed 150 percent. … The interest rates on the loans are considered usurious in the majority of states, except the 11 states, including Missouri, in which WAC operates.”
The complaint states: “Swanston often notarized the documents with blue ink creating the appearance that the entire document, including the employee’s signature, was original. Mandlman then attached these pages to thousands of petitions that he filed throughout the State of Missouri.”
The generic “verification pages” contained “no specific information relating to any one account or defendant,” the complaint states.
Once a default judgment was obtained, named plaintiff Rance Reed says, Mandlman served garnishments to collect the money.
“In the case of every proposed class member, the judge entering the default judgment failed to recognize that the verification contained a photocopied signature and fraudulent notarization,” the complaint states.
World Acceptance makes high-interest, short-term loans, often called payday loans. The class claims the interest rates are so high that only 11 states, including Missouri, allow World Acceptance to operate in their jurisdictions.
The class consists of all Missourians who were sued by Mandlman and World Acceptance after 2007, in which default judgments were entered after the filing of notarized photocopied verifications. The class alleged conspiracy, unjust enrichment and fraud upon the court. It seeks compensatory damages, an injunction prohibiting the defendants from collecting money through garnishments and $10 million in punitive damages. It is represented by Neil Smith
THESE CROOKS ARE ALL THE SAME, BIG BANKS< SMALL BANKS< SERVICERS< FORECLOSURE LAWYERS< they all use the same techniques.
The are all bottom feeders nothing better than that.
…
Pelucheven: A single trustee has woken up, even though the judges haven’t. http://www.nakedcapitalism.com/2010/10/lender-processing-services-has-a-very-bad-day-federal-bankruptcy-trustee-joins-litigation-against-lps-on-behalf-of-all.html
And now, an even more outrageous story on “common folk” versus uber-wealthy:
http://www.huffingtonpost.com/2010/11/08/martin-erzinger-morgan-stanley-hit-and-run-_n_780294.html
ST. LOUIS PAYDAY LENDER ATTORNEY ROBOSIGNED DEFAULT JUDGEMENTS…PUNITIVE DAMAGES SOUGHT
Posted on November 8, 2010 by Foreclosureblues
Punitive Damages Sought From Payday Lender
By JOE HARRIS
ShareThis
CLAYTON, Mo. (CN) – World Acceptance Corp. conspired with an attorney and a notary to get fraudulent default judgments against borrowers, a class action claims in St. Louis County Court. The class claims World Acceptance, which has more than 1,000 outlets, provided attorney Steven Mandlman with generic loan verification pages, signed by a World Acceptance branch manager, which Mandlman photocopied en masse for notary Lori Swanson to sign and notarize.
The class adds that World Acceptance operates its 1,005 retail locations in 11 states and Mexico, and that “the loans carry interest rates which often exceed 150 percent. … The interest rates on the loans are considered usurious in the majority of states, except the 11 states, including Missouri, in which WAC operates.”
The complaint states: “Swanston often notarized the documents with blue ink creating the appearance that the entire document, including the employee’s signature, was original. Mandlman then attached these pages to thousands of petitions that he filed throughout the State of Missouri.”
The generic “verification pages” contained “no specific information relating to any one account or defendant,” the complaint states.
Once a default judgment was obtained, named plaintiff Rance Reed says, Mandlman served garnishments to collect the money.
“In the case of every proposed class member, the judge entering the default judgment failed to recognize that the verification contained a photocopied signature and fraudulent notarization,” the complaint states.
World Acceptance makes high-interest, short-term loans, often called payday loans. The class claims the interest rates are so high that only 11 states, including Missouri, allow World Acceptance to operate in their jurisdictions.
The class consists of all Missourians who were sued by Mandlman and World Acceptance after 2007, in which default judgments were entered after the filing of notarized photocopied verifications. The class alleged conspiracy, unjust enrichment and fraud upon the court. It seeks compensatory damages, an injunction prohibiting the defendants from collecting money through garnishments and $10 million in punitive damages. It is represented by Neil Smith
THESE CROOKS ARE ALL THE SAME, BIG BANKS< SMALL BANKS< SERVICERS< FORECLOSURE LAWYERS< they all use the same techniques.
The are all bottom feeders nothing better than that.
Guys, Guys, Guys, They need to be in the spotlight, you see, they need to still be relevant and report that this mess is all on us. They are reporting that there are 4.5,000,000 more foreclosures coming in the next few months and I do like to show the Zeros to actually demonstrate the magnitude of their crimes. The simple thread is us, the ‘DEADBEATS”, you will never read anything coming out of them stating how many times they have foreclosed on people without proper authority. They will never tell the world how they sit down every day to figure how not to respond to our QWR’s and how the wipe their rear ends with our Debt validation letters. They know none of the laws in the books have teeth and they know they have more money than us, and they know that most lawyers out there lack the will, the knowledge and the guts to go after them.
That is why it has always been about us and how we turn it around. The few good lawyers that are available are spread thin. They know the federal Government will not go after them because they have sold themselves as a part of the solution and of course we are part of the problem.
We need to keep calling and raising hell, we need the list of shame!!
Judges need to wake up and our neighbors need to at least think about these numbers:
42,000,000 Americans on Food Stamp and growing
15,000,000 American without a job and 40,000,000 under employed.
7,000,000 foreclosures so far and 4.5,000,000 already in alleged arrears.
14,500,000 more foreclosures needed by Wall Street to clean up their books.
75,000,000 plus American a almost third of our population are either almost homeless, have been kicked out of their homes, or are about to be kicked out of their homes (this number includes children, parents, couples, the elderly, immigrants, etc).
And these friends of the king are still going to get more cash for their survival and us the commoners get food stamps.
WAKE UP AMERICA
Are we doing enough?
they are doing so much P.R> it is almost like an election for them, they want most Americans to feel sorry for them, when in fact they are the real cause of this crap
Why is LPS even still in business? Weren’t they being investigated by the FBI?
LPS accepted a payment and recorded the satisfaction of mrotgage for a refi, that we now know was a Securtized loan and serviced by EMC. Can i sue for unjustenrichement and anything else?
Suntrust orginated loan, sold the loan and EMC was servicer, LPS accepted the payment and recorded the satisfaction of mortgage for the fraudsters.