COUNTER-ATTACK: FORECLOSURE DEFENSE LAWYER INDICTED FOR “FRAUD”

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary SEE LIVINGLIES LITIGATION SUPPORT AT LUMINAQ.COM

EDITOR’S COMMENT: IF YOU READ BETWEEN THE LINES, the attorney involved merely used the same tactic that Wall Street used — only against them. The use of a straw buyer was the cornerstone of the securitization scam. Nobody was indicted from the securitizing crowd (pretender lenders) but this attorney was singled out for emulating the same behavior. I say to wall Street be careful what you wish for — if the use of straw-men is an indictable offense then virtually every one of the 80 million mortgage transactions that were “securitized” in the great scam of the last 10 years should result in in tens of thousands of indictments and convictions.

The use of inflated appraisals was the keys to the city in the securitization scam. If the property was not fraudulently appraised at more than the loan product fraudulently sold to homeowners, there would have been no borrowers, no investors and no transactions. The mortgage meltdown would never have occurred. TILA and national underwriting standards state that appraisals are a representation of the lender, not the borrower. An underwriting committee for the “lender” is required to verify income, appraised value and other attributes of viability of the loan. They didn’t do that, which means they were continuing the same bad practices that led to the mortgage meltdown. If inflated appraisals are cause for indictment, then tens of thousands of appraisers and pretender lenders should already be serving their term in prison.

But the real cause of all this can be seen from the battle between the attorney and Judge. The Judge always wins. Despite the unfortunate reference to Glenn Beck, you can see that Asbury revealed a pattern of rulings from a Judge that should have been recused from hearing any of the cases. When she posted his mutual fund holdings showing a patent conflict of interest stemming from bank holdings which largely were dependent upon the mortgages being enforced, the attorney was hit with these indictments. I don’t think there is any coincidence there.

Many Judges have bank holdings and those bank holdings derive their value from the validity and value of derivatives that have no value. The widespread attempt to preserve the apparent value of these mortgage bonds, which are devoid of any asset value because the mortgages were defective and never transferred properly arises from the fact that these investments permeate our entire economic system. It isn’t the fault of attorneys or borrowers that the assets are worthless. But it is easy to scape goat an attorney with limited resources in order to discredit the movement against fraudulent foreclosures.

That said, I don’t condone mimicking the deceptive behavior of mortgage originators, brokers and banks when the loans were funded without documentation. But it isn’t hard to see how anyone  could come to the conclusion that if the pretenders can do it, why can’t I?

Sunday, 01 May 2011
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Kim Miller at the Palm Beach Post posted an article yesterday about how foreclosure defense attorney Carol Asbury was indicted by the feds for her involvement in a mortgage fraud scheme in the Versailles area of the wealthy community of Wellington about 15 miles west of West Palm Beach.

Apparently, Asbury was involved in a scheme that would use people from the low income Miami suburb of Opa Locka as straw buyers to purchase homes in Versailles.  Carl Alexander who was indicted along with Asbury was in charge of recruiting the straw buyers who were paid between $700-$15,000 for purchasing the home.

Asbury who also owned a title company, Asbury & Associates aside from her foreclosure defense firm of Save My Home Law Group handled the closings of these transactions.

According to the indictment, the closing documents were prepared by real estate broker David Lam and Asbury. The documents concealed the fact that lenders were lending the straw buyers more money than the house was worth with Alexander, Asbury and Lam pocketing the difference.  In four transactions alone the three pocketed an estimated $1.8 million.

Unfortunately, I can’t say I’m surprised by this.  It’s not because I believe she’s a victim of government persecution but because of the way she conducts her business.

Asbury rose to prominence last May after she got upset that Judge Meenu Sasser in Palm Beach County was consistently ruling against her and other foreclosure defense attorneys in her circle.  Asbury through her website 4closurefraud.org did a Glenn Beck style stunt and posted the contents of Judge Sasser’s mutual fund on the site. The fund contained stock holdings in several major banks.  She and her web master, Michael Redman tried to assert Judge Sasser unfairly ruled against foreclosure defense attorneys because doing so would enhance the value of her mutual fund.   Soon after posting this, they followed it up with another article claiming every judge in Palm Beach County is corrupt because the county’s pension fund has funds tied to the major banks.

