.

Allison Wallrapp has recenly joined G&A as a law clerk. Allison is a current student at Stetson University College of Law. She was previously employed with a large statewide foreclosure law firm in Tampa.

Ms. Wallrapp graduated summa cum laude from Rollins College where she was President of the student body. Ms. Wallrapp is a member of St. Petersburg Bar Association and the Florida Association for Women Lawyers. Allison focuses on foreclosure litigation, consumer law, real estate & insurance law and business litigation.

G&A News & Notes

2011-06-03T10:56:00.001-07:00

*Charles Gallagher was featured on Fox 13 to discuss the pending mortgage fraud settlement among all attorneys general. Fox 13

*Gallagher & Associatioes was proud to sponsor the Suncoast PBA's football game at Al Lang Stadium. The game was a benefit and fund raiser for the fallen St. Petersburg Police officers.

*Charles Gallagher authored, "Fla. Stat. 57.105 Attorneys Fees, To the Victor go the Spolis...Or do they?" in the May 2011 Paraclete.

*Ashley Elmore Drew served as the Chair for the St. Petersburg Bar's "Meet the Judges Lunch" held at the Pinellas County Courthouse.

*Gallagher & Associates was proud to sponsor the St. Petersburg Bar's Meet the Judges Lunch.

Florida Insurance Law Legislative Update

2011-06-03T10:55:00.001-07:00

Despite public opposition, Gov. Rick Scott signed SB 408, which drastically changes property insurance for all citizens. Sen. Mike Fasano and other consumer advocates fought against the legislation as too insurer friendly. The bill includes the following changes:

·Expanding exclusions from losses covered by the Florida Hurricane Catastrophe Fund to include losses caused by perils other than a covered event, such as fire, theft, flood or rising water, as well as amounts paid for waivers of deductibles and bad faith awards.

·Limiting public adjuster compensation for reopened or supplemental claims to 20 percent of the claim payment and requiring additional disclosures.

·Requires that all sinkhole be filed within two years of the date of loss.

·Requiring insurers to provide two replacement cost coverage options for payment of personal property insurance claims.

·Requiring a policyholder to file windstorm and hurricane claims within three years

Parts of the bill that failed included provisions that would permit carriers to raise rates without state oversight and approval.

New York Attorney General Investigation

2011-06-03T10:54:00.000-07:00

New York's Attorney General has requested information and documents from three major Wall Street banks about their mortgage securities operations during the credit boom, indicating the existence of a new investigation into practices that contributed to billions in mortgage losses. The requests were directed to Bank of America, Goldman Sachs and Morgan Stanley.

Several civil suits have been filed by federal and state regulators since the financial crisis erupted in 2008, some of which have generated settlements and fines, most prominently a $550 million deal between Goldman Sachs and the Securities and Exchange Commission.

But even more questions have been raised in private lawsuits filed against the banks by investors and others who say they were victimized by questionable securitization practices. Some litigants have contended, for example, that the banks dumped loans they knew to be troubled into securities and then misled investors about the quality of those underlying mortgages when selling the investments.

The possibility has also been raised that the banks did not disclose to mortgage insurers the risks in the instruments they were agreeing to insure against default. Another potential area of inquiry - the billions of dollars in credit extended by Wall Street to aggressive mortgage lenders that allowed them to continue making questionable loans far longer than they otherwise could have done.

Officials at Bank of America and Goldman Sachs declined to comment about the investigation; Morgan Stanley did not respond to a request for comment.

During the mortgage boom, Wall Street firms bundled hundreds of billions of dollars in home loans into securities that they sold profitably to investors. After the real estate bubble burst, the perception took hold that the securitization process as performed by the major investment banks contributed to the losses generated in the crisis.

Critics contend that Wall Street's securitization machine masked the existence of risky home loans and encouraged reckless lending because pooling the loans and selling them off allowed many participants to avoid responsibility for the losses that followed.

AT&T Sued for Ipad/Iphone Billing

2011-06-03T10:51:00.001-07:00

AT&T is being sued for systematically overcharging its iPhone and iPad customers for data transactions, primarily small charges which amount to millions of dollars in revenue for the wireless carrier.

"AT&T's billing system for iPhone and iPad data transactions is like a rigged gas pump that charges for a full gallon when it pumps only nine-tenths of a gallon into your car's tank," the suit alleged. "AT&T's bills systematically overstate the amount of data used on each data transaction involving an iPhone or iPad account.

According to the federal class-action suit, an independent consulting firm hired by plaintiff conducted a two-month study of AT&T's data usage billing practices, and discovered the carrier systematically overstated web server traffic by 7% to 14% -- and in some cases by more than 300%

As a result, an iPhone user who downloads a 50 KB website will typically be billed for 53.5 KB (a 7% price hike) to as much as 150 KB (a 300% overcharge). The suit also accuses AT&T of billing customers for non-use. "It gets worse," the suit charges. "Not only does AT&T systematically overbill for every data transaction, it also bills for phantom data traffic when there is no actual data usage initiated by the customer."

This claim was based on findings from the consulting firm, which purchased an iPhone from an AT&T store, closed all applications, disabled all notifications and services, deactivated the email and left it alone for 10 days.

