Tag Archives: Banks

UFAN: Massachusetts Lawyer General Suit Against the Main Banks Noticed as a Positive Sign for Beleaguered Borrowers

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Roseville, California (PRWEB) December 16, 2011

In what came as a major improvement in the fight against mortgage fraud, on December 1, 2011, the Massachusetts Lawyer Common filed a suit against five of the major mortgage lenders, the LA Instances reports. The lawsuit alleges that Bank of America Corp., Wells Fargo &amp Co., JPMorgan Chase &amp Co., Citigroup Inc. and GMAC Mortgage used fraudulent documentation in the foreclosure processes, took back properties without showing they owned the actual mortgages, and failed to uphold loan modification promises to borrowers in the state. The suit was filed in Superior Court in Suffolk County, case quantity 11-4363.

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The case is a welcome improvement for borrowers, who have frequently bore the brunt of the effects of the mortgage crisis. Much media focus has been centered on lawsuits brought on behalf of investors injured by getting been sold toxic mortgage securities.

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The United Foreclosure Attorney Network (UFAN) is one firm currently standing up for borrower rights and has suits pending against some of the significant lenders. The Massachusetts case is a constructive development in raising the collective consciousness that borrowers had been usually as considerably victims of fraud as had been the purchasers of their loans, says Kristin Crone, managing attorney at UFAN. UFAN has suits pending against JP Morgan Chase and Aurora in California Superior Court, and against Bank of America and Wells Fargo in California Federal Court. UFAN’s cases are discussed at length on its media web page.

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According to the LA Instances, the Massachusetts Attorney Common is open to settling the case so extended as the interests of Massachusetts borrowers are represented. The 50 state Attorneys General have been at one point on board with settlement negotiations that would see main banks spend a sum of funds in exchange for immunity for previous mortgage fraud, news sources recommend. Over the past year, even so, negotiations have stalled prompting specific Attorneys Common (like Kamala Harris of California) to withdraw from possible settlements. California Attorney General Kamala Harris concluded that what was getting provided by the banks was not good sufficient for residents of the state, media reports indicate.

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In 2008, then California Lawyer General Jerry Brown sued Countrywide (Men and women of the State of California v. Countrywide Financial Corp., Los Angeles Superior Court, case # LC083076) over alleged deceptive marketing practices that took advantage of borrowers. The case settled a couple of months later and Countrywide was supposed to provide borrowers principal and interest price reductions, according to The Boston Globe. Jerry Brown named the settlement, the largest loan modification in history and it was intended to offer $ 3.4 billion in relief for California borrowers.

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Despite high hopes at the time, that settlement has failed to acquire substantial relief for California homeowners, The New York Instances reports, and foreclosure prices continue to rise. Referring to the 2008 settlement, the spokesman for the present California Attorney Basic mentioned there is a substantial gap among the relief promised to property owners and what was actually delivered to them. And the mechanisms needed to hold the bank accountable just werent there.

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Complementary consultations offered.

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ABOUT THE UNITED FORECLOSURE Lawyer NETWORK

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UFAN Legal Group, Pc dba United Foreclosure Attorney Network (UFAN) is a Roseville, California-primarily based law firm supplying mortgage litigation and other debt associated legal services. The committed attorneys and staff at UFAN operate tirelessly to seek justice and fight for the rights of its customers. For more details call toll free of charge 1-866-400-4242.

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This release could constitute attorney advertisement. The information in this release and on the UFAN internet site (ufanlaw.com) is for general info purposes only. Nothing in this release or on the UFAN website must be taken as legal advice. Prior successes are no guarantee of future efficiency. Litigation is inherently uncertain and results in litigation are never ever assured.

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Banks Motivated to Sell Difficulty Mortgage Loans at Discount at Year-Finish

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(PRWEB) December 29, 2011

Banks are evidencing a willingness to sell their issue industrial actual estate loans at a substantial discount prior to the end of this calendar year, stated Kevin Levine, Executive Vice President of Strategic Asset Options/Peak Asset Options. If those dilemma real estate loans remain on their books via December 31, banks will be required to develop substantial reserves against them, he said. This will effect their earnings reports for the fourth quarter and for 2011 as a entire. And it will decrease their tangible capital ratios. So they have every single motivation to sell those loans and get them off their books ahead of the year comes to a close.

