10/6/2012 – Sacramento, CA – Full Day CLE Workshop Seminar: Bankruptcy Strategies for Distressed Multiple Property Owners and Homeowners in using Chapter 11

10/6/2012 – Sacramento, CA – Full Day CLE Workshop Seminar: Bankruptcy Strategies for Distressed Multiple Property Owners and Homeowners using Chapter 11

October 6th, 2012 – in Sacramento, California (Auburn)

Venue is the Holiday Inn Auburn, CA http://auburnhi.com (Subject to change, check back often)

We are seeking approval for Minimum Continuing Legal Education (MCLE) from the State Bar of California for 6.75 Total credit hours.

SECURE DOCUMENT RESEARCH
Auburn, CA 95603; ph: 530.888.9600

DTC Systems, Inc
[email protected]
http://www.dtc-systems.net

Presented by:
Secure Document Research and DTC Systems, Inc
http://www.dtc-systems.net in Association with the Yarmy Law Group http://yarmylawlv.com/

Standard attorney enrollment fee is $497.00
Standard Property Owner/Homeowner enrollment fee is $197.00

Visit us at http://www.dtc-systems.net

If you have any problems registering for this event, you can also register by sending PayPal payments directly to [email protected]

Problems Registering? Call 530.888.9600

Presented by:
Secure Document Research and DTC Systems, Inc. in Association with the Yarmy Law Group
REGISTER EARLY, LIMITED SEATING IS AVAILABLE

Workshop Information
This is a comprehensive 1-day workshop CLE seminar for lawyers and paralegals: Bankruptcy Strategies for Distressed Multiple Property Owners and Homeowners using Chapter 11

We are seeking approval for Minimum Continuing Legal Education (MCLE) from the State Bar of California for 6.75 Total credit hours.

Speakers:

1. James Macklin
Owner of Secure Document Research providing Securitization Research and Analysis. While working briefly within the securities industry, Mr Macklin has been focused on the study of economics and macro-economics for over fifteen years, gathering professional insight into Generally Accepted Accounting Principles, Financial Accounting Standards, business ethics, securitization and the effects of “Control Fraud” (William Black, Professor; U.M.K.C.,) on market analysis. Mr. Macklin is now committed to the education, en mass, of the legal industry as a tool for the protection of rights of the under-sophisticated investing and borrowing public at large. James Macklin has over 10,000 hours of research into Securitization, Title and Publicly Recorded Instruments.
[email protected]

2. Daniel Edstrom
President of DTC Systems, Inc, having been in Information Technology for the last 18 years as a Systems Architect and Software Architect.The transformation of complex business requirements to complex Wall Street Engineering was an easy one. Securitization Expert, Daniel Edstrom analyzes complex financial engineering securitization transactions as well as providing a failure analysis, with well over 10,000 hours of research into Securitization and Title. Besides working for his own company, Daniel is a Senior Securitization Analyst for the Garfield Firm (www.garfieldfirm.com).
[email protected]

3. Steve Yarmy
I started a chapter 11 practice about three years ago to assist businesses and individuals who were hard hit by the drastic decline in property values. I have filed over 50 chapter 11 bankruptcies. I have achieved enormous success in confirming the chapter 11 plans. I attribute my success to building relationships with the creditors attorneys, along with a developed strategy in processing the chapter 11. This process has been duplicated by other chapter 11 attorneys because of my streamlined strategy.
Do to the success achieved in Las Vegas chapter 11’s, I initiated a practice in the Reno area (Yarmy Law Group). Currently, I associate with the Kidder Law Group which is located in the Reno area. We have over 7 plans on file, and expect a tremendous confirmation rate.
Recently, I have a Pro Hoc Vice with a California attorney in an effort to pass on the success to parties in California. We anticipate working closely with counsel in California to expand the case load there.
Presently, I devote most of my time to chapter 11 bankruptcies and any litigation resulting from lender practices. I plan to continue this trend for sometime moving forward.
[email protected]

4. Chris Craig, M.B.A.
Legal Assistant to Steve Yarmy

*Both James Macklin and Daniel Edstrom are not attorneys.

