The Resolution Law Group: Richmond is about to become the first city in the nation to try eminent domain as a way to stop foreclosures.

The power of eminent domain has traditionally worked against homeowners, who can be forced to sell their property to make way for a new highway or shopping mall. But now the working-class city of Richmond, Calif., hopes to use the same legal tool to help people stay right where they are.

Scarcely touched by the nation’s housing recovery and tired of waiting for federal help, Richmond is about to become the first city in the nation to try eminent domain as a way to stop foreclosures.

The results will be closely watched by both Wall Street banks, which have vigorously opposed the use of eminent domain to buy mortgages and reduce homeowner debt, and a host of cities across the country that are considering emulating Richmond.

Geoffrey Broderick, the senior partner of the Resolution Law Group, says “while the City of Richmond’s exercise of eminent domain is a step in the right direction, the banks and their lobbyists and politicians will not back down without a fight. “

We’re not willing to back down on this,” said Gayle McLaughlin, the former schoolteacher who is serving her second term as Richmond’s mayor. “They can put forward as much pressure as they would like, but I’m very committed to this program, and I’m very committed to the well-being of our neighborhoods.”

Many cities, particularly those where minority residents were steered into predatory loans, face a situation similar to that in Richmond, which is largely black and Hispanic. About two dozen other local and state governments, including Newark, Seattle, and a handful of cities in California, are looking at the eminent domain strategy, according to a count by Robert Hockett, a Cornell University law professor and one of the plan’s chief proponents. Irvington, N.J., passed a resolution supporting its use in July. North Las Vegas will consider an eminent domain proposal in August, and El Monte, Calif., is poised to act after hearing out the opposition this week.

The banks and the real estate industry have argued that such a move would be unprecedented and unconstitutional. But not all mortgage investors oppose the plan. Some have long argued that writing down homeowner debt makes sense in many cases. “This is not the first choice, but it’s rapidly becoming the only choice on how to fix this mess,” said William Frey, an investor advocate.

Mr. Frey said that the big banks were terrified that if eminent domain strategies became widespread, they would engulf not only primary mortgages but some $450 billion in second liens and home equity loans that are on the banks’ balance sheets. “It has nothing to do with morality or anything like that, it has to do with second liens.”

When asked, Mr. Broderick stated that “The housing market will continue to suffer until it is fixed by the Courts or the Legislature. Somebody has to fix the problem. That is why The Resolution Law Group continues its fight for homeowners. Homeowners cannot expect the problem to fix itself.”

The Resolution Law Group continues to prosecute ground breaking litigation in Federal Court on behalf of homeowners suing lenders and servicers for, among other things, the illegal use of MERS, robo-signing, and intentionally ignoring underwriting standards and encouraging inflated appraisals.

The Resolution Law Group is currently enrolling clients into the pending lawsuit. For further information, visit its website at www.TheResolutionLawGroup.com

Lender Litigation, Unlawful Foreclosure, Tarp Money, Mortgage Backed Securities, Derivitives Lawsuits, Insider Trading Lawsuit, SEC Settlements, Ponzi Scheme Lawsuits, Intentional Misrepresentation, Securitized Mortgage, Class Action Securities Lawsuit, Robo-Signing Lawsuit, Lost Equity Litigation, Mortgage Lender Fraud, FINRA Fraud Lawsuit, Suing Banks, Fraudulent Misrepresentation, Short Sale Fraud, Fraudulent Business Practices, Mortgage Litigation, Complex Tort Litigation, Injunctive Relief, MERS Fraud

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The Resolution Law Group: Home sales and prices continued to climb in May, raising the prospect of a new housing bubble unless there is a significant increase in home building.

“The home price growth is too fast, and only additional supply from new homebuilding can moderate future price growth,” said Lawrence Yun, the chief economist for the National Association of Realtors. He said there needs to be a 50% increase in home building.

