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The Lifeline Program

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ATLANTA (PRWEB) October 14, 2008

The industry’s overall growth is also garnering attention, according to Wm. Scott Page, president and CEO of The Lifeline Program. Last week, the size of the industry was reported to have doubled in 2007 to $ 12 billion in face value of life insurance policies sold.

“As financial conventions fall by the wayside, the life settlement industry looks more attractive than ever,” said Wm. Scott Page, president and CEO of The Lifeline Program. “We believe that major financial institutions will soon begin taking a harder look at this industry, and we believe our company is well-positioned. To that end, we are seeking serious financing relationships to help capitalize on the business potential.”

According to Page, life settlements are gaining momentum for the following reasons:

Non-correlated assets can generate an attractive yield. The markets have little effect on life settlement yields. One of the key aspects of a life settlement is that the investor earns a payout on the demise of the policyholder. The strength or weakness of the stock market does not impact the life settlement arena. Life settlement assets are backed by highly rated financial institutions. Life settlements are performed on policies held by carriers with A.M. Best ratings of “A” or better, so the payouts are regulated and solid. Trading platforms exist. Several “household name” institutions have developed or are developing platforms to trade life settlement policies and portfolios. Securitization is on the horizon. Though it may not be this year, securitization is definitely in the future for life settlements. Portfolio analysis comprising the past several years proves that life settlement portfolios will perform predictably and generate consistent cash flow. Third party tracking, servicing and underwriting simplify the investment. In a sign of a maturing industry, life settlements are not necessarily managed by one-stop shops anymore. The size and scope has made it profitable for third party companies to manage tracking, servicing and some underwriting, thus easing entry by financial players. “For years we have said that life settlements are a safe haven during times of market uncertainty,” said Page. “The potential for our industry has never been greater.”

The Lifeline Program, based in Atlanta, Ga., is a division of Wm. Page & Associates, Inc. Founded in 1989, the company actively partners with insurance agencies and broker dealers to establish profitable and ongoing life settlement business lines. For more information on life settlements, contact Wm. Page of The Lifeline Program at 770-724-7300 or visit http://www.thelifeline.com.







Seven Shareholders from Kozyak Tropin & Throckmorton are Recognized in Best Lawyers in America 2009

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Miami, FL (PRWEB) October 20, 2008

Kozyak Tropin & Throckmorton, P.A. announces that the 2009 edition of The Best Lawyers in America has selected 7 of its members for inclusion in its annual legal guide. Harley Tropin and John Kozyak received the highest honor of the publication by being identified as Bet-the-Company Litigators.

Corali Lopez-Castro, John Kozyak, David L. Rosendorf, and Charles Throckmorton are listed in the Bankruptcy and Creditor-Debtor Rights Law category. Kenneth Hartmann and Gail McQuilkin were selected in the Intellectual Property Law category. Harley Tropin was selected in the Commercial Litigation category. John Kozyak and Cori Lopez-Castro are also recognized as top Commercial Litigators.

Best Lawyers is based on an exhaustive and rigorous peer-review survey comprising more than 2.5 million confidential evaluations by the top attorneys in the country. The American Lawyer describes the Best Lawyers listing as “the most respected list of attorneys in practice.”

Kozyak Tropin & Throckmorton is an AV Rated law firm located in Miami, Florida. The 22 lawyer firm handles complex commercial litigation and corporate bankruptcies. It represents clients in health care, contract, tort, securities fraud, professional malpractice, intellectual property, unfair competition, employment disputes, antitrust matters, and class action litigation and defense. In bankruptcy matters, it represents corporate debtors, individual debtors, bankruptcy committees, indentured trustees, special servicers of securitized loans, secured creditors, unsecured creditors, bankruptcy trustees, bankruptcy receivers, assignees for benefit of creditors, landlords, tenants, shareholder, and asset purchasers.

For more information about Kozyak Tropin & Throckmorton please visit the website http://www.kttlaw.com/ or call (305)372-1800.