Contrary to popular belief, Carol Asbury doesn’t just sponsor 4closurefraud.org she owns it.   She uses it as a marketing tool for her law firm.  Redman claims Asbury is only a “sponsor” because the site does not conform to Florida Bar rules governing attorney websites which is why soon after Redman’s involvement the ICANN registry was switched to “Domains By Proxy”.   The site was listed on Carol Asbury’s business cards prior to Michael Redman’s involvement and is listed as her website with the Florida Bar. Carol Asbury, who is a protégé of Neil Garfield, met Michael Redman, an unemployed car salesman at one of Garfield’s seminars and offered him a job as a researcher.

Asbury and Redman  also ask for donations on site which is against Florida law if you are not a licensed non-profit with the state of Florida.

This indictment isn’t the first time Asbury has been in trouble. In April of 2008, she was publicly reprimanded by the Florida Bar for misconduct:

More:

http://www.mfi-miami.com/category/blog/

21 Responses

  1. BIG F’IN DEAL!

    Give that Crooked FLORIDA JUDGE SASSER HELL BABY!

  2. Dying truth,

    “The way they are conducting foreclosures is a form of entrapment. They force you to give them all your financial info and then set the monthly payments at an amount they know you can’t afford.”

    Beyond Neil, that’s the best summary I’ve read. Although the lender knew of the financials from the start.
    In 2007 shareholders withdrew their stocks from lenders averaging form $30 bucks down to .10 cents. They knew what was up.
    In 2008 I after the television media announcing you could be in a bad loan. Call your lender. Or make them show you the note. We set up to be screwed.

  3. indio007,
    Something of that sort is a reasonable option worth considering.

    How would judges react to a (fraudulent) non-judicial foreclosure against them by a company that their pension’s are invested in?

    Pensions Profit from Fraudclosures = Motive

    Ruling On Cases that could Affect those Profits = Opportunity

  4. Zoe,
    The way they are conducting foreclosures is a form of entrapment. They force you to give them all your financial info and then set the monthly payments at an amount they know you can’t afford.

  5. P.S. No lawn chair. They took the lawn when they stole the home.

  6. ANONYMOUS,

    I know, no where in the mortgage docs or information from the lender is it going to say you must contact the Federal Reserve Board to file a complaint.
    WTF!!!!!

    I got to take every opportunity to inform anyone asking about AHMSI.

  7. Only regulator is likely FTC –no individual help — they wait for thousands of complaints — then – only maybe may they proceed.

    Get out the lawn chair.

  8. Steve and David

    Wilbur – is big distressed debt buyer. Deregulated. No information available.

    Truth? Not easy to find.

  9. AHMSI, got bought in bankruptcy by W. L. Ross & Co. LLC in 2007. Their institution type is -Domestic Entity Other- meaning: Domestic institutions that engage in banking activities usually in connection with the business of banking in the United States.

    The best I’ve manage to find by calling the OCC and OTS is that the Federal Reserve Board has regulatory oversight.

  10. Does anyone know why AHMSI never comes up when they discuss servicer settlements or anything? What agencies regulate it?

  11. Neil May you have a speedy recovery.

    NEVER AGAIN
    Be Strong and Courageous

  12. If the case against Carol Asbury is true. She reminds me of the Teacher Priest or Rabbi who worked so hard and helped little boys get into High school or College and they we found out they were pedophiles.

    TWO WRONGS DONT MAKE A RIGHT.

  13. I was thinking the same thing! Talk about blatancy.

    They used us as straw buyers with fraudulent underwriting and loans designed to fail so they can steal back the home and nothing in years has.gone beyond charges from an SEC settlement.

    The task force just doesn’t have enough resources to go after all these brokers, banks, and lenders.

    But hey we have no problem throwing all sections of Tittle 18 at those others who caused this crisis.

  14. Maybe someone should release a few hundred mortgages as “Linda Green” to bring the hypocritical dual justice system to a head.

    Even though it will put someone in jeopardy, the selective prosecution will be plain to see.

  15. UP DATED SPELLING FIXED

    A protégé of Neil Garfield? this is what the original article said, well you might say I am also a self-proclaimed protégé of Neil Garfield, I first read his writing several years ago and I still do, I also have a blog, which a few people visit and I do have a habit of advertising the lawyers I like the most and the ones I admire for which ever reason I choose. I started my blog before I knew lawyers and since then I have come to know quite a few whom I admire.