The median home price jumped 8% from the previous month to $208,000, according to NAR. While month-to-month price swings are not unusual, the year-over-year rise is now 15%, and prices are at levels last seen in the summer of 2008, just before the bursting of the housing bubble.

May marked the 15th straight month of annual price increases, the first time that happened since May 2006.

Home prices have been driven higher partly by a drop in foreclosures. Only 18% of home sales in the month were so-called distressed sales, which typically sell at a discount to market prices. A year ago 25% of sales were distressed sales.

Overall sales rose 4% from April and 13% from a year earlier to an annual rate of 5.18 million homes in the month.

There are differences between this run-up in prices and the housing bubble that preceded the financial crisis, said Gary Thomas, the Realtors’ president.

“The boom period was marked by easy credit and overbuilding, but today we have tight mortgage credit and widespread shortages of homes for sale,” he said. The improved housing market and mortgage rates still near record lows, despite a recent rise in rates, is pulling buyers back in the market faster than it’s prompting sellers to put homes on the market. Buyer traffic 29% above a year ago, but the supply of homes for sale is actually down 10%.

That’s caused homes to sell much more quickly — only 41 days on the market on average in May, about a month faster than a year ago, with nearly half the homes being sold in less than a month.

The warnings about prices rising too fast were a stark change from the Realtors’ position during the heyday of the housing bubble, when the statement from officials generally cheered the steady rise in prices.

If you suspect that you are the victim of Mortgage Fraud, do not hesitate to email or call please contact The Resolution Law Group at (203) 542-7275 for a confidential, no obligation consultation.

Lender Litigation, Unlawful Foreclosure, Tarp Money, Mortgage Backed Securities, Derivitives Lawsuits, Insider Trading Lawsuit, SEC Settlements, Ponzi Scheme Lawsuits, Intentional Misrepresentation, Securitized Mortgage, Class Action Securities Lawsuit, Robo-Signing Lawsuit, Lost Equity Litigation, Mortgage Lender Fraud, FINRA Fraud Lawsuit, Suing Banks, Fraudulent Misrepresentation, Short Sale Fraud, Fraudulent Business Practices, Mortgage Litigation, Complex Tort Litigation, Injunctive Relief, MERS Fraud

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The Resolution Law Group: CBOE Will Pay $6M Penalty Over SEC Charges Alleging Failure to Enforce Trading Rules

The Chicago Board Options Exchange, which is the largest options exchange in the United States, has consented to pay $6 million penalty to settle Securities and Exchange Commission charges accusing it of not fulfilling its obligation to enforce trading rules and failing to stop one firm member from engaging in abusive-short selling. The exchange is settling and taking corrective action but is not admitting to/denying wrongdoing.

While CBOE is an SRO (self-regulating organization), the SEC has wide oversight over trading. This is the first penalty that an exchange is paying for purported regulatory oversight failures. The Commission is also censuring the exchange, which means a tougher sanction could result if the alleged violation occurs again.

According to the regulator, in 2008, CBOE transferred the monitoring of member firms’ compliance via a rule for curbing abusive short-selling practices to a different department. This, contends the SEC, hurt the exchange’s ability to enforce the rule. (Short-selling involves a trader betting that a stock will drop in value. Short-sellers borrow the shares of a company, sell them, and then purchase them when the stock fails, giving them back to the lender while keeping the price difference. Unfortunately, too much short-selling focusing on weak companies can cause them to fail, inciting market volatility.)

The SEC’S securities settlement with CBOE was announced approximately a couple of weeks after the agency imposed a $10 million against Nasdaq, for the latter’s alleged computer failure and decisions that are being blamed for the botches that occurred when Facebook issued its public offering in 2012. That fine is the biggest one ever imposed against an exchange for “poor systems and decision makings,” which are said to have occurred prior to and during the Facebook IPO.