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Levine explained that despite the motivation for quick sales, banks will not enter into just any loan-sale transaction. The bank must perceive that the value it will obtain from the year-end loan sale will be equivalent to or greater than what it would get upon foreclosure, he mentioned. In making that calculation, the bank will contemplate the costs of foreclosure and the estimated time delay ahead of the property can be resold. Levine explained that the bank will want a clean sale, with no circumstances and the potential loan purchaser will have to offer a proof of funds evidencing that it has the money to close the transaction in a matter of a few days.

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Levine commented that if there is a sturdy guarantor, the bank will be considerably much less prepared to approve a note buy resulting in a book loss. Nonetheless,” he stated, “if the guarantor is insolvent or otherwise financially weak, the bank will not be capable to appear to the guaranty as a source of recovery. If these are the circumstances, the bank could effectively conclude that it is very best to reduce its losses and dispose of the issue asset now.

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Strategic Asset Options/Peak Asset Solutions delivers commercial loan modification and quick sale services in California and all through the country. The companys personnel bring substantial commercial true estate expertise to every assignment, like industry evaluation, valuation, legal, and negotiation expertise. Every single borrowers special lending circumstance is totally analyzed, and the borrower is assisted in preparing present operating reports and projections. Then, Strategic Asset Solutions/Peak Asset Solutions drafts and submits to the lender a loan modification proposal. That proposal may possibly contain a principal reduction, interest rate reduction, and waiver of penalty charges. In these situations where a loan modification will not function to the mutual advantage of the borrower and lender, Strategic Asset Options/Peak Asset Options will attempt to broker a short sale of the industrial actual estate at a substantial discount from the loan balance, or will seek to negotiate a sale of the note to a third-celebration.

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Strategic Asset Options/Peak Asset Options is a single of the entities in the Peak Corporate Network headquartered in Woodland Hills, California. In addition to commercial loan modifications, the Peak Corporate Network entities offer mortgage lending, loan servicing, residential quick sale solutions, 1031 exchange, trustee operate, foreclosure services, genuine estate brokerage and escrow solutions. For much more details, check out http://www.peakcorp.com

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The Peak Corporate Network brand represents a group of associated separate legal entities, every single supplying its exclusive set of real estate solutions.

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True Estate Law Center Continues Borrowers’ Fight Against Robo-Filing Banks

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Los Angeles, Calif. (PRWEB) Could 01, 2012

As more details of the mortgage meltdown are brought to light such as the robo-signing scandal and mortgage lenders fined by the government property owners seeking for possibilities other than foreclosure require somebody in their corner.

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Banks have been slow to procedure, and often ignore, loan modifications requests made by struggling homeowners. Nevertheless, True Estate Law Center, Pc has successfully ensured banks respond and method restructured mortgage settlement requests, and adhere to federal laws and regulations. The law firm, headed by Chad Pratt, is at the forefront of advocating for residence owners who’ve been the victim of predatory bank loans.

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True Estate Law Center is aggressive in its pursuit of holding lenders accountable for its consumers. It is at present moving against Countrywide Economic (which has because been purchased by Bank of America Corp.) in Los Angeles Superior Court on behalf of home owners who’ve retained its services. (Ramos v. Countrywide Financial, case quantity BC463386)

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“We have been able to aid borrowers who believed foreclosure was imminent since of the improper actions of the banks,” Pratt said. “We’ve been able to end the nightmare of exploitive mortgage tactics of the banks for our customers, maintaining them in their homes.”

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Ally Monetary Inc., Bank of America Corp., Citigroup Inc., J.P. Morgan Chase &amp Co. and Wells Fargo &amp Co. paid out billions to New York, Massachusetts, Florida, California and Delaware, while other states are pursuing their own settlements. Bank of America is also eliminating about $ 100,000 from the mortgages of California borrowers as component of its agreement.

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The banks, which were involved in unqualified personnel authorizing foreclosures or “robo-filing,” are settling with states and people at a staggering rate, Pratt stated, since the banks had been careless and incorrect.

