Articles Tagged with Miami foreclosure lawyer

Esteemed Miami foreclosure lawyer Bruce Jacobs has been given the go-ahead to proceed with his lawsuit that aims to oust the new Florida Democratic Party Chairman Stephen Bittel. american flag

The lawsuit recently survived a motion to dismiss after Miami-Dade Circuit Judge Lisa Walsh ruled the complaint should be allowed to proceed. Walsh declined, however, too prevent the Democratic party from certifying the election of Bittel, as they had already done so.

Jacobs filed the lawsuit last month, along with Dr. Mae Christian, a civil rights advocate and president of Miami-Dade County’s Democratic Black Caucus. The lawsuit names as defendants Bittel, the Florida Democratic Party and the Miami-Dade Executive Committee chairman, Juan Cuba.  Continue reading

The Florida Democratic party is hanging in the balance, and now, the typical lowly race for Miami-Dade County’s Democratic Party committeeman has gone national, just ahead of a special election that will likely determine the fate of the party in Florida. Our own Bruce Jacobs, Miami foreclosure attorney, is at the forefront, seeking to rapidly fill the precinct chairs for the party is that those individuals can create a groundswell of support for Dwight Bullard, who is up against wealthy Miami real estate businessman Stephen Bittel, who also happens to be a major party donor. flag

Bullard is backed by Our Revolution, a political organization created by one-time Hillary Clinton rival Bernie Sanders. Bittel, meanwhile, was a staunch supporter of Clinton. He now has the backing of U.S. Rep. Keith Ellison of Minnesota, who at this point is the front-runner to lead the Democratic National Committee. Ellison’s support came as something of a surprise because he was a long-time, prominent Sanders supporter and also previously had the support of Our Revolution.

Jacobs served Our Revolution Miami as a Bernie Sanders delegate, and participated in the Democratic National Convention in Philadelphia in that role. Jacobs now says he is hoping to drum up enough support among local Democrats to get involved as Precinct captains by the Dec. 15th deadline. The goal from there is to keep those individuals involved in politics, and further provide a strong movement within numerous local and state offices. Precinct captains are the only ones who can vote during leadership meetings, which is why filling these posts is so essential.  Continue reading

The Miami foreclosure defense lawyers at Jacobs Keeley have not been shy with criticism of the current presidential administration, in particular with regards to a failure to hold big banks and executives accountable for their central role in the foreclosure crisis. Unfortunately, it does not seem as if the new administration is going to take any more of a hard line on this kind of issue, despite repeated promises to “drain the swamp.” whitehouse

One must look no further than the recent appointment of Steve Mnuchin, Wall Street financier, to the cabinet as Secretary of Treasury. Mnuchin is a career banker. He spent 17 years at Goldman Sachs, ultimately attaining the position of partner. He oversaw a privately-owned hedge fund and later was a top fundraiser for Republican president-elect Donald Trump. He also worked for a time at a California bank that NPR recently referred to as a “foreclosure machine” in the midst of the housing bust.

Essentially, Mnuchin and others were searching for ways to turn a profit from the ruins of the housing market. He and a group of other billionaire investors purchased IndyMac, a bank that took a nosedive after its risky mortgage loans turned sour. He and the others bought it with a promise to pay future losses above a certain threshold – which they did, and after six years, sold it as OneWest at a $1.5 billion profit for $3.4 billion. How did they do this? On the backs of suffering homeowners.  Continue reading

Prosecutors with the U.S. Justice Department are reportedly giving up their quest to take action against the co-founder of Countrywide Financial Corp. for his alleged role in doling out risky subprime mortgages that played a major role the national financial crisis. wallstreetbusinessman

Bloomberg reports federal prosecutors informed Mozilo via letter that it did not plan to take any further action against him, effectively ending more than 10 years scrutiny of the man whose lending practices were questionable at best. This lack of reckoning is also indicative of the government’s largely ineffective efforts to obtain accountability for those responsible for collapse of the U.S. housing market, which sparked the Great Recession.

Now 77, Mozilo has spent the last several years living in a 13,000-square-foot home, writing a memoir and investing in real estate. He has insisted neither he nor his firm’s lending practices had anything to do with why the market collapsed.  Continue reading

Ocwen Financial holds the keys to some 17,500 defaulted home mortgage loans – and can’t continue to foreclose on a single one. stop

That is true at least for the time being, after the National Mortgage Settlement monitor announced the company is barred from foreclosure action after falling short of the required performance metrics.

The monitor announced the mortgage servicer failed on a key metric that requires the mortgage servicer to send a loan modification denial notification to the borrower. This notice needs to denote why the modification was denied, as well as the facts that weighed into this ruling by the servicer. It also must indicate a timeline in which the defaulted homeowner can offer evidence the decision was a mistake.

The National Mortgage Settlement office first announced the company wasn’t in compliance with this metric back in October. However, it’s now been seven months, and the company still hasn’t remedied the problem. That led the office to bring all of Ocwen’s foreclosures to a screeching halt.  Continue reading

The biggest banks in the country set in motion the events resulting in the mortgage crisis that would tailspin the nation into an economic depression. Millions of people conned into overpriced and risky mortgages lost their homes to foreclosure. Many also had to file for bankruptcy. agreement

To pay for this, the federal government finagled a collective settlement: $110 billion. The idea was that these large institutions would have to pay recompense to those they affected.

But as The Wall Street Journal recently learned, underwater homeowners didn’t see much of this money, which was divvied up on a state-by-state basis, depending on how greatly each was affected. So how was that money spent?  Continue reading

A recent analysis by online residential real estate site Trulia encourages people in their 20s and 30s to take the plunge into home ownership, citing in its “Rent vs. Buy Report” that purchasing a home is now 23 percent less expensive than renting. That figure holds true across the country. Assuming a buyer age 24-to-34 can plunk down a 10 percent down payment, and combined with an interest rate that hasn’t been lower since 2012 and soaring rents in urban areas, Trulia calculated it’s actually 36 percent cheaper to buy than rent. house

It would seem a solid argument. But millennials don’t seem to be buying it – or those houses.

For a very long time, owning a home was an important ideal and a rite of passage in American culture. And to be sure, there can be plenty of benefits, including the fact that mortgage interest payments are tax deductible. Plus, monthly payments go toward helping the buyer – rather than a landlord – acquire and maintain an asset. Continue reading

Former Federal Reserve Chairman Ben Bernanke has two major regrets when it comes to his agency’s handling of the financial meltdown of 2008.book

First, he says he should have been more aggressive with his public relations to explain to the public why massive bailouts of the companies that caused the crisis were necessary. Secondly, he says many more Wall Street executives should be serving prison sentences right now for the role they played in triggering the Great Recession.

With regard to the later, he says in his new memoir, The Courage to Act: A Memoir of a Crisis and Its Aftermath, that the Justice Department and other law enforcement agencies were more focused on indictment or threats against large financial firms. Very little of the investigations focused on individual executives. And after all, he noted, wrongful and illegal acts that precipitated the economic crisis were not carried out by abstract firm. Rather, these were actions taken for the benefit of individuals. Continue reading