- Couldn’t sue the bees for stinging, but could get a $1.6 million judgment against the emergency room doc [NJLRA]
- Eurodoom: “EU to ban selling eggs by dozen” [Telegraph]
- “Oklahoma’s Unnecessary Law to Ban Citation of Sharia and International Law” [Ku/Opinio Juris, earlier]
- Shortage of generic anesthetics, and what’s behind it [Throckmorton, Great Zs, earlier]
- Hardball litigation tactics contribute to bad odor of consumer debt buyers [Felix Salmon]
- Interview with blogger Carlos Miller (Photography is Not a Crime) [Simon Owens, Bloggasm]
- Conyers “oil spill” bill would slyly expand litigation chances elsewhere [Drug and Device Law]
- Prosecutors deploy hate crimes law against… mortgage fraud? [NYT via PoL] 241 inmates serving life sentences claimed the federal homebuyer tax credit [CNBC]
Posts Tagged ‘mortgages’
A foreclosure lawyer’s business plan
David Streitfeld’s article yesterday in the New York Times on strategic foreclosure by homeowners includes this vignette of lawyers’ role (via Salmon):
In Florida, the average property spends 518 days in foreclosure, second only to New York’s 561 days. Defense attorneys stress they can keep this number high. …
[Local lawyer Mark P. Stopa] sends out letters — 1,700 in a recent week — to Floridians who have had a foreclosure suit filed against them by a lender.
Even if you have “no defenses,” the form letter says, “you may be able to keep living in your home for weeks, months or even years without paying your mortgage.”
About 10 new clients a week sign up, according to Mr. Stopa, who says he now has 350 clients in foreclosure, each of whom pays $1,500 a year for a maximum of six hours of attorney time. “I just do as much as needs to be done to force the bank to prove its case,” Mr. Stopa said.
Baltimore vs. Wells Fargo, cont’d
The city is trying to keep alive its litigation blaming urban decay on mortgage lenders. The Baltimore Sun quotes the tart response of Andrew L. Sandler, an attorney representing the bank, who notes that plaintiff’s attorney John Relman has filed a similar action in Memphis:
“One year, they file a suit saying that the lender didn’t make enough loans in minority communities: redlining. The next year, they file a suit saying that they made too many loans in minority communities: reverse red-lining,” Sandler said. “This is just a commercial enterprise for these lawyers. … The same lawyers have been shopping the same complaint to various municipalities for two years.”
(cross-posted from Point of Law).
Our socially concerned business leaders
Amid wall-to-wall reporting on the SEC’s action against Goldman Sachs over an aromatic mortgage-securities deal, this bit of NYT coverage of one of the central figures in the investigation, hedge funder John Paulson, should not pass without notice:
Amid criticism of investment strategies that profited from mortgage defaults, home foreclosures and other miseries, Mr. Paulson has also given $15 million to the Center for Responsible Lending for a center devoted to providing foreclosure assistance to troubled borrowers.
At the time of the donation, Mr. Paulson said of the center and its work, “We are pleased to help them provide legal services to distressed homeowners, many of whom have been victimized by predatory lenders.”
More on Paulson and the CRL in a March paper by Sean Higgins for the Capital Research Center. Background: Eric Gerding, The Conglomerate.
P.S. Pattern here? Ira Stoll at Future of Capitalism notes later news developments involving the contributor of a Financial Times op-ed piece that ran under the headline, “Obama Must Act to Curb Executive Greed.”
P.P.S.: And more: At Pajamas Media, Stoll takes a closer look at Paulson’s public policy involvements. And yet more. To summarize the modus operandi: Place huge bets that mortgage portfolios will suffer losses in value. Then plow millions into advocacy efforts whose effect is to worsen those losses. Maybe this is business as usual in some sense, but it’s curious to imagine lauding Paulson for his public-spiritedness.
February 24 roundup
- Adventures of a 28-year-old California foreclosure attorney [McSweeneys]
- National Enquirer ruled eligible for Pulitzer Prize consideration for John Edwards coverage [ABC, Guardian]
- Las Vegas attorney agrees to plead to unspecified charges in tort-mill scheme initially described by prosecutors as massive [ABA Journal, earlier here and here]
- Expect demands for greater regulation of general aviation after Austin attack [Skating on Stilts]
- Dear firm colleagues: does Morocco has an extradition treaty with the U.S.? Need to know quickly [Lowering the Bar] Related on Scott Rothstein: do not purchase investment advice from persons with gold toilets;
- Is a Texas prosecutor seeking to criminalize workplace accidents? [Bennett, Defending People]
- Cold comfort dept.: lawprof tired of people carrying on about being dragged through litigation, it’s not as if they’re being held liable [Howard Wasserman, Prawfsblawg]
- Iceland’s free-press project “is largely symbolic – which is not to say unimportant” [N.Y. Times quoting David Ardia, earlier]
Hundreds of California lawyers investigated over alleged loan modification abuses
It would appear that a lot of bad practices went on, but San Diego discipline-defense attorney David Cameron Carr at his nicely named blog KafkaEsq cautions against rushing to judgment.
