Comments on: Vericrest Financial: homicidally otiose http://blogs.reuters.com/felix-salmon/2011/04/29/vericrest-financial-homicidally-otiose/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: Yahonza http://blogs.reuters.com/felix-salmon/2011/04/29/vericrest-financial-homicidally-otiose/comment-page-1/#comment-36031 Wed, 15 Feb 2012 19:17:11 +0000 http://blogs.reuters.com/felix-salmon/?p=8073#comment-36031 Or if there is no receiver, Vericrest probably would have hired a management company.

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By: Yahonza http://blogs.reuters.com/felix-salmon/2011/04/29/vericrest-financial-homicidally-otiose/comment-page-1/#comment-36029 Wed, 15 Feb 2012 19:14:17 +0000 http://blogs.reuters.com/felix-salmon/?p=8073#comment-36029 I am not 100% sure of New York law, but I would have thought that as part of the foreclosure process, the court would have appointed a receiver to manage the building. I don’t think Vericrest would do that themselves. Assuming someone is at fault, it is probably the court appointed receiver.

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By: Lyann http://blogs.reuters.com/felix-salmon/2011/04/29/vericrest-financial-homicidally-otiose/comment-page-1/#comment-35060 Mon, 16 Jan 2012 22:11:48 +0000 http://blogs.reuters.com/felix-salmon/?p=8073#comment-35060 Vericrest Financial is a horrible company with ties to the Bass Brothers. They are predator sharks exploiting struggling homeowners by operating in bad faith. Their claim to fame is their ability to buy sub-prime loans and liquidate the portfolios at the lowest possible cost, often using illegal and immoral tactics. These people are the lowest of the low and our elected officials and our justice system should hold them accountable for their actions. I want to see some heads on pikes and this is where we should start.

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By: FelixSalmon http://blogs.reuters.com/felix-salmon/2011/04/29/vericrest-financial-homicidally-otiose/comment-page-1/#comment-26209 Tue, 03 May 2011 23:16:37 +0000 http://blogs.reuters.com/felix-salmon/?p=8073#comment-26209 @Roobs, come on in, we’re quite friendly!

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By: RoobsNY http://blogs.reuters.com/felix-salmon/2011/04/29/vericrest-financial-homicidally-otiose/comment-page-1/#comment-26179 Mon, 02 May 2011 23:05:10 +0000 http://blogs.reuters.com/felix-salmon/?p=8073#comment-26179 Felix, I was wondering if you wouldn’t mind elaborating on your comments about “your” credit union: LES People’s Credit Union? It sounds like you work there or are on the board? I live on LES and am considering looking for a re-fi package. I’d just as soon stay away from our current CDO mess.

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By: FelixSalmon http://blogs.reuters.com/felix-salmon/2011/04/29/vericrest-financial-homicidally-otiose/comment-page-1/#comment-26164 Sun, 01 May 2011 21:33:00 +0000 http://blogs.reuters.com/felix-salmon/?p=8073#comment-26164 @Greycap, remember Asimov’s first law of robotics? “A robot cannot harm, or through inaction cause harm, to humans”. Vericrest, here, caused harm to humans through inaction.

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By: SteveHamlin http://blogs.reuters.com/felix-salmon/2011/04/29/vericrest-financial-homicidally-otiose/comment-page-1/#comment-26161 Sun, 01 May 2011 18:19:52 +0000 http://blogs.reuters.com/felix-salmon/?p=8073#comment-26161 @Greycap: “I can see why you might accuse Vericrest of being negligent, dilatory, indolent, or venal, but in what sense are they otiose?”

o·ti·ose (–adjective):
1. being at leisure; idle; indolent.
2. ineffective or futile.
3. superfluous or useless.

Otiose is not the opposite of indispensable, it is the opposite of effectively engaged, of meaningfully paying attention to. Which is what Felix is alleging.

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By: Greycap http://blogs.reuters.com/felix-salmon/2011/04/29/vericrest-financial-homicidally-otiose/comment-page-1/#comment-26132 Sat, 30 Apr 2011 11:40:33 +0000 http://blogs.reuters.com/felix-salmon/?p=8073#comment-26132 There’s one thing you need to explain, Felix. I can see why you might accuse Vericrest of being negligent, dilatory, indolent, or venal, but in what sense are they otiose? Surely your case for charging them with liability presupposes that they have played an indispensable role in creating the situation – the opposite of otiose.

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By: GRRR http://blogs.reuters.com/felix-salmon/2011/04/29/vericrest-financial-homicidally-otiose/comment-page-1/#comment-26129 Sat, 30 Apr 2011 10:35:16 +0000 http://blogs.reuters.com/felix-salmon/?p=8073#comment-26129 The blame goes to those who physically built the walls that violated the building code and those who authorized, directed and paid for the building of these illegal walls. Cedano appears to deserve nearly all of the blame, as it seems – according to the story – that he was responsible for the illegal construction, and had been warned many times by building inspectors.

While the law may have targeted the financial institution that owned the mortgage, the fact is, they didn’t build those illegal walls. And though I love my credit union, I doubt the board would willingly dedicate the funds necessary to provide continuous inspection and oversight of foreclosed properties.

As one would note, property auctions are always accompanied by the fine print: “You are responsible for your own due diligence.”

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By: Nameless http://blogs.reuters.com/felix-salmon/2011/04/29/vericrest-financial-homicidally-otiose/comment-page-1/#comment-26128 Sat, 30 Apr 2011 09:10:52 +0000 http://blogs.reuters.com/felix-salmon/?p=8073#comment-26128 But right before that there’s an overarching statement: “A plaintiff, who obtains a judgment of foreclosure and sale, involving residential real property … that is vacant, or becomes vacant after the issuance of such judgment, or is abandoned by the mortgagor”.

The biggest question on top of that is, even if “the plaintiff” has to maintain the property, does he have the right to evict squatters from the property under the NY law? If not, what is he supposed to do? Section 1307 does not say.

Several articles say that the first floor of the building was occupied by drug dealers. These drug dealers wouldn’t let anyone in except for their “customers”, not even city inspectors. One article says that these drug dealers went as far as hang surveillance cameras around the building, and that bank lawyers didn’t think that they could authorize the cops to arrest those drug dealers for trespassing.

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