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Below is an abbreviated version of an article written by Roy Oppenheim and Jacquelyn Trask, which was first published this week by Thomson Reuters. The longer version of “Deconstructing The Black Magic of Securitized Trusts” was published earlier this year by the Stetson Law Review.

From 2003 to 2007, Florida saw the largest real estate boom in its history. Real estate sold at astonishing prices as people were sold a bill of goods known as the “American Dream.” But for many, that American Dream turned out to be the American Nightmare. From sub-prime mortgage lending and predatory practices by mortgage brokers, lenders and improper securitization of mortgages, this era of economic boom led to the largest crash in the history of the real estate market¹, a crash from which Florida has yet to recover, and to which we have not yet seen the end. The full extent of the damage inflicted by these practices has not yet been felt, but millions of homeowners nationwide have suffered from financial crisis, foreclosure and bankruptcy. And what is worse yet is that the systemic fraud and illegal conduct of the banks has continued to pervasively infect court systems throughout the nation; further, the Florida court system has suffered from extreme abuse at the hands of the banks that have high jacked it and effectively turned it into a private collection agency for the banking industry.²

 

Missouri Attorney Dale Wiley had tried over a hundred civil and criminal cases before judges and juries, and served as President of the Missouri 39th Bar Association before forming Foreclosure Law LLC in 2010, and dedicating his practice to helping to protect the rights of homeowners at risk of foreclosure.

He is the epitome of what we need a lot more of in this country right now… highly experienced, smart lawyers who see what’s going on and find themselves compelled to join the fight to stop foreclosures whenever possible.  After you talk to him for a bit about the foreclosure crisis today, you come away thinking how great it would be to be able to clone him.

Dale Wiley graduated from the University of Missouri School of Law in 1998, and after graduation, he joined his father’s firm, Wiley Law Office in Crane, Missouri where he practiced in the areas of criminal defense and personal injury.

Nice .... Can the auto industry be shielded from law suits if their cars explode too? How about granting restaurants immunity from poisoning patrons? Here’s a good one from NYT DealB%k “Banks Seek a ...

Joseph Dunn, Executive Director

State Bar of California

This is about the California State Bar Association’s handling of a law in California know as SB 94, especially since September of 2011.  I outline as briefly as possible, 10 key points in the order I think is best, and provide links to supporting information in BLUE.

For the moment, take my word for it… it’s very likely that I know more about this subject than anyone else in the state or country, having written so many in-depth articles about the topic from so many perspectives that I can’t count them anymore… having interviewed 4,000 homeowners in the loan modification process… having spent the last 18 months inside services… and having interviewed many in government… I’m about as well rounded at one could get.

Roy Oppenheim’s commentary was originally published on Yahoo Homes! and is being republished on South Florida Law Blog with their permission.
South Florida Law Blog (http://s.tt/1x1vc)

The banks are too big to jail.

The Department of Justice, as much as they will try to tell you otherwise, believes it.

When push came to shove, prosecutors did not have the stones to do what is right, and what is absolutely necessary.

Wall Street has been given the road map to the land of Business As Usual. Just get as big as you want, do whatever you want, and have no fear of being caught. You will still be off-limits from criminal prosecution.

By choosing not to indict HSBC for money laundering, and instead handing them a nearly $2 billion settlement in order to defer prosecution, that is what the DOJ is effectively saying.