Daily Archives: June 3, 2013

Link

Another revolving door: Treasury official Darius Kingsley joins Chase as mortgage banking counsel

Another revolving door: Treasury official Darius Kingsley joins Chase as mortgage banking counsel

U.S. Treasury Official Darius Kingsley will join JP Morgan Chase ($54.01 -0.58%) as co-general counsel of mortgage banking, the bank announced.

In his new role, he will share duties with Denise DesRosiers, who has been with the bank’s mortgage business for 21 years and most recently served as deputy general counsel of mortgage banking.

Currently, Kingsley has been the chief of the homeownership preservation office at Treasury since 2011. 

Image

Ted Cruz: Abolish the IRS, establish a flat tax where the average American can fill out our taxes on a postcard (VIDEO)

Ted Cruz: Abolish the IRS, establish a flat tax where the average American can fill out our taxes on a postcard (VIDEO)

The joke of the day. If there is no IRS how will our country administrate all of these postcards? Who is going to audit the validity of the information on the postcards..? Don’t forget that Cruz and other lawmakers are trying to shut down the USPS so who would deliver these postcards also? Click on the pic to view the video.

Link

Retire Greenspan’s pension?

Retire Greenspan’s pension?

Take away the pensions of Alan Greenspan and Jean-Claude Trichet? It would be a good idea, argues Dean Baker, the co-director of the Center for Economic and Policy Research.

In an op-ed in the Guardian on Monday, Baker says the Fed and ECB chiefs played a large role in the crisis but are still collecting public pensions.

“Economists believe that it is important that workers be given incentive for good work and punished for bad work. It would be hard to imagine central bankers more in need of punishment than Greenspan and Trichet,” Baker wrote.

Link

Citigroup Settles Subprime Suit

Citigroup Settles Subprime Suit

Citigroup (NYSE:C) has settled a lawsuit that charged the company with deceiving institutional investors about its exposure to subprime loans in the lead-up to the mortgage meltdown.

The settlement, approved Friday by U.S. District Judge Sidney Stein in Manhattan, ends an effort by International Fund Management of Luxembourg, DekaBank of Germany, the City of Richmond, Va., and other investors to recover losses they allegedly incurred as a result of buying shares of Citigroup common stock over a five-year period starting in January 2004.

Countrywide Home Loans Servicing, L.P. v. Michael Nichpor et al. – Oral Arguments

May Lender Unilaterally Dismiss Foreclosure Action After a Decree and Final Judgment In the Case Have Been Journalized?

Under Civil Rule That Allows Dismissal ‘Prior to Commencement of Trial’

Countrywide Home Loans Servicing, L.P. v. Michael Nichpor et al., Case no. 2012-0578
Sixth District Court of Appeals (Wood County)

ISSUE: Ohio Civil Rule 41(A)(1)(a) allows the plaintiff in a civil lawsuit one opportunity to unilaterally dismiss its complaint without prejudice (without forfeiting the right to later refile the same complaint). The rule specifies that the option to dismiss without leave of the court or agreement by the opposing party must be exercised “prior to the commencement of trial.” In this case, the Supreme Court is asked whether trial and appellate courts committed reversible error when they allowed a mortgage lender to unilaterally dismiss its foreclosure action pursuant to Civ.R. 41(A)(1)(a) after the court in which the case was pending had issued a decree of foreclosure and recorded a final judgment in its journal.

Time Title
00:00:28 John Lewandowski for Michael and Joann Nichpor
00:12:33 Benjamin Ogg for Countrywide Home Loans Servicing
00:27:13 Summation: John Lewandowski for Michael and Joann Nichpor

Source: The Supreme Court of Ohio Media Library

Image

Worse Than Watergate? The Ultimate White House Scandal Matrix

Worse Than Watergate? The Ultimate White House Scandal Matrix

On a scale of Billygate to Iran-Contra, just how bad are the Obama scandals? Let this chart help you decide.

http://www.motherjones.com/politics/2013/05/white-house-scandal-matrix

Link

Rapid fire foreclosure trials clear cases, concern attorneys

Rapid fire foreclosure trials clear cases, concern attorneys

WEST PALM BEACH — 

A foreclosure case that loitered in Palm Beach County’s courts for more than four years was over in four minutes last week as judges hustle under a new order to clear dockets of aging files.

In less time than it takes to boil an egg, a judgment against borrower Clara Urgelles set a July 15 auction date for the condominium she bought in 2007. Urgelles put up no defense, didn’t attend the trial, and never called the condo home, according to county homestead exemption records.

Why the case lingered since November 2008 is anybody’s guess _ loans are sold, lawyers change, banks close and paperwork is lost, tossed or flawed.

But the delays are done. In February, Palm Beach County Chief Judge Peter Blanc ordered foreclosures filed before July 1, 2010, be inventoried and set for trial.

Since the hearings began April 15, about 815 trials have been conducted. Another 750 are scheduled to be heard before June 30. Senior judges, brought in especially for foreclosures, are set to hear an additional 915 trials.

“A lot of the older cases have just been sitting, the homes are vacant, the process stalled,” Blanc said. “There is improvement in the new cases, but the ones from 2008, 2009, 2010, I think if a defense was filed, the case got slowed down and the lenders just threw up their hands.”