THIS WORKSHOP AND/OR ANY MATERIALS DISTRIBUTED AT THE WORKSHOP IS NO SUBSTITUTE FOR LEGAL ADVICE FROM LOCAL COUNSEL LICENSED TO PRACTICE IN THE COUNTY AND STATE WHERE THE SUBJECT PROPERTY IS LOCATED. The information presented is for general information for you to understand the current context of foreclosures and to enable you to ask relevant questions of an attorney of your choosing. Any opinions presented here, along with facts, cases, examples or arguments, may not apply to your case. You should consult with local licensed counsel before employing them.

Venue:
Venue is the Holiday Inn in Auburn, CA
http://auburnhi.com (Subject to change, check back often)

Registration:
Pre-Registration is required and can be done on this website or over the phone at 530.888.9600, with payment by PayPal to [email protected]. Tickets will be emailed after payment is completed.

Pricing:
Attorneys: $497.00 for the one day worksho
Property Owners / Homeowners: $197.00 for the one day workshop

We are seeking approval for Minimum Continuing Legal Education (MCLE) from the State Bar of California for 6.75 Total credit hours.

Workshop Agenda

8:30–9:15 Introduction: James Macklin / Daniel Edstrom
9:15–10:00 Consummation and Closing Failure Analysis: Daniel Edstrom
10:00–10:15 Morning Break
10:15–11:00 Understanding the Purpose of the Recording Statute: James Macklin
11:00–11:45 Chapter 11 Bankruptcy Introduction: Chris Craig, M.B.A.
11:45 to 1:00 Lunch
1:00–1:45 Attracting Clients & Using the Creditor to Pay Attorneys fees: Steve Yarmy, Esq.
1:45–2:30 Filling out the Petition & First Day Motions: Steve Yarmy, Esq.
2:30–2:45 Afternoon Break
2:45–3:30 Operating Reports, Property Valuations and Motions: Steve Yarmy, Esq.
3:30–4:15 Panel Q&A

** Schedule subject to change without notice **

Full Day CLE Workshop Seminar: New Tools & Strategies for Distressed Homeowners

Full Day CLE Workshop Seminar: New Tools & Strategies for Distressed Homeowners

By Daniel Edstrom
DTC Systems, Inc.

8/25/2012 – Emeryville, CA – Full Day CLE Workshop Seminar: New Tools & Strategies for Distressed Homeowners

August 25th, 2012 – in San Francisco, California

Venue is the Hyatt House in Emeryville, CA http://emeryville.house.hyatt.com

This workshop has been approved for Minimum Continuing Legal Education (MCLE) by the State Bar of California. Total credit hours approved are 6.75 hours.

SECURE DOCUMENT RESEARCH<br>Auburn, CA 95603; ph: 530.888.9600

DTC Systems, Inc.

[email protected]

http://www.dtc-systems.net

Presented by:
Secure Document Research and DTC Systems, Inc.

http://www.dtc-systems.net

in Association with the Garfield Continuum and Neil F. Garfield, Esq. http://livinglies.wordpress.com

Visit us at http://www.dtc-systems.net

If you have any problems paying for this event, you can also pay by sending PayPal payments directly to [email protected]

Problems Registering? Call 530.888.9600

Presented by:
Secure Document Research and DTC Systems, Inc. in Association with the Garfield Continuum and Neil F. Garfield, Esq.
REGISTER EARLY, LIMITED SEATING IS AVAILABLE

Workshop Information
This is a comprehensive 1-day workshop CLE seminar for lawyers and paralegals: Deny and Discover: New Tools & Strategies for Distressed Homeowners

This workshop has been approved for Minimum Continuing Legal Education (MCLE) by the State Bar of California. Total credit hours approved are 6.75 hours.

