The reviews found critical weaknesses in servicers’
foreclosure governance processes, foreclosure document preparation processes, and oversight and monitoring of third-party vendors, including foreclosure attorneys.
Agoura Hills, CA (PRWEB) June 27, 2011
“Throughout the United States, reputable builders and commercial property owners have often been overlooked as victims of bank fraud and wrongful foreclosure in the Nation’s ongoing bank crises,” says 35-year trial lawyer and former prosecutor Michael S. Riley of Mitchell J. Stein & Associates LLP.
Mr. Riley, a Senior Partner of Mitchell J. Stein & Associates LLP and former governmental prosecutor for more than a decade, commented further that “the wave of significant and far reaching disclosures of horrible bank schemes against the core of our economy – middle America’s builders and commercial realty owners – are now going to begin hitting the national stage and its judicial system.”
Mitchell J. Stein & Associates LLP sees the problem as a logical one:
“In 2009, we predicted that fraudulent foreclosure practices would be hoisted upon home owners nationwide and the Firm filed suit against Bank of America in behalf of aggrieved Californians on March 12, 2009. This lawsuit (Ronald v. Bank of America) was the first of its kind to be filed nationwide and has since been the shepherd for the Firm’s several other lawsuits against the likes of JP Morgan Chase, Ally Bank (formerly GMAC), Wells Fargo, Onewest (formerly Indymac), U.S. Bank and Citibank. These lawsuits have become commonly known as “Mass Joinders”. Just a few months ago, in April 2011, the Department of Homeland Security, the FDIC, the Office of the Comptroller and other State and Federal Agencies have agreed that at least 14 bank servicers have committed wrongful and “unsafe” foreclosure practices since 2009, i.e., just as the firm predicted in the first quarter of 2009 as evidenced by the filing of Ronald v. Bank of America.
Mitchell J. Stein, founder of Mitchell J. Stein & Associates LLP, continued: “The genuine financial strength of our Nation – hard working middle American builders and commercial real estate owners – have been able to weather the bank storm during the past two years.” But the banks nationwide have “taken advantage of that strength and good faith by making increasingly unreasonable and unlawful credit and collateral demands on American real estate businesses.”
The Firm sees the status quo at a “tipping point,” where “our Country’s builders and developers can no longer accept the banks’ unreasonable demands and business maneuvers based upon chicanery,” said Mr. Stein.
Messrs. Stein and Riley agreed: “We are now seeing an avalanche of bank interactions with seasoned commercial real estate owners, which are downright illegal and disgusting. Banks throughout the country are creating fictitious ‘liquidity crises’ based upon valuation scenarios that exist only in the minds of “kid bankers with calculators and instructions to squeeze.”
The Firm commented that a continuing game played by bank servicers is “purported failure to pay property taxes” that are not owed, and “credit calls” based upon the bank’s unilaterally and non-transparently operated “appraisal desks.”
“No businessman can repeatedly answer surprise bank credit calls that exist on a monthly basis, with virtual automation in their frequency and hostility,” said Mr. Stein. “The banks are appearing in recent months to target those real estate businesses that have the best histories and the largest equity values within in their portfolios. That is what makes the banks begin to act as predatory lenders instead of good and honorable bankers. It is a shame. However, the businesses today are able to fight back.”
Ironically, the Firm sees the arsenal available to the real estate businesses as “the laws that have developed nationally since 2009 – and as a partial result of the Firm’s efforts -- as a result of the residential bank foreclosure crises.” These laws are “now giving the real estate businesses a very good chance of halting the banks in their tracks,” according to 25-year bank and finance lawyer Mitchell J. Stein.
Additionally, Mitchell J. Stein & Associates LLP sees alternative sources of financing that the Firm exclusively works with as the “trump card” that may keep the system in check. “Nobody would expect a legitimate and longstanding real estate company to be unable to ultimately attract legitimate and reasonable financing,” given that “the truth about the banks is now, already, well known.”
Based in Agoura Hills, CA, with offices in Walnut Creek, CA, Boca Raton, FL, New York, NY and Chicago, IL, Mitchell J. Stein & Associates LLP is a national law firm with a combined experience among its members and associates of more than 150 years of trial experience in the finance and banking fields, its members having historical experience in representing or being principles in more than 350 banks and financial institutions. The Firm flipped its efforts years ago, and no longer takes on bank business. The Firm concentrates its efforts on representing commercial and residential property owners across the Country during this unparalleled time of unlawful and – according to the United States Government -- “unsafe” banking practices nationwide. The Firm can be reached at its website http://www.dobielaw.org, or toll free at (877) 475-2448.
The Moniker given Mr. Stein of “The Doberman” and the associated logos used by the Firm are subject to copyright and legal protection. All rights reserved, © 2011.
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