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

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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.

The Resolution Law Group: First National Bank of Wellston (Ohio) repossessed the wrong house, removed and discarded all of the contents, and isn’t stepping up to correct the error.

First National Bank of Wellston (Ohio) repossessed the wrong house, removed and discarded all of the contents, and isn’t stepping up to correct the error.

The facts are undisputed. The bank foreclosed on a home…not Katie Blanchard’s home. The foreclosure was supposed to have involved a house across the street from her.

Ms. Blanchard returned home with her children after a weekend trip and found (to her surprise) that the locks to her home had been changed. She “broke in” through a window and discovered that all of her belongings were gone! She has asked for $18,000 to try to rebuild her life. The bank wants receipts of everything she claims is missing. However, any receipts of course, would have been removed by the bank (with all her other personal property) when they entered her home by mistake.

Geoffrey Broderick, the senior partner of the Resolution Law Group says, “We hear these types of stories every day. How could a local neighborhood bank be so careless and then so callous as well? There is no defense. The bank entered the wrong house and removed all of a family’s possessions.” Broderick added, “Ms. Blanchard‘s request of $18,000 to replace everything she owned seems eminently reasonable. She didn’t ask for millions of dollars. It is inconceivable that the bank has refused to step up and fix the problem it caused.”

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: The Promontory Group, a Washington, D.C. consulting group, admitted to the Senate Banking Committee that it was paid more than $927 million to conduct an independent review of foreclosure files.

The Promontory Group, a Washington, D.C. consulting group, admitted to the Senate Banking Committee that it was paid more than $927 million to conduct an independent review of foreclosure files.

Federal bank regulators have started monitoring the manner in which the banks are spending the money pledged to the multi-billion dollar settlement. Apparently, the banks are hiring consultants to provide “independent” reviews of their files.

Geoffrey Broderick, the senior partner of the Resolution Law Group, says “consulting firms being paid hundreds of millions of dollars by the banks are far from ‘independent’. The homeowners are still waiting to benefit from the settlement and the banks seem more interested in spending the settlement money on companies that are willing to say that banks have acted appropriately. The Government still needs to hold accountable the banks for harming millions of homeowners. “

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

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The Resolution Law Group: THERE IS NO SUBSTITUTE FOR PERSONALIZED CLIENT SERVICE BACKED BY KNOWLEDGE, EXPERIENCE AND PERSONAL COMMITMENT.

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THERE IS NO SUBSTITUTE FOR PERSONALIZED CLIENT SERVICE BACKED BY KNOWLEDGE, EXPERIENCE AND PERSONAL COMMITMENT.

As America‘s mortgage crisis has evolved from  storm on the horizon to a nationwide deluge, an ever increasing number of homeowners are turning to the courts for assistance with their mortgage situations.  In a thirst for money, many lenders and mortgage brokers have been all too willing to put people into unsuitable loans.  Though the roots of the current economic climate have been a variety of causes, undeniably the broken lending practices of the major banks are egregious.  The complex system of buying, selling and investing in mortgages allowed greed to outweigh sensibility.  The ability to sell mortgages to investors resulted in lending institutions abandoning proper mortgage underwriting procedures in favor of a process which created the greatest number of mortgages possible for sale.  Larger fees and greater commissions incentivized lenders to put people into bad loans.  Greed and the ability to make quick, easy money led to a total abandonment of ethical business practices.  When the housing market collapsed, due in part to homeowner defaults on these bad loans, many of the banks were forced into receivership.  Institutions that purchased these failed banks swooped in to pick through the ruins they helped to create.  Those same major banks that profited from the sale of these mortgages now are foreclosing on homeowners.  Most of these large banks have accepted the government bailout funds as well as money given as incentive for helping distressed homeowners, yet the foreclosures continue unchecked.  Regardless, it’s worth reexamining your loan documents  and the circumstances under which you signed them carefully-you may be surprised at what you find.

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

http://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

There are a few people who apparently still prosper during the housing and foreclosure crisis.

There are a few people who apparently still prosper during the housing and foreclosure crisis.  Bank of America has announced that its C.E.O., Brian Moynihan, is getting a substantial raise.  In 2012, Mr. Moynihan received a base salary of $950,000 and Bank of America stock which had a value of approximately $6,000,000.   The Board of Directors recently announced that Mr. Moynihan has been rewarded with an almost 73% pay increase and that he will receive in 2013 a base salary increase to $1,500,000 plus stock worth over ten million dollars ($10,000,000.00).  His 2013 salary will exceed twelve million dollars ($12,000,000.00), payable at more than One Million Dollars each and every month.

Geoffrey Broderick, the senior partner of the Resolution Law Group, says “while Bank of America did experience a stellar year in 2012, based upon the fact that the market price of Bank of America stock doubled last year, the fact remains that Bank of America appears to continue to manipulate its assets and liabilities by hording real estate which is overvalued on its books and by also making decisions regarding loan modifications (and short sales) based upon what best suits Bank of America, and not necessarily the homeowners.”  Most people are unaware of how the banks strategically decide when and whether to complete foreclosure sales, as well as, how an aborted foreclosure sale can impact a neighborhood and further harm the displaced borrower.  Mr. Broderick adds, “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

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: FORECLOSURE NEWS UPDATE

There is a growing trend of houses going into foreclosure and never coming out.  This leads to displaced borrowers still holding legal title to homes they have abandoned.  When people move out of their homes after receiving notice of a planned foreclosure sale and the bank then cancels the sale, the homeowner is still liable for ongoing debt service payments, maintenance, real property taxes, and all other expenses associated with home ownership.  Banks are not required to maintain the houses, pay taxes, insurance, or take any action unless or until the bank completes a foreclosure sale.

Geoffrey Broderick, the senior partner of the Resolution Law Group, says “this is another dirty little secret that the banks hide from the public.  Tens of thousands of homeowners remain legally responsible for houses they didn’t know they still owned after banks decided it wasn’t worth their while to complete foreclosures on them.  This places untenable financial obligations on people who moved out after being told by their lenders that the banks were going to take back the houses.”  Most people are unaware of how the banks strategically decide when and whether to complete foreclosure sales as well as how an aborted foreclosure sale can impact a neighborhood and further harm the displaced borrower.  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