Obama Channels Eisenhower With Anemic Spending Growth Armstrong Becomes ‘Madoff on a Bike’ After Cheating Profits at $1 Trillion Meet Valuations as S&P 500 Rallies Apple Investors Brace for First Profit Drop Since 2003 Kinsley: Obama Inaugural’s Liberal Definition of Rights 1:48 Highlights from President Obama’s Inaugural Address Too-Big-to-Fail Banks Won’t Get State Backing in Denmark
Denmark’s government isn’t planning to support banks deemed too big to fail and will instead require lenders to hold enough extra capital to protect taxpayers from another banking crisis.
“The too-big-to-fail designation means they need to ensure they have the extra capital buffers, not that the state will bail them out should they get into trouble,” Benny Engelbrecht, head of the parliament’s business committee overseeing bank industry legislation, said in a phone interview yesterday. “It’s of principle importance to this government to protect taxpayers.”
This is an excellent read! The attorney’s do a Superb job of nailing the banks!
The Law Offices of Schneider & Stone, a bankruptcy and business law firm based in Skokie, has successfully removed a Bank of America mortgage from their clients’ home. In an incredible turn of events, the homeowners’ Chapter 13 plan will treat the entire mortgage as unsecured – no different than a common credit card – and the clients will own their home free and clear after successfully completing their case.
The firm’s clients refinanced their property with Bank of America several years ago. The clients signed a standard mortgage giving Bank of America a lien on their house. Bank of America failed to record themortgage with the Recorder of Deeds. The homeowners fell behind on their mortgage payments and filed Chapter 13 bankruptcy to save their home. Chapter 13 does not discharge a mortgage from a debtor’s home; it rolls late payments into the bankruptcy plan and lets the client start making regular payments until the loan is paid off. In this case, Bank of America’s failure to record the mortgage negated their rights.
The bankruptcy filing caused the bank to review the account, at which point it determined that the mortgagehad never been recorded. The bank filed a Motion for Relief from the Automatic Stay in an effort to record themortgage. The Law Offices of Schneider & Stone objected to the Motion and the court denied relief. The court demanded briefs, and on November 28, 2012, after hearing both parties, the court entered an order deeming the bank’s claim as wholly unsecured.
“An unrecorded mortgage does not create a valid secured claim, period,” said bankruptcy attorney and firm partner Ben Schneider. “The fact that the bank tried to record its mortgage post-petition is incredible to me, and based on the facts of this case, the court absolutely made the right decision.”
Since this matter has been resolved, the homeowners’ Chapter 13 plan will now be able to move forward with confirmation. With the mortgage treated as an unsecured claim, successful completion of the plan will mean the homeowners will leave the bankruptcy with a mortgage-free home. The bankruptcy judge has set a status hearing on the matter, scheduled for January 18, 2013.
(Case Number: 12-11838)
South Carolina news station covers impact of local foreclosure crisis
Ed Nock has a lot of time to think about what went wrong with his short stint as a home owner now that he’s living out of a van.
He said he moved to South Carolina from New York last year and was out of his home shortly after.
He said there are others like him and he doesn’t want to see any more people fall victim to a bad mortgage deal.
Barclays Workers’ Push for Libor Case Anonymity Rejected
A group of Barclays Plc (BARC) employees had a request to prevent their names from being published ahead of the U.K.’s first trial related to manipulation of the Londoninterbank offered rate rejected by a judge.
“I simply do not see that there is any sufficient case of prejudice” to the trial, Judge Julian Flaux said in dismissing the request yesterday.
Affiliates of Guardian Care Homes Ltd. sued Barclays over an interest-rate swap tied to Libor and argued the benchmark was manipulated. The swap resulted in a loss for the Wolverhampton, England-based Guardian and Barclays was ordered to give the company’s lawyers the identities and e-mails of bank staff that were included in disclosures to British and American regulators during a probe into interest-rate manipulation.
Historic Church Tied to MLK Continues to Fight Impending Foreclosure
It is a church deeply rooted in history and the civil rights movement in St. Augustine. Dr. Martin Luther King Jr. rallied marchers at St. Mary’s in the 1960s.
Almane Lowndes, now nearly 100 years old, can still remember that day.
“Words can’t express how I felt seeing Dr. King here with us,” Lowndes said.
“It is very important that they leave this as a memento of who we are and where we come from,” says Minister Raymond Dunlap.
As Lowndes’ generation passes the torch to the next leaders, she says the youth need to remember the message Dr. King preached years ago on the church steps and across the country.
STANISLAUS COUNTY — Authorities appear to be taking foreclosure fraud prosecution to a new level in Stanislaus County, with possible implications elsewhere in California.
A Turlock couple face felony charges of trying to stall foreclosure of their property by filing phony documents with the county recorder, similar to cases launched last month against four other homeowners in this county.
But this time, state prosecutors — not local — will handle the case. And court documents suggest that authorities may go after supposed masterminds accused of running a fraud scheme from Southern California.
“We have not filed anything yet against the so-called kingpins, but we’re not going to ignore where this case is leading,” said Leslie Westmoreland, deputy California attorney general.
Westmoreland recently filed a felony complaint against Blas and Nancy Arreola of Turlock alleging multiple counts of identity theft, recording false or forged documents, and fraud conspiracy.
Blas Arreola, 37, initially was arrested in June, and he and his 34-year-old wife are scheduled to appear Tuesday at an arraignment. A state prosecutor is expected to ask that they be held with bail set at $412,000 and $201,000, respectively — far more than in previous similar cases.