    I will never hire a lawyer who did not have running’s with the Bar for instance, that’s just me, I feel that by this time the lawyer has some bllas, to deal with the corrupt legal system, I will never support anyone who bad mouths other lawyers as the article does, for instance, I fell that I do not have to bad mouth anyone to prove I am somebody, I happen to know who I am, period. I had a few lawyers, in whom I had a few dis agreements, and I allowed sleeping dogs to sleep.
    I see no reason for any foreclosure fighter to have cause to criticize another, I call this infighting and who wins here is, the enemy, after all, the enemy of my enemy is what?, my best friend, the article shows a distasteful example of how a person should not do things, such an individual I would never recommend or trust, I have never heard with [mine] own ear one Doctor, openly critical of another in his profession, nor have I heard lawyers do this, there must be a good reason for this, am I old fashioned? maybe, but I am who I am or what.
    I have met Carol once, and spoke to her once. Do I believe anything the authorities tell me or state? NO way, not after what I have seen in the past few years.
    It’s been four years now since I have been fighting, I have never met Neil and I spoke to him less than the number of fingers on my hand, do I like Neil? You bet, does he like? fcuk me if I care, did he help me? You bet.
    Let me tell you all now, Brian Korte is one of the best lawyers in Florida, for foreclosures and I guess you have to know that a fighter like me should know this fact, take this from me, I know all the good ones, I also know all the good auditors and investigators and experts in this field, that money can buy, who work in this business.

    Further let me inform you I can find your PSA, if it can be found, but know I am not the only person or people doing this. buzz off.

  16. A protégé of Neil Garfield? this is what the original article said, well you might I am also a self proclaimed protégé of Neil Garfield, first read his writing several years ago and I still do, I also have a blog, which a few people and I do have a habit of advertising the lawyers I like the most and the ones I admire for which ever reason I choose. I started my blog before I knew lawyers and since then I have come to know quite a few whom I admire, I will never hire a lawyer who did not have runnings with the Bar for instance, thats just me, I fell that by this time the lawyer has some bllas, to deal with the corrupt legal system, I will never support anyone who bad mouth other lawyers as the article does, for instance, I fell that I do not have to bad mouth anyone to prove I am somebody, I happen to know who I am, period. I had a few lawyers, in whom I had a few dis agreements, and I allowed sleeping dogs to sleep.

    I see no reason for any foreclosure fighter to have cause to criticize another, I call this infighting and who wins here is, the enemy, after all, the enemy of my enemy is what?, my best friend, the article shows a distasteful example of how a person should not do things, such an individual I would never recommend or trust, I have never hear with mine own ear one Doctor, openly critical of another in his profession, nor have I heard lawyers do this, there must be a good reason for this, am I old fashioned? maybe, but I am who I am or what.

    I have met Carol once, and spoke to her once. Do I believe anything the authorities tell me or state?, NO way, not after what I have seen in the past few years.

    Its been four years now since I have been fighting, I have never met Neil and I spoke to him less than the number of fingers on my hand, do I like Neil? you bet, does he like? fcuk me if I care, did he help me? you bet.

    Let me tell you all now, Brian Korte is one of the best lawyers in Florida, and guess you have to know that a fighter like me should know this fact, take this from me, I know all the good ones, I also know all the good auditors and investigators and experts in this field, that money can buy, who work in this business. Further let me inform you I can find your PSA, if it can be found, but know I am not the only person or people doing this. buzz off.

  17. Is entrapment only related to police? Or have all homeowners been lured into committing a felony in assisting racketeering?

  18. The downfall of America can be attributed to one thing:

    LACK. OF. ETHICS.

  19. What this reminds me is the fury of the “White Establishment” some 50 years ago when white straw-buyers broke the “red-lining” barriers for blacks to either purchase or even rent homes in “white” areas. The organizers, typically leftists, would have sympathizers go rent or buy a property in a “white” neighborhood, and then transfer it to a black family. The idea of the underlying social justice was lost in the savagery of the Establishment response – including the Court’s responses, until finally the Civil Rights Acts started forcing changes.

    So: is Asbury a hero or villain? Depends on which set of tea leaves you want to look at.

  20. Forget about the first amendment kids, just like the other ten, they seem to be just for posterity purposes alone.
    I read this article and I think the following phenomena must be considered: Retaliation, revenge and protection of the status quo at any cost.
    By the way, the “Bar” in my state doesn’t have a problem with debt collectors – when they lie in court – but it does attack attorneys who dare to do things like quiet title.

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