Posts Tagged ‘Lawyers
Lawyer Advice.com Lawyers Dui Car Accident Bankruptcy Legal Office Website Civil
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Lawyers Take Note: Wells Fargo Slammed With $3.1 Million Punitive Damages on One Wrongful Foreclosure
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Editor’s Comment:
The most perplexing part of this mortgage mess has been the unwillingness of the legal community to take on the Banks. Besides the intimidation factor the primary source of resistance has been the lack of confidence that any money could be made, ESPECIALLY on contingency. If you were the lawyer in the case reported below, you would be getting a check for fees alone of over $ 1.2 million on a single case. And as this article and hundreds of others have reported, based upon objective surveys, most of the 5 million homes lost since 2007 were wrongful foreclosures.
So the inventory for lawyers is 5 million homes plus the next 5 million everyone is expecting. Let’s due some simple arithmetic: if 4 million homes were wrongfully foreclosed and the punitive damages were $ 1 million per house the total take would be $ 4 Billion with contingency fees at $ 1.6 Billion. If each house carried $ 200,000 in compensatory damages, then the total would be increased by $ 800 Million with Lawyers taking home $ 320 Million. These figures exceed personal injury and malpractice awards. Why is the legal profession ignoring this opportunity to do something right and make a fortune at the same time?
Right now I’m a little under the weather (open heart surgery) but that hasn’t stopped my associates from rolling out a plan for a national anti-foreclosure firm. I’m only doing this because nobody else will. If you have had a home wrongfully foreclosed or suspect that your current foreclosure is wrongful, write to NeilFGarfield@hotmail.com (remember the “F”) and ask for help. Lawyers and victims of wrongful foreclosures should be able to pool their resources to attack the massive foreclosure attack with a massive anti-foreclosure attack.
Wells Fargo Slapped With $ 3.1 Million Fine For ‘Reprehensible’ Handling Of One Mortgage
A federal judge who has fiercely criticized how big banks service home loans is fed up with Wells Fargo.
In a scathing opinion issued last week, Elizabeth Magner, a federal bankruptcy judge in the Eastern District of Louisiana, characterized as “highly reprehensible” Wells Fargo’s behavior over more than five years of litigation with a single homeowner and ordered the bank to pay the New Orleans man a whopping $ 3.1 million in punitive damages, one of the biggest fines ever for mortgage servicing misconduct.
“Wells Fargo has taken advantage of borrowers who rely on it to accurately apply payments and calculate the amounts owed,” Magner writes. “But perhaps more disturbing is Wells Fargo’s refusal to voluntarily correct its errors. It prefers to rely on the ignorance of borrowers or their inability to fund a challenge to its demands, rather than voluntarily relinquish gains obtained through improper accounting methods.”
The opinion reflects Magner’s disgust with tactics that Wells Fargo used to fight the case — and perhaps frustration with an appeals court ruling in a separate, but similar case, that overturned her order that would have forced Wells Fargo to audit and provide a full accounting for more than 400 home loans in her jurisdiction.
As The Huffington Post previously reported in a story co-published with The Center for Public Integrity, sources familiar with the preliminary findings said that the bank made costly accounting errors in the administration of practically all of those loans.
In an emailed statement, Tom Goyda, a Wells Fargo spokesman said: “The ruling handed down by the court in an individual bankruptcy case covers allegations going back more than six years and ignores significant changes in servicing practices that have occurred since that time. We believe that there are numerous factual and legal problems with the opinion and are reviewing our options regarding an appropriate legal response.”
Goyda said that an appeal of the ruling is “one option” the bank is considering.
Despite widespread reports that the banks and other companies that service home loans engaged in a range of misconduct — from ordering unnecessary property inspections to misapplying payments in a way that can lead to wrongful foreclosure — few judges have had the time, ability or inclination to do the kind of forensic analysis necessary to uncover wrongdoing in individual cases. For a non-accountant, reading a loan history is like interpreting hieroglyphics without a Rosetta Stone, and banks are often reluctant to turn them over in the first place.
The exceptions have tended to come in federal bankruptcy courts, where justices typically have more time to dig into loan accounts, and are much more likely to have the financial expertise necessary to do so. In an earlier interview, Magner said that she analyzed the loan files of more than 20 borrowers in her court and found mistakes in every instance.
“These are loans of working-class people who bought homes they could afford and whose loans were not administered correctly from an accounting perspective,” she said. “I think that these types of problems occur in almost every [defaulted] loan in the country.”
The current case involves Michael Jones of New Orleans. In a 2007 decision, Magner ruled that Wells Fargo improperly charged Jones more than $ 24,000 in fees, owing to a fundamental problem in the automated methodology the bank used to account for his loan payments.
After Jones fell into default, Magner ruled, the bank improperly applied his mortgage payments to interest and fees that had accrued instead of to principal, as required by his servicing contract. This triggered a waterfall of additional fees and interest that consumer lawyers call “rolling default.” Later, after Jones applied for bankruptcy, the bank continued to misapply payments, according to Magner’s opinion.
In the most recent opinion, Magner describes Wells Fargo’s litigation tactics, which involved filing dozens of briefs, motions and other filings that slowed down the proceedings to a snail’s pace, as “particularly vexing.” The tactics suggest that any other borrower who might wish to contest a fee or charge would find a legal challenge to the bank simply too burdensome.
And yet, Magner writes, it is only through litigation that the abuses can be uncovered. Calling Wells Fargo’s conduct “clandestine,” Magner wrote that the bank refused to communicate with Jones even as it was misdirecting payments for improper purposes.
