Monthly Archives: December 2012
Mortgagee Lacks Standing to Challenge Assignments in Texas
December 31, 2012
by Karl Dowden
Bridges v. JP Morgan Chase Bank, N.A., et al., No. A-12-CA-635-SS (W.D. Tex Sept. 21, 2012), is a recently decided federal district court decision in Texas. The Western District Court in Austin granted the defendant’s motion to dismiss the plaintiff’s suit. … Continue reading
Read MoreDistrict Court of Arizona finds homeowners do not have standing to challenge validity of assignments of deed of trust
December 24, 2012
by Joseph Kelly
In Campbell v. California Reconveyance Co., CV-11-00180-PHX-DGC, 2012 WL 5299099 (D. Ariz. Oct. 25, 2012), the court denied plaintiffs/homeowners, David & Marie Campbells’ motion for summary judgment, finding they lacked standing. In July, 2006, plaintiffs received a loan from First … Continue reading
Read MoreSEC To Focus on Structured Finance Ratings
December 22, 2012
by David Reiss
A SEC staff study looks at three ways to reform the manner in which ratings are produced for structured finance securities. The study, required by Dodd-Frank, addresses (1) The credit rating process for structured finance products and the conflicts of … Continue reading
Read More9th Circuit Affirms Dismissal of Homeowner’s Challenges to Non-judicial Foreclosure in Arizona
December 20, 2012
by Joseph Kelly
In Buchna v. Bank of Am., NA, 478 F. App’x 425 (9th Cir. 2012), the court affirmed the District Court of Arizona’s dismissal of plaintiffs/homeowners Mariusz and Julita Buchna’s action against Bank of America, MERS, and Bank of New York Melon … Continue reading
Read MoreNCUA Sues JP Morgan over MBS Representations
December 17, 2012
by David Reiss
The National Credit Union Administration has sued J.P. Morgan Securities and Bear, Stearns & Co. for alleged securities laws violations relating to the sale of mortgage-backed securities to 4 credit unions that are now in NCUA conservatorship. According to the … Continue reading
Read MoreCFPB Issues Fair Lending Report That Highlights Data Collection
by David Reiss
The Fair Lending Report of the Consumer Financial Protection Bureau provides an overview of the Bureau’s actions over the last year. Some of the most interesting elements of the report relate to future HMDA and TILA rulemaking: Section 1094 of … Continue reading
Read MoreLevitin and Wachter’s New History of American Housing Finance
December 14, 2012
by David Reiss
Adam Levitin and Susan Wachter have released a very interesting paper on The Public Option in Housing Finance. The paper provides a history of the development of the housing finance infrastructure in the United States. It concludes that [t]he experience … Continue reading
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