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New Reporting Tool from Realogic Analytics Streamlines Analysis, Lending and Securitization of Commercial Real Estate

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Chicago, IL (PRWEB) October 23, 2008

Recently released Realogic Tools from real estate consultant and software developer Realogic Analytics gives commercial real estate owners, buyers, and lenders an additional instrument for analyzing and managing assets.

Realogic Tools merges the wealth of Argus data with the power and ease of Excel, seamlessly extracting Argus data into an Excel-based reporting and calculation engine. This allows for comprehensive analysis, valuation, lending and securitization of commercial real estate.

By combining the functions of both Argus and Excel, Realogic Tools makes critical information available immediately to buyers, lenders, asset managers, and acquisition teams so properties can be quickly analyzed and valuated.

Some key features include:

Auto Finance Market Profits from Pricing and Profitability Management Suite from Nomis Solutions

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San Bruno, CA (PRWEB) December 2, 2008

Nomis Solutions, a leader in best-in-class Pricing and Profitability Management for financial services companies, today announced the immediate availability of its suite of solutions and services specifically tailored for auto finance companies. The Nomis Pricing and Profitability Management SuiteTM for Auto Finance capitalizes on Nomis Solutions’ domain expertise within auto finance and includes pricing, offer and portfolio optimization capabilities. Through a combination of advanced analytics, innovative technology, and tailored business practices and processes, the Suite for Auto Finance improves financial and operational performance.

A number of the world’s leading auto finance and bank executives were granted an exclusive preview of the Nomis Solutions Pricing and Profitability Management Suite at the Global Pricing Optimization Forum in New York. John William Snow, chairman of Cerberus Capital Management and former Secretary of the Treasury, delivered the keynote address and said, “Mis-pricing leads to misallocation of resources and waste in the system. In the current situation, mis-pricing has lead to cataclysmic results. But, businesses that are going to make it and break through to the other side are going to have to use analytics to really understand their customers in a way that’s beyond what they are doing today. We are doing it at Cerberus because we know it’s critical to success.”

Burdened by a combination of decreasing auto sales, declining margins, increasing losses, and a scarcity and higher cost of capital, auto finance executives need to be proactive and look for new approaches to pricing and profitability management. With the ability to quantify consumer response to pricing, executives can align pricing goals and a pricing strategy with business objectives and financial performance targets. This approach also supports an intelligent debate on the inevitable tradeoffs such as profit, volume and risk goals, tier/term mix, credit score distribution, and loan-to-value (LTV). Once performance goals are set, prices can be optimized to achieve profit, volume and credit mix targets from the portfolio level down to the micro-segment level.

Auto loans are the second largest subsector of asset-backed securities (ABS). Auto finance companies that are reliant on the ABS market are finding capital scarce and investors are demanding to know more about the underlying assets. This combination has resulted in an extremely selective secondary market that is requiring loan portfolios that are “originated-to-order” – meaning investors want transparent loan portfolios that offer only certain types of financing products to certain types of borrowers. However, most executives don’t have visibility into the makeup of the portfolio they would build based on the prices they are planning to put into the market. With Nomis Solutions Pricing and Profitability Management Suite, auto finance executives are able to forecast what they can expect to acquire as a result of a pricing action before putting prices into the market. The ability to predict the impact of price on consumer response enables them to optimize their credit and term mix within the context of their risk and ABS conduit tolerances.

The Pricing and Profitability Management Suite for Auto Finance includes:


