The Resolution Law Group: It has been a very good week for AIG in California litigation. AIG prevailed in the publicized Michael Jackson trial. Less publicized, but probably more valuable to AIG is the recent ruling by a Federal Judge in the central district of California.

It has been a very good week for AIG in California litigation. AIG prevailed in the publicized Michael Jackson trial. Less publicized, but probably more valuable to AIG is the recent ruling by a Federal Judge in the central district of California.

AIG previously sued Bank of America over fraudulent mortgage securities. Bank of America argued that AIG had no standing to sue because it had transferred that right when it sold the instruments to the federal Reserve Bank of New York in 2008.

Geoffrey Broderick, the senior partner of the Resolution Law Group, says “Judge Pfaelzer’s finding that AIG has standing to sue Bank of America may also be bad news for other banks that sold troubled mortgage securities to the insurer. AIG has not yet sued other institutions, but we know from public records that AIG suffered at least $11 Billion in losses involving other banks.”

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

The Resolution Law Group: A Bankruptcy Court in Wisconsin has invalidated a bank’s security interest and treated the mortgage loan as an unsecured debt.

A Bankruptcy Court in Wisconsin has invalidated a bank’s security interest and treated the mortgage loan as an unsecured debt. While this is not unique, the Court’s published opinion has garnered some attention.

In re Couillard, starts, as follows: “Whether one is baking a cake, building a house, or recording a mortgage, sometimes even the slightest deviation from the directions can lead to catastrophe. Cakes don’t rise, buildings fall down, and … mortgages aren’t perfected.”

Under applicable Wisconsin state law, a conveyance that is not recorded is generally void as against a subsequent purchaser who records first. In Couillard, since the recorded mortgage was not in the chain of title, the Court concluded that it was not properly recorded.

Geoffrey Broderick, the senior partner of the Resolution Law Group, says “This isn’t rocket science. Banks need to take all required steps in order to perfect security interests, or they will be unsecured.”

Mr. Broderick adds that “It is refreshing to see a Judge holding the banks to do what is required. That doesn’t happen in every instance. 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

The Resolution Law Group: Darryl Woods, the Chairman of Mainstreet Bank in Ashland, Missouri, pleaded guilty to charges that he used the TARP bailout money given to his bank in 2008 to buy an oceanfront condo in Florida, rather than use the money for its intended purposes.

Darryl Woods, the Chairman of Mainstreet Bank in Ashland, Missouri, pleaded guilty to charges that he used the TARP bailout money given to his bank in 2008 to buy an oceanfront condo in Florida, rather than use the money for its intended purposes.

Mainstreet bank applied for and received just over One Million Dollars in TARP funds. Woods took over $380,000 and used that money to buy his luxury condo.

Geoffrey Broderick, the senior partner of the Resolution Law Group, says “At a time when many Americans were losing their homes, and the Government made money available for the specific purpose of assisting the homeowners, Mr. Woods’ actions are reprehensible. For a Bank Chairman to siphon off public funds to pay for an oceanfront condo is shameful“

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