The Resolution Law Group: JP Morgan Chase admitted that it broke the law in the “London Whale” trading debacle. While it is commonplace for banks to settle cases and pay money, it is uncommon for a Wall Street Bank to admit guilt.

JP Morgan Chase admitted that it broke the law in the “London Whale” trading debacle. While it is commonplace for banks to settle cases and pay money, it is uncommon for a Wall Street Bank to admit guilt.

The “Whale” losses stemmed from wrong-way bets made by JP Morgan’s London office involving complex derivatives. JP Morgan Chase agreed to pay $920 Million in addition to admitting guilt.

Geoffrey Broderick, the senior partner of the Resolution Law Group, says “While the admission of guilt is unprecedented, it is also appropriate. However, the admission was done at the corporate level. The behavior and culture on Wall Street must change, and that will only happen when CEOs and other senior executives are personally charged and held responsible.“

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

The Resolution Law Group: In a trial now pending in the U.S. District Court, Southern District of New York (Manhattan), The Government is suing Bank of America’s Countrywide unit for issuing defective mortgages and then selling them to Fannie Mae.

In a trial now pending in the U.S. District Court, Southern District of New York (Manhattan), The Government is suing Bank of America’s Countrywide unit for issuing defective mortgages and then selling them to Fannie Mae.

An ex-Countrywide employee has testified that pursuant to the company’s “High Speed Swim Lane” program, loan applications were pushed through without taking the time to evaluate the application. Evidence was presented at trial showing that the entire review process for one loan was 13 minutes, from beginning to end. The review process began at 3:53 pm and the loan was “cleared to close” at 4:06pm!

Geoffrey Broderick, the senior partner of the Resolution Law Group, says “Obviously, the review process must take more than 13 minutes to complete. A bank employee would have to review, at a minimum, title searches, deeds, taxes, a review of the applicant’s credit and employment history, a determination of whether the home was located in a flood zone, property appraisals, and a comparison with similar properties, among other things.“

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.

Declining employment and unaffordable housing has led to this alarming statistic. Economists are aware of the trend, but there is no consensus on how it can be reversed.

A new study from Pew Research finds that 36% of Milennials – young adults aged between 18 to 31 – are living at their parents’ homes, the highest number in over four decades. A record 21.6 million young adults were still living in their parents’ home last year.

Declining employment and unaffordable housing has led to this alarming statistic. Economists are aware of the trend, but there is no consensus on how it can be reversed.

Geoffrey Broderick, the senior partner of the Resolution Law Group, says “Obviously, the job market is a contributing factor to this trend, but the key component is the price of housing. In a perfect economic system, the housing prices would fall to meet the available spending. However, as Banks continue to hoard ‘shadow inventory’ and housing resale prices are being manipulated, the problems inflicted on our society continue to expand.“

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

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

A Florida Court of Appeals has reversed a trial court’s ruling and undone a wrongful foreclosure.

A Florida Court of Appeals has reversed a trial court’s ruling and undone a wrongful foreclosure. The lender, JP Morgan Chase Bank, was found to have wrongfully foreclosed and the Court of Appeal has reversed the lower court’s decision and had thus ruled in favor of the homeowner.

Despite the fact that JP Morgan Chase Bank submitted a sworn affidavit that stated it was the proper and legal holder of the promissory note, the Court of Appeal found that JP Morgan Chase Bank had failed to establish that it had the right to enforce the note when the foreclosure action was filed. Additionally, the Court of Appeal even found that JP Morgan Chase Bank had failed to establish that it had legal standing to initiate the foreclosure action in the first place.

Geoffrey Broderick, the senior partner of the Resolution Law Group, says “There are so many instances where lenders and servicers simply assert that they are the lawful Holders in Due Course, when they cannot establish a proper chain of title. It is rare for a homeowner to have the means to be able to go to the Court of Appeal in order to void a wrongful foreclosure. In this instance, the homeowner lost at the trial court level; therefore, we actually had that a Judge that approved the foreclosure, despite the fact that the lender was unable to establish that it was entitled to foreclose.“

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