Monthly Archives: November 2012

New Jersey Bankruptcy Court Finds that “Non-Holder” Cannot Enforce Mortgage Note

November 29, 2012

by Joseph Kelly

In In re Kemp, 440 B.R. 624 (Bankr. D.N.J. 2010) the debtor/plaintiff brought an adversary proceeding to expunge a proof of claim filed on behalf of Bank of New York by loan servicer Countrywide Home Loans. At all relevant times, … Continue reading

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Florida Court Holds Bank Lacked Authority to Foreclose Absent Substantiation of Note Assignments

by Joseph Kelly

In Gee v. U.S. Bank Nat. Ass’n, 72 So. 3d 211 (Fla. Dist. Ct. App. 2011) the court held that summary judgment against appellant/homeowner was inappropriate because U.S. Bank failed to establish its authority to foreclose. A copy of the … Continue reading

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Texas Appellate Court Holds that Formal Transfer of Deed is Not Required to Initiate Foreclosure

by Karl Dowden

In Robeson v. Mortgage Electronic Registration Systems, Inc., No. 02-10-00227-CV (Tex. App. –Fort Worth [2nd Dist.] 2012, pet. denied), the Texas Court of Appeals affirmed a summary judgment motion by MERS and the Midfirst bank granted by the trial court. … Continue reading

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New York Attorney General Sues J.P. Morgan for Fraudulent and Deceptive Acts in Promoting and Selling Mortgage-Backed Securities

November 28, 2012

by Brad Borden

In New York v. J.P. Morgan Securities LLC, No. 451556/2012 (County of New York Oct. 10, 2012), the New York Attorney General sued J.P. Morgan (and several of its affilliates, including entities formerly a part of Bear, Stearns & Co.) for … Continue reading

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HSH Nordbank Sues Barclays Bank for Fraud in Issuing Mortgage-Backed Securities

by Brad Borden

In HSH Nordbank v. Barclays Bank, No. 652678/2011 (New York County Apr. 2, 2012), HSH Nordbank claims that Barclays Bank issued MBS offering materials that included false and misleading statements regarding (1) assignment of mortgages and notes to trusts, (2) the tax treatment … Continue reading

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New Affordable Housing Goals Set for Fannie and Freddie

November 27, 2012

by David Reiss

The FHFA issued a final rule.  The summary is as follows: The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (Safety and Soundness Act) requires the Federal Housing Finance Agency (FHFA) to establish annual housing goals for mortgages … Continue reading

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Disturbing Reminders about Rating Agencies in Brummer’s New Article

by David Reiss

Some disturbing reminders in The New Politics of Transatlantic Credit Rating Agency Regulation.  Major rating agencies (CRAs) generally did not verify the information used to determine the creditworthiness of the products they rated. Plus new models for rating subprime mortgages … Continue reading

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