Daily Archives: October 29, 2012

Here is the federal court order siding with homeowner Niko Black but ignored by Wells Fargo and OC Sheriff

Federal Judge Theodore C. Albert (who signed the court order favoring Black) has ordered Wells Fargo and county representatives to appear in court on November 13 to explain the eviction. Wells Fargo and Orange County sheriff representatives have some ‘splaining to do with the judge:

Barclays faces a landmark test case at the High Court over claims it mis-sold complex financial products to a care home operator

A company caring for the vulnerable and elderly goes to court in a case which could have implications for the banking industry.

Barclays is facing a landmark test case at the High Court over claims it mis-sold complex financial products to a care home operator.

It is being brought by Guardian Care Homes (GCH), which says it should never have been sold two interest rate swap arrangements worth £70m when it sought to refinance loans with Barclays.

The company also claims it should be compensated as the products were based on Libor – the key interbank lending rate that was found to have been manipulated by Barclays staff.

GCH, which is based in Wolverhampton and runs 27 homes, said: “It is simply wrong that with one hand a bank is aggressively selling a highly complex financial product designed to protect someone against an interest rate rise, while the other hand is manipulating the rate for its own benefit.”

Interest rate swaps are designed to insure businesses against rising interest rates.

Read on.

Investigation in Paris on suspicion of manipulation of the Libor

French newspaper translated in English:

An investigation was opened preliminary to the end of September by the prosecutor of Paris in connection with the suspected manipulation of the London Interbank Offered Rate (Libor), said on Monday, October 29th judicial source.

This procedure follows those already launched in the United Kingdom and the United States, where sixteen banks were summoned by the court American, the French Societe Generale.

A French banking source, however, said that Societe Generale had received “new applications for [information] from the regulatory authorities” and that it was not an assignment strictly speaking .

CLERKS: MERS SCHEME COSTING MILLIONS

A majority of Louisiana’s district court clerks want a federal judge in Baton Rouge to help them end banking practices they allege have cost them more than $450 million in fees on real estate transactions.

The number of Louisiana state district clerks alleging a racketeering conspiracy by large banks andmortgage companies has jumped from 29 when the lawsuit was filed in April to 47 now. And the big-dollar dispute expanded Monday, when lawyers who represent the clerks filed a similar suit in Texas on behalf of 11 counties.

The clerks in both states allege a racketeering conspiracy by lenders who are members of sister firmsMortgage Electronic Registration Systems Inc., or MERS, and MERSCORP Inc.

Rest here…

Spire Law Group’s Mass Torte Lawsuit Seeks $43 Trillion from Banks – Former AG Says it’s a FRAUD

Very interesting and will be watching the outcome of this. Don’t get the balloons and cake on this massive $43 trillion dollat lawsuit.  Hat tip from Martin Mandelman:

Just so everyone is aware, “Spire Law Group,” is a name change from the firm, “Mitchell J. Stein & Associates,” a California law firm that was shut down by California’s Attorney General in conjunction with the California Department of Justice and the State Bar of California.  Here’s what is says on Stein’s Website:

“As of April 2012, the California Secretary of State and the California State Bar, ratified and approved the name change of Mitchell J. Stein & Associates LLP to Spire Law Group, LLP  The firm is now known as Spire Law Group LLP.”

The same site also verifies, or rather boasts, that Stein is behind this $43 trillion extravaganza…

The firm (Spire/Stein) has now – in April 2012 – filed suit in New York against thousands of offshore entities formed since 2009 to launder home owners’ money for federally chartered bank servicers.  If you own a home in the U.S. and took out a loan between 2003 and today, the laundered money likely includes your money, as to which you may have rights to damages and injunctive relief.”