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“These settlements to the folks banks have wronged and the states in which they’ve violated the law is a direct outcome of the lender negligence and misrepresentation that was indicative of the robo-filing scandal,” Pratt added. “We will continue to fight for what’s fair for homeowners and make certain the banks are held accountable.”

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For far more details, or if you are a homeowner who feels you have been wronged by your lender, contact the Genuine Estate Law Center, Computer visit http://lenderlawlitigation.com e mail information(at)lenderlawlitigation(dot)com or get in touch with 866-946-5342. The firms also handles unlawful detainer defense, post foreclosures and all connected litigation.

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About Genuine Estate Law Center, Pc:

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True Estate Law Center Pc is a firm exclusively devoted to assisting home owners in their struggle against lenders. Our firm is situated in Pasadena, California. We have a assortment of options not only for property owners in distress but also for these who are upside down in “bad” loans due to lender liability.

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FDIC: U.S. Banks Regain A Profit Margin That May possibly Lessen Tight Lending

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Minneapolis, MN (PRWEB) September 05, 2012

An August 31st press release from The Federal Deposit Insurance Corporation (FDIC) incorporated a report of the public list of institutions that it has scheduled for a Neighborhood Reinvestment Act (CRA) examination throughout the fourth quarter of 2012. To celebrate milestones, the banks have returned to showing a profit for the 1st time because 2005.

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For giant financial banking institutions, which includes the leading 3: Bank of America, Wells Fargo &amp Co, and JP MorganChase &amp Co., the new increases in profit margins may possibly turn the lending market about. Bank profit is extra money that could be rolled over into new home mortgage loans. According to the report, the schedule for banking institutions to be examined is set to be achieved throughout the window of October 1, 2012, by way of December 31, 2012.

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Jenna Thuening, owner of Home Location, sees it as a hopeful sign. “If banks have a profit margin, opening up the alter the tight hold on house mortgage lending could increase. There is reason to continue with smart spending as banks still have many home loans on their books that could be prone to default gains are delicate and could be reversed if the economy turns downward. Strong efforts on numerous fronts are working to help quit additional Twin Cities foreclosures.”

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The FDIC schedule for banks examination is posted by area to aid banks simply figure out their schedule time. Minnesota is rolled into the Kansas City or Central Region. The regions are designated as follows:

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1) Atlanta Region&#13

two) Chicago Region&#13

three) Dallas Region&#13

4) Kansas City Area&#13

5) New York Region&#13

6) San Francisco Region

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The FDIC report included the following key findings:

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10.9 percent of FDIC-insured banks that had net losses throughout the second quarter down from 15.7 percent a year earlier&#13

The quantity of problem institutions fell from 772 to 732 throughout the quarter&#13

The typical return on assets for the whole group of banks improved to .99 percent from .85 % a year ago.&#13

Banks’ total revenue increased a mere $ 1.three billion, which is a slim .8 percent up from the second quarter in 2011.

There has been some pressure on Bank of America right after the release of the current Mortgage Settlement Overview’s Initial Report. Bank of America Corp (BoA). was ordered by the National Mortgage Settlement to supply the biggest piece of the relief to the tune of $ eight.6 billion. As of June 30, they hadn’t completed any modifications of initial-lien mortgages or refinancings. Dan Frahm spokesman for Charlotte, N.C.-based Bank of America, has some thing to say about that. “We believe we will attain or exceed all plan targets [inside the initial yea]. We continue functioning to attain eligible borrowers with these programs to prevent foreclosure, support our customers save income and assistance the recovery of the housing market.”

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The National Association of Realtors

ICBA Testifies: Exempt Community Banks from Basel III

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Washington, D.C. (PRWEB) November 29, 2012

The Independent Community Bankers of America (ICBA) today detailed in congressional testimony why policymakers should exempt the nations community banks from proposed Basel III regulatory capital standards. Testifying ahead of the House Financial Services Subcommittees on Insurance, Housing and Neighborhood Chance and on Monetary Institutions and Consumer Credit, ICBA Chairman-Elect William A. Loving Jr. stated that the guidelines need to not apply to U.S. monetary institutions with consolidated assets of $ 50 billion or significantly less.

