Lawyers Take Note: Wells Fargo Slammed with $3.1 Million Punitive Damages on One Wrongful Foreclosure
By Daniel Edstrom
DTC Systems, Inc.
Posted by Neil F. Garfield on livinglies.wordpress.com (http://livinglies.wordpress.com/2012/04/12/lawyers-take-note-wells-fargo-slammed-with-3-1-million-punitive-damages-on-one-wrongful-foreclosure/).
GARFIELD PROPOSES NATIONAL LAW FIRM FOR COUNTER-ATTACK
Editor’s Comment:The most perplexing part of this mortgage mess has been the unwillingness of the legal community to take on the Banks. Besides the intimidation factor the primary source of resistance has been the lack of confidence that any money could be made, ESPECIALLY on contingency. If you were the lawyer in the case reported below, you would be getting a check for fees alone of over $1.2 million on a single case. And as this article and hundreds of others have reported, based upon objective surveys, most of the 5 million homes lost since 2007 were wrongful foreclosures.
So the inventory for lawyers is 5 million homes plus the next 5 million everyone is expecting. Let’s due some simple arithmetic: if 4 million homes were wrongfully foreclosed and the punitive damages were $1 million per house the total take would be $4 Billion with contingency fees at $1.6 Billion. If each house carried $200,000 in compensatory damages, then the total would be increased by $800 Million with Lawyers taking home $320 Million. These figures exceed personal injury and malpractice awards. Why is the legal profession ignoring this opportunity to do something right and make a fortune at the same time?
Right now I’m a little under the weather (open heart surgery) but that hasn’t stopped my associates from rolling out a plan for a national anti-foreclosure firm. I’m only doing this because nobody else will. If you have had a home wrongfully foreclosed or suspect that your current foreclosure is wrongful, write to NeilFGarfield@hotmail.com (remember the “F”) and ask for help. Lawyers and victims of wrongful foreclosures should be able to pool their resources to attack the massive foreclosure attack with a massive anti-foreclosure attack.
DTC Systems readers can write to info@dtc-systems.com and ask for help. We will see that your request is sent to the lawyers working on this new program.
Here is the Conclusion from the Order (download below):
Wells Fargo’s actions were not only highly reprehensible, but its subsequent reaction on their exposure has been less than satisfactory. There is a strong societal interest in preventing such future conduct through a punitive award. The total monetary judgment to date is $24,441.65, plus legal interest,$166,873.00 in legal fees and $3,951.96 in costs. Other fees and costs incurred by Jones through the first remand were also incurred and are not included in the foregoing amounts. Because the Court cannot reveal the sealed amount stipulated to by the parties when they settled Jones’ Application for Award of Fees and Costs Related to Remand (“Application”),70 the Court will use Jones’ Application itself as evidence of fees and costs actually incurred up to the date of the Application. The Application and supporting documentation establish that an additional $118,251.93 in attorneys’ fees and $3,596.95 in costs was also incurred by Jones.71 The amounts previously awarded plus the additional amounts incurred establish that the cost to litigate the compensatory portion of this award was $292,673.84. After considering the compensatory damages of $24,441.65 awarded in this case, along with the litigation costs of $292,673.84; awards against Wells Fargo in other cases for the same behavior which did not deter its conduct; and the previous judgments in this case none of which deterred its actions; the Court finds that a punitive damage award of $3,171,154.00 is warranted to deter Wells Fargo from similar conduct in the future. This Court hopes that the relief granted will finally motivate Wells Fargo to rectify its practices and comply with the terms of court orders, plans and the automatic stay.
Download the bankruptcy ruling here: http://dtc-systems.net/wp-content/uploads/2012/04/Jones_vs_Wells_Fargo.pdf
You Know You Are Going To Lose When …
By Daniel Edstrom
DTC Systems, Inc.
Posted by Neil F. Garfield on livinglies.wordpress.com on 3/31/2012 (http://livinglies.wordpress.com/2012/03/31/you-know-you-are-losing-when/). Study this until you have it committed items 1 through 10 to memory.
Taking a line from Jeff Foxworthy, I have compiled the following guidelines of how to know when you are going to lose against the thieving bank seeking to steal your property. You might call it, “You know your screwed when…”
Note: The premise of this article is taken from various points made on this blog and others. The main point is that the obligation to repay the loan arose when the money transaction took place. When money exchanged hands it is presumed that the expectation was that it would be repaid. So the only defenses that exist and the only two defenses that will get the judge’s attention are PAYMENT and WAIVER. Failing to address these issues head on right at the beginning of the first pleading and the first hearing, will most likely lead to failure in the case. Read the appellate decisions that are in favor of the banks and servicers; they all start with a recitation of “facts” that are not true but which nonetheless are taken as true because the borrower failed to put them in issue as contested facts.
Start with the origination documents. If you don’t know whether they have merely reproduced the note and mortgage, then deny it and make them prove it. They could be fabricated from whole cloth. Continue reading “You Know You Are Going To Lose When …” »
By Neil F. Garfield
LivingLies.wordpress.comEDITOR’S ANALYSIS: For those who have followed this Blog for any length of time, this news will come as no surprise. Ultimately, the proof and the relief sought by homeowners will come from investors who demand answers to what happened to their money when they purchased mortgage backed securities and pooled their money to fund mortgages.
The result is a pincer action, to put it military terms, where the creditors and the debtors are making the same allegations against the intermediaries who stole from both sides, “borrowed” the loss to claim Federal bailout money, and left both sides holding the bag. Continue reading “INVESTORS COMING OUT OF THE SHADOWS: BANKS’ WORST NIGHTMARE” »
Investors Admit Criminal Enterprise at David J. Stern Law Firm in Florida
By Daniel Edstrom
DTC Systems, Inc.
Note the following from Neil F. Garfield on LivingLies:
Posted on January 5, 2012 by Neil Garfield
EDITOR’S COMMENT: This is the start of what we have been waiting for. Investors who purchased David Stern’s operation — a foreclosure mill that had been bank-rolled literally by the Banks. They actually have the necessary files, documentation and proof needed because they now own the company and they realize they were induced to buy a “criminal enterprise.”
This is what I have been talking about. Investors of all shapes and sizes are starting to awaken to the fact that the entire foreclosure process has been permeated by false statements as to the amounts due, the identity of the creditor, and the documents that “perfected” the lien, transferred the loan and were the basis for foreclosure. None of the foreclosures are real. That is a grandiose statement, but it will prove to be true. Continue reading “Investors Admit Criminal Enterprise at David J. Stern Law Firm in Florida” »
