Fannie/Freddie Consider Write Downs
Jay Hornbeck
The white house has been pressing the Federal Housing Finance Agency (FHFA) to get Fannie Mae and Freddie Mac to reduce the principal balance on underwater mortgages. The FHFA has been reluctant and asserts that mortgage reductions will cost tax payers too much money and will not be adequately effective.
There is less than a month before the FHFA makes the decision to reduce mortgages. President Obama has provided multiple incentives for Fannie Mae and Freddie Mac, nearly tripling the incentives originally offered to these government backed entities. If FHFA makes the decision it will affect approximately 3 million underwater mortgages for Fannie Mae and Freddie Mac combined.
If the averages size of a write down is $20,000 it would cost approx. 60 billion over the course of the average loan. This decision might not cure the real estate market but would have a substantial impact. _________________ |
Bear Saves Man from Mountain Lion
Robert Biggs, 69, of Northern California says he was on a hiking and gold panning trip near Whiskey Flats when he spotted a mother bear with her offspring. He watched the bears for a bit and as he was leaving, a mountain lion jumped on his back, clutching onto his backpack. Biggs attempted to fight off the mountain lion and hit it with a rock he carried. Suddenly, the bear came up and pulled the mountain lion by its neck.
Biggs claims the two animals fought for a few seconds before the mountain lion managed to escape. After the mountain lion fled, the bear calmly walked back to her offspring.
Biggs does not believe the mountain lion intentionally attacked him. He believes the mountain lion was stalking the bear cub, and he just happened to get in the way.
After the incident, Biggs, wrapped his wounded arm with a t-shirt, completed his gold panning, and finally went home. When Biggs' wife saw him covered in blood, she urged him to go see a doctor, but Biggs refused. Suzanne Biggs says her husband is a stubborn man. While Biggs' wife is worried about rabies, Biggs says his battered arm "feels fine" after he poured some hydrogen peroxide on it.
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New G&A Team Members
Two new employees have joined the G&A team, Ryan Williford and Amanda Ferro. Ryan joined the team as a paralegal and will assist with foreclosure litigation matters. He will be responsible for client communications, discovery assistance, legal research and litigation support. He can be reached at ryan@attorneyoffices.org or extension 203. Amanda joined the team as a legal assistant and will assist Chris Heise with litigation support, docketing, client communications and scheduling. She can be reached at amanda@attorneyoffices.org or extension 201. We are excited to have Ryan and Amanda as a part of team and know you will enjoy working with them both. ______________________________ |
KFC Found Liable
Erika Mariz
The judge of the Supreme Court of the State of New South Wales in Australia said that KFC breached its duty in caring for an Australian girl after causing her bodily harm.
In 2005, Monika Samaan, then aged 7, ate a Twister chicken wrap from KFC in Sydney, Australia, which she shared with her parents and brother. Monika's family said they suffered from vomiting and diarrhea but fully recovered. Unfortunately, Monika had salmonella poisoning which left her in a coma for six months with brain damage.
After awaking from the coma, Monika is now confined to a wheelchair and cannot speak. The family's attorney George Vlahakis said that the family had exhausted their very limited resources. After a four week trial, KFC was ordered to pay Monika's family approximately $8.3 million Australian dollars. Mr. Vlahakis said that the family finds it increasingly difficult to lift Monika and to look after her basic needs as well as her younger siblings. He added, "The compensation ordered is very much needed. KFC have to date been determined that Monika does not receive a cent."
KFC argues that there is no proof that food contamination led to Monika's brain damage, and it has a responsibility to defend its "reputation as a provider of safe, high-quality food." KFC indicates it will appeal the verdict.
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Foreclosure Settlement Loopholes
Michael Ann Hill
When the National Foreclosure Settlement Agreement was entered into, there was a lot of hope it would actually work to keep homeowner's in their homes. However, loop holes are allowing lenders to use the money to their own advantage.
The Big Five, JPMorgan Chase, Bank of America, Wells Fargo, Citibank and Ally Financial, were required to enter the agreement which calls for $25 billion, a record-making amount of penalties and fines due to flaws and irregularities in mortgages. And according to reports from the Federal Reserve, regulators are seeking to add to that list. Those that may be included in the near future are HSBC, SunTrust Bank, MetLife, EverBank, Goldman Sachs, OneWest, U.S. Bancorp, and PNC Financial Services.
In the meantime, write-offs for the penalties have allowed lenders to help those evicted with moving costs and to write-off mortgages by demolishing homes. However, this use of the money is doing nothing to help homeowners stay in their homes. It is estimated that of the $25 billion contribution so far, only 40.8%, or $10.2 billion has been used to reduce principal balances for homeowners who are struggling to pay the mortgage.
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Tampa Bay Business Journal Best Workplaces
Gallagher & Associates was recogonized as one of Tampa Bay's Best Workplaces at the Tampa Bay Business Journal's Best Workplaces Awards Lunch at the Lowrey Park Zoo. This is the second year in row that G&A was honored. G&A was the highest rated law firm in its catagory.
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About Our Firm
Gallagher & Associates Law Firm, P.A. is a boutique consumer law firm in offering concierge legal services to individuals, consumers and small businesses where clients have 24/7 access to their attorney.
Our practice areas include foreclosure defense, insurance litigation, real estate litigation and business law and consumer litigation.
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G&A News & Notes
*Charles Gallagher will present at NBI's Litigating Insurance Coverage Claims from Start to Finnish on June 14, 2012 at the Tampa Westshore Marriott.
*Charles Gallagher was named a 2012 Rising Star by Super Lawyers. Charles was also named a Super Lawyer in 2010.
*G&A is proud to partner with the Tampa Bay Rowdies as a corporate sponsor for the third year in a row. The Rowdies open their North American Soccer League season in April at Al Lang Stadium in downtown St. Petersburg.
*Charles Gallagher served as a moderator of "Saints and Sinners: Ethical Issues in Client Development" ABA Podcast.
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G&A is proud to support Tom Ramsberger in his campaign for Pinellas Circuit Judge. We believe Tom will make an excellent judge and would urge you to support him.
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G&A-Stewart Title Foreclosure Presentation
G&A has teamed up with Stewart Title to present "Foreclosure Litigation101: Trending Topics." The program is free and open to the public.
The program is set for May 15, 2012 at 10:30 a.m. Stewart Title is located at 14100 Walsingsham Road in Largo. Attendees are asked to RSVP by Friday, May 11th to Michelle Schaeffekoetter.
What had been a simple legal proceeding years ago, has now become far more complex than banks and homeowners alike ever expected. The presentation will provide context on the state of foreclosure law and notable trending topics.
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G&A is proud to support Kim Campbell in her campaign for Pinellas Circuit Judge. We believe Kim will make an excellent judge and would urge you to consider supporting her.
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G&A Email Directory
Erika Mariz Ryan Williford Christine Heise
Victoria L. Bloomer Micheal Ann Hill |
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