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8 ---O---
14 YOUR HONOR.
19 PLAINTIFFS.
21 FOR PLAINTIFFS.
23 PLAINTIFFS.
28 ACTION.
3
7 DISCOVERY.
3 THIS CASE WHERE THEY THINK THEY WANT TO PUT THIS CASE
8 THEORETICALLY BE NEEDED.
15 THEIR COUNSEL.
17 PRESENTED BY THAT.
24 TO KNOW.
9 VALUE.
16 FROM WHAT THEY READ AND THEY ARE TOLD, AND TO MODIFY
17 THEIR ALLEGATIONS.
15 AND THEREAFTER.
5 PARTICULARITY.
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20 THAT GETS THIS CASE, MIGHT INDEED THINK THAT THE LARGER
22 THIS CASE.
3 THEY SHOULD PUT UPON THEIR REAL ESTATE IF THEY ARE DOING
20 THE LATIN.
6 ONE WAS ESSENTIALLY ALL TOO WILLING TO LOAN YOU TOO MUCH
5 ECHOING SILENCE.
9 NEGLIGENT MISREPRESENTATIONS.
18 HEARD BY HIM.
21 RELIED.
5 COMMON LAW.
13 LATER.
22 M-I-N-N-A-A-R, TO MY UNDERSTANDING.
19 TO MAKE IT GO FORWARD.
27 PROBLEM.
2 2:00 I CAN GIVE YOU SOME MORE TIME BUT BACK INTO THAT SO
8 IT?
11 COURT'S IN RECESS.
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4 PLAINTIFF'S COUNSEL.
6 BEHALF OF PLAINTIFF.
8 AFFILIATED PARTIES.
11 THIS MORNING.
20 BUILDERS.
24 (NO RESPONSE.)
5 IN EXCEPT FOR MR. PER ROSS WHO RENTS A ROOFER AND TURNS
6 OUT HE HAVE WAS OUT OF TOWN AND JUST UNTIL A DAY AGO HE
11 HEARD A CHIME.
12 (NO RESPONSE.)
17 (NO RESPONSE.)
2 ROBBED.
7 (NO RESPONSE.)
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8 ---O---
11 V. BANK OF AMERICA.
15 I'M GOING TO RECESS YOUR CASE, DEAL WITH THE OTHER CASE
23 THINGS CHANGE -- TAKING THIS CASE ALL THE WAY AND TRYING
28 AS WE SAID WE WOULD.
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11 IN THAT DIRECTION.
11 ISSUE YOUR HONOR RAISED THAT WE'LL COME BACK TO. WHO IS
4 DECEMBER 31ST.
25 SAYS:
26 AT THIS POINT, THESE BORROWERS WHO
3 CIRCUMSTANCES --
19 THESE PROPERTIES.
25 ANY.
26 WE DIDN'T HAVE TIME TO CONVERSE OVER LUNCH
21 SAME SCHEME.
5 IS COMPLIANCE OFFICER?
18 INTEREST.
4 PREJUDICE.
15 HAD AFFILIATIONS.
19 PLAINTIFFS.
5 CAN TELL YOU THAT THESE OPINIONS THAT THEY ARE TALKING
12 CASE.
9 TRANSACTION.
18 CONSPIRACY.
22 PROVE THEM.
24 NICELY --
14 THAT DUTY.
1 CONCEALMENT IS IMMUNIZED.
17 BONUSES, AND THEY KNOW THEY ARE DOING IT, BUT CHOOSE NOT
7 WAYS THE HIGH STAKES CLAIM IN THIS CASE, ARE THE COMMON
17 MR. SPIVAK'S HOPE TO TRY THE CASE TO THE JURY AND HAVE A
3 CAUSATION, I RECOGNIZE --
5 OTHER CASE.
9 (RECESS.)
