Posts Tagged ‘foreclosure attorney’

Banks open Pandora’s box by taking on federal judge

Friday, April 12th, 2013
Pandora's box

Pandora’s box

Seventeen of the nation’s “too big to fail” banks also apparently think they are “too big to lose in court.” They have joined forces to go up against a federal judge whose rulings they simply don’t like.

In doing so, the banks may have opened a Pandora’s box that ultimately could benefit the same group of people they have been going after – homeowners facing default on their mortgage.

First the back story:

A bunch of corporate attorneys representing JP Morgan Chase, Bank of America, Wells Fargo, Goldman Sachs, Morgan Stanley and Barclays, to name a few, recently took on U.S. District Court Judge Denise Cote by filing what is known in legal jargon as a “writ of mandamus” the purpose of which is to toss out a number of rulings she has made regarding the discovery process. Someone who believes they are denied a legal right generally files such a writ.

That’s a bold step to take against a member of the judiciary who holds your case in her hands. And, even bolder because of whom filed it. But if it works for them, what’s not to say it will not work for attorneys seeking to preserve the due process of homeowners who have been whisked through the courts like cattle off to slaughter?

Known as a no-nonsense judge who emphasizes efficiency in large, complex cases, Cote is handling one of the highest-stakes cases against the banks to date. The lawsuit, which was brought against the banks by the Federal Housing Finance Agency, alleges that the banks duped it into buying $200 billion in mortgage-backed securities without revealing the sloppy underwriting job. The agency, which oversees Fannie Mae and Freddie Mac, wants the banks to repurchase the bad loans.
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Oppenheim Looks at 2011 and beyond: Foreclosure Crisis, #OccupyWallStreet and Real Estate

Tuesday, December 27th, 2011

With 2011 winding down, foreclosure attorney Roy Oppenheim made a return visit to “The Mind of Money” to share his thoughts on the year that was with host Douglas Lodmell.

Just as Oppenheim anticipated, this year we’ve seen how big this foreclosure mess really is. There were numerous investigations, and a self-imposed moratorium on foreclosures during parts of 2011, resulting in a massive backlog of cases.

It was ludicrous, as Bank of America officials first said, that they would only need 60 days to review their inventory of files.

“It took them virtually a year to figure out that they were doing were just not kosher and had to stop,” Oppenheim explained.

There were several huge financial settlements offered to the banks over their illegitimate foreclosure practices, but the majority just did not stick. Judges told them the settlements were unacceptable and did not go far enough. With various attorneys general and the IRS among the agencies getting involved, these cases are nowhere close to settled.

“The banks literally got their hand not just caught in the cookie jar, but the lid was slammed on it, and everyone got to see the hand just hanging there,” said Oppenheim.

2011 is leaving us with a still unstable market, so people are looking for tangible investments, Oppenheim continued, and with the dollar still weak, Florida real estate is not a bad deal. When you add the fact that there is an excess of distressed properties, prices are not expected to rise anytime soon. he said.

Now every year there is an X-Factor, and this year it was Occupy Wall Street. It was a movement no one really saw coming, and despite some right-wingers attempts to limit Occupy as a fringe movement, Oppenheim said, there is no question the message of Occupy has resonated with middle America.
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Then and Now: Florida Judge Says: Shut up and mind your own business!

Monday, January 10th, 2011

If we digress for one moment and go back to the end of 2007 or the beginning of 2008 here is the story I will share with you all. I was attending a hearing on behalf of one of our earlier foreclosure clients in the area of foreclosure defense before a prominent Broward County Circuit judge. I witnessed the judge was signing hundreds of summary judgments where people were not being defended. In the case that I was defending there was clearly a mistake in who the bank was and a standing issue concerning the court’s and judge’s jurisdiction along with the authority to rule on this case.

The full Power point is available by clicking here

The full Power point is available by clicking here

It was at that time that I indicated to the judge that even though he was dismissing my case he was continuing to sign the summary judgments against individual borrowers/homeowners who probably had the same meritorious defenses.

The judge looked me in the eye and said, “Do you represent those individuals?”

I looked back and quietly said, “No.” So he told me to “shut up and mind my own business.”

We then engaged in a subsequent conversation where I questioned whether or not he had any obligation whatsoever under the Constitution of Florida and under his oath of office to evaluate the documentation that was being submitted as truthful to him upon which he was signing summary judgments.

He initially engaged me in a conversation and then in the middle and in open court said, “Counselor, if you continue to proceed with this discussion I will hold you in contempt.”
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The Foreclosure Fraud Files Released! Thanks to Florida Defense Attorneys

Friday, January 7th, 2011

Unfair, Deceptive and Unconscionable Acts in Foreclosure Cases”, that’s the name of the presentation made to the Florida Association of Court Clerks and Controllers by the Attorney General’s office of the State of Florida.

The title speaks for itself. The presentation is truly fascinating and intriguing but in some ways very disappointing. It is a poor reflection of our own society.

The full Power point is available by clicking here

The full Power point is available by clicking here

The Report is summarized by Kimberly Miller of the Palm Beach Post both in the Palm Beach Post and in the Fort Lauderdale Sun Sentinel.

“What we got from this is the state has had the opportunity to see where the laws have been broken, and frankly, it is in large part thanks to the work of the defense attorneys. They’ve been bringing these defenses up in foreclosure cases for years now,” the Palm Beach County Clerk and Comptroller Sharon Bock said to the media.

Well Ms. Bock, on behalf of the foreclosure defense bar, we appreciate the recognition and the tipping of the hat.

In addition, I want to thank a few people in particular in the foreclosure defense bar who have been a prominent voice and continue to provide information to the public about this mortgage foreclosure fraud crisis.

Most notably, April Charney from the Jacksonville Area Legal Aid, has been championing this cause for probably close to two decades. Peter Ticktin has taken probably more depositions of bank officers and robo-signers than any other lawyer in the country. Matt Weidner has a wonderful blog that many people visit on a regular basis. Prince Donnahoe keeps his fellow colleagues always in the know. Dawn Rappaport has prepared a handbook for consumers on how to deal with the foreclosure crisis. Margery Golant continues to provide good media relations to the public and the press concerning this crisis. Thomas Ice and his associates at Ice Legal have taken some brilliant depositions and have gone up against the judges and in many cases have challenged, appealed and won these cases. Of course there are many other attorneys who fall into this special class and I thank all of my peers who have contributed to this cause.
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