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

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District 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

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SEC 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

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9th 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

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NCUA 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

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CFPB 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

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Levitin 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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