Speakers:

1. James Macklin

Owner of Secure Document Research providing Securitization Research and Analysis. While working briefly within the securities industry, Mr Macklin has been focused on the study of economics and macro-economics for over fifteen years, gathering professional insight into Generally Accepted Accounting Principles, Financial Accounting Standards, business ethics, securitization and the effects of “Control Fraud” (William Black, Professor; U.M.K.C.,) on market analysis. Mr. Macklin is now committed to the education, en mass, of the legal industry as a tool for the protection of rights of the under-sophisticated investing and borrowing public at large. James Macklin has over 10,000 hours of research into Securitization, Title and Publicly Recorded Instruments.
[email protected]

2. Daniel Edstrom

President of DTC Systems, Inc, having been in Information Technology for the last 18 years as a Systems Architect and Software Architect.The transformation of complex business requirements to complex Wall Street Engineering was an easy one. Securitization Expert, Daniel Edstrom analyzes complex financial engineering securitization transactions as well as providing a failure analysis, with well over 10,000 hours of research into Securitization and Title. Besides working for his own company, Daniel is a Senior Securitization Analyst for the Garfield Firm (www.garfieldfirm.com). [email protected]

3. Neil Garfield

Neil F. Garfield, M.B.A., J.D., 61, is the winner of dozens of academic awards, a popular speaker, and author of technical treatises on law and economics. He has come out of retirement with a bang and financial institutions should take note. He knows them from the inside-out, who the deciders are, and how they arrived at a catastrophic scheme to defraud people, agencies, institutions and governments all over the world. For more information on Neil Garfield visit his website at www.livinglies.wordpress.com

4. Daniel Hanecak

Daniel Hanecak, B.A. J.D., will be speaking on motion practice and recent court experience. Mr. Hanecak is licensed in California and specializes in complex real property litigation. Mr. Hanecak is currently representing homeowners against banks and mortgage servicers for fraud and wrongful foreclosure.

*Both James Macklin and Daniel Edstrom are not attorneys.

Venue:

Venue is the Hyatt House in Emeryville, CA

http://emeryville.house.hyatt.com

Pricing:
$497.00 for the one day workshop.

This workshop has been approved for Minimum Continuing Legal Education (MCLE) by the State Bar of California. Total credit hours approved are 6.75 hours.

Workshop Agenda

8:30–9:15 Introduction: James Macklin / Daniel Edstrom

9:15–10:00 The Securitization Process and Chain of Title: James Macklin

10:00–10:15 Morning Break

10:15–11:00 Prospectus, Pooling/Servicing and Trust Agreements: James Macklin

11:00–11:45 Discovery / Procedure: Neil F. Garfield, J.D., M.B.A.

11:45 to 1:00 Lunch

1:00–1:45 Proprietary Currency, Appraisals and Ratings: Neil F. Garfield, J.D., M.B.A.

1:45–2:30 Law and Motion Practice / Recent Courtroom Experience: Daniel Hanecak, Esq.

2:30–2:45 Afternoon Break

2:45–3:30 Credit Enhancements in Action: Daniel Edstrom

3:30–4:15 Panel Q&A

** Schedule subject to change without notice **

T.D. Service Company Auctions Property for $22k instead of $220k – CA Appeals Court Quiets Title to Bidder

T.D. Service Company Auctions Property for $22k instead of $220k – CA Appeals Court Quiets Title to Bidder

By Daniel Edstrom
DTC Systems, Inc.

Thanks to Charles Cox for this one.

Excerpts

Plaintiff David Biancalana successfully bid on a piece of real property at a trustee’s sale. Defendant trustee T.D. Service Company (TD) subsequently discovered it had erroneously conveyed the delinquency amount ($21,894.17) to the auctioneer, instead of the correct opening credit bid of $219,105 submitted by the beneficiary to TD. TD informed Biancalana of the error, declined to issue a trustee’s deed on sale and returned his cashier’s check. Biancalana retendered the check to TD and demanded it issue the trustee’s deed. When it failed to do so, he sued for quiet title, specific performance, declaratory and injunctive relief.