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21 WERE TWO ISSUES I'D LIKE TO ADDRESS. THE FIRST ONE WAS
2 I CAN --
2 THE MARKET GOT OVER INFLATED AND THEY GOT INTO THE
9 EXPANSION OF G.S.E.'S.
12 AT FREDDIE MAC AND FANNY MAY, AND THE 500 BILLION DOLLAR
18 SWAPS.
21 AND HIS TEAM WERE WITHIN THE IDEA OF THE TORT LAW, IN
1 THEY ARE REALLY JUST HEAPING TOO MUCH ON POOR LITTLE OLD
24 ITS OWN HOUSING BUBBLE, BUT SIMPLY THAT WE ARE TOO EARLY
9 COURT REPORTER MAY HAVE A HOME, THE COURT CLERK MAY HAVE
16 BUT GO AHEAD.
25 PARTY.
26 IN SHORT, THERE MUST BE A CAUSAL
11 CONNECTION.
8 PRICE.
17 WHEN THEY ARE ALL MIS-PRICED, YOU ARE STILL GOING TO GET
21 EVERYTHING.
7 HOMES AND DIDN'T BUY IT, DIDN'T TAKE OUT A LOAN, THEY
17 THAT HOME SAYING WHERE TWO PARTIES CAN SUFFER THE SAME
18 HARM -- AND I CAN GIVE THE COURT THE PAGE NUMBER CITE.
24 DIFFICULT.
27 MR. KLEIN HAS BEEN MAKING. NOT NOW, BUT WHEN YOU GET
3 THEY ARE ALLEGING THAT THE MORTGAGES WITH THE BANK AND
5 17200 WITH THE M.E.R.S. ISSUE AND THE PATRIOT ACT ISSUE,
24 THEIR MORTGAGE.
27 EARLIER TODAY --
1 YOUR ADVERSARY.
6 COUNSEL TABLE.
10 THEIR MORTGAGE.
20 THERE'S PEOPLE WHO HAVE LOANS WITH THE BANK WHO HAVE
2 RELATIONSHIP?
2 SIDE.
12 CAN HAVE HIS RESERVE TIME AFTER I'M DONE WITH MY PART OF
13 THE TIME.
28 I'LL START WITH SOME OF THE THINGS MR. KLEIN HAS SAID.
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20 SAME THING.
24 ANY CASE THAT SAYS THAT. I'VE SEEN CASES THAT SAY,
9 CIRCUMSTANCES.
24 FIDUCIARY RELATIONSHIP.
28 FRAUD STATUTES.
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15 LIQUIDITY CRISIS.
21 ALLEGED.
1 TWO CASES ONE IN THE FEDERAL CASE AND ONE IN THE STATE
3 CITED THAT I'VE LOOKED AT THAT SAYS THAT 1572 DOES NOT
4 APPLY TO BANKS.
13 CAUSATION ARGUMENT.
5 HE DOESN'T.
10 MAY HAVE HURT SOMEONE ELSE AND THAT OTHER PERSON CAN'T
20 SOMEONE ELSE WAS ALSO HARMED WHO MAY NOT HAVE STANDING
16 SO WE DON'T HAVE OUR THEIR NAMES WITH US, THERE ARE SOME
19 YOUR HONOR --
24 FIRST.
5 AN ADVOCATE --
8 IN FRAUDULENT CONCEALMENT.
19 COME BACK."
23 RELY, EVEN POST 2005. THEY MAY HAVE RELIED BECAUSE THEY
2 IT'S REALLY ONE THING: SHOW THE RELIANCE FOR THOSE WHO
3 GOT THEIR LOANS BEFORE 2005, WE'D HAVE TO FIGURE OUT THE
20 WANTS --
19 MISS JONES.
22 PLEADING.
2 PREJUDICE.
6 YEARS.
9 MR. MR. STEIN AND MISS JONES, WHO IN OUR GROUP HANDLE
10 THAT.
12 CONDONE THAT.
16 PEOPLE.
28 AGAIN.
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8 PEOPLE.