"During this 10-day period, AT&T billed the test account for 35 data transactions totaling 2,292 KB of usage," the suit claims. "This is like the rigged gas pump charging you when you never even pulled your car into the station." Other tests by the consulting firm also purportedly showed that AT&T's billing system fails to accurately record the time and date of data usage, making it difficult for customers to track their usage and take advantage of their full allotment.

Although AT&T's alleged overcharges per customer are "modest," the suit says, the effect on AT&T's bottom line is "huge." AT&T has 92.8 million customers, and for the fourth quarter of 2010, reported a wireless data revenue increase of $1.1 billion, or 27.4%, from a year earlier. A "significant portion" of those revenues, the suit says, resulted from AT&T's "rigged billing system" for iPhone and iPad data usage.

http://myemail.constantcontact.com/June-G-A-Newsletter.html?soid=1101393926713&aid=UPyjlv0N3bU

2011-06-01T05:41:00.000-07:00

http://myemail.constantcontact.com/June-G-A-Newsletter.html?soid=1101393926713&aid=UPyjlv0N3bU

Underwater Mortgages

2011-05-28T02:38:00.000-07:00

Underwater homes and 'moral hazards': MyFoxTAMPABAY.com

Foreclosure Experts….Or Are They?

2011-05-26T17:08:00.000-07:00

Foreclosure Experts….Or Are They?

Foreclosure Experts....Or Are They?

2011-05-26T08:40:00.001-07:00

“Expert” foreclosure advise is seemingly available everywhere these days. But who exactly is the expert offering advice on your most precious asset, your home.

Realtors, real estate brokers, mortgage brokers, appraisers and self professed real estate experts have set up shop offering advice to distressed homeowners in default of their mortgage or in foreclosure. Consumers looking for guidance often fall into the trap of seeking advice from real estate sales professionals without appropriate credentials to render opinions on the legal implications of foreclosure. Further still are realtors or mortgage brokers that offer valuation opinions, without a state appraiser certification.

“Almost every day I speak with homeowners who are operating under some misinformation about foreclosure provided by non-attorney experts” said Attorney Charles R. Gallagher III. “Homeowners need to be careful of the source of the information and should seek the counsel of a licensed Florida attorney with foreclosure litigation experience.” “Realtors and brokers are not in a position to offer legal advice regarding foreclosure issues.”

Homeowners need to inquire on basis for such expert opinions with some pointed questions. What are your professional credentials or licenses? Do you lecture or teach on the subject? And most importantly, who has characterized you as an expert?

About G&A: “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.

Nationwide Foreclosure Inestigation Stalls

2011-05-07T06:37:00.001-07:00

Attorneys general negotiating the settlement of a nationwide foreclosure investigation have yet to approach banks with a proposed dollar amount that would fund principal reductions for borrowers, a state official said.

The states have agreed on some terms while failing so far to reach an accord on monetary payments by lenders, a person familiar with the talks said last week. Eight Republican attorneys general have publicly challenged the concept of principal reductions as part of a 50-state settlement.

Last month, state officials and federal agencies, including the Justice Department, submitted settlement terms to five mortgage servicers, including Bank of America Corp. (BAC) and JPMorgan Chase & Co. (JPM) They called for a "substantial portion" of an unspecified monetary amount to go toward a loan modification program.

The six-month probe by the states was triggered by claims of faulty foreclosure practices following the housing collapse, which state officials said may violate their laws. Geoff Greenwood, a spokesman for Iowa Attorney General Tom Miller, a Democrat who leads the investigation, said in an interview that the states haven't presented a dollar figure to the banks, declining further comment.

Any state agreement with servicers or banks on principal reductions will depend on the size of the writedowns, the incentives for the servicers built into the settlement and other details, which continue to be sorted out, said the first person familiar with the negotiations.

"Our position has been that principal reductions are one tool in the toolbox, and should only be used in appropriate circumstances," Iowa's Miller said yesterday in an e-mailed statement.

In addition to Bank of America and JPMorgan, also taking part in those agreements were San Francisco-based Wells Fargo, New York-based Citigroup, the GMAC unit of Detroit-based Ally Financial, Aurora Bank FSB, EverBank Financial Corp., HSBC Holdings Plc, OneWest, MetLife Inc., PNC Financial Services Group Inc. (PNC), Sovereign Bank, SunTrust Banks Inc., and US Bancorp.

Iowa's Miller said earlier this month that the state effort to reach a nationwide agreement would continue "unabated."

http://myemail.constantcontact.com/May-G-A-Newsletter.html?soid=1101393926713&aid=VsWLgFQIhc8

2011-05-07T06:37:00.000-07:00

http://myemail.constantcontact.com/May-G-A-Newsletter.html?soid=1101393926713&aid=VsWLgFQIhc8

Docket Management

2011-05-07T06:32:00.001-07:00

Attorney Fee Sanctions

2011-05-07T06:31:00.000-07:00

Spring Happy Hour and Open House

2011-05-01T14:23:00.001-07:00

Spring Happy Hour and Open House, a set on Flickr.

http://myemail.constantcontact.com/May-G-A-Newsletter.html?soid=1101393926713&aid=VsWLgFQIhc8

2011-05-01T05:10:00.000-07:00

http://myemail.constantcontact.com/May-G-A-Newsletter.html?soid=1101393926713&aid=VsWLgFQIhc8

