21 May BankUnited Fails – What does that mean to you?
BankUnited is suing quite a few of my clients. We are fighting back. BankUnited, located in South Florida, was a leader in the use of Option ARMS. These mortgages were among the worst of the predatory toxic loans we have seen. One of my clients is an elderly man who received this horrible loan shortly after suffering a stroke. We’ve been defending him for close to two years in foreclosure court.
Now, the FDIC has taken care of the depositors but might well try to still the victims of BankUnited’s predatory lending.
When the FDIC looks after depositors in its role as receiver while at the same time tries to stiff other creditors, we think they are double-dealing. We think this is a “breach of fiduciary obligation.” Back in the last banking crisis, in the 1980s, I used this theory successfully to beat the FDIC in a case involving Northern Ohio Bank in Cleveland.
So our fight against BankUnited’s predatory lending practices will continue – even though now the FDIC will be trying to justify its actions. Tune in here and we’ll tell you how our case comes out.
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