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Arizona $50M Foreclosure Fund Sweep Complaint for Declaratory and Injunctive Relief

Arizona $50M Foreclosure Fund Sweep Complaint for Declaratory and Injunctive Relief

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Published by winstons2311
$50M Foreclosure Settlement Funds Sweep Lawsuit Filed
$50M Foreclosure Settlement Funds Sweep Lawsuit Filed

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Published by: winstons2311 on May 25, 2012
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12/12/2012

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1
1
TimothyM.Hogan,
AZ
BarNo.004567JoyHerr-Cardillo,AZBarNo.0097182ArizonaCenterforLaw
in
thePublicInterest202EastMcDowellRoad,Suite153
3
Phoenix,Arizona85004(602)258-88504thogan@aclpi.orgEllenSueKatz,AZBarNo.012214WilliamE.MorrisInstituteforJustice6202EastMcDowellRoad,Suite257Phoenix,Arizona85004(602)252-3432eskatz@qwestoffice.net
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AttorneysforPlaintiffsINTHESUPERlORCOURTOFTHESTATE
OF
ARIZONAINANDFORTHECOUNTYOFMARICOPA
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1112
13
,
JOSEPHMORONESandELVIRAHERNANDEZ,
VERIFIEDCOMPLAINTFORDECLARATORYANDINJUNCTIVERELIEF
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15
Plaintiffs,v.
161718
19
20
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22TOMHORNE,inhiscapacityasAttorneyGeneral;andDOUGDUCEY,inhiscapacityasArizonaTreasurer,Defendants.
PRELIMINARYSTATEMENT
1.ThiscaseisbroughtonbehalfofArizonaresidentswhoareorwillbe23subjecttoamortgageforeclosureprocessontheirhomesandneedassistancetobeable
24
tostayintheirhomes.Theassistanceneededincludes,butisnotlimitedto,credit25counseling,advocacywithcreditorsand.legalrepresentation.
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2.
Arizonanshavebeenhithardbythemortgageforeclosurecrisisand27Arizonahasoneofthehighestratesofforec1osureinthecounty.
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3.Arizonajoinedforty-eightotherstatesandthefederalgovernmenttosue
 
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67
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1213141516
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1819
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fivemajorloanservicersandfmancialinstitutionsformisconductrelatedtotheiroriginationandservicingofsinglefamilyresidentialmortgages.ThelitigationsettledandaccordingtothetermsoftheConsentJudgments,ArizonaAttorneyGeneralHomewillreceiveArizona'sshareofthedirectstatepayments("SettlementFunds").PursuanttotheagreementmemorializedintheConsentJudgments,theAttorneyGeneralshalldeposittheSettlementFundsintoaCourtOrderedTrustFundandtheprincipalandinterestfromthatfundcanonlybeusedfordesignatedpurposes.4.OnMay1,2012,theArizonaLegislaturepassedageneralappropriationsbill,SB1523GovernorBrewersignedSB1523onMay7,2012.InSB1523thelegislaturedirectedtheAttorneyGeneraltoplace$50millionoftheSettlementFunds,morethanhalfofthefundsthataretobedepositedintoCourtOrderedTrustFund,intothestate'sgeneralfund.5.Ifthistransferoccurs,theSettlementFundsintheCourtOrderedTrustFundwillnotbeusedforthedesignatedpurposesanddistressedArizonahomeownerswillbenotreceivetheassistancetheyneedtobeabletostay
in
theirhomesandavoidforeclosure.6.PlaintiffsseekdeclaratoryandinjunctiverelieftoenjoinDefendantsfromtakinganyactiontotransfertheSettlementFundsfromtheCourtOrderedTrustFundintothestate'sgeneralfundandfromusingtheCourtOrderedTrustFundsforpurposesnotdesignatedintheConsentJudgments.
VENUEANDJURISDICTION
7.ThisactionarisesunderstatelawandtheArizonaConstitution.ThisCourthasjurisdictionpursuanttoA.R.S.§12-123andA.R.S.§35-213.8.VenueisproperinMaricopaCountypursuanttoA.R.S.§12-401.
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9.DeclaratoryreliefissoughtpursuanttoA.R.S.§12-1831
etseq.
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10.InjunctivereliefissoughtpursuanttoA.R.S.§§12-1801and35-212.
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PARTIES
2
 
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11.PlaintiffJosephMoronesisahomeownerwholives
in
Mesa,Arizonawith
2
hisminorson.HeisanArizonataxpayer,whopaysstateandfederalincometaxes,3propertytaxesandstatesalestaxes.Heisavictimoftheforeclosurecrisisandis
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currentlyatriskoflosinghishome.S12.PlaintiffElviraHernandezisahomeownerwholives
in
Chandler,Arizona
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withherdisabledson,herdaughter
and
herthree
minor
grandchildren.Sheisa71year
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oldwidowandtaxpayer.Shepaysstateandfederalincometaxes,propertytaxesand
8
statesalestaxes.Sheisavictimoftheforeclosurecrisisandiscurrentlyatriskof
losing
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herhome.
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13.DefendantStateofArizonaisabodypolitic.
1I
14.DefendantTomHorneistheArizonaAttorneyGeneralandisresponsible
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forenforcingtheconsumerprotectionlawsofArizona.Healsoisthedesignatedtrustee
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oftheCourtOrderedTrustFundcreatedbytheConsentJudgments.Heisresponsiblefor
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ensuringthattheCourtOrderedTrustFundisusedforthepurposesdesignatedinthe
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ConsentJudgments.
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15.DougDuceyistheArizonaTreasurerandisresponsiblefortheArizona
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treasury.AccordingtotheConsentJudgments,heisrequiredtoholdthefundsina
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separateCourtOrderedTrustFund.
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FACTSCOMMONTOALLCLAIMS
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16.Inresponsetothemortgageforeclosurecrisis,theArizonaAttorney
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GeneralTomHomejoinedwithforty-eightotherstatesandtheUnitedStatesgovernment
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onMarch12,2012,tofileCivilActionNo.12-0361intheU.S.DistrictCourtforthe
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DistrictofColumbiaagainstthecountry'sfivelargestloanservicers,
Ally/GMAC
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Mortgage,BankofAmerica,CitiMortgage,JPMorganChaseandWellsFargo
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("DefendantBanks").Theplaintiffsallegedviolationsofnumerousfederalandstate
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laws
in
themannerinwhichtheDefendantBanksoriginatedandservicedsinglefamily
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residentialmortgages.
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