Elmore Drew Appointed to Florida Bar Committee

2011-04-18T13:58:00.000-07:00

Elmore Drew Appointed to Florida Bar Committee

FC Tampa Bay Season Opener

2011-04-09T08:23:00.001-07:00

G&A Sponsors FC Tampa Bay Schedule Magnets at Season Opener

2011-04-07T13:15:00.000-07:00

G&A Sponsors FC Tampa Bay Schedule Magnets at Season Opener

2011-04-06T06:24:00.001-07:00

http://myemail.constantcontact.com/Get-Rowdy-with-G-A.html?soid=1101393926713&aid=NKGRC2dhMz0

2011-04-06T06:24:00.000-07:00

http://myemail.constantcontact.com/Get-Rowdy-with-G-A.html?soid=1101393926713&aid=NKGRC2dhMz0

FC Tampa Bay has many new looks this season - St. Petersburg Times

2011-03-17T09:22:00.000-07:00

FC Tampa Bay has many new looks this season - St. Petersburg Times

Tampa Bay Law Firm Opens Tiki Bar to Opposing Counsel

2011-03-01T09:11:00.000-08:00

Tampa Bay Law Firm Opens Tiki Bar to Opposing Counsel

http://myemail.constantcontact.com/March-G-A-Newsletter.html?soid=1101393926713&aid=KahR2qLtIDY

2011-03-01T04:53:00.000-08:00

http://myemail.constantcontact.com/March-G-A-Newsletter.html?soid=1101393926713&aid=KahR2qLtIDY

BOA Settles Class Action Overdraft Suit

2011-02-28T11:10:00.000-08:00

Bank of America has agreed to a $410 million settlement in nationwide class action lawsuits alleging that banks have abusive and excessive overdraft fee policies.

The suits, consolidated before U.S. District Court Judge James Lawrence King in Miami, sought to recover millions of dollars in fees charged to consumers on debit card purchases.

Last spring, Bank of America said it would stop charging those fees. Instead, customers could only make debit card purchases if they had enough money in their accounts. Other banks targeted in the lawsuit include Citibank, JPMorgan Chase, U.S. Bank, Wells Fargo and Wachovia, which merged with it.

The bank limits the number of overdraft fees a customer can receive to four a day from 10 a day. Bank of America also said it extended deposit cut-off times to 8 p.m. and reduced the length of deposit holds, which allows customers quicker access to deposited funds.

Additional Foreclosure Firms Investigated

2011-02-28T11:09:00.000-08:00

The Florida Attorney General's Office has requested information from three additional law firms in connection with allegations of foreclosure fraud. The Attorney General requested documents and information from Albertelli Law, Kahane & Associates and Law Offices of Daniel Consegura.

Prior to this request, the Attorney General made the same request of Law Offices of David Stern, Shapiro & Fishman, Law Offices of Marshall C. Watson and Florida Default Law Group in connection with similar investigations.

Many of bank and mortgage lender clients of David Stern's firm have terminated their relationship with the firm and sought replacement counsel amidst allegations of fraudulent document practices.

Mozillo Criminal Case Closed

2011-02-28T11:08:00.000-08:00

After paying a $22.5 million fine, and after Bank of America footed the bill for a $45 million settlement on his behalf, the Department of Justice has closed its criminal investigation of former Countrywide CEO Angelo Mozilo.

In October Mozillo settled a civil lawsuit with the Securities and Exchange Commission for $67.5 million, while not admitting or denying fault for his actions, which the SEC alleged helped bring about the financial meltdown.

The U.S. Justice Department closed the investigation of Mozilo that began in 2008, determining that those same actions made by Mozilo while he was CEO of the company were not criminal. But other investigations of Mozilo are still underway.

Last week Rep. Darrell Issa requested a subpoena be issued to Bank of America, which bought Countrywide in 2008, regarding the "Friends of Angelo" program that offered preferential loan terms to lawmakers and government officials, allegedly in exchange for political favors.

Gallagher Named Chair of ABA Practice Development Committee

2011-02-15T09:20:00.000-08:00

Gallagher Named Chair of ABA Practice Development Committee

GA spots revised 4.mov

2011-02-08T12:34:00.000-08:00

Foreclosure Mediations Fail

2011-02-01T05:22:00.001-08:00

In 2010 the Supreme Court of Florida passed an administrative order that required early mediation in all residential foreclosure cases. However, the statistics show that the program has not proved to be effective.

Statewide, there were 13,417 cases referred to mediation between March and June, according to a state report. Of those, 768, or 1 percent, resulted in the borrower and lender coming to an agreement. That could include a loan modification or a short sale.

HAMP Revamp

2011-02-01T05:21:00.000-08:00

HAMP Revamp

House Republicans introduced a bill in January to end HAMP, the Obama administration's main foreclosure-prevention effort, calling the White House program a "colossal failure."

Rep. Jim Jordan (R., Ohio) introduced the bill to terminate the Treasury Department's Home Affordable Modification Program immediately. He was joined by Rep. Darrell Issa (R., Calif.), chairman of the House Committee on Oversight and Government Reform, and Rep. Patrick McHenry (R., N.C.).

Critics say the government hasn't been aggressive enough in preventing foreclosures. The government should do more, they say, to press banks to write down principal balances to assist homeowners who owe far more on their properties than their homes are worth.

