Monthly Archives: November 2010

Madoff Investors, Family Sued By Trustee Over Profits

On November 27, 2010, Bloomberg.com reported that Bernard Madoff’s investors, employees and family members including his wife were sued by a trustee seeking to recover as much as $69 million in fake profits they received before the con man’s firm collapsed. New York attorney Irving Picard, appointed trustee by a federal bankruptcy court, yesterday sued people who allegedly invested with Madoff and withdrew more money than they contributed. Picard, with the approval of the Manhattan judge overseeing the liquidation of New York-based Bernard L. Madoff Investment Securities LLC, has filed such “clawback suits” in an attempt to obtain as much […]

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OCA Reports Conferences Prevent Foreclosures But Strain Courts

Mandated pre-foreclosure conferences have become increasingly effective in helping to keep people in their homes, but the labor-intensive proceedings are straining court resources and have contributed to an “unprecedented” shift in the civil caseload, a study by the Office of Court Administration (OCA) has concluded. “It’s taken a lot of effort,” Chief Administrative Judge Ann Pfau said in an interview Wednesday. “We’re proud of the result, but it is an enormous undertaking.” The study was ordered by the Legislature under Chapter 507 of the Laws of 2009, which expanded the conferences from the cases of homeowners with subprime, high-cost loans […]

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Number of the Week: 492 Days From Default to Foreclosure – Real Time Economics

492: The number of days since the average borrower in foreclosure last made a mortgage payment. Banks can’t foreclose fast enough to keep up with all the people defaulting on their mortgage loans. That’s a problem, because it could make stiffing the bank even more attractive to struggling borrowers. In recent months, the number of borrowers entering severe delinquency — meaning they missed their third monthly mortgage payment — has been on the decline, falling to about 700,000 in October, according to mortgage-data provider LPS Applied Analytics. But it’s still more than double the number of foreclosure processes started. As […]

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U.S. Trustee Taking On Banks in Mortgage Mess – NYTimes.com

After examining their foreclosure practices for flaws in mortgage documentation and other procedures, many of the nation’s largest banks have resumed — or will soon resume — trying to evict defaulted borrowers.Enlarge This ImageJessica McGowan for The New York TimesHoward Rothbloom, a lawyer for borrowers, welcomes increased government scrutiny of banks’ claims of ownership. JPMorgan Chase, for example, told investors this month that it had extensively reviewed its foreclosure controls, trained personnel in the unit and started new procedures to ensure that all legal requirements would be met when it moves to seize a property in default.“If we find any […]

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Appeals Court Nixes $292K Debt Cancellation, Despite Mortgage Lender’s ‘Repulsive’ Acts

Reversing a decision by a trial judge in a closely watched case that had seemed to shift the balance of power in problematic mortgage foreclosures, a New York appeals court has held that Justice Jeffrey Spinner exceeded his discretion by canceling a couple’s $292,500 home mortgage due to the lender’s “shocking and repulsive” acts. This sanction “was not authorized by any statue or rule … nor was the plaintiff given fair warning that such a sanction was even under consideration” said the Appellate Division of New York Supreme Court in its decision last week, according to the New York Law […]

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