Daily Archives: December 31, 2013

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Congressman Rohrabacher Left California Home A Grimy Mess (PHOTOS)

Congressman Rohrabacher Left California Home A Grimy Mess (PHOTOS)

Brace yourself on the photos of Congressman’s home..

Rep. Steve Stockman’s gross campaign office may turn out to just be the first in a series.

The OC Weekly on Thursday published a report on the “horrific pigsty” that Rep. Dana Rohrabacher (R-CA) left behind in a Costa Mesa, Calif. home he lived in from 2010 to 2012. And there are photographs.

According to the newspaper, Rohrabacher moved into the four-bedroom, four-bathroom, 6,300-square-foot home on April Fool’s Day 2010. Rent was $3,350 a month. The carpets were new, and the backyard featured “thriving” flowers, plants, and grass. But when homeowner Robert Polyniak’s longtime girlfriend, Darlene Whitsell, entered the home shortly after the Rohrabachers left the property, things looked different.

“It was disgusting,” Whitsell told the OC Weekly. “It was unbelievable. Who lives like that?”

Among the damage: the carpeting was covered in “massive black stains and muck;” appliances were damaged and rusted; the plants outside had dried up and died; there were holes in the walls; every toilet seat in the house was broken; light switches and doors had been cracked; an overflowing tub cracked a ceiling with water damage; phone lines were “strangely severed;” and more.

Invoices reviewed by the OC Weekly showed the damage totaled more than $25,800. Polyniak deducted the $6,700 security deposit and sent Rohrabacher a bill for the rest. Then Rohrabacher got the courts involved.

In a lawsuit filed in Orange County Superior Court in August 2013, Rohrabacher claimed that Polyniak had failed to refund his security deposit in a timely manner. And he wants Polyniak to pay him $20,000. In September, Polyniak filed a cross-complaint, alleging that the Rohrabachers “failed to perform their obligations under the lease and have breached the terms and conditions of the lease in numerous, material ways.”

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Flagstar to Pay Freddie Mac $8.9 Million

Flagstar to Pay Freddie Mac $8.9 Million

Flagstar Bancorp (FBC) in Troy, Mich., has agreed to pay Freddie Mac $8.9 million in order to settle mortgage repurchase claims.

The settlement covers loans originated and sold to the government-sponsored entity between Jan. 1, 2000 and Dec. 31, 2008, according to Flagstar’s Monday press release. The $11.8 billion-asset Flagstar said that it has enough money in its representation and warranty reserve to cover the payment.

“This agreement is another positive step for Flagstar in further reducing the company’s risk profile while supporting improved performance,” Alessandro DiNello, Flagstar’s president and chief executive, said in the release. “We believe that our accomplishments in 2013 have positioned Flagstar for sustainable long-term growth in 2014 and beyond.”

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NY District Court Judge expands class of plaintiffs in RBS MBS securities case

NY District Court Judge expands class of plaintiffs in RBS MBS securities case

As banks exposed to mortgage-backed securities litigation try to fight these claims with their sights set on ending long-term exposure, one judge in New York recently gave plaintiffs fighting the Royal Bank of Scotland (RBS) and other parties over mortgage misrepresentations a green light to expand their class of MBS plaintiffs.

Judge Harold Baer of the U.S. Southern District of New York recently filed two opinions in which he accepts the expansion of a class of plaintiffs suing RBS and various parties over the issuance of toxic mortgage-backed securities. At the same time, the judge rejected another claim to expand a plaintiffs’ class currently fighting over another trust that contained securitized mortgages.

The first class of plaintiffs filed a class action lawsuit on behalf of those who acquired interests in theHarborview Mortgage Loan Trusts pursuant to registration statements and prospectus filed back in 2006. Another suit revolved around a class of plaintiffs who acquired interests in the so-called RALI Trusts – or Trusts backed by mortgages later deemed toxic – based on registration statements and prospectuses filed by the Securities and Exchange Commission and Residential Accredited Loans – a subsidiary of Residential Capital.