Only 522,000 homeowners were enrolled in HAMP loan modifications and were making payments on time as of the end of last month, the Treasury Department said. That is far short of the original goal of helping as many as four million homeowners.

About 793,000 homeowners, or roughly 54% of the nearly 1.5 million who have enrolled since spring 2009, have dropped out of the program.

Consumer Warning: Debit Cards

2011-02-01T05:20:00.000-08:00

Consumer Warning: Debit Cards

Banking experts have warned that the days of free debit card use are may be up. Bank of America, US Bank and other banks have indicated they plan to implement fees and limitations in connection with the use of debit cards.

Bank of America Corp., the biggest debit-card issuer, said earlier this month that it will begin charging retail customers checking-account fees unless they maintain minimum balances, make regular deposits, use credit cards or take advantage of online services.

U.S. Bancorp executives hinted that later this year, debit cards might no longer be a free product at the bank. That would make it the first bank to adopt such fees. They hhinted that to recapture revenue that most likely will be lost from recent legislative changes and proposals, the bank might change its checking account pricing, reduce rewards and "perhaps" add a debit card fee, among other action items. U.S. Bank is just the latest bank to announce new checking account fees in reaction to regulation.

Another one of these expected changes is the reintroduction of the minimum account balance requirement. With this, if a consumer makes too many purchases and slips below a predetermined amount in their checking account, they could be hit with a big penalty fee. Pay special attention to any mailings from your bank as they are required to provide written notice of any account changes.

G&A New Spots.wmv

2011-01-31T18:37:00.000-08:00

GandA intro video_fighting for rights

2011-01-31T18:35:00.000-08:00

http://myemail.constantcontact.com/Happy-Holidays.html?soid=1101393926713&aid=OryYj4KKKoI

2010-12-20T08:57:00.000-08:00

http://myemail.constantcontact.com/Happy-Holidays.html?soid=1101393926713&aid=OryYj4KKKoI

Happy Holidays

2010-12-20T08:50:00.000-08:00

Happy Holidays from

Gallagher & Associates Law Firm

Happy Holidays from all of us, to all of you. As we reflect over the past year and look to the New Year, we wanted to thank you, our clients, colleagues and friends of the firm.

We sincerely appreciate the bonds that we have forged with you and look forward to growing in our relationships with you.

We wish you and yours the warmest of holidays and a happy, healthy and prosperous New Year!!!

Sincerely,

Charles, Erika, Ginny, Jason, Ashley, Chris & Chip

Gallagher & Associates Law Firm, P.A.

ABA Holiday Networking Podcast

2010-12-03T09:31:00.001-08:00

http://www.abanet.org/buslaw/committees/CL745000pub/materials/audio/2010/2010-holiday-networking.mp3

Holiday Pet Safety

2010-11-30T20:38:00.000-08:00

As the holiday season draws near it is important to keep a more vigilant eye on our pets. Unfortunately, holiday decorations and common holiday foods pose great risks to our pets.

One of the most commonly ingested dangerous food around the holidays is chocolate, which is highly toxic to dogs. Even a small amount of chocolate can use vomiting and diarrhea, while larger amounts can cause seizures and heart arrhythmias. It might be wise to not place any boxes of chocolate under the Christmas tree, even if the box is wrapped. Dogs can easily find a way to get to the chocolate.

Another commonly ingested item by pets, believe it or not, is alcohol. Please watch your drinks as alcohol can cause seizures, drops in blood sugar, blood pressure, and body temperature, and even respiratory failure.

Grapes and raisins may seem innocuous, but these are very dangerous to dogs as they may cause kidney failure. Take care not to give any food that contains either raisins or grapes to your pets.

With the holiday season comes excess food. Fatty foods can cause pancreatitis, which sometimes leads to abdominal pain and vomiting, and in severe circumstances, can result in death. Instead of giving fatty leftovers to your pets, it is best to safely discard them in a place where your pets can get to them.

Now as far as plants go, there are plenty of frequently purchased plants that are extremely harmful to your pets. Poinsettias, mistletoe, and holly berries are all toxic to varying degrees. Flowers in the Lily family can cause severe kidney failure in cats.

Lastly, Christmas trees may pose a wide array of problems for pets. First of all, Christmas trees themselves are considered to be mildly toxic, which can lead to many health problems if your pet tries to eat any part of it. The ingestion of pine needles may lead to gastrointestinal obstruction or puncture. If you have a live tree, please take notice that if you add preservatives in the water for your tree, some of these preservatives contain chemicals that can cause gastrointestinal problems.

In addition, Christmas ornaments can be problematic as many pets will try to eat some of them, especially sparkly tinsel. Ingestion of these ornaments may lead to gastrointestinal blockage or rupture. Finally, Christmas lights can be a major hazard to pets, especially birds since they like to chew on everything. Chewing on the light cords can, of course, cause electric shocks and burns to your pets.

With all of these potential hazards during the holidays, it is best to keep your pet in an "undecorated" area of the house when you are not home so you do not have to face any unpleasant surprises when you come home.

If your pet manages to eat anything that it should not, please seek immediate help from your veterinarian or a pet poison hotline.

Foreclosure Fund Proposed

2010-11-30T20:35:00.000-08:00

A Federal Reserve official voiced approval Thursday for a fund that would compensate borrowers whose homes were improperly foreclosed upon.

