Tag Archives: Brookstone

Brookstone Law, PC, Bank Lending Practice Investigations Focus on Recent Bank of America Revelations

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Newport Beach, CA (PRWEB) December 13, 2010

Brookstone Law, PC, is expanding its civil litigation department and is involved in investigations of the cases throughout the nation where actions against consumers have exposed banks unlawful lending practices.

Among those investigations is support for the current high-profile foreclosure case in New Jersey in which a Bank of America spokesperson revealed the Banks unlawful administration of loan documents with subsidiary Countrywide Home Loans. The revelation potentially brings into question the ownership of millions of properties that could lead to Bank of America being liable for billions of dollars in inherited bad loans.

In testimony before the House Financial Services Committees hearings November 17 on Problems in Mortgage Servicing from Modification to Foreclosure, Georgetown University Law Center Professor Adam Levitin described the potentially devastating implications of the case by saying, If those legal issues are resolved differently, then there would be a failure of the transfer of mortgages into securitization trusts, which would cloud title to nearly every property in the United States and would create contract recession/putback liabilities in the trillions of dollars, greatly exceeding the capital of the USs major financial institutions.

The bungled defense by Bank of America in this case is another example of a trend of rulings against Banks based on a consistent lack of legal documentation in mortgage foreclosures, said Vito Torchia, Jr., managing attorney of Brookstone Law. This was a case where the witness told the truth and we all got a look behind the curtain. Unlawful documentation practices are only one of the many obstacles against consumers and it is important that these practices are coming to light. The fact that the revelation was by the Banks spokesperson gives it significant credibility, regardless of the Banks subsequent statements.

The case is In the Matter of John T. Kemp, Kemp v. Countrywide Home Loans Inc., 08-02448, U.S. bankruptcy Court for the District of New Jersey (Camden).

About Brookstone Law, PC

Based in Los Angeles, with offices in Newport Beach, CA, and Ft. Lauderdale, FL, Brookstone Law, PC, is a law firm comprised of attorneys with experience and success in business, corporate and personal finance, employment, entertainment & media, art & museum, intellectual property and real estate law. The firm has a network of more than 40 affiliate attorneys nationwide and employs highly trained specialists, paralegals, paraprofessionals and administrative staff dedicated to serving our clients. For information, call (800) 946-8655 or visit http://www.brookstone-law.com.

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Brookstone Law, PC: Obama Administrations Mortgage Deal Could Exclude Borrowers from Future Action Against Banks

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Newport Beach, CA (Vocus/PRWEB) March 02, 2011

Recent media reports that the Obama administration is trying to reach an agreement with banks over mortgage-servicing breakdowns highlights the need for homeowners facing foreclosure to have legal counsel prior to any settlement, according to Vito Torchia, Jr. managing attorney of Brookstone Law.

According to media reports, the Administration’s proposed settlement would require banks and loan servicers to bear the cost of write downs but gives banks the freedom to determine what those modifications will be. Those servicers would include mortgage-finance giants Fannie Mae and Freddie Mac, as well as investors in loans that were securitized by Wall Street firms. Settlement terms remain in development and regulators are looking at up to 14 servicers that could be a party to the settlement.

Brookstone Law, PC, has filed a mass joinder lawsuit against Bank of America, potentially the most significant and precedent setting legal action taken against lenders as a result of the national foreclosure crisis. The lawsuit alleges Bank of America (BOA) and its subsidiary Countrywide Financial Corporation (Countrywide) perpetrated a massive fraud, also constituting unfair competition upon borrowers that devastated the values of their residences, resulting in the loss of net worth, and that BOA and Countrywide intended to deprive numerous rights and remedies for the problems they caused the borrowers. The case is Wright et al. v. Bank of America, N.A. et al., case no.30-2011-00449059-CU-MT-CXC filed in Orange County Superior Court.

