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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