TD’s motion for summary judgment was initially denied. After TD successfully moved for reconsideration on the grounds of “new law,” the trial court granted TD’s motion and entered judgment in its favor.

On appeal, Biancalana argues that the trial court erred in granting TD’s motion for summary judgment as there was no irregularity in the foreclosure sale process. Biancalana also argues that the trial court erred in granting TD’s motion for reconsideration as the case it determined constituted “new law”( i.e., Millennium Rock Mortgage, Inc. v. T.D. Service Co. (2009) 179 Cal.App.4th 804 (Millennium Rock)) did not represent a change in the law, but simply applied existing law to a new fact pattern.

We agree that the trial court erred in granting TD’s motion for summary judgment and shall reverse the judgment.

Download the ruling here: http://dtc-systems.net/wp-content/uploads/2012/05/Biancalana_v_TD_Service-For_Publication.pdf

BB&T Fraudulently Declares Default – Florida Court Orders FDIC Payments From Loss-Share Agreements to be Credited to Borrowers Loan

BB&T Fraudulently Declares Default – Florida Court Orders FDIC Payments From Loss-Share Agreements to be Credited to Borrowers Loan

By Daniel Edstrom
DTC Systems, Inc.

Thanks to Neil F. Garfield and the LivingLies Blog for this ruling. The following are excerpts from Judge Levens orders.

Findings of Fact

This case involves a $5,182,128.00 commercial loan made by Colonial Bank to Kraz for the purpose of building and developing a mini-storage and flex space warehouse in Hillsborough County, Florida. Kearney and Harris signed limited personal guaranties of payment and performance and injected in excess of 2 million dollars of cash/equity into the venture. This subject loan was one of several loans made by Colonial Bank to Kearney and Harris and related entities with multiple other guarantors, but the subject loan was not tied to or related to any other such loans.

The terms of the subject loan provided for payment of interest only for the first twentyfour (24) months. Plaintiff was required to provide written notice of the change from interest-only payments to principal-and-interest payment, but, for whatever reason, Plaintiff never provided such notice. Colonial, due to its own internal financial distress, and while Defendants were current on all payments, began improperly demanding that Defendants make curtailment payments on the loan. Colonial improperly based such curtailment demands on the status of other, unrelated loans (which happened to have a variety of principals, obligators, guarantors, etc.).

Colonial was shut down by the Alabama State Banking Department and the FDIC was appointed its Receiver. The FDIC then assigned and sold the assets of Colonial to Plaintiff through a Purchase and Assumption Agreement (“PSA”), which makes Plaintiff the lawful owner and holder of the subject loan documents.

The evidence adduced at trial and considered by the court demonstrated that Plaintiff breached it duties of good faith and fair dealing in its contractual relationship with Defendants. The evidence also demonstrated that Plaintiff was motivated to behave in such as manner as a direct result of the PSA; that is, Plaintiff stood to profit by declaring a fraudulent default under the subject loan, collecting from the FDIC under the PSA for such default, and then enforcing the subject loan against Defendants, and retaining the property until such time as a real estate turnaround occurred in hopes to dispose of the property at the peak of the market. In fact, Mr. Bruni testified that Plaintiff may have already applied to the FDIC for a loss share payment on this loan. And Defendants’ expert, Jim Howard, explained that it was possible Plaintiff could have already applied for and received a payment from the FDIC on this loan, perhaps in an amount as high as $1,800,000.00. Notably, Plaintiff nowhere credited such potential payment from the FDIC against the amounts sought in the instant litigation; thereby giving the impression that Plaintiff might be “double dipping”, and possibly “triple dipping” if market conditions favorably change and the property likewise increases in value. Continue reading “BB&T Fraudulently Declares Default – Florida Court Orders FDIC Payments From Loss-Share Agreements to be Credited to Borrowers Loan”

The Washington Supreme Court Affirms No Bonafide Purchaser Exists For a Failure to Comply with Statutory Requirements of a Non-Judicial Foreclosure Sale

The Washington Supreme Court Affirms No Bonafide Purchaser Exists For a Failure to Comply with Statutory Requirements of a Non-Judicial Foreclosure Sale

By Daniel Edstrom
DTC Systems, Inc.

