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HUGE DEVELOPMENT IN FORECLOSURE FRAUD - FEDERAL Bankruptcy Trustee Joining In Litigation AGAINST FORECLOSURE MILLS AND MORTGAGE SERVICERS!

 
Anonymous Coward
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10/12/2010 10:06 AM
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HUGE DEVELOPMENT IN FORECLOSURE FRAUD - FEDERAL Bankruptcy Trustee Joining In Litigation AGAINST FORECLOSURE MILLS AND MORTGAGE SERVICERS!
WOW

HUGE DEVELOPMENT! In Foreclosure Gate - FEDERAL BANKRUPTCY TRUSTEE JOINING IN LITIGATION (Class Action) for ALL FEDERAL TRUSTEES IN U.S. Against the Foreclosure Fraud - MERS!

This is Big Time Stuff!

[link to www.nakedcapitalism.com]


Today, a new court filing on one of the two cases, the proceeding in Federal bankruptcy court in Mississippi, has dramatically expanded LPS’ potential liability and increased the odds of an unfavorable outcome for the company.

The standing Chapter 13 Trustee for the Northern District of Mississippi, Locke Barkley, has joined the case on behalf of herself and of all Chapter 13 Trustees in the US.

By way of background, the Chapter 13 Trustee is called a “standing trustee.” Her role is to administer all of the bankruptcy estates for all of the Chapter 13 debtors in her district. She (and all other Chapter 13 Trustees) are interested parties because to the extent that illegal fees were included in proofs of claim and illegal fees were assessed to debtors to be paid through Chapter 13 plans, then all of that money should have gone to these estates to pay towards unsecured creditors. Needless to say, this is a large additional potential liability to LPS. The presence of the Federal bankruptcy trustee as a plaintiff should give the plaintiffs considerable credibility with the judge.

Another important milestone was passed on this case last week. One reader, a former Federal bankruptcy court litigator who was generally positve about the action based on his reading of both of the initial lawsuits claims did point out the obvious shortcoming, the absence of attorneys with class action experienced (and as important, infrastructure) involved in the cases. As he wrote:
Resister

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10/12/2010 10:19 AM

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Re: HUGE DEVELOPMENT IN FORECLOSURE FRAUD - FEDERAL Bankruptcy Trustee Joining In Litigation AGAINST FORECLOSURE MILLS AND MORTGAGE SERVICERS!
bump
"God forbid we should ever be 20 years without such a rebellion. The people cannot be all, & always, well informed... If they remain quiet under such misconceptions it is a lethargy, the forerunner of death to the public liberty... Let them take arms... What signify a few lives lost in a century or two? The tree of liberty must be refreshed from time to time with the blood of patriots & tyrants. " - Thomas Jefferson in 1787
Anonymous Coward
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10/26/2010 10:29 AM
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Re: HUGE DEVELOPMENT IN FORECLOSURE FRAUD - FEDERAL Bankruptcy Trustee Joining In Litigation AGAINST FORECLOSURE MILLS AND MORTGAGE SERVICERS!
What are trade secrets?
Anonymous Coward
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10/26/2010 11:05 AM
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Re: HUGE DEVELOPMENT IN FORECLOSURE FRAUD - FEDERAL Bankruptcy Trustee Joining In Litigation AGAINST FORECLOSURE MILLS AND MORTGAGE SERVICERS!
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rachald

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02/20/2011 09:10 PM
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Re: HUGE DEVELOPMENT IN FORECLOSURE FRAUD - FEDERAL Bankruptcy Trustee Joining In Litigation AGAINST FORECLOSURE MILLS AND MORTGAGE SERVICERS!
Banks Got Caught!
The Mortgage Litigation process is when attorneys sue the lender/bank on behalf of homeowners. Over the past decade, homeowners have fallen victim to deceptive practices by their lender in the way their mortgages have been implemented, recorded, transferred, and executed.

One of the overlying themes that law firms are discovering in the majority of these cases is the securitization of mortgages. Over the past 10 years, lenders thought they had found an efficient and cheap way to buy and sell mortgages. Lender’s business practices were focused on making money any way they could with very little regulation. This was securitization, where they would routinely bundle large amounts of mortgage notes and electronically transfer them to large investment pools over and over again. As a result, these transfers were not properly recorded; therefore, it is being challenged that banks rightfully own these mortgages, and that they have been illegally collecting payments and fraudulently performing foreclosure actions.

Our attorneys will file a lawsuit in the US court system against the homeowner’s bank! This takes the decision making ability away from the banks and offers the homeowner to get equitable justice.

When lenders are forced into this position, you win!

Contact me for more information: [email protected]





GLP