United States District Court in California Denies Plaintiff’s Motion for Temporary Injunctive Relief, Allowing Non-Judicial Foreclosure

Posted by & filed under 2009, California, Downstream litigation, MERS/Bank has standing.

In Chilton v. Fed. Nat. Mortg. Ass’n, 1:09-CV-02187 OWW SM, 2009 WL 5197869 (E.D. Cal. Dec. 23, 2009), the United States District Court, in the Eastern District of California denied Chilton’s motion for temporary injunctive relief. Chilton filed a complaint alleging that Federal National Mortgage Association (Fannie Mae) violated provisions within U.S.C. Title 15, regarding… Read more »

Rhode Island Court Denies Plaintiff’s Claim to Invalidate Foreclosure Sale

Posted by & filed under 2011, Downstream litigation, MERS/Bank has standing, Rhode Island.

In Porter v. First NLC Financial Services LLC, No. PC 10-2526 (R.I. Sup. March 31, 2011), the plaintiff challenged the validity of a foreclosure sale conducted by MERS. The defendant’s motion for summary judgment was addressed in this opinion. The plaintiff argued that the original lender, First NLC, terminated its agency relationship with MERS by… Read more »

Rhode Island Superior Court Addresses Challenged to MERS

Posted by & filed under 2009, Downstream litigation, MERS/Bank has standing, Rhode Island.

One of the earliest opinions addressing challenges to MERS in Rhode Island is Bucci v. Lehman Bros. Bank, No. PC-2009-3888 (R.I. Sup. August 25, 2009). The plaintiff challenged MERS’s standing to foreclose on their house following the plaintiff’s default on their mortgage. The mortgage contained a provision granting the lender the statutory power of sale…. Read more »

Strategies to Improve the Housing Market

Posted by & filed under Federal Housing Finance Agency, Regulation.

Boston Consulting prepared this Strategies to Improve the Housing Market report on behalf of The Pew Charitable Trusts.  The report focuses “on practical solutions that can readily be implemented by industry, agencies, and regulators working within existing mandates, or by nongovernmental organizations.”  (6)  I highlight three proposals in their report that I find particularly interesting…. Read more »

New York Appellate Court Holds that Bank Lacks Standing to Bring Foreclosure Action if it did not Own the Mortgage Note and Mortgage on the Date it Commenced the Foreclosure Suit

Posted by & filed under Downstream litigation, MERS/Bank lacks standing, New York.

In Wells Fargo Bank, N.A. v. Marchione, 69 A.D.3d 204 (N.Y. App. Div. 2d Dep’t 2009), the New York Supreme Court, Appellate Division, Second Department held that an assignee of a note and a mortgage does not have standing to commence a foreclosure action prior to the date of execution of the assignment. Defendants Vincent and… Read more »

Court in Suffolk County New York Holds that Bank that Held Note and Mortgage by Way of Assignment from the Original Lender and MERS had Standing in Foreclosure Action

Posted by & filed under Downstream litigation, MERS/Bank has standing, New York.

In US Bank N.A. v. Flynn, 27 Misc.3d 802 (N.Y. Sup. Ct. 2010), the Supreme Court of New York, Suffolk County, granted a motion by plaintiff US Bank for partial summary judgment and for dismissal of defendant’s affirmative defenses and counterclaims. In February, 2007, defendant Flynn took out a mortgage for $2,000,000 on his residential… Read more »