Daily Archives: September 5, 2012

Courtyard at Amwell II; Greenwich Commons II v. Bank of America; Barclays; HSBC Holdings

More than a dozen banks and their subsidiaries artificially manipulated the London interbank offered rate (Libor) to give the appearance of financial stability, a class of derivative traders claims.

Source: Courthouse News

Speakers for Wednesday DNC

Here we go:

5:00 PM – 6:00 PM (LOCAL)

 

Call to Order

The Honorable Antonio R. Villaraigosa

Chair of the 2012 Democratic National Convention Committee

Mayor of Los Angeles, California

 

Invocation

Bishop Vashti Murphy McKenzie, 10th Episcopal District

First Woman Elected Bishop of the African Methodist Episcopal Church

 

Presentation of Colors

 

Pledge of Allegiance

 

National Anthem

Branford Marsalis

Saxophonist, Composer, and, Bandleader

 

Remarks

The Honorable Luis V. Gutierrez

Member of the US House of Representatives, Illinois

The Honorable Diana DeGette

Member of the US House of Representatives, Colorado

 

The Honorable John A. Pérez

Speaker and Member of the California State Assembly

The Honorable Thomas M. Menino

Mayor of Boston, Massachusetts

The Honorable Judy Chu

Member of the US House of Representatives, California

Steve Westly

Former State Controller and Chief Financial Officer of California

                                           

An Economy Built to Last Video: Small Business

 

Remarks

The Honorable John Larson

Democratic Caucus Chair and Member of the US House of Representatives, Connecticut

Ken Myers

Deputy Sheriff, Carroll County, Iowa

 

6:00 PM – 7:00 PM (LOCAL)

 

Remarks

Richard Trumka

President of the American Federation of Labor and Congress of Industrial Organizations (AFL–CIO)

The Honorable Steve Israel

Chair of the Democratic Congressional Campaign Committee

Member of the US House of Representatives, New York

The Honorable Patty Murray                    

Chair of the Democratic Senatorial Campaign Committee

Member of the US Senate, Washington

The Honorable Pedro R. Pierluisi

Chair of National Community Mobilization for the Democratic Congressional Campaign Committee

Non-Voting Member of the US House of Representatives, Resident Commissioner of Puerto Rico

 

An Economy Build to Last Video: Energy

 

Remarks

Tom Steyer

Co-Founder of Advanced Energy Economy

The Honorable Charles E. Schumer

Member of the US Senate, New York

 

Remarks from Members of the Congressional Black Caucus

 

The Honorable Karen Bass

Member of the US House of Representatives, California

The Honorable Al Green

Member of the US House of Representatives, Texas

The Honorable Emanuel Cleaver, II

Chair of the Congressional Black Caucus and Member of the US House of Representatives, Missouri

 

Remarks

The Honorable Dannel Malloy

Governor of Connecticut

 

7:00 PM – 8:00 PM (LOCAL)

 

Remarks

Denise Juneau

Superintendent of the Montana Office of Public Instruction

The Honorable Nancy Pelosi

Democratic Leader and Member of the US House of Representatives, California

The Honorable Tom Vilsack

 

Women of the US Senate

 

Remarks

The Honorable Barbara Mikulski

Member of the US Senate, Maryland

The Honorable Arne Duncan

 

Progress for People Video: Education

 

American Voices Remarks

Johanny Adames

 

Remarks

The Honorable Jim Hunt

Former and Longest-Serving Governor of North Carolina

 

Remarks and Video Presentation in Memoriam

Presented by Harvey B. Gantt

Former Mayor of Charlotte, North Carolina

 

Live Performance

Jessica Sanchez

Singer/Songwriter

 

8:00 PM – 9:00 PM (LOCAL)

 

Stronger Together Video: Women’s Health

 

American Voices Remarks

Elizabeth Ann “Libby” Bruce

 

Remarks

Cecile Richards

President of Planned Parenthood Federation of America

 

The Honorable Steny Hoyer

Parliamentarian of the 2012 Democratic National Committee Convention

Democratic Whip and Member of the US House of Representatives, Maryland

The Honorable Barney Frank

Honorary Chair of the Democratic Congressional Campaign Committee GLBT Council

Member of the US House of Representatives, Massachusetts

 

American Heroes Video: Veterans

 

American Voices Remarks

Ed Meagher

 

Remarks

The Honorable General Eric Shinseki

The Honorable Michael Nutter

Mayor of Philadelphia, Pennsylvania

The Honorable John Hickenlooper

Governor of Colorado

Sister Simone Campbell

Executive Director of Roman Catholic Social Justice Organization, NETWORK

The Honorable Jack Markell

Governor of Delaware

 

9:00 PM – 10:00 PM (LOCAL)

 

Remarks

The Honorable Karen Mills

 

Progress for People Video: Small Business

 

American Voices Remarks

Bill Butcher

 

Remarks

The Honorable Kamala D. Harris

Attorney General of California

 

Stronger Together Video: Immigration

 

Remarks        

Benita Veliz

DREAM Act Activist

Cristina Saralegui

Journalist, Actress, and Talk Show Host

Sandra Fluke

Attorney and Women’s Rights Activist

 

Austin Ligon

Co-Founder and Former CEO of CarMax, Inc.

