xtitsx: (Default)
( 27 Feb 2017 01:12 pm)
in Property on Tuesday we talked about how mortgage foreclosures work.
about the process; the auction and about all the rules a mortgage servicer has to comply with to make sure they're not fucking people over too hard.
they can fuck them out of the houses that they live in, but they have to mind their Ps and Qs while they're doing it.
one of the rules that a mortgage servicer must comply with when auctioning off other people's houses is that the auction must be advertised in a reasonable manner to attract bidders.
another rule is that they have a good-faith obligation to fetch as much at auction as possible.
which might sound like common sense until you realize that in most situations, the ones bidding to buy distressed mortgages are the banks themselves.
so, they'll write a mortgage to some sucker for $100,000, foreclose on them at the first missed payment, then auction the house off in a poorly-advertised, auction for, $30,000, then they own a house and the sucker who couldn't make his mortgage payments in the first place is still on the hook for $70,000.
it sounds like a scam out of The Sopranos but it's exactly what these motherfuckers do all day long.
i raised my hand to ask the Professor why the hell there isn't a law preventing that, call me a communist and all, but he didn't really have an answer for that.
more troubling, he didn't seem to be bothered by the fact that there wasn't a good answer for that.
we also talked about mortgage-backed securities for a while
and about how that lead to a death-spiral of banks handing out riskier-and-riskier mortgages to any pig and dog with a fake driver's license.
i have been kicking myself in the seat for missing out on that boat back in 2007.
i'm just as good a credit risk as a pig or dog with a fake driver's license.

next up, in Legal Writing II on Tuesday, we talked about MPTs.
MPTs are the first thing you will have to do when you sit the bar exam, the Multistate Practice Test [maybe?] which is a closed-universe writing test.
they will give you a file full of an imaginary scenario and all the law you need to wrestle with it and expect you to produce a lawyerly work product in ninety minutes.
next week in Legal Writing, we will be doing the same damned thing in seventy-five minutes, for ten percent of our final grade.
our Professor told us to read the law first, then go back and read the case file with the fictional problem we have to solve, which seems counter-intuitive, but he's the Professor and the head of the Legal Writing department, so, okay...

when we left Legal Writing II our Professor handed us a practice MPT and told us to have it competed by the next class.
i didn't have the time to cram in any more homework into my already-way-too-cramped scheduled before Thursday, so the only time i could make to trouble myself with this assignment was immediately after Legal Writing, before Contracts.
on Tuesdays this is normally the time we have Academic Support but i figured “fuck it” and went down to the library to do the MPT instead.
the MPT was about whether or not a Travel Agency can be held liable for crimes that befall their clients.
i don't know when this question was written, but it couldn't have been any time after 1995?
when's the last time you saw a Travel Agency in operation?
anyways, it turns out a Travel Agency can be liable for a crime that befalls their clients if the Agency knew about the high risk of crime in the area, the client asked about the risk of crime, the Agency failed to report about it, the risk of crime wasn't patently obvious, and if the Agency collected money from their client.
i was able to get some of the rules out of the cases and the statutes, but i missed the one about the Agency having to be paid for their services.
i also didn't really have time to go into much detail on how the rules apply to this particular make-pretend situation in any more then a cursory survey.
seventy-five minutes is no time at all to do much of any lawyering.

i got done with writing my practice MPT around 1:25.
i had just enough time to get up to Contracts class but not enough time to eat lunch.
the PSE had packed me a peanut butter and jelly and banana sandwich.
i scarfed down half the sandwich as the Professor was getting things started and the second half [diagonally-cut] at the mid-class break.

in Contracts on Tuesday we started talking about defenses to contracts.
about how people can get out of a contract if they find themselves in one.
the first, most obvious way, and the topic of the day's discussion was diminished mental capacity.
we talked about one case from the early 1970s where some lady school teacher was suffering from one of the many ladies' diseases women used to get from the patriarchy, neurosis or hysteria or the vapors or whatever.
before her husband could take her to a psychiatrist to get masturbated or given electroshock therapy she signed some papers that effectively reduced her pension so her husband sued to have it reinstated.
we also talked about a case of a seventeen year old kid who bought himself a car but, because he is considered legally an infant under the law until he reaches the age of majority, he could not be held liable for the contract.
the lesson there, kids, go out and buy as many cars as you can before you turn eighteen and don't pay for any of them.
kids are liable to pay when they contract for “necessaries” however, because society has an interest in making sure kids get medical care and food and a place to live indoors and in America, if you can't guarantee a vendor will get his nut, nobody would sell anything to anyone under eighteen.

at 3:20 [or a little over, our Contracts Professor often runs over] class had finally come to an end but my long, hard day wasn't through yet.
from 3:30 to 5:20pm on Tuesday we had a second Property class.
because our Professor wanted to take two weeks off for Spring Break but the American Bar Association requires that Law Students have so many hours of physical class time and because our Professor is also the Dean, he figured he would just make us do this.
but it wasn't just my class that had an extra Property, all three sections of Law School first-years had to meet in the assembly hall for this bonus session.
i guess all of the Property Professors want to take an extra vacation day.
the good news was that we didn't have any reading to do for this bonus session.
it was just a lecture we had to sit and listen to.

a lot of the time when we have a large group meeting they will bring in free food.
Poppa John's or sandwiches from Jason's Deli.
no such luck this time but i went and looked in the student kitchen where they'll sometimes put leftover food from other events that go on at the Law School and, sure enough, there was something to be scrounged.
there was a big bowl of salad that i piled high on a plate i found.
i went a little overboard, killing it when i probably should have left at least half of my portion in case somebody else might have wanted but, fuck them, i was hungry.
unfortunate, the dressing turned out to be Caesar and had a really, really strong anchovy taste.
sometimes i like Caesar dressing, but this just tasted like i was sucking a fish tank filter.
i ended up throwing my whole place piled high with salad out, which was a waste.
fortunately, there was also a tub of cold Alfredo pasta sitting out so i piled another plate with several spoonfuls of that and went into the assembly hall to watch the lecture.
the topic was on Intellectual Property.
the school is really trying to push its Intellectual Property department, but i can give a shit, really.
after i finished my plate of pasta, i spent the rest of the time watching the clock tick.

//[ab irato ad astra]

September 2017

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