Monthly Archives: May 2016

Trump Wants Judge in His Class Action Investigated

Courthouse News:

SAN DIEGO (CN) — Donald Trump denounced a federal judge as “a hater,” and “we believe, Mexican” after the judge ordered Trump University to divulge its “playbooks” in a class action from students who claim he defrauded them of millions of dollars for classes that were little more than infomercials.
Trump devoted 12 minutes of an hour-long Friday-night campaign rally to denouncing the order issued that day by U.S. District Judge Gonzalo Curiel.
“I have a judge who is a hater of Donald Trump, a hater. He’s a hater. His name is Gonzalo Curiel,” Trump told an enthusiastic crowd, after a warm-up speech by Sarah Palin.
“I think Judge Curiel should be ashamed of himself,” Trump said, adding that the judge should be investigated.
“I’m telling you, this court system, judges in this court system, federal court, they ought to look into Judge Curiel. Because what Judge Curiel is doing is a total disgrace, OK?”

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Curiel has set trial in that case for Nov. 28, to avoid the political implications of starting it just before the presidential election. Trump’s attorneys have said he will testify.
Curiel ruled Friday after a motion hearing in which The Washington Post sought to unseal documents in one of the California class actions. The Post told Curiel it has received hundreds of documents from Trump’s attorneys, to which the public does not have access.
The Post intervened in April in lead plaintiff Art Cohen’s 2013 class action, saying Trump’s run for the presidency entitles the press to “access by default” to information about Trump University and its later incarnation, the Trump Entrepreneur Initiative. Trump changed its name in 2010, five years after the New York State Department of Education warned that he could not use the word “university” without a license.
Post attorney Dan Laidman with Davis Wright Tremaine told Curiel that Trump’s attorneys agreed to hand over many of the documents the Post sought, but about 150 pages of documents from four Trump University “playbooks” were still in dispute.
Laidman said those playbooks included the “roadmap” for Trump University’s marketing and sales strategy and live events. Trump’s attorneys claimed the documents contain trade secrets.
But Curiel noted in court that “Mr. Trump himself has placed this front and center” and that “it’s important for the public to have access.”

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Republicans set to unveil plan to replace Dodd-Frank

Later this year, the Dodd-Frank Wall Street Reform and Consumer Protection Act will reach its sixth anniversary, but if Congressional Republicans have their way, Dodd-Frank won’t reach anniversary number seven and many of the financial reforms enacted by the landmark law will be repealed or replaced.

According to the Republican arm of the House Financial Services Committee, Rep. Jeb Hensarling, R-TX, who chairs the House Financial Services Committee, is planning to announce a Republican plan to replace Dodd-Frank.

Hensarling plans to reveal the Republicans’ plan in a speech on June 7 at theEconomic Club of New York, the House Financial Services Committee said Tuesday.

During the speech, Hensarling is expected to announce a Republican-crafted plan to replace Dodd-Frank with a “pro-growth, pro-consumer” alternative, that includes the potential significant regulatory relief for financial institutions, as well as a dramatic overhaul of the Consumer Financial Protection Bureau.

While specific details on the plan are sparse at this point, Hensarling did reveal some of what can be expected in a recent speech at the National Center for Policy Analysis.

In that speech, given earlier this month, Hensarling called Dodd-Frank a “a monument to the arrogance and hubris of man.”

According to Hensarling, the country is “suffering” from the “slowest, weakest, most tepid recovery” in the country’s history.

“Some would say a lot of this has to do with our inefficient tax code, and it does. But beyond the tax burden that entrepreneurs face, there is a larger burden known as the regulatory burden – the sheer weight, volume, complexity, and uncertainty of a needless avalanche of Washington regulations – much of which has come from Dodd-Frank,” Hensarling said earlier this month.

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According to Hensarling, the Republican plan to repeal and replace Dodd-Frank will undo much of the harm done by the law, and will be based on six principles, which are:

1. Economic growth must be restored through competitive, transparent, and innovative capital markets

2. Every American must have the opportunity to achieve financial independence

3. Consumers must not only be viciously protected from force, fraud, and deception, but also from the loss of economic liberty

4. Taxpayer bailouts of financial institutions must end, and no company can remain too big to fail

5. Systemic risk must be reduced through market discipline

6. Simplicity must replace complexity, because complexity can be gamed by the well-connected and abused by Washington bureaucrats

“Both Wall Street and Washington must be held accountable,” Hensarling said.

Read on.

Donald Trump Soured on a Deal, and Hong Kong Partners Became Litigants

Open Thread - Super Villains For Trump

Artwork by Stephen Byrne follow him on Twitter here.

Donald J. Trump, who has made reversing America’s trade imbalance a pillar of his campaign, often portrays himself as uniquely capable of wringing concessions out of China through hard-nosed business tactics he has honed over the years.

In fact, he says, he has a personal track record to back up his boasts.

“I beat China all the time,” Mr. Trump declared in a speech the day he announced his candidacy. “I own a big chunk of the Bank of Americabuilding at 1290 Avenue of the Americas that I got from China in a war. Very valuable.”

