Virginia Court Shoots Down “Splitting the Note” and “Double Recovery” Theories
In Forez v. Goldman Sachs Mortgage, Lexis 35099 (E.D Va. 2010) plaintiffs asserted that Defendants lacked “authority” to foreclose under Virginia’s non-judicial foreclosure statutes. Second, Plaintiffs argued that loan securitization bars foreclosure because securitization “splits” the Note from the Deed of Trust or because “credit enhancements” related to securitized notes absolve borrowers of any liability [...]
Read Full Post | Make a Comment ( 1 so far )Would you like a bag of chips with your frozen loan audit?
Every day I get calls from attorneys or people facing foreclosure asking about my services as a forensic loan auditor and expert witness. Generally the callers are reasonably well informed about my work and know what they can and cannot expect from an audit. But yesterday a nice lady from Ohio called and asked for [...]
Read Full Post | Make a Comment ( 11 so far )In re GIFTY SAMUELS, Debtor
In re GIFTY SAMUELS, Debtor Chapter 11, Case No. 06-11656-FJB UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF MASSACHUSETTS, EASTERN DIVISION 415 B.R. 8; 2009 Bankr. LEXIS 1954 July 6, 2009, Decided CASE SUMMARY: PROCEDURAL POSTURE: In contested Chapter 11 proceedings, movant creditor, as trustee–under a pooling and servicing agreement–of a mortgage investment trust, sought [...]
Read Full Post | Make a Comment ( 1 so far )Wells Fargo Slapped With $155,000 Judgment for Trespass
Wells Fargo, Plaintiff v. Steven E. Tyson, SUSAN L. TYSON, LEITH ANN TYSON, LINDSAY TYSON and KYRA TYSON, Defendants 2007-28042 SUPREME COURT OF NEW YORK, SUFFOLK COUNTY 2010 NY Slip Op 20079; 2010 N.Y. Misc. LEXIS 410 March 5, 2010, Decided JUDGES: JEFFREY ARLEN SPINNER, J.S.C. OPINION BY: JEFFREY ARLEN SPINNER OPINION Jeffrey Arlen Spinner, [...]
Read Full Post | Make a Comment ( 4 so far )Lenders Increasingly Facing Forensic Loan Audits
For the past couple of years, it has become a fairly common practice for lenders and servicers to employ forensic loan audits on pools of mortgages, with the goal of uncovering patterns of noncompliance with federal and local regulations, the presence of fraud and/or the testing of high fee violations. Unfortunately, for these same lenders, [...]
Read Full Post | Make a Comment ( None so far )Lynne Huxtable and Jeffrey Agnew, v. Timothy F. Geithner, et al.,
Lender’s refusal to modify loan may have violated borrowers’ Fifth Amendment rights to due process. ____________________________________________________________________________________________ LYNNE HUXTABLE and JEFFREY A. AGNEW, Plaintiffs, v. TIMOTHY F. GEITHNER, et al., Defendants. Case No. 09cv1846 BTM(NLS) UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF CALIFORNIA December 23, 2009, Decided December 23, 2009, Filed CORE TERMS: lender, public function, joint [...]
Read Full Post | Make a Comment ( 7 so far )MARLA LYNN SWANSON, Plaintiff, vs. EMC MORTGAGE CORPORATION, et al.,
MARLA LYNN SWANSON, Plaintiff, vs. EMC MORTGAGE CORPORATION, et al., Defendants. CASE NO. CV F 09-1507 LJO DLB UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF CALIFORNIA October 29, 2009, Decided October 29, 2009, Filed COUNSEL: For Marla Lynn Swanson, Plaintiff: Sharon L. Lapin, LEAD ATTORNEY, Attorney At Law, San Rafael, CA. For EMC [...]
Read Full Post | Make a Comment ( 3 so far )MERS v. LISA MARIE CHONG
UNITED STATES DISTRICT COURT DISTRICT OF NEVADA Dist. Ct. Case No. 2:09-CV-00661-KJD-LRL Bankr. Ct. Case No. BK-S-07-16645-LBR Presently before the Court is Appellant’s Appeal under 28 U.S.C. § 158(a) from the Bankruptcy Court’s Order Denying Motion to Lift Stay entered in the Adversary Proceeding No. BKS- 07-16645-LBR, docket no. 49, March 31, 2009. Having considered [...]
Read Full Post | Make a Comment ( 1 so far )Ortiz v. Accredited Home Lenders
ERNESTO ORTIZ; ARACELI ORTIZ, Plaintiffs, v. ACCREDITED HOME LENDERS, INC.; LINCE HOME LOANS; CHASE HOME FINANCE, LLC; U.S. BANK NATIONAL ASSOCIATION, TRUSTEE FOR JP MORGAN ACQUISITION TRUST-2006 ACC; and DOES 1 through 100, inclusive, Defendants. CASE NO. 09 CV 0461 JM (CAB) UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF CALIFORNIA ORDER GRANTING MOTION [...]
Read Full Post | Make a Comment ( None so far )Indymac Bank F.S.B. v. Yano-Horoski
Mortgage and Note voided, cancelled and nullified by the court because lender had acted in bad faith, refusing to negotiate a reasonable loan modification. ______________________________________________________________________________________________ Indymac Bank F.S.B. v Yano-Horoski 2009 NY Slip Op 52333(U) Decided on November 19, 2009 Supreme Court, Suffolk County Spinner, J. Published by New York State Law Reporting Bureau pursuant [...]
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