 

An Economy Build to Last Video: Auto-Industry

 

American Voices Remarks

Karen Eusanio

 

Remarks

Bob King

President of the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW)

Randy Johnson, Cindy Hewitt, and David Foster

Former Employees at companies controlled by Romney’s Bain Capital

 

The Honorable Chris Van Hollen

Former Chair of the Democratic Congressional Campaign Committee

Member of the US House of Representatives, Maryland

 

10:00 PM – 11:00 PM (LOCAL)

 

Remarks

Jim Sinegal

Co-Founder and Former CEO of Costco

Elizabeth Warren

Candidate for US Senate, Massachusetts

 

Nomination Process Set-Up

 

Remarks

The Honorable Antonio R. Villaraigosa

Chair of the 2012 Democratic National Convention Committee

Mayor of Los Angeles, California

President Bill Clinton

42nd President of the United States

 

Closing Segment

 

Roll Call Vote

Alice Germond

Secretary of the Democratic National Committee

 

Benediction

Rabbi David Wolpe

Sinai Temple, Los Angeles, California

 

Retire Colors

 

Recess

 

ResCap bankruptcy considered successful for a subprime lender

Most subprime lenders that went kaput ended up selling off their assets in fire sales, but Residential Capital (ResCap) is telling a different story in bankruptcy, Reuters said Wednesday.

The former mortgage lender is expected to raise at least $4 billion when it auctions off its assets during a bankruptcy auction this month, according to the report.

The article from Reuters claims ResCap, a subsidiary of Ally Financial, is coasting through Chapter 11 bankruptcy with two major bidders – Fortress Investment Group’s Nationstar Holdings   ($28.57 -0.19%)and Berkshire Hathaway   ($0.00 0%). Both firms want to acquire the bankrupt lender’s assets, including ResCap’s mortgage loan servicing and origination businesses.

Proceeds from the sale will be used to reimburse Ally and other investors.

Click here to read more

 

 

Dirty Harry Empty Chair

Mortgage Mess

MANHATTAN – Home Equity Mortgage Trust Series 2006-1, Series 2006-3, and Series 2006-4 demand $720 million from DLJ Mortgage Capital and Select Portfolio Servicing, for 23,900 pooled residential loans, which the trusts collateralized, in New York County Supreme Court.

Read court document.

MERS is Dead: Long Live MERS

Mortgage Electronic Registration Systems, Inc. (MERS) has generated substantial controversy and academic analysis about its ubiquitous appearance in countless mortgage foreclosure actions. As the ostensible mortgagee under millions of borrowers’ home loans, MERS’s unique relationship with lenders, servicers, and homeowners has resulted in widely disparate judicial treatment across the nation.
Although a seemingly large majority of jurisdictions agree with MERS’s various arguments for its standing to foreclose and assign mortgages, courts in three states have recently shown that MERS remains vulnerable to attack. This Essay examines these recent anti-MERS decisions in the context of the ongoing debate about MERS’s standing, while highlighting the novel approaches taken by the courts in question.
The Article concludes that these cases reveal that MERS remains vulnerable to a single judicial opinion affecting MERS’s arguments (and, therefore, lenders’ and servicers’ foreclosure processes) throughout any given state. However, the Essay concludes that the fact that these opinions were deemed newsworthy at all indicates that MERS’s role in mortgage foreclosure litigation is unlikely to be halted or significantly hindered on a national scale.

Read on.

 

Top Bank Lawyer’s E-Mails Show Washington’s Inside Game

It had been two days since U.S. lawmakers negotiated all night to finish rules that would reshape the business of Wall Street. The 20-hour session left legislators, aides, lobbyists and regulators exhausted. Almost no one had a grip on all the details.
Then Annette Nazareth stepped in. That Sunday morning, she e-mailed a dozen Securities and Exchange Commission officials about the bill that would become the 2,300-page Dodd-Frank Act.

Nazareth, herself a former SEC commissioner, represents the biggest banks and securities firms as a partner in the Washington office of Davis Polk & Wardwell LLP. She attached an annotated copy of the measure to her June 27, 2010, e-mail, marking changes made during the wee hours. It could be an invaluable tool for an agency hard-pressed to analyze the bill on a tight deadline.
“In case you would find it helpful,” Nazareth wrote to the group, many of them ex-colleagues.
Two hours later, SEC Chairman Mary Schapiro responded:“Thanks. We have our work cut out for us.”

Read on.