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October 1, 2008

Countrywide - Motions for Relief from Stay

Yesterday, Countrywide was seeking relief from stay to proceed with a foreclosure before Los Angeles bankruptcy Judge Sam Bufford.  I was sitting in the courtroom like a fly on the wall.  The Countrywide attorney had an employee on the stand testifying as is the custom of Judge Bufford.  Bufford wants evidence of who is in possession of the original promissory note i.e., who is the owner of the note.  There was an issue with establishing the knowledge of the person testifying - did he know what he was saying or was he just reading some printout?

What caught my attention was when Judge Bufford asked him how long he spent reviewing each declaration submitted to support a MFR.  He responded "10 to 15 minutes."  His attorney then asked him how many declarations he signed in the past week.  His response (and it was a little flippant), "about 500."  Bufford jumped on that asking him how many hours a day he worked and how he could spend 10 to 15 minutes reading 500 declarations in one week.  He backpedaled off course on the timing - got it down to 5 minutes each which still meant that if he did not take lunch or go to the bathroom, and did nothing but read and sign declarations, he could do 480 in a week. 

What struck me was the 500 per week.  That is 26,000 MFR per year.  I thought they were trying to work things out with homeowners.  I don't know how it ended since Bufford recessed the hearing to get the rest of the matters heard and get us on our way for which I was thankful.         

October 1, 2008 in Current Affairs | Permalink

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Comments

Jon:

Why don't you see if you could get (and post) the testimony of the employee testifying about all the declarations he reviews and signs?

Posted by: Steven Fox | Oct 2, 2008 6:57:44 AM

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