Guest Writer Shares Info on Fraud in CA Foreclosure Cases


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Editor’s Comment: The following information was submitted to the blog by a law firm.  We do not know this law firm.  We are simply passing along information that may be of interest to Californians.  As always, please do your research.

From counsel for Consumer Rights Defenders for our loyal followers, you may be interested in this California information which is not meant to be legal advise, just some information that is public knowledge. Call if you need foreclosure help at 818.453.3585 ask for Steve or Sara.   Ms. Stephens


Elements of fraud cause of action: A plaintiff seeking a remedy based upon fraud must allege and prove all of the following basic elements:

· Defendant’s false representation or concealment of a ‘material’ fact (see Rest.2d Torts | 538(2)(a); Engalla v. Permanente Med. Group, Inc. (1997) 15 Cal.4th 951, 977, 64 Cal.Rptr.2d 843, 859–misrepresentation deemed ‘material’ if ‘a reasonable (person) would attach importance to its existence or nonexistence in determining his choice of action in the transaction’);

· Defendant made the representation with knowledge of its falsity or without sufficient knowledge of the subject to warrant a representation;

· The representation was made with the intent to induce plaintiff (or a class to which plaintiff belonged) to act upon it (see Blickman Turkus, LP v. MF Downtown Sunnyvale, LLC (2008) 162 Cal.App.4th 858, 869, 76 Cal.Rptr.3d 325, 333–fraud by false representations means intent to induce ‘reliance’; fraud by concealment involves intent to induce ‘conduct’);

· Plaintiff entered into the contract in ‘justifiable reliance’ upon the representation (see Ostayan v. Serrano Reconveyance Co. (2000) 77 Cal.App.4th 1411, 1419, 92 Cal.Rptr.2d 577, 583–P’s admission of no reliance on a representation made by D precludes cause of action for intentional or negligent misrepresentation); and

· As a result of reliance upon the false representation, plaintiff has suffered damages. [Alliance Mortgage Co. v. Rothwell (1995) 10 Cal.4th 1226, 1239, 44 Cal.Rptr.2d 352, 359; see Manderville v. PCG & S Group, Inc. (2007) 146 Cal.App.4th 1486, 1498, 55 Cal.Rptr.3d 59, 68; and Auerbach v. Great Western Bank (1999) 74 Cal.App.4th 1172, 1184, 88 Cal.Rptr.2d 718, 727–‘Deception without resulting loss is not actionable fraud’ (¶ 11:357.1)]

(1) [11:354.1] Particularized pleading required: A fraud cause of action must be pleaded with particularity; i.e., every element of the cause of action must be alleged factually and specifically in full. [Committee on Children’s Television, Inc. v. General Foods Corp. (1983) 35 Cal.3d 197, 216, 197 Cal.Rptr. 783, 795; see Stansfield v. Starkey (1990) 220 Cal.App.3d 59, 73, 269 Cal.Rptr. 337, 345–complaint must plead facts showing ‘how, when, where, to whom, and by what means the representations were tendered’; Nagy v. Nagy (1989) 210 Cal.App.3d 1262, 1268-1269, 258 Cal.Rptr. 787, 790–fraud complaint deficient if it neither shows cause and effect relationship between alleged fraud and damages sought nor alleges definite amount of damages suffered]