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Basel III was meant to apply only to the very largest, internationally active institutions, said Loving, who is also president and CEO of Pendleton Community Bank in Franklin, W.Va. Neighborhood banks, with their basic capital structures and transparent and conservative lending, have little in frequent with these larger institutions. Applying the exact same capital guidelines, in addition to the numerous other new and far-reaching regulations that are quickly becoming effective, will only undermine the viability of thousands of community banks.

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Loving said that applying Basel III and the standardized method to neighborhood banks would lead to additional industry consolidation. By penalizing relationship-based lending without regard to asset quality, the guidelines would leave shoppers with fewer possibilities and significantly less access to credit. Further, he stated, imposing complex and excessive capital requirements is not viable for neighborhood banks because they have very limited alternatives for raising new capital, as opposed to their larger competitors. Mutual banks and other thrifts will be disproportionately affected, Loving noted, since they hold a lot more mortgages loans than other community banks.

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Loving cited an ICBA Basel III petition signed by practically 15,000 folks. The petition notes that neighborhood banks maintain the highest capital levels in the banking sector and did not engage in the reckless behavior that contributed to the current economic crisis. Basel III will only limit the capability of community banks to lend and invest in their communities and threaten the nations economic recovery, the petition states.

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If policymakers do not exempt neighborhood banks from the Basel III suggestions, Loving stated, they need to significantly simplify the rule and much better align the proposed capital requirements to the distinctive strengths and activities of neighborhood banks. Amongst its modifications, ICBA is calling for regulators to:&#13

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completely exempt banks beneath $ 50 billion in assets from the standardized method for threat-weighted assets,&#13
lessen the proposed substantially larger danger weights for balloon mortgages and second mortgages to their current Basel I levels,&#13
exclude modifications in unrealized gains and losses in investment portfolios (accumulated other extensive income) from the calculation of regulatory capital for banks under $ 50 billion in assets to keep away from harmful and unnecessary volatility in capital adequacy,&#13
continue the current Tier 1 regulatory capital remedy of trust-preferred securities issued by bank holding businesses with consolidated assets between $ 500 million and $ 15 billion to reflect congressional intent,&#13
exempt all thrift holding organizations with assets of $ 500 million or significantly less from Basel III and the standardized approach (just as bank holding businesses are) or give a policy rationale for why they are not exempt, and&#13
apply Basel III and the standardized strategy to credit unions if the rules will apply to neighborhood banks.

To read Lovings testimony and for a lot more information, visit http://www.icba.org/advocacy.

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About ICBA&#13

The Independent Community Bankers of America

MSN Real Estate Functions Banking Bads New Strategy of Addressing Grievances with Large Banks

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San Diego, CA (PRWEB) December 12, 2012

A multitude of bank buyers have complained about the loan modification approach, but one Bank of America consumer, De Veau Dunn, took his grievance to a new level. Dunn developed a internet series titled Bank of America Desires You to Die Prior to They Modify soon after Bank of America repeatedly requested a death certificate along with other economic documents to full his loan modification.

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Dunns network is named Banking Undesirable and was lately featured on MSN Real Estate. A simple monetary transaction turned into a real life document mystery, said Dunn, who turned to social media to voice his discontent following he felt Bank of America was mishandling his economic transaction. I am a bit shocked to see the Banking Negative YouTube Channel get so several responses from dissatisfied consumers going by way of similar scenarios with massive banks. There is a real require for improvement from a buyers standpoint, continued Dunn. De Veau employed social media as a tool right after continually reporting banking problems and concerns to the bank itself through emails, letters, and telephone calls, but still not getting the problems resolved.

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Bloomberg Businessweek also did a function story on Dunn and his Banking Poor channel. Businessweek week reporter Karen Weise stated, Dunns creation stands out for its higher production worth and at instances humorous writing. Dunn said in response to the Businessweek report, The mentions are good, but the point of this channel is to assist individuals that may not otherwise have a voice and may well be silently enduring abuses from some big monetary institution. If the media shines light on some dark banking practices, then it is truly worth it to me. With over 30,000 views and well over 800 subscribers on YouTube, the Banking Negative channel appears to be gradually becoming a voice for many disgruntled consumers along with the Banking Poor Facebook web page. One Youtuber in a comment left on the Banking Bad YouTube page stated, Thank you for putting such a compelling voice to the discomfort of so numerous of us.

