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 )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 )MERS v. Southwest Homes of Arkansas
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. [...]
Read Full Post | Make a Comment ( None so far )Homeowners should be suing lenders!
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 [...]
Read Full Post | Make a Comment ( 4 so far )Obama’s Campaign Against Mortgage Modifications
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 [...]
Read Full Post | Make a Comment ( 2 so far )Lenders Rally Behind Loan Modification Plan
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, [...]
Read Full Post | Make a Comment ( 1 so far )WHERE’S THE NOTE, WHO’S THE HOLDER
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 [...]
Read Full Post | Make a Comment ( 2 so far )Homeowners’ rallying cry: Produce the note
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 [...]
Read Full Post | Make a Comment ( None so far )Lender Found Liable in Mortgage Fraud Case
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 [...]
Read Full Post | Make a Comment ( None so far )Mortgage Industry Balks at Loan Modification Plan
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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