Class Action Lawsuit Against the Mortgage & Real Estate Industry: Who wants in?

[Moe Bedard]

I have located a law firm who would like to consider filing a class action lawsuit against lenders, mortgage servicers, ratings agencies and Realtors on behalf of American Homeowners. All these players (AKA salesman) were participants in the scheme of what was sold as the "American Dream" for the sole purpose of profits and commissions for their CEO's. shareholders, members and employees.

We now know these mortgages and the homes you live are considered toxic assets by them, our governmnet and around the world. Are you just to suffer from the fumes and die away?

The only difference between you and them is that they received a trillion dollar bailout for selling you toxic $hit and you are left to sufferbecause you bought the toxic $hit. This seems a$$ backwards, don't you think? Pardon my French, but I am of French decent

This lawsuit is to get your share of the some of those trillion$ dolled out to failed CEO's, exectutives and zombie banks at your expense. Personally, I feel it is really a no brainer class action lawsuit and I think that this law firm and you all will make the Banks taste their own medicine.

This may go down in history as the most MEANINGFUL and biggest class action EVER!

The goal would be to become one of the largest class actions ever based on homeowners being sold what is essentially snake oil. AKA, mortgages and real estate. Defective products such as mortgages and real estate that were sold using deceptive manners that often involved bait and switch techniques.

This is not rocket science. If you feel that this was a scam and you are deceived some how, then you may belong in this class.

The law firm is looking to get a minimum of 1,000,000 homeowners and sue all agencies involved in the housing crisis. I was told that it could be in the $500 billion range.


This thread is just to see who would be interested.

1. Will it cost money to get involved? Yes, the lawyers will discuss fees, retainers etc in a private phone call with those interested in joining. They will join this thread and give details later.
2. OK, but I need to know because I don't have money? Again, the lawyers will go over this, You are not signing anything by chiming in here and this is just for preliminary interest. However, those that may join may be able to avoid mortgage payments and foreclosure until this case is heard or settled. The law firm said they will ask the courts for relief from paying on the defective mortgages and stop and and all foreclosure proceedings.
3. What is the goal of the class? For the lenders to mark these mortgages and real estate to current market value. AKA interest rate deductions, principle reductions etc.

Moe Bedard & LoanSafe.org Disclaimer:

OK, that is it. I am not going to have many answers for you all on the details because I am not a lawyer and I do not work for the law firm in any capacity. My involvement would be this website where they market to homeowners to join the class action and they would pay LoanSafe.org a monthly fee for the advertising of their law firm. Also, I may be called as an expert if needed be.

[bloominga]

Moe,

I am in for sure! I have some money and will set aside as much as we are able to help anyone else that really needs it or start a fund to 'pay it forward'. It won't be large sums but every little bit could help. I want to keep my home and would like the opportunity to help others keep their dream too.

This is great news for Loansafe and we can never tell you how much it means to all of us here.

[Catherine]

Gotta say Moe a million times thank you for putting this together for us. l hope it goes down in history with success. I have one question. I have an appointment with an Attorney on the 24th I believe gets it. Can I do both? Proving predatory is all over my loan is a no brainer. It started with lies that continued with their goal of foreclosure. Please be careful Moe from my heart to yours not to let a few hurt you or your cause. You are doing a good thing my friend Thank you for stepping up for all the people that feel tripped, knocked down then beaten and kicked so hard they don't know where to turn. I am in!!! Catherine

[caldwellb02]

Moe - I am in. I am in. I don't know where the money will come from 'cept not paying my mortgages and I don't see that changing right now so I have some money. but i'm in i'm in. There's gotta be a way to make this happen. I'm not going to let the money worry me. There has gotta be a way. I am so tired of this.

[joanne]

Count me in. We'll figure out the money somehow. If we get enough people to join, hopefully that'll drive down the cost.

[Mountain life]

Moe, count me in. Something has to be done to cause systemic change with the ruthless mortgage companies . We will only gain power with numbers.

[pdsfoley]

Moe I'm IN IN IN allllllllllll the way!!!!!!!!!!!!

[Moe Bedard]

Thanks for the responses. Again, this is just for preliminary interest and then there will be a call to action by the law firm to take it further.

I am just posting this thread for interest and am hoping we can get it viral.

Bllominga - Great planning. Hopefully this will work our for you all. I know much with the law firm will be done in private and top secret soon. The law firm will make an announcement in the coming week or two. This is no small potatoes. You all will most liley sign non disclosure agreements etc to keep stuff off line that may be detrimental to the lawsuit.

Catherine - That will have to be between you and the law firm. This is where I step out when the legal issues and questions come into play. Online, I act as a guide to and provide information on loans mods, the legal stuff I can not advise, only provide information.