Fed Governor Elizabeth Duke told a House subcommittee that she supports the idea, hich has been discussed in meetings between state attorneys general and banking-industry officials.

The committee hearing focused on allegations that major banks used flawed foreclosure documents to seize homes. The central bank and other banking regulators are investigating the issue.

"I think it would be very positive if there was a mechanism to deal with these problems as they came forward," she told the panel.

State attorneys general, who are conducting a separate investigation, are seeking a settlement with the mortgage industry that also would overhaul other industry practices, such as modifying loans for struggling homeowners.

Mortgage-operations officials from several of the biggest U.S. banks also testified. They promised to make every effort to keep people in their homes with modified loans, keeping foreclosure only as a last resort.

Officials from Ally Financial, Bank of America, JPMorgan Chase, Citigroup and Wells Fargo said they don't believe any document errors led to foreclosures that would not have occurred otherwise.

2010 3 Day (88 photos), by Charles Gallagher

2010-11-01T13:54:00.001-07:00

I'd like to share my Snapfish photos with you. Once you have checked out my photos you can order prints and upload your own photos to share.
Click here to view photos

Wells Fargo Foreclosure Problems

2010-10-28T05:31:00.001-07:00

After stating that they were confident with their procedures and documents, Wells Fargo has now admitted they made mistakes in the paperwork for thousands of foreclosure cases. They announced plans to refile documents in 55,000 of the cases by mid-November. Wells Fargo described the mistakes as technical and said it has no plans to halt the foreclosure process, though filing new paperwork will cause some delays.

“We don't believe that there are instances in which the foreclosures would not have occurred otherwise,” said Teri Schrettenbrunner, a Wells Fargo spokeswoman. The documents are being refiled in the 23 states where a judge's approval is needed to complete a foreclosure.

Wells Fargo’s CEO, John Stumpf, has declined to join Bank of America Corp., Ally Financial Inc.'s GMAC Mortgage and other banks in suspending foreclosures because of flawed paperwork that surfaced at several large banks. On a conference call with investors this month, Stumpf said the bank is "confident that our practices, procedures and documentation" are accurate.

Depositions of two Wells Fargo employees have called the company's foreclosure practices into question. A Fort Mill, S.C.-based Wells employee said in a deposition taken last March that she signed between 300 and 500 foreclosure documents per day. In another deposition taken in May, another Wells employee said he verified only the dates on up to 150 foreclosure documents he signed daily and relied on co-workers to ensure that other information was correct.

Consumer Foreclosure Alert

2010-10-25T17:09:00.000-07:00

Lenders Suspend Foreclosures

In the wake of the recent testimony that loan representatives routinely signed thousands of documents a without reviewing the documents or verifying that the information was accurate or correct, four lenders have suspended their foreclosures pending internal investigations. The following lenders have announced that they will stay foreclosures:

Bank of America
GMAC/Ally Financial
JP Morgan Chase
PNC Financial

It is expected that additional lenders will follow suit in the near future given the widespread nature of the problems. However, Wells Fargo reported that it was not going to stay any of their foreclosures as it was confident with regard to their documents and practices.

Despite what appears to be good news, in at least one local case, attorneys for Bank of America have failed honor the stay and proceeded forward with the foreclosure litigation, stating that the stay only applies to some cases.

Caution for Occupancy Inspections

Homeowners should also be cautious for contrived occupancy or property inspections by contractors for banks which are really designed to intimidate and scare homeowners.

While the terms of most mortgages give banks the right to secure a vacant property and confirm that the borrowers reside in home, lenders are using this as collection effort where the representative will misrepresent the foreclosure process and threaten an immediate ejectment from the home.

After a homeowener has advised the represaentative that they reside there and property is secured, you can direct the representative to leave your property as they have no legitimate reason for remaining on the property. In some cases the statements of the bank representative have risen to a level of fraud and law enforcement has been summoned to issue a no-trespass warning.

Breast Cancer 3 Day

2010-10-25T17:07:00.001-07:00

Komen for the Cure 3 Day.
http://www.the3day.org

There will be a lot of pink visible in the Tampa Bay area this weekend. From Friday-Sunday over 1700 walkers will trek 60 miles in three days to raise money and awareness for breast cancer treatment, research and advocacy. Spectators can attend the opening ceremonies at Sand Key Park in Clearwater on Friday morning, closing ceremonies at North Shore Park by The Pier in St. Petersburg on Sunday afternoon or opt for a cheering station along the route. Last year’s 3 Day raised over $4 million dollars.

Avvo

2010-10-25T17:06:00.000-07:00

Charles Reiger Gallagher III

View lawyer's profile

‘Foreclosure Armageddon’ looms - Tampa Bay Business Journal

2010-10-15T05:38:00.000-07:00

‘Foreclosure Armageddon’ looms - Tampa Bay Business Journal

Florida could soon become No. 1 state for foreclosures - St. Petersburg Times

2010-10-14T05:22:00.000-07:00

Florida could soon become No. 1 state for foreclosures - St. Petersburg Times

Foreclosure Alert

2010-10-11T08:23:00.000-07:00

Lenders Suspend Foreclosures

In the wake of the recent testimony that loan representatives routinely signed thousands of documents a without reviewing the documents or verifying that the information was accurate or correct, four lenders have suspended their foreclosures pending internal investigations. The following lenders have announced that they will stay foreclosures:

Bank of America
GMAC/Ally Financial
JP Morgan Chase
PNC Financial

It is expected that additional lenders will follow suit in the near future given the widespread nature of the problems. However, Wells Fargo reported that it was not going to stay any of their foreclosures as it was confident with regard to their documents and practices.

