A federal judge said former U.S. Treasury Secretary Timothy Geithner must give Standard & Poor’s documents he used when writing his best-selling memoir, a ruling that could help S&P defend against the government’s $5 billion fraud lawsuit over its credit ratings.
In a ruling made public on Thursday, U.S. District Judge David Carter in Santa Ana, California said the McGraw Hill Financial Inc unit may force Geithner to turn over unedited versions of the documents.
S&P believes the documents may support its claim that the February 2013 lawsuit was filed in retaliation for its having downgrading the country’s debt 18 months earlier.
Carter reviewed the documents before ruling and said the government will have a chance to invoke White House privilege before Geithner must turn them over to S&P.
“A former executive official cannot, with one hand, withhold information implicated in a case of significant public importance while, with the other, collect money from sales of a tell-all book containing much the same information,” Carter wrote. “The public has a right to every man’s evidence.”
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(St. George, UT) – Utah Fifth District Judge Jeffrey Wilcox listened to Sam Adamson tell his story on the witness stand about the illegal foreclosure conducted on his home by ReconTrust Company over four years ago. After taking the case under advisement Judge Wilcox issued a ruling stating that the foreclosure sale on Adamson’s home was void and never happened. “Judge Wilcox listened to all of the testimony and carefully reviewed case law and made the appropriate ruling,” Attorney John Christian Barlow, who represents the Adamsons, told KCSG news.
This ruling is significant because it renders ReconTrust foreclosure action invalid as if it never happened. For years Utah homeowners have battled Bank of America (NYSE: “BAC”) and its subsidiary ReconTrust Company over the validity of the bank’s foreclosure actions in Utah, Barlow said.
Read more: KCSG Television – Utah Homeowner Wins Lawsuit Against Bank of America in Illegal Foreclosure Action
SAN FRANCISCO – With some modifications, a federal judge conditionally certified a $3.6 million settlement in the employment class action against Bank of America.
Click to read court document from Courthouse News
Matt Martin Real Estate Management is sounding the alarm that a recent decision by the Nevada Supreme Court could substantially impact the security of first mortgage lien holders.
The court upheld a law that allows homeowner’s associations to foreclose on homes ahead of first mortgage providers, solidifying “super lien” priority for HOA claims in Nevada.
The decision is expected to reinforce similar laws in other states that have super lien laws designed to protect HOAs at the expense of first lien holders. In its decision on SFR Investments Pool 1, LLC, v. U.S. Bank on Sept. 18, the court ruled that an HOA super-priority lien is a “true super-priority lien,” and that a properly conducted foreclosure on the HOA lien extinguishes first deeds of trust.
The case in question involved a $6,000 lien that was foreclosed upon by SFR Investments, wiping out an $880,000 first lien held by U.S. Bank.
“This is a tremendous wakeup call for the industry,” says Matt Martin, chairman of MMREM and CEO of its HOA unit,MMREM HOA Risk Mitigation, formerly known asSperlonga. “We have been saying for years that super lien states pose a great risk to lenders, servicers and investors in many parts of the country. The important thing to know is that these issues are avoidable when lenders understand the dangers and the solutions available.”