New at Point of Law
Things you’re missing if you’re not reading my other site:
- Federal judge tosses city of Baltimore’s case blaming its neighborhood blight on subprime lenders, but Memphis files a similar suit;
- “The catchall fraud law that catches too much”: Roger Parloff of Fortune on “honest services”;
- Moonlighting: New York state senate majority leader John Sampson joins large plaintiff’s firm in “of counsel” position, an arrangement long held by his counterpart at the New York capitol, Assembly Speaker Sheldon Silver;
- “Trial lawyers association outlines its 2010 legislative agenda,” Montana Gov. Schweitzer to address AAJ Maui convention, “Financial Crisis Inquiry Commission, the legal angle” [all from Carter Wood]
- Biggest obstacle to juvenile corrections reform? Prison guards’ unions;
- “Investor Who Backed Unsuccessful Lawsuit is Liable for Defendants’ Legal Fees“;
- A Twombly/Iqbal debate — and the harms of liberal pleading;
- U.S. Chamber’s “Top Five Ridiculous Lawsuits of 2009″ (and many other tops-of-2009 lists).
January 3 roundup
- “A Patient Dies, and Then the Anguish of Litigation” [Joan Savitsky, NYT, more]
- “Kern County’s Monstrous D.A.” [Radley Balko]
- “Former N.Y. Judge Sentenced to 27 Months in Jail for Attempted Bribery” [NYLJ]
- “ADA Online: Is a Website a ‘Place of Public Accommodation’?” [Eric Robinson, Citizen Media Law, background here and here]
- “The New Climate Litigation: How about if we sue you for breathing?” [WSJ editorial]
- Saratoga school district agrees to overregulate, rather than ban, students’ bikes [Free-Range Kids, earlier]
- “Head of BigLaw pro bono department fails to pay income taxes for 10 years? How’s that happen?” [WSJ Law Blog]
- Municipal subprime suits: “The Most ‘Evil’ Lenders Are Also, Conveniently, The Richest” [Kevin Funnell; more at Point of Law]
October 28 roundup
- Alleged wife murderer “sues J.P. Morgan for cutting off his home equity line of credit.” Reason cited: “imprisonment”. [Joe Weisenthal, Business Insider via Fountain]
- Charles Krauthammer on the need to “reform our insane malpractice system. … I used to be a doctor, I know how much is wasted on defensive medicine.” [Der Spiegel interview]
- Popehat looks back on turning two, in customarily entertaining fashion [unsigned collective post]
- Sigh: “Chamber of Commerce Sues ‘Yes Men’ for Fake News Conference” [ABA Journal]
- Coverage mandates explain a lot about why health insurance is so much costlier in some states than others [Coyote] More: Tyler Cowen (autism treatment)
- Watch out for those default judgments: PepsiCo hit with $1.26 billion award in Wisconsin state court, says word of suit never got to responsible officials within the company [National Law Journal]
- Ohio appeals court: characterizing incident as “Baby Mama Drama” is not prosecutorial misconduct [The Briefcase]
- Ideological tests for educators? On efforts to screen out would-be teachers not seen as committed enough to “social justice” [K.C. Johnson, Minding the Campus]
October 14 roundup
- Uh-huh: new report from federal Legal Services program calls for gigantic new allocation of tax money to, well, legal services programs [ABA Journal]
- “Judge: Man’s a ‘vexatious litigator'” [Cincinnati.com]
- Wisconsin governor signs bill requiring prescription to buy mercury thermometer [Popehat]
- “Injured by art?” Woman sues Museum of Fine Arts Houston after fall in artist-designed light tunnel [Mary Flood, Houston Chronicle “Legal Trade”]
- On Carol Browner and the cry of “environmental racism” (a/k/a “green redlining”) [Coyote]
- New York: “Lawyers implicated in $9 million mortgage fraud” [Business Insider]
- In Canada, as in the U.S., medical privacy rules hamper police investigations [Calgary Herald]
- Stalin’s grandson loses lawsuit in Russia against newspaper that supposedly defamed the dictator [WSJ Law Blog, Lowering the Bar, Volokh]