The business case for taking, handling and litigating residential “mortgage” cases has been proven over and over again. Unfortunately most lawyers are ignoring this opportunity.
The latest estimates are that it will take 6-12 years to clean up this mess and I think that is very conservative. My analysis shows that it will take the better part of 30 years, and even then there will be cases that are still outstanding. One case, just filed, involves a mere $500,000 mortgage but alleges more than $27 million in damages (which could end up north of $81 million), credibly, the proximate cause of which was the eggregious, tortious behavior of loan originators and investment banks who gave the impression that normal underwriting standards and procedures were in place. The complaint alleges breach of Federal Statutes, State Statutes and common law including identity theft, slander of title, and fraudulent or negligent appraisal.
Lawyers who were starving are getting to understand that monthly payments from the client will cover them until the contingency fee kicks in and that there are clear ways to collect damage judgments. Some lawyers we know have $50,000 per month or more coming in from clients.
Let me spell it out for you. Most analysts agree with my estimate from 2 years ago: $13 trillion in erroneous, fraudulent paper was floated producing some $25 trillion in profits that was sequestered off shore. There appears to be some 60 million loans affected by this massive scheme. If your contingency fee is only 20% that means that around $5 trillion in contingency fees is sitting out there waiting to be pocketed. If every lawyer in America took these cases, they would each have around 40-50 cases involving title claims, securities claims defenses. But we all know that only a fraction of the 1 million lawyers are even doing trial practice. The short story is that for every lawyer there are hundreds if not thousands of cases that can be handled each averaging fees in excess of $100,000 per case.
We know there are lawyers out there some of whom are taking a few but not many of these cases. Livinglies takes in requests for services at the rate of 15-20 per day. And THAT is without any promotion. We don’t do any promotion because we have an insufficient number of lawyers to refer these prospective clients. WAKE UP LAWYERS! We have referrals for you and we require NO COMPENSATION for the referral and no co-counsel fee.
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eFAX: 772-594-6244
eMail: ngarfield@msn.com
Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud | Tagged: Appraisal, contingency fees, fraud, ID Theft, lawyers, Michigan, monthly fees, Ohio, securities, Texas, title | 5 Comments »