40 Responses


  2. I have been going crazzy dealing with my mortgage mess…first of all, this will be 19 yrs. that I have been in my home, made my pmts on time 90% of the time. All was well, so I thought. Anyway, my original lender, First Franklin, a
    Division of National City Bank of IN, decided to assign my mortgage to Citibank N.A, as a Trustee for First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed Certificates, Series 2005-FF12. The date of assignment says Nov. 1, 2007, someone actually hand wrote the legal description on it and it had some sketchy squiggles on it. Back then I didn’t think to question it. Okay, I do have a point in a sec…ahhh…l In Oct. 2010, I recieved a one thin paper from BAC saying they were my new “servicer” (first time I heard of that term) and to call the customer service # within 3 days. I called immediately. I was told they were a debt collector and they needed to know what I owed on my mortgage, what my pmts were…yeah, a mess. But it may be worth the yr. and a half of HELL they have put me thru, the knowledge I HAD to cram in my brain, researching laws, the lingo, Fed-Exed so many docs (with ALL of our personal info, when asked about where those docs went, the B of A cutomer relations person actually said that HE DIDN’T KNOW!!-EXCUSE ME? FOR REAL? [hell of a mess!]) Well, B of A demanded those faxes be sent, or else!… yeahhh, I continued to comply with their requests…and I googled myself half to death! (literally)…I went to the Register of Deeds to get a current copy of my mortgage 3 weeks ago and I realized just how much I had learned! B Of A never transfered the note! Guess that’s why they never complied with the 6 QWRs I sent…and National City had gone bankrupt, First Franklin, they’re non-existant. So Citibank N.A. somehow in all this mess is the creditor of my loan?? Awesome…UGH. WHY then did I track it to THE “true creditor”, LaSalle Bank? I believe that is a cloud of title, at the very least! Anyway, while looking over my mortgage assignments, I came across some sketchy, possible fraudulent assignments…and then I realized that the names and their signatures, errr..loop-dee-doops seemed very familiar! Let me share ‘em with ya… the assignment was done by Trott and Trott P.C., Farmington Hills, MI, and was prepared and witnessed by Jackie Woods from Home Loan Services Inc., another witness is Timothy Willis, Eileen J. Gonzales as Ass’t VP, Notorized by Nancy E. Madeja…whew! Sooo…I looked further and found something even more interesting…in August of 2005, my loan was assigned to a diff. branch of First Franklin, First Franklin Financial Corp., and whaddaya know, it was prepared through Security Connections, with Att’n Assignment Tracking under it. Idaho Falls, ID… Bonneville Co., M. L. Marcum, signed as Vice President of FF, secretary, Angie Scott, Witnesses, Krystal Hall and Mary Enos. Karleen Maughan signed with no title, and was notorized by the infamous, Joan Cook. WHOA!! Do I even have to BOTHER with B of A anymore? Trott’s firm sent me a notice of sherriff’s sale to be held on June 22nd, 2012. And did I mention what this has done to my 2 children?? GUT WRENCHING!! This HAS GOT TO BE SERIOUSLY LOOKED INTO! HOW TO WIN AN ELECTION IN NOV.???—>HELP A HELPLESS HOMEOWNER! WE ARE MANY!! SOMEONE NEEDS TO HAVE THE COURAGE to HELP US FIGHT FOR OUR HOMES!!…God bless Ya’ll, Stand up for your homes, your rights, and DO NOT STOP UNTIL JUSTICE IS SERVED!

  3. @ANONYMOUS + Neil: 2 million Ca. Homes foreclosed in 3 years! Do you know more that a handful of Ca. foreclosures prevented for fraud? Pls. list them.

  4. Fraud well covered. Not a mortgage. Yes, need the audits, but need more. Need EVERYTHING you can get.

    And, if you stop at the last refinance/transaction, you have lost the battle.

  5. To S.Shafer
    TILA reports cannot help you with the discovery of information relating to the securitization structure. However, information relating to securitization has a dramatic effect on TILA claims and if it were so applied we’d get far more attention from the judges.
    Thank you for submitting some of the many disclosure requirements required of banks and lenders.

  6. […] Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud Tagged: bankruptcy, borrower, court cases, creditor, Eviction, foreclosure, foreclosure defense, foreclosure fraud, foreclosure offense, FORECLOSURE SETTLEMENT, foreclosures, forgery, fraud, fraud as cause of action, housing market, housing prices, Mortgage, mortgage fraud, mortgages, predatory lending Livinglies’s Weblog […]

  7. Here’s something I will share This is something I do not believe has made the press. It is definitely a defense I write aboout in artcle published.

    Its worth a share with clients. If it’s already published let me know. If it’s not…wait and see. It a defense that has yet to ripen – but it will come to fruition

    A mortgage is the contract rate and the basis in assets
    The contract rate is an executory contract
    The basis is amortized over 360 months
    I beeive you can bi furcate as it aready does – the note.

    If you strip the basis in asset from the contract you’re losing the fat. You keeping a valuable annuity and dropping the slow moving balance outstanding in the deal or worthless out of pocket amortization. If the amortization were allowed to convert into a an equitable share fractionalized into ownership If the common shares were allowed to be diluted into preferred trust debt If the Amortized piece were a liability exchanged for equity and the equity was worth 10:1 the the notes face value –

    Would you destroy the note also……?Next up – How to destroy a note and keep the con alive – its easy – It’s all legal…I know – Sick but true ! ! ! [Ref. Under GAAP see ASC 320 codified SOP for rate the Company pays on its short-term and variable borrowings – how fluctuation without limit as short-term market interest rates fluctuate.
    See ref.- The rate the Company earns on its adjustable rate assets, however, is limited by periodic and lifetime caps. Statement of Financial Accounting Standards No. 119, Disclosure about Derivative Financial Instruments, requires the Company to provide certain disclosures concerning its derivative instruments according to a set of prescribed guidelines.

    TILA Audits – it wont help your cause ….

