Articles Tagged with foreclosure lawyer

A federal bankruptcy judge who took Bank of America to task for its treatment of homeowners in a foreclosure case refused to rescind his scathing opinion in which he called the bank “heartless” for its conduct, despite the bank’s agreement to settle if the judge did so. foreclosure lawyer

In Sundquist v. Bank of America, the judge awarded nearly $6 million in damages to the couple ($5 million of that in punitive damages and attorney’s fees), as well as $40 million to the intervenors in the case for the bank’s actions. The bank has offered to set aside its appeals and settle the case for several million dollars in excess of that $6 million, if only the judge will expunge his opinion and vacate the $40 million in damages to the intervenors. The couple has offered to donate $300,000 to the intervenors. However the judge, who has been labeled a hero in some circles, while agreeing to vacate the intervenors’ damage award, has refused to rescind his opinion. In a new recently-released response opinion, the judge stated the bank’s settlement offer was a coercive effort to erase the record. He frankly stated, “No chance. No dice.”

The intervenors in this case include a number of law schools and non-profit consumer advocacy organizations intervened on behalf of the public. The judge noted that the points made by these entities were valid, and the bank has thus far issued no apology and offered no remorse or made offers to change the corporate practices that led to the foreclosure abuses this couple suffered – which were not isolated incidents.  Continue reading

Ten years after the financial crisis that leveled the U.S. housing market, the federal government is taking civil action against the previous head of subprime trading at Deutsche Bank. The complaint accuses the former bank executive Paul Mangione of tricking investors, leading them to believe some $1 billion in securitizations were sound, when in fact they were not and ended up leaving investors to hundreds of millions of dollars in losses.foreclosure lawyer

The complaint alleges Mangione was a key player in the bank’s illegal and fraudulent effort to scheme banks and other investors with two separate mortgage-backed securitizations. These were issued back in 2007, just a year prior to the market crash. These securitizations had a combined value of $1.4 billion.

Prosecutors allege Magione mislead investors about the quality of the loans being offered, even knowing that key characteristics were being misrepresented. The acting assistant to the U.S. attorney general alleges Magione was aware his office was making misrepresentations about key characteristics about compliance with lending standards and the ability of borrowers to repay the debt. Continue reading

Bank employees at Citigroup had suspicions for years that more than $1 billion in payments being sent over 30 million transactions to Mexico through its Banamex USA division were shady. Despite ample evidence, that generated some 18,000 suspicious transaction alerts, the company only initiated 10 investigations, filing just half a dozen suspicious activity reports with federal regulators.debt defense

Now, the California-based Banamex USA has conceded it violated criminal laws for its failure to have adequate anti-money-laundering safeguards in place. For its part, Citigroup admitted it didn’t maintain adequate oversight of Banamex. For this, it will pay $97.4 million, a settlement agreement that will steer it clear of criminal charges related to the inquiry.

Miami debt defense attorneys recognize this kind of action as revealing where the priorities of bankers truly lie. While large banks like Citigroup are quick to take consumers to task – sometimes even to court –  over a few missed credit card payments or a default mortgage after a job loss or on an underwater home, they turn a blind eye to what is clearly a viable source of income for violent criminal cartels. Continue reading