It’s called doing the right thing for consumers!

New York Attorney General Eric Schneiderman stands alone on the side of the consumer, seemingly everyone else against him.

The banks are trying to wipe out all of the potential claims against them, and they are being helped by the Obama administration, the Federal Reserve, and most of the State Attorney Generals. Only one man, New York Attorney General Eric Schneiderman, seems to find anything wrong with the idea that the banks should pay only $20 billion to wipe out all liability from their widespread fraud, perjury, and tanking of the world economy.

Now the Obama administration is in a full court press trying to get Mr. Schneiderman to drop his objections. Housing and Urban Development Secretary Shaun Donovan has reportedly been calling the AG’s office to try to get Mr. Schneiderman on board with the patented “Get out of jail for a pittance” plan.

Thankfully, Mr. Schneiderman seems to have other, more radical, ideas like actually doing his job. He has opened numerous inquiries with real, live experts to look into the well documented systemic disregard for the law and ethics.

Mr. Schneiderman also sued to stop Bank of America from rushing through their $8.5 billion settlement with investors in Countrywide’s mortgage backed securities (MBS). While the big boys like the New York Fed and Bank of New York Mellon secretly negotiated the settlement, they are refusing to let other plaintiffs, like teachers’ pension funds and retirees in Europe, see if the deal is fair.

Apparently, such action was too much; the AG simply crossed the line by protecting teachers and retirees.

Kathryn Wylde, a board member of the New York Fed charged with looking after consumers¸ reportedly told Schneiderman “it is of concern to the industry that instead of trying to facilitate resolving these issues, you seem to be throwing a wrench into it. Wall Street is our Main Street — love ’em or hate ’em. They are important and we have to make sure we are doing everything we can to support them unless they are doing something indefensible.”

Oppenheim Law would like to commend Attorney General Schneiderman for doing the right thing and standing up for consumers, even if it is inconvenient for Obama’s reelection coffers.

Roy Oppenheim,

From the trenches

Roy Oppenheim with daughter Wendi Oppenheim

The game was close for most of the night and down by a touchdown. It was late in the fourth quarter.  And then the big play came in; the quarterback threw from about the 35-yard line to the team’s star receiver in the end zone.

But wait. There were a series of flags and the refs called offensive pass interference and two personal penalties. The receiver had pushed himself off the defensemen propelling him into a position to catch the ball.

The Verdict:  Touchdown does not count and the ball was placed back 30 yards further down field. The refs did their job and the fans accepted their fate.

Banks cheated, did not play by the rules

That’s when it all clicked for me.  The banks cheated when they filed their foreclosures. They did not play by the rules. And the refs did not have the backbone to protect the integrity of the game.

If you check the “game” rulebook that is the most important function of a judge: To protect the integrity of the judicial system.  Not to show favoritism, to remain impartial, and to be fair.

What the GMAC, JP Morgan Chase, and Bank of America Foreclosure Fraud crisis is demonstrating to the world is that when the judiciary does not apply the rules fairly they can jeopardize the integrity of the game.

Had last night’s and previous penalties not been properly called, football as we know it, would not be the most popular spectator sport in the US.

It is the RULES that we all know and respect!   The new video replay ref is an added form of protection to ensure that no illegal play is permitted to go forward in the game. What a PR problem it would be to allow 250 million people to see a bad call on TV and YouTube!

So why did the judges who are all licensed attorneys and have taken various oaths of office allow this spectacle to happen? The answer is plain and simple. They were playing to the home team fans as opposed to their professional obligations. In this case the home team was the banks, their attorneys and a governmental apparatus that wanted the foreclosure cases disposed of as quickly as possible at all cost.

Who cares about the rules or about offensive pass interference? That receiver last night would have caught the ball anyhow, is what until days ago the judges were saying.  I say NO!

Let’s hold the judicial system accountable

As avid sports fans and members of a democracy viscerally understand RULES count and playing fair is a hallmark of our system. I think we need to hold the judicial system accountable.

I don’t want to hear the excuses. I couldn’t see the play; my line of sight was blocked, I was afraid that if I called the play according to the rules, the game would go into over-time; it was unwritten not to enforce certain rules; or better yet, I am not in good-enough shape to run up and down the field. Or come on… you don’t really expect me to count the number of players on the field?

Let’s be blunt: the judges were co-opted by having “rocket dockets”

The judicial system was expected to become the private collection agencies of the banks. The judges assumed that the banks and their attorneys would not cheat. All across this nation the judges were caught sleeping in the drivers seat. Time and time again homeowners were denied their procedural due process rights to present evidence and confront the banks.

May I respectfully suggest that our esteemed judiciary spend a little more time with their sons and daughters at Friday night high school football games and ask themselves what would happen if they kept making bad calls all night, every game?

Roy Oppenheim

From the trenches

P.S.

