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DeadlyClear
In my view, derivatives are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal. Warren Buffet (2003)
Interests: Foreclosure defense.
Recent Activity
If the Dems and the media took the same amount of persistance in reporting on the damage the banks have done to American homeowners and pensioners under Clinton, Bush & Obama - the public would be aghast. Over 50 millions homes have been foreclosed, short saled, or are in the courts. At 2.5 persons per household - that's 125 MILLION Americans damaged and/or destroyed. This has been the largest disaster (man-made or natural) in the modern world. Not to mention the $5 TRILLION pension deficit gradually attacking American workers...
Debbie Does Damages: the Stormy Daniels Contract Clusterf*ck
There's been a lot of poorly informed reporting about the Stormy Daniels contract litigation, including in some quite reputable publications, but by reporters who just aren't well versed in legal issues. For example, I've seen repeated reference to an "arbitration judge" (no such creature exist...
Schools don't teach kids how to even balance a checkbook or keep a household budget. Why did gov't even dangle $$? The gov't surely didn't expect them to be responsible - or were they really just after their parents figuring they'd bail them out with their savings and social security?
Student loans - the debt collector contracts
Twelve senators have just written to Education Secretary Betsy DeVos questioning why the Education Department continues to award lucrative contracts to debt collection firms, and criticizing the seriously misaligned incentives embedded in those contracts. While most federal student loan borrowe...
Homeowners, in many cases, obtained more from modification arbitration forced by the courts on an individual basis than they did from class action lawsuits where the attorneys made the big bucks. HOWEVER, there are instances where collectively, representation of a large group of Plaintiffs makes a greater impact on juries and judges. The National Mortgage Settlement was a collective effort, albeit not very well monitored, and rendered a settlement designed to protect homeowners. Had it have been enforced and followed by the Defendants, there would be fewer foreclosures filled steeped in fraud today.
CFPB Arbitration Rule Overturned
By a 51-50 vote, with Vice President Pence breaking the tie, the Senate has voted to overturn the Consumer Financial Protection Bureau's rule forbidding the use of contract terms (in covered consumer loan products) barring consumers to bring or participate in class actions. The affirmative vote ...
Isn't it Sad when the SCOTUS opinion can't be downloaded from their own site - for whatever reason? Even if its system is just overloaded think how well the rest of the government computer systems are working... immigration, etc.
Supreme Court Strikes Down State No-Surcharge Law
The Supreme Court ruled today in Expressions Hair Design v. Schneiderman. The Court unanimously ruled for the merchant plaintiff that was challenging New York State's no-surcharge law on the basis that a law criminalizing credit surcharges (but not cash discounts) was impermissibly vague. The ...
Alan, I don't know who to kiss first you or Judge Klein. Thank you for sharing this - I'm sure the majority of homeowners I know can relate.
What I found very interesting was the reference to the Fannie/Freddie/FHFA $9.5 Billion BofA fine; however, the $65.65 Billion BofA Settlement with the DOJ wasn't mentioned. The DOJ case gives us a jury trial conviction and Fannie as the concealed real party in interest in these Countrywide/BofA cases. It appears, the loans were sold directly to Fannie before the Trusts and Fannie maintains an interest as guarantor, yet another underlying issue. Although many of the documents in the DOJ case remain sealed - on the DOJ press release page are several documents linked at the bottom that indicate some of the loans and several pages of trusts. The Complaints, including the DOJ Intervenor Complaint is available through ECF - worthwhile reading.
For deeper digging one must read the SEC Complaints against Fannie / Freddie and the accompanying Non-Prosecution Agreements. Amazing what information can be put together.
$45 Million for Stay Violations
How much in punitive damages is enough to punish unlawful conduct and deter its repetition? $45 million was one bankruptcy court's opinion, in the case of a wrongful home foreclosure and eviction in knowing violation of the automatic stay. The court described the plaintiff-debtors’ treatment by ...
