During the past two years, so-called mortgage or debt elimination programs have proliferated on the Internet. Promoters of these schemes advertise to distressed homeowners that they have the ability to lawfully eliminate mortgages and related debt, and to generate additional cash for participating homeowners.

At least 38 websites, many of which are associated with two individuals headquartered in Northern California who operate under names such as The Dorean Group and Capital Creation Resource, promote these schemes. Within the past year, such schemes have surfaced in nearly 30 states.

Reed Smith's Financial Services Litigation Group has assisted several clients in responding to and litigating matters arising out of mortgage elimination schemes. Please join San Francisco-based Reed Smith partners John Siamas and Karen Braje on Wednesday, May 25, 2005, for a discussion on Mortgage Elimination Schemes.  Discussion will include:

• The nature of mortgage elimination schemes, including passive and confrontational schemes that are currently in vogue
• The purported legal and factual theories upon which these mortgage elimination schemes are based
• Client strategies for responding to claims, notices and demands purportedly made by or on behalf of borrowers or other participants in these schemes
• Recent judicial decisions and responses by governmental agencies to such schemes
• Effective litigation strategies, including the potential affirmative use of the Racketeer Influenced and Corrupt Organizations act ("RICO"), available to financial institutions victimized by these schemes

You are invited to participate in this discussion via teleconference. Participation is free, but the call-in ports will be limited. Please contact Sandy Petrakis no later than Monday, May 23, to receive a dial-in pass code. This is one call you don’t want to miss. 

Download the .PDF below for a copy of the materials from the May 25 teleseminar, "Financial Services Mortgage Elimination."