Despite what appears to be good news, in at least one local case, attorneys for Bank of America have failed honor the stay and proceeded forward with the foreclosure litigation, stating that the stay only applies to some cases.

Caution for Occupancy Inspections

Homeowners should also be cautious for contrived occupancy or property inspections by contractors for banks which are really designed to intimidate and scare homeowners.

While the terms of most mortgages give banks the right to secure a vacant property and confirm that the borrowers reside in home, lenders are using this as collection effort where the representative will misrepresent the foreclosure process and threaten an immediate ejectment from the home.

After a homeowner has advised the inspector that they reside there and property is secured, you can direct them to leave your property as they have no legitimate reason for remaining on the property. In some cases the statements of the bank representatives have risen to a level of fraud and law enforcement has been summoned to issue a no-trespass warning.

State Attorneys General to Investigate Foreclosure Fraud

The attorneys general of up to 40 states plan to announce a joint investigation into banks' use of flawed foreclosure paperwork. An announcement could come as early as Tuesday.

Iowa Attorney General Tom Miller will likely lead the investigation. Miller already has been leading multistate reviews of questionable foreclosure documents. Additionally, Attorney General Eric Holder has said the federal government is also looking into the issue.

BOA Halts Foreclosures

2010-10-04T16:18:00.000-07:00

Mortgage Fraud Stats

2010-09-29T06:44:00.001-07:00

Florida is among the nation's leaders in yet another category.....mortgage fraud.

A predicate to the crisis of bad loans currently defaulting across the country was mortgage fraud in the application and underwriting of loans.

According to federal commission, Florida played a major role in the number of loans with associated fraud. The Financial Crisis Inquiry Commission opened hearings in Miami that focused on liar's loans, predatory mortgage practices and inflated home appraisals.

They concluded that the financial impact of the fraud was more severe than most have estimated, and prosecuting those responsible will be nearly impossible. It was the third of four hearings being carried out nationwide by the commission, which Congress assembled last year to investigate the causes of the global financial meltdown.

GMAC Halts Foreclosures

2010-09-29T06:43:00.000-07:00

GMAC Mortgage directed their attorneys to halt foreclosures on homeowners in 23 states including Florida, Connecticut and New York.

They stated that they may "need to take corrective action in connection with some foreclosures." Brokers were told to stop evictions, cash-for-key transactions and lockouts, regardless of occupant type, with immediate effect, according to an internal company document, addressed to GMAC preferred agents.

The company will also suspend sales of properties on which it has already foreclosed. The letter tells brokers to notify buyers that the company will extend the closing date on all sales by 30 days. Buyers will be able to cancel their agreement to purchase and get their deposit back, according to the letter.

GMAC Mortgage ranked fourth among U.S. home-loan originators in the first six months of this year, with $26 billion of mortgages, according to industry newsletter Inside Mortgage Finance. Wells Fargo & Co. ranked first, with $160 billion, and Citigroup Inc. was fifth, with $25 billion.

GMAC was created in 1919 to provide financing for buyers of General Motors Co.'s vehicles. GMAC converted into a bank holding company in 2008 as it received more than $17 billion of government funds during the financial crisis.

2010-09-24T12:19:00.001-07:00

Vista Print

2010-09-02T14:48:00.001-07:00

Save up to 80% on custom printed products at Vistaprint. Order today!

Judge Slams Wells Fargo

2010-08-28T12:49:00.001-07:00

A California federal judge has ordered Wells Fargo to refund $203 million in overdraft fees to customers affected by the bank's "unfair and deceptive" practice of clearing transactions from largest to smallest dollar amount.

U.S. District Court Judge William Alsup found that Wells Fargo acted wrongfully to trigger overdraft fees. Alsup said he is ordering restitution because Wells Fargo devised "a trap that would escalate a single overdraft into as many as 10 through the gimmick of processing in descending order. It then exploited that trap with a vengeance, racking up hundreds of millions off the backs of the working poor, students and others without the luxury of ample account balances."

At trial, internal bank documents were found which shows how Wells Fargo relied upon and encouraged overdraft fees. Research has found that overdraft fees have become the single largest source of consumer fee income for banks.

At Wells Fargo, overdraft fees are the second-largest revenue source for its consumer deposits group, generating more than $1.4 billion in California from 2005 to 2007, according to court documents.

Banks, including Wells Fargo, have long maintained that they clear large before small transactions to give priority to important payments for mortgages and cars. But this also generated more fees because it empties the bank account more quickly.

Florida Foreclosure Stats

2010-08-14T13:26:00.000-07:00

Recent statistics show that Florida leads the nation in foreclosures in first half of 2010.

Florida led the nation in foreclosures in the first six months of the year, according to new data released in July.

The Miami Fort Lauderdale area received more foreclosure-related warnings in the first half of this year than any other, foreclosure listing firm RealtyTrac Inc. said.

Florida accounted for nine of the top 20 metro areas with the highest foreclosure rates.

