Posts Tagged ‘J.P. Morgam Chase’

Why Foreclosure Judges Should Go To More High School Homecoming Football Games

Saturday, October 2nd, 2010

Roy Oppenheim with daughter Wendi Oppenheim

Last night was a truly special night. It may have been the highlight for me as a Dad! I was my daughter’s escort as she was a finalist for High School Homecoming Queen.

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.
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Oppenheim Law on The Tale of Two Cities: The Best and The Worst of Times

Monday, April 26th, 2010

Stocks Up + Economy Recovering, But a New Real Estate Storm On The Radar

Book the First: Recalled to Lifestocks-going-up

On the national front, news stories indicate that the stock market is steadily resurrecting itself, the first real positive sign that the economy may finally be on the mend. A recent article in The Wall Street Journal noted that banks especially were showing vast improvements, with J.P. Morgan Chase calculating a 55% surge in quarterly profits. While the news is encouraging, there is still hesitation rather than outright relief in the undertone of the stories. The reason: if the banks have not learned from their mistakes, the economy might be six feet under again and sooner than we think.

Book the Second: The Golden Thread

While numbers in South Florida still appear disheartening, a little golden thread appears to be tying up the drowning homeowners into a pretty little package called loan modifications. Although a recent article in The Sun-Sentinel quoted RealtyTrac stating that foreclosure filings in Broward had risen 38% in Broward from March 2009, the numbers seem to be decreasing slightly from previously months. The federal government attributes this to the success of new government workout programs.

Recent statements from the Treasury Department tout the success of the new government loan modification programs. Although the programs did not technically go into effect until April, some banks began using them “successfully” earlier. A recent press release by the Assistant Secretary of Financial Stability for the Treasury Department stated the new programs were on track to help 3 to 4 million homeowners by the end of 2012, with over 1.4 million homeowners already beginning the application process. While this appears to be a positive turn, everything will fall apart if that single golden thread snaps.
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