Category: Bankruptcy

Banks Kick Consumer’s Butts Once Again – SB 1275 Dies in the California Assembly

Banks Kick Consumer’s Butts Once Again – SB 1275 Dies in the California Assembly

Even though the bill was supported by EVERYONE but the banking lobby, it was rejected 36-30 in the Assembly. Even after it was approved by the state Senate and three Assembly committees. This time… no… but thank you for playing. Nice job, you spineless, worthless, glad-handing, sycophants. Way to throw your constituents under the bus.

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The Most Damaging Propaganda Campaign in History. And its Aimed at You and Me

The Most Damaging Propaganda Campaign in History. And its Aimed at You and Me

Debt is a status symbol… debt is a sign of success… debt is cool… you should want as much debt as you can get… being approved for more debt means you’ve made it. I want to be a gold debtor… I want to be a platinum debtor… how about a silver card? Can I be a titanium debtor? I’d like to see something in a palladium card. Why not become an emerald debtor, or perhaps a sapphire debtor? I want the Purple Card… can I have the purple card, please? Wait… I love to Discover! I want to be a “Member”. I want privileges.

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Barofsky’s Report: Taxpayer Support for Financial Sector Now $3.7 Trillion

Barofsky’s Report: Taxpayer Support for Financial Sector Now $3.7 Trillion

Taxpayer support for the financial system grew by $700 billion last year, and has now reached roughly $3.7 trillion, including TARP, Federal Reserve programs, asset guarantees and federal bank deposit insurance, among other commitments.

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Elizabeth Warren or Bust, I’m Drawing the Line

Elizabeth Warren or Bust, I’m Drawing the Line

Ms. Warren should unquestionably be asked to head up this new Consumer Financial Protection Bureau, bribed, begged and/or pleaded with, if need be. Without her philosophy and leadership setting the standards and tone of this new bureau as it is established, it should simply be disbanded… we don’t need another federal bureau to let the banks do whatever they’d like to the American consumer. We already have every other federal agency and regulatory body for that.

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FHFA Subpoenas Data from 64 Issuers of Mortgage Backed Securities

FHFA Subpoenas Data from 64 Issuers of Mortgage Backed Securities

Uh oh. Someone’s gonna’ be in big trouble… as in… Lucy, you got some ‘splainin’ to do. Is it warm in here all of a sudden?

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Now I Get It… We’re Not Stopping the Foreclosure Crisis because it Affects Mostly Brown People!

Now I Get It… We’re Not Stopping the Foreclosure Crisis because it Affects Mostly Brown People!

This is not a tragedy that discriminates. The race diminished as a result of what is being allowed to transpire will be “human”.

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Mandelman’s Uncommon Advice for Getting Through the Loan Modification Process Without Losing It

Mandelman’s Uncommon Advice for Getting Through the Loan Modification Process Without Losing It

There’s no point in sugarcoating this… getting a bank or mortgage servicer to agree to modify a mortgage is never a pleasant experience. In fact, it’s pretty much horrible, even when it’s good. You may finish the process with a permanent loan modification, but it’s unlikely that you’ll feel much like celebrating.

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At the Bank of America Signpost Up Ahead, Your Next Stop – The Loan Modification Zone

At the Bank of America Signpost Up Ahead, Your Next Stop – The Loan Modification Zone

A homeowner wrote to me the other day, and I could tell from her emails that she had been through the ringer trying to get a loan modification. I’ve heard from so many thousands of homeowners that I’ve gotten to the point that I could probably guess their lender or servicer just from the tone of their email or voice. This one, however, kept notes of her journey into The Loan Modification Zone, and I couldn’t help but share them… you’ll see why.

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The Great Unwind and the Final Redemption, by O. Max Gardner III

The Great Unwind and the Final Redemption, by O. Max Gardner III

As my readers know, I’ve never had guest columnists or posted what others have written, but when I read the article that follows, which was written by Max on June 1st of this year, and then found myself reading sections of it to several people while we were talking on the phone, well… I knew I had to post it.

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Student Loans Non-Dischargeable? — NOT SO FAST

Student Loans Non-Dischargeable? — NOT SO FAST

If the government guarantee was waived in whole or in part, which I am sure is the case, then the rationale for non-dischargeability disappears. So I am suggesting that the assumption that the student loan is non-dischargeable should be challenged based upon the individual facts of your student loan. If it was securitized and it [...]

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New Workshop on Motion Practice and Discovery

New Workshop on Motion Practice and Discovery

why-you-should-attend-the-discovery-and-motion-practice-workshop VISIT LIVINGLIES STORE FOR FREE VIDEOS AND OTHER RESOURCES START WINNING CASES!! May 23-24, 2010 2 days. 9am-5pm. Neil F Garfield. CLE credits pending but not promised. Register Now. Seating limited to 18. INCLUDES LUNCH AND EXTENSIVE MANUAL OF FORMS, NARRATIVE AND CASES. An in-depth look at securitized residential mortgages and deeds of trust. [...]

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Padget v OneWest – IndyMac Provides some insight into RESPA remedies

Padget v OneWest – IndyMac Provides some insight into RESPA remedies

The Ocwen Court provided an example for clarity: “Suppose an S & L signs a mortgage agreement with a homeowner that specifies annual interest rate of 6 percent and a year later bills the homeowner at a rate of 10 percent and when the homeowner refuses to pay institutes foreclosure proceedings. It would be surprising [...]

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Lehman-Barclay Deal Hid Windfall of $11 Billion

Lehman-Barclay Deal Hid Windfall of $11 Billion

“relief from the sale order is warranted by law whether there was an innocent mistake or deliberate concealment.”
Editor’s Note: When you watch these events unfold, you might begin to realize that the windfall is not to the homeowner who gets the foreclosure thrown out of court, it already happened for the [...]

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Ghost Towns: 25 million more suburban homes by 2030 than are needed.

Ghost Towns: 25 million more suburban homes by 2030 than are needed.

Editor’s Note: Put simply this crisis will still be ongoing in 20 years. When you add the student loans that were securitized and which were “non-dischargable” in bankruptcy because of the government guarantee of the “risk” (which never existed because the risk was sold before the loan was ever funded, hence the guarantee should not [...]

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If the Bank of England wants this information, how can this court deem it irrelevant?

If the Bank of England wants this information, how can this court deem it irrelevant?

SEE ALSO BOE PAPER ON ABS DISCLOSURE condocmar10
If the Bank of England wants this information, how can this court deem it irrelevant? NOTE: BOE defines investors as note-holders.

information on the remaining life, balance and prepayments on a loan; data on the current valuation and loan-to-value ratios on underlying property and collateral; [...]

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