Nomis Offer Optimizer: The Nomis Offer Optimizer is built for credit analysts that engage in deal-by-deal negotiations and want to customize offers to meet the needs of the auto finance company, the Finance & Insurance Manager, and end-consumer. This solution centralizes all the key data inputs required to make an informed decision, such as the characteristics of the borrower, vehicle and dealer, dealer history and the proposed deal terms. It also provides simulation and optimization capabilities for deal structuring and pricing so that credit analysts understand the impact of various options on key performance indicators (KPIs) such as profits and deal conversion before responding to the dealer.
Nomis Navigator: Designed specifically for senior management responsible for one product, a line of business with multiple products, or multiple lines of business, the Nomis Navigator is an executive dashboard that provides enhanced visibility into critical banking metrics for auto finance companies. This includes capturing actual and forecasted performance over time and highlighting areas of exposure in new originations by providing cautionary guidance and profit opportunities in the existing portfolio. It can be configured to meet the needs of a bank executive that is interested in better tracking KPIs such as volume, profit, credit mix, by product, geography and customer segment. In addition, alerts can be set up to quickly identify, diagnose and respond to emerging problems.
Nomis Price Optimizer: Created for executives responsible for pricing loan and deposit products who want to capitalize on strategic pricing to drive financial performance from the portfolio down to the micro-segment level. The award-winning Nomis Price Optimizer is the backbone of the Pricing and Profitability Suite and delivers a clear understanding of consumer response and how price impacts performance. By leveraging this information, pricing teams can quickly pinpoint which segments are incorrectly priced and better tailor pricing decisions to meet performance targets. Nomis Price Optimizer also helps build a more attractive portfolio mix to meet the “originations to order” requirements of the securitizations market.

“Nomis Solutions’ continued focus on the Auto Finance market in the U.S. and Canada is changing the way in which traditional and non-traditional lending institutions compete and service their customers,” said Frank Rohde, chief marketing officer at Nomis Solutions. “Auto Finance has always been astute at creating pricing models that account for the depreciation of the asset, incorporating customer response data and market and attitudinal changes. Nomis Solutions’ Pricing and Profitability Management for Auto Finance provides an integrated platform allowing executives to make decisions to better manage and optimize lending practices for profit improvements.”

Today’s announcement of Pricing and Profitability Management Suite for Auto Finance is complemented by the release of the Pricing and Profitability Management Suite for Retail Banks. Both solutions were unveiled to more than 75 bank and finance executives at the Pricing and Profitability Executive Forum in New York, and at the Pricing & Profitability Executive Summit in Europe that was co-hosted by TowerGroup and Nomis Solutions.

About Nomis Solutions

Nomis Solutions enables best-in-class Pricing and Profitability Management for financial services companies. Through a combination of advanced analytics, innovative technology, and tailored business processes, the Pricing and Profitability ManagementTM Suite delivers quick time-to-benefit, and improves financial and operational performance throughout the customer acquisition and portfolio management processes.

The Pricing and Profitability ManagementTM Suite of business solutions includes the award-winning Nomis Price OptimizerTM, the Nomis Offer OptimizerTM, the Customer Portfolio OptimizerTM, and the Nomis NavigatorTM. These solutions are designed to meet the specific requirements of auto finance, home equity lending, personal lending, mortgage, and deposits executives. Select customers include Abbey, AmeriCredit, Bank of Montreal, Chrysler Financial, HBOS plc, and Royal Bank of Canada. Headquartered in San Bruno, CA, Nomis Solutions also has offices in London, United Kingdom. Visit http://www.nomissolutions.com or contact us at 650-588-9800.

Nomis Solutions, the Nomis Price Optimizer, Nomis Offer Optimizer, the Customer Portfolio Optimizer and the Nomis Pricing and Profitability Management Suite are trademarks or registered tr

Related Securitization Press Releases

The Mortgage Industry Secret that Prevents You from Getting a Loan

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Reno, NV (PRWEB) September 15, 2010

If your credit is good and youve tried to get a home loan, you may have found yourself in the perplexing position of being told you arent qualifiedeven if you are. Whats going on here? The answer is a secret problem in the mortgage-lending business called Repurchase Demands (loan buy-backs)and they are slowly strangling the industry. Thus, fewer loan products are available for the qualified borrower, says Scot Baker, a mortgage repurchase defense expert.

The problem started with the popping housing bubble in 2007. As the financial system collapsed, so did mortgage loans that had been securitized. This caused a systematic failure at Freddie Mac, Fannie and Ginnie Mae (the sources for FHA and VA loans). Congress demanded that these institutions become solvent after two major bailouts.