  8. @Enraged: right. stop-payments into banks needs full participation, and will take only a few weeks to knock them all out…

  9. @Enraged

    You’re right, and there is SO much going on and many things happening soooo quickly this year, but no one really seems to be concentrating on the relevant, actual physical cut-off date.

    SOMEONE has to know exactly WHEN in 2012 the Mayans said the world was going to end!

    I mean, what’s the point of scheduling actions, or being concerned about events planned for AFTER that date? 🙂

    Diablo, Si!!

  10. Usheeple,

    That’s been my solution as well for… well, eversince I’ve started to look into banks’ wrongdoing. Still not enough, especially if only 1 or 2% of the people actually have the guts to stop paying. And it has to be coupled with not paying taxes (why pay if our money goes to banks anyway, right? The only reason one would have to pay taxes is if said taxes were invested into our country and paid for infrastructures, work, education, etc. Otherwise, it’s a waste!)

    In the meantime, May is going to be a very active month, worldwide. And some very serious and motivated people are intent on seeing change implemented. Since what we have keeps deteriorating, we might as well give change (real change, not the “Obama” change we can’t believe in…) a real chance.

  11. please read the late Howard Zinn’s book which contains potential solutions. my possible solution: boycott banks by not paying anything into them, NOTHING, period…

  12. @usheeple,

    Ok… Bogus constitution, huh? Please pray tell: got a better idea? Gotta a better constitution in mind?

    Cuz’ that one, this old one we want to revive… when it is applied, it gives some really, really good results.

    What’s your solution? Must have a hell of a good one to poopoo solutions proposed by other people… you know, the kind of people who actually take action…!

  13. @all: this is a replay of a 300 year old scenario leading to a bogus constitution as cataloged in the masterpiece of Professor Howard Zinn “A People’s History of The United States” …


    Mayhem 2012: gearing up for a global spring of discontent
    by Jerome Roos on April 29, 2012

    In May, the 99 percent will open up new avenues of resistance as activists around the world gear up for the intensification of popular protest and direct action.

    And we’re back! After months of relative quiet, interspersed with a handful of mass protests and radical events — like the general strike in Spain and the re-occupation of Wall Street — our movement is on course to escalate into a massive social orgasm of non-violent popular resistance against the diktat of finance capital and the military-industrial complex.

    Long left for ‘dead‘ by the mainstream media and political institutions, we once again finds ourselves in the luxury position of the underdog — capable once more of harnessing the element of surprise to grab the system by its proverbial balls when it least expects it; twisting, twirling and turning right where it hurts.

    Who knows what this spring will bring! Perhaps May 2012 will forever be remembered as the month in which the worldwide resistance against a defunct global capitalist system spiraled out into orbit? In its latest tactical briefing, Adbusters alluded to that legendary spring 44 years ago, urging us to be inspired by the revolutionary legacy of May ’68, while avoiding the failures and pitfalls that beset the social movements of the past.

    With thousands of actions planned in cities all around the world, whatever may happen is bound to become massive and legendary. On May 1, International Workers Day, the Occupy movement in the US will kick off the global spring of discontent with a countrywide general strike. The event is remarkable because, in an attempt to dissociate the event from the international workers’ movement, the US traditionally celebrates Labor Day on September 3.

    As Occupy Wall St. writes:

    While American corporate media has focused on yet another stale election between Wall Street-financed candidates, Occupy has been organizing something extraordinary: the first truly nationwide General Strike in U.S. history. Building on the international celebration of May Day, past General Strikes in U.S. cities like Seattle and Oakland, the recent May 1st Day Without An Immigrant demonstrations, the national general strikes in Spain this year, and the on-going student strike in Quebec, the Occupy Movement has called for A Day Without the 99% on May 1st, 2012. This in and of itself is a tremendous victory. For the first time, workers, students, immigrants, and the unemployed from over 125 U.S. cities will stand together for economic justice.

    Adbusters elaborates:

    For thirty-one magical days beginning this Tuesday, May 1, we take the plunge and Strike! We block the Golden Gate Bridge; occupy a Manhattan-bound tunnel; seize the ports. In 115 cities, we march into banks, erect tents and refuse to leave. We disrupt financial institutions forcing thousands to preemptively close. Five thousand of us pray, dance, sleep on Wall Street and in front of the Fed and if the Bloombergs of the world bring out paramilitary police to intimidate us, we use our social media fire to call out 50,000 more occupiers and intimidate them right back.

    On May 3, the governing council of the European Central Bank is due to meet in Barcelona. With Spain now the focal point in Europe’s protracted and deepening debt crisis, the Spanish and Catalan authorities have grown so paranoid of popular protest that they have decided to temporarily suspend the Schengen Treaty in order to be able to re-institute border controls in an attempt to block international activists from descending upon Barcelona.

