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 )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 )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 )Fannie Mae to rent out homes instead foreclosing
Fannie Mae to rent out homes instead foreclosing By ALAN ZIBEL (AP) – 4 hours ago WASHINGTON — Thousands of borrowers on the verge of foreclosure will soon have the option of renting their homes from Fannie Mae, under a policy announced Thursday. The government-controlled company, through its new “Deed for Lease” program, will allow [...]
Read Full Post | Make a Comment ( 1 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 )Deutsche Bank v. Debra Abbate Etal.
Deutsche Bank National Trust Company, AS TRUSTEE FOR THE CERTIFICATE HOLDERS OF CARRINGTON MORTGAGE LOAN TRUST 2005-OPT2, ASSET-BACKED CERTIFICATES, SERIES 2005-OPT2, Plaintiff against Debra Abbate, CARMELA ABBATE, KIM FIORENTINO, BOCCE COURT HOMEOWNERS ASSOCIATION, INC., NEW YORK CITY ENVIRONMENTAL CONTROL BOARD, NEW YORK CITY TRANSIT ADJUDICATION BUREAU, NEW YORK CITY PARKING VIOLATIONS BUREAU, and “JOHN DOE [...]
Read Full Post | Make a Comment ( None so far )The next financial tsunami unleashed by toxic mortgages
By PAM MARTENS The financial tsunami unleashed by Wall Street’s esurient alchemy of spinning toxic home mortgages into triple-A bonds, a process known as securitization, has set off its second round of financial tremors. After leaving mortgage investors, bank shareholders, and pension fiduciaries awash in losses and a large chunk of Wall Street feeding at [...]
Read Full Post | Make a Comment ( None so far )New law denies homeowners access to legal representation
California has a new law on the books that bans collection of advance fees from firms that provide loan modification services to people struggling to avoid foreclosure. Other real estate related bills signed into law this month by Gov. Arnold Schwarzenegger aim to crack down on abusive lending practices by mortgage brokers; provide more safeguards [...]
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