Today, Fannie Mae, Freddie Mac, and the Mortgage Insurance Companies are pushing back on loans up to 5 years old to the aggregators (Wells Fargo, Citigroup, Chase, Bank of America, etc.), who in turn are forcing buy-backs on the originators (Main Street mortgage companies). In the first quarter of 2010, these agencies forced lenders to repurchase $ 3.1 billion in mortgages, up 64% from one year earlier. Additionally, Ginnie Mae pushed back $ 15.5 billion in loans in the first quarter 2010 versus $ 4.9 billion in the year ago quarter. To further complicate things, the FDIC is pushing back on loans they inherited from seized banks, most notably Indy Mac.

The effect of loan buybacks is far-reaching and one of the major obstacles to a housing recovery. Repurchase demands have led to fewer lenders, an increase in loan loss reserves, increased overhead to handle the buyback demands, fewer choices for the consumer, and a lack of loan product availability for everyone, especially the self-employed. The overall effect on lenders is to tighten guidelines, a move to more time-consuming underwriting of each file, and a reluctance to take reasonable risks.

The result: You cant get a loan, even if youre qualified.

Most of the trouble with bad loans in the past centered around stated income loans above 80% loan-to-value, loose underwriting guidelines and pricing models that enticed lenders to place borrowers in loans not in the borrowers best interest, Mr. Baker says. However, my company, Pyramid Quality Assurance, sees a large percentage of buy-back demands on loans the originating lender underwrote to the program rules and guidelines in place at the time. Facts arising after the loan originationsuch as job loss, new debt, misreading of the credit reports or closing documentsare being asserted as reasons for pushback. We help Main Street mortgage companies defend against repurchase demands.

An optimistic view is that the mortgage industry will deal with this issue for at least 2 more years. Realistically, it is likely that the high level of pushback will continue for 3 to 5 years, Baker said.

About Scot Baker

Scot D. Baker is Sr. V.P. of Business Development at Pyramid Quality Assurance, a full-service loan analytics firm specializing in Repurchase Defense and Quality Assurance. Mr. Baker has over 20 years of mortgage banking experience. He can be reached at 877.706.5791 X 214 or sbaker.pyramidqa.com.

About Pyramid Quality Assurance.

Pyramid Quality Assurance, LLC http://www.pyramidqa.com/index.html is a full service analytics firm with extensive experience in mortgage industry Quality Assurance programs and Loan Repurchase Defense. Our senior staff have successfully defended Repurchase Defense cases, saving our clients millions of dollars. The company utilizes a comprehensive analytical approach providing easily understood solutions tailored to our clients needs. PQAs process allows our clients to increase efficiencies, leading to increased profits, improved cash flow and lowered loan loss reserves. Pyramid Quality Assurance works with small to large banking and mortgage banking institutions, home builders and investors across the U.S.A.

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The Mortgage Industry Secret that Prevents You from Getting a Loan

Posted on by

Reno, NV (PRWEB) September 15, 2010

If your credit is good and youve tried to get a home loan, you may have found yourself in the perplexing position of being told you arent qualifiedeven if you are. Whats going on here? The answer is a secret problem in the mortgage-lending business called Repurchase Demands (loan buy-backs)and they are slowly strangling the industry. Thus, fewer loan products are available for the qualified borrower, says Scot Baker, a mortgage repurchase defense expert.

The problem started with the popping housing bubble in 2007. As the financial system collapsed, so did mortgage loans that had been securitized. This caused a systematic failure at Freddie Mac, Fannie and Ginnie Mae (the sources for FHA and VA loans). Congress demanded that these institutions become solvent after two major bailouts.