Now that the U.S. Government is discussing settlements that will defuse lawsuits against the banks that specifically challenge aspects of mortgage securitization, the broken chain of title or MERS, principal reduction is the most important aspect of any settlement, said Vito Torchia, Jr. Until banks and servicers fully embrace principal reductions, the thousands of homeowners who are underwater will continue to struggle and that will keep the housing market and our economy down for years.

According to media reports in the Wall Street Journal, Federal agencies have been scrutinizing the nation’s largest banks over breakdowns in foreclosure procedures that erupted last fall and last week, the Office of the Comptroller of the Currency raised concerns over inadequate staffing and weak controls over foreclosure processes. In 2008, BOA settled claims worth more than $ 8.6 billion for loans allegedly involving predatory lending practices committed by Countrywide, which it acquired that year.

Any settlement could be among the largest ever against the mortgage industry especially since some are pushing for banks to pay billions or fund a comparable amount of loan workouts, said Vito Torchia, Jr. If a single settlement cannot be reached, it is likely different federal agencies will still seek smaller penalties through regular enforcement channels, so banks could face the prospect of lawsuits from state attorneys general, which means homeowners need for expert legal counsel will be just as great after any settlement as it is now.

ABOUT BROOKSTONE LAW, PC

Headquartered in Newport Beach, Calif., and with offices in Los Angeles, Calif., and Ft. Lauderdale, Fla., Brookstone Law, PC is a law firm comprised of attorneys with experience and success in business, corporate and personal finance, employment, entertainment and media, art and museum, intellectual property and real estate law. The firm has a network of more than 40 affiliate attorneys nationwide and employs highly trained specialists, paralegals, paraprofessionals and administrative staff dedicated to serving clients. For information, call (800) 946-8655 or visit Brookstone-Law.com (http://www.brookstone-law.com).

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Brookstone Legislation, PCs Crisis Extension Section Discovers Concealed House Sale Day, Earns Distinctive Federal TRO for Neighborhood Seniors

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Newport Seashore, CA (Vocus/PRWEB) March 31, 2011

Many thanks to Brookstone Legislation, PCs Emergency Extension Department (EED), a new useful resource to support home owners experiencing foreclosure preserve their residences, two regional seniors have kept their home despite their Banks makes an attempt to disguise the sale day from them, it was declared today by Vito Torchia, Jr., managing legal professional of Brookstone Regulation, Laptop.

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According to court paperwork, Bob and Angela Sacchi, a married couple in their 80s living on a fastened pension earnings and savings in West Hollywood, CA, were experiencing foreclosures, the sale of their home and eventual eviction based on a predatory house mortgage they received in 2004 and the banking companies refusal to enable them to modify their mortgage in spite of quite a few tries to fix their problems more than the previous a number of years. The case is Sacchi, vs. MERS et al., Situation No. CV 11-01658 pending in the United States District Courtroom – Central District of California.

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Following to begin with halting the sale of their residence the working day ahead of it was scheduled to be bought, Brookstone Law ongoing to symbolize the pair. Unbeknownst to either the Sacchis or Brookstone Legislation, a new sale day was scheduled by the Bank. Only through Brookstone Laws focus to depth and regular comply with up did the EED group find out the Lender experienced scheduled a new sale day.

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When our EED team aids obtain a postponement, we often seem for the chance to pursue additional steps to lengthen postponements or attain cancellations, said Aalok Sikand, one of the lead attorneys on the EED group. We discovered by means of our tough operate and analysis that the Bank had established a new sale day and have been not surprised to find out they experienced not communicated that to the Sacchis.

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Brookstone immediately geared up and filed an ex parte movement for a temporary restraining order and for an order environment a listening to day for a preliminary injunction towards certain of the foreclosing defendants. According to courtroom files, the motion was based on alleged violations of California foreclosures statutes and on a securitization audit and accompanying affidavit calling into concern the authority of the foreclosing party to in fact foreclose. The Court issued the temporary restraining purchase, restraining all defendants from foreclosing on the Sacchis residence pending a listening to on the preliminary injunction. The Court docket will set a briefing plan.

