Supporting, Informing & Connecting People in Foreclosure
An extremely important bankruptcy case has been filed in the Southern District of New York. There are a number of lenders you may be familiar with, such as: Residential Capital, GMAC, DiTech, etc. There are 51 entities that are listed in this case. I have attached the Notice with all lenders. If you are dealing with any of these entities you may need to file a B10 Form with the Bankruptcy Court to protect yourself. I will send the B10 form with instructions in a separate post here and on my Blog.
Click on this link to view notice:
Residential Capital, LLC et. al., Debtors United States Bankruptcy Court, Southern District of New York
On May 14, 2012 Residential Capital, LLC, GMAC Mortgage, LLC, Residential Funding Company, LLC and other creations and subsidiaries of these three filed for Chapter 11 Reorganization Bankruptcy protection in the United States Bankruptcy Court in the Southern District of New York State. In this case, over 50 entities or hydras of the aforementioned three corporations filed a jointly administered Petition. This means that all of the corporate entities claim that they and their business operations are so similar that it makes good legal sense to treat them as a single corporate body.
Up to this point, this was a part of the subterfuge that the GMAC ResCap family utilized to dupe the public in believing they were receiving better deals from completely independent and unrelated businesses. Now, when it seems no longer profitable to feed these hydras, it is time to file bankruptcy and attempt to make it even more difficult for victimized homeowners to discover the reality of how badly their Mortgages/Deeds of Trust and the resulting Chains of Title have been compromised and destroyed.
The GMAC ResCap family is attempting to use the good auspices of the United States Bankruptcy Court to liquidate all types of assets including mortgage backed securities and fraudulent residential mortgages. Thus, if successful, they will finally destroy the evidence of their securitizations of full and partial investment shares in residential mortgage promissory notes. This destruction of evidence could make it infinitely more difficult for defrauded mortgage borrowers from seeking legal redress for damages and from attempting to repair, if possible, their destroyed Chains of Title.
On the same day that the GMAC ResCap family of corporations filed for bankruptcy protection, the investment banker for Residential Capital, LLC and the other grouped debtors submitted a filing entitled “DECLARATION OF SAMUEL M. GREENE IN SUPPORT OF THE PROPOSED SALE OF DEBTORS’ ASSETS.” In this document, Samuel Greene, the investment banker, asks the Court for permission to sell off all assets of the ResCap family. How can the Court sell off assets (i.e. mortgages and mortgage backed securities) when the true ownership of these assets cannot be ascertained?
One of the creditors, Ginnie Mae, a Government Sponsored Enterprise (GSE), states in its' pleadings, in support of the bankruptcy, that this corporate family oversees 2.4 million residential mortgages with an aggregate principal value of over $374 billion dollars. Of these 2.4 million mortgages, 68% of them have been sold to Fannie Mae, Freddie Mac and Ginnie Mae.
GMAC ResCap is a stockholder and one of the creators of MERSCORP, Inc and Mortgage Electronic Registration Systems, Inc. By electronically shredding Deeds of Trust and Mortgages, as the MERS System recommends, it is highly unlikely that the Chains of Title for these instruments under their stewardship could ever be unclouded if this bankruptcy is allowed to proceed as the GMAC ResCap family requests.
Therefore, since mortgages that have been laundered through the "MERS System" give rise to legitimate claims for actual, declaratory and punitive damages, we are affecting notice of our claimant status to the Bankruptcy Court. We are among the very residential homeowners who have received formal notice of the Bankruptcy. Under the suggestion of the Bankruptcy Judge’s Clerk, we are using Form B 10 to notice the Court of our creditor claimant status.
The notice from the law firm representing the GMAC ResCap family states that there is no need to file anything as we would be protected. It is unknown how the Court may treat the notice of creditor claimant status, yet we believe it is prudent to insure there is legal notice of our claims. We suggest being conservative, cautious and prudent in noticing the Court by noticing claimant status.