Friday, July 2, 2010

Consumer Bankruptcy Filings Up

U.S. consumer bankruptcy filings totaled 770,117 nationwide during the first six months of 2010 (Jan. 1-June 30), a 14 percent increase over the 675,351 total consumer filings during the same period a year ago.

Thursday, July 1, 2010 = BigRipoff.Com is more like it!

Ok I admit it, I got taken to the tune of $97.50.   I was bidding on an IPad 3G 64GB.   

This is why it is a ripoff you bid the clock resets itself it never gets to zero!  None wins until people give up  so you could be at 30 seconds for days!    Then some items they will allow you to purchase at the so called retail price minus a  credit for your loyality bucks.   Now the do not let you use all of your loyalty  dollars on an item, only a percentage.

I looked at DSiw/ Mario game  they  say the retail is $ 198.49. They will allow $30 of the loalty bucks to be use so the  price is $168.49 plus shipping and handling.


Below is the response I recieved to my complaint about the clock, loyality bucks, and so called retail price:

Charley, Jul 02 08:08 am (PDT):


We are sorry to hear you are finding your time with to be frustrating. We have thousands of satisfied users and would love for you to be one, but we do realize our site is not for everyone. Everything is spelled out in our terms of service all users agree to upon registration. . Our goal is simply to add a bit of excitement to the shopping experience while providing access to great deals on popular products. is not like traditional auctions and our clock offers a small twist to keep things interesting. Please read more about our clock on our website Basically, the clock will keep resetting with each bid placed in the final seconds until the price reaches the retail Buy It Now price. With the exception of the iPad which does not offer a Buy It Now. It is rare when we have to pull the Buy It Now option on a product. We only do this when the supply is very limited (as it currently is on the iPads) since it is difficult to predict how many participants will proceed with a Buy It Now purchase when the auction does not turn out in their favor. Rather than drop a popular auction item altogether, we decided to proceed with the advice next to the bid button that Buy It Now is not available so users can make the best decision about participation based on their needs beforehand. If a user chooses to bid when there is no Buy It Now option, the do risk losing their used bids.

With regards to our Loyalty Bucks, they are a gift for purchasing bid packs, and it is an additional opportunity to save discounts on a variety of items.

Please let me know if I can assist you further.

Charley Customer Service

Seventh Circuit validates loan servicer plaintiffs, blasts real party in interest defense

CWCapital Asset Management, LLC v. Chicago Properties, LLC, et al.

United States Court of Appeals for the Seventh Circuit

___ F.3d ___, 2010 WL 2574190, Case No. 09-3506,

Decided June 29, 2010

In CWCapital, the Seventh Circuit held that a loan servicer is a real party in interest, and thus able to maintain an action in its name. The plaintiff, as servicer for the subject loan, then brought an action to recover the settlement funds from the mortgagor. The District Court had concluded that the plaintiff's claim was groundless, but also ruled "seemingly as an after-thought" that "the servicer was not a real party in interest" and thus dismissed the suit under Fed. R. Civ. P. 17(a). Judge Posner reversed the District Court, finding that the servicer was a real party in interest.

The opinion first explained how mortgages are placed in a securitization trust and that the "trustee or in this case the trustee's delegate (the plaintiff)" is responsible for servicing those mortgages. Servicers are necessary entities because of the need for neutral parties to "balance impartially the interests of the different tranches as determined by their contractual entitlements."

The opinion then distinguished the power of attorneys versus the power of assignees to collect debts. An attorney cannot bring an action in his or her own name on behalf of a real party in interest simply by disclosing that client's identity. However, the servicer is "much like an assignee for collection." In this case, the servicer had standing to sue because it had a personal stake in the outcome of the lawsuit as "it receives a percentage of the proceeds of a defaulted loan that it services."

Judge Posner concluded that under the terms of the pooling and servicing agreement, the servicer "has the whip hand; he is the lawyer and the client"; while the trustee's duty was merely to provide support when needed. The pooling and servicing agreement delegated equitable ownership of the claim to the servicer, while the trust holds mere bare legal title.

This opinion is significant because it strongly validates the loan servicer as the real party in interest in collections actions by focusing on the terms of the pooling and servicing agreement. Pooling and servicing agreements give almost plenary power to servicers to administer and enforce the terms of the subject mortgage loans. This opinion should be cited by creditors to counter the real party in interest defense in order to resolve the default, whether through loss mitigation or court action.

Wednesday, June 30, 2010

3rd Circuit

The Third Circuit correctly overruled the 1984 Frenville holding that a claim ‘arises’ for bankruptcy purposes when a ‘right to payment’ accrues under applicable non-bankruptcy law as too narrow of an interpretation of “claim” under the Bankruptcy Code. In re Grossman’s, Inc., (3rd Cir. 6/2/10)