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Dunn has also teamed up with homeowners advocate Steve Triebernig, who hosts the Facebook web page Maintain Bank of America Truthful. Steve Triebernig has been instrumental in assisting quite a few home owners in dealing with the banks in order to save their residences via his organization All Factors True Estate. Steves firm has been nominated for a Greater Company Bureau Integrity Award and is positioned in Minnesota.

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To date there have been two episodes released in the Banking Bad series. Banking Negative Episode 1 chronicles the story of “Dee”, who was looking for a loan modification with Bank of America. This transaction became increasingly far more complicated when the bank sent two separate letters saying, “they need to have” a “Death Certificate” as one particular of their specifications to approach his loan modification. Banking Bad Episode two explores loan modifications on a larger scale. Via broadcasting his story onto social media, “Dee” becomes a significant contributor to a increasing network of customers banning with each other to cease negative behavior from huge banks. The principal character, Dee, interviews a residence loan advocate who in turn provides lurid specifics of why some house loan modifications get stalled.

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About Banking Undesirable: &#13

The Banking Poor site and YouTube channel are committed to educating and informing the public of strange or immoral activities involving banking institutions. Banking Bads social media encounter which includes the Banking Undesirable Twitter page enables customers to join the conversation and exchange data about their newest loan modification or banking pitfalls or successes.

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Associated Loan Modification Services Press Releases

Corporate Whistle Blower Center Now Urges Banks Or Key Mortgage Servicing Insiders To Contact Them If They Have Proof Of Major Fraud Involving FHA-VA, Or Fannie Mae Loans

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(PRWEB) April 17, 2013

The Corporate Whistle Blower Center is now urging loan servicing insiders to step forward for potentially substantial rewards, if they possess proof of any sort of considerable fraud, or key wrongdoing involving the servicing of FHA, VA, Fannie, or Freddie mortgages. The group’s important is concentrate is loan servicing insiders, who have proof their business is allowing borrowers to default, robo signings, over billing the government for solutions by no means rendered, legal charges, for no legal solutions, mortgage files that had been never correctly dealt with, and so on. As lengthy as the wrong doing, or fraud is in the millions of dollars, and as extended as the whistleblower has substantial proof the Corporate Whistle Blower Center desires to hear about it, and a prospective whistleblower can call them anytime at 866-714-6466,

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The Corporate Whistle Blower Center Mortgage Whistleblower Initiative is also hunting for the following kinds of whistleblowers:&#13

On the mortgage origination side the Corporate Whistle Blower Center is looking for major bank, mortgage banker, homebuilder mortgage managers, or insiders, who can prove their bank, or mortgage lender employer was committing appraisal fraud, as nicely as gouging borrowers on costs, or not complying with distinct guidelines that govern Fannie, Freddie, FHA, or VA mortgages. &#13
On the loan serving side, The Corporate Whistle Blower Center is seeking for individuals who possess substantial proof, their bank or loan serving firm employer was intentionally misapplying payments for principal, interest, and/or for reserves. The group is also hunting for bank, or loan servicing insiders, whose company took federal funds to do loan modifications, and instead of performing a loan modification the bank, or loan servicer did a foreclosure. No 1 ever checked the file. &#13
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Crucial rules for a whistleblower from the Corporate Whistle Blower Center: &#13

Do not go to the government first, if you are a main whistle blower. The Corporate Whistle Blower Center says, “Significant whistle blowers frequently go to the federal government pondering they will help. Its a enormous error. Frequently government officials could care significantly less, or they are incompetent.” &#13
You have to be the 1st person to present your information, and it has to be new details, not previously disclosed. &#13
Do not go to the news media with your whistle blower data. Public revelation of a whistle blower’s details could destroy any prospect for a reward. &#13
Do not attempt to force a government contractor, or corporation to come clean to the government about their wrongdoing. The Corporate Whistle Blower Center says, “Fraud is so rampant among federal contractors, that any suggestion of exposure may result in an instant job termination, or harassment of the whistle blower. We say, come to us very first, tell us what variety of details you have, and if we consider its sufficient, we will aid locate the appropriate law firms, to help in advancing your data.”

