In dramatic fashion, a ruling by a five judge panel of the California Supreme Court on Wednesday denied the request of the five major banks to have the decision in Glaski v. Bank of America (5th Dist. Ct. App. No. F064556) depublished. Two of the seven judges recused themselves, for reasons unknown. While the banks could have attempted to appeal the controversial Glaski decision, they feared a ruling upholding Glaski by the Supreme Court, and instead chose to seek depublication, and lost.
The impact of the Supreme Court’s landmark decision is enormous, giving irrefutable authority to homeowners who are facing foreclosure or who’ve already been foreclosed on, to seek damages for wrongful foreclosure. Stephen Foondos, founder ofUnited Law Center (ULC) in Roseville, Calif. and one of the attorneys who argued against depublication, has led his team to fight the banks for wrongful foreclosure since 2008. ULC has been leveraging this case to help thousands of Calif. homeowners fight back against their mortgage lender, and win because the banks don’t want to fight against Glaski in a jury trial. Since Glaski was published, ULC has seen the rate and value of case settlements increase dramatically. Cases wherein “Glaski” is alleged may include principal reductions between 30-70%, interest rates fixed at 2-3% for 30 years and a cash award upwards of six figures.
“The banks, fearing the appellate process, tried depublication and failed. While the banks argued that the Glaski decision could have a catastrophic impact on the banking industry, it’s a major victory and real step forward in the long legal fight to provide the real victims of the foreclosure crisis, the homeowner, true relief,” explained attorney Foondos. “We’re ecstatic about the Calif. Supreme Court’s decision. It’s yet another indication of the direction in which the law is turning in this banking brawl, directly in favor of California homeowners.”