Pitfalls of Mandatory Foreclosure Mediation

2010-08-14T13:15:00.001-07:00

Generally, the Florida supreme court order outlining new procedures to expedite foreclosure cases has been helpful to borrowers. However, there is one major concern for the borrowers under these new procedures which is the requirement of borrowers to furnish private financial information to lenders prior to mediation.

Lenders are requesting the full disclosure of private financial information from borrowers prior to mediation, yet the lenders furnish no information regarding their financial stability. Normally, personal financial disclosure is given during discovery in aid of execution after a judgment has been rendered. Florida Rules of Civil Procedure 1.560 allows for a judgment creditor to seek discovery to help execute his or her judgment. In addition, a judgment creditor is allowed broad discovery into the debtor’s finances. Appley's Tru-Arc, Inc. v. Liquid Extraction Systems Ltd. Partnership, 526 So.2d 177, 179 (Fla 2d DCA 1988). However, at the point of mediation in these foreclosure cases there has been no judgment. We believe the compulsion of borrower’s private financial information to be in contravention of Florida law.

Personal finances are among those private matters kept secret by most people. Rappaport v. Mercantile Bank, 17 So.3d 902, 906 (Fla. 2d DCA 2009). In Florida, there is a general rule that personal financial information is discoverable only in aid of execution after a judgment has been entered. Friedman v. Heart Institute of Port St. Lucie, Inc., 863 So.2d 189, 194 (Fla. 2003). Furthermore, the trial court should be “sensitive to the protection of a party from harassment and from an overly burdensome inquiry.” Tennant v. Charlton, 377 So.2d 1169 (Fla., 1979). Courts have to be mindful that the exposure of personal financial affairs may be used by plaintiffs trying to coerce a settlement against an innocent defendant. Tennant v. Charlton, 377 So.2d 1169, 1170 (Fla., 1979).

Additionally, courts have to analyze whether the financial information sought is relevant to the matters being litigated as the disclosure of personal financial information during discovery may cause irreparable harm to the person forced to disclose it. Friedman v. Heart Institute of Port St. Lucie, Inc., 863 So.2d 189, 194 (Fla. 2003). The Florida Constitution protects the financial information of individuals if there is no relevant or compelling reason to compel disclosure. Spry v. Professional Employer Plans, 985 So.2d 1187, 1 (Fla. 1st DCA 2008). Thus, a party seeking private financial information must provide evidence to show that the information is relevant. Id. The relevance of financial information should be determined only after an evidentiary hearing. Id.

Thus, it is perplexing that under the new mediation rules for foreclosure cases that a borrower is required to submit private financial information to the lenders when the lenders do not have a judgment against them. The relationship at the time of mediation is not yet one of judgment creditor to judgment debtor. Furthermore, Florida even has a right to privacy set forth in its own constitution which “expresses a policy that compelled disclosure through discovery be limited to that which is necessary for a court to determine contested issues.” Rappaport v. Mercantile Bank, 17 So.3d 902, 906 (Fla. 2d DCA 2009). At the time of mediation, the borrower’s financial solvency and net worth are not being contested nor adjudicated.

Moreover, the lenders assumed the risk of initiating a loan at the loan’s underwriting stage. Thus, there is nothing in the note or mortgage that requires the disclosure of personal financial information after the loan’s inception. The disclosure of financial information by the borrowers is an invasion of privacy and may cause irreparable harm. As such, we are strongly opposed to the compelled disclosure of personal financial information without any legal basis for such disclosure.

New Banking Laws

2010-07-22T11:54:00.001-07:00

On July 21, 2010 President Obama signed a sweeping new consumer financial protection law which seeks to end some of the banking practices that resulted in the current condition of our economy. The legislation gives the government new powers to break up companies that threaten the economy, puts more light on the financial markets that escaped the oversight of regulators and creates a new agency to guard consumers in their financial transactions

The law is entitled the Dodd-Frank Wall Street Reform and Consumer Protection Act. The new law creates new federal agencies including: Financial Stability Oversight Council, the Office of Financial Research, and the Bureau of Consumer Financial Protection. The Council is charged with maintaining the country’s financial stability.
Large, failing financial institutions would be liquidated and the costs assessed on their surviving peers. Borrowers will be protected from hidden fees and abusive terms, but also will have to provide evidence that they can repay their loans.

The Federal Reserve will get new powers while at the same time coming under they can repay their loans. The Federal Reserve will get new powers while at the same time coming under expanded congressional oversight.

The law creates a new watchdog agency within the Federal Reserve that will be charged with protecting consumers in financial transactions and gives the government more power to break up failing companies. It also gives the Federal Reserve more power, while subjecting the central bank to greater congressional oversight.

The package is expected to cost $19 billion, and it would include $3 billion in new funds to help unemployed homeowners avoid foreclosure and $1 billion to enable local governments to buy and rehabilitate foreclosed and abandoned properties and sell them to low and moderate-income buyers.

