Brandon L. Garrett is a specialist in corporate prosecution at the University of Virginia law school and author of the recent book “Too Big to Jail.” By Khue Bui for The New York Times
“We have never hesitated to investigate and prosecute any individual, institution or organization that attempted to exploit our markets and take advantage of the American people,” Attorney General Eric H. Holder Jr. proclaimed this month when the Justice Department announced that Standard & Poor’s, the ratings agency, had agreed to pay $1.375 billion to settle civil charges that it inflated ratings on mortgage-backed securities at the heart of the financial crisis.
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Posted by Karen Pooley, HomeownersSuperPAC, WA Director
WASHINGTON BANKER’S ASSOCIATION ATTEMPTS TO OVERTURN TWO WASHINGTON SUPREME COURT DECISIONS!
This is the Washington Homeowners’ alert to the Washington Bankers Association’s attempt to overturn two Washington Supreme Court decisions: Lyons v. U.S. Bank (2014) and Bain v. Metropolitan Mortgage (2012) with the introduction of Senate Bill 5968, a Pro-Banker Bill.
Both of these Washington Supreme Court cases held that the foreclosing entity must be the owner of the obligation evidencing the debt (or the promissory note) yet the Pro-Banker Bill, Senate Bill 5968, would allow lenders to foreclose on property in the state of Washington without clear ownership of the underlying debt!
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Big banks hold great sway in Washington these days, far more than troubled homeowners do. But outside the Beltway, many people remain caught in the maw of the financial giants, which is why it is heartening when some judges step into the fray.
Consider two opinions involving Wells Fargo, a bank that enjoys a somewhat better reputation than many of its peers. On Monday, a judge in a state court in Missouri ordered Wells to pay over $3 million in punitive damages and other costs for abusing a borrower. Then, on Thursday, a judge in Federal Bankruptcy Court in suburban New York ruled on behalf of another borrower, concluding that there was substantial evidence Wells Fargo forged documents when it foreclosed on a property.
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You (our readers) are the jury in a case where the Pro Se homeowner is fighting against 2 high power attorney firms (yeah, 2 Goliaths against a small David)… where the homeowner was denied a jury trial. The bank attorneys say that a Steven Nagy stamp – allegedly on the backside of a note, is the “original” document. The Plaintiff bank has entered the note as an original exhibit in the complaint.
Your vote counts – what do you think? Here is the undated, incomplete, Steve Nagy stamped page – allegedly to be the back side of the original note. What do your think? Please take the poll below or write a comment.
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