CINCINNATI (TDB) -- CityBeat's Kevin Osborne has the story about the foreclosure sale in Cincinnati today that is scheduled to take the property of anti-tax leader Jason Gloyd. Citi Mortgage Inc. went after the property because the mortgage note was in default. Osborne said Gloyd's group, the Coalition Opposed to Additional Spending and Taxes, was overly myopic in outlook. COAST's failure is that it could not recognize that government has broad responsibilities in protecting and serving American citizens. COAST, for example, worried about gay pride events while Wall Streeters were picking people clean. In other words, COAST's philosophy to "reduce the instrusion of government into our daily lives," sometimes means people reap the whirlwind. That philosophy might not leave enough room for government to "promote the General Welfare," which is a phrase from the Constitution's preamble. The phrase does not mean welfare as giveaway programs. It has been interpreted to mean the welfare of the nation as a whole: That all people -- not just the rich, powerful, well-connected and influential -- should have some sense of economic security in their lives. City Beat's Osborne sees Gloyd as one of the millions of Americans sucked under by the anti-regulation fervor of COAST and the Bush Administration:
"The same general philosophy was shared by the Bush Administration which – for eight long years – refused to impose any new regulations on business, stating it would unfairly burden the markets and inhibit Wall Street’s pursuit of the almighty dollar. More importantly, it instructed federal agencies not to enforce many existing regulations and failed to provide sufficient oversight to prevent excesses, as was the mission of many of those agencies. The 'see no evil, hear no evil' approach led to the real estate bubble and the financial collapse that occurred in fall 2008. Put in starker terms: COAST fretted last year while Hamilton County commissioners spent 20 cents to issue a proclamation for Gay Pride Day, but said nothing while reckless bankers and amoral investors wrecked the economy and Bush borrowed billions of dollars from China, skyrocketing the deficit."
One can only hope that Jason Gloyd has a footing in the new economy, that his story comes with a happy ending. No one should gloat. They should look over their shoulders to see what is coming from behind. Jason Gloyd is just one of the millions of Americans -- from all political points of view -- who are caught up in the gears of the giant default machine. Many of them were caught by surprise, or relied on bad advice from the business mavens, or followed ideals without anchors in reality, or trusted institutions with interests that eventually would knock people off the tracks.
Showing posts with label Foreclosure Cases. Show all posts
Showing posts with label Foreclosure Cases. Show all posts
Thursday, February 11, 2010
Friday, November 16, 2007
Federal Judge In Dayton: Says Most Foreclosures Before Him Lack Proof, Threatens Lawyer
DAYTON (TDB) -- A federal judge in Dayton says 26 of the 27 mortgage foreclosure cases pending before him lack proof the claims are valid. U.S. District Judge Thomas M. Rose said the same lawyer filed the 26 incomplete cases and is warning of sanctions that include dismissal for lack of good faith. Rose said he has been assured records supporting the foreclosure filings exist, but said he will toss the cases out by mid-December if the records are not produced. He said he has had "extensive discussions and argument" over the records, and is concerned that banks and the lawyer may be trying to game the legal system.
The cases in Dayton federal court involve Citibank, 1; HSBC Mortgage Services Inc, 1; Household Realty Corp., 4; Indymac Bank FSB, 1; Deutsche Bank Trust Co. Americas, 4; Wells Fargo Bank NA, 6; LaSalle Bank Nat'l Assn, 2, and Saxon Mortgage Service Inc., 1. There are apparently 6 other cases that The Daily Bellwether was unable to trace in court records.
The judge said the records he wants to see include a written payment history, an affidavit verifying that the amount in controversy exceeds $75,000, a legible copy of the promissory note and any loan modifications, a recorded copy of the mortgage, any applicable assignments of the mortgage, an affidavit documenting that the named plaintiff is the owner and holder of the note and mortgage, and a corporate disclosure statement.