Confusion arose on May 18, 2012 because of errors in the computer programming of Nasdaq, which were compounded with the 496,000 orders that came in when trading began that day. Brokers contacted Nasdaq after Facebook began trading to say that they did not know how many shares they had bought. Within a little over a couple of hours, executives at Nasdaq determined that they did not execute tens of thousands of orders that were placed. (According to The New York Times, Knight Capital’s CEO even sent an email asking that there be a pause in trading so those involved could regroup and fully comprehend their exposure. Executives, at Nasdaq, however, disregarded the request and continued with trading, which only caused the confusion to grow.)

Last month, Nasdaq’s chief executive Robert Greirfield put out an open letter stating that the exchange had implemented new safeguards so that such problems would not happen again. Additionally, Nasdaq consented to pay $62 million to the brokers that suffered financial losses because of what happened during the Facebook IPO. UBS (UBS), however, claims it lost $356 million because of Nasdaq’s mistakes. The financial firm plans to pursue more money via arbitration.

If you suspect that you are the victim of SEC Fraud, do not hesitate to email or call please contact The Resolution Law Group at (203) 542-7275 for a confidential, no obligation consultation.

Lender Litigation, Unlawful Foreclosure, Tarp Money, Mortgage Backed Securities, Derivitives Lawsuits, Insider Trading Lawsuit, SEC Settlements, Ponzi Scheme Lawsuits, Intentional Misrepresentation, Securitized Mortgage, Class Action Securities Lawsuit, Robo-Signing Lawsuit, Lost Equity Litigation, Mortgage Lender Fraud, FINRA Fraud Lawsuit, Suing Banks, Fraudulent Misrepresentation, Short Sale Fraud, Fraudulent Business Practices, Mortgage Litigation, Complex Tort Litigation, Injunctive Relief, MERS Fraud

 

The Resolution Law Group: Jon Stewart – Residential Evil

http://www.thedailyshow.com/watch/tue-may-7-2013/residential-evil?xrs=share_copy

 

Lender Litigation, Unlawful Foreclosure, Tarp Money, Mortgage Backed Securities, Derivitives Lawsuits, Insider Trading Lawsuit, SEC Settlements, Ponzi Scheme Lawsuits, Intentional Misrepresentation, Securitized Mortgage, Class Action Securities Lawsuit, Robo-Signing Lawsuit, Lost Equity Litigation, Mortgage Lender Fraud, FINRA Fraud Lawsuit, Suing Banks, Fraudulent Misrepresentation, Short Sale Fraud, Fraudulent Business Practices, Mortgage Litigation, Complex Tort Litigation, Injunctive Relief, MERS Fraud

California AG Files Lawsuit Against JP Morgan Chase Alleging Debt Collection Abuse Over 100,000 Credit Card Cases

According to California Attorney General Kamala Harris, JP Morgan Chase (JPM) filed about 100,000 credit card debt collection lawsuits between 2008 and 2011 without conducting sufficient research to properly assess the cases’ merits. The bank reportedly submitted 200 lawsuits over 15 weeks in 2011, including 32 lawsuits on January 5, 2011. Now, Harris is suing the banking giant, accusing it of “debt collection abuse” while victimizing tens of thousands of state residents.

Per the complaint, Chase prioritized saving money and speed, even “robo-signing” legal documents without sufficiently evaluating the evidence and engaging in other “unlawful practices.” The state points to questionable documents and incomplete records that were purportedly used to back up the cases. Harris, who contends that JPMorgan’s “debt collection mill” abused the state’s judicial process, wants damages for borrowers.

Meantime, JPMorgan is cooperating regulators, including the Office of the Comptroller of the Currency, which is getting ready to file an enforcement action against it ,also over its handling of credit card debt collection. The firm reviewed its debt collection procedures in 2011 and it is no longer filing credit card lawsuits.

After spending the last few years focusing on the way lenders went after homeowners who couldn’t pay their mortgages on time—in 2012, five banks settled for $26 billion with 49 state attorneys general over the way homes were wrongfully seized—regulators are now focusing on the former’s handling of credit card debt.

