Daily Archives: September 26, 2015

Document Reveals How Deutsche Bank Fires Traders With a ‘Thank You

Now that’s cold…

  • E-mails show discussions on firing traders amid Libor scandal
  • Internal script disclosed in filing to German regulators

Deutsche Bank AG traders should be wary of calls that start with a thank you.

“Thank you for making yourself available for this call today,” reads the first line of a two-page draft script obtained by Bloomberg News that was used to fire at least one trader caught up in the Libor scandal.

The niceties quickly fall away.

“We have decided that your employment agreement should be terminated with immediate effect by reason of your gross misconduct, which in the opinion of the bank is serious enough to prejudice the business and reputation of the bank,” the speaker would continue. “Your dismissal will be effective immediately and you will not be entitled to any period of notice or payment in lieu of notice.”

The text — part of a cache of documents showing internal discussions on how to handle the exits of high-profile traders such as Guillaume Adolph and Christian Bittar– shows how executives reacted on one front as the London interbank offered rate scandal mushroomed in 2011.

Read on.

15 -Year Battle: Connecticut Homeowner Claims Bank Of New York Wants To “Steal” Home Through “Fraudulent” Foreclosure

Roman standing in front of the home BNY has been fighting for since 2000

[Black Star News Investigative Report]

After holding off the Bank of New York for 15 years Louis Roman, a Connecticut homeowner, claims the giant corporation could “fraudulently” foreclose on the house he’s lived in for 47 years, tomorrow.

The bank filed a lawsuit seeking to foreclose in 2000 and won a summary judgment. Somehow Roman, who owns the home in Bridgeport that he bought with his then wife Diane, has managed to hold off the bank, representing himself through most of the years, by filing extensions on the foreclosure dates, appeals, counterclaims and bankruptcies.

The bank eventually won a judgment for a strict foreclosure with a law date of September 22.

“How can Bank of New York foreclose when they don’t own the note and mortgage on the property,” Roman, a former banker himself who says he earned an MBA from Harvard, says. “I’ve been demanding for a trial for years so I can introduce the evidence of fraud but no judge in Connecticut wants to give me my day in court. The bank wants to steal my home through a favorable ruling on a motion, from the judges.”

“These aren’t just my words, I have documentation to back it all up,” Roman adds.

In recent years there have been reports of massive fraud against homeowners by major banks including BNY; in one case the bank reportedly filed foreclosure proceeding on a property three months before it had even been assiged the note and mortgage.

Roman says a Connecticut Superior Court Judge granted BNY strict foreclosure even after the IRS placed a federal tax lien on the property.

– See more at: http://www.blackstarnews.com/money/news/15-year-battle-connecticut-homeowner-claims-bank-of-new-york-wants-to#sthash.BbC7QpU5.dpuf

MERS’ mortgage assignment authority upheld by three Federal Courts

Courts dismiss borrowers’ quiet title lawsuits

MERSCORP Holdings announced Friday that it secured victories in three separate Federal Courts, each of which upheld MERS’ mortgage assignment rights.

MERS, parent of the electronic mortgage registry with the same name, announced that the United States District Court for the Northern District of Georgia Newnan Division, the United States District Court for the Southern District of Texas Houston Division, and the United States District Court for the Southern District of New York dismissed lawsuits brought by plaintiffs who challenged the assignment of their mortgage by MERS.

Read on.

Boehner’s House resignation is huge opportunity for real housing leadership

Boehner bails. What a surprise the Weeper of the House resigned. It will be interesting who will replace John Boehner. Regardless of who gets the job, nothing will be done in Congress.

Don’t cry for me, Mr. Speaker. Seriously. Stop.

House Speaker John Boehner announced he’s stepping down from Congress and leadership of the House next month, and the announcement was met with a flood of tears.

From Boehner. And exactly no one else.

Between Boehner and Glenn Beck, these two could solve the California drought with their tears alone.

Sorry, I just don’t get it. Men get to cry two times in public — at their father’s funeral and at the rescreening ofGladiator. That’s it. (Here’s a collection of Boehner vines, because why not?)

But back to Boehner’s announcement — in journalism we have a joke that if both sides are mad at you, you must be doing something right.

Boehner is the Bizarro World of that axiom. Neither Democrats nor Republicans liked him that much, and it was because he was usually doing nothing right.

With a spine of silly putty and often one over the eight, the orange-hued House Speaker got a whole lot of nothing done, angered Democrats despite rolling over for them, and led the whole of the House of Representatives to its lowest approval since… polls.

But the biggest sin from our perspective is that he never once did anything to advance housing policy or GSE reform.

Read on.

And now for the swan song for Boehner. Peace out John! We will sure miss those crocodile tears:

Trump Organization Weighs Bid for Puerto Rico Golf Club

Donald Trump‘s Trump Organization is considering making a play for the bankrupt golf and country club in Puerto Rico that bears his name, according to the club’s bankruptcy lawyer.

Lawyer Charles Cuprill, who is representing the owner of the Trump International Golf Club in Puerto Rico, told a bankruptcy judge Tuesday that the Republican presidential candidate’s company has signed a confidentiality agreement and has requested information about the assets to be sold in order to conduct due diligence.

“They’re determining if they’re going to have an interest in coming aboard and submitting an alternate bid,” Mr. Cuprill said, according to an audio recording of Tuesday’s proceedings posted to the court docket online.

Read on.