Posted on 11/17/2007 8:23:04 AM PST by AndyJackson
In a decision piggy-backing on Judge Boyko’s recent Deutsche Bank ruling (announced on this site Tuesday), Judge Rose has thrown out another batch of foreclosures, making the following summary remarks:
“This court is well aware that entities who hold valid notes are entitled to receive timely payments in accordance with the notes. And, if they do not receive timely payments, the entities have the right to seek foreclosure on the accompanying mortgages.
However, with regard the enforcement of standing and other jurisdictional requirements pertaining to foreclosure actions, this court is in full agreement with Judge Christopher A Boyko for the Northern District of Ohio who recently stressed, ‘That the judicial integrity of the United States District Court is ‘Priceless.’”
The ruling is another HUGE victory for consumer advocate attorneys and homeowners in general.
A pdf file of the full ruling is available here.
Jacksonville Legal Aid attorney April Charney remarked to us regarding the two Ohio decisions:
As to the real ramification of the Ohio decision, aside from slowing the foreclosure trains, is that the fact that there were no “original” assignments rendering the sales of the mortgages to the trusts, in violation of the true sale obligations imposed by securities law. ”
For more comments by April and us on this foundational issue of these rulings, see our next post. There we also address some criticisms and critiques we’ve received since our original coverage.
Of course - they will go bankrupt if they are unable to absorb or finance the losses they incur.
My comment was a generality; many people believe companies (and the government) have deep pockets. They do not realize those are OUR pockets. Businesses exist to make a profit for their owner(s) and, if they want to stay in business, they will raise their revenue to cover their costs and make a profit.
And, yes, I have been a small business owner.
My concern is the pending rat control of government. They intend to squash the economic vitality of this county by making it into a socialist Utopian society. The rats are itching to control a number of important industries: energy development, power generation, health care, private mortgages, student loans, and pharmaceuticals. When rat control is coupled with staggering tax increases and spending increases, I wonder whether the American spirit will be crushed. For reasons that I do not understand, the American voter seems poised to let the rats destroy the economy.
We have no disagreement. I said so long as we don’t yield to socialism and protectionism. But like you, I fear that we are on the verge of doing so.
My only hope is that with a globally interconnected economy, the adverse consequences of high-tax, high-regulation Dem socialist schemes will be so severe that we’ll have a political backlash that makes 1994 look mild by comparison. If that backlash happens soon enough, we may still have time to save the republic.
Hank
Yes and we/you do have years where the final tally is in the red. Enough of those and we/you don’t have to be concerned with customer satisfaction anymore.
Bof, conversely, was founded by A.P. Giannini after the 1906 earthquake and fire in San Francisco. The Bank of Italy and America, as it was then known, offered bootstrap loans to (legal) Italian immigrants whom the established banks wouldn't touch. In the latter part of the intervening century, sometime after the bank dropped "Italy and" from its name and built its 55-story headquarters on California Street, the idea of "legal" got lost too, and the Bank of Amigo looks set to follow Wachovia, Citi, and the others into the red.
The Bank of America you describe was merged with Nationsbank, which was formed from Sovran Bank, which was created from North Carolina National Bank. All that’s left of the organization you describe is the name and some of the offices. The rest is run by the NC outfit.
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