"While each of the complaints for foreclosure pleads standing and jurisdiction, evidence submitted either with the complaint or later in the case indicates that standing and/or subject matter jurisdiction may not have existed at the time certain of the foreclosure complaints were filed. Further, only one of these foreclosure complaints thus far was filed in compliance with the Court's General Order 07-03 captioned "Procedures for Foreclosure Actions Based on Diversity Jurisdiction."
His order noted,
"While the plaintiff in each of the above-captioned cases have pled that they have standing and that this Court has subject matter jurisdiction, they have submitted evidence that indicates they may not have had standing at the time the foreclosure complaint was filed and that subject matter jurisdiction may not have existed when the foreclosure complaint was filed. Further, this Court has the responsibility to assure itself that the foreclosure plaintiffs have standing and the subject-matter jurisdiction requirements are met at the time the complaint is filed. Even without the concerns raised by the documents the plaintiffs have filed, there is reason to question the standing and the jurisdictional amount."
Rose said he has been waiting for the records to appear at the Dayton U.S. Courthouse. He said he agreed with U.S. District Judge Christopher A. Boyko of Cleveland, who late last month dismissed several foreclosures that lacked proof. Rose said Boyko correctly noted at the time that the integrity of the federal court system was on trial, and there could not be any shortcuts taken in foreclosure actions.
Said Rose:
"This Court is well aware that entities who hold valid notes are entitled to received 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 to the enforcement of standing and other jurisdictional requirements pertaining to foreclosure actions, this Court is in full agreement with Judge Christopher A. Boyko of the United States District Court for the Northern District of Ohio who recently stressed that the judicial integrity of the United States District Court is "Priceless."
[Rose put the word priceless in bold print in his written decision.]
The cases in Dayton federal court involve Citibank, 1; HSBC Mortgage Services Inc, 1; Household Realty Corp., 4; Indymac Bank FSB, 1; Deutsche Bank Trust Co. Americas, 4; Wells Fargo Bank NA, 6; LaSalle Bank Nat'l Assn, 2, and Saxon Mortgage Service Inc., 1. There are apparently 6 other cases that The Daily Bellwether was unable to trace in court records.
The judge said the records he wants to see include a written payment history, an affidavit verifying that the amount in controversy exceeds $75,000, a legible copy of the promissory note and any loan modifications, a recorded copy of the mortgage, any applicable assignments of the mortgage, an affidavit documenting that the named plaintiff is the owner and holder of the note and mortgage, and a corporate disclosure statement.
"While each of the complaints for foreclosure pleads standing and jurisdiction, evidence submitted either with the complaint or later in the case indicates that standing and/or subject matter jurisdiction may not have existed at the time certain of the foreclosure complaints were filed. Further, only one of these foreclosure complaints thus far was filed in compliance with the Court's General Order 07-03 captioned "Procedures for Foreclosure Actions Based on Diversity Jurisdiction."
His order noted,
"While the plaintiff in each of the above-captioned cases have pled that they have standing and that this Court has subject matter jurisdiction, they have submitted evidence that indicates they may not have had standing at the time the foreclosure complaint was filed and that subject matter jurisdiction may not have existed when the foreclosure complaint was filed. Further, this Court has the responsibility to assure itself that the foreclosure plaintiffs have standing and the subject-matter jurisdiction requirements are met at the time the complaint is filed. Even without the concerns raised by the documents the plaintiffs have filed, there is reason to question the standing and the jurisdictional amount."
Rose said he has been waiting for the records to appear at the Dayton U.S. Courthouse. He said he agreed with U.S. District Judge Christopher A. Boyko of Cleveland, who late last month dismissed several foreclosures that lacked proof. Rose said Boyko correctly noted at the time that the integrity of the federal court system was on trial, and there could not be any shortcuts taken in foreclosure actions.
Said Rose:
"This Court is well aware that entities who hold valid notes are entitled to received 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 to the enforcement of standing and other jurisdictional requirements pertaining to foreclosure actions, this Court is in full agreement with Judge Christopher A. Boyko of the United States District Court for the Northern District of Ohio who recently stressed that the judicial integrity of the United States District Court is "Priceless."
[Rose put the word priceless in bold print in his written decision.]
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