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Foreclosed Homeowner Class Fights Back

PR Newswire

NEW YORK, Sept. 4, 2014 /PRNewswire/ -- Foreclosed Homeowners file new documents in court today, to once again attempt to intervene in one of the largest toxic asset lawsuits in the country, stated the Law Offices of William J. Sanchez, P.A. and Chavez & de Leon, P.A.

The case, known as FHFA v. HSBC, is scheduled to go to trial in late September in the New York Southern District courthouse. The original lawsuit by the Federal Government is for over $200 Billion in toxic mortgage backed securities assets.

Most of the banks have settled. Attorneys for the foreclosed homeowners, William Sanchez and John de Leon, said "Whether in this litigation or in future litigation, the holy alliance between the banks and the federal government must be broken."

A ruling on the new filing is expected within one to two weeks. The plaintiffs continue to argue that they have an interest in the multi-billion dollar trusts since their promises to pay are the only thing that gave value to the trusts.

SOURCE Law Offices of William J. Sanchez, P.A.; Law Offices of Chavez & De Leon

Read at New York Business Journal