Today, Fannie Mae, Freddie Mac, and the Mortgage Insurance Companies are pushing back on loans up to 5 years old to the aggregators (Wells Fargo, Citigroup, Chase, Bank of America, etc.), who in turn are forcing buy-backs on the originators (Main Street mortgage companies). In the first quarter of 2010, these agencies forced lenders to repurchase $ 3.1 billion in mortgages, up 64% from one year earlier. Additionally, Ginnie Mae pushed back $ 15.5 billion in loans in the first quarter 2010 versus $ 4.9 billion in the year ago quarter. To further complicate things, the FDIC is pushing back on loans they inherited from seized banks, most notably Indy Mac.

The effect of loan buybacks is far-reaching and one of the major obstacles to a housing recovery. Repurchase demands have led to fewer lenders, an increase in loan loss reserves, increased overhead to handle the buyback demands, fewer choices for the consumer, and a lack of loan product availability for everyone, especially the self-employed. The overall effect on lenders is to tighten guidelines, a move to more time-consuming underwriting of each file, and a reluctance to take reasonable risks.

The result: You cant get a loan, even if youre qualified.

Most of the trouble with bad loans in the past centered around stated income loans above 80% loan-to-value, loose underwriting guidelines and pricing models that enticed lenders to place borrowers in loans not in the borrowers best interest, Mr. Baker says. However, my company, Pyramid Quality Assurance, sees a large percentage of buy-back demands on loans the originating lender underwrote to the program rules and guidelines in place at the time. Facts arising after the loan originationsuch as job loss, new debt, misreading of the credit reports or closing documentsare being asserted as reasons for pushback. We help Main Street mortgage companies defend against repurchase demands.

An optimistic view is that the mortgage industry will deal with this issue for at least 2 more years. Realistically, it is likely that the high level of pushback will continue for 3 to 5 years, Baker said.

About Scot Baker

Scot D. Baker is Sr. V.P. of Business Development at Pyramid Quality Assurance, a full-service loan analytics firm specializing in Repurchase Defense and Quality Assurance. Mr. Baker has over 20 years of mortgage banking experience. He can be reached at 877.706.5791 X 214 or sbaker.pyramidqa.com.

About Pyramid Quality Assurance.

Pyramid Quality Assurance, LLC http://www.pyramidqa.com/index.html is a full service analytics firm with extensive experience in mortgage industry Quality Assurance programs and Loan Repurchase Defense. Our senior staff have successfully defended Repurchase Defense cases, saving our clients millions of dollars. The company utilizes a comprehensive analytical approach providing easily understood solutions tailored to our clients needs. PQAs process allows our clients to increase efficiencies, leading to increased profits, improved cash flow and lowered loan loss reserves. Pyramid Quality Assurance works with small to large banking and mortgage banking institutions, home builders and investors across the U.S.A.

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Find More Securitization Press Releases

The Mortgage Industry Secret that Prevents You from Getting a Loan

Posted on by

Reno, NV (PRWEB) September 15, 2010

If your credit is good and youve tried to get a home loan, you may have found yourself in the perplexing position of being told you arent qualifiedeven if you are. Whats going on here? The answer is a secret problem in the mortgage-lending business called Repurchase Demands (loan buy-backs)and they are slowly strangling the industry. Thus, fewer loan products are available for the qualified borrower, says Scot Baker, a mortgage repurchase defense expert.

The problem started with the popping housing bubble in 2007. As the financial system collapsed, so did mortgage loans that had been securitized. This caused a systematic failure at Freddie Mac, Fannie and Ginnie Mae (the sources for FHA and VA loans). Congress demanded that these institutions become solvent after two major bailouts.

Today, Fannie Mae, Freddie Mac, and the Mortgage Insurance Companies are pushing back on loans up to 5 years old to the aggregators (Wells Fargo, Citigroup, Chase, Bank of America, etc.), who in turn are forcing buy-backs on the originators (Main Street mortgage companies). In the first quarter of 2010, these agencies forced lenders to repurchase $ 3.1 billion in mortgages, up 64% from one year earlier. Additionally, Ginnie Mae pushed back $ 15.5 billion in loans in the first quarter 2010 versus $ 4.9 billion in the year ago quarter. To further complicate things, the FDIC is pushing back on loans they inherited from seized banks, most notably Indy Mac.

