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Judge Blasts Bank’s Foreclosure Conduct and Cancels Mortgage

November 24, 2009 By Leave a Comment

A lender’s “unconscionable, vexatious and opprobrious” conduct in attempting to foreclose on a Long Island home has prompted a state judge to cancel the mortgage on the property.

IndyMac Bank v. Yano-Horoski, 2005-17926, came before Suffolk County Supreme Court Justice Jeffrey A. Spinner as the result of a state law mandating pre-foreclosure settlement conferences between lenders and borrowers of subprime, or high-cost, home loans.

The case was decided with the county facing what the judge characterized as “the yawning abyss of a deep mortgage and housing crisis with foreclosure filings at a record high rate and a corresponding paucity of emergency housing.” Read more about this foreclosure case…

Do you own a law firm? Would you like to utilize our mortgage auditing services for foreclosure defense cases? Contact MFI-Miami now.

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Audit the Fed Attached as an Amendment

November 24, 2009 By Leave a Comment

I was pleased last week when we won a vote in the Financial Services Committee to include language from the Audit the Fed bill HR1207 in the upcoming financial regulatory reform bill.  As it stands now, if HR 3996 passes, because of this action, the Federal Reserve’s entire balance sheet will be opened up to a GAO audit.  We will at last have a chance to find out what happened to the trillions of dollars the Fed has been giving out.

Finally, the blanket restrictions on GAO audits of the Fed that have existed since 1978 will be removed.  All items on the Fed’s balance sheet will be auditable, including all credit facilities, all securities purchase programs, and all agreements with foreign central banks. Read more about auditing the Federal Reserve…

Do you own a law firm? Would you like to utilize our mortgage auditing services for foreclosure defense cases? Contact MFI-Miami now.

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Federal Reserve Under Fire as Public Anger Mounts

November 24, 2009 By Leave a Comment

Suddenly the Federal Reserve is everybody’s punching bag.

Strip the Fed of its bank regulation powers, some in Congress are demanding. Get probing audits of its behind-the-scenes operations, others say.

The chairman of the Federal Reserve Board is always fair game for criticism and second-guessing, usually over interest rate actions. But this year the criticism is much broader as Congress responds to widespread public anger that the Fed bailed out Wall Street but not ordinary Americans, and with unemployment in double digits. Read more about the Federal Reserve…

Do you own a law firm? Would you like to utilize our mortgage auditing services for foreclosure defense cases? Contact MFI-Miami now.

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Goldman Sachs Subsidiary Files Flurry of Mortgage Lawsuits

November 24, 2009 By Leave a Comment

A subsidiary of bank holding firm Goldman Sachs filed more than 50 lawsuits in Las Vegas courts against individual homeowners during a one-month span this year. Some local observers say the litigation could signal the beginning of a Wall Street backlash against defaulting borrowers.

The financial giant’s subsidiary, MTGLQ Investors, sued 55 borrowers in Clark County District Court as of press time. Some attorneys are calling the high volume of cases filed unusual and say the legal push may be the start of an investor movement to recoup home-loan losses.

Note holders are tired of people walking away from their homes and leaving second-lien holders with no equity in the house to repay the loan, bankruptcy lawyer George Haines said. Read more about Goldman Sachs…

Do you own a law firm? Would you like to utilize our mortgage auditing services for foreclosure defense cases? Contact MFI-Miami now.

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