Let's face it bankruptcy legislation has as many holes in it as Obamacare had donuts. The overall 'sense of consequence' is sorely lacking and "fresh start" has been lost almost altogether with the trustee and its attorneys fee cranking legal greed.
How many homeowners sought refuge in bankruptcy only to find themselves represented by a bankruptcy mill dumping them into a Chapter 7 without full explanation of loss of their defensive claims and usually their home?
The way the system is set up only a good attorney (of which there are few - present company excepted) can figure out the forms and exactly what must be filed and many are too lazy to ask detailed questions or inform their clients. Many bankruptcy attorneys dump the job on inexperienced paralegals - yet, when there are missing documents, forms, bank accounts, etc. it falls back on the debtor who faces the charges and non-discharge-ability - rather than the attorney who actually created and filed the paperwork.
There are too many bankruptcy mills - just like foreclosure mills - and no penalties stiff enough to keep the crooks and slobs out of the business.
What to Expect From Justice-To-Be Gorsuch on Bankruptcy
When I heard that the President had nominated 10th Circuit Judge Neil Gorsuch for the Supreme Court, I wondered what his bankruptcy-related opinions might tell us about him. Bill Rochelle beat me to it, with his characteristically insightful analysis of a few salient Gorsuch opinions. But I foun...
Absolutely on target!! See Paul Krugman Propaganda Exposed and Debunked. http://wp.me/p1H9BR-1YL
So, if Paul is angling for a White House job and this is the advice he is touting or told to tout - we'd be in deep trouble if it's Hillary (we know its not Bernie and it sure isn't Trump he's trying to schmooze).
Sorry Paul, but the Bailout WAS about the Banks
Paul Krugman claims that "Many analysts concluded years ago" that the big banks were not at the heart of the financial crisis and that breaking them up would not protect us from future crises. Incredibly, his claim is linked to an article by ... Paul Krugman. Maybe a Nobel Prize comes with a l...
The Jones Act has to go. Senator Inouye protected Matson shipping here in Hawaii for years and later at the expense of our citizens. I can't tell you how frustrating it is for Hawaii and Alaska to be considered step children to the rest of the United States when it comes to shipping. And let me tell you - many companies make that extra shipping issue a profit center. Avon, for an example - could ship Priority Mail flat rate box and be half of the cost it charges for shipping. That said, numerous companies add on exorbitant cost to ship to Hawaii and Alaska. It is also reflected in our groceries - cereal for example is $6.50 a box! Milk is often $10 a gallon.
Building materials are higher priced because there is no competition in the shipping. Generally, the overall Jones Act is outdated and unnecessary in this "global" economy. Amazing that I can get products from China for a lot less and FREE SHIPPING - and in America the same items cost more and tack on a surcharge for shipping!
Puerto Rico: Colonial Chickens, Structural Priority, and Contingent Debt
It has been a humbling torrent of creativity, and I am honored to chip in a tuppence at the eleventh hour. After an existential preface, I consider how one might use (or resist using) federal credit enhancement in the inevitable debt exchange. By way of a preface, my dominant sense of Puerto Ric...
I am in total agreement. As a paralegal for bankruptcy and foreclosure defense attorneys I have spoken to hundreds of families that got in over their heads because they were targeted by the banks. Wells Fargo even patented its system to solicite specifically targeted homeowners.
When a bank tells you your stock (property) has a great deal of equity and encourages you to pull money out of it or advises you that if you roll all of your credit card debt into your mortgage loan you can pull out another $25k in cash...when in fact the appraisal value was highly inflated...ya tend to get in too deep real fast. The folks that these banks intentionally targeted were not financial geniuses - they just unwittingly respected bankers and were duped.
Bankruptcy credit counseling courses are a joke. We'd be better off to teach families how to spot scammers because most people cannot perceive something they wouldn't themselves project.
Just Punch My Bankruptcy Ticket
That's the title of Denver Law Professor Michael Sousa's new article exploring debtors' evaluations of the pre-filing credit counseling course and the post-filing financial management course mandated by BAPCPA. The data for the article came from in-depth interviews that Sousa conducted with 58 ...
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