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PRESS RELEASE
For
more information contact:
Richard F.
Kessler
Documentary
Clearing House LLC.
941-924-5608
richardfkessler@verizon.net
http://www.cancelthemortgagenow.com
August 16, 2009
OMNIBUS
MOTION OPENS NEW FRONTIER FOR DEFENSE OF FORECLOSURE
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Ready-to-File Document Establishes
Rationale to Render Securitized Mortgages Unenforceable
Of the $10 trillion of mortgages in effect in the United States,
up to $8 trillion may have become unenforceable because the
mortgages were improperly converted into securities, says
Richard F. Kessler, C.E.O. of Documentary Clearing House LLC
(DCH).
Until the banks have more to lose by pursuing foreclosure than
they have to gain, the foreclosure mills will continue to grind
unchecked, he says. Neither the federal government nor the banks
have any real incentive to modify loans in default. Accordingly,
“Cancel the Mortgage-Now “ is a new strategy to render
trillions of dollars of securitized mortgages unenforceable and
give banks a powerful incentive to seek an alternate dispute
resolution to foreclosure.
DCH was established to compel reform of foreclosure and the
secondary mortgage market. The company is offering for sale its
new, ready-to-file Cancel the Mortgage Now! Omnibus Motion to
Dismiss, a comprehensive set of well-documented and researched
legal arguments that conversion of a mortgage into a security
renders the mortgage unenforceable, says Kessler.
If the Omnibus Motion prevails across the country, the magnitude
of the consequences is stunning. It will result in the
invalidation of trillions of dollars worth of mortgages and
compel the Federal Government to step in and reform and regulate
the secondary mortgage market, a promise made by this
Administration but not kept.
Filing the Omnibus Motion in defense against foreclosure serves
a greater public good according to Kessler. “It establishes a
future rationale to hold the leading financial institutions that
sold trash—an unenforceable mortgage—for cash accountable to
mortgage debtors who were lent money upon terms they could not
afford and investors who were sold certificates secured by
unenforceable mortgages,” he says.
As a first step to the introduction of the Omnibus Motion, DCH
is sending the following message to the more than 48,000 members
of the Florida Bar:
“Your client’s defense against foreclosure is incomplete
unless you file the Omnibus Motion to Cancel the Mortgage-Now !
If the mortgage was converted into a security, the conversion
rendered the mortgage unenforceable. Don’t simply delay
foreclosure; end it by cancelling the mortgage. If you are
defending a client whose mortgage was converted into a security
from foreclosure, your defense is incomplete unless you file
this motion. You have a professional obligation to raise
this defense.” ‘Cancel the Mortgage-Now!’ will become the
new rallying cry to defeat mortgage foreclosure.”
“DCH enlisted the finest legal minds and legal resources, and
invested nine months in the conduct of exhaustive research and
analysis to produce the Omnibus Motion,” says Barry Wilhelm,
company president.
“Such a protracted undertaking is beyond the financial means
of most defendants facing foreclosure. Accordingly, this product
is intended to provide a resource to litigating counsel which
would, under normal circumstances, be unavailable because of
constraints of time and cost,” he says.
DCH will authorize use of the Omnibus Motion by organizations
engaged in the defense of mortgage foreclosure without
compensation. As of today, a major provider of legal services in
southwest Florida and the Yale Law School Legal Services Program
have been authorized to use the Omnibus Motion for the defense
of their clients, Wilhlem stated.
What makes the Omnibus Motion unique as a defense to
foreclosure? If the Omnibus Motion prevails, the mortgage is
unenforceable; the other side will not anticipate the arguments;
the motion puts the other side at risk from potential liability
from investors in security certificates; the other side will
have to spend the time and money to respond to six thoroughly
researched arguments which their attorneys have never seen
before; the Omnibus Motion is ready-to-file by filling in the
blanks; the filing of the motion creates a powerful incentive
for the other side to utilize an alternate dispute resolution
and modify the mortgage; the mortgage defendant only pays a
fraction of the actual cost of producing the motion making
use of this Omnibus Motion as an affirmative defense
widely affordable; counsel can use the mortgage again for each
mortgage defendant client with a securitized mortgage.
Lenders consistently opt for foreclosure in lieu of an alternate
dispute resolution. More than 1.5 million foreclosures have
occurred since January according to Realty Trac, an online
database. Foreclosures may top 3 million this year. Aside from
pious pronouncements in favor of alternate dispute resolutions
in the face of this displacement of so many American families,
the federal government has done little to reduce the flow of
foreclosure and the plaintiff lenders have done even less. The
federal program for intervention known as “Making Home
Affordable” has only assisted 9% of the 2.7 million delinquent
borrowers eligible for assistance according to a report issued
by the Treasury Department.
Cancel the Mortgage-Now! is a ready-to-file affirmative
defense to foreclosure of a securitized mortgage. Simply
fill in the blanks, sign and file. It asserts that any mortgage
converted into a security is unenforceable because the plaintiff
lacks standing and the complaint fails to state a cause of
action for which relief can be granted. The mortgage is
unenforceable because the plaintiff lacks standing to foreclose
on behalf of the certificate holders, the mortgage has been
converted into an instrument not enforceable by foreclosure and
the debtor/mortgagor did not consent to conversion of the
mortgage.
DCH hopes to cause widespread dissemination of this Omnibus
Motion. Each purchaser will be asked to sign a licensing
agreement whereby the purchaser agrees that use, republication
and reproduction of the Omnibus Motion will be limited to the
purchaser, either a single practitioner or a law firm, and the
client’s of the purchaser. Purchasers are not authorized to
publish or otherwise disseminate the motion for the use of other
persons.
The initial price of the Omnibus Motion is $599.00 for a single
practitioner and $799.00 for a law firm. Payment is to be made
by credit card or Paypal. The Omnibus Motion is available for
download in PDF Format or Word. A hard copy is available by mail
upon request for a slight additional charge.
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Richard Kessler is a graduate of Yale Law School and a
Washington, D.C. attorney. He has made a career of innovative
and first-time legal strategies.
source: http://www.newszapforums.com/forum147/95433.html
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