Thursday, March 29, 2012

Another win for the Law Offices of Robert Brown, P.C.

After Another victory …


Plaintiff/Bank moved for Summary Judgment against our client. We cross-moved to dismiss based on among other things the Bank’s lack of standing. Judge Maltese did not credit the Plaintiff’s claim that OneWest purchased all of the assets of IndyMac and noted, “Notably missing from the record is a copy of the purchase and assumption agreement between IndyMac and OneWest.” This is a battle that we frequently fight on the IndyMac loans and the Court here got it right.

Applying Bank of New York v. Silverberg, the Court determined that the assignment made by MERS as a nominee was a nullity. Therefore, the Bank did not have standing to sue the homeowner. Judge Maltese granted our motion and dismissed the foreclosure complaint.


Fannie Mae, Freddie Mac Should Have Stricter Regulation: Federal Housing Finance Agency Inspector

It's pretty sad that the FED continues to make loan guarantees with taxpayer money. Far worse is the fact they require (taxpayer) money just to stay in business. Clearly these entities are not capable of turning a profit under the guidance of any government agency. Perhaps a better option would be to completely privatize them.

Wednesday, March 28, 2012

Predatory Loan Test

You May Have a Predatory or Fraudulent Mortgage If:

•The closing took place in your home or place of business
•There was no physical closing
•You never signed any paperwork
•You never received all of your paperwork
•The mortgage broker promised or paid you to close
•You received no paperwork before the closing
•You were promised a fixed rate loan and then received an adjustable rate
•Your payment was higher than broker stated it would be
•You were told your payment included taxes and insurance
•You were told you needed to buy “life insurance” in order to be approved
•Your income was inflated
•You were approved for the loan based on the value of your home not on your income
•The mortgage broker increased the number of apartments on your application
•The broker added bank accounts you don’t have or inflated the balance in them
•The mortgage broker received an “extra” payment from the bank (known as a Y.S.P.)
•The mortgage broker earned more than what would be consider reasonable
•You refinanced multiple times (loan flipping)
•Broker promised to refinance you into a “better loan”
•Interest rate is higher than promised or incorrect
•Cash out promised is less than received
•Closing costs are higher than stated
•High closing costs
•Unearned or bogus fees paid to the bank or broker
•Payment to mortgage broker is higher than shown on closing statement (HUD)
•You were specifically targeted for a specific type of loan (more fees for broker)
•You were locked into the loan for a long period (or you had to pay a fee)

If you have any questions regarding your mortgage, predatory lending or how we can help you to fight back against foreclosure please feel free to contact us.

Law Offices of Robert E. Brown, P.C.
2409 Richmond Rd., Staten Island, New York 10306
Phone: 718-979-9779 Email:
Attorney Advertising

Thursday, March 22, 2012



Courtesy of :

NY Firm That Had Foreclosure Costume Party Settles

Baum settles with the New York Attorney General for $4 million with, of course, no admission of wrongdoing. If he charged only $4,000 per foreclosure case (and I think the number may be significantly higher) and filed 100,000 cases then he grossed $400 million dollars. So by my math he paid a 1% fine in response to allegations of robosigning “and other paperwork shortcuts.” Where is the deterrent?

What do you think?

Wednesday, March 14, 2012

Tuesday, March 13, 2012

Justice For 9/11 Bravest

Kings County Supreme Court Justice Arthur Schack not only understands the plight of homeowners, he also understands the plight of the World Trade Center first responders (and as an added bonus he quotes Abraham Lincoln’s Gettysburg Address). Judge Schack was recently featured in the NY Daily News after he restored a cancer-stricken retired NYC firefighter’s disability pension benefits.

Courtesy of the New York Daily News:


Monday, March 12, 2012

Banks are Foreclosing on Churches...

Banks are foreclosing on America's churches in record numbers as lenders increasingly lose patience with religious facilities that have defaulted on their mortgages, according to new data.

Full Article:

Friday, March 9, 2012

Repeat foreclosures hit an all-time high in January

No one saw this coming???? Banks provide unaffordable loan mods to a borrower. So the borrower struggles to pay. And when they can no longer pay, the bank will play the usual scam by offering another mod (trial). Then many months later after sending multiple documents

multiple times they'll be denied (pick a reason). Then to completely screw the borrower interest still accrues during this whole process. What a shame!!!!

Repeat foreclosures at an all-time high . . . . . for now! Wait until next year.

Monday, March 5, 2012

Bankster Left Speechless

Boom-Era Property Speculators to Get Foreclosure Aid

Isn't this one of the reasons we're in this mess in the first place? Investors fueled the market backed by lenders who bore no responsibility for the (investor) loans because these loans were sold right after the closing (using ARMs, NegAm, No doc, Low doc loans by the way). Hey why not? The banks got their bailout. Why not the investors? What a joke. I don't care if they were mom and pop outfits or big corporations. They are a business, in business to make a profit. If they can't make money in the business and their liabilities/expenses outweigh their assets/income then they are insolvent! Next step should be an appointment with a competent bankruptcy attorney.


Bank of America Sued for Countrywide's Mortgage Sins, Again

In lieu of commenting I thought perhaps rehashing would be a more efficient use of time since we all know the story. Especially when it involves Countrywide:
- Botching the securitization process by failing to deliver the notes and mortgages into the trusts that issued the securities.
- Charging that Countrywide knowingly sold vast quantities of fraudulent mortgages in order to securitize them and sell them to unwitting investors.
- Manipulating the loan origination process to issue mortgages to people who couldn't pay them back because that was the only way to generate the volume of mortgages that the bank wanted to issue (15,000 to 20,000 loans/mo. in 2006) .
- Loan applications that wouldn't be approved based on underwriting standards were apparently "flipped" into a stated-income or other low-doc loan category, and then approved.
Do we really need to know any more?