    Then, on May 12, the resistance will culminate into another global day of action, called for by the international wing of the Spanish 15-M movement (Real Democracy NOW! and Take the Square). With protests scheduled from Athens to Sao Paulo and from New York to Moscow, #12M will be the much anticipated follow-up to last year’s immensely successful transnational mobilization of October 15, which saw people taking to the streets of over 1,000 cities in 82 countries.

    After this epic day of global protest, May 15 will mark the first anniversary of the Spanish real democracy movement. Exactly a year after the occupation of Puerta del Sol in Madrid, the indignados are now planning to re-occupy squares across the country, including the Placa de Catalunya in Barcelona. With the conservative government of Prime Minister Rajoy threatening not to tolerate the occupations, we might be up for some massive confrontations with police.

    While the indignados defend their tents in Spain, our American brothers and sisters will descend upon Chicago for a massive mobilization against the G8 on May 18-19 and against NATO on May 20-21. Out of sheer fear for the movement, President Obama already decided to move the G8 meeting from Chicago to the heavily-guarded presidential compound at Camp David, but activists have pledged to bring downtown Chicago to a standstill regardless.

    At the same time, on May 16-19, thousands will descend upon the eurozone’s financial headquarters in Frankfurt for what is set to become one of the largest and most radical street protests in Europe since the 2001 G8 protests in Genoa. Organizers have pledged to ‘blockupy‘ the city and bring all business activity to a complete halt. With activists bused in from Spain, Italy, France and even Greece, the European activist community is buzzing in anticipation.

    This Spring, we will sweep through the streets and storm the squares, block, squat and occupy the public sphere, reclaim the commons, and reassert our resistance against the corruption of our democracy by the forces of finance capital. We will continue to envision a radically different society, and let it be born and grow in our assemblies and occupations. This Spring, we will unite, once more, to unleash our peaceful mayhem upon the world.

    For the realization is slowly beginning to dawn upon the people that nothing less will do than a revolutionary break with the status quo. Don’t believe what the media say. We are stronger than ever before. And in this global spring of discontent, we will prove it once and for all.

    During the month of May, ROAR will provide you with coverage from Amsterdam, Barcelona, Madrid, Frankfurt and several other European cities. We are still looking for contributors in the United States and elsewhere to provide us with the latest updates on developments there. Please contact us here if you are interested in contributing to our Mayhem 2012 coverage. We are especially looking for experienced writers in New York.

  15. guest,
    i am wide wide awake.
    “wake up-if not now when”
    post mortems reveal a lot about the life lived. the information can be used for the benefit of those left living.


    Foreclosed Homes Destroyed By Previous Owners (VIDEO)
    Posted: 04/29/2012 12:15 pm Updated: 04/29/2012 12:15 pm

    American taxpayers will spend more than $40 million just to keep the lawns of America’s foreclosures mowed.

  17. Deborah Wynn: sorry, but this is America’s postmortem awakening…

  18. carie- re;Fannie Freddie- I was reading a report/deposition(which I never saved) from a person who was one of FF auditors, or auditor oversight committee, he stated that since FF “executives” and employees shared in some type of bonus system for performance, that you could plainly see what happened. The mortgage loans/pools which were sold, did not yield as much as the mortgage loans/pools which were held for investment. And if FF retained the highter yielding loans/pools, we all know what kind of loans were in there. I remember logging onto the various pools to check this out and the proof was absolute. Now throw into the mix that FF didn’t really know what they were buying, who owned what, what the collateral, if there was any, was worth, how many loans were in default, if they were in default, who was foreclosed and who paid what to whom for what, the govt. employees were clueless. FF employment has been called a welfare program for minorities. Losses are probably in the 5-7trillion dollar range, plus derivatives. If they even own anything to claim a loss on.

  19. I think the bottom line is because the fraud can be traced to Fannie, Freddie, and the White House—in no uncertain terms—well, they just don’t want to prosecute themselves…duh. So, seriously—how can a thief prosecute itself? What is the remedy?
    The tree is dying…you don’t keep watering a dying tree—or put bandaids on it…it needs to die—and a fresh new tree needs to be nurtured…it’s the only way…:)

  20. We all know how queasy we feel about it. Thanks to Abigail for actually puting it into words.

    Assessing Schneiderman’s Task Force Gamble
    By Abigail Caplovitz Field | April 28, 2012

    ShareMy latest for FireDogLake. For even more confirmation that the Feds aren’t interested in bank accountability, regardless of the State half of the task force’s intentions, see Congressman Brad Miller on why he’s not the task force Executive Director and Richard Eskow on the obviousness of the problem.