The effect of loan buybacks is far-reaching and one of the major obstacles to a housing recovery. Repurchase demands have led to fewer lenders, an increase in loan loss reserves, increased overhead to handle the buyback demands, fewer choices for the consumer, and a lack of loan product availability for everyone, especially the self-employed. The overall effect on lenders is to tighten guidelines, a move to more time-consuming underwriting of each file, and a reluctance to take reasonable risks.

The result: You cant get a loan, even if youre qualified.

Most of the trouble with bad loans in the past centered around stated income loans above 80% loan-to-value, loose underwriting guidelines and pricing models that enticed lenders to place borrowers in loans not in the borrowers best interest, Mr. Baker says. However, my company, Pyramid Quality Assurance, sees a large percentage of buy-back demands on loans the originating lender underwrote to the program rules and guidelines in place at the time. Facts arising after the loan originationsuch as job loss, new debt, misreading of the credit reports or closing documentsare being asserted as reasons for pushback. We help Main Street mortgage companies defend against repurchase demands.

An optimistic view is that the mortgage industry will deal with this issue for at least 2 more years. Realistically, it is likely that the high level of pushback will continue for 3 to 5 years, Baker said.

About Scot Baker

Scot D. Baker is Sr. V.P. of Business Development at Pyramid Quality Assurance, a full-service loan analytics firm specializing in Repurchase Defense and Quality Assurance. Mr. Baker has over 20 years of mortgage banking experience. He can be reached at 877.706.5791 X 214 or sbaker.pyramidqa.com.

About Pyramid Quality Assurance.

Pyramid Quality Assurance, LLC http://www.pyramidqa.com/index.html is a full service analytics firm with extensive experience in mortgage industry Quality Assurance programs and Loan Repurchase Defense. Our senior staff have successfully defended Repurchase Defense cases, saving our clients millions of dollars. The company utilizes a comprehensive analytical approach providing easily understood solutions tailored to our clients needs. PQAs process allows our clients to increase efficiencies, leading to increased profits, improved cash flow and lowered loan loss reserves. Pyramid Quality Assurance works with small to large banking and mortgage banking institutions, home builders and investors across the U.S.A.

###







Find More Securitization Press Releases

The Mortgage Industry Secret that Prevents You from Getting a Loan

Posted on by

Reno, NV (PRWEB) September 15, 2010

If your credit is good and youve tried to get a home loan, you may have found yourself in the perplexing position of being told you arent qualifiedeven if you are. Whats going on here? The answer is a secret problem in the mortgage-lending business called Repurchase Demands (loan buy-backs)and they are slowly strangling the industry. Thus, fewer loan products are available for the qualified borrower, says Scot Baker, a mortgage repurchase defense expert.

The problem started with the popping housing bubble in 2007. As the financial system collapsed, so did mortgage loans that had been securitized. This caused a systematic failure at Freddie Mac, Fannie and Ginnie Mae (the sources for FHA and VA loans). Congress demanded that these institutions become solvent after two major bailouts.

Today, Fannie Mae, Freddie Mac, and the Mortgage Insurance Companies are pushing back on loans up to 5 years old to the aggregators (Wells Fargo, Citigroup, Chase, Bank of America, etc.), who in turn are forcing buy-backs on the originators (Main Street mortgage companies). In the first quarter of 2010, these agencies forced lenders to repurchase $ 3.1 billion in mortgages, up 64% from one year earlier. Additionally, Ginnie Mae pushed back $ 15.5 billion in loans in the first quarter 2010 versus $ 4.9 billion in the year ago quarter. To further complicate things, the FDIC is pushing back on loans they inherited from seized banks, most notably Indy Mac.

The effect of loan buybacks is far-reaching and one of the major obstacles to a housing recovery. Repurchase demands have led to fewer lenders, an increase in loan loss reserves, increased overhead to handle the buyback demands, fewer choices for the consumer, and a lack of loan product availability for everyone, especially the self-employed. The overall effect on lenders is to tighten guidelines, a move to more time-consuming underwriting of each file, and a reluctance to take reasonable risks.

