Buying a Cow and Selling Hamburgers- A Closer Look at Mortgage Securitization
Our legal system is extremely difficult to understand and maneuver by a non attorney, partly because there is no single source or authority for answering complicated legal questions. For example how do you know if your mortgage was eviscerated through the securitization process? Did securitization of the note and mortgage constitute conversion of the asset [...]
Read Full Post | Make a Comment ( 2 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 )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 )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 [...]
Read Full Post | Make a Comment ( 4 so far )Mortgage Assignment & Affidavit Fraud
In bankruptcy and government takeovers of financial institutions, missing collateral is a major obstacle for trustees and regulators to overcome. The missing assignment problem is an extension of not carelessness or sloppiness as many have claimed, but of overt acts of fraud. Skilled attorneys and forensic accounting experts could expose this fraud and as such, [...]
Read Full Post | Make a Comment ( 1 so far )Fair Game – If the Lender Can’t Find the Mortgage
By GRETCHEN MORGENSON Published: October 24, 2009 FOR decades, when troubled homeowners and banks battled over delinquent mortgages, it wasn’t a contest. Homes went into foreclosure, and lenders took control of the property. On top of that, courts rubber-stamped the array of foreclosure charges that lenders heaped onto borrowers and took banks at their word [...]
Read Full Post | Make a Comment ( 2 so far )IN RE DARRELL ROYCE SHERIDAN, SHERRY ANN SHERIDAN, Chapter 7 Debtors.
Sheridan_decision In this Chapter 7 case, the trustee, Ford Elsaesser (“Trustee”), objects to amotion under § 362(d) for relief from the § 362(a) automatic stay.1 Motions under § 362(d) are common in bankruptcy cases.2 Most stay relief requests proceed promptly to entry of an order, after proper notice, without any objection. However, changes in mortgage [...]
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