    As people increasingly realize that the mortgage settlement was an enforcement fraud, attention’s turned to the “new“ joint Federal/State task force that’s supposed to make the settlement into a “down payment,” by delivering much more. And so far people don’t like what they see, and are saying so. What’s striking about the resulting PR push back, however, is that it just highlights how banker-fraud-friendly our federal government is.

    For example, Attorney General Eric Schneiderman penned a Daily News Op-Ed in which he pitches “More than 50 attorneys, investigators and analysts have already been deployed to support our investigations, with many more on the way” as somehow adequate to deliver on that “down payment” promise when the Savings and Loan crisis took over 1,000 and Enron alone took over 100. Not only hasn’t the federal government corroborated AG Schneiderman’s claim of “many more on the way”; “many more” than 50+ doesn’t sound like anywhere near the 1,000+ needed to approach the ballpark of accountablity.

    Indeed, the only reporting on staffing beyond the 50+ promised to date comes from Reuters, which details efforts to hire a handful of additional prosecutors and experts as evidence the government’s serious. (Yippie! A whole 10 new prosecutors and 5 experts!) Now that’s serious federal commitment to the task force! And note this line from the Reuters piece:

    “The task force formed earlier this year represents a more coordinated effort than prior investigations, the Justice Department official said in an interview on Thursday.”

    Really? Only now, during a tough Presidential re-election campaign, five years after the profound bank frauds started coming to light, is the Justice department serious enough to get its investigations coordinated? Justice convicted WorldCom CEO Bernard Ebbers faster.

    Or consider The American Prospect‘s long paean honoring NY AG Eric Schneiderman as “The Man The Banks Fear Most.” Note what it reveals about the Feds’ law enforcement zeal:

    “The [Obama] administration…had proposed that the banks come up with $20 billion for aggrieved homeowners and former homeowners. Schneiderman wasn’t satisfied. What documents, he asked, had been subpoenaed? None, he was told. Who’d been called in to testify? Nobody, he was told.

    The federal government wanted a hush money deal, saying to the bankers: pay us what we want and we won’t ask any questions. And when AG Schneiderman actually dared investigate, the feds responded by pushing him to shut down his investigation and take the enforcement fraud mortgage settlement:

    “By June, the Justice Department had outlined a settlement that both Democrats and Republicans could support—all but Schneiderman and Biden. The reaction to their obstinacy was swift. High-ranking administration officials made calls to some of Schneiderman’s leading supporters, arguing that his investigative zeal shouldn’t delay a settlement.”

    On what track record–on what set of objective facts–does AG Schneiderman think the federal part of the federal-state task force is interested in bank accountability?

    The American Prospect paean goes on to discuss the mortgage settlement as if in an alternate reality, one in which the settlement gave homeowners meaningful principal reduction (not), stopped servicer misconduct (not), and stopped foreclosure fraud (not). As a result, I can’t vouch for the whole piece’s accuracy. Nonetheless others have already reported the settlement was based on very little investigation, and it’s not really news the feds have been soft on banker crime.

    Even AG Schneiderman’s willing to implicitly acknowledge the no-enforcement fed’s track record. In the American Prospect piece he defends taking the gamble on making the task force real, not promising it is real:

    Given the administration’s refusal to so much as look at bank criminality during its first three years, a number of progressives have expressed fear that the administration is taking Schneiderman for a ride, that it wants only to say the right thing through the election, at which point it will dump his investigation. Schneiderman doesn’t buy that critique….But he understands the gamble he’s taken if it turns out, as the critics charge, that he’s signed on to a Potemkin investigation.

    …if the investigation doesn’t become real, he will have to choose between denouncing the president in an election year or becoming party to something he spent a year denouncing.”

    So whither the task force? Did AG Schneiderman take a good gamble, or is he just being a tool?

    Well, NPR just did a puff piece on U.S. Attorney General Eric Holder titled “Holder: ‘More Work To Do’ Before Term Is Over” that suggests AG Schneiderman’s going to lose his bet. Consider what Holder says still needs doing:

    “But I think there’s still, you know, there’s more work to do,” he hastened to add. “Although I’ve become contemplative … I’m not going to glide through the tape. I want to run through it.”

    “Still on the agenda: protecting voting rights; holding BP accountable; and defending national security.”

    Holding BP to account, but not the bankers… Good luck with that task force bargain of yours, AG Schneiderman.

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  21. @ guest
    i watched and wept.

  22. @ JenninGA

    Yeah, you’d like to think they would, but I’ve asked that SEVERAL times over the last several months, and not one peep out of them.

    Anyway, it’s on its way!

