Zingervotes focusing on the political and more. The ABC's of Foreclosure and Eviction
Tuesday, November 9, 2010
Legal Vetting Says: $10 Million Subprime Bet Worth $3 Billion
PHILADELPHIA, Nov. 8, 2010 /PRNewswire/ -- With America's current foreclosure crisis, Legal Vetting Inc. is offering hope to troubled homeowners that were sold fraudulent, predatory loans when the lenders allegedly conspired with companies such as Morgan Stanley, Merrill Lynch, and Goldman Sachs. According to Legal Vetting, these transactional parties were gambling all along that the loans would undoubtedly fail. The Philadelphia-based firm provides in-depth mortgage analysis to a nationwide network of lawyers and has already investigated over $600 million in foreclosure cases this past year.
Legal Vetting concentrates on analyzing the inaccuracies within the lending and securitization process, along with the ongoing involvement of transactional parties. "Goldman Sachs' executives and others were secretly aware that the true value and quality of those loans were not as Goldman claimed. These lenders have orchestrated unjust enrichment to themselves with unclean hands by manipulating and falsifying their representations within the mortgage securitization process, breaching their fiduciary duty to the homeowner and committing fraud, which in turn has led to the cascade of mortgage foreclosures in this country," said Blair Wright, the founder and CEO of the firm.
With over 26 years in the mortgage industry, Wright speaks from experience: "Legal Vetting's primary argument is that the majority of this country's foreclosures stem from loans that should never have been made in the first place. The lenders knew that Wall Street would ignore the abusive lending to hedge their bets. Goldman understood this and not only offered the mortgage backed certificates as a sound investment to their investors but secretly placed a $10 million bet that the mortgages would fail - and when the mortgages did fail, then the AIG policy would pay out $3 billion to Goldman. All in all, Goldman picked up $12.8 billion in six transactions from AIG from an estimated $50 million dollar investment. Most importantly, Goldman could not have made this money without the abusive predatory lending on the homeowner."
According to Legal Vetting, the source of the current economic crisis was Wall Street's unclean hands to produce profits from homeowners who were duped into defective mortgage products. "The American people will pay again, a second time, when the U.S. Government needs to cover the $182 billion paid out to AIG as a bailout, along with the $350 billion now needed for Fannie Mae and Freddie Mac," said Wright.
Wright has positioned the Legal Vetting's business model to identify lender fraud, pin-pointing documents that identify the conspiracy of the SEC Trust transactional parties, support the homeowner's counter claims by providing this information to a team of independent litigators, who countersue the responsible parties for their unclean hands. Wright continued, "Wall Street could not have made their money without the homeowner, and it is this litigation support which allows the homeowner to stay in their home, and have an attorney pursue restitution for these atrocities." Legal Vetting is currently operating in Florida,Pennsylvania and New Jersey and is planning the opening of offices in Georgia and California.
Legal Vetting's platform provides the independent litigating attorney with all client care screening and support, along with the in-depth forensic auditing and organizing of the discovery and SEC documents, providing the specifics as identified and represented within the various counterclaims against the SEC transactional parties. The firm's support staff maintains this information on a secure online legal network to ensure that legal expectations are met for both the homeowner and the litigating lawyer.