Virginia Court Shoots Down “Splitting the Note” and “Double Recovery” Theories

Posted on April 15, 2010. Filed under: Banking, Case Law, Foreclosure Defense, Mortgage Law | Tags: , , , , , , |

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 [...]

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Buying a Cow and Selling Hamburgers- A Closer Look at Mortgage Securitization

Posted on April 2, 2010. Filed under: Banking, Foreclosure Defense, Mortgage Law, Securitization | Tags: , , , , , , |

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 [...]

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MERS v. Southwest Homes of Arkansas

Posted on October 5, 2009. Filed under: Case Law, Finance, Foreclosure Defense, Mortgage Audit, Mortgage Law | Tags: , , , , , , , , , , , |

MORTGAGE ELECTRONIC REGISTRATION SYSTEM, INC., APPELLANT, VS. SOUTHWEST HOMES OF ARKANSAS, APPELLEE No. 08-1299 SUPREME COURT OF ARKANSAS 2009 Ark. LEXIS 121 March 19, 2009, Opinion Delivered NOTICE: THE LEXIS PAGINATION OF THIS DOCUMENT IS SUBJECT TO CHANGE PENDING RELEASE OF THE FINAL PUBLISHED VERSION. SUBSEQUENT HISTORY: Rehearing denied by Mortgage Elec. Registration Sys. v. [...]

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Homeowners should be suing lenders!

Posted on June 26, 2009. Filed under: Foreclosure Defense, Fraud, Loan Modification, Mortgage Audit, Mortgage Law, Predatory Lending, right to rescind, Truth in Lending Act | Tags: , , , , , , , , , , , , , , , , , |

Homeowners, welcome to Paradise Lost, the fate of millions of financially strapped boomers. A simultaneous loss of life savings, job income and foreclosure has many of them wondering, “Whose America is this, anyway? The bankers got bonuses to defraud us, and our industries and economy are in the pits. We worked for decades to live [...]

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Obama’s Campaign Against Mortgage Modifications

Posted on April 13, 2009. Filed under: Bailout, Banking, Foreclosure Defense, Loan Modification, Mortgage Audit, Mortgage Law, Politics | Tags: , , , , , , , , , |

President Obama has apparently embarked upon a campaign to put all private sector loan modification firms out of business because some are apparently scams. It’s a curious approach when you consider that there have been and continue to be countless stock market related scams in this country, but I can’t remember a president telling me [...]

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Lenders Rally Behind Loan Modification Plan

Posted on March 6, 2009. Filed under: Banking, Finance, Foreclosure Defense, Housing, Legislation, Loan Modification, Mortgage Audit, Mortgage Law | Tags: , , , , , , , , , , , |

The U.S. Treasury Department on Wednesday launched the Making Home Affordable program, which was announced recently by President Barack Obama. The program’s two branches — refinance and modification — are estimated to apply to some 9 million homeowners either behind on payments or at risk of falling behind due to dropping home values, job loss, [...]

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WHERE’S THE NOTE, WHO’S THE HOLDER

Posted on March 1, 2009. Filed under: bankruptcy, Case Law, Foreclosure Defense, Mortgage Law | Tags: , , , , , , , , , , , , , , , , |

INTRODUCTION In an era where a very large portion of mortgage obligations have been securitized, by assignment to a trust indenture trustee, with the resulting pool of assets being then sold as mortgage backed securities, foreclosure becomes an interesting exercise, particularly where judicial process is involved.  We are all familiar with the securitization process.  The [...]

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Homeowners’ rallying cry: Produce the note

Posted on February 19, 2009. Filed under: Case Law, Foreclosure Defense, Mortgage Audit, Mortgage Fraud, Mortgage Law, right to rescind | Tags: , , , , , , , , , , , , , |

ZEPHYRHILLS, Fla. – Kathy Lovelace lost her job and was about to lose her house, too. But then she made a seemingly simple request of the bank: Show me the original mortgage paperwork. And just like that, the foreclosure proceedings came to a standstill. Lovelace and other homeowners around the country are managing to stave [...]

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Lender Found Liable in Mortgage Fraud Case

Posted on January 10, 2009. Filed under: Case Law, Foreclosure Defense, Mortgage Fraud, Mortgage Law, Predatory Lending, right to rescind, Truth in Lending Act | Tags: , , , , , , , , , |

A Florida federal judge has found a mortgage lender liable to borrowers who say they were fraudulently put into unaffordable subprime mortgages. U.S. District Judge Federico A. Moreno of the Southern District of Florida entered a default judgment against Bankers Express Mortgage Inc. The judge said the Calabasas, Calif.-based lender did not respond to a [...]

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Mortgage Industry Balks at Loan Modification Plan

Posted on January 9, 2009. Filed under: bankruptcy, Foreclosure Defense, Legislation, Loan Modification, Mortgage Law | Tags: , , , , , , , , , |

If you want a sign the financial world is changing fast, look no farther than Thursday’s announcement that Citigroup would back legislation allowing judges to modify mortgage terms in bankruptcy. The bill, championed for more than a year by Sen. Richard Durbin (D-Ill.) — and backed by many Democrats, including President-elect Barack Obama and Sen. [...]

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