Caldwell - I'll keep you posted on what they inform me, but as mentioned above, that will be between you all to discuss soon. I assume once they have a decent number of individuals committed, they will move forward 100%. Before they do that they will HAVE to answer any and all questions as well as provide retainer agreement for you all to analyze and agree to sign or not. I cannot be involved in any part of your relationship or the details.

My understanding is that it will cover all mortgages and real estate bought and sold in the last 5 years.

I am also under the impression that any and all fees will be discussed later. I hate when I hear fees and discussed later, so I pressed the lawyers harder. They said I cant be involved in any of these talks with you all in any shape or form.

Fine. Being the great researcher I am , I located some law firms with similar current cases and settled. They informed me that retainer fees would be a deposit on the lawyers fees that would be held in trust funds. As they incur fees during the investigation, negotiations and a possible trial, they withdraw these fees per your retainer agreements. These fees could be a lump sum or over a period of time in payments.

The law firms I spoke with said that most likely it will be structured where anyone can make payments that are affordable to them. Meaning they are negotiable and then some type of award fee of 20-35%.

Please keep in mind that this is research and 3rd party information I provided. Whatever fees or details etc is between you and the law firm if you decide to pursue this further.

[Moe Bedard]

joanne, mountain life and psdfoley - thanks for the quick response. please let other members know about this thread.

[caldwellb02]

thanks Moe. I've been researching class action lawsuits on the web and that's what i found too (i.e. retainer fees, etc).I have been trying to post reminders about this thread on other threads. Also a couple of the questions I want to ask the lawyers (not you) are: do we have a hand in writing the letter that will go to all homeowners in the class telling them about this suit? Are we going to include people who were foreclosed on in the past say two years? How do we get those addresses? What kinds of documentation should we make sure we are accumulating while this is going on? Who would hear this suit if it came to that?

Again - not questions I expect an answer to right now. Just wanted to get them down here on the thread. What I want is that if the defendants in our suit try to cherry pick us off with questions, threats or even offers, we have answers!

[otisanddinga]

hi moe,

count me in. I just met my with mod attorney (recommended) on this site and he said the banks arte still doing "what they want". He said it's very expensive to sue so your idea is great. We need class action to get their attention!!!

500,000 mods are not enough.......

[daglo]

Originally Posted by Moe Bedard

Thanks for the responses. Again, this is just for preliminary interest and then there will be a call to action by the law firm to take it further.

I am just posting this thread for interest and am hoping we can get it viral.

Bllominga - Great planning. Hopefully this will work our for you all. I know much with the law firm will be done in private and top secret soon. The law firm will make an announcement in the coming week or two. This is no small potatoes. You all will most liley sign non disclosure agreements etc to keep stuff off line that may be detrimental to the lawsuit.

Catherine - That will have to be between you and the law firm. This is where I step out when the legal issues and questions come into play. Online, I act as a guide to and provide information on loans mods, the legal stuff I can not advise, only provide information.

Caldwell - I'll keep you posted on what they inform me, but as mentioned above, that will be between you all to discuss soon. I assume once they have a decent number of individuals committed, they will move forward 100%. Before they do that they will HAVE to answer any and all questions as well as provide retainer agreement for you all to analyze and agree to sign or not. I cannot be involved in any part of your relationship or the details.

My understanding is that it will cover all mortgages and real estate bought and sold in the last 5 years.

I am also under the impression that any and all fees will be discussed later. I hate when I hear fees and discussed later, so I pressed the lawyers harder. They said I cant be involved in any of these talks with you all in any shape or form.

Fine. Being the great researcher I am , I located some law firms with similar current cases and settled. They informed me that retainer fees would be a deposit on the lawyers fees that would be held in trust funds. As they incur fees during the investigation, negotiations and a possible trial, they withdraw these fees per your retainer agreements. These fees could be a lump sum or over a period of time in payments.

The law firms I spoke with said that most likely it will be structured where anyone can make payments that are affordable to them. Meaning they are negotiable and then some type of award fee of 20-35%.

Please keep in mind that this is research and 3rd party information I provided. Whatever fees or details etc is between you and the law firm if you decide to pursue this further.

I know there is a class action lawsuit against Indy Mac. See attached:

IndyMac Bancorp Inc. - Securities Class Action

[montana59451]

Count me in too! This will be a great victory for ALL AMERICANS. Remember...David slayed Golith with a ROCK! We will just be a huge boulder.

[daglo]

Originally Posted by montana59451

Count me in too! This will be a great victory for ALL AMERICANS. Remember...David slayed Golith with a ROCK! We will just be a huge boulder.

You said it, Montana!!

[caldwellb02]

daglo - thanks. I just skimmed that post re: IndyMac, and it seems to be for the benefit of the shareholders and IndyMac saying it was in better shape than it was. Ours would be very different.