It sets up an independently funded Consumer Financial Protection Bureau, which would supervise and regulate mortgage and credit-card products, including payday lenders. Some of the broad based consumer protections include:

• Overdraft Protections
• Credit Card Swipe Fee Limits
• Limitations on Mortgage Broker Commissions
• Practical Mortgage Underwriting Standards (“Liar Loans”)
• Regulation of Credit Rating Services
• Fiduciary Duty Protections for Consumers in Banking
• Predatory Lending Prohibitions and Penalties

Pinellas Foreclosure Mediation

2010-07-04T10:12:00.001-07:00

Watch this at Tampa Bay Online

Citi Haults Gulf Coast Foreclosures

2010-07-04T10:03:00.000-07:00

Citi Halts Gulf Coast Foreclosures

Citigroup Inc., the recipient of a $45 billion taxpayer bailout, will suspend foreclosures in coastal areas hit by the BP oil spill in the Gulf of Mexico.
The three-month foreclosure moratorium will apply to loans owned by the bank's mortgage unit, not debt that Citigroup services for other lenders or investors. Homeowners within about 25 miles of the coast will be covered and evictions will be halted if properties have already been seized.

Following suit, Fannie Mae, the government-supported mortgage company, reminded the companies that manage its loans that they can immediately suspend or reduce payments for borrowers for at least three months given the loss of income occasioned by the oil spill.

Citigroup's move will protect about 1,200 homeowners.

Fannie Mae Delisted from NYSE

2010-07-04T10:02:00.000-07:00

Fannie Mae Delisted from NYSE

Federal regulators' decision week to remove shares of Fannie Mae (FNM) and Freddie Mac (FRE) from the New York Stock Exchange marks a fundamental change for the two mortgage agencies now operating under conservatorship.
The conservator, the Federal Housing Finance Agency, said the move was a result of both companies trading around $1 for more than 30 days. Freddie was recently down 40% at 73 cents, while Fannie traded 38% lower at 57 cents.

The government took over the nominally independent mortgage finance companies at the height of the credit crisis in September 2008. Since then, while many plans for reform and restructuring have been discussed, there is no clear plan on how to get them out of government protection.

G&A News & Notes

2010-07-04T10:01:00.000-07:00

G&A News & Notes

*Charles Gallagher was a speaker at the St. Petersburg Residential Foreclosure Forum hosted by the City of St. Petersburg and the St. Petersburg Bar Association. In addition to presenting, Charles met with homeowners facing foreclosure.

*Charles Gallagher was featured on Fox 13 News in connection with the foreclosure of Sendate Candidate Marco Rubio. The story can be viewed here: Rubio Story

*On June 18, G&A hosted a World Cup Watch Party. Thanks to all our clients, colleagues and friends that came out.

*Charles Gallagher was featured on News Channel 8 offering commentary on Pinellas County's managed mediation program. The story can be viewed here:
News 8 Story

*The St. Petersburg Times profiled the case of Bickhart v. Americana Cove where a mobile home park is attempting to evict a handicapped young man. You can view the story here:
Times Story

*On July 29th, Charles Gallagher will present a national teleconference on Ethical Considerations of Your Pro Bono Practice. For more information clik here.Conference Info

*Charles Gallagher was a panelist on MyTampaBay TV's Taking Sides program which discussed tenant's rights in foreclosure.
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Judicial Candidate Profile

2010-07-04T09:58:00.000-07:00

Judicial Candidate Profile By Alison Parker

Tom Ramsberger, a local attorney, is running for the Sixth Judicial Circuit Court, Group 20. A St. Petersburg native, Tom now raises his three daughters with his wife in the city in which he spent his own childhood.

Love for the law runs in the Ramsberger family. Tom has a twin brother, Tim, who is also an attorney. Their older brother, Peter, is a local judge. Tom, a 22-year-member of the Florida Bar, is also a certified mediator and adjunct professor at Stetson University College of Law.

Mr. Ramsberger has always seen civic involvement as essential element of his adult life, and now wants to serve the community in an official capacity. He believes that before you adequately serve the needs of your constituents and those in your courtroom, you must acquaint yourself with them in their own environments. His longstanding work with Community Law Program and CASA are just two examples of how Tom aims to serve the community. He also is on the All Children's Hospital Foundation Board, a charter member of the St. Petersburg Bar Foundation, and regularly enjoys active with his children's school's PTA meetings.

Rubio Foreclosure

2010-06-18T21:09:00.000-07:00

Lawsuit divides mobile home park - St. Petersburg Times

2010-06-08T19:04:00.000-07:00

Lawsuit divides mobile home park - St. Petersburg Times

'BP Spill: We Need Your Help!'

2010-06-07T05:49:00.000-07:00

'BP Spill: We Need Your Help!'

Expert Hub Profile

2010-06-03T10:51:00.001-07:00

Charles Gallagher

Hurricane Season Outlook

2010-05-30T13:02:00.000-07:00

NOAA has issued an alarming hurricane forcast this year stating that it will be an "an active to extremely active" season:

· 14 to 23 storms big enough to be named.

· Eight to 14 hurricanes - storms with winds of 74 mph or greater.

· Three to seven major hurricanes - those with winds exceeding 111 mph.

That is the most named storms NOAA has forecast since it began issuing the outlook in 1998. Only 2005 had more actual named storms: 28, including 15 hurricanes. NOAA predicted more storms than actually occurred only once, in 2006.

"We could be facing one of the more active seasons on record," NOAA Administrator Jane Lubchenko said at a news conference.

The hurricane season is June 1 to Nov. 30, but most storms occur in August through October.

State and federal emergency planners are worried about a storm surge that could carry oil from the Gulf spill far inland.