Impromptu Speech Topics: foreclosure list

7 Financial Crimes and Cyber Crimes: The need to aggressively combat financial crimes and cyber crimes is an increasing challenge for the Department. Financial fraud continues to affect the economy, and the increased use of computers and the Internet in furtherance of financial crimes, as well as the international scope of these criminal activities, has exacerbated the challenge of cyber crime.

In November 2009, a presidential Executive Order created the Financial Fraud Enforcement Task Force (Task Force). The Department described the Task Force as the “cornerstone” of its work in the financial fraud area. Led by the Department, the Task Force combines the work of several agencies to focus on mortgage crime, securities fraud, American Recovery and Reinvestment Act (Recovery Act) and rescue fraud, and financial discrimination.

In connection with the Task Force the Department launched Operation Stolen Dreams, a multi-agency initiative designed to combat mortgage fraud. In June 2010 the Department reported that this operation involved the prosecution of 1,215 criminal defendants nationwide who allegedly were responsible for more than $2.3 billion in losses. The Department also reported that the operation recovered more than $147 million through 191 civil enforcement actions.

The Department and the Task Force are also focusing investigative resources on securities fraud as well as on Recovery Act fraud and fraud in other rescue funds. Among other things, the Department is providing training to federal grantees and contractors on ways to prevent and detect such fraud.

You note:

But both got far, far better treatment than the average homeowners who–unlike these MOTUs–had nothing to do with the crash of our economy.

Actually, they will probably get even less consideration than theaverage homeowner nce it gets to foreclosure. In many, if not most, states there is a significant distinction in the way foreclosures are handled for commercial properties as opposed to residential properties. In even one of the most homeowner-friendly states (where I used to practice regularly) the homeowner in foreclosure (judicial, of course) had all sorts of procedural protections, rights to redeem, rights to re-enter and so on and so forth. Last I checked, it could take a solid year for the case to get to approaching the first iteration of the sheriff’s sale, maybe even more.

By contrast, in that same state defaulting commercial property owners had, well, about as much time as it would take to open the lender’s lawyer’s computer, pull up the form order to show cause with temporary restraints and order for distraint and distress (the latter allowed the lender to seize – distrain – the personalty of the defaulting owner found in the premises and sell it at a “distress sale”), insert the names, addresses and relevant information, and walk it to the courthouse to a judge. The judge would sign it, often ex parte (so the property owner could not get the personalty into the moving van before the constable came with new locks) and the property owner would be in deep shit immediately. Avoiding the bank calling in the lawyers was the debtor’s only hope because it could happen faster than the debtor could file a bankruptcy – even just a cover sheet in an 11. Once the process gets to the lawyers, commercial property foreclosures go with lightning speed. The only things restraining the banks are the fear of being stuck with an unsalable property (esp. in a market where businesses are failing) and being stuck with an uncollectable deficiency judgment.

I have no doubt it’s at least as fast in Florida.

So, Foreclosure King Stern will try to find some way to get all the stuff out of the buildings before the lender pulls the trigger. He’ll temporize and spin and finagle and negotiate and bullshit all the while the lender will likely have someone in a van with a camera watching the building to see whether more is coming out than going in, and someone else to tail the trucks leaving. Over a million bucks involved, you do that. It’s prudent.

The Line of Credit is a different thing. I would not be surprised if the bank hadn’t required a personal guaranty at some point, though Stern may have been able to finagle out of it at some point, saying “we work together. You know my business in detail. You don’t need me to guaranty the line of credit.” But, even if he winds up on the hook personally for the whole LoC, from what I’ve read he has made for himself several times that amount and has it stashed in various locales and modes. He just won’t want to pay it.

Good thing he’s not in New Jersey. They still have debtor’s prison there, but only for frauds about to skip the state and only for men.

bench craft company scam

Thursday, December 9, 2010

foreclosure list

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