Any sort of insider, or employee, who possesses important proof of their employer, or a government contractor fleecing the federal government is encouraged to speak to to Corporate Whistle Blower Center anytime at 866-714-6466, or they can speak to the group by way of their net website at http://CorporateWhistleBlowerCenter.Com

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Big Banks Target Veterans for Foreclosures

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Chicago, IL (PRWEB) May 17, 2013

The Federal Savings Bank echos news that veterans are finding themselves in difficult financial situations and facing mortgage foreclosure. However, in at least one state, they are even being targeted by banks looking to profit off foreclosures.

According to Atlanta ABC affiliate WSB-TV, lawyers in Atlanta, Georgia, are receiving hundreds of cases in which veterans are being victimized by big banks and ultimately end up in foreclosure. In one instance, a man was not in foreclosure and had no mortgage loan issues, but his bank suggested he apply for a loan modification. As reported by the source, during the two-year-long process that ensued, the veteran was instructed by the bank not to pay the mortgage. However, soon after, lenders were sending astronomical bills he couldn’t pay.

Similarly, Air Force veteran Richard Leder’s bank told him not to pay his lenders, and his home was foreclosed five months later even though he had the money to pay back what was owed.

It is important to bank with a financial institution you trust. The Federal Savings Bank is a veteran owned bank that puts you first. Visit us today to learn more.

The attraction of targeting veterans is likely because VA home loans are insured, WSB-TV reported. After foreclosure, a bank can sell the home loan to another mortgage company and still keep the insurance money – thus earning double profits. The problem is that the misguided instructions given to veterans are usually over the phone or in person, so there is no written record of them. This makes it much harder for homeowners to prove that the banks were acting in bad faith.

National measures

Fortunately, many states are implementing strong initiatives to help veterans who are at risk of foreclosure. For example, Michigan recently introduced a $ 5 million veteran homeowners’ assistance program. Through this new system, both active military members and veterans will have the opportunity to get financial aid from the state.

Veterans Affairs Supportive Housing (HUD-VASH), from the Department of Housing and Urban Development, is also a great resource for homeless veterans to get assistance with finding permanent homes.

Atlanta lawyers are working hard to bring justice for the veterans who were victimized by big banks. Some of the offenders are offering settlements, but for many defendants, that isn’t sufficient.

“There’s not enough money to compensate me both emotionally and physically for what I went through,” Lydia Smith, one homeowner who was targeted, told WSB-TV.







Certified Securitization Analysis Re-Brands and Expands Product Offerings in the Wake of new Judgments vs. Banks in Wrongful Foreclosure and Illegal Debt Collection Practices

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San Francisco, California (PRWEB) May 17, 2012

CSA, LLC (formerly Certified Securitization Analysis, LLC), the leading resource for consumers in debt has re-branded and launched their new website at http://www.1analysis.com. Offering an expanded suite of products which will empower consumers in the fight against wrongful, and in many cases illegal debt collection, CSA, LLC now offers securitization audits and analysis covering not only Commercial and Residential Real Estate Loans but also Credit Cards, Retail Installment Agreements i.e. Auto Loans and Student Loans.

With over 600* million credit cards currently in circulation in the US alone and the average credit card debt per household standing at close to $ 16,000**, many consumers are now defaulting on their credit cards. Similar to sub prime mortgage lenders, credit card issuers have been seeking to maximize profits by lending to those who are financially vulnerable and then spreading the risks by selling off securities based on credit card receivables. The financial crisis has reduced households access to credit, undermining the competitiveness of the credit card industry. Thus, credit card companies are more likely to be able to charge higher rates without losing all of their customers. Credit card companies will have no incentive to conduct proper underwriting of new accounts, since losses can be spread among the existing account holders who have fewer opportunities to change cards. If underwriting is tainted in these situations, then the securitization process is compromised and holds the same pitfalls as mortgage backed securitization, which leads to lack of standing by the banks and causes wrongful debt collection to proceed unmonitored. The consumer loses accordingly.