19 WE WRAP IT UP TODAY.
21 AGREEABLE TO YOU.
6 DAMAGES.
15 MAKE SENSE.
17 DEFER.
13 THE PAPER.
9 THE FACT THAT THAT LOAN ESSENTIALLY HAS BEEN LOST AND
27 TAXES. IF YOU DON'T FILE YOUR TAXES, BUT YOU DIDN'T OWE
4 OWED TAXES.
9 MONEY IS COMING FROM AND WHO THE REAL OWNER OF THE DEBT
17 MORE.
20 PEACEMAKERS.
24 ONE THING AND THEN I THINK THE PEACEMAKERS CAN GET UP.
16 THE CASE STARTED WITH 20 PEOPLE AND NOW IT'S 300, AND
22 WILL --
24 PEOPLE --
27 CREDIT CARD.
19 DOING THIS.
22 AND SAID THAT THE OWNER OF THE MORTGAGE IS THE ONE WHO
3 THE COURT FROM THE RESEARCH ITS DONE AND READING THE
5 MORNING.
23 HAVE, AND THEN WITH A LOT OF THEM, THERE ARE TWO YEARS
5 COURT OPINION THAT CAME OUT TODAY, AND THEY READ THIS
7 WANT?
25 HOUSE.
26 THE COURT: SO, TO CUT IT TO THE CHASE, IF THE
27 BANK GOT THE LATE CHARGES OFF THE TABLE, CROSSED THE
10 SERVICE.
15 THAT WAS.
27 ALSO SOME OF THEM ARE WORN OUT BY THE TWO YEARS. AND
6 YEARS AGO, WHEN NOBODY WAS SUING THE BANK, BUT I HAVE
25 THEY CAN COME BACK AND COME TO GRIPS WITH IT. I'M
26 TRUSTING THAT AS OFFICERS OF THE COURT AS TO THE FIRST
3 CCP 128.7.
6 CONCEALMENT CLAIM.
15 IMMUNIZATION.
18 APPRECIATE THAT.
21 LENDER/BORROWER RELATIONSHIP.
22 AND --
24 FRAUDULENT CONCEALMENT.
1 REFERENCED THERE.
6 IN THIS CASE.
10 HEARD.
24 CITED YOU ARE NOW RELYING ON THEM BECAUSE THEY ARE CITED
25 WITHIN PRICE.
26 MR. KLEIN: THEY ARE IN PRICE. AND THEY ARE
8 THERE'S NO DUTY.
20 BEING ALLEGED.
27 NOW YOU HAVE A DUTY TO ANY OTHER BORROWER OUT THERE WHO
3 CONSPIRACY.
6 THE COURT: THE DUTY WOULD RISE AND FALL UNDER THE
7 SAME STANDARD.
8 THAT:
12 WITH 2923.5.
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19 CONFUSION.
3 LOAN MODIFICATION.
8 QUALIFY AND DEMONSTRATE THAT YOU CAN PAY AND FUND YOUR
21 PREJUDICE?
5 ARE THEN, MONTHS LATER, THE RUG IS PULLED OUT FROM UNDER
16 SHOWED YOU THE CONTRACTS, THE COURT CAN READ THEM, AND
28 INVESTIGATING --
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12 YOU ARE PREPARED TO SHARE WITH THE COURT OF WHAT YOU SEE
23 SIT DOWN AND TALK ABOUT -- ANY OF THEM WANT TO SIT DOWN
27 FAR, THE --
2 IDEA OF MODEST.
14 DAY ONE IN THIS CASE, HAS BEEN TO LOOK FOR WAYS TO KEEP
25 AT THESE CASES.
26 MR. SPIVAK: YOUR HONOR --
9 MANDRI IRRELEVANT.
24
14 WHICH THE COMMON LAW DOES WISH TO VISIT THE RISK OF THIS
8 UNDER CCP 166.1, WHICH IS WHAT RINGS THE BELL FOR THE
10 ATTENTION.
24 GUESS THAT'S HOW RECON AND C.T.C. DID COME BEFORE THE
28 OTHERWISE OVERRULED.
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12 THE WRIT?
25 REASONS WHY ONE MAY NOT WANT TO SADDLE A BANK FOR THIS
26 DUTY. AND I THINK IT'S A FAIR QUESTION FOR OUR COURT OF
13 CAUSE OF ACTION.
1 GOT MUSCLE.
4 UNTIL LIKE THE LAST WEEK OF JANUARY FOR THE NEXT TIME WE
8 EVEN SOONER?
15 THE BEST TIME FOR THAT, AFTER WE HAVE GOT THE ORDER
16 ENTERED.
17 THE COURT: WHEN YOU SAY YOU HAVE THE ORDER, YOU
20 DRAFT AND CAN MOVE AHEAD, BUT UNTIL YOU HAVE AN ORDER
6 FRANKLY.
5 NEW REQUEST?
12 LATER?
20 BUT YOU OBVIOUSLY WILL BE THE HERO WORKER FOR BRYAN CAVE
21 THIS YEAR.
7 AND REEXAMINE IT, BECAUSE THAT CASE CRIES OUT FOR AND
11 ARE GOING TO DO SO --
2 DON'T KNOW WHY I'D CHASTISE THEM FOR TAKING MORE TIME.
5 COOPERATIVELY.
1 OF VIEW.
5 (PROCEEDINGS CONCLUDED.)
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