AZ PRO SE LITIGANT DRIVING BONY CRAZY

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11.10.10 B OF NY MELLON AZ BK -Fourth-Amended-Complaint[1]

see also HEAD BKR JUDGE IN AZ JUST RULED BONY MEL

One of the interesting things about this particular litigant is that he has a combination of factors in which the pretender lender side has everything to lose and almost nothing to gain by proceeding with their attempt to foreclose. If the good Judge here continues to apply the law, BONY is screwed. And THAT will affect other foreclosures that were wrongfully done against this same litigant. The wrongful foreclosures against this individual give rise to some pretty big actions for damages. They might also give rise to administrative Federal and State action against the pretender lenders, not to speak of potential criminal actions, for which investigations are underway. Despite the deep color red, politically speaking, Arizona has a very aggressive Attorney General (Terry Goddard), who apparently gets it. So this case bears watching, not just for the drama of David and Goliath, but for the eventual outcome.

It’s the story of a very talented film maker who has been knocked down so many times he can’t count them. But he keeps getting up and throwing some pretty effective punches. Reminds me of the Rocky scenario. But my guess is that this Judge, who is still opposed (not just skeptical) to defenses and claims based upon securitization, splitting the obligation, note and mortgage etc., is going to turn the corner like dozens of other Judges are doing across the country, which means that unlike Rocky who considered himself a success for surviving 15 rounds in which he lost on points, Mr.Bailey may end up a big, even huge winner in all of his cases starting with a favorable ruling in this particular case.

BONY and the other pretender lenders are getting increasingly uncomfortable and so are the investors, and those hedge funds “hunting for bargains” that the entire foreclosure process for the past few years might be rolled back on reset by the courts and that they are running out of options to stop it. So this pro se litigant, if he wins this round, may very well roll back the other foreclosures and file actions for damages that will be very sizable indeed. He might even find a clever lawyer who sees the potential NOW that will help him. A smart lawyer with knowledge of bankruptcy rules, adversary proceedings and securitization, lending laws etc., could land himself a mighty fine fee on contingency now that the litigant has already done all of the heavy lifting. What seemed like a hopeless case is now a genuine threat to the Wall Street oligopoly, as unlikely as that seemed when the battle started more than 2 years ago.

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