JP Morgan Chase Bank, tried to introduce the original “wet ink” promissory note in a foreclosure trial pending in Boca Raton, Florida.

JP Morgan Chase Bank, tried to introduce the original “wet ink” promissory note in a foreclosure trial pending in Boca Raton, Florida. The Bank previously said that the original note had been lost before the foreclosure filing. Because the Bank did not seek to amend its pleadings before the trial or notify the borrower or the Court that the note had been located, and because the homeowner was not provided with an advance opportunity to inspect and evaluate the note, the Court found that the Bank violated the rules of civil procedure, and the case was dismissed in favor of the homeowner.

JP Morgan Chase Bank may not be able to reinstitute a foreclosure action in this case because of Statute of Limitation issues. Lawyers for JP Morgan Chase Bank have declined the opportunity to comment.

Geoffrey Broderick, the senior partner of the Resolution Law Group, says “JP Morgan Chase Bank did not follow established rules. They tried to gain an advantage by withholding the document until the time of trial. Judges do not tolerate ‘trials by ambush,’ and the Bank was therefore unable to avoid complying with the rules of civil procedure.“

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: Morgan Stanley Now Owns Smith Barney, Wells Fargo & JPMorgan Defeat Estimates, MLB All-Star Sues UBS for $7.6M, & Ray Lucia, His Firm Fined Over “Buckets of Money” Strategy

Morgan Stanley Buys Smith Barney from Citigroup
Morgan Stanley (MS) now owns Smith Barney, which it just bought from Citigroup (C) for $9.4 billion. Smith Barney’s new name is Morgan Stanley Wealth Management. Based on its new number of financial advisers, the deal makes Morgan Stanley the largest Wall Street firm and comes in the wake of Federal Reserve approval.

Wells Fargo & JPMorgan Defeat Analysts’ Estimates
JPMorgan Chase (JPM) says it experienced a 31% rise in second quarter earnings, surpassing analysts expectations it would garner $5.47 billion on $24.84 billion, and, instead generating, $6.5 billion in earnings and $25 billion of revenue. A year ago for the same period, revenue for the financial firm was at $22 billion.

Meantime, Wells Fargo (WF) is also reporting a 19% profit rise for Q2. This is its 14th quarterly profit increase in a row and 9th consecutive record report. While net income for the same period last year was at $4.6 billion, its net income second quarter for 2013 was $5.5 billion.

5-Time MLB All-Star Sues UBS for $7.6 Million
Retired fiive-time Major League Baseball All-Star Mike Sweeney is suing UBS Financial Services Inc. (UBS) and his former broker there for $7.6 million. Per the securities fraud case, broker Ralph A. Jackson III invested half of Sweeney’s portfolio, worth millions of dollars, in high-risk private placements that failed.

Sweeney contends that he was an inexperienced investor who trusted Jackson to make sure his money was being invested conservatively. He says that over a five-year period, the UBS broker put $6.85M of his portfolio in private-equity investments that were misrepresented to him as safe and suitable, as well $2.7M into other investments without his consent. Sweeney, who hit it big when he signed with the Kansas City Royals, claims he lost $4.9M.

Ray Lucia, His Firm Fined Over “Buckets of Money” Strategy
Financial adviser and nationally syndicated radio host Ray Lucia and his firm Raymond J. Lucia Cos. Inc. must pay fines for allegedly providing misleading information related to his wealth-management strategy known as “Buckets of Money.” The Securities and Exchange Commission is accusing the California adviser of causing retirees to believe that his approach would allow them to make income that was inflation-adjusted for life.

Now, an administrative-law judge has taken away Lucia’s adviser registration and fined him $50,000. His firm, which must pay $250,000, also has lost its license. Judge Cameron Elliot found that for years, Lucia misrepresented any purported back-testings’ validity in seminars about saving for retirement. The SEC contends that Lucia and the firm hardly, if at all, conducted any back-tests.

The Resolution Law Group represents institutional and individual investors that have sustained losses due to Securities Fraud.

If you feel you are the victim of Securities Fraud, please do not hesitate to email or call the The Resolution Law Group (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: 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

The Resolution Law Group: United States Department of Justice has actually prosecuted someone involved in the housing crisis. However, the prosecution has received very little attention in the mainstream press.

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, the United States Department of Justice has actually prosecuted someone involved in the housing crisis.  However, the prosecution has received very little attention in the mainstream press.

Che M. Brown, of Washington, D.C., was recently sentenced to serve three months of incarceration on a federal charge of bank fraud stemming from a scheme in which he submitted false documents to a mortgage lending service to obtain a loan modification for his residence.

Geoffrey Broderick, the senior partner of the Resolution Law Group, says “while Mr. Brown should not have submitted phony documents in order to obtain his loan modification, one can only imagine how the United States Department of Justice evaluates 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.” Mr. Brown fell behind on his monthly mortgage in 2009 and his mortgage servicer encouraged him to apply for a loan modification.  He exaggerated his income in order to qualify for a modest loan modification in order to keep his home out of foreclosure.

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

THE RESOLUTION LAW GROUP, P.C: The government was a major contributor to the current housing crisis by helping the banks and servicers carry out their practices that were designed to maximize bank profits and were destined to create the largest housing and financial crisis of all time.

The Office of the Comptroller of the Currency (OCC) and the Federal Reserve announced another “huge” settlement with some of the larger banks. Geoffrey Broderick, the senior partner of the Resolution Law Group, says “This is another headline designed to make homeowners believe that the Government is taking steps to hold banks and servicers accountable for the mess that has been created.” What had previously been rumored as a $10 billion for 14 servicers, turned out to be $8.5 billion for 10 servicers.  $3.3 billion has been earmarked for direct payments to “eligible borrowers” who were wrongfully foreclosed – assuming a process can be created to identify these former homeowners who were wrongfully displaced from their homes.  The balance of the money, $5.2 billion will be “soft dollars” applied to loan modifications and short sale relief.
Mr. Broderick adds that “The government was a major contributor to the current housing crisis by helping the banks and servicers carry out their practices that were designed to maximize bank profits and were destined to create the largest housing and financial crisis of all time.”
This so-called “huge” settlement will not provide meaningful relief for homeowners and will not fix the problems most borrowers continue to face.  Mr. Broderick maintains that the Government, by announcing  a series of settlements and programs, is simply confirming its partnership with banks and financial institutions, and the headlines and press releases fail to inform homeowners that the new arrangement eliminates the Independent Foreclosure Review, a program that was supposed to give homeowners an opportunity to have an unbiased third-party review their foreclosure and determine whether they might qualify for a cash payment f up to $125,000.
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.
Prospective clients are invited to call the law firm or visit its website at www.TheResolutionLawGroup.com