Thanks to Charles Cox for this one.

Excerpt

The trial court ruled that despite procedural noncompliance, the purchaser was a BFP under the statute and quieted title in the purchaser. The Court of Appeals reversed, holding that failure to comply with the statutory requirements was reason to set the sale aside and that factually, the purchaser did not qualify as a BFP. We affirm the Court of Appeals ruling.

Here were the issues the Supreme Court was looking at:

Whether a trustee’s sale taking place beyond the 120 days permitted by RCW 61.24.040(6) warrants invalidating the sale.
Whether, under the circumstances of this case, a borrower waives the right to bring a postsale challenge for failing to utilize the presale remedies under RCW 61.24.130.
Whether a bona fide purchaser can prevail despite an otherwise invalid sale.

Conclusion

The nonjudicial foreclosure proceedings here were marred by repeated statutory noncompliance. The financial institution acting as the lender also appeared to be acting as the trustee under a different name; the lender repeatedly accepted late payments and, at its sole discretion, rejected only the final late payment that would have cured the default; and the trustee conducted a sale without statutory authority. Equity cannot support waiver given these procedural defects and the purchaser’s status as a sophisticated real estate investor or buyer who had constructive knowledge of the defects in the sale.

We conclude the trustee sale was invalid. We affirm the Court of Appeals and remand to the trial court to enter an order declaring the sale invalid and quieting title in Tecca as against Dickinson. We also affirm the Court of Appeals’ decision reversing the trial court’s judgments for rent, costs, and statutory attorney fees in favor of Dickinson.

[bold, italics and underline added by author]

Download the ruling here: http://dtc-systems.net/wp-content/uploads/2012/05/WA-Supreme-Ruling-Albice-v-PremierMortgage.pdf

Two Days Before Illegal Wells Fargo Eviction Ventura Man Commits Suicide – His Widow Needs Your Help

Two Days Before Illegal Wells Fargo Eviction Ventura Man Commits Suicide – His Widow Needs Your Help

By Daniel Edstrom
DTC Systems, Inc.

Oriane Rousseau, whose husband tragically took his own life in the face of wrongful foreclosure by Wells Fargo will tell the story of about the shameful behavior of Wells Fargo that led to this preventable tragedy. If you can’t come to the event, visit the event page and send a message of support to Mrs. Rousseau.

Thanks for your help!

More Information:

There will be a press conference at the home of Oriane Rousseau, whose husband tragically took his own life in the face of wrongful foreclosure by Wells Fargo will tell the story of about the shameful behavior of Wells Fargo that led to this preventable tragedy.

Tuesday, May 22, at 12pm, Rousseau Family Home, 580 Wilshire Place, Newbury Park, CA

Facebook event page: https://www.facebook.com/events/175588909235756/

Tax deductible contributions to help Mrs. Rousseau with relocation and funeral expenses can be made at https://www.networkforgood.org/donation/ExpressDonation.aspx?ORGID2=27-1487442
An account of her story can be found at http://www.alternet.org/news/155442/wells_fargo_has_blood_on_its_hands:_desperate_man_commits_suicide_after_shocking_foreclosure_mistreatment_/?page=entire

GMAC Residential Capital Lists 200-999 Creditors, Failing to Disclose Tens of Thousands of Homeowner Claims

GMAC Residential Capital Lists 200-999 Creditors, Failing to Disclose Tens of Thousands of Homeowner Claims

By Daniel Edstrom
DTC Systems, Inc.