  23. @ evoldog1234
    I am not much help in posting things I only cut and paste and that is with my fingers crossed. Can you submit it directly to this site? I am sure someone here can direct you better – at least I hope so!!!

    Jenniferwhayes at bellsouth dot net


  24. BRYLLAW LITIGATION: Virginia homeowner wins about $35,000.00 in damages, costs, sanctions, and attorney fees against HSBC Mort. Corp. for its failure to disclose the identity of the owner of the debt.

    The court emphasized that this result “discourag[es] creditor-servicer, such as HSBC here, from attempting to avoid liability for disclosure violations through sale of the loan and refusal to respond to the borrower’s requests for the owner’s identity.”

  25. “Our assistance strategies are attorney approved and you can have representation or stay in pro se.”

    This comes from their advertizing found through reverse lookup. Obviously not attorneys. But… I checked for complaints and I found none. They might have something to offer.

    This is America. Buyer beware.

  26. I agree with Fred Williamson about this so called company, CDR. A look at their website reveals nothing at all, only a contact number for “Steve”. This sounds like another rip-off.

    If they were associated with attorneys who understood fraud, then they would know that arguing fraud is almost impossible today. A homeowner must be able to cite the “who, what, when, why, where, and hows” in great detail.

    If one just says that the broker committed fraud by telling me the “loan was this, instead of that”, the allegation will not survive the demurrer. To survive, there must be overwhelming proof.

    Consult with competent attorneys before answering these type of “ads”.

  27. I realize that many of us have limited understanding of what is going on and how it affects us. Well, we have gone “global” now for quite some time. It was fun while countries appeared to prosper. It no longer is. We’re all in the same boat. The major difference between here and there is that, there, half of them are Latin. Hot tempered, limited patience and no desire to put up with B.S. When i say that it will blow, I know. First-hand. And there isn’t a damn thing the US can do to stop it, prevent it or limit its impact on us.

    It started here. It will travel the world over before it comes to rest here. By then, we’ll be completely isolated and we won’t have any allies left. This country’s failure to return to people’s owned bank will be its demise.

    One After Another, European Leaders Get The Boot
    by Corey Flintoff

    Apr 27, 2012 — European leaders keep losing their jobs amid voter anger over shrinking economies and tough austerity measures designed to weather the eurozone crisis. Will French President Nicolas Sarkozy be the next to fall?
    Comments | ShareThisIt’s been a rough time for European leaders trying to keep their troubled economies afloat.

    In just over a year, six European leaders or ruling parties have been forced out of office in countries that include Ireland, Portugal, Greece, Italy, Spain and the Netherlands.

    French President Nicolas Sarkozy could well be next. He finished second in his bid last Sunday to win re-election, and opinion polls show him trailing in the runoff election set for May 6.

    All of the European leaders have imposed some level of austerity measures in an attempt to deal with big debts, but the moves have proved deeply unpopular with voters.

    “What you’ve got is that the center is crumbling,” says economist Desmond Lachman, a resident fellow at the American Enterprise Institute in Washington. “The French elections would be very emblematic of what’s happening elsewhere.”

    “Europeans are now suffering from austerity fatigue, and people are questioning whether this is the right way to go,” he adds.

    In France, Socialist candidate Francois Hollande won the first round of presidential voting and is favored in the runoff. He says that instead of cutting spending, France and other countries need to focus on stimulus measures to lift their economies out of the doldrums.

    He has promised to re-negotiate the European budgetary stability pact, which mandated austerity throughout the 17 countries that use the euro.

    Potential Conflict With Germany

    If Hollande wins, France could find itself on a collision course with Germany, the main architect of the austerity policy.

    Sarkozy and German Chancellor Angela Merkel have worked closely on the eurozone’s crisis response and have often been referred to as “Merkozy.”

    After the French vote last Sunday, Merkel stuck to her guns on the need for austerity, saying European governments need to cut deficits and debt if they are to remain credible.

    The French election introduced another wild card, the unexpectedly strong showing by right-wing candidate Marine Le Pen, who garnered 18 percent of the vote.

    Irene Finel Honigman, an expert on French politics, says the surge of Le Pen’s anti-immigrant National Front was partly the result of last month’s killings of French soldiers and Jewish schoolchildren in Toulouse.

    But Finel Honigman, a professor at Columbia’s School of International and Public Affairs, says a significant number of French voters cast their ballots for either far-right or far-left candidates who oppose the eurozone and want to roll back austerity measures.

    Between Le Pen’s 18 percent and the 11 percent that went to Jean-Luc Melenchon of the Left Front, “nearly 30 percent of voters are voting for extreme measures,” she says.