If you, your family, friends, neighbors or associates have been subjected to Mortgage Fraud, please contact The Resolution Law Group at (203) 542-7275 for a confidential, no obligation consultation.

Lender Litigation, Unlawful Foreclosure, Tarp Money, Mortgage Backed Securities, Derivitives Lawsuits, Insider Trading Lawsuit, SEC Settlements, Ponzi Scheme Lawsuits, Intentional Misrepresentation, Securitized Mortgage, Class Action Securities Lawsuit, Robo-Signing Lawsuit, Lost Equity Litigation, Mortgage Lender Fraud, FINRA Fraud Lawsuit, Suing Banks, Fraudulent Misrepresentation, Short Sale Fraud, Fraudulent Business Practices, Mortgage Litigation, Complex Tort Litigation, Injunctive Relief, MERS Fraud

The Resolution Law Group Lender Litigation: You Might Have A Legal Case If…

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You Might Have A Legal Case If…

  • Your broker falsified your income.

  • Your broker hid his or her fees.

  • You weren’t immediately given a copy of the good-faith estimate and weren’t given an accurate HUD-1 statement breaking down all fees at closing.

  • After signing the contract to refinance your mortgage, you didn’t walk out with a “notice of recission” that explains your rights to cancel the refinance within three business days.

  • You were led into a subprime loan although your credit would have qualified you for a better loan.

  • Your mortgage company lied or decieved you.

  • Your loan was securitized.

  • Your loan transaction was handled by MERS.

  • You were denied for a Loan Modification.

If you, your family, friends, neighbors or associates have been subjected to Mortgage Fraud, please contact The Resolution Law Group at (203) 542-7275 for a confidential, no obligation consultation.

The Resolution Law Group: The housing market will continue to suffer until it is fixed by the Courts or the Legislature.

While Congress continues to bail out banks and there are no criminal prosecutions against the bankers who participated in the robo-signing and other wrongful actions that created the housing meltdown, some people are being prosecuted who are involved in the housing crisis.

A Michigan woman, Tonya Cramier-Oncza, has been bound over for trial on felony charges for allegedly signing her former husband’s name to a loan modification application.

Geoffrey Broderick, the senior partner of the Resolution Law Group, says “while Ms. Cramier-Oncza should not have signed her ex-husband’s name to a loan modification application, one can only imagine how the criminal prosecutors evaluate which people they prosecute.  Banks and bankers have admitted robo-signing, using MERS, and doing so many wrongful acts.  However, people who worked for the banks are not being criminally prosecuted.” Ms. Cramier-Oncza apparently signed her ex-husband’s name to an application because his name is still on the title, and his signature was needed to submit the application.

Mr. Broderick adds that “The housing market will continue to suffer until it is fixed by the Courts or the Legislature.   Somebody has to fix the problem. That is why The Resolution Law Group continues its fight for homeowners.  Homeowners cannot expect the problem to fix itself.”

The Resolution Law Group continues to prosecute ground breaking litigation in Federal Court on behalf of homeowners suing lenders and servicers for, among other things, the illegal use of MERS, robo-signing, and intentionally ignoring underwriting standards and encouraging inflated appraisals.

The Resolution Law Group is currently enrolling clients into the pending lawsuit.  For further information, visit its website at www.TheResolutionLawGroup.com

Lender Litigation, Unlawful Foreclosure, Tarp Money, Mortgage Backed Securities, Derivitives Lawsuits, Insider Trading Lawsuit, SEC Settlements, Ponzi Scheme Lawsuits, Intentional Misrepresentation, Securitized Mortgage, Class Action Securities Lawsuit, Robo-Signing Lawsuit, Lost Equity Litigation, Mortgage Lender Fraud, FINRA Fraud Lawsuit, Suing Banks, Fraudulent Misrepresentation, Short Sale Fraud, Fraudulent Business Practices, Mortgage Litigation, Complex Tort Litigation, Injunctive Relief, MERS Fraud