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Many thanks to Brookstone Laws EED we have a feeling of security about our future, said Mr. Sacchi, a member of the Screen Actors Guild and American Federation of Radio and Television Artists who starred in the movie “The Male Who Stole Bogart’s Experience” and has appeared in quite a few well-liked tv collection including “Kojak” and “Fantasy Island.” Brookstone Legislation mentioned they would battle for us in court docket and they did just that.

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Like several property owners, the pair had heard tales about how home owners dealing with foreclosure are treated by banks and how a lot of banking institutions do not permit brief product sales to handle foreclosures. Media reports have highlighted banks mishandling of mortgage foreclosures and mistreating customers, procedures which have led to legal action during the place like fits filed by far more than forty condition lawyers standard in opposition to banks and loan providers. Media protection has shown banks throwing peoples belongings into the road in wrongful evictions, overcharging countless numbers of customers of the army on their mortgages and bank executives admitting to blatant misadministration of mortgage files in wrongful foreclosures trials.

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Dealing with quick foreclosures, without possibility for a mortgage modification, residing on a mounted low revenue and with nowhere to go if their property was marketed, there seemed to be no way for the few to cease their first foreclosures until they contacted the EED experts at Brookstone Legislation. EEDs group of legal authorities and specialists acted decisively and fought for the few in court by filing a lawsuit that resulted in a postponement of the initial sale day.

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This is one more example of how we will not end operating until we accomplish the final results our clientele need to have, mentioned Nisha S., a seasoned EED professional. With no focused attorneys and professionals operating on their behalf, the Sacchis would not have known about the difficult predicament the financial institution put them in ahead of it was way too late for them to act to conserve their residence.

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At a time when thousands and thousands of Americans are dropping their homes as element of the foreclosures disaster, property owners encounter a overwhelming challenge when working with banking companies. To deal with people challenges, many home owners have turned to the EED help them keep their residences. Developed by Brookstone Law to aid customers deal right with an institutional forms that is biased against them, the EED is a unique provider not presented by any other organization that provides home owners experiencing foreclosures a fighting opportunity to hold their homes. Brookstone Regulations EED attorneys and professionals are skilled in functioning straight with banks and thoroughly skilled to support home owners accomplish postponements.

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Brookstone Legal guidelines lawful group researches all obtainable options to help homeowners extend their sale day although they are in the procedure of litigation, bankruptcy or brief sale. Expenses are contingent on achievement of the provider, which signifies consumers spend only if the sale can be postponed or stopped. House owners experiencing foreclosures like the Sacchis are making use of the EED to help keep their residences. The method typically normally takes several hours for every shopper and a lot of situations require as significantly as a complete day to get final results since a majority of EED exercise is invested by the Firms legal professionals and authorities in foreclosure regulation and litigation working immediately and negotiating with banks and creditors.

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“We will not hesitate to go to courtroom if necessary to get the final results we want, which is where our group of authorized authorities and attorneys is of biggest worth to house owners looking for reduction, explained Vito Torchia, Jr. Our EED authorized crew and specialists are to be commended once once again for undertaking such fantastic work on behalf of a deserving couple.

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About Brookstone Regulation, Pc &#13

Headquartered in Newport Seaside, Calif., and with offices in Los Angeles, Calif., and Ft. Lauderdale, Fla., Brookstone Regulation, Personal computer is a legislation organization comprised of lawyers with knowledge and good results in enterprise, corporate and private finance, work, leisure and media, art and museum, intellectual house and true estate regulation. The agency has a community of a lot more than 40 affiliate attorneys nationwide and employs hugely educated experts, paralegals, paraprofessionals and administrative workers dedicated to serving customers. For data, call (800) 946-8655 or go to Brookstone-Regulation.com (http://www.brookstone-regulation.com).

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