Note that the original article has been updated to fix my mistake of showing 299 creditors when the number of creditors listed on the Voluntary Petition was 200-999. On April 13, 2011 the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation issued a Cease and Desist Consent Order against Ally Financial Inc. fka GMAC LLC, Ally Bank fka GMAC Bank, Residential Capital LLC (and its direct and indirect subsidiaries) and GMAC Mortgage LLC. During the period of 1/1/2009 to 12/31/2010, the Mortgage Servicing Companies completed 89,998 foreclosure actions, representing less than 4 percent of the Servicing Portfolio over such such time period. View the attached Voluntary Petition below to see the number of creditors identified. The regulators found the following:

WHEREAS, in connection with the process leading to certain foreclosures involving the Servicing Portfolio, the Mortgage Servicing Companies allegedly:

Filed or caused to be filed in state courts and in connection with bankruptcy proceedings in federal courts numerous affidavits executed by employees of the Mortgage Servicing Companies or employees of third-party providers making various assertions, such as the ownership of the mortgage note and mortgage, the amount of principal and interest due, and the fees and expenses chargeable to the borrower, in which the affiant represented that the assertions in the affidavit were made based on personal knowledge or based on a review by the affiant of the relevant books and records, when, in many cases, they were not based on such knowledge or review;

Filed or caused to be filed in courts in various states and in connection with bankruptcy proceedings in federal courts or in the local land record offices, numerous affidavits and other mortgage-related documents that were not properly notarized, including those not signed or affirmed in the presence of a notary;

Litigated foreclosure and bankruptcy proceedings and initiated non-judicial foreclosures without always confirming that documentation of ownership was in order at the appropriate time, including confirming that the promissory note and mortgage document were properly endorsed or assigned and, if necessary, in the possession of the appropriate party;

Failed to respond in a sufficient and timely manner to the increased level of foreclosures by increasing financial, staffing, and managerial resources to ensure that the Mortgage Servicing Companies adequately handled the foreclosure process; and failed to respond in a sufficient and timely manner to the increased level of Loss Mitigation Activities to ensure timely, effective and efficient communication with borrowers with respect to Loss Mitigation Activities and foreclosure activities; and

Failed to have adequate internal controls, policies and procedures, compliance risk management, internal audit, training, and oversight of the foreclosure process, including sufficient oversight of outside counsel and other third-party providers handling foreclosure-related services with respect to the Servicing Portfolio. Continue reading “GMAC Residential Capital Lists 200-999 Creditors, Failing to Disclose Tens of Thousands of Homeowner Claims”

GMAC Residential Capital Declares Bankruptcy

GMAC Residential Capital Declares Bankruptcy

By Daniel Edstrom
DTC Systems, Inc.

According to Residential Funding Corporation, GMAC was one of the largest entities securitizing loans in 2000. This bankruptcy probably has an impact on nearly every single GMAC based loan or loan that was securitized by GMAC. Many of the GMAC deals pledged the loans to the trusts but never actually perfected the transfer. This could mean that your “lender”, “creditor” or “owner” of these loans is one of the many related entities of Residential Capital (RESCAP) – which may be a problem because they have probably been paid in full. Many of these entities had a security interest in the money advanced to fund the loans, even though they were not the named lender. Many of these entities were required and obligated to make payments on the borrowers loans – and they did in fact make payments. Many of these entities had guarantee agreements with other parties (such as servicers) to reimburse them for payments of principal and interest made on borrowers loans.

Here is the list of related entities RESCAP is attempting to consolidate into one bankruptcy:

ditech, LLC

DOA Holding Properties, LLC

DOA Properties IX (Lots-Other), LLC

EPRE LLC Equity Investment I, LLC

ETS of Virginia, Inc.

ETS of Washington, Inc. Continue reading “GMAC Residential Capital Declares Bankruptcy”

Fannie Mae Announces Year-End Servicer Performance Scorecard Results

Fannie Mae Announces Year-End Servicer Performance Scorecard Results

By Daniel Edstrom
DTC Systems, Inc.

Quote from news release dated March 15, 2012:

The STAR Program was created to establish standards and recognize excellence among Fannie Mae servicers in their overall performance, customer service, and foreclosure prevention efforts.

Another Quote:

Overall STAR performance rankings are issued on an annual basis each April.

