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Bank of New York Mellon faces a reckoning from residential foreclosure cases in New York that date back to the subprime mortgage crisis.

livinglies.me | January 21, 2020

The sooner everyone realizes that these foreclosures are merely schemes to generate revenue the closer we will come to justice. The fact that is that anyone who has paid value for the debt is getting paid pursuant to a third party agreement that has very little relationship with the performance or non performance of the borrower. Investors either get paid even if the borrower is not performing or they don't get paid even if the borrower is performing.

In their efforts to assure the sanctity of contract, judges are routinely delivering revenue --- not payment of a debt --- to the perpetrators of an illegal scheme labeled by lawyers as a foreclosure but which is not a foreclosure because foreclosures ONLY serve as remedies for restitution of an unpaid debt. It is not the fault of borrowers that this anomaly as appeared, which incidentally is the mask for multiple sources of revenue greatly exceeding the loan itself.

As usual investment banks having the greatest access to the microphones have convinced most people that this is a question of whether or not homeowners should get a free house. This distracts attention from the fact that they are getting free money based on claims for debts they don't own.

See BNY Mellon faces suit over foreclosures from the housing crash

From the article:

The bank — along with its debt-collector partners Shellpoint Mortgage Servicing and law firm McCabe, Weisberg & Conway — are accused by a class-action lawsuit of systematically trying to foreclose on mortgages after the state’s six-year statute of limitations had passed.

Mark Anderson, an attorney at the Queens-based law firm Shiryak, Bowman, Anderson, Gill and Kadochnikov, which filed the case, said his firm noticed an uptick in foreclosure cases initially filed in the wake of the subprime crisis more than a decade ago and now being revived, despite the statute of limitations expiring.

“I have over 500 cases that are dealing with this issue — and that’s just my firm,” said Anderson. He believes thousands of homeowners could qualify to be part of the suit if it gets class-action status.

The complaint was filed in the United States District Court for the Southern District of New York in November. The defendants are accused of resurrecting foreclosure actions that have expired and, in doing so, violating the Fair Debt Collection Practices Act, which prevents debt collectors from using false and deceptive representations.

Anderson said his firm filed the suit now because of recent federal court rulings that he believes are favorable to holding to foreclosure firms, servicers and banks liable for violations of the act.

The law awards consumers statutory damages of $1,000 per violation, attorneys’ fees and — in some cases — damages for proven emotional or physical harm.

 

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Back to January 2020 Archive

"CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea–it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-CFLA (2352) for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online)".

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