Daily Archives: January 10, 2014

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Countrywide Docs Restricted In NY RMBS Fraud Actions

Countrywide Docs Restricted In NY RMBS Fraud Actions

Law360, New York (January 09, 2014, 5:20 PM ET) — A federal judge on Wednesday made clear that parties in the Federal Housing Finance Agency’s coordinated suits pending in New York, which accuse Bank of America Corp. and others of misrepresenting billions of dollars in residential mortgage-backed securities, may not use documents produced in a related California action involving Countrywide Financial Corp.

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Millionaires’ Club: For First Time, Most Lawmakers are Worth $1 Million-Plus

Millionaires’ Club: For First Time, Most Lawmakers are Worth $1 Million-Plus

For the first time in history, most members of Congress are millionaires, according to a new analysis of personal financial disclosure data by the Center for Responsive Politics.

 
Of 534 current members of Congress, at least 268 had an average net worth of $1 million or more in 2012, according to disclosures filed last year by all members of Congress and candidates. The median net worth for the 530 current lawmakers who were in Congress as of the May filing deadline was $1,008,767 — an increase from last year when it was $966,000. In addition, at least one of the members elected since then, Rep. Katherine Clark(D-Mass.), is a millionaire, according to forms she filed as a candidate. (There is currently one vacancy in Congress.)

Last year only 257 members, or about 48 percent of lawmakers, had a median net worth of at least $1 million. 

 

Members of Congress have long been far wealthier than the typical American, but the fact that now a majority of members — albeit just a hair over 50 percent — are millionaires represents a watershed moment at a time when lawmakers are debating issues like unemployment benefits, food stamps and the minimum wage, which affect people with far fewer resources, as well as considering an overhaul of the tax code. 

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Florida Supreme Court disbars foreclosure king David J. Stern

Florida Supreme Court disbars foreclosure king David J. Stern

The man who once ruled over Florida’s massive foreclosure mire was disbarred Tuesday by the Florida Supreme Court, officially ending a decades-long legal career tarnished by accusations of fraud and misconduct.

The ruling against David J. Stern, who built his Plantation-based law firm on repossessing homes, was expected as the 53-year-old did not appeal a referee’s October recommendation for disbarment.

Stern’s attorney, Jeff Tew, said he had no comment about the decision, which was made public Thursday.