Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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A NY Observer
NY Supreme Court Justice (Suffolk) denied a motion for summary judgment in HSBC Bank USA v ALVALLE, No. 16465-07, 2008 NY Slip Op 33555(U), citing disputed evidence of note ownership and standing.  The published opinion of this case is available at the New York Reporter site at:

http://www.courts.state.ny.us/reporter/pdfs/2008/2008_33555.pdf

The courts in Suffolk may be catching on to what Kings County, NY, already KNOWS.  This wasn't just a sua sponte deferral of a motion for an order of reference, but rather an outright denial of the motion for summary judgment when contested. 
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NY OBSERVER,

Thanks for the read! I think what enticed me the most to read it though is the way you worded this in your intro....

This wasn't just a sua sponte deferral of a motion for an order of reference, but rather an outright denial of the motion for summary judgment when contested. 

As a couple of months back after I had my rights Denied a Judge came back and Disqualified and Recused herself on her own sua ponte Order. Then she reassigned to another who did the same thing and now is in limbo here in STL.

I've done a lot of research and actually worked in the industry. Which is at least somewhat beneficial. However, the knowledge most have on here blow my knowledge away. 

So it makes things tough when your in a rock and a hard place. While now their in conflict it makes you wonder what with? The fact I'd like to get my bills paid?

 Or the fact I've proven how biased they really are being to anyone going into the courts here thinking  their getting Justice when in reality their just getting the shaft. I woke them up to utterly horrible things. However, me standing and proving my STANDING for us AMERICANS means everything to me. The courage I get from the forum is endless.

While some don't HELP there's a lot that do care and want the best for anyone going thru such things. Trying to figure out the best defense is tough though. But I believe I've come up with a good one. I'm hopeful for someone more knowledgable than myself daily.

This is really getting to be a pain though...I need a job...But doing mortgage work is what I know...To of ended up in such a situation is beyond ones control. God Bless everyone! We all need to remind everyone that there are people that do care. But it sucks thinking you can't work for anyone cause most are crooks.

I just think how can I try to do loan mods if I can't even get effective help for myself? To think out of trying to help someone I would make them lose their home if I screwed up would destroy me. Especially if I did something as wrong as they have all of us. Citi now wants you to pay $500 a month. Boy sure is alot different than the $1500 they wanted after they jacked everything....But oh well life goes on....

Who knows maybe Friday I may have a good atty to meet with. At least I may have an appointment. Now it'll be time to pick someone else's brains besides my own...God Forbid for any of us! 
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Rare Securities Class Action Trial Begins

  in Years-Old Subprime Case

By Alison Frankel

March 30, 2009

Years before the phrase "toxic assets" became a cliche, the shareholders of a mortgage company called Household International filed a class action in Chicago federal district court, alleging that Household had engaged in "a massive predatory lending scheme" that inflated the company's financials. When the scheme came under scrutiny in 2001, the share price fell by more than 50 percent, according to the shareholders' amended complaint. The case has been kicking around so long that the complaint lists William Lerach of Milberg Weiss Bershad Hynes & Lerach as lead counsel.

This week, trial in the case begins. Michael Dowd of Coughlin Stoia Geller Rudman & Robbins is now lead counsel for the plaintiffs. (The lead plaintiffs are an investment adviser called Glickenhaus & Company and several union pension and benefits funds.) Household, which was acquired by HSBC Finance Corp. after the class action was filed, is represented by lead counsel Thomas Kavaler of Cahill Gordon & Reindel. (Cahill is the third lead counsel in the case, following first Milbank, Tweed, Hadley & McCloy and then Wachtell, Lipton, Rosen & Katz.) Local counsel is Eimer Stahl Klevorn & Solberg. Nate Eimer told the Litigation Daily that trial is expected to last between four and eight weeks.

HSBC told the Litigation Daily in an e-mail statement that it does not comment on litigation. "Household will continue to defend itself vigorously against the allegations in the suit, as it has for the last seven years," the statement said. For more background on the suit, check out Kevin LaCroix's post at D&O diary.

The shareholders say damages in the case could be $1 billion, according to Bloomberg, which reports on the rarity of securities class actions like this one going to trial. Carter Ledyard & Milburn partner Robert Zito told Bloomberg that HSBC was taking "a real gamble....It's a difficult case to try in this financial climate."

On the other hand, there is hope for corporate defendants in shareholder class action trials: In a landmark case in San Francisco federal court in November 2007, Morrison & Foerster brought in a complete defense verdict for JDS Uniphase.

http://www.law.com/jsp/tal/digestTAL.jsp?id=1202429519270

http://www.dandodiary.com/2009/03/articles/securities-litigation/rare-securities-lawsuit-jury-trial-commences-in-case-with-predatory-lending-issues/

Complaint: http://securities.stanford.edu/1025/HI02-01/200337_r04c_025893.pdf


 

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