In the case of retail installment agreements, the auto loan is the most similar example to mortgage backed securities. Car dealerships have often securitized a sizeable portion of their customers’ auto loans – that is, bundling several loans from purchasers into a security and then selling the security as a whole to a larger corporation. Securitizations enable a lender to remove debt from its books and sell them to larger financial institutions. Recently, many car purchasers have reported that their interest rates and monthly payment plans changed as soon as their loans became part of a securitized portfolio. Buried in the fine print of the auto loan were terms and conditions that allowed the securitized portfolio’s manager to make these adjustments, and precluding the borrower or car purchaser from contesting the change.

Since no direct communication occurs between the customer and the large company that takes over the loan (customers are often unaware that their loans were securitized at all), car salesmen have been accused of fabricating the client’s financials in order to close a deal. A recent case highlighted one individual whose monthly payments increased to $ 425 a month from $ 250 after their loan was part of a portfolio syndicated to a national bank because the dealership had changed his income information. Living on just $ 800 monthly Social Security disbursement, this person could not possibly have qualified for the loan.

In addition, student debt has now become a nightmare for Americans with the potential to explode as the next major US financial crisis as students and workers seeking retraining in a tough economic market are borrowing extraordinary amounts of money through federal and private loan programs to help cover the rising cost of college and training. Currently out of the $ 1Trillion student loan debt on the books, $ 300 Billion of that debt is currently 30 days or more past due.

CSA, LLC has recognized that the financial institutions are now foreclosing on America and are not helping Americans solve their financial debt crisis. Were on the securitization roller-coaster and its going off the tracks fast as consumers plunge deeper and deeper into debt and greedy financial institutions continue their wrongful debt collection practices. says Adam J. Meyer, CEO of CSA, LLC. The credit card provisions that have been identified as unfair, deceptive, and anticompetitive are not only sending American families further into debt, but standing in the way of economic recovery. The economic downturn and financial crisis have accelerated the adverse impacts of these practices on consumers, small businesses and our economy as a whole. CSA LLCs new suite of product offerings seeks to combat these financial institutions wrongdoings and give America back to the consumers. This is our country and we are not willing to give it up to the banksters.

Already known as a stalwart in mortgage securitization, this new suite of products will further enhance CSA LLCs position in the debt collection space and assist the millions of US consumers who are saddled with unsurmounting credit card, retail installment and student loan debt. It will only take 1analysis from CSAs new product offering suite to put homeowners and those in debt on the correct path to reclaiming their homes and protecting themselves against the wrongful foreclosure and debt collection practices of the financial institutions.

*Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010

**Calculated by dividing the total revolving debt in the U.S. ($ 801.0 billion as of December 2011 data, as listed in the Federal Reserve’s February 2012 report on consumer credit) by the estimated number of households carrying credit card debt (50.2 million)

About CSA, LLC:

Founded in 2010, CSA, LLC is the leading resource for consumers in debt. Our audits and analysis empower consumers and/or their legal advisors with effective and actionable strategies to defend against wrongful, and in many cases illegal debt collection. Our audits and analysis cover Commercial and Residential Real Estate Loans, Credit Cards, Retail Installment (Auto Loans and Student Loan) Agreements. For more information and a free debt analysis and evaluation of your current situation, please see http://www.1analysis.com or contact CSA, LLC at sales(at)1analysis(dot)com or call 1-888-715-0060.







Oppenheim Law Exposes Wall Streets Dirty Dozen Banks in New Infographic

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Fort Lauderdale, FL (PRWEB) August 16, 2012

Confidence in Wall Street is at an all-time low.

Its no wonder considering how many Wall Street executives continue to display poor moral leadership,according to real estate attorney and Yahoo! Homes blogger Roy Oppenheim.

Despite what seems like a daily barrage of banking scandals, leaders like Jamie Dimon remain defiant, almost incredulous to the fact that their institutions bear any responsibility for the current economic climate, Oppenheim says.