I continue to help Florida homeowners learn more about developing stories concerning bank fraud like today’s Sun Sentinel story and also last night’s CBS Investigative Report headline Mortgage Foreclosure Nightmare. I will focus on mortgage foreclosure bank fraud in my  foreclosure defense workshop on Wednesday October 6 at 6pm.

The highest growth in the foreclosure market has been a result of three types of foreclosures; (1) delayed sub-prime foreclosures from 2008; (2) higher default rates on Option ARM loans, and (3) a significant rise in unemployment related foreclosures.  With numbers indicating that 1 out of every 6-10 unemployed will face foreclosure, Goldilocks better find somewhere else to take a nap because there won’t be many family-owned homes left when the dust settles.

The “new normal” appears to be a staggering number of foreclosures, and is not expected to return to pre-recession figures until 2013. Foreclosures are expected to rise the rest of the year, and peak throughout 2010 and 2011. In Florida, we can expect to have about 40-50% of the foreclosures in the country, and half of these will be in South Florida. At this rate, Goldilocks will be old enough to buy her own house by the time the market rebounds.

Foreclosures happen to all ages. Reporting the latest Florida foreclosure news, stats, tips and legal insight is Attorney Roy Oppenheim with his clients.

Protecting yourself and your home in this turbulent economy and Florida real estate market is easier said than done.  Roy Oppenheim, Oppenheim Law’s legal blogger and foreclosure defense attorney, believes understanding your legal rights greatly increases your chances of survival and recovery.

Oppenheim’s monthly legal workshops are designed to assist both homeowners and real estate professionals.  The November workshop will not only focus on defending Florida foreclosures, but will also include a state of the economy update and valuable tips on buying and selling South Florida real estate.

What:         Florida Housing Help: Free Real Estate Workshop
When:        Thursday, November 5, 2009 – 6:00 to 7:00 PM
Who:          Real estate professionals and homeowners facing foreclosure, buyers, and sellers
Where:       2500 Weston Rd Ste 404, Weston, FL 33331
Cost:           Free with advanced registration
RSVP:        To register email roy@oplaw.net or call 954.384.6114

Oppenheim Law’s November workshop will highlight the following foreclosure defense strategies and real estate tips:

•    Learn the process of foreclosure and how to defend your home
•    Learn tips on applying for a mortgage modification and the best time to apply during foreclosure
•    Insider information about counterclaims against the banks and deficiency judgments
•    How to locate and purchase foreclosed properties substantially below market value.
•    Tips on finding, buying, and selling short sales
•    Insight on current Florida home prices and the right times to buy/sell
•    Oppenheim will also discuss: deed in lieu, second mortgages, and Chapter 13 bankruptcy

Address: 2500 Weston Rd, Ste 404 in Weston, FL 33331.
Phone: 954.384.6114

Learn: http://www.oppenheimlaw.com
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Now you can connect, subscribe, tweet, and interact with me on topics including foreclosure law and whatever the latest headline legal news might be. I am  sometimes called a news junkie and read various legal and daily  publications  including the Wall Street Journal  and The  New York Times.

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We started this blog to keep you up to date on newsworthy legal topics, such as Florida foreclosure law, internet ventures, and personal injury law.  Our Florida law professionals will give advice on how these topics affect you and how you should respond. The general public, the news media, and the legal industry will find this blog a valuable resource to keep a finger on the pulse of legal issues in South Florida. We hope you will engage with us, leave comments, and ask questions as you stay informed about legal matters that matter to you.

Pondering Shays’ Rebellion and Florida Foreclosure Laws

You may be reading stories about our Fort Lauderdale law office’s commitment to foreclosure defense. I wanted to take a moment to explain why we’re so dedicated to defending homeowners struggling through the judicial system.

Do you remember Shays’ Rebellion? Some call it the “last battle of the American Revolution.”

Revolutionary War Captain Daniel Shays helped organize an insurrection against the Massachusetts government in 1787. Unfair laws, high property taxes, poll taxes and unjust court procedures made life worse than before America’s independence from the United Kingdom. While government officials had excessive salaries, those in debt were jailed.

Long story short, the rebellion in the face of this financial and economic crisis led the government to reevaluate the Articles of Confederation and was the impetus to the Constitutional Convention. The result was a new and stronger government under the United States Constitution.

I don’t expect an armed uprising during Florida’s foreclosure crisis, but I do expect homeowners to get upset when they discover that, in many cases, Florida lenders are foreclosing on them without any proof of loan ownership. Some banks are violating homeowners’ Constitutional rights in terms of due process by failing to produce these documents – a legal requirement of foreclosure.

Our internal investigations show this happens more than we’d like to think. So we’re up in arms, so to speak, for homeowners. We want to ensure that homeowners are fairly represented in a court of law and that due process is followed. The bottom line: if the bank can’t prove ownership, they can’t foreclose.

See my recent news about Florida foreclosure law: http://www.oppenheimlaw.com/