Mr. Trump does have an investment in the building, an office tower near Rockefeller Center. But court documents and interviews with people involved in the deal tell a very different story of how he ended up with it.

It began when a group of Hong Kong billionaires, including one who has been called the Donald Trump of China, helped rescue Mr. Trump from the verge of bankruptcy by investing in one of his properties in Manhattan.

For years, the carefully cultivated relationship between Mr. Trump and his Hong Kong partners proved lucrative for both sides, and stands out as perhaps the closest that Mr. Trump has come to international diplomacy.

To strike the deal, Mr. Trump had to attend elaborate dinner parties featuring foreign foods he did not want to eat. He delayed the closing because of Chinese spiritual beliefs and hunted around New York for a “feng shui” master to help with the building décor, instead of indulging his tastes for marble and gold, according to former associates of Mr. Trump who were involved in the deal.

But when his Hong Kong partners sold the property without his support, Mr. Trump waged a bitter, long-shot legal battle against them. And far from winning his share of the Bank of America building, according to court documents, he had to settle for it after losing in court. In the end, Mr. Trump’s alliance and eventual rivalry with some of Hong Kong’s richest men proved to be a tale of Mr. Trump at the extremes. It showcased his unflagging confidence in his ability to turn a bad financial situation around. But it also underscored his willingness to destroy a fruitful relationship with aggressive litigation.

Read on.

Fox’s Imaginary Unicorn Trump Win Map Includes California

Fox News twitter:
 .@realDonaldTrump plans to focus on 15 states in the general election.
Donald Trump announced this weekend he puts 15 states potentially into play in the general election this year.
On a side note: Not a close chance for Trump to win California!

FRAUDCLOSURE: STILL TOO BIG TO JAIL, WHEN OUR MILITARY THEY FAIL?

“Our nation owes a debt to its fallen heroes that we can never fully repay, but we can honor their sacrifice.”
~
Barack Obama

And honoring the vets does not mean taking their homes illegally!!!

4closurefraud.org:

On or about March 13, 2009, Mr. Julian Garvin, a client of The Law Offices of Evan M. Rosen, was called to active duty by the United States Army for one year, to begin on March 22, 2009. On March 26, 2009, he informed his mortgage servicer, JPMorgan Chase Bank, N.A., that he had been called to serve our country. Mr. Garvin provided a copy of his deployment order and asked them to reduce his interest rate, as required byfederal law. No such adjustments were made. While on active duty, and for 11 months after his return, Mr. Garvin continued to make his full monthly payments. Then, at the peak of the crisis, he was unable to continue to pay.

On November 14, 2012, ALS-RVC, LLC, the entity claiming the right to foreclose, filed suit. The case went to trial and was involuntary dismissed, in part, because of ALS-RVC’s failure to adjust the interest rate as required by the Servicemember Civil Relief Act (SCRA). 50 U.S.C.A §3937.  In other words, ALS-RVC lost the case.

ALS-RVC then appeals.

In their Initial brief they concede the SCRA “applies to this situation, and [Mr. Garvin’s] loan paymentsshould have been credited with a reduced interest rate during his active duty…” They also concedethat “Subsection (e) of 527 is entitled ‘Penalty’ and reads, ‘Whoever knowingly violates subsection (a) shall be fined as provided in title 18, United States Code, imprisoned for not more than one year, or both.’ 50 U.S.C.A § 3937(e).” Yet, rather than trying to make amends for their admitted, jailable offense committed against a member of the United States Army, the bank and their lawyers appeal.

In the 80s, we were introduced to the phrase “trickle down economics.” From what we see in this and so many other foreclosure cases, the only thing trickling down from Wall Street is fraud, greed, arrogance and acomplete disregard for the rule of law.

We will continue to keep readers updated on this situation while we do our best to keep this United States Veteran in his home.

The answer brief to ALS-RVC’s appeal can be read here: 2016-03-30 – Answer Brief

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Happy Memorial Day!

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Following Wells Fargo, JP Morgan Chase quietly launches its own 3% down mortgage lending program

Housingwire:

Prospective homebuyers, especially first-time homebuyers who are struggling to save up for a down payment, have a new, and significant, outlet that they can now turn to when seeking a low down payment mortgage — JPMorgan Chase.

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Chase’s 3% down mortgage program was actually spotted by mortgage industry insiderRob Chrisman, who revealed details of the program on Thursday.

HousingWire contacted Chase which confirmed the details of Chrisman’s report.

According to Chrisman and Chase, the megabank recently rolled out a loan program it calls the “Standard Agency 97%” program, which offers customers the opportunity to put down 3%.

The loan is designed for first-time homebuyers who have limited cash for a down payment and closing costs. A representative from Chase confirmed to HousingWire that this new program is done with Fannie Mae backing.

As Chrisman noted, Chase’s new loan program requires only a 3% down payment from a customer’s own funds. 

For loans with loan-to-value ratio greater than 95% to 97%, the remainder of the down payment and closing costs can come in the form of a gift, Chase confirmed.