Thomas E. Green, of Ocean City, pled guilty to conspiring to commit wire and bank fraud in order to secure $2.2 million in loans on five properties in Cape Charles, Virginia.

From January 2007 to September 2008, Green commited mortgage fraud throughout the Cape Charles area on the eastern shore of Virginia.  The sentencing is scheduled for May 23, and Green could face up to 30 years in prison.  

According to the plea agreement, Green applied for two properties and falsely claimed he made $26,500 and $24,500 per month respectively.  On three separate properties he claimed he made the down payments from his own funds when in fact the money came from other conspirators.

Maryland mortgage modification lawyers of Chaifetz & Coyle, P.C. are thrilled to announce the "Shop Maryland Energy Weekend" beginning Friday.

Beginning at midnight on Friday, there will be tax-free deals on select Energy Star appliances and products sold throughout Maryland.  This annual tax-free weekend will help consumers save on initial purchases and energy bills for the future. Appliances such as washers, refrigerators, heat pumps, air conditioners, and furnaces will be part of the tax-free deals.

The tax-free deals run from midnight on Friday to midnight on Monday.  The Energy Star label is on a list of appliances to mark the ones that reduce the emissions of greenhouse gases and pollutants that can destroy the environment from poor use of energy. 

For more information, visit www.wbaltv.com 

State and federal officials announced today that a national foreclosure settlement of over $25 billion has been reached between five of the nation's banks and the state officials.

This marks the largest civil settlement in our nation's history, and is the end of a 16 month battle between lenders and state/federal officials.  President Obama stated, “We have reached a landmark settlement with the nation’s largest banks that will speed relief to the hardest-hit homeowners, end some of the most abusive practices of the mortgage industry, and begin to turn the page on an era of recklessness that has left so much damage in its wake."

The settlement requires banks to reduce the amount on mortgages the borrowers owe, lower interest rates, and pay restitution to those who suffered abuses.  Banks are now required to have one point of contact for each borrower to prevent being moved around between employees.

Former American Airlines employees have sent letters to the U.S. Bankruptcy Court – Southern District of New York in a letter writing campaign to address concerns over AMR Corp.'s pension plans.

Judge Sean Lane received five letters on the docket all written using the same wording regarding their frustration over the pension plans put in place since AMR Corp filed for bankruptcy.

The letters were written as follows,

“As a retiree of American Airlines, I earned my pension over the course of a XX year career, and I have counted on its financial security for my ‘Golden Years.’ If AMR is allowed to do away with the Pension Fund, there will be several more thousands of citizens depending on the U.S. Government for money it doesn’t have. Our Government is already operating under trillions of dollars of debt. This debt is adversely affecting our economy, and will be for decades to come.

AMR Executives should surrender some of their excessive pay, bonuses, and ‘golden parachutes’ in order to improve AMR’s financial future. The ‘workers’ have sacrificed many times during the Company’s history. It is time ‘someone else’ does the sacrificing. American Airlines would not have been as successful were it not for the devotion and sacrifice of its workers.” 

The famous Hostess Brands Inc., maker of Twinkies and other delicious desserts, has filed for Chapter 11 bankruptcy.

On Wednesday, the company filed for bankruptcy citing cost restructuring as its main reason.  Court papers released stated, "Whether the debtors can achieve long-term viability depends directly and substantially on the debtors’ ability to achieve dramatic change to their labor agreements, with a corresponding material reduction in their cost structure and legacy pension and medical obligations, and a restructuring of their capital structure.” 

Hostess's current lenders, Silver Light LP, loaned $75 million to keep it in operation while the restructuring takes place.

If you are considering bankruptcy, contact Maryland chapter 11 bankruptcy attorneys of Chaifetz & Coyle, P.C. by calling 443-546-4608. 

On Monday, RoomStore Inc., filed for Chapter 11 bankruptcy protection.  

This isn't the first time RoomStore Inc. has filed as they did so a decade ago.  In 1997, RoomStore was bought by U.S. Heilig-Meyers, one of the country's biggest furniture retailers.  In August of 2000, RoomStore had over 54 locations in Maryland, Texas, Virginia, Washington, and Oregon.  That same month, Heilig-Meyers filed for bankruptcy.  RoomStore made it out of bankruptcy protection with 63 stores.

RoomStore currently owns 63 furniture stores and operates 81 Mattress Discounters bedding stores.  The Mattress Discounters are not under their current bankruptcy protection.  RoomStore plans to reorganize under this new protection and remove any stores that are unprofitable.

If you are considering bankruptcy, contact Maryland chapter 11 bankruptcy lawyers of Chaifetz & Coyle, P.C. at 443-546-4608 today.