[Believe]

Thank you, Moe, and WE ARE IN! Is it acceptable to "recruit" people from outside this forum to join loansafe and express their interest in this class action suit?

[daglo]

Originally Posted by caldwellb02

daglo - thanks. I just skimmed that post re: IndyMac, and it seems to be for the benefit of the shareholders and IndyMac saying it was in better shape than it was. Ours would be very different.

You are right cadlwellb, wrong link. I saved all these when I was going through my mod with them. I used them for ammo!!

Nevada Homeowners File Class Action Against Indymac

[thebubblewasnuked]

Thank you Moe! I am new to posting on this board but have been lurking for a while....I am grateful for all the info on here....I am in!!!! The most motivated , eye of the tiger, nothing to lose people ....are the ones to be feared....Mad as Hell

[daglo]

I am still in favor of Moe's idea, I think it would be great to have strength in numbers

[kbspots]

i am definitely interested.

[Social Apocalypse]

Giddy up! You KNOW I'm in. Let me know what I can do.

[BadBobMo]

It would be a really nice change to put a whole lot off pressure on every single Lender who has dragged all of us out to sea and now drowning, and look at us we are all begging to rent back our underwater homes. Yes NPV period also why in hell's name do none of the so call trained lenders no absolutely nothing about (2MP) program. I want my loan written down now-not in another 3-Months or we don't have your (Unemployment Info) showing you have 9 month (B.S.) left to pay for a note that is let's say criminal. I have been following a class action regarding home owners suing basically the (HAMP) Government/Lenders) for not following the HAMP guide lines.
This is the outline of the case, everyone should go read-up on this ongoing case, after reading the lenders attorneys (Not 1-But 5 attorneys on the case and guess what we are paying for them w/our tax-Dollars) Opposition their whole bottom line of defense is that our Congress had their chance to add in such words to the (EESA-Bill-Law) such as Must-Ect.-Ect. That the “HAMP” program would not be “Voluntary" period. “EESA ENCOURAGES, BUT DOES NOT MANDATE MODIFICATIONS OF MORTGAGES”
In response to the current foreclosure crisis and as required by Congress, the United States Department of the Treasury created the Home Affordable Modification Program (“HAMP”). Congress and the Treasury Department have designated up to $75 billion for foreclosure prevention programs. In doing so, however, the government failed to establish procedures necessary for its fair and uniform administration.
So if we are to go forward with a class-action we will need the best and some really deep pockets.
I would love to get back some of my 20% down-payment so I’m in for the fight but only to win!
HPP (Housing Preservation Project)
On July 28, 2009, two Minnesota homeowners sued the government alleging that the administration of the federal foreclosure prevention and loan modification program violated their procedural due process rights.
Keep Up the good fight Brothers & Sisters.

[BadBobMo]

It would be a really nice change to put a whole lot off pressure on every single Lender who has dragged all of us out to sea and now drowning, and look at us we are all begging to rent back our underwater homes. Yes NPV period also why in hell's name do none of the so call trained lenders no absolutely nothing about (2MP) program. I want my loan written down now-not in another 3-Months or we don't have your (Unemployment Info) showing you have 9 month (B.S.) left to pay for a note that is let's say criminal. I have been following a class action regarding home owners suing basically the (HAMP) Government/Lenders) for not following the HAMP guide lines.
This is the outline of the case, everyone should go read-up on this ongoing case, after reading the lenders attorneys (Not 1-But 5 attorneys on the case and guess what we are paying for them w/our tax-Dollars) Opposition their whole bottom line of defense is that our Congress had their chance to add in such words to the (EESA-Bill-Law) such as Must-Ect.-Ect. That the “HAMP” program would not be “Voluntary" period. “EESA ENCOURAGES, BUT DOES NOT MANDATE MODIFICATIONS OF MORTGAGES”
In response to the current foreclosure crisis and as required by Congress, the United States Department of the Treasury created the Home Affordable Modification Program (“HAMP”). Congress and the Treasury Department have designated up to $75 billion for foreclosure prevention programs. In doing so, however, the government failed to establish procedures necessary for its fair and uniform administration.
So if we are to go forward with a class-action we will need the best and some really deep pockets.
I would love to get back some of my 20% down-payment so I’m in for the fight but only to win!
HPP (Housing Preservation Project)
On July 28, 2009, two Minnesota homeowners sued the government alleging that the administration of the federal foreclosure prevention and loan modification program violated their procedural due process rights.
Keep Up the good fight Brothers & Sisters.

[lkszip]

I'm in ... Moe, I think you have the best chance of getting this done ... we support you!

[darlyj]

Would this apply to those of us who refinanced a few years back too? I'd like to donate to the pot whenever this thing gets going anyway on the basis of general principal, regardless of whether or not we get our mod through NACA, or whether or not it will benefit us directly.