Monthly Archives: October 2012

Five states accounted for nearly half of U.S. foreclosures

U.S. foreclosures declined in September with five major states accounting for nearly half of all national foreclosure activity, CoreLogic ($23.64 0.52%) said Wednesday.

Not only is the real estate recovery market specific, distressed inventory levels vary by state.

For the 12-month period ending in September, the states of California, Florida, Texas, Georgia and Michigan had the highest number of completed foreclosures.

California led the way with 108,000 foreclosures, followed by Florida with 92,000. Texas, Georgia and Michigan recorded more than 50,000 foreclosures each during the period. All five states accounted for 47.7% of foreclosures during the period.

States with the lowest foreclosure rates included South Dakota, District of Columbia, Hawaii, North Dakota and Maine. The states with the lowest foreclosure activity levels reported less than 700 filings during the 12 months, with South Dakota reporting only 20 completed foreclosures.

Read on.

UPDATE: CA Governor Jerry Brown Is Getting Involved In Homeowner Niko Black’s Case…

UPDATE: The lawyers from the Stephen Golden Law Firm were able to get Wells Fargo to let Niko back into her home to retrieve her belongings and the medical devices  needed for her treatment.

The governor’ office has now gotten involved to investigate how something like this can happen in the state of California, and Wells Fargo has now been served with an order to show up to court and explain to the judge why they defied his orders.

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Deutsche Bank takes another home in dubious Queens Foreclosure case

In an interview conducted on Saturday October 27th 2012, Queens Foreclosure Attorney Brian McCaffrey said “this case could have been fought and won on its merits” and “it’s a shame that Deutsche Bank was allowed to coast through the process without ever having to prove to the Court that they actually had standing to foreclose”

On October 24, 2012 a foreclosure process that began more than 3 years ago came full circle when the property located at 150-15 108th Avenue, Jamaica, NY 11433 was sold by Deutsche Bank for $245,100.00 to an LLC named RDG QUEENS XVIII LLC.

The LLC making the purchase was registered with the NYS DOS by the accounting firm ofSINGER & FALK, INC. whose CEO is Steven Falk. When contacted for this article Mr. Falk was unavailable for comment.

The Queens Foreclosure case was entitled DEUTSCHE BANK NATIONAL TRUST vs. MBAH, CLEMENT ETAL, under index number: 027411/2009.

Although it appears from the record that the prior owner CLEMENT MBAH attempted to protect his interest by making motions in court, his pro-se attempts were too little – too late.

In a decision issued on July 11, 2011 the HONORABLE KEVIN J. KERRIGAN held that the… “Motion by Mbah to vacate the default judgment of foreclosure and sale, issued by this Court on June 15, 2010, as against him is denied. Movant has failed to set forth an excuse for his default or a meritorious defense to foreclosure”

McCaffrey expressed disappointment saying “This case is only one of many where the Plaintiff who did not own the mortgage… was never properly challenged or their case would have failed.”

To understand what Mr. McCaffrey is talking about one needs to look at the history of the ownership of this mortgage which was securitized with thousands of others during the housing and mortgage boom.

You see Deutsche Bank was the “trustee” for a NY established Trust that was formed in 2004 under NY Trust Law. Under NY Law the Trust had a closing date of September 29, 2004, and no mortgage loan could have been assigned into the Trust after that date. NY Trust law states that any act made contrary to the interest of the Trust is void. Moreover, under IRS Code it was unlawful to transfer any asset into the Trust after the closing date.

Read on.

U.S. District Court in Texas blocks MERS lawsuit


Individual homeowners do not having standing to sue Mortgage Electronic Registration Systems over county recording fees, according to a decision from the U.S. District Court for the Western District of Texas.

The decision was passed down in the Huml v. MERS case—another piece of litigation that will define how seriously individual courts take claims that MERS robbed local jurisdictions out of revenue by recording mortgage assignments electronically without paying county recording fees.

The court threw out multiple claims made by Bea Huml and other homeowners in a lawsuit against MERS, Bank of America Home Loans Servicing ($9.20 0.08%), and The Bank of New York Mellon.

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Justice: Barclays faces two new charges in the United States

Translated in English:

2012 busy year for lawyers Barclays. The British bank announced Wednesday, October 31 to be two new regulatory investigations in the U.S., which couldcomplicate his comeback after a series of cases, including the sensational scandal Libor this summer, which have tarnished reputation.

The bank said the United States cooperate with the Department of Justice (DoJ) and stock exchanges (SEC) in an investigation related to possible violations of the law on corruption of foreign officials, in a case which is already subject of investigation in the United Kingdom .

London Whale’s Boss Martin-Artajo Sued by JPMorgan

JPMorgan Chase & Co. (JPM) sued the executive responsible for supervising Bruno Iksil, the trader nicknamed the London Whale for market-moving wagers at the division responsible for a $6.2 billion trading loss.

Javier Martin-Artajo, Iksil’s boss in the chief investment office, is a defendant in a London lawsuit filed Oct. 22 by the bank and made public today. The court filings didn’t reveal any details of the complaint. Both men have left the bank.

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Cable company forcing payments, threatens with liens and foreclosure

OCALA, Fla. —

Some Ocala residents are taking on a cable company they say is forcing them to pay for services they don’t use.

The homeowners of the Palm Cay community said Cablevision has threatened them with liens and foreclosure.

Some homeowners said they are still charged by Cablevision, even though they use a satellite TV company.

The cable company said it doesn’t matter.

One homeowner’s cable bill, which he said he hasn’t paid in years, went up to $1,200 – and ended up in court Wednesday.

Read on.