When Dimon refers to JPMorgan Chase as a port of safety in New York Magazine, right after his trading department lost billions, it proves that he is out of touch, he adds.

Oppenheim, who actually started his career on Wall Street, points to what he calls perhaps the largest industry-wide systemic tax fraud as the latest example of how the banks have become too big to fail.

By sifting through the banks own annual reports, along with other public data, Oppenheim Law has compiled a list of what they call the Wall Street Dirty Dozen banks.

This is a group of twelve banks that have perpetrated the most egregious case of deception at the expense of the American people,” explains Oppenheim, It is just the latest unethical practice they have employed, and their only excuse seems to be that every other major bank did it too.

These Dirty Dozen banks could be potentially liable for a trillion dollars worth of back taxes from their use of REMICs (Real Estate Mortgage Investment Conduits) to illegally disguise and manipulate their need to pay corporate income taxes, according to Oppenheim.

Ironically, this amount is slightly higher than the budget deficit for the US government for this year.

REMICs are subject to certain tax exemptions, If the banks follow very specific rules, including following strict limitations on activity, they remain tax exempt. Banks are generally not allowed to transfer mortgages into securitized trusts after 90 days from the time the trusts are created.

If even a small percentage of mortgages are transferred in after that 90 day period, than all income earned by that REMIC can be taxed at a rate of 100 percent.

Oppenheim and associate attorney Jacqueline Trask have written Deconstructing the Black Magic of Securitized Trusts, an article which is set to be published in the Stetson University Law Review later this month. It articulates the concern of how banks were flagrantly not adhering to the 90-day deadline during the foreclosure crisis.

While the banks may not publicly admit any wrongdoing, privately they have been stashing away just shy of $ 24 billion in their reserves,according to the Oppenheim Law’s Dirty Dozen chart. On average these banks, which includes institutions like JPMorgan Chase and Wells Fargo each maintain, on average, $ 2 billion in tax reserves or unrecognized tax benefits.

An unrecognized tax benefit, or UTB, is a reserve of money that companies must hold back for tax positions that a company thinks the IRS is likely to require to be paid if the IRS audits the company.

For example, if a company claims a $ 1 million deduction but believes it will only realistically be able to claim back $ 750,000, then the company is required to put the $ 250,000 difference into a bank account until the issue is resolved with the IRS.

Its kind of like a game of cat and mouse that large companies get to play with your tax dollars, Oppenheim explains, Its proof that the banks know what they are doing is not good for the taxpayers.

What is so staggering, Oppenheim explains, is not just how much money the banks have been keeping, but how much they could potentially owe.

It is clear that the Wall Street Dirty Dozen went wild with REMICs back when securitization was booming and now they are trying their best to prevent the skeletons from coming out of their collective closets, Oppenheim states.

If the IRS ultimately rules that the Dirty Dozen violated tax laws, not only will that $ 24 billion be at risk, but over a trillion dollars could be due to the U.S. taxpayer.

While it is not clear how much of that $ 24 billion is being held strictly for REMICs related issues, Oppenheim believes it is likely substantial.

These banks have set aside less than 1% of what they might actually owe to the American people, a scary thought considering that their previous greed and malfeasance nearly toppled the entire economy back in 2008.

Oppenheim wonders how JPMorgan Chase CEO Dimon can pass the buck when such overwhelming proof exists within his own annual reports.

Yesterday Oppenheim called on Dimon to debate him on his South Florida Law Blog.

Mr. Dimon, I challenge you to answer who is more responsible for the economic crisis, Wall Street or Main Street, Oppenheim says, “I believe the truth is on my side.”

Click here to see the data compiled by the staff at Oppenheim Law and to see if your bank is in the Wall Street Dirty Dozen.

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From Wall Street to Main Street, Roy Oppenheim is a Florida real estate attorney focusing on foreclosure defense, and loss mitigation.

He is a guest blogger for Yahoo! Homes and comments regularly on real estate law and policy in the national media. Oppenheim Law reports the highest rating (A-V) conferred by Martindale Hubbell Law Directory, the most respected directory of lawyers and law firms in the U.S.







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