Apparently Fannie Mae missed the flood of Cease and Desist Consent Orders issued by various government regulators on April 13, 2011 for unsafe or unsound foreclosure policies and practices. The government regulators were the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Federal Housing Finance Agency.

Fannie Mae has apparently missed the fact that nothing has changed and the servicers are not abiding by the Cease and Desist Consent Orders, unless they are doing this in secret or on a limited basis.

Here is the text of the news release, followed by the STAR Scorecard results for the previous quarters in 2011. Continue reading “Fannie Mae Announces Year-End Servicer Performance Scorecard Results”

New Century Mortgage Corporation Bankruptcy May “Restart” Because Residential Borrowers Were NOT Notified of the Bankruptcy

New Century Mortgage Corporation Bankruptcy May “Restart” Because Residential Borrowers Were NOT Notified of the Bankruptcy

By Daniel Edstrom
DTC Systems, Inc.

New Century Financial Corporation and its related entities filed voluntary bankruptcy on April 2, 2007. Persistent Pro Se homeowners are holding the New Century Bankruptcy to task by insisting they, like thousands of other homeowners (if not tens of thousands) were never notified of the New Century bankruptcy. Homeowners with claims would be considered “creditors” in the New Century bankruptcy. If the judge resets the bar date, the bankruptcy would “start over”, or at least the claims period would be opened once more. If this occurs, it is possible New Century would have to notify homeowners with New Century loans that they may be potential creditors. Because of the fraudulent paperwork created by mortgage services and lenders, the number of claims by residential borrowers skyrocket.

The New Century Liquidating Trust insisted the Pro Se borrowers were wrong and everything was fine.

The next hearing on the matter is May 23 2012 in Judge Carey’s courtroom in Delaware. On April 25, 2012, this is briefly what happened at the Omnibus hearing according to “Abby”:

Judge Carey came out for the homeowners in today’s telephonic hearing. Hahn & Hessen, the appointed trustee’s counsels from NYC, wanted to do the substantive arguments TODAY..but Carey shot them down. They wanted to have only a cross examination of Atty. Uhland on May 23rd and Carey shot them down – he said no. He expected direct and cross. He is taking this as a WHOLE NEW evidentiary hearing. Atty. Uhland had been responsible for the bar date publication for one day each in the Wall Street Journal and the Orange County Register.

Homeowner/borrowers were never notified of the bankruptcy even though New Century had the contact data for each homeowner/borrower.

Also, the appointed bankruptcy trustee, Alan Jacobs was ordered back for the hearing on May 23, 2012 as well as Atty. Uhland. Pro se Homeowner/borrowers will have about a month to prepare their questions for testimony from Atty. Uhland and the bankruptcy trustee Alan Jacobs.

For a list of other loan originators who have imploded and declared bankruptcy, such Mortgage Lenders Network USA, Inc. and Accredited Home Lenders, Inc., go to the infamous “Implode-O-Meter” (TM) website (http://ml-implode.com/) from Martin Andelman, author of the Mandelman Matters Blog (http://mandelman.ml-implode.com/)

Omnibus Reply of the New Century Liquidating Trust to Objections to Motion for Entry of An Order to Determine That the Debtors Have Complied with the Order Establishing Bar Dates for Filing Proof of Claim and Approving Form, Manner and Sufficiency of Notice Thereof [D.I. 1721]: http://dtc-systems.net/wp-content/uploads/2012/04/NCLT_DI-10853_re_Bar_Date.pdf

Response of Molly S. White and Ralph N. White in Objection to the New Century Liquidating Trust Motion Requesting an Order That the Debtors Have Complied with the Bar Date Order for Filing Proofs of Claim and Approving Form, Manner and Sufficiency of Notice: http://dtc-systems.net/wp-content/uploads/2012/04/Pro_Se_objection_to_NCLT.pdf

New Century Liquidating Trust 1st Quarter 2012 financials: http://dtc-systems.net/wp-content/uploads/2012/04/1st_qtr_2012_financials.pdf

There are numerous other objections from other Pro Se’s, but this is the only one we currently have.