    If Sarkozy is to win the runoff, he’ll have to pull some votes from Le Pen’s far-right base. But that may not be easy, especially since rightists see Sarkozy as having reneged on promises he made to right-wing voters in the past.

    If Sarkozy moves further to the right and manages to win, that could change the dynamic of his relations with Merkel.

    The Dutch Government’s Collapse

    It was a far-right party that brought down the Netherlands government last weekend.

    Prime Minister Mark Rutte resigned after right-wing politician Geert Wilders withdrew support for budget cuts.

    Wilders’ party, like Le Pen’s in France, are “Euro skeptics” who are wary of giving up too much control to the European Union, saying it has damaged their countries’ political and economic sovereignty.

    The Netherlands, like France, is an affluent country that is in no danger of collapsing. But the Netherlands has been running a deficit that’s 4.6 percent of GDP this year, well above the 3 percent target set for eurozone countries.

    A Dutch caretaker government has managed to pull together a 2013 budget that is said to include pay freezes and other cost controls. But discussion about real cuts may have to wait until after a general election in September.

    Political Considerations

    Lachman, the analyst at the American Enterprise Institute, says it would be cheaper for Europe to write off large amounts of the debts of countries such as Greece and Portugal, or to allow some of them to leave the currency union.

    “But there’s a huge political dimension to this,” Lachman says. “They bailed out Greece a second time — even though the Europeans know this isn’t going to work — because they wanted to get beyond the French elections. Now there will be an effort to get beyond the German elections [in 2013].”

    This week, Britain officially slipped back into recession, joining Spain in negative growth during the first quarter. Other eurozone countries have yet to release their figures for the first three months of the year.

    A weaker economy in Europe would dampen U.S. exports and hurt returns on U.S. investments in Europe. It could also harm President Obama’s case that the U.S. is steadily making its way to economic recovery.

    Source: NPR
    Copyright(c) 2012, NPR
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  28. @ Jenninga

    And I’d LOVE to post it up here, for you, but for some reason, no one will tell me how…odd, isn’t it?

    Give me your email adn I’ll send it to you.

  29. @ evoldog1234

    I would like to find out more about your case in GA! 🙂
    I have been learning all I can. Not in court yet….

  30. This (link below) answered a few questions I had about procedures re fraud ect (not promoting this person at all just found it in a search but nice that an attorney posts information and some do):


    Can a complaint for declaratory releif list specific facts if you have them that point to fraud and harm along with evidence – without actually alleging fraud? Will the judge say possible fraud claim by plaintiff is possible if he sees it as in ? Does a demurrer ect happen in a declaratory releif action? Does it happen in every complaint for anything?

    one definition “declaratory judgement”:

    In law, a judgment merely declaring a right or establishing the legal status or interpretation of a law or instrument. It is binding but is distinguished from other judgments or court opinions in that it includes no executive element (an order that something be done); instead it simply declares or defines rights to be observed or wrongs to be eschewed by litigants, or expresses the court’s view on a contested question of law.

  31. Friday, April 27, 2012
    Morgan Sandquist: Finance in Denial

    We are not alone asking the questions. OWS is. Tea Party is. The only ones who aren’t are our official elected. That should tell us everything we need to know before electing new ones…

    By Morgan Sandquist, a member of the Occupy Wall Street Alternative Banking Group. Cross posted from mathbabe

    The largest banks in America–Citibank, Bank of America, Wells Fargo, and others–are probably insolvent. I learned of this from my companions in Occupy Wall Street’s Alternative Banking Working Group. It seems that, based on a host of legal and accounting irregularities, the banks have been able to conceal real and potential losses far larger than their capital reserves. But this has been difficult to confirm.

    Isn’t that strange? Wouldn’t the possible insolvency of the core of our banking industry be a matter of nearly universal importance? Shouldn’t we be trying to figure out if this is in fact so, how it came to be, what we’re going to do about it, and how we can prevent its happening again?

    Anyone investigating the true health of the banking industry, apparently including regulators, is faced with opacity, complexity, and even outright hostility that stymies all but the most savvy and persistent. Fortunately, people within OWS, including the Occupy the SEC Working Group, are that savvy and persistent. But the reaction of the industry and its partisans to such efforts has included the not-so-subtle suggestion that inquiring into the well-being of the banking industry will somehow cause problems to arise that wouldn’t otherwise exist if we would all just mind our own business.

    This seems odd in an ostensibly objective and quantitative context like banking. Shouldn’t the truth be clearly visible in the accounting? Shouldn’t we all–borrowers, investors, depositors, and regulators–want to know exactly what’s going on?