“Only through litigation was this practice discovered,” Magner writes. “Wells Fargo admitted to the same practices for all other loans in bankruptcy or default. As a result, it is unlikely that most debtors will be able to discern problems with their accounts without extensive discovery.”
Magner wrote that the bank still refuses to come clean with homeowners about mistakes it made in the accounting of home loans. This is particularly troublesome in her district, where more than 80 percent of the borrowers who file for bankruptcy have incomes of less than $ 40,000, and consequently are often unable to hire the kind of legal firepower necessary to counter Wells Fargo’s army of lawyers.
“[W]hen exposed, [Wells Fargo] revealed its true corporate character by denying any obligation to correct its past transgressions and mounting a legal assault ensure it never had to,” Magner wrote.
Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud Tagged: appraisal fraud, bailout, bank error, bankruptcy, borrower, disclosure, Eviction, foreclosure, foreclosure defense, foreclosure fraud, foreclosure offense, foreclosures, forgery, fraud, housing market, investors, Lender Liability, loan servicer, Louisiana, mortgages, predatory lending, settlement, The Center for Public Integrity, Wells Fargo 
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Tampa Chapter 7 Bankruptcy Lawyers Florida Debt Relief Attorneys Brandon Credit Card Debt Law Firm
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Lawyer Advice.com Lawyers Dui Car Accident Bankruptcy Legal Office Website Civil
bankruptcy advice eBay auctions you should keep an eye on:
Lawyer Advice.com Lawyers Dui Car Accident Bankruptcy Legal Office Website Civil | US $6,995.00 End Date: Wednesday Jun-20-2012 6:02:14 PDT Buy It Now for only: US $6,995.00 Buy it now | Add to watch list |
Lawyer Advice.com Lawyers Dui Car Accident Bankruptcy Legal Office Website Civil
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Lawyer Advice.com Lawyers Dui Car Accident Bankruptcy Legal Office Website Civil | US $6,995.00 End Date: Wednesday Jun-20-2012 6:02:14 PDT Buy It Now for only: US $6,995.00 Buy it now | Add to watch list |
Lawyer Advice.com Lawyers Dui Car Accident Bankruptcy Legal Office Website Civil
Most popular bankruptcy advice eBay auctions:
Lawyer Advice.com Lawyers Dui Car Accident Bankruptcy Legal Office Website Civil | US $6,995.00 End Date: Wednesday Jun-20-2012 6:02:14 PDT Buy It Now for only: US $6,995.00 Buy it now | Add to watch list |
Bankruptcy Lawyers in Charlotte NC – What is a Chapter 13 bankruptcy?
The bankruptcy attorney Lee Schwilm practices Chapter 7 & Chapter 13 bankruptcy law in Charlotte, North Carolina. Are you looking for a liquidation lawyer? Contact Schwilm Law firm for legal consultation .
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FREE Chapter 7 Bankruptcy Information Attorneys Lawyers
Queens, Brooklyn, Bronx, Manhattan, New York,Staten Island, Nassau, Suffolk, Long Island Filing Chapter 7 Bankruptcy NYC Bankruptcy Lawyers Best Bankruptcy Lawyer Video What is Chapter 7 Bankruptcy? Find out how it works, and see whether Chapter 7 bankruptcy would be the right choice for you I’m Neil Colmenares, a Consumer Bankruptcy Attorney. If you’re overwhelmed by debt, we can help. For over a decade, I’ve helped good people through tough times. -Did you know that the moment we file a Bankruptcy for you: • Those harassing phone calls from creditors and collection agencies will stop immediately. • Your paycheck will no longer be garnished and your bank accounts will be unfrozen. • If you’re in foreclosure, the foreclosure will be stopped dead in its tracks. Some of the long-term benefits of filing bankruptcy include: • Getting rid of your dischargeable debt: which includes credit card debt, store card debt, medical bills, personal loans, deficiency judgments, and certain taxes and student loans if certain conditions are met. • You get to keep your property such as your home and your car if certain conditions are met. • Other benefits include Repair to your Credit- If your considering Bankruptcy, your credit score is probably not in its best shape. The filing of Bankruptcy could actually help repair your credit sooner than if you did not file Bankruptcy. • Moreover, credit card companies will want to extend credit to you after filing. The reason if simple, when a person …
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What is the difference between Chapter 13 and Chapter 7? – Provo Bankruptcy Lawyers
Bankruptcy Lawyers Provo Utah. Visit www.provoutahbankruptcylawyers.com or call us at (801) 701-2030 for more information about filing bankruptcy in Provo, UT. In this video, Corey discusses the difference between Chapter 13 Bankruptcy and a Chapter 7 Bankruptcy. For more bankruptcy help, visit www.provoutahbankruptcylawyers.com Provo Bankruptcy Questions and Answers What is the difference between a Chapter 7 and a Chapter 13? If you’re trying to figure out the difference between a Chapter 7 and a Chapter 13 let me make this really easy for you. Are you trying to save something –like a house or a car– or are you just trying to wipe the slate clean and start over? That’s the big difference. Chapter 7 is going to allow you to just wipe the slate clean right now and just start over immediately. A Chapter 13 is going to allow you to restructure how you’re going to pay your debts so that you can keep a house or car or pay back some debt that you have that’s doable for you based on new circumstances. If you’re trying to decide “which one should I choose?” that’s the basic way to look at it. “What am I trying to accomplish? Am I just trying to get rid of all my debt or am I trying to change the numbers and make it easier for me to do financially?” That will give you’re your answer right there as to which one you should choose.