The result: You cant get a loan, even if youre qualified.

Most of the trouble with bad loans in the past centered around stated income loans above 80% loan-to-value, loose underwriting guidelines and pricing models that enticed lenders to place borrowers in loans not in the borrowers best interest, Mr. Baker says. However, my company, Pyramid Quality Assurance, sees a large percentage of buy-back demands on loans the originating lender underwrote to the program rules and guidelines in place at the time. Facts arising after the loan originationsuch as job loss, new debt, misreading of the credit reports or closing documentsare being asserted as reasons for pushback. We help Main Street mortgage companies defend against repurchase demands.

An optimistic view is that the mortgage industry will deal with this issue for at least 2 more years. Realistically, it is likely that the high level of pushback will continue for 3 to 5 years, Baker said.

About Scot Baker

Scot D. Baker is Sr. V.P. of Business Development at Pyramid Quality Assurance, a full-service loan analytics firm specializing in Repurchase Defense and Quality Assurance. Mr. Baker has over 20 years of mortgage banking experience. He can be reached at 877.706.5791 X 214 or sbaker.pyramidqa.com.

About Pyramid Quality Assurance.

Pyramid Quality Assurance, LLC http://www.pyramidqa.com/index.html is a full service analytics firm with extensive experience in mortgage industry Quality Assurance programs and Loan Repurchase Defense. Our senior staff have successfully defended Repurchase Defense cases, saving our clients millions of dollars. The company utilizes a comprehensive analytical approach providing easily understood solutions tailored to our clients needs. PQAs process allows our clients to increase efficiencies, leading to increased profits, improved cash flow and lowered loan loss reserves. Pyramid Quality Assurance works with small to large banking and mortgage banking institutions, home builders and investors across the U.S.A.

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Find More Securitization Press Releases

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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Lifeloc Technologies Receives Contract for Phoenix 6.0 Bluetooth Breath Alcohol Testers from State of Missouri, Department of Corrections

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Denver, Colorado (PRWEB) August 23, 2011

Lifeloc Technologies, Inc., a Colorado based manufacturer of professional-use breathalyzers today announced that it has been awarded a contract by the State of Missouri Corrections Department for its Phoenix 6.0 Bluetooth Workplace breath alcohol testing systems. The contract is valued as high as $ 75,000. Lifeloc has had an ongoing business relationship with the state for over ten years.

The Missouri Corrections Department uses Lifeloc breathalyzers for both employee and inmate breath alcohol testing programs. The new Phoenix 6.0BT models will be used for employee testing statewide, enabling evidential documentation of alcohol breath testing.

The Phoenix 6.0BT is Lifelocs top of the line evidential breath alcohol testing system (EBT). Features include Lifelocs proprietary EasyMode software which guides alcohol testers step by step through the DOT testing protocol to ensure valid breath alcohol test results. Other advanced features include encrypted wireless printing of test results on tamper evident labels and full user password protection.

About Lifeloc Technologies

Lifeloc Technologies, Inc. is a trusted international provider of precise, reliable and easy to use portable breath alcohol testing instruments (breathalyzers). Lifeloc offers comprehensive online and classroom training, plus a complete line of supplies and drug screening products. Our alcohol testing devices have been manufactured continuously in Colorado since our founding in 1983. Lifeloc evidential and screening devices are approved by the U.S. DOT and other state and international regulatory agencies. More information about Lifeloc is available at http://www.lifeloc.com

The statements in this press release, relating to future plans, future events or products and services, are forward-looking statements which are subject to specific risks and uncertainties. These could involve particular market trends, competition factors and other risks described in documents submitted to the U.S. Securites and Exchange Commission. The actual results, events, products and services may vary significantly from the forecasts. The reader is warned not to rely on these forward-looking statements without reservation, since these are simply reflections of the current situation.

CONTACT:

John Rhoades