    As unexpected as such a visceral and irrational reaction to genuine, well-founded concern is from the supposedly rational realm of finance, that telltale blend of evasion, grandiosity, and superstition will be familiar to anyone who has ever confronted an addict about his or her addiction.

    Denial is far more than an addict’s dismissal of the truth of his or her addiction; it’s collectively developed by the addict’s entire social sphere, and it takes many forms.

    It might be helpful to imagine addiction and denial as intangible agents acting in a social context. Addiction’s agency is directed solely toward uninterrupted use of the addictive substance, and denial’s agency is directed solely toward ensuring that no one sees, understands, or limits addiction’s agency. Denial denies not just claims and assertions, it also denies access and insight into the reality of addiction. It denies that behavior is driven by addiction and that behavior’s consequences are the results of addiction. It denies the story of addiction and proposes an endless collection of counter-conspiracies.

    It appears as those around the addict ignoring the addict’s use and the consequences of that use; as the narratives, tics, and habits through which the addict understands and acts out his or her use; and as the alternate version of reality that the addict and everyone around him or her shares in lieu of the reality of addiction. To paraphrase Baudelaire on the devil, denial’s best trick is to persuade us that addiction doesn’t exist.

    No addiction could develop a more effective narrative of denial than the trade in exotic financial instruments that’s evolved over the last decade or so; no addiction could hope for more willing abettors than the financial press, regulators, and ratings agencies; and no addiction could depend on a more permissive enabler than the Federal Reserve Bank.

    It’s difficult not to imagine the banking industry as jittery and unshaven, embarking on yet another unregulated derivative binge, telling us, its concerned partner, that we just wouldn’t understand what it’s like, how high the return can get, while its friends in the financial press and ratings agencies encourage it, scoffing at the very idea of risk.

    And later that night, as it’s coming down, it’ll shout something at us about not really needing the $1.2 trillion in liquidity, but if the Fed’s offering, why not?, it’ll make the night that much better, only to face us the next morning, hungover and distractedly claiming none of it ever happened.

    We’ll confront it with seemingly undeniable evidence of MERS, TARP, executive bonuses, and a ruined housing sector, and it’ll look betrayed, ask us how we could even say such a thing, and tell us that it’s none of our concern and that we just have to trust it, because the bills are paid, right? It’s not like it’s as bad as AIG or MF Global, it’ll say, which will lead to an impossible-to-follow tale of the prank it played on MF Global last night, and how that was like something that happened to Bear Stearns and Lehman Brothers once, and ending with the declaration that the Fed and the SEC would never let anything bad happen to the Banking Industry.

    And what choice do we have? Maybe it’s not that bad. After all, if the banks really were insolvent, there would’ve been something on the evening news.


    Too Big To Fail
    JPMorgan Chase CEO Jamie Dimon has called a meeting between the Fed and too big to fail banks to “discuss” regulation.

    The banking industry is getting personal in its tireless fight against regulation.

    Jamie Dimon, chief executive of JPMorgan Chase and the industry’s regulation-basher in chief, has called for a sit-down next week between the heads of four of the nation’s biggest banks — JPMorgan, Goldman Sachs, Bank of America and Morgan Stanley — and Federal Reserve Governor Daniel Tarullo, the Wall Street Journal is reporting.

    The purpose of this friendly get-together will be to express the banks’ displeasure about financial regulation, particularly a Fed plan to limit the banks’ exposure to derivatives tied to the credit of foreign governments and other banks.

    According to the WSJ:

    …bankers will tell regulators that the rule is based on “unrealistic” standards and could foster “potentially destabilizing” market shifts, according to two draft letters reviewed by The Wall Street Journal.

    In other words: Nice economy you’ve got there. Shame if anything should happen to it…

  33. The thing is – everything needs to be researched yourself – don’t take anyones word on anything or expect anyone else to somehow be the magic answer and pay them money for it.

    I frankly don’t care where “info” comes from – I read everything. With a Grain of Salt. And test it with my own understanding. The definition of fraud and how to plead fraud specifically if possible or not from public sources as up above is useful along with the ca cases but it has to be verified as in “look it up yourself”. I would rather see posts like this than not because there may be a few suggestions in some of these that lead a person to dig out material on their own that could be useful. The posted info is free and Neil does say: “We do not know this law firm. We are simply passing along information that may be of interest to Californians. As always, please do your research. ”

    Here’s a link to the same material – different source:

  34. AZ Federal judge does not buy it !

  35. @Fred Willimson

    Are you talking about me?


  37. I would like to post up our lawsuit we have filed in Georgia for asssessment adn input – we’re pro se idiots so we’ll take all the advise we can get. Soom aspects of it may help others, as well.

    I’ve asked a couple of times, butr have goten no response.

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